AT&T, Verizon rally after Windstream announces plans for REIT Shares of AT&T (T) and Verizon (VZ) are trading higher in the pre-market following news that Windstream (WIN) plans to spin off its telecom assets into a publicly traded REIT. Windstream provides network communications to businesses nationwide. It said the tax-free spinoff will enable it to realize "significant financial flexibility by lowering debt by approximately $3.2 billion and increasing free cash flow to accelerate broadband investments, transition faster to an IP network and pursue additional growth opportunities to better serve customers." The news is also pushing shares of CenturyLink (CTL) and Frontier Communications (FTR) higher. Windstream is rallying 28% in pre-open trading, while AT&T is up 4% and Verizon is up 3%.