GEO : 3Q20 Supplemental Financial Disclosure

Supplemental Information

Third Quarter and YTD 2020

The GEO Group, Inc.'s ("GEO") Unaudited Reconciliation Tables and Supplemental Disclosure presented herein speaks only as of the date or period indicated, and GEO does not undertake any obligation, and disclaims any duty, to update any of this information, except as requested by law. GEO's future financial performance is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect GEO's future financial results are discussed more fully in our reports on Form 10-K, Form 10-Q, and Form 8-K filed with the Securities and Exchange Commission ("SEC"). Readers are advised to refer to these reports for additional information concerning GEO.

The results presented herein are shown as of September 30, 2020.

The GEO Group, Inc.
4955 Technology Way
Boca Raton, Florida 33431	Phone: [phone]

1	www.geogroup.com

Company Profile	3
Financial Summary - 1	4
Financial Summary - 2	5
Condensed Consolidated Balance Sheets	6
Condensed Consolidated Statement of Operations	7
Reconciliation of Net Income Attributable to GEO to FFO, Normalized FFO and AFFO	8
Reconciliation of Net Income Attributable to GEO to Net Operating Income (NOI), EBITDAre and Adjusted EBITDAre	9
Global Operations Profile	10
Portfolio Operating Metrics	11
Customer Data	12
Property and Equipment	13
Capital Expenditures	14
Debt Maturity Schedule	15
Outstanding Debt	16
Acquisitions/Dispositions	17
Idle Facilities	18
Property List	19-22
Definitions	23

2	www.geogroup.com

Company Profile

The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO is a leading provider of enhanced in‐custody rehabilitation, post‐release support, electronic monitoring, and community‐based programs. GEO's worldwide operations include the ownership and/or management of 123 facilities totaling approximately 93,000 beds, including projects under development, with a workforce of approximately 23,000 professionals.

GEO's mission is to develop innovative public‐private partnerships with government agencies around the globe that deliver high quality, cost‐efficient solutions while providing enhanced rehabilitation and community reintegration programs to the men and women entrusted to GEO's care.

2020 Guidance Summary *		Low-End		Mid-Point		High-End
Revenue	$	2,344,500	$	2,347,000	$	2,349,500
NOI	$	607,500	$	608,750	$	610,000
Adjusted EBITDAre	$	428,000	$	429,250	$	430,500
Adjusted Net Income / Diluted Share	$	1.21	$	1.22	$	1.23
AFFO / Diluted Share	$	2.43	$	2.44	$	2.45

Capital Expenditures	$	109,000
Maintenance	$	20,000
Growth	$	79,000
Facility Improvements	$	10,000

3	www.geogroup.com

Financial Summary

Company Profile		Q3 2020
			(unaudited)
Market Capitalization * **	$	1,375,986	$
Share Price **	$	11.34	$
Revenues *	$		$
Owned and Leased: Secure Services	297,674
Owned and Leased: Community-Based		35,668
Owned and Leased: Youth Services		17,555
Managed Only		144,463
Facility Construction & Design		3,323
Non-Residential Services and Other		80,453
		$	579,136	$
Net Operating Income (NOI) *		$		$
Owned and Leased: Secure Services	90,058
Owned and Leased: Community-Based		8,429
Owned and Leased: Youth Services		447
Managed Only		16,529
Facility Construction & Design		13
Non-Residential Services and Other		35,934
		$	151,410	$
Adjusted EBITDAre *	$	112,092	$
FFO & AFFO *	$		$
AFFO per diluted share		0.67
Funds From Operations (NAREIT)	$	57,850	$
Funds From Operations (Normalized)	$	62,765	$
Adjusted Funds From Operations	$	80,621	$
Dividends per share	$	0.48	$
Capital Expenditures * **	$		$
Growth	23,036
Maintenance		3,878
Facility Improvements		1,461
		$	28,375	$

• Figures in '000s, except per share data

** As of quarter-end or year-to-date as applicable

Q3 2019		YTD 2020		YTD 2019
(unaudited)		(unaudited)		(unaudited)
2,101,989	$	1,375,986	$	2,101,989
17.34	$	11.34	$	17.34
315,687	$	900,777	$	920,151
44,183		110,838		132,776
21,192		59,028		65,396
154,456		442,336		461,132
9,445		15,535		16,131
86,616		243,468		260,626
631,579	$	1,771,982	$	1,856,212
96,612	$	266,285	$	290,393
10,955		23,393		35,117
2,336		3,662		7,294
24,559		49,249		53,714
26		48		26
37,758		108,088		116,664
172,246	$	450,725	$	503,208
124,837	$	331,814	$	366,429
0.72	$	1.88	$	2.09
65,059	$	157,411	$	185,214
70,306	$	171,496	$	197,178
85,627	$	226,017	$	249,335
0.48	$	1.44	$	1.44
23,443	$	56,435	$	61,715
5,744		15,045		14,893
2,813		9,232		4,286
32,000	$	80,712	$	80,894

4	www.geogroup.com

										Financial Summary
				Q3 2020		Q3 2019		YTD 2020		YTD 2019
	Portfolio **
	Owned and Leased: Secure Services		38	38	38	38
	Owned and Leased: Community-Based	34	39	34	39
	Owned and Leased: Youth Services		8	9	8	9
	Managed only			30		35		30		35
				110	121	110	121
	Owned and Leased: Secure Services *	**
	Revenue Producing Beds		45,175	44,729	45,175	44,729
	Occupancy			85%	95%	87%	95%
	Compensated Mandays		3,543,002	3,909,830	10,707,189	11,450,676
	Square Feet			8,300,938	7,791,327	8,300,938	7,791,327
	Available beds at active facilities		142	142	142	142
	Under Activation:	Design Capacity	- Beds	-	1,800	-	1,800
		Square Feet		-	426,507	-	426,507
	Idle Facilities:	Design Capacity	- Beds	1,290	2,940	1,290	2,940
		Square Feet		208,419	562,064	208,419	562,064
	Owned and Leased: Community-Based * **
	Revenue Producing Beds		7,509	9,107	7,509	9,107
	Occupancy			51%	73%	60%	73%
	Compensated Mandays		352,545	614,116	1,228,588	1,825,942
	Square Feet			1,140,678	1,418,267	1,140,678	1,418,267
	Available beds at active facilities		490	490	490	490
	Under Activation:	Design Capacity	- Beds	-	-	-	-
		Square Feet		-	-	-	-
	Idle Facilities:	Design Capacity	- Beds	2,424	1,008	2,424	1,008
		Square Feet		444,600	168,474	444,600	168,474
	Owned and Leased: Youth Services *	**
	Revenue Producing Beds		1,163	1,163	1,163	1,163
	Occupancy			47%	62%	56%	64%
	Compensated Mandays		50,234	66,204	177,206	203,026
	Square Feet			627,229	727,464	627,229	727,464
	Idle Facilities:	Design Capacity - Beds	175	36	175	36
		Square Feet		84,053	14,763	84,053	14,763
	Managed Only * **
	Revenue Producing Beds		29,235	31,007	29,235	31,007
	Occupancy			95%	97%	96%	97%
	Compensated Mandays		2,544,602	2,780,624	7,608,334	8,228,283
	Square Feet			9,197,611	9,377,726	9,197,611	9,377,726
		U.S.		4,984,260	5,409,857	4,984,260	5,409,857
		International		4,213,351	3,967,869	4,213,351	3,967,869
	Non-Residential Units *** ****
	Day Reporting Centers (1)		484,496	287,807	1,193,871	925,136
	Youth (2)			39,402	41,203	127,519	132,181
	BI Electronic & Location Monitoring (3)		21,153,193	20,200,045	61,311,763	59,236,663

