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PALM BEACH GARDENS, FL-Correctional Properties Trust is closing out the third-quarter with apparent success. The Palm Beach Gardens-based real estate investment trust produced a 21% increase in funds from operations for the three months ended Sept. 30.

“This is the first full quarter that has included the increased earnings attributable to the acquisitions we made during the first half of 2001,” Charles R. Jones, Correctional Properties president and chief executive officer, says in a prepared statement. “These two acquisitions added significantly to our earnings and cash flow, while diversifying our lessee base to include the state of North Carolina.”

The company is reporting FFO of $4.1 million, or 57 cents per share, for the three-month period, compared with FFO of $3.4 million, or 47 cents per share, for the same period in 2000.

Overall, the company is reporting third-quarter net income of $2.3 million, or 32 cents per share, on total revenue of $7.4 million, compared with a net gain of $2.01 million, or 29 cents per share, on total revenue of $5.7 million for the same period in 2000.

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