Todd Keator Quoted in Tax Notes Today on Iron Mountain's REIT Conversion

“IRS APPROVES DATA STORAGE COMPANY’S REIT CONVERSION”

Iron Mountain Inc., a storage and information management services company, announced June 26 that it is proceeding with its plan to convert from a C corporation to a real estate investment trust after receiving favorable letter rulings from the IRS.

Todd D. Keator of Thompson & Knight LLP said the big sticking point in Iron Mountain’s REIT conversion plan was whether storage racks for boxes and computers it uses for data storage are real or personal property. The debate re-volved around whether the racks were “inherently permanent structures.”