- 3Q16 Net Income Attributable to GEO
of $0.59 per Diluted Share
- 3Q16 Normalized FFO of $0.79 per
Diluted Share
- 3Q16 AFFO of $0.96 per Diluted
Share
- Increased FY 2016 Net Income
Attributable to GEO Guidance to $1.88-$1.90 per Diluted
Share
And Adjusted EPS Guidance to $2.11-$2.13
per Diluted Share
- Increased FY 2016 AFFO Guidance to
$3.65-$3.67 per Diluted Share
The GEO Group, Inc. (NYSE: GEO) (“GEO”), a fully
integrated equity real estate investment trust (“REIT”) and a
leading provider of evidence-based offender rehabilitation and
community reentry services around the globe, reported today its
financial results for the third quarter 2016.
Third Quarter 2016 Highlights
- Net Income Attributable to GEO of
$0.59 per Diluted Share
- Net Operating Income of $145.2
million
- Normalized FFO of $0.79 per Diluted
Share
- AFFO of $0.96 per Diluted
Share
GEO reported third quarter 2016 net income attributable to GEO
of $43.7 million, or $0.59 per diluted share, compared to $38.3
million, or $0.52 per diluted share, for the third quarter 2015.
GEO reported third quarter 2016 Normalized Funds From Operations
(“Normalized FFO”) of $59.1 million, or $0.79 per diluted share,
compared to $54.7 million, or $0.74 per diluted share, for the
third quarter 2015. GEO reported third quarter 2016 Adjusted Funds
From Operations (“AFFO”) of $71.5 million, or $0.96 per diluted
share, compared to $66.3 million, or $0.90 per diluted share, for
the third quarter 2015. GEO reported third quarter 2016 Net
Operating Income (“NOI”) of $145.2 million compared to $132.0
million for the third quarter 2015.
George C. Zoley, Chairman and Chief Executive Officer of GEO,
said, “We are pleased with our strong third quarter results and our
outlook for the fourth quarter and full year. We believe that our
financial performance and continued organic growth is reflective of
our diversified platform of real estate, management and
programmatic solutions which allows us to provide cost-effective,
high quality services for our government partners around the world
and to deliver industry-leading, evidence-based rehabilitation
programs both in-custody and in community-based settings to the men
and women who have been entrusted to our care. We remain focused on
maintaining our leadership in the delivery of these important
programs and effectively allocating capital to continue to enhance
value for our shareholders.”
GEO reported total revenues for the third quarter 2016 of $554.4
million up from $469.9 million for the third quarter 2015. Third
quarter 2016 revenues reflect $69.7 million in construction
revenues associated with the development of the 1,300-bed Ravenhall
Facility in Australia (the “Ravenhall, Australia project”) which is
lower than the $84 million GEO had previously anticipated and
compares to $24.8 million in construction revenues for the third
quarter 2015.
First Nine Months 2016 Highlights
- Net Income Attributable to GEO of
$1.34 per Diluted Share; Reflects Loss on Extinguishment of
Debt
- Adjusted Net Income of $1.57 per
Diluted Share
- Net Operating Income of $419.6
million
- Normalized FFO of $2.18 per Diluted
Share
- AFFO of $2.71 per Diluted
Share
GEO reported net income attributable to GEO of $99.3 million, or
$1.34 per diluted share, for the first nine months of 2016,
compared to $95.4 million, or $1.29 per diluted share, for the
first nine months of 2015. GEO’s results for the first nine months
of 2016 reflect approximately $15.9 million, net of tax, related to
the loss on extinguishment of debt associated with GEO’s April 2016
senior note offering and tender offer for GEO’s 6.625% senior notes
which were due 2021, and approximately $1.2 million, net of tax, in
start-up expenses. Adjusting for start-up expenses and for the loss
on extinguishment of debt, GEO reported adjusted net income for the
first nine months of 2016 of $1.57 per diluted share.
For the first nine months of 2016, GEO reported Normalized FFO
of $162.1 million, or $2.18 per diluted share, compared to $145.3
million, or $1.97 per diluted share, for the first nine months of
2015. GEO reported AFFO for the first nine months of 2016 of $201.5
million, or $2.71 per diluted share, compared to $176.7 million, or
$2.39 per diluted share, for the first nine months of 2015. For the
first nine months of 2016, GEO reported NOI of $419.6 million
compared to $369.4 million for the first nine months of 2015.
