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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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December 19, 2014
10:17 EDTGEOOn The Fly: Analyst Initiation Summary
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08:39 EDTGEOGeo 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.
05:53 EDTGEOPrison REIT sector initiated with a Market Weight at Wells Fargo
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05:35 EDTGEOGeo Group initiated with a Market Perform at Wells Fargo
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