• For the periods reported, managed only revenue producing beds exclude Reeves County Detention Center I & II and Reeves County Detention Center III, for which GEO has a management consulting agreement with Reeves County, Texas; and the expansion beds at Junee Correctional Centre and Fulham Correctional Center.

• Revenue producing beds, occupancy and compensated mandays exclude idle facilities and projects under activation/construction.
• Non-ResidentialUnits presented in the table are calculated based on number of days within the period multiplied by number of units.
• Excluding In-Prison treatment participants.

1. Community-BasedServices Non-Residential Units include home confinement populations and day reporting center participants
2. Youth Non-Residential Units include education, counseling, and other outpatient services.
3. BI Non-Residential Units include electronic monitoring services and Intensive Supervision and Appearance ("ISAP") participants.

5	www.geogroup.com

Condensed Consolidated Balance Sheets *

As of

September 30, 2020

(unaudited)

As of

December 31, 2019

(unaudited)

ASSETS

	Cash and cash equivalents	$	53,676	$	32,463
	Restricted cash and cash equivalents		27,229		32,418
	Accounts receivable, less allowance for doubtful accounts		380,072		430,982
	Contract receivable, current portion		5,703		11,199
	Prepaid expenses and other current assets		33,393		40,716
	Total current assets	$	500,073	$	547,778
	Restricted Cash and Investments		40,970		30,923
	Property and Equipment, Net		2,126,438		2,144,722
	Contract Receivable		368,887		360,647
	Operating Lease Right-of-Use Assets, Net		121,805		121,527
	Assets Held for Sale		9,521		6,059
	Deferred Income Tax Assets		36,278		36,278
	Intangible Assets, Net (including goodwill)		969,629		986,426
	Other Non-Current Assets		74,234		83,174
			$		$
	Total Assets		4,247,835	4,317,534
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Accounts payable	$	91,955	$	99,232
	Accrued payroll and related taxes		64,812		54,672
	Accrued expenses and other current liabilities		212,127		191,608
	Operating lease liabilities, current portion		27,910		26,208
	Current portion of finance lease obligations, long-term debt, and non-recourse debt		25,073		24,208
	Total current liabilities	$	421,877	$	395,928
	Deferred Income Tax Liabilities		19,254		19,254
	Other Non-Current Liabilities		121,525		88,526
	Operating Lease Liabilities		96,675		97,291
	Finance Lease Liabilities		2,979		2,954
	Long-Term Debt		2,343,342		2,408,297
	Non-Recourse Debt		309,899		309,236
	Total Shareholders' Equity		932,284		996,048
			$		$
	Total Liabilities and Shareholders' Equity		4,247,835	4,317,534
	* all figures in '000s
6						www.geogroup.com

Condensed Consolidated Statement of Operations *

			Q3 2020		Q3 2019		YTD 2020		YTD 2019
			(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Revenues	$	579,136	$	631,579	$	1,771,982	$	1,856,212
	Operating expenses		434,402		472,513		1,341,063		1,382,678
	Depreciation and amortization		33,628		32,419		100,389		97,240
	General and administrative expenses		46,644		48,488		145,969		142,183
	Operating income		64,462		78,159		184,561		234,111
	Interest income		6,360		6,686		17,046		23,127
	Interest expense		(30,749)		(36,645)		(95,539)		(115,857)
	Gain/(Loss) on extinguishment of debt		1,472		594		3,035		(5,147)
	Income before income taxes and equity in earnings of affiliates		41,545		48,794		109,103		136,234
	Provision for income taxes		4,616		5,137		15,358		14,509
	Equity in earnings of affiliates, net of income tax provision		2,243		2,228		7,202		6,645
	Net income		39,172		45,885		100,947		128,370
	Less: Net loss attributable to noncontrolling interests		48		47		174		181
	Net income attributable to The GEO Group, Inc.	$	39,220	$	45,932	$	101,121	$	128,551
	Weighted Average Common Shares Outstanding:
	Basic		119,826		119,209		119,677		119,052
	Diluted		120,032		119,282		119,964		119,314
	Net income per Common Share Attributable to The GEO Group, Inc. :
	Basic:
	Net income per share - basic	$	0.33	$	0.39	$	0.84	$	1.08
	Diluted:
	Net income per share - diluted	$	0.33	$	0.39	$	0.84	$	1.08
	Regular Dividends Declared per Common Share	$	0.48	$	0.48	$	1.44	$	1.44
	* all figures in '000s, except per share data
7									www.geogroup.com

Reconciliation of Net Income Attributable to GEO to FFO, Normalized FFO and AFFO *

		Q3 2020		Q3 2019		YTD 2020		YTD 2019
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Net Income attributable to GEO	$	39,220	$	45,932	$	101,121	$	128,551
Add (Subtract):
Real Estate Related Depreciation and Amortization		18,359		17,931		55,139		53,970
Loss on real estate assets		271		1,196		1,151		2,693
Equals: NAREIT defined FFO	$	57,850	$	65,059	$	157,411	$	185,214
Add (Subtract):
(Gain)/loss on extinguishment of debt, pre-tax		(1,472)		(594)		(3,035)		5,147
Start-up expenses, pre-tax		1,895		5,593		4,401		7,467
COVID-19 expenses, pre-tax		2,635		-		7,404		-
Close-out expenses, pre-tax		1,715		-		5,935		-
Tax Effect of adjustments to Funds From Operations **		142		248		(620)		(650)
Equals: FFO, normalized	$	62,765	$	70,306	$	171,496	$	197,178
Add (Subtract):
Non-Real Estate Related Depreciation & Amortization		15,269		14,488		45,250		43,270
Consolidated Maintenance Capital Expenditures		(3,878)		(5,744)		(15,045)		(14,893)
Stock Based Compensation Expenses		4,689		4,739		19,163		16,919
Amortization of debt issuance costs, discount and/or premium and other non-cash interest		1,776		1,838		5,153		6,861
Equals: AFFO	$	80,621	$	85,627	$	226,017	$	249,335
Weighted average common shares outstanding - Diluted		120,032		119,282		119,964		119,314
FFO/AFFO per Share - Diluted
Normalized FFO Per Diluted Share	$	0.52	$	0.59	$	1.43	$	1.65
AFFO Per Diluted Share	$	0.67	$	0.72	$	1.88	$	2.09
Regular Common Stock Dividends per common share	$	0.48	$	0.48	$	1.44	$	1.44

