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Iron Mountain Signs 20 Megawatt Lease With Fortune 100 Customer in Northern Virginia, VA-2, Data Center
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Iron Mountain (NYSE: IRM) announced a significant 20 megawatt multi-year lease with a Fortune 100 client at its VA-2 data center in Manassas, Virginia, commencing in phases from mid-2022 through mid-2023. This new lease increases the facility's capacity from 30 megawatts to 36 megawatts. Year-to-date, Iron Mountain has secured approximately 44 megawatts in new and expansion leases, surpassing its 2021 target of 30 megawatts. The company emphasizes strong demand for its data center solutions and its commitment to partnering with clients.
Positive
Signed a 20 megawatt lease with a Fortune 100 customer, expanding data center capacity.
Year-to-date leases total approximately 44 megawatts, exceeding the 2021 target of 30 megawatts.
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None.
BOSTON--(BUSINESS WIRE)--
Iron Mountain Incorporated (NYSE: IRM), the global leader in innovative storage and information management services, announced today that it has signed a 20 megawatt multi-year lease with an existing U.S. based Fortune 100 customer in its VA-2 data center in Manassas, Virginia. The lease is expected to commence in phases from mid-2022 through mid-2023. Based on current design plans, together with this lease, Iron Mountain now expects the VA-2 facility to support 36 megawatts, up from 30 megawatts previously.
Iron Mountain has now signed new and expansion leases of approximately 44 megawatts year to date, significantly exceeding its previous target of at least 30 megawatts for the full-year 2021.
“We continue to see strong demand for comprehensive data center solutions from our existing customer base,” said Mark Kidd, Executive Vice President and General Manager Iron Mountain Data Centers. “This 20 megawatt lease is indicative of our continued ability to support that demand and it reflects our commitment to strategically partner with our customers to meet their individual requirements.”
Iron Mountain’s data center solutions met all of the customer’s requirements, including scalable capacity, network proximity to other deployments, and a design that provides flexibility and reliability. The highly secure facility offers customers access to reliable and energy efficient capacity in the heart of the world’s largest data center and network ecosystem.
“Partnering with our customers in order to meet their individual needs is a key part of our core values and necessary to keep pace with our collective growth strategies,” stated Dottie Spruce, Head of Global Accounts, Iron Mountain Data Centers. “Offering a varied capacity portfolio enables us to meet the demands of both our retail customers as well as our hyperscale clients. The balance also enables us to effectively manage lease commencement dates and backlog revenue to manage our future growth.”
Iron Mountain Incorporated (NYSE: IRM) is the global leader in innovative storage and information management services, storing and protecting billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of services including digital transformation, data centers, secure records storage, information management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.
To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn.
Forward Looking Statements
We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements include, but are not limited to, (1) expectations and assumptions regarding the impact from the COVID-19 pandemic on us and our customers, including on our businesses, financial position, results of operations and cash flows, and (2) completion of our projects that are currently underway, in development or otherwise under consideration.
These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes," "expects," "anticipates," "estimates," “plans” 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. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) the severity and duration of the COVID-19 pandemic and its effects on the global economy, including its effects on us, the markets we serve and our customers and the third parties with whom we do business within those markets; (ii) our ability to execute on Project Summit and the potential impacts of Project Summit on our ability to retain and recruit employees; (iii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (iv) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (v) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, incorporate new digital information technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and grow our business through joint ventures; (vi) changes in the amount of our capital expenditures; (vii) our ability to raise debt or equity capital and changes in the cost of our debt; (viii) the costs of complying with, and our ability to comply with, laws, regulations and customer demands, including those relating to data security and privacy issues, as well as fire and safety and environmental standards; (ix) 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 information technology systems and the impact of such incidents on our reputation and ability to compete; (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, particularly as we consolidate operations and move records and data across borders; (xii) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xiii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiv) the cost or potential liabilities associated with real estate necessary for our business; (xv) failures in our adoption of new IT systems; (xvi) unexpected events, including those resulting from climate change, could disrupt our operations and adversely affect our reputation and results of operations; (xvii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xviii) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this report.
Media Contact:
Marti Zehr-Breedlove Iron Mountain Global Communications media@ironmountain.com
Source: Iron Mountain Incorporated
FAQ
What is the significance of Iron Mountain's 20 megawatt lease signed in December 2021?
The 20 megawatt lease with a Fortune 100 customer signifies increased demand for Iron Mountain's data center services and enhances the overall capacity of the VA-2 data center in Virginia.
How does the new lease affect Iron Mountain’s data center capacity?
The new lease increases the VA-2 facility's capacity from 30 megawatts to 36 megawatts, improving its scalability.
How many megawatts of leases has Iron Mountain signed year-to-date in 2021?
Iron Mountain has signed approximately 44 megawatts in new and expansion leases year-to-date, surpassing their target for the year.
When will the lease for the VA-2 data center commence?
The lease is expected to commence in phases from mid-2022 through mid-2023.
Who is the customer for Iron Mountain's new data center lease?
The customer is an existing Fortune 100 client, demonstrating Iron Mountain's capability to meet the needs of large enterprises.
