IRS to resume REIT conversion rulings for Equinix, Iron Mountain

Equinix (EQIX) and Iron Mountain (IRM) have each filed 8-Ks (I, II) disclosing the IRS has informed them it will resume issuing rulings regarding the standards it uses to define "real estate" for REIT conversion purposes. Both companies state they can't predict when the IRS will issue a final decision on their respective REIT conversion proposals.

Equinix and (especially) Iron Mountain spiked higher yesterday afternoon on rumors of positive REIT conversion news. Shares of both companies tumbled in June after Iron Mountain disclosed the IRS is "tentatively adverse" to providing a positive private letter ruling regarding a REIT conversion.

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