Correctional Properties Trust Reports Eight Percent (8%) Annual Rental Income Growth
February 12 2004 - 11:30AM
PR Newswire (US)
Correctional Properties Trust Reports Eight Percent (8%) Annual
Rental Income Growth PALM BEACH GARDENS, Fla., Feb. 12
/PRNewswire-FirstCall/ -- Correctional Properties Trust , a real
estate investment trust (REIT), today announced net income for the
twelve months ended December 31, 2003 of $13.7 million, or $1.50
per diluted share, on revenue of $32.4 million. Funds from
operations (the non-GAAP financial measure described below) for the
twelve months ended December 31, 2003 was $21.1 million, or $2.31
per diluted share. For the twelve months ended December 31, 2002,
the Trust previously reported net income of $10.1 million, or $1.40
per diluted share, on revenue of $30.2 million. Funds from
operations was $17.3 million or $2.38 per diluted share in 2002.
For the fourth quarter of 2003, Correctional Properties Trust
reported net income of $4.9 million, or $0.44 per diluted share, on
revenue of $8.6 million. Funds from operations for the fourth
quarter was $6.7 million or $0.61 per diluted share. The Trust
previously reported net income of $2.5 million for the fourth
quarter of 2002, or $0.34 per diluted share, on revenue of $7.6
million. Funds from operations for the fourth quarter of 2002 was
$4.4 million or $0.60 per diluted share. Charles R. Jones,
President and CEO stated, "I am very proud of our operating results
for 2003, as well as our other achievements during the year. Most
importantly, we made an important and strategic acquisition,
completed a very successful secondary offering of our common
shares, and completed a new bank credit facility. These events
helped to position our Company well for 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 timewith 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 TWELVE
MONTHS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2002 (AMOUNTS IN
THOUSANDS, EXCEPT PER SHARE AMOUNTS) (Unaudited) THREE MONTHS
TWELVE MONTHS ENDED DECEMBER 31, ENDED DECEMBER 31, 2003 2002 2003
2002 REVENUES RENTAL $8,569 $7,528 $32,309 $30,017 INTEREST 16 41
108 187 8,585 7,569 32,417 30,204 EXPENSES DEPRECIATION 1,894 1,942
7,396 7,133 GENERAL and ADMINISTRATIVE 655 327 2,089 1,525 INTEREST
1,184 2,827 9,193 11,418 3,733 5,096 18,678 20,076 NET INCOME
$4,852 $2,473 $13,739 $10,128 NETINCOME PER COMMON SHARE BASIC
$0.44 $0.34 $1.52 $1.41 DILUTED $0.44 $0.34 $1.50 $1.40 WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING BASIC 10,957 7,239 9,048 7,188
DILUTED 11,063 7,329 9,144 7,259 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 twelve months ended December 31,
2003 and December 31, 2002. (Unaudited) (Amounts in thousands,
except per share amounts) Three Months Twelve Months Ended December
31, Ended December 31, 2003 2002 2003 2002 Net Income $4,852 $2,473
$13,739 $10,128 Real estate depreciation and amortization 1,894
1,942 7,396 7,133 Funds from Operations $6,746 $4,415 $21,135
$17,261 Weighted Average Shares Outstanding, Basic 10,957 7,239
9,048 7,188 Weighted Average Shares Outstanding, Diluted 11,063
7,329 9,144 7,259 FFO per share from operations Basic $0.62 $0.61
$2.34 $2.40 Diluted $0.61 $0.60 $2.31 $2.38 Other Information
Straight-Line Rents in Excess of Contract Rents $138 $126 $511 $596
Amortization of Deferred Financing Costs $103 $216 $883 $865
DATASOURCE: Correctional Properties, Inc. CONTACT: Correctional
Properties Trust Shareholder Services, +1-561-630-6336
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