BRENTWOOD, Tenn. (AP) — BRENTWOOD, Tenn. (AP) — Corrections Corp. of America (CXW) on Wednesday reported a key measure of profitability in its third quarter.
The real estate investment trust, based in Brentwood, Tennessee, said it had funds from operations of $52.1 million, or 48 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $26.3 million, or 24 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $580.4 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $547.1 million.
CCA expects full-year funds from operations in the range of $1.94 to $2 per share.
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