Iron Mountain Incorporated's Stock Analysis

Iron Mountain Secures $200 Million in Incremental Term Loans

Iron Mountain Incorporated and its subsidiary, Iron Mountain Information Management, LLC, have entered into an amendment to their existing Credit Agreement, resulting in the incurrence of $200 million in incremental term loans. These loans are fungible with existing loans under the same agreement and will have the same terms, including interest rates and maturity dates.

As of November 13, 2025, following the amendment, Iron Mountain's total outstanding borrowings under the Credit Agreement amount to approximately $2.04 billion. The amendment does not change any other material provisions of the Credit Agreement, which remains in full effect.

Nov 13, 2025 17:17:10

Iron Mountain Reports Record Revenue and Increased Dividend

Iron Mountain Incorporated announced its financial results for the third quarter of 2025, reporting record quarterly revenue of $1.8 billion, a 12.6% increase compared to the same period last year. The growth was primarily driven by a 9.5% rise in storage rental revenue and a 15.3% increase in service revenue. The company also achieved net income of $86 million and record Adjusted EBITDA of $660 million, reflecting a year-over-year increase of 16.2%. Additionally, the company reported an adjusted funds from operations (AFFO) of $393 million, or $1.32 per share, which is an 18.5% increase from the previous year.

The Board of Directors declared a quarterly cash dividend of $0.864 per share for the fourth quarter of 2025, marking a 10% increase, which is attributed to the company's strong growth in AFFO. Iron Mountain reiterated its full-year 2025 guidance, expecting revenue and Adjusted EBITDA for the fourth quarter to increase approximately 14% on a reported basis. The company continues to focus on its growth strategy across its data center, digital, and asset lifecycle management businesses, which collectively grew more than 30% year-over-year.

Nov 05, 2025 06:48:29

Iron Mountain Elects Christie Kelly as New Board Director

On October 21, 2025, Iron Mountain Incorporated's board of directors elected Christie Kelly as a new director, effective immediately. Kelly, age 64, has extensive experience in finance and strategy, having served as CFO for several Fortune 500 companies in the real estate sector, including Realty Income Corporation and Jones Lang LaSalle Incorporated. She will also join the Audit Committee and has no disclosed conflicts of interest or family relationships with current board members.

As part of her compensation, Kelly will receive a prorated annual grant of restricted stock units under the company's incentive plan, which will vest immediately upon grant. She is entitled to the standard compensation provided to non-employee directors, and she will participate in the Directors Deferred Compensation Plan. Relevant details regarding the compensation plan can be found in the company's 2024 Annual Report.

Oct 21, 2025 16:22:00

Iron Mountain Issues €1.2 Billion in Senior Notes Due 2034

Iron Mountain Incorporated has completed a private offering of €1.2 billion in 4.750% Senior Notes due 2034, sold at par value. The net proceeds of approximately €1.185 billion will be used to redeem existing 3.875% GBP Senior Notes due 2025 and for general corporate purposes, including repaying borrowings under its revolving credit facility. The Notes will pay interest semi-annually and mature on January 15, 2034, with options for early redemption under specific conditions outlined in the Indenture.

The Notes are guaranteed on an unsecured senior basis by the Company’s major U.S. subsidiaries and will rank senior to future subordinated debt. They are subject to certain restrictive covenants that limit the Company’s ability to incur additional debt, pay dividends, or engage in asset sales without adhering to specified terms. The offering is limited to qualified institutional buyers and complies with relevant securities regulations, and the Notes have not been registered under the Securities Act.

Sep 10, 2025 17:26:16

Iron Mountain Reports Record Revenue and Adjusted EBITDA for Q2 2025

Iron Mountain Incorporated reported record quarterly revenue of $1.7 billion for the second quarter of 2025, reflecting an increase of 11.6% compared to the same period in 2024. The growth was driven by a 10% rise in storage rental revenue and a 14% increase in service revenue. Adjusted EBITDA also reached a record of $628 million, marking a 15% increase year-over-year. Despite a net loss of $43 million attributed to foreign exchange impacts, the company generated record Adjusted Funds From Operations (AFFO) of $370 million, equivalent to $1.24 per share, which is a 15% increase from the prior year.

The Board of Directors declared a quarterly cash dividend of $0.785 per share, payable on October 3, 2025. In light of strong operational performance, Iron Mountain has raised its financial guidance for the full year 2025, projecting total revenue between $6.79 billion and $6.94 billion and Adjusted EBITDA between $2.52 billion and $2.57 billion, reflecting anticipated growth of approximately 12% year-over-year. The company continues to emphasize its commitment to delivering value across its information management services.