• all figures in '000s, except per share data

	** tax adjustments related to Loss on real estate assets, (Gain)/loss on extinguishment of debt, Start-up expenses, COVID-19 expenses and Close-out expenses.
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Reconciliation of Net Income Attributable to GEO to NOI, EBITDAre and Adjusted EBITDAre *

		Q3 2020		Q3 2019		YTD 2020		YTD 2019
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Net Income attributable to GEO	$	39,220	$	45,932	$	101,121	$	128,551
Less
Net loss attributable to noncontrolling interests		48		47		174		181
Net Income	$	39,172	$	45,885	$	100,947	$	128,370
Add (Subtract):
Equity in earnings of affiliates, net of income tax provision		(2,243)		(2,228)		(7,202)		(6,645)
Income tax provision		4,616		5,137		15,358		14,509
Interest expense, net of interest income		24,389		29,959		78,493		92,730
(Gain)/Loss on extinguishment of debt		(1,472)		(594)		(3,035)		5,147
Depreciation and amortization		33,628		32,419		100,389		97,240
General and administrative expenses		46,644		48,488		145,969		142,183
Net Operating Income, net of operating lease obligations	$	144,734	$	159,066	$	430,919	$	473,534
Add:
Operating lease expense, real estate		4,510		6,391		14,254		19,514
Loss on real estate assets, pre-tax		271		1,196		1,151		2,693
Start-up expenses, pre-tax		1,895		5,593		4,401		7,467
Net Operating Income (NOI)	$	151,410	$	172,246	$	450,725	$	503,208

		Q3 2020		Q3 2019
		(unaudited)		(unaudited)
Net Income	$	39,172	$	45,885
Add (Subtract):
Income tax provision **		5,122		5,593
Interest expense, net of interest income ***		22,917		29,365
Depreciation and amortization		33,628		32,419
Loss on real estate assets, pre-tax		271		1,196

	YTD 2020		YTD 2019
	(unaudited)		(unaudited)
$	100,947	$	128,370

16,792 15,681

75,458 97,878

100,38997,240

1,1512,693

EBITDAre	$	101,110	$	114,458	$	294,737	$	341,862
Add (Subtract):
Net loss attributable to noncontrolling interests		48		47		174		181
Stock based compensation expenses, pre-tax		4,689		4,739		19,163		16,919
Start-up expenses, pre-tax		1,895		5,593		4,401		7,467
COVID-19 expenses, pre-tax		2,635		-		7,404		-
Close-out expenses, pre-tax		1,715		-		5,935		-
Adjusted EBITDAre	$	112,092	$	124,837	$	331,814	$	366,429

• all figures in '000s

• including income tax provision on equity in earnings of affiliates
• includes (gain)/loss on extinguishment of debt

9	www.geogroup.com

Global Operations Profile

Global Operating Portfolio by Region *	**
United States	Facilities		Current Beds	Beds 1-Yr Ago
	Texas	23	22,292	23,219
	California	18	6,811	6,317
	Pennsylvania	12	5,668	5,716
	Colorado	7	3,027	4,347
	New Jersey	7	3,795	3,795
	Florida	6	8,502	8,502
	Alaska	6	730	730
	Arizona	4	5,930	5,930
	Georgia	4	5,286	5,286
	Louisiana	4	3,654	3,654
	New Mexico	4	2,034	2,659
	Indiana	3	4,562	4,562
	Illinois	3	206	206
	Oklahoma	2	4,622	4,622
	Alabama	2	1,414	1,414
	New York	2	418	418
	Michigan	1	1,800	1,800
	Washington	1	1,575	1,575
	Virginia	1	1,536	1,536
	North Carolina	1	1,450	1,450
	Wyoming	1	342	342
	Kansas	1	150	150
	Nevada	1	124	124
	Utah	1	115	115
	Ohio	1	100	100
	South Dakota	1	68	68
	South Carolina	1	36	36
United States Total:	118	86,247	88,673
	International	Facilities		Current Beds	Beds 1-Yr Ago
	Australia	3	3,501	4,391
	South Africa	1	3,024	3,024
	United Kingdom	1	249	249
International Total:	5	6,774	7,664
Global:	123	93,021	96,337
Global Operating Portfolio by Facility Ownership **
	Company Owned	79	56,534	56,508
	Company Leased	14	3,770	5,020
	Managed - Only	30	32,717	34,809
Total	123	93,021	96,337

• Data includes all active faclities and idle beds

** Bed and Facility counts are show n as of September 30, 2020

10	www.geogroup.com

Portfolio Operating Metrics *

	# of Facilities (1)
Eastern Region (FL,GA,IN,LA,MI,VA)	10
Central Region (TX,OK)	2
Western Region (AZ,CA,NM)	14
Community-based	22
Youth Services	9
United States (Ex-Federal) Total:	57
Eastern Region (FL,GA,LA,NC,NY,PA)	12
Central Region (TX)	14
Western Region (CA,CO,WA)	6
Community-based	13
United States (Federal) Total:	45
Australia	3
United Kingdom	1
South Africa	1
International Total:	5
BI - Electronic and Location Monitoring
Community Based
Youth Services
Non Residential Total:	N/A
Owned, Non-Managed & Mgmt Fee only (2)	3
Idle Facilities	13
Other Total (3):	16
Global Total:	123

Sq. Ft.

