Funds from operations for the year were $17.3 million, or $2.38 per diluted share, on $30.2 million in revenue. Net income was $10.13 million, or $1.40 per diluted share, for the same period.
These figures compare to funds from operations of $15.5 million, or $2.16 per diluted share, on $27.4 million in revenue for 2001. Net income that year was $8.95 million, or $1.25 per diluted share.
Charles R. Jones, president and CEO of Correctional Properties Trust, states, "Our annual 2002 funds from operations reflect an increase of over 10%, when compared to 2001. We have enjoyed a steady growth in our (FFO), with the fourth quarter 2002 marking the seventh consecutive quarter in which we have reported an increase…, when compared to the same quarter the previous year."
Correctional Properties Trust owns 13 correctional facilities in nine states, all of which are leased, with a total initial design capacity of 7,282 beds.
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