The IRS has ruled "the real property portion of Crown Castle's indoor and outdoor small cell networks and the related rents qualify as real property and rents from real property, respectively," under the rules governing REITs.
CCI already began operating as a REIT at the beginning of the year. With the IRS letter in tow, the company plans to "take appropriate action to include the qualifying portion of its small cell systems as part of the REIT effective January 1, 2015." Certain "non-qualified assets" will remain held in taxable REIT subsidiaries.
Shares +1.2% AH.