The GEO Group Completes Defeasance of South Texas Detention Complex Bonds

  The GEO Group Completes Defeasance of South Texas Detention Complex Bonds

  *Transaction Saves GEO $5.5 Million In Principal Debt Payments in 2014

Business Wire

BOCA RATON, Fla. -- October 1, 2013

The GEO Group (NYSE: GEO) (“GEO”) announced today that it has completed the
defeasance of non-recourse bonds associated with the 1,904-bed South Texas
Detention Complex (the “Facility”) in Pearsall, Texas for approximately $2.5
million, net of cash reserves.

The bonds had approximately $17.0 million in remaining principal and carried
an interest rate of approximately 5.0 percent. The transaction is expected to
be modestly accretive to GEO’s Adjusted Funds from Operations and will save
GEO approximately $5.5 million in principal debt payments in 2014.

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, and community reentry 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 96 facilities totaling approximately 73,000 beds, including
projects under development, with a growing workforce of approximately 18,000
professionals.

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 estimated
earnings, revenues and costs and our ability to maintain growth and strengthen
contract relationships. 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 successfully
pursue further growth and continue to enhance shareholder value; (2) GEO’s
ability to access the capital markets in the future on satisfactory terms or
at all; (3) risks associated with GEO’s ability to control operating costs
associated with contract start-ups; (4) 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; (5)
GEO’s ability to win management contracts for which it has submitted proposals
and to retain existing management contracts; (6) GEO’s ability to obtain
future financing on acceptable terms; (7) GEO’s ability to sustain
company-wide occupancy rates at its facilities; and (8) other factors
contained in GEO’s Securities and Exchange Commission filings, including the
forms 10-K, 10-Q and 8-K reports.

Contact:

The GEO Group
Pablo E. Paez, 1-866-301-4436
Vice President, Corporate Relations
 
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