The GEO Group (GEO) will this time cut its quarterly dividend by another 26.5 percent to 25 cents per share in 2021. This comes after a cut of 29.2 percent to 34 cents per share in 2020 by the correctional facilities REIT.

The next quarterly cash dividend will be paid on February 1, 2021 to shareholders of record as of the close of business on January 25, 2021. The new dividend yield for GEO is 10.8% if the company will maintain its new $1.00 per share annualized dividend rate.

George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “We have announced today a reduction of our quarterly dividend payment to accelerate our focus on paying down debt. We believe the dividend announced today represents a sustainable distribution to our shareholders given our current environment. We believe that our new quarterly dividend payment will allow GEO to balance our continued creation of value for our shareholders with prudent management of our balance sheet.”

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. GEO’s worldwide operations include the ownership and/or management of 125 facilities totaling approximately 93,000 beds, including projects under development, with a workforce of approximately 23,000 professionals. The company has paid a dividend to shareholders every year since 2012.