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Congressional Action Opens New Capital Window for Correctional Properties Trust

PALM BEACH GARDENS, FL-The locally based REIT anticipates positive returns on a new law that allows private companies to negotiate long-term leases with the US attorney general, company CEO Charles Jones tells GlobeSt.com in an exclusive interview.

By David R. Corder | Updated on January 19, 2001

PALM BEACH GARDENS, FL–New congressional mandates to reduce prison costs just brought new opportunities for companies such as Correctional Properties Trust Inc., based 90 miles north of Downtown Miami. The conference report approved through House Resolution 4942 allows the US attorney general under Section 119 to negotiate for the first time long-term leasing contracts and other agreements for detention or prison space.

Because of its existing relationship with the US Department of Justice, the locally based REIT intends to actively pursue opportunities now allowed under the new law. The company is eagerly monitoring Senate-confirmation hearings on the appointment of former Sen. John Ashcroft as US attorney general.

“Prior to this, the authority has been limited to very short contracts, which has made it difficult and expensive to access capital,” Correctional Properties CEO Charles Jones tells GlobeSt.com in an exclusive interview.

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