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GEO to de-REIT, to stop paying dividend

·1 min read
GEO to de-REIT, to stop paying dividend
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  • GEO
  • ^GSPC

Shares of GEO Group Inc. slipped 0.1% in premarket trading Thursday, after the corrections facility company announced plans to stop being a real estate investment trust (REIT), and become a taxable C corporation, effective fir the year ending Dec. 31. The company has also decided to stop paying a quarterly dividend. The company said it has decided to make the change in its corporate status and dividend policy to give it additional flexibility to allocate cash towards reducing debt. GEO said it i