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PALM BEACH GARDENS, FL-Correctional Properties Trust has submitted a universal shelf registration with the Securities and Exchange commission, allowing the prison REIT to offer its common stock, preferred shares, depository shares, debt securities and warrants in the future. The move could eventually yield as much as $250 million.

Named as one of the National Association of Real Estate Investment Trusts top 15 performers among REITS in 2001, Correctional targets both private and government owned correctional and detention facilities. The company describes as its mission, “to make opportunistic acquisitions, while maintaining our conservative risk profile, always guided by our objective of deploying capital in a manner that enhances shareholder value.”

It was created in 1998 as a spin-off of Palm Beach Gardens-based security services provider Wackenhut Corrections, and now the REIT owns and leases out 13 correctional facilities in nine states. Funds from the registration statement may be used for acquiring more properties or paying down outstanding debt.

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