M&A Update: Market Pressures, Favorable Law Spur REIT Conversions and Spinoffs

Urged on by activists and institutional shareholders, a large number of companies with real estate holdings pursued real estate investment trust conversions or spinoffs in 2014. At least half a dozen companies completed REIT transactions last year, including cell tower company Crown Castle International, which converted into a REIT, and outdoor advertising REIT Outfront Media, which spun off from CBS.