Iron Mountain Announces 3 Megawatt Data Center Lease in Singapore

Rhea-AI Summary

Iron Mountain (NYSE: IRM) announced a new 3 megawatt data center lease with a Fortune Global 200 company at its SIN-1 data center in Singapore on June 25, 2020. To meet this client's needs, Iron Mountain is expanding its capacity by 2 megawatts, set for completion in Q4 2020, alongside the construction of an additional 2.25 megawatts for future demand. With this contract, SIN-1 will reach 87% utilization, showcasing strong market momentum since its opening in September 2019.

Positive

• Secured a 3 megawatt lease with a Fortune Global 200 client, indicating strong demand.
• SIN-1 data center capacity will be 87% utilized post lease, reflecting successful operations.
• Expansion of 4.25 megawatts of additional capacity aligns with future growth prospects.

Negative

• None.

BOSTON, June 25, 2020 /PRNewswire/ -- Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, today announced that it has signed a 3 megawatt data center lease with a Fortune Global 200 company in Singapore, at its SIN-1 data center. The customer will utilize Iron Mountain's colocation space and network services, as well as storage and office space.

Iron Mountain is currently building out 2 megawatts of turn-key data center capacity at SIN-1 to meet the customer's requirements, which is expected to be completed in the fourth quarter of 2020. Iron Mountain has commenced construction on an additional 2.25 megawatts of capacity, comprising 1.5 megawatts of capacity that was held for development and an additional 750 kilowatts that has been added to the design of the facility, to support future demand.

Having just officially opened the multi-tenant turn-key data center facility SIN-1 in September 2019, Iron Mountain has seen strong momentum in the market, signing a number of leases, including this new logo announced today. Following the commencement of this hyperscale deployment, Iron Mountain's existing capacity at SIN-1 will be 87% utilized and the capacity under development will be 47% pre-leased.  

"We're pleased that this fast-growing Fortune Global 200 customer chose Iron Mountain and we are excited to welcome them into our dynamic ecosystem in Singapore," said Michael Goh, Senior Director and GM for Asia at Iron Mountain. "Our enterprise-class facility offers our customers flexible, secure and reliable data center capacity, and we look forward to supporting this particular customer's exciting growth prospects now and in the future."

SIN-1 is an enterprise-class data center facility in Serangoon, Singapore. This purpose-built facility is designed to support the data center needs of many Fortune 1,000 customers who need to align compliance and IT asset protection programs. With nearly 7 megawatts of capacity across four data halls at full build-out, SIN-1 provides access to a number of hybrid IT services, including cloud backup, migration and disaster recovery, as well as a variety of flexible colocation deployment options through private suites, secure cages and individual cabinets.

Additional highlights of the SIN-1 data center campus include:

• Support for multiple use cases including hybrid-IT colocation, local production IT, local/national business continuity/disaster recovery and consolidation/migration
• Security controls including guarded campus entrance, 3-factor access controls, fully background-checked officers and employees and customizable security offerings for additional protection
• Low-risk location for natural disasters and inclement weather
• Efficient, cost-effective hybrid-IT enablement including centralized access to hundreds of global carriers, public and private cloud providers, and IT services providers
• Redundant meet-me rooms and connection to regional MMR
• Diverse fiber points of entry
• Operational excellence: 100% uptime SLAs
• Industry-leading compliance
• SOC 2 Type I, SOC 3
• ISO 27001 and 50001
• PCI-DSS
• TVRA and OSPAR

Iron Mountain's global data center platform consists of 14 operational facilities across 13 markets and three continents. Including leasable capacity and land and buildings held for future development, Iron Mountain's data center platform can support more than 350 megawatts of IT capacity at full build-out. For more information on Iron Mountain Data Centers, visit https://www.ironmountain.com/digital-transformation/data-centers.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across more than 1,480 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working. Visit www.ironmountain.com for more information.

Investor Relations Contacts:
Greer Aviv	Nathan McCurren
Senior Vice President, Investor Relations	Director, Investor Relations
Greer.Aviv@ironmountain.com	Nathan.McCurren@ironmountain.com
(617) 535-2887	(617) 535-2997

Forward Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor created by such Act. Forward-looking statements include, but are not, limited to statements concerning the commencement of the lease, the timeline for construction. When we use words such as "believes," "expects," "anticipates," "estimates" or similar expressions, we are making forward-looking statements. Although we believe that our forward looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. Although we believe that our forward looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations.

These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. Important factors that could cause actual results to differ from expectations include (i) the impact of the COVID-19 outbreak on our business, operations and financial condition, (ii) our ability to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes; (iii) the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies; (iv) changes in customer preferences and demand for our storage and information management services; (v) the cost and our ability to comply with laws, regulations and customer demands relating to data security and privacy issues, as well as fire and safety standards; (vi) our ability or inability to execute our strategic growth plan, expand internationally, complete acquisitions on satisfactory terms, and to integrate acquired companies efficiently; (vii) changes in the amount of our growth and recurring capital expenditures and our ability to raise capital and invest according to plan; (viii) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information or our internal records or IT systems and the impact of such incidents on our reputation and ability to compete; (ix) our ability to execute on Project Summit and the potential impacts of Project Summit on our ability to retain and recruit employees and execute on our strategy (x) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (xi) changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate; (xii) the impact of executing on our growth strategy through joint ventures; (xii) our ability to comply with our existing debt obligations and restrictions in our debt instruments or to obtain additional financing to meet our working capital needs; (xiv) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xv) changes in the cost of our debt; (xvi) the impact of alternative, more attractive investments on dividends; (xvii) the cost or potential liabilities associated with real estate necessary for our business; (xviii) the performance of business partners upon whom we depend for technical assistance or management expertise; (xix) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xx) other risks described more fully in our filings with the Securities and Exchange Commission, including under the caption "Risk Factors" in our periodic reports or incorporated therein. You should not rely upon forward-looking statements except as statements of our present intentions and of our present expectations, which may or may not occur. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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SOURCE Iron Mountain Incorporated

FAQ

What is the significance of the 3 megawatt lease Iron Mountain signed?

The lease with a Fortune Global 200 company indicates strong demand for Iron Mountain's data center services.

When is the additional 2 megawatt capacity at SIN-1 expected to be completed?

The additional capacity is expected to be completed in the fourth quarter of 2020.

How much of SIN-1's capacity is currently leased?

Following the new lease, SIN-1's capacity will be 87% utilized.

What are the future expansion plans for Iron Mountain's data centers?

Iron Mountain is constructing an additional 2.25 megawatts of capacity at SIN-1 to meet future demand.