GEO Group Inks Two New Contracts With U.S. Immigration And Customs Enforcement

(RTTNews) - REIT GEO Group (GEO) announced Monday the signing of two new contracts with U.S. Immigration and Customs Enforcement or ICE, for five company-owned facilities in California totaling 4,490 beds. The contracts will have terms of 15 years, inclusive of two five-year options, effective December 20, 2019.

The contracts cover two existing, company-owned facilities currently operated by GEO on behalf of ICE, the 1,940-bed Adelanto ICE Processing Center and the 400-bed Mesa Verde ICE Processing Center. The contracts also incorporate three other company-owned facilities - the 700-bed Central Valley MCCF, the 750-bed Desert View MCCF, and the 700-bed Golden State MCCF, as facility annexes.

On a combined basis, the contracts are expected to generate over $200 million in annualized revenues for GEO and will support more than 1,200 full-time jobs.