The GEO Group

GEO Group converted from a C-corporation to a real estate investment trust in 2013. As a REIT, it must distribute at least 90% of taxable income to shareholders annually, and it primarily owns correctional and detention facilities that it leases back to government agencies.

GEO's contracts include agreements with the US Bureau of Prisons, US Immigration and Customs Enforcement, and various state departments of corrections. It also operates facilities in the United Kingdom, Australia, and South Africa.

GEO Group and CoreCivic are both publicly traded REITs that own and operate correctional facilities. GEO distinguishes itself with a larger international footprint (UK, Australia, South Africa) and a dedicated community reentry division (GEO Care).

GEO operates several immigration detention centers under contracts with ICE, including the South Texas Family Residential Center in Dilley, Texas. The firm's role in immigration enforcement has drawn periodic scrutiny from human rights groups and some shareholders.

GEO has faced lawsuits over conditions in detention facilities and an antitrust suit from a former contract monitor. It also faces policy risk from federal and state governments that have reduced or phased out private prison contracts in certain jurisdictions.

GEO funds facility construction and expansion through a mix of REIT equity, long-term debt, and operating cash flow. Its capital deployment is tied directly to government contract renewals and new facility development opportunities.

GEO generates revenue primarily via fixed per-diem payments from government agencies for each inmate or detainee housed. The REIT structure means most operating profit is distributed as dividends to shareholders.