GEO reported total revenues for the first nine months of 2016 of
$1.61 billion up from $1.34 billion for the first nine months of
2015. Revenues for the first nine months of 2016 reflect $182.3
million in construction revenues associated with the development of
the Ravenhall, Australia project, which is lower than the $196
million GEO had previously anticipated and compares to $67.0
million in construction revenues for the first nine months of
2015.
2016 Financial Guidance
GEO updated its financial guidance for the full-year and for the
fourth quarter of 2016. GEO expects full-year 2016 total revenue to
be approximately $2.18 billion, including approximately $253
million in construction revenue associated with GEO’s contract for
the development and operation of the Ravenhall, Australia project.
GEO expects full-year 2016 Net Income Attributable to GEO to be in
a range of $1.88 to $1.90 per diluted share. For the full-year
2016, GEO increased its Adjusted EPS guidance to a range of $2.11
to $2.13 per diluted share and its AFFO guidance to a range of
$3.65 to $3.67 per diluted share.
For the fourth quarter 2016, GEO expects total revenues to be in
a range of $552 million to $557 million, including approximately
$71 million in construction revenue associated with GEO’s contract
for the development and operation of the Ravenhall, Australia
project. For the fourth quarter 2016, GEO expects Net Income
Attributable to GEO to be in a range of $0.54 to $0.56 per diluted
share and AFFO to be in a range of $0.94 to $0.96 per diluted
share.
Quarterly Dividend
On October 18, 2016, GEO’s Board of Directors declared a
quarterly cash dividend of $0.65 per share. The quarterly cash
dividend will be paid on November 10, 2016 to shareholders of
record as of the close of business on October 31, 2016. The
declaration of future quarterly cash dividends is subject to
approval by GEO’s Board of Directors and to meeting the
requirements of all applicable laws and regulations. GEO’s Board of
Directors retains the power to modify its dividend policy as it may
deem necessary or appropriate in the future.
Reconciliation Tables and Supplemental Information
GEO has made available Supplemental Information which contains
reconciliation tables of Net Income Attributable to GEO to Net
Operating Income, EBITDA, and Adjusted EBITDA, and Net Income
Attributable to GEO to FFO, Normalized FFO and AFFO along with
supplemental financial and operational information on GEO’s
business segments and other important operating metrics. A
reconciliation table of Net Income Attributable to GEO to Adjusted
Net Income is also presented herein. Please see the section of this
press release below titled “Note to Reconciliation Tables and
Supplemental Disclosure - Important Information on GEO’s Non-GAAP
Financial Measures” for information on how GEO defines these
supplemental Non-GAAP financial measures and reconciles them to the
most directly comparable GAAP measures. GEO’s Reconciliation Tables
can be found herein and in GEO’s Supplemental Information which is
available on GEO’s Investor Relations webpage at
www.geogroup.com.
Conference Call Information
GEO has scheduled a conference call and simultaneous webcast for
today at 9:30 AM (Eastern Time) to discuss GEO’s third quarter 2016
financial results as well as its progress and outlook. The call-in
number for the U.S. is 1-877-250-1553 and the international call-in
number is 1-412-542-4145. In addition, a live audio webcast of the
conference call may be accessed on the Conference Calls/Webcasts
section of GEO’s investor relations webpage at www.geogroup.com. A
replay of the webcast will be available on the website for one
year. A telephonic replay of the conference call will be available
until November 17, 2016 at 1-877-344-7529 (U.S.) and 1-412-317-0088
(International). The participant passcode for the telephonic replay
is 10095727.
About The GEO Group
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 correctional, detention,
and community reentry facilities around the globe. GEO is the
world's leading provider of diversified correctional, detention,
community reentry, and electronic monitoring services to government
agencies worldwide with operations in the United States, Australia,
South Africa, and the United Kingdom. GEO's worldwide operations
include the ownership and/or management of 104 facilities totaling
approximately 87,000 beds, including projects under development,
with a growing workforce of approximately 20,500 professionals.
