Corporate Profile for Correctional Properties Trust, dated Aug. 21, 1998.--(BUSINESS WIRE)--The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-
Published Date: Aug. 21, 1998
Company Name: Correctional Properties Trust
Address: 3300 PGA Boulevard, Suite 430
Palm Beach Gardens, FL 33410
Main Telephone
Number: 561/630-6336
Chief Executive
Officer: Charles R. Jones
Chief Financial
Officer: Patrick T. Hogan
Investor Relations
Contact: Charles R. Jones and/or Patrick T. Hogan
Business number: 561/630-6336
Public Relations
Contact: Christy Barnhart (Charles R. Jones and/or
Patrick Hogan)
Business number: 561/630-6336
Trading Symbol/
Exchange: CPV/NYSE
Industry: Real Estate Investment Trust
Company description: Correctional Properties Trust (CPT CPT See: Carriage Paid To ) was founded in February 1998 as a Real Estate Investment Trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) and is publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (under the symbol CPV CPV canine parvovirus. ). CPT was established to provide financing for the development/leaseback of new correctional facilities, and the purchase/leaseback of existing ones. Our services include: -- Development/leaseback of new detention or correctional facilities without requiring a bond offering or the issuance of public debt. CPT and a development team deliver a turnkey See turnkey system. facility with all required development and construction capital provided. -- Acquisition/leaseback of existing facilities for cash providing a significant source of additional capital. This new capital may be reallocated for use by government for other important public infrastructure projects, or general fund purposes. Which type of a REIT is Correctional Properties Trust? As the name implies, Correctional Properties Trust, or CP Trust, is an Equity Reit Equity REIT A Real Estate Investment Trust that assumes ownership status in the property it invests in enabling investors of the REIT to earn dividends on rental income from the property and appreciation in property resale. Antithesis of a Mortgage REIT. which invests in correctional facilities - prisons, jails, juvenile centers and other similar facilities. Governments have used long-term real estate leases to provide essential properties such as office buildings, airport facilities, and higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. classrooms and dormitories for many years. However, there has not been a traditional source of capital for highly specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. facilities such as jails and prisons. Through Correctional Properties Trust, this capital is now available. What kind of lease terms does CP Trust offer? CPT offers very flexible lease terms from 10-40 years, ensuring the client's continuous and exclusive use of the facility. CONTACT: Correctional Properties Trust |
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