Shares of GEO Group Inc. GEO, -3.57% slipped 0.1% in premarket trading Thursday, after the corrections facility company announced plans to stop being a real estate investment trust , 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.
"We believe that these are prudent steps, which are in the best interests of our shareholders and other stakeholders," said Chief Executive George Zoley. The company expects to incur a charge of about $75 million and $34 million in income tax expense in the fourth quarter as a result of the restructuring. GEO expects 2021 adjusted earnings per share of $1.14 to $1.16, compared with the FactSet EPS consensus of $1.43. The stock has lost 8.
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