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AMT moves closer to REIT status

American Tower Corp. (AMT) continued its movement to elect to become a real estate investment trust, announcing a plan to merge with American Tower REIT Inc.
Plans call for American Tower to merge into American Tower REIT, with American Tower REIT then continuing to operate the existing business of American Tower. Outstanding shares of American Tower Class A stock will be converted into the right to receive the same number of shares of American Tower REIT stock common stock.
American Tower said a meeting is planned for Nov. 29 to vote on the proposed merger between the two organizations, and stockholders will be able to vote on the proposal Oct. 3. American Tower said it anticipates to elect REIT status beginning Jan. 1, but noted it is not certain. Choosing to become a REIT gives companies favorable federal tax status but they are required to pay out a substantial portion of their income in dividends.

ABOUT AUTHOR

Tracy Ford
Tracy Ford
Former Associate Publisher and Executive Editor, RCR Wireless NewsCurrently HetNet Forum Director703-535-7459 [email protected] Ford has spent more than two decades covering the rapidly changing wireless industry, tracking its changes as it grew from a voice-centric marketplace to the dynamic data-intensive industry it is today. She started her technology journalism career at RCR Wireless News, and has held a number of titles there, including associate publisher and executive editor. She is a winner of the American Society of Business Publication Editors Silver Award, for both trade show and government coverage. A graduate of the Minnesota State University-Moorhead, Ford holds a B.S. degree in Mass Communications with an emphasis on public relations.