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Geo The GEO Group , Inc. 4955 Technology Way Boca Raton , Florida 33431 www.geogroup.com CR - 21-22 THE GEO GROUP REPORTS THIRD QUARTER 2021 RESULTS Boca Raton , Fla . - November 4 , 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 , electronic monitoring , and community - based programs , reported today its financial results for the third quarter and the first nine months of 2021 . ● Third Quarter 2021 Highlights ● Total revenues of $ 557.3 million Net Income Attributable to GEO of $ 34.7 million ● Adjusted Net Income of $ 44.0 million Normalized Funds From Operations ( " Normalized FFO " ) of $ 0.52 per diluted share Adjusted Funds From Operations ( " AFFO " ) of $ 0.65 per diluted share NEWS RELEASE We reported third quarter 2021 net income attributable to GEO of $ 34.7 million compared to $ 39.2 million for the third quarter 2020. We reported total revenues for the third quarter 2021 of $ 557.3 million compared to $ 579.1 million for the third quarter 2020. Third quarter 2021 results reflect a $ 1.1 million loss on real estate assets , pre - tax , $ 4.0 million in M & A related expenses , pre - tax , a one - time $ 5.0 million loss , pre - tax , on the previously announced divestiture of GEO's Youth Services contracts , and a $ 0.8 million benefit in the tax effect of adjustments to net income attributable to GEO . Excluding these items , we reported third quarter 2021 Adjusted Net Income of $ 44.0 million compared to $ 44.4 million for the third quarter 2020 . We reported third quarter 2021 Normalized FFO of $ 62.8 million , or $ 0.52 per diluted share , which remained relatively unchanged from $ 62.8 million , or $ 0.52 per diluted share , for the third quarter 2020. We reported third quarter 2021 AFFO of $ 78.7 million , or $ 0.65 per diluted share , compared to $ 80.6 million , or $ 0.67 per diluted share , for the third quarter 2020 . George C. Zoley , Executive Chairman of GEO , said , " We are pleased with our financial results and the significant progress we have made towards reducing our debt and deleveraging our balance sheet . In the first nine months of 2021 , we reduced our net recourse debt by approximately $ 175 million , already meeting our previously articulated goal of reducing our net recourse debt by $ 150 million to $ 175 million for the full year 2021. We believe that our financial performance and our ability to meet our debt reduction goal ahead of schedule are 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 debt reduction efforts , our review of potential sales of Company - owned assets and businesses , and our Board's ongoing evaluation of our corporate tax structure are all prudent steps as we work proactively towards addressing our future debt maturities . " Contact : Pablo E. Paez --More- Executive Vice President , Corporate Relations ( 866 ) 301 4436