IRON MOUNTAIN INC (IRM)

Iron Mountain Incorporated, founded in 1951 and headquartered as a Delaware corporation, is a global leader in information management and storage solutions, serving more than 225,000 customers across 60 countries, including approximately 95% of the Fortune 1000. The company operates through three primary segments: Global Records and Information Management (Global RIM), Global Data Center, and Corporate and Other. Global RIM encompasses records management (storing roughly 730 million cubic feet of hardcopy records), data management for backup media, Global Digital Solutions for digital transformation, secure shredding, entertainment services, and consumer storage.

The Global Data Center segment provides enterprise-class and hyperscale data center capacity, with 192 MW of leasable capacity and 556 MW under development as of year-end 2022, serving five of the top 10 global cloud providers and maintaining 100% renewable energy matching. Corporate and Other includes the Fine Arts business (art handling and storage) and Asset Lifecycle Management (ALM) services, which provide IT asset decommissioning, data erasure, and remarketing for hyperscale and corporate clients. The company generates the majority of its revenue from recurring, multi-year storage rental contracts, benefiting from approximately 98% customer retention in Records Management, with no single customer representing more than 1% of total revenue.

Iron Mountain has operated as a REIT since 2014, trades on the NYSE as part of the S&P 500 and MSCI REIT indices, and reported approximately $5.1 billion in mission-critical storage and related services revenue in 2022. The company owns or operates approximately 97 million square feet of real estate globally (23 million square feet owned) and employed approximately 26,000 people as of December 31, 2022. Strategic growth initiatives include Project Matterhorn, a global operating model transformation launched in September 2022 expected to cost approximately $150 million annually through 2025, aimed at accelerating growth through a solution-based sales approach and expanding market share in physical storage, data centers, digital solutions, and ALM services.

The company competes with thousands of storage providers and internal corporate solutions, differentiating itself through global scale, security credentials, and comprehensive service offerings spanning physical and digital information management. Iron Mountain also maintains significant sustainability commitments, including a net-zero greenhouse gas emissions target by 2040, and has established diversity, equity, and inclusion goals alongside community involvement programs.