— Leases” above for a more detailed discussion of the terms and conditions.

      Financing Policies. Our capital structure at December 31, 2005 consisted of 98% equity and 2% debt. We determine our financing policies in light of then current economic conditions, relative costs of debt and equity capital, market values of properties, growth and acquisition opportunities and other factors. Our amended bank credit facility may be used to finance the acquisition of additional correctional and detention facilities, the expansion of existing facilities and for working capital requirements. If our Board of Trustees determines that additional...