Aug 06, 2025 06:49:13

Iron Mountain Reports Q1 2025 Revenue Growth and Guidance Increase

Iron Mountain Incorporated has reported record quarterly revenue of $1.6 billion for the first quarter of 2025, reflecting a 7.8% increase compared to the same period last year. The company experienced strong performance in its data center, digital, and asset lifecycle management businesses, which collectively grew over 20%. However, net income decreased to $16 million, down from $77 million in Q1 2024, primarily due to foreign exchange impacts. Adjusted EBITDA rose to $580 million, marking a 12% increase year-over-year.

The Board of Directors declared a quarterly cash dividend of $0.785 per share for the second quarter of 2025, payable on July 3, 2025. Additionally, Iron Mountain has raised its full-year financial guidance for 2025, now projecting total revenue between $6.74 billion and $6.89 billion, with an expected year-over-year growth of approximately 11%. Adjusted EBITDA guidance has also been increased to a range of $2.505 billion to $2.555 billion, reflecting continued positive performance across its business segments.

May 01, 2025 06:48:30

Tax Considerations and REIT Qualification Summary for Investors

The press release outlines the material United States federal income tax considerations for the company as a real estate investment trust (REIT). It emphasizes that the company has elected to be taxed as a REIT since 2014 and believes it has complied with the necessary qualifications to maintain this status through 2024. The company has received private letter rulings from the IRS on certain matters, although it cautions that future IRS positions or changes in law could affect its tax status. Investors are advised to consult their tax advisors regarding the implications of acquiring and owning the company's stock.

On the negative side, the release highlights the complexities and risks associated with maintaining REIT status, noting that failure to qualify could result in significant tax liabilities and reduced cash available for distribution. The company also states that its ability to satisfy various REIT qualification tests is contingent on several factors, including the fair market valuation of its assets and compliance with income and asset management requirements. If the company fails to meet these tests, it could face taxation as a regular corporation, which would impose additional tax burdens on both the company and its stockholders.

Feb 14, 2025 16:32:29

Iron Mountain Reports $1.6 Billion Revenue in Q4 2024

On the downside, while Iron Mountain's adjusted net income per share fell by 3% year-over-year for both the fourth quarter and the full year, from $0.52 to $0.50 and from $1.82 to $1.77, respectively. Additionally, the company experienced a notable increase in interest expenses, which rose 23.1% for the full year, impacting overall profitability. The slight decline in full-year net income and earnings per share may raise concerns among investors despite the overall revenue growth.

Feb 13, 2025 06:49:25

$1.2 Billion Senior Notes Issued with 6.25% Interest Rate

Iron Mountain Incorporated has successfully completed a private offering of $1.2 billion in Senior Notes due 2033, with a fixed interest rate of 6.25%. The net proceeds from this offering, approximately $1.1855 billion, will be used to pay down a portion of the company's existing borrowings under its revolving credit facility, which indicates a strategy to manage debt effectively. The Notes are backed by the company's subsidiaries, ensuring a level of security for investors, and the interest payments will commence in January 2025.

However, the issuance of these Notes comes with certain risks. They are effectively subordinated to the company's secured debt and structurally subordinated to liabilities of subsidiaries that do not guarantee the Notes. Additionally, the company has imposed restrictive covenants that limit its ability to incur further debt, pay dividends, or engage in other corporate actions, which may affect its financial flexibility. The Notes also carry customary events of default that could trigger acceleration of payments, posing potential risks for investors.

Dec 06, 2024 16:09:13

Iron Mountain Extends Loan Maturity and Increases Borrowing Capacity

Iron Mountain Incorporated has amended its Credit Agreement to extend the maturity dates of its 2022 Revolving Facility and Term A Loans by over three years, now maturing on March 18, 2030. The amendment also eliminates the credit spread adjustment for these loans and increases the borrowing capacity under the Revolving Facility by $500 million, enhancing the company's financial flexibility.

On the downside, as of the amendment date, Iron Mountain reported $1.2 billion in outstanding borrowings under the 2022 Revolving Loans and $218.75 million under the Term A Loans. While the company has increased its available borrowing capacity, it also carries significant debt, which could impact its financial position and obligations moving forward.

Nov 07, 2024 16:42:20