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  • r7ualj r7ualj Apr 27, 1999 4:09 PM Flag

    other than Warren Buffet's

    Correctional Properties Trust Announces
    Twenty-One Percent
    (21%) FFO Growth Over Preceding
    Quarter and Declaration of

    Business Wire
    (Copyright (c) 1999,
    Business Wire)

    Fla.--(BUSINESS WIRE)--April 27,
    1999-- Correctional
    Properties Trust (NYSE:CPV), a real estate
    trust (REIT), today announced funds from operations of
    million, or $0.47 (forty-seven cents) per diluted
    share, on rental revenues
    of $4.86 million for the
    quarter ended March 31, 1999.

    Net income was
    $2.21 million or $0.31 (thirty-one cents) per basic
    diluted share.

    Today, Correctional
    Properties Trust also announced that its Board of

    Trustees declared a quarterly dividend of $0.35
    (thirty-five cents) per
    share on each common share of
    beneficial interest, payable May 25,
    1999 to
    shareholders of record at the close of business May 11, 1999.

    "We have exceeded our acquisition expectations,
    which when combined
    with the favorable interest
    rate environment, has allowed us to exceed

    consensus analysts' earnings estimates through the quarter
    ended March
    31, 1999. Our real estate owned has
    increased approximately 85% since
    our initial public
    offering nearly a year ago," said Charles R. Jones,

    President and Chief Executive Officer of Correctional
    Properties Trust.

    Correctional Properties Trust,
    based in Palm Beach Gardens, Florida,
    was formed in
    February 1998, to capitalize on the growing trend
    privatization in the corrections industry.
    Correctional Properties Trust is
    dedicated to ownership of
    correctional facilities under long-term,
    triple-net leases
    without occupancy risk or development risk. CPV has a

    strategic relationship with Wackenhut Corrections
    Corporation (NYSE:
    WHC), an industry leader in the
    design, development, construction,
    financing and
    management of privatized correctional facilities.

    Correctional Properties Trust currently owns and is the lessor
    of ten
    correctional facilities in seven states
    with an aggregate design capacity of
    5,854 beds,
    all of which are leased.

    This press
    release contains forward-looking statements regarding
    events and future performance of the Company that
    involves risk and
    uncertainties that could materially
    affect actual results. Investors should
    refer to
    documents that the Company files from time-to-time with
    Securities and Exchange Commission for a
    description of certain factors
    that could cause actual
    results to vary from current expectations and

    forward-looking statements contained in this press release. Such
    include, with limitation; the Company's Form
    10-K, Forms 10-Q,
    Registration Statement on Form
    S-11 and Form 8-K reports.

    CONTACT: Correctional Properties Trust, Palm Beach Gardens
    Hogan, Vice President and Chief Financial Officer

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