Miami-based Cyxtera Technologies, a data center colocation and interconnection service provider that operates a portfolio of 60 data centers in 30 markets, has decided to convert to a publicly traded REIT by the end of the year.
"Following a thorough analysis of the impact a REIT election would have on our business, we are confident the REIT structure will best position us for continued growth while maximizing long-term shareholder value," said Carlos Sagasta, Cyxtera CFO, in a statement.
The company's statement indicated that its Board of Directors unanimously approved its conversion to a REIT "for federal income tax purposes," adding that as part of the restructuring, Cyxtera will be reincorporated in Maryland.
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