BOSTON (AP) — American Tower Corp. said Tuesday that it began operating as a real estate investment trust on Sunday as planned.
The company, which owns and operates antenna space for broadcasters and wireless communications companies, announced plans to become a REIT in June. REITs get favorable tax treatment but must pay out a high percentage of their income in dividends.
American Tower merged with its subsidiary, American Tower REIT Inc., to become a real estate investment trust. Its stock will continue to trade on the New York Stock exchange under the ticker symbol "AMT."
Shares fell 4 cents to $59.97 in morning trading.