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GEO : Federal Bureau Of Prisons Decides Not To Rebid Contract For Rivers Correctional Facility

GEO Group Inc. (GEO), a fully integrated equity real estate investment trust, said Monday that the Federal Bureau of Prisons has decided not to rebid the contract for the company-owned, 1,450-bed Rivers Correctional Facility in North Carolina. It is set to expire on March 31, 2021.

The company noted that the contract for the Rivers Correctional Facility generated about $43 million in annualized revenues for the company.

GEO said it expects to market the Rivers Correctional Facility to other federal and state agencies.

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