Tuesday, October 06, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Facilities Sale. The GEO Group has sold its Adelanto, California ICE Processing Center complex to the Federal government for $950 million, or a net of $705 million. This is the first facility sale by GEO to the Department of Homeland Security and follows similar transactions earlier this year by competitor CoreCivic to DHS. The sale provides a solid foundation for the value of GEO’s assets in our view.
Details. The Adelanto complex consists of 3 buildings with a total of 2,644 beds. On a consolidated basis, the sale price equates to over $359,000/bed. GEO expects to continue providing support services to the Federal government at these locations under the existing contract agreement, although we would expect some changes to the contract as GEO no longer owns the facilities. The current contract runs through mid-December 2029 with a 5-year option period.
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