The GEO Group (GEO) will raise its quarterly dividend by 2.9 percent to a split adjusted $0.48 per share in the first quarter of 2019. This is the first dividend hike since 2017 by the REIT.

The quarterly cash dividend will be paid on February 22, 2019 to shareholders of record as of the close of business on February 15, 2019. The new dividend yield for GEO is 8.3%.

George C. Zoley, Chairman and Chief Executive Officer of GEO, said: “We are pleased to declare a quarterly cash dividend of $0.48 per share, or $1.92 per share annualized, which is indicative of our continued commitment to return value to our shareholders.”

The GEO Group, Inc. is a fully integrated equity real estate investment trust specialized in the design, financing, development, and operation of correctional, detention, and community reentry facilities. GEO has operations in the United States, Australia, South Africa, and the United Kingdom.