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Geo The GEO Group , Inc.Ⓡ The GEO Group Reports Second Quarter 2021 Results and Increases Full Year 2021 Guidance August 4 , 2021 10:55 AM EDT BOCA RATON , Fla .-- ( BUSINESS WIRE ) -- 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 second quarter and the first six months of 2021 and increased its financial guidance for the full - year 2021 . Second Quarter 2021 Highlights ⚫ • Total revenues of $ 565.4 million • Net Income Attributable to GEO of $ 42.0 million • Adjusted Net Income of $ 50.8 million • Normalized FFO of $ 0.58 per diluted share • AFFO of $ 0.70 per diluted share We reported second quarter 2021 net income attributable to GEO of $ 42.0 million compared to $ 36.7 million for the second quarter 2020. We reported total revenues for the second quarter 2021 of $ 565.4 million compared to $ 587.8 million for the second quarter 2020. Second quarter 2021 results reflect $ 7.5 million in one - time employee restructuring expenses , pre - tax , a $ 3.0 million loss on real estate assets , pre - tax , a $ 1.7 million gain on the extinguishment of debt , pre - tax , and $ 0.1 million in the tax effect of adjustments to net income attributable to GEO . Excluding these items , we reported second quarter 2021 Adjusted Net Income of $ 50.8 million compared to $ 43.1 million for the second quarter 2020 . We reported second quarter 2021 Normalized Funds From Operations ( " Normalized FFO " ) of $ 69.7 million , or $ 0.58 per diluted share , compared to $ 61.5 million , or $ 0.51 per diluted share , for the second quarter 2020. We reported second quarter 2021 Adjusted Funds From Operations ( " AFFO " ) of $ 84.4 million , or $ 0.70 per diluted share , compared to $ 78.8 million , or $ 0.66 per diluted share , for the second quarter 2020 . Our better - than - expected financial performance during the second quarter 2021 was driven by continued favorable cost trends ; higher occupancies at our facilities for the U.S. Marshals Service and U.S. Immigration and Customs Enforcement ; and increased revenue and earnings from our electronic monitoring segment . George C. Zoley , Executive Chairman of GEO , said , " We are pleased with our strong second quarter results and our increased financial guidance for the full year . We believe our robust financial performance is representative of the strength of our diversified business segments . We recognize that there have been concerns regarding our future access to financing , and we believe that our continued focus on debt reduction , the ongoing review of potential asset sales , and the evaluation of our corporate tax structure are all prudent steps as we work towards addressing these concerns . " First Six Months 2021 Highlights • Total revenues of $ 1.14 billion • Net Income Attributable to GEO of $ 92.5 million . Adjusted Net Income of $ 84.9 million • Normalized FFO of $ 1.02 per diluted share • AFFO of $ 1.30 per diluted share For the first six months of 2021 , we reported net income attributable to GEO of $ 92.5 million compared to $ 61.9 million for the first six months of 2020 . We reported total revenues for the first six months of 2021 of $ 1.14 billion compared to $ 1.19 billion for the first six months of 2020. Results for the first six months of 2021 reflect $ 7.5 million in one - time employee restructuring expenses , pre - tax , a $ 10.4 million gain on real estate assets , pre - tax , and a $ 4.7 million gain on the extinguishment of debt , pre - tax . Excluding these items , we reported Adjusted Net Income of $ 84.9 million for the first six months of 2021 compared to $ 72.0 million for the first six months of 2020 . For the first six months of 2021 , we reported Normalized FFO of $ 122.7 million , or $ 1.02 per diluted share , compared to $ 108.7 million , or $ 0.91 per diluted share , for the first six months of 2020. For the first six months of 2021 , we reported AFFO of $ 156.6 million , or $ 1.30 per diluted share , compared to $ 145.4 million , or $ 1.21 per diluted share , for the first six months of 2020 . Updated 2021 Financial Guidance • FY21 Net Income Attributable to GEO of $ 167.5- $ 174.5 Million