Iron Mountain (IRM) -11.3% after disclosing the IRS is "tentatively adverse" to providing a...

|About: Iron Mountain Inc. (IRM)|By:, SA News Editor

Iron Mountain (IRM) -11.3% after disclosing the IRS is "tentatively adverse" to providing a favorable private letter ruling regarding its conversion to a REIT, and that the agency has "formed a new internal working group" to study legal standards for what constitutes "real estate" for the purposes of REIT conversion. Equinix (EQIX), which is also planning to become a REIT, is down 2.9%. Update (5:56): The losses steepen: IRM now -15% AH, EQIX -8.8%.