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

Friday, 18 Jan 2013 07:50am EST 

The GEO Group Inc 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. The Company 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. 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.