Equinix board approves REIT conversion while waiting for IRS ruling.
TELECOMWORLDWIRE-December 29, 2014-Equinix board approves REIT conversion while waiting for IRS ruling
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The Equinix, Inc. (NASDAQ: EQIX) board of directors said it has unanimously approved Equinix's conversion to a real estate investment trust (REIT) for federal income tax purposes effective for its taxable year commencing January 1, 2015.
As such, Equinix will move forward with its conversion plan and will begin its first day as a REIT on January 1, 2015.
As part of its REIT conversion plan, Equinix is seeking a private letter ruling (PLR) from the US Internal Revenue Service related to numerous technical tax issues. Equinix has not received its PLR from the IRS, but, based on existing legal precedent, opinions of counsel and the fact that many other data center companies currently operate as REITs, Equinix believes that it will qualify for taxation as a REIT and that it will receive a favorable PLR, if not by the end of the year, then early in 2015.
Equinix connects more than 4,500 companies directly to their customers and partners inside the world's most networked data centers. Today, businesses leverage the Equinix interconnection platform in 32 strategic markets across the Americas, EMEA and Asia-Pacific. http://www.equinix.com/.
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|Date:||Dec 29, 2014|
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