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Stock Market & Financial Investment News

News Breaks
January 18, 2013
07:51 EDTGEOGeo Group receives favorable private letter ruling from IRS, elects REIT status
The GEO Group 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 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 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 50c 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 $350M special dividend which was paid on December 31, 2012. GEO’s quarterly REIT cash dividend of 50c per share will be paid on March 1, 2013 to shareholders of record as of the close of business on February 15, 2013.
News For GEO From The Last 14 Days
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April 30, 2015
07:49 EDTGEOGeo Group sees FY15 revenue $1.87B-$1.89B, consensus $1.91B
GEO expects construction revenue associated with GEO’s contract for the development and operation of the new 1,300-bed Ravenhall Prison Facility in Australia to be approximately $120.0 million for the full year 2015 versus the $137.0 million previously expected primarily as a result of the strengthening of the U.S. dollar. GEO expects full-year 2015 total revenues to be in a range of $1.87 billion to $1.89 billion. GEO’s full-year 2015 NOI is expected to be in a range of $512.5 million to $519.5 million and full-year 2015 Adjusted EBITDA to be in a range of $372.5 million to $379.5 million.
07:49 EDTGEOGeo Group sees Q2 AFFO 76c-80c, consensus 85c
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07:48 EDTGEOGeo Group now sees FY15 AFFO $3.30-$3.39, consensus $3.39
GEO updated its financial guidance for 2015 to reflect several factors affecting primarily the second quarter 2015. As previously announced, GEO is scheduled to activate the company-owned, 1,940-bed Great Plains Correctional Facility in Hinton, Oklahoma and a 640-bed expansion at the company-owned Adelanto Detention Facility in Adelanto, California in the second quarter 2015 and early third quarter 2015, respectively. In addition, earlier this week GEO announced the mobilization of the company-owned, 1,740-bed North Lake Correctional Facility in Baldwin, Michigan (the “North Lake Facility”) during the second quarter 2015. The decision to mobilize the North Lake Facility was made as a result of the current demand for out-of-state correctional bed space. The mobilization effort will entail hiring staff and purchasing supplies in order to prepare the previously idle North Lake Facility to receive inmates. GEO does not currently have a contract to house inmates at the North Lake Facility, but GEO believes that it may secure one or more contracts in the near future and expects that it may need to activate the North Lake Facility in the next 60 to 90 days. These expected activations will result in significant start-up activity during the second quarter 2015, which along with a slightly slower ramp up schedule at the company-owned, 400-bed Mesa Verde Detention Facility, which opened in March 2015, have resulted in higher than expected start-up expenses during the second quarter 2015. Finally, as GEO has previously discussed, federal populations tend to experience seasonal fluctuations primarily during the first quarter and part of the second quarter of each year. GEO believes that the uncertainty related to the fiscal year 2015 budget for the Department of Homeland Security during the first few months of 2015 may have also contributed to additional softness in federal populations. GEO’s guidance now assumes a more gradual seasonal increase in federal populations, which primarily impacts the second quarter.
07:47 EDTGEOGeo Group reports Q1 AFFO 72c, consensus 72c
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April 27, 2015
09:24 EDTGEOGeo Group signs contract for continued management of Fulham Correctional
GEO Group announced that its wholly-owned subsidiary, The GEO Group Australia, has signed a contract with the Department of Justice & Regulation in the State of Victoria, Australia for the continued management and operation of the Fulham Correctional Centre and the Fulham Nalu Challenge Community Unit. The Centre has a contract capacity of 947 beds with a further increase in planned capacity under consideration. The contract for the continued management and operation of the Centre will have a term of approximately 19 years and three months effective July 1, 2016. The Centre is expected to generate approximately $58M Australian dollars in annualized revenues under the new contract.

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