Note to Reconciliation Tables and Supplemental Disclosure
–Important Information on GEO’s Non-GAAP Financial
Measures
Net Operating Income, EBITDA, Adjusted EBITDA, Funds from
Operations, Normalized Funds from Operations, Adjusted Funds from
Operations, and Adjusted Net Income are non-GAAP financial measures
that are presented as supplemental disclosures.
GEO has presented herein certain forward-looking statements
about GEO's future financial performance that include non-GAAP
financial measures, including, Net Operating Income, Adjusted
EBITDA, FFO, Normalized FFO, and AFFO. The determination of the
amounts that are excluded from these non-GAAP financial measures is
a matter of management judgment and depends upon, among other
factors, the nature of the underlying expense or income amounts
recognized in a given period. While we have provided a high level
reconciliation for the guidance ranges for full year 2016, we are
unable to present a more detailed quantitative reconciliation of
the forward-looking non-GAAP financial measures to their most
directly comparable forward-looking GAAP financial measures because
management cannot reliably predict all of the necessary components
of such GAAP measures. The quantitative reconciliation of the
forward-looking GAAP financial measures will be provided for
completed annual and quarterly periods, as applicable, calculated
in a consistent manner with the quantitative reconciliation of
non-GAAP financial measures previously reported for completed
annual and quarterly periods.
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 attributable to GEO adjusted by
subtracting net loss attributable to non-controlling interests,
equity in earnings of affiliates, net of income tax provision, and
by adding income tax (benefit) provision, interest expense, net of
interest income, loss on extinguishment of debt, depreciation and
amortization expense, general and administrative expenses, real
estate related operating lease expense, and start-up expenses,
pre-tax.
EBITDA is defined as Net Operating Income adjusted by
subtracting general and administrative expenses, real estate
related operating lease expense, and start-up expenses, pre-tax,
and by adding equity in earnings of affiliates, pre-tax. Adjusted
EBITDA is defined as EBITDA adjusted for net loss/income
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 M&A related
expenses, pre-tax, and start-up expenses, pre-tax. Given the nature
of our business as a real estate owner and operator, we believe
that EBITDA and Adjusted EBITDA are helpful to investors as
measures of our operational performance because they provide an
indication of our ability to incur and service debt, to satisfy
general operating expenses, to make capital expenditures and to
fund other cash needs or reinvest cash into our business. We
believe that by removing the impact of our asset base (primarily
depreciation and amortization) and excluding certain non-cash
charges, amounts spent on interest and taxes, and certain other
charges that are highly variable from year to year, EBITDA and
Adjusted EBITDA provide our investors with performance measures
that reflect the impact to operations from trends in occupancy
rates, per diem rates and operating costs, providing a perspective
not immediately apparent from income from continuing operations.
The adjustments we make to derive the non-GAAP measures of EBITDA
and Adjusted EBITDA exclude items which may cause short-term
fluctuations in income from continuing operations and which we do
not consider to be the fundamental attributes or primary drivers of
our business plan and they do not affect our overall long-term
operating performance. EBITDA and Adjusted EBITDA provide
disclosure on the same basis as that used by our management and
provide consistency in our financial reporting, facilitate internal
and external comparisons of our historical operating performance
and our business units and provide continuity to investors for
comparability purposes.
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.
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 GEO’s
actual operating performance, including for the periods presented
M&A related expenses, net of tax, start-up expenses, net of
tax, and loss on extinguishment of debt, net of tax.
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.
Adjusted Net Income is defined as Net Income Attributable to GEO
adjusted for certain items which by their nature are not comparable
from period to period or that tend to obscure GEO’s actual
operating performance, including for the periods presented M&A
related expenses, net of tax, start-up expenses, net of tax, and
loss on extinguishment of debt, net of tax.
Because of the unique design, structure and use of our
correctional facilities, we believe that assessing the performance
of our correctional facilities without the impact of depreciation
or amortization is useful and meaningful to investors. Although
NAREIT has published its definition of FFO, companies often modify
this definition as they seek to provide financial measures that
meaningfully reflect their distinctive operations. We have modified
FFO to derive Normalized FFO and AFFO that meaningfully reflect our
operations.
