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Geo Group signs contract for housing of 1,400 California inmates

The GEO Group announced the signing of contracts with the California Department of Corrections and Rehabilitation for the housing of 1,400 California inmates at the company-owned, 700-bed Central Valley Modified Community Correctional Facility and the company-owned, 700-bed Desert View Modified Community Correctional Facility located in McFarland, California and Adelanto, California respectively. The contracts with the Department will be five years in length, and GEO expects to begin the intake of inmates at the Facilities in the fourth quarter of 2013. The Facilities are expected to generate approximately $30.7M in combined annualized revenues at full occupancy.