Booyah! Iron Mountain Gave Me A Raise

Paper is not dying! As long as there are bankers, there will be Iron Mountain. The document storage business is not going away and Iron Mountain continues to diversify its business into complementary silos (including data storage) with the hopes of growing a highly sustainable platform.

Summary

  • Even after this growth in the dividend, Iron Mountain expects the payout ratio to be a little below the prior guidance.
  • I thought to myself, “Booyah! Iron Mountain Gave Me A Raise".
  • I am maintaining a BUY, and I am elated to get a whopping 6.8% raise.
  • This idea was discussed in more depth with members of my private investing community, REIT Beat. Become a member today >>

It was no surprise when I saw Iron Mountain (IRM) announce a 6.8% increase in the quarterly dividend per share. In a recent article, I explained:

“Strong AFFO growth continues to drive dividend growth and this will provide meaningful significance to the narrowing of Iron Mountain’s valuation gap.”

Even after this growth in the dividend, Iron Mountain expects the payout ratio to be a little below the prior guidance with the previous lower dividend per share rate.

So when I saw the divided boost and after reading the third-quarter earnings results, I thought to myself:

“Booyah! Iron Mountain Gave Me A Raise"

Iron Mountain REIT

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