IRM · NYSEReal Estate (REIT) — Storage & Data Centres
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
$39.6B
Revenue (2026E)
~$7.9B
Rev. growth
+14%
AFFO / share
~$5.8
Div yield
~3.0%
Long-term debt
~$15.5B
Customers
~240,000
Employees
~29,000
In plain English
Iron Mountain started as the world's biggest box-of-paper landlord — it stores the physical records of most large companies and governments in highly secure warehouses, charging rent month after month for decades. That fortress-like cash flow now funds a fast pivot into data centres (renting power-dense space to cloud and AI tenants), digitisation, and recycling old IT gear (ALM) — turning a records company into a digital-infrastructure REIT.
In simple terms
What Iron Mountain really sells
Iron Mountain started as the world's biggest box-of-paper landlord — it stores the physical records of most large companies and governments in highly secure warehouses, charging rent month after month for decades. That fortress-like cash flow now funds a fast pivot into data centres (renting power-dense space to cloud and AI tenants), digitisation, and recycling old IT gear (ALM) — turning a records company into a digital-infrastructure REIT.
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