Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q3 2020 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, Oct 29, 2020
Slide 1: Supplemental Information Third Quarter and YTD 2020
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 info
Slide 2: Company Profile Financial Summary - 1 Financial Summary - 2
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 Operat
Slide 3: Company Profile
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, a
Slide 4: Financial Summary
Financial Summary Company Profile Q3 2020 Q3 2019 YTD 2020 YTD 2019 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization * ** $ 1,375,986 $ 2,101,989 $ 1,375,986 $ 2,101,989 Share Price ** $ 11.34 $ 17.34 $ 11.34 $ 17.34 Revenues * Owned and Leased: Secure Services $ 297,674 $ 315,6
Slide 5: Financial Summary
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
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * As of As of September 30, 2020 December 31, 2019 (unaudited) (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 re
Slide 7: Condensed Consolidated Statement of Operations
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 Ge
Slide 8: Reconciliation of Net Income Attributable to GEO to FFO, Normalized FFO and AFFO
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
Slide 9: Reconciliation of Net Income Attributable to GEO to NOI, EBITDAre and Adjusted EBITDAre
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 4
Slide 10: Global Operations Profile
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
Slide 11: Portfolio Operating Metrics
Portfolio Operating Metrics * BEDS (1) YTD 9/30/2020 Q3 2020 (1) # of Facilities Sq. Ft. Owned & Compensated Compensated Managed Only Total Revenue* Occupancy Revenue* Occupancy Leased Mandays Mandays Eastern Region (FL,GA,IN,LA,MI,VA) 10 3,829,667 1,500 15,483 16,983 $201,828 4,412,098 95% $66,516
Slide 12: Customer Data
Customer Data 12 www.geogroup.com
Slide 13: Property and Equipment
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
Slide 14: Capital Expenditures
Capital Expenditures * Q3 2020 Q2 2020 Owned & Leased Owned & Leased Managed Only Managed Only Community Youth BI ** Total Secure Community Youth BI ** Total Secure Services & Other & Other Based Services Services Based Services Cap-Ex Category New facility development $ 93 $ - $ - $ - $ 105 $ 198 $
Slide 15: Debt Maturity Schedule
Debt Maturity Schedule * 15 www.geogroup.com
Slide 16: Outstanding Debt
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
Slide 17: Acquisitions/Dispositions
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
Slide 18: Idle Facilities
Idle Facilities (1) Idle Facilities (as of 9/30/2020) Ownership Number of Net Book Location Type Beds Value * Facility 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 C
Slide 19: Property List
Property List Years Primary Renewal Facility Name City State Years Contracted Capacity Ownership Type Term(s) 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
Slide 20: Property List
Property List Years Primary Design Renewal Facility Name City State Years Contracted Ownership Type Term(s) 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 yea
Slide 21: Property List
Property List Years Primary Design Renewal Facility Name City State Years Contracted Ownership Type Term(s) 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 Dec
Slide 22: Property List
Property List Years Primary Design Renewal Facility Name City State Years Contracted Ownership Type Term(s) 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, C
Slide 23: Definitions
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
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