The REIT also gave the underwriters the option to buy up to an extra 450,000 common shares to cover any over-allotments.
In addition, the REIT posted a hike in net income, revenue and funds from operations for the second quarter. Net income rose 12% to $2.8 million, or 37 cents a share, up from $2.5 million, or 35 cents a share, for the same period last year. Revenue increased 4% to $7.9 million, compared with $7.6 million in 2002. Funds from operations were up 9% to $4.7 million, compared with $4.3 million in last year's second quarter.
The REIT also raised its second-quarter dividend 7.1% to 45 cents, up from 42 cents a year earlier. The dividend is payable Sept. 3 to shareholders of record on Aug. 6.
Correctional Properties Trust owns correctional facilities in several states.
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