Stifel Nicolaus Downgrades Iron Mountain (IRM) to Hold
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Equinix (EQIX) Comments on REIT Conversion, Expects Delay
June 7, 2013 8:13 AM EDTAs previously disclosed by Equinix, Inc. (Nasdaq: EQIX), as part of its planned conversion to a real estate investment trust (REIT), Equinix is seeking a private letter ruling (PLR) from the U.S. Internal Revenue Service (IRS). Equinixs PLR request has multiple components, and the conversion to a REIT will require favorable rulings from the IRS on numerous technical tax issues, including classification of Equinixs data center assets as qualified real estate assets.... More
Equinix (EQIX) Hit on REIT Conversion Worries
June 6, 2013 6:28 PM EDTEquinix, Inc. (NASDAQ: EQIX) is another stock seeing pressure after-hours following cautious IRS news from Iron Mountain Inc. (NYSE: IRM) on its REIT conversion.
EQIX is down 8% after-hours.... More
Concerning REIT Conversion News Hits Lamar (LAMR), Penn National Gaming (PENN)
June 6, 2013 6:19 PM EDTWith Iron Mountain Inc. (NYSE: IRM) getting hit 14% after-hours on negative IRS REIT conversion news, Lamar Advertising Co (NASDAQ: LAMR) and Penn National Gaming Inc. (NASDAQ: PENN) are also lower.
IRM disclosed this evening:
As previously announced in June 2012, the Board of Directors of Iron Mountain Incorporated (NYSE: IRM) unanimously approved a plan (the Conversion Plan) for the Company to pursue conversion to a real estate investment trust (REIT) under the U.S.... More
Iron Mountain (IRM) Makes Case to IRS Regarding REIT Conversion; IRS was 'Tentatively Adverse'
June 6, 2013 4:42 PM EDTAs previously announced in June 2012, the Board of Directors of Iron Mountain Incorporated (NYSE: IRM) unanimously approved a plan (the Conversion Plan) for the Company to pursue conversion to a real estate investment trust (REIT) under the U.S. Internal Revenue Code of 1986, as amended (the Code). The Company is in the process of implementing the Conversion Plan, pursuant to which the Company would elect REIT status no earlier than its taxable year beginning January 1, 2014.
As part of the Conversion Plan, the Company submitted requests for private letter rulings relating to its conversion to a REIT... More
