Geo Group awarded contracts for three correctional facilities in Florida

Geo Group (GEO) announced that the Florida Department of Corrections has issued Notices of Intent to Award three managed-only contracts to Geo for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130M in annualized revenues, including approximately $100M in new incremental annualized revenues for GEO.