3,829,667

550,422

1,762,088

861,262

633,530

7,636,969

2,436,943

3,066,918

1,585,377

326,898

7,416,136

3,443,410

124,107

645,834

4,213,351

N/A

483,883

737,072

1,220,955

20,487,411

	BEDS (1)				YTD 9/30/2020				Q3 2020
Owned &	Managed Only	Total		Revenue*	Compensated	Occupancy		Revenue*	Compensated	Occupancy
Leased		Mandays		Mandays
1,500	15,483	16,983		$201,828	4,412,098	95%		$66,516	1,440,068	92%
3,343	285	3,628		$44,649	926,496	93%		$14,750	312,745	94%
2,100	6,153	8,253		$109,269	2,188,250	97%		$34,392	724,799	95%
6,267	234	6,501		$77,586	1,017,769	60%		$22,598	292,440	52%
1,163	36	1,199		$60,295	183,239	56%		$17,977	51,764	47%
14,373	22,191	36,564		$493,627	8,727,852	88%		$156,233	2,821,816	85%
13,490	-	13,490		$271,345	3,312,300	90%		$91,082	1,098,414	89%
18,667	384	19,051		$329,065	4,417,771	85%		$108,921	1,456,246	84%
6,217	512	6,729		$219,066	1,330,246	76%		$75,051	477,940	77%
1,732	-	1,732		$32,394	248,596	57%		$11,031	70,351	48%
40,106	896	41,002		$851,870	9,308,913	84%		$286,085	3,102,951	83%
-	3,501	3,501		$155,294	787,750	100%		$45,519	264,500	100%
-	249	249		$5,962	68,226	100%		$2,023	22,908	100%
-	3,024	3,024		$12,513	828,576	100%		$4,156	278,208	100%
-	6,774	6,774		$173,769	1,684,552	100%		$51,698	565,616	100%
				$181,799	61,311,763			$60,262	21,153,193
				$59,857	1,193,871			$19,584	484,496
				$1,813	127,519			$608	39,402
N/A	N/A	N/A		$243,469	N/A	N/A		$80,454	N/A	N/A
113	3,176	3,289
3,889	-	3,889
4,002	3,176	7,178		$9,247				$4,666
58,481	33,037	91,518		$1,771,982	19,721,317 (4)	87%		$579,136	6,490,383 (4)	85%

• Revenue presented in '000s

1. Design Capacity Beds and Facility counts are shown as of September 30, 2020. International beds include Australia facility expansions totaling 626-beds.
2. Includes: 3,176 beds - Reeves County Detention Center I & II (1800 beds), Reeves County Detention Center III (1376 beds), and McCabe Center (113 beds), Texas.
3. Other Total Revenue includes Reeves County Detention Center I & II, Reeves County Detention Center III, and McCabe Center, Texas, facilities under activation, idle facilities, and other revenue.
4. Total Compensated Mandays excludes Non-Residential Units.

11	www.geogroup.com

Customer Data

12	www.geogroup.com

Property and Equipment *

		As of		As of
		September 30, 2020		September 30, 2019
		(unaudited)		(unaudited)
Land	$	128,372	$	129,927
Buildings and improvements		2,244,369		2,213,087
Leasehold improvements		285,817		294,841
Equipment		225,060		217,801
Furniture, fixtures and computer software		67,568		63,971
Facility construction in progress		46,157		37,293
Total	$	2,997,343	$	2,956,920
Less accumulated depreciation and amortization		(870,905)		(801,422)
Property and equipment, net	$	2,126,438	$	2,155,498

* all figures in '000s

13	www.geogroup.com

Capital Expenditures *

Q3 2020

Owned & Leased		BI **	Managed Only	Total
	Community	Youth
Secure Services	& Other
	Based	Services

Q2 2020

Owned & Leased		BI **	Managed Only	Total
Secure	Community	Youth
& Other
Services	Based	Services

Cap-Ex Category
New facility development	$	93	$	-	$	-	$	-	$	105	$	198	$	-	$	-	$	-	$	-	$	578	$	578
Existing facility expansion		12,235		2,556		-		-		28		14,819			4,994		1,605		-		-		-		6,599
Monitoring equipment & technology		-		-		-		8,019		-		8,019			-		-		-		7,560		-		7,560
Growth		12,328		2,556		-		8,019		133		23,036			4,994		1,605		-		7,560		578		14,737
Maintenance		1,449		381		288		1,299		461		3,878			1,740		343		614		1,116		326		4,139
Facility Improvements		504		-		33		-		924		1,461			2,462		-		114		-		780		3,356
Total Capital Expenditures ***
$	14,281	$	2,937	$	321	$	9,318	$	1,518	$ 28,375		$	9,196	$	1,948	$	728	$	8,676	$	1,684	$ 22,232

Capital Expenditures

$45,000
										Growth			Maintenance		Facility Improvements
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
4Q17		1Q18		2Q18		3Q18				4Q18				1Q19	2Q19		3Q19		4Q19	1Q20	2Q20			3Q20

• Amounts in '000s

• Electronic and Location Monitoring
• This table excludes Capital Expenditures related to property damage that was reimbursed by the insurance company. Year to date insurnace proceeds received totaled $4.0 million through September 30, 2020.

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Debt Maturity Schedule *

15	www.geogroup.com

									Outstanding Debt*
					Unsecured Senior Notes
	Due				2022	2023	2024	2026
	Closing Date				10/3/13	3/19/13	9/25/14	4/18/16
	Denomination					USD	USD	USD	USD
	Original Principal Amount				$250,000	$300,000	$250,000	$350,000
	Principal Amount (end of quarter)			$193,958	$288,988	$248,000	$350,000
	Coupon				5.875%	5.125%	5.875%	6.000%
	Yield (on issue date)				5.875%	5.125%	5.875%	6.000%
	Maturity Date				1/15/22	4/1/23	10/15/24	4/15/26
	Date Callable				1/15/17	4/1/18	10/15/19	4/15/21
	Call Price				100.000	100.854	102.938	103.000
	Revolving Credit Facility (as of 9/30/2020)				Debt Covenant Analysis
	Capacity		$900,000				Metric		Current
	Outstanding		$472,130			Total Net Leverage Ratio (4) (5)		5.1x
	Letters of Credit(1)		$59,559		Total Net Senior Secured Leverage Ratio (5)		2.7x
	Remaining Capacity		$368,311			Net Interest Coverage Ratio		4.2x
	Current Interest Rate Spread		2.25%
	Interest Rate (2)		LIBOR + Spread
	Maturity Date		5/17/24
	Term Loan B (as of 9/30/2020)
	Original Principal		$800,000
	Outstanding Principal		$772,000
	Interest Rate Spread		2.00%
	Interest Rate (3)	LIBOR + Spread
	Maturity Date		3/23/24

1. Excludes approximately AUD $100M of letters of credit issued under a bank guarantee facility in connection w ith certain performance guarantees
2. No LIBOR floor
3. LIBOR floor of 0.75%
4. Excludes non-recourse debt
5. Net of unamortized debt issuance costs

* Amounts in '000's

16	www.geogroup.com

Acquisitions/Dispositions YTD 2020

Acquisitions/Dispositions *

Dispositions

	Bed Count	State	Sale Price	Sale Date
Tooley Hall	70	CO	$1,300,000	March 2020

* Represents acquisitions/dispositions of owned real estate assets.

