Correctional Properties Trust Announces Twenty-One Percent (21%) FFO Growth Over Preceding Quarter and Declaration of Dividend
04/27/1999 Business Wire (Copyright (c) 1999, Business Wire)
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--April 27, 1999-- Correctional Properties Trust (NYSE:CPV), a real estate investment trust (REIT), today announced funds from operations of $3.38 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 and 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 toward 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 future 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 the 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 filings 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 Patrick Hogan, Vice President and Chief Financial Officer 561/630-6336