Our assessment of our operations is focused on long-term
sustainability. The adjustments we make to derive the non-GAAP
measures of Normalized FFO and AFFO exclude items which may cause
short-term fluctuations in income from continuing operations but
have no impact on our cash flows, or we do not consider them to be
fundamental attributes or the primary drivers of our business plan
and they do not affect our overall long-term operating
performance.
We may make adjustments to FFO from time to time for certain
other income and expenses that do not reflect a necessary component
of our operational performance on the basis discussed above, even
though such items may require cash settlement. Because FFO,
Normalized FFO and AFFO exclude depreciation and amortization
unique to real estate as well as non-operational items and certain
other charges that are highly variable from year to year, they
provide our investors with performance measures that reflect the
impact to operations from trends in occupancy rates, per diem
rates, operating costs and interest costs, providing a perspective
not immediately apparent from income from continuing operations. We
believe the presentation of FFO, Normalized FFO and AFFO provide
useful information to investors as they provide an indication of
our ability to fund capital expenditures and expand our business.
FFO, Normalized FFO and AFFO provide disclosure on the same basis
as that used by our management and provide consistency in our
financial reporting, facilitate internal and external comparisons
of our historical operating performance and our business units and
provide continuity to investors for comparability purposes.
Additionally, FFO, Normalized FFO and AFFO are widely recognized
measures in our industry as a real estate investment trust.
Safe-Harbor Statement
This press release contains forward-looking statements regarding
future events and future performance of GEO that involve risks and
uncertainties that could materially affect actual results,
including statements regarding financial guidance for the fourth
quarter of 2016 and full year 2016, the assumptions underlying such
guidance, and statements regarding future project activations and
growth opportunities. Factors that could cause actual results to
vary from current expectations and forward-looking statements
contained in this press release include, but are not limited to:
(1) GEO’s ability to meet its financial guidance for 2016 given the
various risks to which its business is exposed; (2) GEO’s ability
to declare future quarterly cash dividends and the timing and
amount of such future cash dividends; (3) GEO’s ability to
successfully pursue further growth and continue to create
shareholder value; (4) risks associated with GEO’s ability to
control operating costs associated with contract start-ups; (5)
GEO’s ability to timely open facilities as planned, profitably
manage such facilities and successfully integrate such facilities
into GEO’s operations without substantial costs; (6) GEO’s ability
to win management contracts for which it has submitted proposals
and to retain existing management contracts; (7) GEO’s ability to
obtain future financing on acceptable terms; (8) GEO’s ability to
sustain company-wide occupancy rates at its facilities; (9) GEO’s
ability to access the capital markets in the future on satisfactory
terms or at all; (10) GEO’s ability to remain qualified as a REIT;
(11) the incurrence of REIT related expenses; and (12) other
factors contained in GEO’s Securities and Exchange Commission
periodic filings, including its Form 10-K, 10-Q and 8-K
reports.
Third quarter 2016 financial tables to follow:
Condensed
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Unaudited Q3 2016 Q3 2015 YTD
2016 YTD 2015 Revenues $
554,376 $ 469,866 $ 1,612,911 $ 1,343,181
