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PALM BEACH GARDENS, FL-Correctional Properties Trust is reporting an 8% rise in second quarter funds from operations, a 4.5 % increase in net income and a 16% jump in revenue. The Palm Beach Gardens-based real estate investment trust attributed the positive earnings performance to an aggressive growth strategy.

“We are now realizing the accretive impact of acquisitions made in the first half of 2001 by the company’s wholly owned subsidiary,” Charles R. Jones, Correctional Properties’ president and chief executive officer, says in a prepared statement. “We expect further increases in our revenue and FFO (funds from operations) in the third quarter, as we begin to recognize the full earnings benefit of these recent acquisitions.”

The company reported FFO of $3.8 million, or 53 cents a share, on revenue of $6.6 million for the three months ended June 30, compared with FFO of $3.5 million, or 49 cents a share, on revenue of $5.7 million for the same period in 2000.

The REIT also posted net income of $2.2 million, or 31 cents per share, for the second quarter, up from the $2.1 million, or 30 cents a share, for the same period in 2000.

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