This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The GEO Group Receives Favorable Private Letter Ruling From Internal Revenue Service; Elects REIT Status And Declares First Quarterly REIT Cash Dividend Of $0.50 Per Share

The GEO Group, Inc. (NYSE: GEO) ("GEO") today announced that it has received a favorable private letter ruling from the Internal Revenue Service in connection with GEO’s previously announced conversion to a real estate investment trust (“REIT”). GEO also has received an opinion from Skadden, Arps, Slate, Meagher & Flom, LLP, which advised GEO on its REIT conversion that GEO qualifies as a REIT. Based on the receipt of the private letter ruling and the Skadden REIT opinion, GEO’s Board of Directors (the “Board”) has authorized GEO to elect REIT status effective January 1, 2013. GEO will seek inclusion in the appropriate REIT indices at the earliest possible date.

GEO also announced that on January 17, 2013, the Board declared GEO’s first ever quarterly cash dividend as a REIT of $0.50 per share of common stock based on GEO’s new outstanding share count of approximately 71.3 million, which includes the issuance of approximately 9.7 million shares in connection with GEO’s previously announced $350 million special dividend which was paid on December 31, 2012. GEO’s quarterly REIT cash dividend of $0.50 per share will be paid on March 1, 2013 to shareholders of record as of the close of business on February 15, 2013.

George C. Zoley, GEO's Chairman, CEO and Founder, said, “We are very pleased to have received a favorable private letter ruling from the Internal Revenue Service. This important milestone validates the decisive actions taken by our Board and our management team to position GEO to achieve REIT status effective January 1, 2013 and enable our shareholders to begin enjoying the benefits of REIT status as soon as possible. We are also delighted that we were able to complete our earnings and profits distribution in 2012, which provided our shareholders with maximum value. The declaration of our first quarterly cash dividend as a REIT of $0.50 per share and our expected total annual dividends of $2.00 per share in 2013 are indicative of our continued commitment to return value to our shareholders.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs