Correctional Properties Trust Reports Seven Percent (7%) Quarterly Rental Income Growth
10 August 2004 - 6:36AM
PR Newswire (US)
Correctional Properties Trust Reports Seven Percent (7%) Quarterly
Rental Income Growth PALM BEACH GARDENS, Fla., Aug. 9
/PRNewswire-FirstCall/ -- Correctional Properties Trust (NYSE:CPV),
a real estate investment trust (REIT), today announced net income
for the three months ended June 30, 2004, of $4.6 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 June 30, 2004, was $6.5 million, or $.58 per
diluted share. For the three months ended June 30, 2003, the Trust
previously reported net income of $2.8 million, or $.37 per diluted
share, on revenue of $7.9 million. Funds from operations were $4.7
million or $.60 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 September 2, 2004, to
shareholders of record at the close of business August 20, 2004.
Charles R. Jones, President and CEO, stated, "We are pleased with
our second quarter financial performance. We continue to explore a
number of attractive acquisition and growth opportunities, and are
optimistic about the coming months." 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 AND SIX
MONTHS ENDED JUNE 30, 2004 AND JUNE 30, 2003 (AMOUNTS IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS) (Unaudited) THREE MONTHS SIX MONTHS ENDED
JUNE 30, ENDED JUNE 30, 2004 2003 2004 2003 REVENUES RENTAL $8,430
$7,865 $16,787 $15,435 INTEREST 15 32 30 58 8,445 7,897 16,817
15,493 EXPENSES DEPRECIATION 1,895 1,824 3,790 3,607 GENERAL and
ADMINISTRATIVE 677 487 1,341 946 INTEREST 1,288 2,759 2,590 5,485
3,860 5,070 7,721 10,038 NET INCOME $4,585 $2,827 $9,096 $5,455 NET
INCOME PER COMMON SHARE BASIC $0.42 $0.37 $0.83 $0.73 DILUTED $0.41
$0.37 $0.82 $0.72 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC 10,977 7,627 10,975 7,512 DILUTED 11,078 7,721 11,085 7,599
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 and six months ended
June 30, 2004, and June 30, 2003. (Unaudited) (Amounts in
thousands, except per share amounts) Three Months Six Months Ended
June 30, Ended June 30, 2004 2003 2004 2003 Net Income $4,585
$2,827 $9,096 $5,455 Real estate depreciation and amortization
1,895 1,824 3,790 3,607 Funds from Operations $6,480 $4,651 $12,886
$9,062 Weighted Average Shares Outstanding, Basic 10,977 7,627
10,975 7,512 Weighted Average Shares Outstanding, Diluted 11,078
7,721 11,085 7,599 FFO Per Share Basic $0.59 $0.61 $1.17 $1.21
Diluted $0.58 $0.60 $1.16 $1.19 Other Information Straight-Line
Rents in Excess of Contract Rents $95 $120 $197 $211 Amortization
of Deferred Financing Costs $211 $249 $422 $465 DATASOURCE:
Correctional Properties Trust CONTACT: Correctional Properties
Trust, Shareholder Services, +1-561-630-6336 Web site:
http://www.correctionalpropertiestrust.com/
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