Operating expenses
415,659 345,966 1,221,002 997,812
Depreciation and
amortization 28,783 27,127 85,886 78,628
General and
administrative expenses 37,483 33,742 108,448
97,764
Operating income 72,451
63,031 197,575 168,977 Interest income
7,928 2,992 18,387 7,933
Interest expense (33,428 ) (27,314
) (93,864 ) (78,610 )
Loss on extinguishment of debt -
- (15,885 ) -
Income before income taxes
and equity in earnings of affiliates 46,951
38,709 106,213 98,300 Provision for income
taxes 4,970 1,758 12,000 6,954
Equity in earnings of
affiliates, net of income tax provision 1,693 1,340
4,943 3,949
Net income 43,674
38,291 99,156 95,295 Less: Net loss
attributable to noncontrolling interests 46 21
123 79
Net income attributable to The GEO Group,
Inc. $
43,720 $ 38,312
$ 99,279 $ 95,374
Weighted Average Common Shares Outstanding: Basic
74,108 73,757 74,010 73,658 Diluted 74,336 73,919 74,283 73,906
Income per Common Share Attributable to
The GEO Group, Inc.:
Basic: Net income per share — basic $
0.59
$
0.52 $
1.34 $
1.29
Diluted: Net income per share — diluted $
0.59 $
0.52 $
1.34 $
1.29 Regular
Dividends Declared per Common Share $ 0.65 $ 0.62 $
1.95 $ 1.86 * all figures in '000s, except per
share data
Reconciliation of
Net Income Attributable to GEO to Adjusted Net
Income
(In thousands, except per share
data)(Unaudited)
Q3 2016 Q3 2015 YTD 2016 YTD
2015 Net Income attributable to GEO $ 43,720 $
38,312 $ 99,279 $ 95,374 Add: Loss on extinguishment of
debt, net of tax - - $ 15,885 - Start-up expenses, net of tax -
1,919 1,190 4,831 M&A related expenses, net of tax - - - 2,232
Adjusted Net Income $ 43,720 $
40,231 $ 116,354 $ 102,437
Weighted average common shares outstanding - Diluted 74,336
73,919 74,283 73,906
Adjusted Net Income Per Diluted
Share $ 0.59 $ 0.54 $
1.57 $ 1.39
Condensed
Consolidated Balance Sheets
(In thousands)
(Unaudited)
Unaudited As of As of
September 30, 2016 December 31, 2015
ASSETS Current Assets Cash and cash
equivalents $ 30,123 $ 59,638 Restricted cash and investments
102,652 8,489 Accounts receivable, less allowance for doubtful
accounts 341,454 314,097 Current deferred income tax assets -
27,914 Prepaid expenses and other current assets 33,443 28,208
Total current assets $
507,672 $
438,346
Restricted Cash and Investments 24,463 20,236
Property
and Equipment, Net 1,908,053 1,916,386
Contract
Receivable 388,729 174,141
Direct Finance Lease
Receivable - 1,826
Non-Current Deferred Income Tax
Assets 24,154 7,399
Intangible Assets, Net (including
goodwill) 824,427 839,586
Other Non-Current Assets
64,897 64,307
Total Assets $
3,742,395
$
3,462,227 LIABILITIES AND SHAREHOLDERS'
EQUITY Current Liabilities Accounts payable $
81,906 $ 77,523 Accrued payroll and related taxes 46,947 48,477
Accrued expenses and other current liabilities 144,384 135,483
Current portion of capital lease obligations, long-term debt, and
non-recourse debt 15,638 17,141
Total current liabilities $
288,875 $
278,624 Non-Current Deferred
Income Tax Liabilities - 11,471
Other Non-Current
Liabilities 92,081 87,694
Capital Lease Obligations
7,757 8,693
Long-Term Debt 1,893,980 1,855,810
Non-Recourse Debt 493,303 213,098
Shareholders'
Equity 966,399 1,006,837
Total Liabilities and Shareholders'
Equity $
3,742,395 $
3,462,227 * all
figures in '000s
Reconciliation of
Net Income Attributable to GEO to FFO, Normalized FFO, and
AFFO
(In thousands, except per share data)
(Unaudited)
Unaudited Q3 2016 Q3 2015 YTD
2016 YTD 2015 Net Income attributable to
GEO $ 43,720 $ 38,312 $ 99,279 $ 95,374 Add:
Real Estate Related Depreciation and
Amortization
15,334 14,449 45,697 42,826
Equals:
NAREIT defined FFO
$
59,054
$
52,761
$
144,976
$
138,200 Add: Loss on extinguishment of debt,
net of tax - - 15,885 - Start-up expenses, net of tax - 1,919 1,190
4,831 M&A related expenses, net of tax - - -
