Crown Castle International Corp. (NYSE: CCI) said plans to reorganize to qualify as a Real Estate Investment Trust (REIT) for tax purposes.
The company expects to elect REIT status beginning with the taxable year commencing January 1, 2014.
“We are delighted to announce this plan for conversion because we believe REIT status is the optimal structure for our business given the real estate nature of our assets,” said CEO Ben Moreland.
Crown Castle has received an opinion from each of Skadden, Arps, Slate, Meagher & Flom LLP and Cravath, Swaine & Moore LLP, which firms advised Crown Castle on its REIT conversion, that Crown Castle will qualify as a REIT as of January 1, 2014.
Crown Castle owns, operates and leases towers and other infrastructure for wireless communications. It offers significant wireless communications coverage to 98 of the top 100 US markets and to substantially all of the Australian population. For more information on Crown Castle, visit www.crowncastle.com.