17	www.geogroup.com

Idle Facilities

Idle Facilities (as of 9/30/2020) (1)

		Ownership	Number of		Net Book
Facility	Location		Type		Beds		Value *
Perry County Correctional Center	Alabama		Owned	690		11,634
Coleman Hall	Pennsylvania		Owned	350		8,703
Cheyenne Mountain Reentry Center	Colorado		Owned	750		17,827
McFarland Female CRF	California		Owned	300		12,330
United States Total				2,090	$	50,494

1. Excludes two small Youth Services idle facilities (36-bed DuPage Interventions, and 139-bed Hector Garza Center), one small U.S. Secure Services idle facility (300-bed Crossroads Reception Center) and six small Community-Based Services idle facilities (442-bed Logan Hall, 113-bed Toler Hall, 104-bed Alle Kiski Pavilion, 84-bed Williams Street Center, 536-bed Talbot Hall, and 45-bed Correctional Alternative Placement Services). In the aggregate, these facilities have a net book value of approximately $17.9 million as of September 30, 2020.

* Dollar amounts in '000s

18	www.geogroup.com

Property List

Facility Name

City

State

Years

Years Contracted

Primary

Capacity

Ownership Type

Term(s)

Renewal

Upcoming Renewal Date

Built/ Renovated

Customer(s)

Option(s)