2,232
Equals: FFO, normalized
$
59,054 $ 54,680
$
162,051 $ 145,263 Add:
Non-Real Estate Related Depreciation & Amortization 13,449
12,678 40,189 35,802 Consolidated Maintenance Capital Expenditures
(7,526 ) (5,843 ) (18,720 ) (17,929 ) Stock Based Compensation
Expenses 3,186 3,025 9,675 8,602 Amortization of debt issuance
costs, discount and/or premium and other non-cash interest 3,303
1,770 8,330 4,986
Equals: AFFO
$
71,466 $ 66,310
$
201,525 $ 176,724
Weighted average common shares outstanding - Diluted 74,336 73,919
74,283 73,906
FFO/AFFO per Share - Diluted
Normalized FFO Per Diluted Share
$
0.79 $ 0.74
$
2.18 $ 1.97 AFFO Per
Diluted Share
$
0.96 $ 0.90
$
2.71 $ 2.39 Regular
Common Stock Dividends per common share
$
0.65 $ 0.62
$
1.95 $ 1.86 * all figures
in '000s, except per share data
Reconciliation of
Net Income Attributable to GEO to Net Operating Income and Adjusted
EBITDA
(In thousands)
(Unaudited)
Unaudited Q3 2016 Q3 2015 YTD
2016 YTD 2015 Net income attributable to GEO
$ 43,720
$ 38,312 $ 99,279
$ 95,374 Less
Net loss attributable to noncontrolling
interests
46 21 123 79 Net Income
$
43,674 $ 38,291 $
99,156 $
95,295 Add (Subtract): Equity in earnings of
affiliates, net of income tax provision (1,693 ) (1,340 ) (4,943 )
(3,949 ) Income tax provision 4,970 1,758 12,000 6,954 Interest
expense, net of interest income 25,500 24,322 75,477 70,677 Loss on
extinguishment of debt - - 15,885 - Depreciation and amortization
28,783 27,127 85,886 78,628 General and administrative expenses
37,483 33,742 108,448 97,764
Net
Operating Income, net of operating lease obligations $
138,717 $ 123,900
$
391,909 $ 345,369 Add:
Operating lease expense, real estate 6,481 6,293 25,726 19,369
Start-up expenses, pre-tax - 1,850 1,939 4,658
Net Operating Income (NOI) $ 145,198
$ 132,043
$
419,574 $ 369,395
Subtract (Add): General and administrative expenses 37,483 33,742
108,448 97,764 Operating lease expense, real estate 6,481 6,293
25,726 19,369 Start-up expenses, pre-tax - 1,850 1,939 4,658 Equity
in earnings of affiliates, pre-tax (2,343 ) (1,923 ) (6,793 )
(5,661 )
EBITDA $ 103,577 $
92,081 $
290,254 $
253,266 Adjustments Net loss attributable to
noncontrolling interests 46 21 123 79 Stock based compensation
expenses, pre-tax 3,186 3,025 9,675 8,602 Start-up expenses,
pre-tax - 1,850 1,939 4,658 M&A related expenses, pre-tax -
- - 2,174
Adjusted EBITDA
$ 106,809 $ 96,977
$
301,991 $ 268,779 * all
figures in '000s
2016
Outlook/Reconciliation
(In thousands, except per share data)
(Unaudited)
FY 2016 Net Income Attributable to GEO
$ 139,500 to $ 141,500
Real Estate Related Depreciation and
Amortization 61,000 61,000
Funds from Operations (FFO)
$ 200,500 to
$ 202,500
Adjustments Loss on Extinguishment of Debt
16,000 16,000
Start-Up Expenses 1,000 1,000
Normalized
Funds from Operations $ 217,500 to
$ 219,500 Non-Real Estate Related
Depreciation and Amortization 54,000 54,000
Consolidated
Maintenance Capex (25,000 ) (25,000 )
Non-Cash Stock Based
Compensation and Non-Cash Interest Expense 25,000 25,000
Adjusted Funds From Operations (AFFO) $
271,500 to
$ 273,500
Net Cash Interest Expense 88,000 88,000
Consolidated
Maintenance Capex 25,000 25,000
Income Taxes 20,000
20,000
Adjusted EBITDA $ 404,500 to
$ 406,500 G&A Expenses
144,000 144,000
Non-Cash Stock Based Compensation (13,000 )
(13,000 )
Real Estate Related Operating Lease Expense 32,000
32,000
Net Operating Income $ 567,500
to
$ 569,500 FFO Per Diluted Share
(Normalized) $ 2.93 to
$
2.95 AFFO Per Diluted Share $
3.65 to
$ 3.67 Weighted
Average Common Shares Outstanding-Diluted 74,300 to 74,500
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161103005641/en/
The GEO Group, Inc.Pablo E. Paez, 866-301 4436Vice President,
Corporate Relations
Geo (NYSE:GEO)
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