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See the best of Reuters photography. See more | Photo caption Deadly fires in Pakistan More than 300 people were burnt to death as fire swept through factories in two cities in Pakistan. Slideshow "Mr. Right" store The Parisian "adopt-a-guy" store promises a high-end shopping experience for women searching for Mr Right. Slideshow Equinix approves REIT conversion plan, shares jump Tweet Share this Email Print Related News Health Care REIT to buy Sunrise for $845 million Wed, Aug 22 2012 Analysis & Opinion Essential reading: Pharma company exploits tax structure, and more Related Topics Tech » Hot Stocks » Asian Markets » Media » Thu Sep 13, 2012 10:32am EDT (Reuters) - Data center operator Equinix Inc said its board approved a plan to convert into a real estate investment trust (REIT), joining a string of technology companies looking to save on tax through the structure. Shares of the company rose 13.6 percent to a record high of $212 in morning trade on Thursday on the Nasdaq. "We have already seen several of our peers in the data center industry operate under a REIT structure, and we believe that this tax-efficient structure will enhance shareholder value and enable us to be even more competitive," Chief Executive Steve Smith said. Rival CyrusOne Inc, owned by telecom services company Cincinnati Bell Inc, filed for an IPO last month and said it plans to structure itself as a REIT, while document storage operator Iron Mountain Inc announced its REIT plans in June. Reuters reported in July that Equinix was giving serious thought to converting into a real estate investment trust. Equinix, whose clients include Salesforce.com Inc, Google Inc and Facebook Inc, expects to elect the REIT status for its taxable year beginning January 1, 2015, if the conversion is successful. Companies with large real estate assets are increasingly looking at a REIT structure as it helps reduce tax burden on their rental income. Investors also benefit as REITs are required to distribute at least 90 percent of their profits as dividends. Equinix expects to file a private letter ruling (PLR) request with the Internal Revenue Service by the end of 2012. A PLR seeks guidance over tax liability during complex transactions. It expects to distribute accumulated earnings and profit of between $700 million and $1.1 billion to shareholders on receiving a favorable PLR. The distribution will be in the form of up to 20 percent in cash and at least 80 percent in stock. Equinix announced the sale of 16 of its data centers to an investment group for about $75 million earlier this month, exiting nine markets in the United States. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila) Tech Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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