CPV Cbs Corp. New Senior Notes

Correctional Properties Trust Declares Special Dividend PALM BEACH GARDENS, Fla., Dec. 20 /PRNewswire-FirstCall/ -- Correctional Properties Trust (NYSE:CPV), a real estate investment trust (REIT), today announced that its Board of Trustees declared a special dividend of $0.18 (eighteen cents) per share on each common share of beneficial interest, payable January 11, 2005, to shareholders of record at the close of business on December 30, 2004. The special dividend was declared following the recent sale of the Mountain View Correctional Facility and Pamlico Correctional Facility. 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 12 correctional facilities in nine states, all of which are leased, with an aggregate initial design capacity of 6,856 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/ DATASOURCE: Correctional Properties Trust CONTACT: Correctional Properties Trust Shareholder Services, +1-561-630-6336 Web site: http://www.correctionalpropertiestrust.com/

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