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Too Many Things Turning Into REITS - IRM Denied

scott
edited June 2013 in Off-Topic
5:13 PM 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%. [Tech, On the Move] Comment!

Comments

  • TSP_TransferTSP_Transfer
    Not to be cynical ,Scott,but are there any politics involved @ the IRS? Iron Mt probably owns more actual R.E. than HASI ever will. A BDC probably better describes HASI. I do have HASI on my watch list.
    About Hannon Armstrong

    Hannon Armstrong is a specialty finance company that provides debt and equity financing for sustainable infrastructure projects. We focus on profitable sustainable infrastructure projects that increase energy efficiency, provide cleaner energy sources, positively impact the environment or make more efficient use of natural resources. We began our business more than 30 years ago, and since 2000, using our direct origination platform, we have provided or arranged over $3.9 billion of financing in more than 450 sustainable infrastructure transactions. Hannon Armstrong focuses on projects that have high credit quality obligors, fully contracted revenue streams and inherent economic value.

    Hannon Armstrong Sustainable Infrastructure Capital, Inc. based in Annapolis, MDhas elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes.
    http://www.hannonarmstrong.com/index.php?option=com_content&view=article&id=46&Itemid=53
    In conjunction with our initial public offering (IPO) which closed on April 23, 2013, we changed our organizational structure in order to allow us to continue our business as a real estate investment trust (REIT). Our strategy in converting to a REIT and in undertaking our IPO was to expand our proven ability to serve the rapidly growing sustainable infrastructure market by increasing our capital resources, enhancing our financial structuring flexibility, expanding the types of projects and end-customers we pursue, and selectively retaining a larger portion of the economics in the financings we originate, while delivering attractive risk-adjusted returns to our stockholders.


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