The GEO Group Adjusts its Structure, Becoming a Taxable C Corporation
According to the Commercial Observer, The GEO Group Inc. will become a taxable C corporation moving forward and will stop paying dividends. As of January 1st, 2022, the corporation will no longer be organized as a real estate investment trust (REIT), leading to shares falling more than 7% following the announcement. According to the NASDAQ.com, the move is expected to give GEO Group additional flexibility to allocate free cash flow towards dropping net recourse debt. Moving forward, GEO Group expects to pay a higher annual corporate tax rate.
New Activity|ESG|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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