GEO Group Inc. (GEO: Quote) announced that it has received a favorable private letter ruling from the Internal Revenue Service in connection with GEO’s conversion to a real estate investment trust or “REIT”.
Based on the receipt of the private letter ruling and the Skadden REIT opinion, GEO’s 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 about 71.3 million, which includes the issuance of approximately 9.7 million shares in connection with GEO’s $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.
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by RTT Staff Writer
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