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Geo The GEO Group , Inc. 4955 Technology Way Boca Raton , Florida 33431 www.geogroup.com CR - 21-12 Boca Raton , Fla . – May 10 , 2021 -- The GEO Group , Inc. ( NYSE : GEO ) ( “ GEO " ) , a fully integrated equity real estate investment trust ( " REIT ” ) and a leading provider of enhanced in custody rehabilitation , post - release support , and community - based programs , reported today its financial results for the first quarter 2021 and updated its financial guidance for the full - year 2021 . First Quarter 2021 Highlights ● ● THE GEO GROUP REPORTS FIRST QUARTER 2021 RESULTS AND UPDATES FULL YEAR 2021 GUIDANCE ● Total revenues of $ 576.4 million Net Income Attributable to GEO of $ 50.5 million or $ 0.41 per diluted share 1Q21 results reflect $ 13.3 million pre - tax gain on real estate assets and $ 3.0 million pre - tax gain on the extinguishment of debt Adjusted Net Income of $ 0.28 per diluted share Net Operating Income of $ 152.3 million Normalized FFO of $ 0.44 per diluted share AFFO of $ 0.60 per diluted share NEWS RELEASE We reported first quarter 2021 net income attributable to GEO of $ 50.5 million , or $ 0.41 per diluted share , compared to $ 25.2 million , or $ 0.21 per diluted share , for the first quarter 2020. We reported total revenues for the first quarter 2021 of $ 576.4 million compared to $ 605.0 million for the first quarter 2020. First quarter 2021 results reflect a $ 13.3 million gain on real estate assets , pre - tax , a $ 3.0 million gain on the extinguishment of debt , pre - tax , and a $ 0.1 million benefit in the tax effect of adjustments to net income attributable to GEO . Excluding these items , we reported first quarter 2021 Adjusted Net Income of $ 34.1 million , or $ 0.28 per diluted share , compared to $ 28.8 million , or $ 0.24 per diluted share , for the first quarter 2020 . We reported first quarter 2021 Normalized Funds From Operations ( " Normalized FFO " ) of $ 53.1 million , or $ 0.44 per diluted share , compared to $ 47.2 million , or $ 0.39 per diluted share , for the first quarter 2020. We reported first quarter 2021 Adjusted Funds From Operations ( " AFFO " ) of $ 72.2 million , or $ 0.60 per diluted share , compared to $ 66.6 million , or $ 0.55 per diluted share , for the first quarter 2020 . George C. Zoley , Chairman and Chief Executive Officer of GEO , said , " While we continue to face operational and financial challenges associated with COVID - 19 , we remain pleased with the performance of our diversified business units . We believe that our company remains resilient and is supported by long - term real estate assets and contracts entailing essential government services . We recognize that heightened political rhetoric has created concerns regarding our future access to financing , and recent federal policy actions have resulted in the non - renewal of some of our contracts . To address these challenges , we are focused on debt reduction , deleveraging , and internally funding growth , which we believe is in the best interests of our shareholders as we focus on addressing our debt maturities and enhancing long - term shareholder value . " Contact : Pablo E. Paez --More- Executive Vice President , Corporate Relations ( 866 ) 301 4436