SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

JONES CHARLES R

(Last)

(First)

(Middle)

3300 PGA BLVD.

SUITE 750

(Street)

PALM BEACH GARDENS

33410

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CORRECTIONAL PROPERTIES TRUST [ CPV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/06/2003		S		1,400⁽¹⁾	D	$27.35	22,884	D
Common Stock	11/06/2003		M		1,450	A	$11.1875	24,334	D
Common Stock	11/06/2003		S		1,450	D	$27.35	22,884	D
Common Stock	11/06/2003		M		1,800	A	$11	24,684	D
Common Stock	11/06/2003		S		1,800	D	$27.35	22,884	D
Common Stock	11/06/2003		M		3,100	A	$11	25,984	D
Common Stock	11/06/2003		S		3,100	D	$27.23	22,884	D
Common Stock	11/06/2003		M		100	A	$11	22,984	D
Common Stock	11/06/2003		S		100	D	$27.31	22,884	D
Common Stock	11/06/2003		M		1,500	A	$11	24,384	D
Common Stock	11/06/2003		S		1,500	D	$27.33	22,884	D
Common Stock	11/06/2003		M		800	A	$11	23,684	D
Common Stock	11/06/2003		S		800	D	$27.2	22,884	D
Common Stock	11/06/2003		M		12,300	A	$11	35,184	D
Common Stock	11/06/2003		S		12,300	D	$27.3	22,884	D
Common Stock	11/06/2003		M		900	A	$11	23,784	D
Common Stock	11/06/2003		S		900	D	$27.32	22,884	D
Common Stock	11/07/2003		M		2,000	A	$11	24,884	D
Common Stock	11/07/2003		S		2,000	D	$27.3	22,884	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to buy)	$11.1875	11/06/2003		M			1,450	04/25/2003	04/25/2010	Common Shares	1,450	$11.1875	0	D
Stock Option (Right to buy)	$11	11/06/2003		M			20,500	⁽²⁾	01/17/2011	Common Shares	20,500	$11	9,500	D
Stock Option (Right to buy)	$11	11/07/2003		M			2,000	⁽²⁾	01/17/2011	Common Shares	2,000	$11	7,500⁽³⁾	D

Explanation of Responses:

1. Shares sold were owned jointly by Reporting Person and his spouse.

2. These options vested immediately as to 25% of the total 30,000 options granted on January 17, 2001 and vest as to the remaining shares ratably on the first, second, and third anniversary of the grant date.

3. In addition to these remaining 7,500 stock options which have an exercise price of $11.00 per share, Charles R. Jones has 175,000 additional stock options which have exercise prices ranging from $17.3125 to $20.93 to purchase common shares of Correctional Properties Trust.

	Charles R. Jones	11/10/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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