American Tower said Friday it has been subpoenaed by the Securities and Exchange Commission (SEC) for access to tax documents dating from 2007 to till date.
American Tower is in the middle of converting itself to a real estate investment trust (REIT) in an effort to diminish its future tax burden. The company's stock dropped almost 6 percent on the New York Stock Exchange after news of the subpoena broke Friday, but has since rebounded slightly, rising just over 1 percent in early trading today.
Real estate investment trust is a designation reserved for companies that invest in real estate. As a cell tower operator with more than 37,000 cell sites around the world, American Tower has invested a considerable amount of capital in real estate.
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