Correctional Properties Trust Reports Ten Percent (10%) Quarterly Rental Income Growth
May 04 2004 - 8:27AM
PR Newswire (US)
Correctional Properties Trust Reports Ten Percent (10%) Quarterly
Rental Income Growth PALM BEACH GARDENS, Fla., May 4
/PRNewswire-FirstCall/ -- Correctional Properties Trust , a real
estate investment trust (REIT), today announced net income for the
three months ended March 31, 2004, of $4.5 million, or $.41 per
diluted share, on revenue of $8.4 million. Funds from operations
(the non-GAAP financial measure described below) for the three
months ended March 31, 2004, was $6.4 million, or $.58 per diluted
share. For the three months ended March 31, 2003, the Trust
previously reported net income of $2.6 million, or $.35 per diluted
share, on revenue of $7.6 million. Funds from operations were $4.4
million or $.59 per diluted share in 2003. Correctional Properties
Trust also announced that its Board of Trustees declared a
quarterly dividend of $0.45 (forty-five cents) per share on each
common share of beneficial interest, payable June 1, 2004, to
shareholders of record at the close of business May 14, 2004.
Charles R. Jones, President and CEO stated, "I am pleased with our
first quarter financial results reflecting a 10% growth in revenue
over the same period in 2003. We continue to see strong demand for
capital in the corrections sector and look forward to acquisition
opportunities in 2004." 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, which minimizes occupancy risk and development risk.
Correctional Properties Trust currently owns 14 correctional
facilities in ten states, all of which are leased, with an
aggregate initial design capacity of 8,008 beds. This press release
contains forward-looking statements regarding future events and
future performance of the Company that involve risks and
uncertainties that could materially affect actual results. This
information is qualified in its entirety by cautionary statements
and risk factors disclosure contained in certain of the Company's
Securities and Exchange Commission filings. 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, refer to documents that the Company files from
time to time with the Securities and Exchange Commission. Such
filings include, without limitation, the Company's Form 10-K, Forms
10-Q, Registration Statements on Form S-11 and S-3, and Form 8-K
CONTACT: Correctional Properties Trust Shareholder Services (561)
630-6336, or access Company information at
http://www.correctionalpropertiestrust.com/ CORRECTIONAL PROPERTIES
TRUST CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED
MARCH 31, 2004 AND MARCH 31, 2003 (AMOUNTS IN THOUSANDS, EXCEPT PER
SHARE AMOUNTS) (Unaudited) March 31, March 31, 2004 2003 REVENUES
RENTAL $8,357 $7,570 INTEREST 15 26 8,372 7,596 EXPENSES
DEPRECIATION 1,895 1,783 GENERAL and ADMINISTRATIVE 664 459
INTEREST 1,302 2,726 3,861 4,968 NET INCOME $4,511 $2,628 NET
INCOME PER COMMON SHARE BASIC $0.41 $0.36 DILUTED $0.41 $0.35
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC 10,973 7,397
DILUTED 11,092 7,477 FUNDS FROM OPERATIONS Management believes
Funds from Operations ("FFO") is helpful to investors as a measure
of the performance of an equity REIT. Funds from Operations should
not be considered as an alternative to net income (determined in
accordance with GAAP) as an indication of the Company's financial
performance or to cash flows from operating activities (determined
in accordance with GAAP) as a measure of the Company's liquidity,
nor is it indicative of funds available to fund the Company's cash
needs, including its ability to make distributions. The Company
computes Funds from Operations in accordance with the current
standards established by the White Paper on Funds from Operations
approved by the Board of Governors of the National Association of
Real Estate Investment Trusts ("NAREIT"), which may differ from the
methodology for calculating Funds from Operations utilized by other
equity REITs, and accordingly, may not be comparable to such other
REITs. The White Paper defines Funds from Operations as net income
(loss), computed in accordance with generally accepted accounting
principles ("GAAP"), excluding gains (or losses) from sales of
property, plus real estate related depreciation and amortization
and after adjustments for unconsolidated partnerships and joint
ventures. Further, Funds from Operations does not represent amounts
available for management's discretionary use because of needed
capital replacement or expansion, debt service obligations, or
other commitments and uncertainties. The Company believes that in
order to facilitate a clear understanding of the consolidated
operating results of the Company, Funds from Operations should be
examined in conjunction with net income as presented in the
consolidated financial statements. The table below presents the
Company's Funds from Operations for the three months ended March
31, 2004 and March 31, 2003. (Unaudited) (Amounts in thousands,
except per share amounts) March 31, March 31, 2004 2003 Net income
$4,511 $2,628 Real estate depreciation and amortization 1,895 1,783
Funds from operations $6,406 $4,411 Weighted average shares
outstanding, basic 10,973 7,397 Weighted average shares
outstanding, diluted 11,092 7,477 FFO per share from operations
Basic $0.58 $0.60 Diluted $0.58 $0.59 Other Information
Straight-Line Rents in Excess of Contract Rents $102 $91
Amortization of Deferred Financing Costs $211 $216 DATASOURCE:
Correctional Properties Trust CONTACT: Correctional Properties
Trust Shareholder Services, +1-561-630-6336
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