Shares of Iron Mountain Tumble as IRS Studies REIT Conversion (IRM)
Shares of information management service provider, Iron Mountain Incorporated (IRM) fell -15% on Friday morning after news that the company filed with the Securities & Exchange Commission (SEC) about its plan to convert to a real estate investment trust (REIT).
The company filed a form 8-K with the SEC on Thursday afternoon regarding its conversion to a REIT. Converting to a REIT would be a major tax advantage for the company, but now the IRS has formed a new internal working group to study the case and to determine whether the company’s facilities can be considered real estate. The company expects the new working group to effect the timing of the response.
Iron Mountain shares were down -$5.33, or -15.49% during premarket trading Friday. The stock is up 11% YTD.
The Bottom Line
Shares of Iron Mountain Incorporated (IRM) have a 3.14% yield, based on Thursday’s closing price of $34.40.
Iron Mountain Incorporated (IRM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Get FREE Dividend Tips, Updates & MoreWe respect your privacy
- Powerful dividend insights sent every weekday morning
- Gain instant access to actionable investing tips
- Strategically grow your portfolio’s profitability