BRENTWOOD, Tenn. (AP) _ Corrections Corp. of America (CXW) on Wednesday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in Brentwood, Tennessee, said it had funds from operations of $65.3 million, or 54 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 $32.1 million, or 27 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $491.1 million in the period.
The company's shares have dropped 34% since the beginning of the year. The stock has decreased 46% in the last 12 months.