Iron Mountain

IRM

Market cap $27.1B

All 123 publicly traded US equity real estate investment trusts analyzed by S&P Global Market Intelligence traded below their respective consensus price target estimates. The specialty sector, which includes advertising, casinos, communications, data centers, energy infrastructure, farmland and timber, had the largest median implied upside to its consensus price target estimate, at 22.6%. REITs in the self-storage segment showed a 20.6% median implied upside to their consensus price target estimates, while the office sector followed closely at 18.7% and the residential sector at 15.4%.

Iron Mountain now trades at a compelling valuation after a sharp selloff, with a forward 'true' AFFO multiple of 17x and 11% growth. The legacy records business continues to show pricing power, while data center expansion is delivering double-digit IRRs with derisked, pre-leased contracts. Key risks include potential margin compression from international mix shift and future data center overbuild, but fundamentals remain robust and support a long position.

IRM is an even better Buy after the steep correction, thanks to the robust data center monetization trends and the resilient legacy RIM business for excellent capital appreciation/dividend returns. The data center segment drives profitable, high growth trends while being supported by aggressive capex, strong leasing pipelines, and higher renewal rates. IRM's main monetization avenue through legacy RIM/storage business remains resilient to the rapidly changing industry trends, thanks to the wide customer base with lease terms at ~14.5 years.

REITs remain attractively valued, with many trading at near 10-year high dividend yields. AFFO yield plus AFFO growth is utilized as a scoring system in this article. ARE leads in value but faces risks from declining occupancy and potential AFFO contraction. Others in the top 5 include VICI, IRM, EQIX and PSA.

Many are energy stocks that have been crushed as the price of oil has declined — but analysts expect a tremendous rebound for the group.

In October, we (my wife and I) received a dividend income total of $3,948.78. Crushing it for an off-month – thanks to Vanguard (VOO) and Fidelity (FXAIX) for paying in October. We had quite a few dividend increases this month. So fortunate to be getting raises from companies and having the stocks of companies I own do all of the work. In total, dividend increases created $92.48 in additional passive dividend income.

Iron Mountain Incorporated has shifted toward data centers and digital solutions, driving double-digit revenue growth but not translating into sustainable free cash flow. IRM's aggressive use of non-GAAP metrics and rising leverage—actual net debt/EBITDA near 7.8x—raises material concerns about transparency and financial health. Despite a 10% dividend hike and a 4% yield, IRM's cash burn and high debt levels threaten long-term sustainability and credit quality.

Iron Mountain Incorporated (IRM) Presents at Barclays 23rd Annual Global Technology Conference Transcript

PORTSMOUTH, N.H.--(BUSINESS WIRE)--Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announced today that it will participate in a fireside chat at the Barclays 23rd Annual Global Technology Conference in San Francisco, CA. Date: Thursday, December 11, 2025 Time: 10:25 am PT Presenters: Barry A. Hytinen, Executive Vice President and Chief Financial Officer The presentation is being webcast and it will be accessible on the Investor Relations section of w.

Quality and growth dictate long-term returns. Industrial, data centers, self-storage, and co-working are great property sectors for long-term-oriented investors. If I had to pick just 3 REITs for the next 10 years, it would be these.