American Tower now a real estate investment trust

American Tower becomes real estate investment trust

Associated Press – Tue 3 Jan, 2012 9:31 PM IST

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SymbolPriceChange
AMT84.34-0.11

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.

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