Geo Group special dividend record date set at Dec 12, expects decision by Dec 7 The GEO Group announced that it has set a record date of December 12 for the potential payment of a special $340M-360M dividend on or before December 31 subject to the approval of its board. GEO expects the board to make a decision as to whether to approve the special dividend on or before December 7. The potential special dividend would be paid in connection with the consideration by GEO's Board of whether GEO should elect to convert into a real estate investment trust.
Geo Group announces 626-bed expansion of Karnes County Residential Center The GEO Group announced the development of a 626-bed expansion to the company-owned, 532-bed Karnes County Residential Center in Texas under an amendment to GEO’s existing contract with Karnes County, Texas and the existing intergovernmental service agreement between Karnes County and U.S. Immigration and Customs Enforcement. GEO will finance, develop, and manage the $36M expansion, which will increase the Facility’s total capacity to 1,158 beds. The expansion is expected to generate approximately $20M in additional annualized revenues for GEO and returns on investment consistent with GEO’s company-owned facilities. GEO expects to complete the 626-bed expansion and begin intake in the fourth quarter of 2015.