Market Updates & Recent Developments
.
Extensive History of Durable Earnings and Cash Flows
• Long term stable cash flows from government
partners due to essential, mission critical
infrastructure and valued services
.
- 40-year track record of providing government
solutions with pipeline for growth across the Safety,
Properties and Community segments.
- Strong fundamental demand from investment grade
federal and state partners; 99% of EBITDA comes
from partners rated AA - or better
- 94% retention rate in long-dated contracts with
average tenure of 25 years for top ten customers
Largest private owner of real estate utilized by
government agencies with 15.8 million square feet
of real estate under management
$500
Adjusted EBITDA ($ in millions) (1)
40%
$441
$427
$423
$415
$418
$398
$396
$400
$381
$386
$388
35%
$444
$405
$402
30%
25%
25%
25%
24%
23%
$300
23%
23%
22%
22%
22%
22%
21%
22%
$200
$100
$-
2009
2010
2011
2012
2013
25%
$316
20%
17%
15%
10%
5%
0%
2014
2015
2016
REIT Era
2017
Current C-Corp Era
2018
2019
2020
2021
2022
EBITDA Margin
Prior C-Corp Era
Source: Management
1) Reflects Adjusted EBITDA as publicly reported by the Company
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