OWNED AND LEASED PROPERTIES

GEO SECURE SERVICES

1

Perry County Correctional Facility

Union Town

Alabama

2006

None

Idle

690

Owned

None

None

None

2

Adelanto ICE Processing Center

Adelanto

California

1990, 1991, 2011, 2012, 2015

December-19

ICE

1,940

Owned

5 years

2, 5 year

December-24

3

Central Valley Annex

McFarland

California

1997, 2009/2010

December-19

ICE

700

Owned

5 years

2, 5 year

December-24

4

Desert View Annex

Adelanto

California

1997, 2010, 2013

December-19

ICE

750

Owned

5 years

2, 5 year

December-24

5

Golden State Annex

McFarland

California

1997, 2010

December-19

ICE

700

Owned

5 years

2, 5 year

December-24

6

McFarland Female CRF

McFarland

California

1988, 2011, 2014

None

Idle

300

Owned

None

None

None

7

Mesa Verde ICE Processing Center

Bakersfield

California

1989, 2011,2015

December-19

ICE

400

Owned

5 years

2, 5 year

December-24

8

Western Region Detention Facility

San Diego

California

1959-1961, 2000

November-17

USMS

770

Leased

1 year, 10 months

Four, Two-year

September-21

9

Aurora ICE Processing Center

Aurora

Colorado

1987, 1993, 1998, 2009, 2010, 2011, 2017

September-11 /October-12

ICE / USMS

1,532

Owned

2 years / 2 years

Four, Two-year /

Four,

September-21/September-22

Two-year

10

Broward Transitional Center

Deerfield Beach

Florida

1998, 2004, 2010, 2011, 2013, 2014

July-15

ICE

700

Owned

1 year

Five, One-year plus One, Six-month

June-21

extension

11

D. Ray James Correctional Facility

Folkston

Georgia

1998/1999, 2008/2009, 2011/2012

October-10

BOP

1,900

Owned

4 years

Three, Two-year plus one, Four-

January-21

month extension

12

Folkston ICE Processing Center

Folkston

Georgia

2005, 2008, 2013, 2017

December-16

ICE - IGA

1,118

Owned

1 year

Four, One-year

December-21

13

Riverbend Correctional and Rehabilitation Facility

Milledgeville

Georgia

2011

July-10

GA DOC

1,500

Owned

1 year

Forty, One-year

June-21

14

Robert A. Deyton Detention Facility

Lovejoy

Georgia

1984-1986, 2008/2009

February-08

USMS

768

Leased

5 years

Three, Five-year

February-23

15

Crossroads Reception Center

Indianapolis

Indiana

1950, 2000

None

Idle

300

Owned

None

None

None

16

Alexandria Staging Facility *

Alexandria

Louisiana

2014

November-13

ICE - IGA

400

Owned

Perpetual

None

Perpetual

17

Pine Prairie ICE Processing Center

Pine Prairie

Louisiana

1999, 2008, 2018

June-15

ICE - IGA

1,094

Owned

5 years

One-month, plus one, fifty nine

June-25

month extension

18

LaSalle ICE Processing Center

Jena

Louisiana

1998, 2008, 2010/2011, 2017

November-13

ICE - IGA

1,160

Owned

Perpetual

None

Perpetual

19

South Louisiana ICE Processing Center

Basile

Louisiana

1993, 1994,1996, 1998, 1999, 2000, 2001,

June-15

ICE - IGA

1,000

Owned

5 years

One-month, plus one, fifty nine

June-25

2010, 2011, 2017

month extension

20

North Lake Correctional Facility

Baldwin

Michigan

1998/1999, 2002, 2011

October-19

BOP

1,800

Owned

3 year

Seven, one-year, plus one, six-

September - 22

month extension

21

Guadalupe County Correctional Facility

Santa Rosa

New Mexico

1998/1999, 2008

January-99

NMCD - IGA

600

Owned

Perpetual

None

Perpetual

22

Lea County Correctional Facility

Hobbs

New Mexico

1997/1998, 2017

January-99

NMCD - IGA

1,200

Owned

Perpetual

None

Perpetual

23

Queens Detention Facility

Jamaica

New York

1971, 1996/1997, 2004

April-19

USMS

222

Owned

2 year

Four, Two-year

March-21

24

Rivers Correctional Facility

Winton

North Carolina

2000/2001, 2017

April-11

BOP

1,450

Owned

4 years

Three, Two-year

March-21

25

Great Plains Correctional Facility

Hinton

Oklahoma

1990-1992, 1995, 2008, 2011, 2013, 2015,

June-15

BOP

1,940

Owned

5 years

Five, One year plus One Six-month

May-21

2018

extension

26

Lawton Correctional and Rehabilitation Facility

Lawton

Oklahoma

1998,1999, 2005, 2006, 2015

July-18

OK DOC

2,682

Owned

1 year

Four, automatic One-year

June-21

27

Moshannon Valley Correctional Facility

Phillipsburg

Pennsylvania

2005, 2006, 2013

April-16

BOP

1,878

Owned

5 years

Five, One year plus One Six-month

March-21

extension

28

Brooks County Detention Center

Falfurrias

Texas

2001, 2011

March-13

USMS IGA

652

Owned

Perpetual

None

Perpetual

29

Coastal Bend Detention Center

Robstown

Texas

2008, 2009

July-12

USMS/Hidalgo County

1,176

Owned

Perpetual

None

Perpetual

30

East Hidalgo Detention Center

LaVilla

Texas

2001, 2002, 2004, 2005, 2007, 2011

July-12

USMS IGA

1,346

Owned

Perpetual

None

Perpetual

31

Big Spring Correctional Facility

Big Spring

Texas

1940, 1960, 1982, 1991, 1994, 1996,

December-17

BOP

1,732

Owned

2 years

Eight, One Year

November-20

2001, 2009, 2010, 2011, 2012, 2018

32

Flightline Correctional Facility

Big Spring

Texas

December-17

BOP

1,800

Owned

2 years

Eight, One Year

November-20

33

Joe Corley Processing Center

Conroe

Texas

2008, 2017, 2018, 2020

July-08 /September-18

USMS / ICE

1,517

Owned

Perpetual / 5 years

None /Five-year

Perpetual/August-23

34

Karnes County Detention Facility

Karnes City

Texas

1995

February-98

USMS - IGA

679

Owned

Perpetual

None

Perpetual

35

Karnes County Family Residential Center

Karnes City

Texas

2011, 2012, 2014, 2015

December-10

ICE - IGA

1,300

Owned

5 years

One, Five-year

December-20

36

Montgomery Processing Center

Conroe

Texas

2018

October-18

ICE

1,314

Owned

10 months

Nine, One-year

August-21

37

Eagle Pass Correctional Facility

Eagle Pass

Texas

2008, 2018

October-20

USMS

661

Owned

Perpetual

None

Perpetual

38

Rio Grande Processing Center

Laredo

Texas

2007, 2008

October-08

USMS

1,900

Owned

5 years

Three, Five-year

September-23

39

South Texas ICE Processing Center

Pearsall

Texas

2004, 2005, 2012

August-20

ICE

1,904

Owned

1 year

Nine, One-year

August-21

40

Val Verde County Detention Facility

Del Rio

Texas

2000, 2001, 2005, 2007

January-01

USMS - IGA

1,407

Owned

Perpetual

None

Perpetual

41

Northwest ICE Processing Center

Tacoma

Washington

2003, 2004, 2009, 2010, 2012

September-15

ICE

1,575

Owned

1 year

Nine, One-year

September-21

* Alexandria Staging Facility was activated pursuant to an amendment under the LaSalle ICE Processing Center contract.

19

www.geogroup.com

Property List

Facility Name	City	State	Years	Years Contracted	Primary	Design	Ownership Type	Term(s)	Renewal	Upcoming Renewal Date
Built/ Renovated	Customer(s)	Capacity	Option(s)

COMMUNITY-BASED SERVICES

1	Alabama Therapeutic Education Facility	Columbiana	Alabama	1962	August-20	AL DOC	724	Owned	1 year	None
2	Cordova Center	Anchorage	Alaska	1974-1979, 2001, 2013	July-19/June-19	BOP / AK DOC	296	Owned	1 year /1 year	Nine, One-year renewals/Four, One-
year renewals
3	Midtown Center	Anchorage	Alaska	Early 1950s, 1972, 1998	June-19	AK DOC	32	Owned	1 year	Four, One-year renewals
4	Northstar Center	Fairbanks	Alaska	1970, 1975, 1995	September-16	AK DOC	143	Leased	10 months	Three-One year, plus one seven
month extension
5	Parkview Center	Anchorage	Alaska	1971, 1976	June-20	AK DOC	112	Owned	1 year	Three, One-year renewals
6	Seaside Center	Nome	Alaska	1999, 2016	June-19	AK DOC	62	Owned	1 year	Four, One-year options
7	Tundra Center	Bethel	Alaska	1960/1970	June-19	AK DOC	85	Owned	1 year	Four, One-year options
8	El Monte Center	El Monte	California	1960, 2004, 2012	October-19	BOP	70	Leased	1 year	Nine, One-year options
9	Long Beach Community Reentry Center	Long Beach	California	1997	November-19	CDCR	112	Leased	4 years, 7 months, 4 weeks, 1 day	None
10	Marvin Gardens Center	Los Angeles	California	1962, 1965, 1990, 2017	December-18	BOP	60	Leased	1 year	Four, One-year options
11	Oakland Street Center	Oakland	California	1904, 1911, 2000s	February-20	BOP	69	Owned	1 year	Nine, One-year options
12	Taylor Street Center	San Francisco	California	1907, 2010, 2011	April-16 /July-17	BOP / CDCR	240	Owned	1 year / 3 years	Four, One year/Two, One Year
Options
13	Arapahoe County Residential Center	Littleton	Colorado	2006	July-20	Arapahoe County	240	Owned	1 year	None
14	Cheyenne Mountain Reentry Center	Colorado Springs	Colorado	2005	None	Idle	750	Owned	None	None
15	Community Alternatives of El Paso County	Colorado Springs	Colorado	1991, 1998, 2000	July-20	El Paso County	240	Owned	1 year	None
16	Correctional Alternative Placement Services	Craig	Colorado	1919-1924, 1990	None	Idle	45	Owned	1 year	None
17	Williams Street Center	Denver	Colorado	1890	None	Idle	84	Owned	None	None
18	Grossman Center	Leavenworth	Kansas	1988, 2002/2003	July-19	BOP	150	Owned	1 year	Nine, One-year options
19	Albert "Bo" Robinson Assessment & Treatment Center	Trenton	New Jersey	1963, 1997, 2009	January-20/July-14	NJ DOC/NJ State Parole Board	900	Owned	2 years/3 years	One, One year/Three, One year,
Plus one six-month extension
20	Delaney Hall	Newark	New Jersey	1999/2000, 2008	January-20/January-17/July-14	Union County/EssexCounty/NJ State Parole	1,200	Owned	2 years/5 years/3 years	Two, One year/None/Three, One
						Board				year, Plus one six-month extension
21	Logan Hall	Newark	New Jersey	1929, 2004	None	Idle	442	Leased	None	None
22	Talbot Hall	Kearny	New Jersey	1919, 1998	None	Idle	536	Leased	None	None
23	The Harbor	Newark	New Jersey	1929, 1999, 2008	January-20	NJ DOC	260	Leased	2 years	One, One year
										Three, One-year, Plus Two six-
										month Extensions, plus One, Six-
24	Toler Hall	Newark	New Jersey	1992, 2004	None	Idle	113	Leased	None	month extension, plus Two 6-

month extension, plus one three- month extension, plus one four- month extension.

