Forest City Enterprises finished its long-awaited conversion to a REIT before the new year—just barely. The transformation went into effect at 11:59 pm on Dec. 31 after the company announced the move a year ago.

Forest City shareholders approved the REIT conversion in October and will soon be living that sweet REIT life: REITs distribute 90% (or more) of their income to shareholders, and that cash gets serious tax breaks.

Forest City, now formally known as Forest City Realty Trust, changed one of its highest-profile holdings, the Barclays Center (pictured), home of the NBA's Brooklyn Nets, into a taxable subsidiary to complete its new look.

CFO Robert O’Brien says the move creates a “tax-efficient structure to continue to drive shareholder value.” 

The conversion comes as the wildly popular REIT spinoffs were banned by Congress in December despite the wishes of big corporate interests. [TRD]