GEO Group Inc. (GEO: Quote) announced Friday morning that it has received a favorable private letter ruling from the IRS in connection with GEO’s previously announced conversion to a real estate investment trust. GEO’s Board of Directors has authorized the Company to elect REIT status effective January 1, 2013.
The Board also declared GEO’s first ever quarterly cash dividend as a REIT of $0.50 per share of common stock.
GEO Group gapped up Friday and has risen sharply in early trade. The stock is now up 1.83 at $32.55 on above average volume. GEO has climbed past resistance and has set a new high for the year.
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by RTT Staff Writer
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