August-21

June-21/May-21

May-21

January-21

May-21

May-21

May-21

September-21

June-24

November-20

January-21

March-21/June-21

June-21

None

June-21

None

None

June-21

December-21 /December-20

December-21/Dec-21/December-

20

None

None

December-21

None

20	www.geogroup.com

Property List

	Facility Name	City	State	Years	Years Contracted	Primary	Design	Ownership Type	Term(s)	Renewal	Upcoming Renewal Date
	Built/ Renovated	Customer(s)	Capacity	Option(s)
COMMUNITY-BASED SERVICES
25	Tully House	Newark	New Jersey	1929, 1999	January-20	NJ DOC	344	Owned	2 years	One, One year	December-21
26	New Mexico Men's Recovery Academy	Los Lunas	New Mexico	No Real Property	July-19	NM DOC	174	Managed	4 years	None	June-23
27	New Mexico Women's Recovery Academy	Alberquerque	New Mexico	No Real Property	July-19	NM DOC	60	Managed	4 years	None	June-23
28	Las Vegas CCC	Las Vegas	Nevada	1978, 2004	Feburary-16	BOP	124	Owned	1 year	Four, One-year extensions	January-21
29	Bronx Community Re-entry Center	Bronx	New York	1966, 1998, 2009, 2012, 2015	July-20	BOP	196	Leased	1 year	Nine, One year	June-21
30	ADAPPT	Reading	Pennsylvania	1909, 1919, 1929, 1986, 1989	February-19	PA DOC	64	Owned	1 year	Four, one year options	January-21
31	Alle Kiski Pavilion	Arnold	Pennsylvania	1901, 1990	None	Idle	104	Owned	None	None	None
32	Chester County	Chester	Pennsylvania	1923	February-19	PA DOC	149	Owned	1 year	Four, one year options	January-21
33	Coleman Hall	Philadelphia	Pennsylvania	1919, 2001	None	Idle	350	Owned	None	None	None
34	Philadelphia Residential Reentry Center	Philadelphia	Pennsylvania	2008	April-19	BOP	400	Owned	1 year	Four, one year options	March-21
35	Scranton Facility	Scranton	Pennsylvania	No Real Property	February-19	PA DOC	100	Leased	1 year	Four, one year options	January-21
36	Community Alternatives of The Black Hills	Rapid City	South Dakota	1989, 1998, 2007	October-16	BOP	68	Owned	1 year	Four, One year plus 6 months	September-21
37	Beaumont Transitional Treatment Center	Beaumont	Texas	1940, 1950, 1967, 1975, 1986, 1997	September-20	TDCJ	180	Owned	2 years	Three, one year options	August-22
38	Leidel Comprehensive Sanction Center	Houston	Texas	1930, 1960, 2005, 2006, 2012	January-16	BOP	190	Owned	1 year	Four, One year	December-20
39	McCabe Center	Austin	Texas	1962, 2012	N/A	Third Party Tenant	113	Owned -Not Manage	N/A	N/A	N/A
										One, One-year, Plus One-year and
										three months, Plus Two, One year
40	Mid Valley House	Edinburg	Texas	1985, 2001, 2014	July-14	BOP	128	Owned	1 year	options, Plus, Two one-month	November-20
extensions, Plus One, nine-month
										extension, Plus one, two-month
										extension
41	Reality House	Brownsville	Texas	1983, 2011	July-19	BOP	94	Owned	1 year	Four, One year	June-21
42	Southeast Texas Transitional Center	Houston	Texas	1960, 1967, 1970, 1984, 1997, 1998,	September-20	TDCJ	500	Owned	2 years	Three, one year options	August-22
2008, 2012, 2018
43	Salt Lake City Center	Salt Lake City	Utah	1970, 1977, 2004	June-19	BOP	115	Owned	1 year	Nine, One year	May-21
44	Casper Reentry Center	Casper	Wyoming	1984, 1994, 2004/2005, 2007	January-17/July-19	BOP/Natrona	342	Owned	1 year/2 years	Four, One year/None	December-20/June-21

21	www.geogroup.com

Property List

Facility Name

City

State

Years

Years Contracted

Primary

Design

Ownership Type

Term(s)

Renewal

Upcoming Renewal Date

Built/ Renovated

Customer(s)

Capacity

Option(s)

