American Tower Up On REIT Conversion

American Tower Corporation AMT shares are up nicely today, gaining more than 2% on news that the company is converting into a real estate investment trust. The conversion will take place no no earlier than January 1, 2012. “Our Board and management team believe that converting to a REIT structure is the optimal cash distribution and tax strategy given the nature of our assets and business,” said James Taiclet, American Tower's Chairman and Chief Executive Officer. “We also fully intend to maintain our growth strategy, both domestically and internationally, thereby increasing value while returning capital to our stockholders through the conversion. Consequently, we plan to offer our investors the dual benefits of growth plus yield.” At last check, shares were trading at $53.44, a gain of $1.36‎ or 2.61%‎. American Tower Corporation, through its subsidiaries, operates as a wireless and broadcast communications infrastructure company. It develops, owns, and operates communications sites.