RTTNews | Apr 7, 2021 07:14AM EDT

07:13 Wednesday, April 7, 2021 (RTTNews.com) - The GEO Group, Inc. (GEO) said its Board has immediately suspended quarterly dividend payments. Also, the Board has determined to undertake an evaluation of GEO's structure as a Real Estate Investment Trust. The Board expects to conclude its evaluation in the fourth quarter of 2021.

The company has cancelled approximately $35 million in capital expenditures previously planned for 2021. It has set a goal of repaying a minimum of $125-$150 million in net debt during 2021.

As of March 31, 2021, GEO had $291 million in cash on hand and approximately $209 million in borrowing capacity available under revolving credit facility, in addition to an accordion feature of $450 million under senior credit facility.

Shares of GEO Group were down 3% in pre-market trade on Wednesday.

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