YOUTH SERVICES

1

Southern Peaks Regional Treatment Center

Canon City

Colorado

2003, 2004

June-05

CO Counties of DHS,DYC, CDE

136

Owned

None

None

None

2

Southwood Interventions

Chicago

Illinois

1925, 1950, 1975, 2008

June-05

OASA, City of Chicago, Medicaid

80

Owned

None

None

None

3

Woodridge Interventions

Woodridge

Illinois

1982, 1986

June-05

IL DASA, insurance

90

Owned

None

None

None

4

DuPage Interventions

Hinsdale

Illinois

1988

None

Idle

36

Owned

None

None

None

5

Abraxas Academy

Morgantown

Pennsylvania

1999, 2000

June-05

Various Agencies

214

Owned

None

None

None

6

Abraxas I

Marienville

Pennsylvania

1930s, 1960, 1982, 1985, 1987, 1989,

May-05

Various Counties

204

Owned

None

None

None

1999, 2003

7

Abraxas Youth Center

South Mountain

Pennsylvania

1938, 1948, 2001

June-05

PA Dept. of Public Welfare

72

Leased

None

None

None

8

Leadership Development Program

South Mountain

Pennsylvania

1920, 1938, 2000, 2005

June-05

Various Counties

128

Leased

None

None

None

9

Abraxas Ohio

Shelby

Ohio

1900, 1935, 1965, 1992

June-05

Various Counties

100

Owned

None

None

None

10

Camp Aspen

Columbia

South Carolina

No Real Property

August-14

SC Dept. of Juvenile Justice

36

Managed

1 year

Three, two-year extensions

July-21

11

Hector Garza Center

San Antonio

Texas

1986, 1987, 2006

None

Idle

139

Owned

None

None

None

MANAGED-ONLY FACILITIES

1

Florence West Correctional and Rehabilitation Facility

Florence

Arizona

1997

October-02

AZ DOC

750

Managed

10 years

Two, Five-year

October-22

2

Phoenix West Correctional and Rehabilitation Facility

Phoenix

Arizona

1979, 1984, 1995, 1996, 2002

July-02

AZ DOC

500

Managed

10 years

Two, Five-year

July-22

3

Central Arizona Correctional and Rehabilitation Facility

Florence

Arizona

2006

December-06

AZ DOC

1,280

Managed

10 years

Two, Five-year

December-21

4

Kingman Correctional and Rehabilitation Facility

Kingman

Arizona

2004, 2010

January-08

AZ DOC

3,400

Managed

10 years

Two, Five-year

January-23

5

Bay Correctional and Rehabilitation Facility

Panama City

Florida

1995, 2007

February-14

FL DMS

985

Managed

3 years

Unlimited, Two-year

January - 21

6

Blackwater River Correctional and Rehabilitation Facility

Milton

Florida

2010

October-10

FL DMS

2,000

Managed

3 years

Unlimited, Two-year

October-21

7

Graceville Correctional and Rehabilitation Facility

Graceville

Florida

2007, 2009, 2015

February-14

FL DMS

1,884

Managed

3 years

Unlimited, Two-year

January - 21

8

Moore Haven Correctional and Rehabilitation Facility

Moore Haven

Florida

1995, 1999, 2007

February-14

FL DMS

985

Managed

3 years

Unlimited, Two-year

January - 21

9

South Bay Correctional and Rehabilitation Facility

South Bay

Florida

1996, 1997, 2001, 2004, 2005, 2007, 2012

July-09

FL DMS

1,948

Managed

3 years

Four, Two-year, plus one six-month

December-20

extension

One year One month and 20 days,

Nine year Seven month 14 days,

10

New Castle Correctional Facility

New Castle

Indiana

2001, 2012

September-05

IN DOC

3,196

Managed

4 years

plus one ninety-day extension,

June-2021

plus one nine-month extension

Two, Five-year

One, Four-year, plus one, one (1)

11

Heritage Trail Correctional Facility

Plainfield

Indiana

1890, 1900, 1921, 1961

March-11

IN DOC

1,066

Managed

4 years

year, four (4) months and two (2)

June-21

day extension, plus one (1) year

extension

12	El Centro Detention Facility	El Centro	California	1976	December-19	USMS	512	Managed	2 years	Three, Two-year options, plus one,
nine-month extension
13	George W. Hill Correctional Facility	Thornton	Pennsylvania	1998	January-19	Delaware County	1,883	Managed	5 years	Two, Two-year options
14	Kinney County Detention Center	Brackettville	Texas	2004	September-13	USMS-IGA	384	Managed	Perpetual	None
15	Reeves County Detention Center R1/R2	Pecos	Texas	1986, 1998, 2001, 2004, 2009, 2010	October-19	BOP	1,800	Managed	3 year	Seven, one-year, plus one, six-
month extension
16	Reeves County Detention Center R3	Pecos	Texas	2003, 2006, 2010	July-19	BOP	1,376	Managed	3 year	Seven, one-year, plus one, six-
month extension
17	Lawrenceville Correctional Center	Lawrenceville	Virginia	1996, 1998, 2011	August-18	VA DOC	1,536	Managed	5 years	Ten, One-year extensions
	LA COUNTY CITY JAILS
18	Alhambra City Jail	Alhambra	California	No Real Property	July-16	City of Alhambra	71	Managed	1 year	Three, One-year, plus 120 days
19	Baldwin Park City Jail	Baldwin Park	California	No Real Property	July-03	City of Baldwin Park	32	Managed	3 years	Four, Three-year, plus One, two
year, plus 120 day extension
20	Fontana City Jail	Fontana	California	No Real Property	July-19	City of Fontana	25	Managed	1 year	120 day extension
21	Garden Grove City Jail	Garden Grove	California	No Real Property	July-15	City of Garden Grove	16	Managed	3 years	One, Two-year, plus 120 days
22	Ontario City Jail	Ontario	California	No Real Property	July-14	City of Ontario	44	Managed	3 years	One Three-year, plus 120 days
	INTERNATIONAL
1	Fulham Correctional Centre	West Sale, AUS	Victoria	1997, 2002	July-12	Victoria Ministry of Corrections	922	Managed	4 years	19 years 4 months
2	Junee Correctional Centre	Junee, AUS	New South Wales	1993	March-14	New South Wales Corrective Services	1279*	Managed	5 years	Two, Five-year
3	Dungavel House Immigration Removal Centre	Strathaven, SCO	United Kingdom	2013	September-11	U.K. Home Office	249	Managed	5 years	Three, One year plus two-year
4	Kutama Sinthumule Correctional Centre	Louis Trichardt, SA	South Africa	2003, 2008	February-02	RSA Dept. of Correctional Services	3,024	Managed	25 years	None
5	Ravenhall Correctional Centre	Melbourne, AUS	Victoria	2017	November-17	Victoria Ministry of Corrections	1,300	Managed	24 years 5 months	None

December-21

December-23

Perpetual

September-22

June-22

July-23

October-20

October 20

October 20

October-20

October-20

October-35

March-24

September-21

February-27

March-42

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Definitions

Adjusted EBITDAre (Adjusted EBITDA for real estate)

Adjusted EBITDAre is defined as EBITDAre adjusted for net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, and certain other adjustments as defined from time to time, including for the periods presented start-up expenses, pre-tax,COVID-19 expenses, pre-tax and close-out expenses, pre-tax.

Adjusted Funds From Operations (AFFO):

Adjusted Funds from Operations, or AFFO, is defined as Normalized FFO adjusted by adding non-cash expenses such as non-real estate related depreciation and amortization, stock based compensation expense, the amortization of debt issuance costs, discount and/or premium and other non- cash interest, and by subtracting recurring consolidated maintenance capital expenditures.

EBITDAre (EBITDA for real estate):

EBITDAre is defined as net income adjusted by adding provisions for income tax, interest expense, net of interest income, depreciation and amortization, and gain/loss on real estate assets, pre-tax.

Funds From Operations (FFO):

Funds From Operations, or FFO, is defined in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) attributable to common shareholders (computed in accordance with United States Generally Accepted Accounting Principles), excluding real estate related depreciation and amortization, excluding gains and losses from the cumulative effects of accounting changes, extraordinary items and sales of properties, and including adjustments for unconsolidated partnerships and joint ventures.

Net Operating Income (NOI):

Net Operating Income is defined as revenues less operating expenses, excluding depreciation and amortization expense, general and administrative expenses, real estate related operating lease expense, and start-up expenses, pre-tax. Net Operating Income is calculated as net income adjusted by subtracting equity in earnings of affiliates, net of income tax provision, and by adding income tax provision, interest expense, net of interest income, gain/loss on extinguishment of debt, depreciation and amortization expense, general and administrative expenses, real estate related operating lease expense, gain/loss on real estate assets, pre-tax, and start-up expenses, pre-tax.

Normalized Funds From Operations (Normalized FFO):

Normalized Funds From Operations, or Normalized FFO, is defined as FFO adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure the Company's actual operating performance, including for the periods presented gain/loss on extinguishment of debt, pre-tax, start up expenses, pre-tax,COVID-19 expenses, pre-tax,close-out expenses, pre-tax, and tax effect of adjustments to FFO.

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