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Iron Mountain Incorporated (NYSE: IRM) is a global leader in storage and information management services. With a trust base of over 220,000 organizations worldwide, Iron Mountain manages an expansive real estate network that spans more than 80 million square feet across over 1,350 facilities in 45 countries. The company's mission is to safeguard and preserve what matters most to its customers.
Founded in 1951, Iron Mountain has grown to protect billions of information assets, including crucial business documents, electronic data, medical records, and even cultural and historical artifacts. The company’s extensive solutions portfolio includes records management, data management, document management, data centers, art storage and logistics, and secure shredding. These services help organizations reduce storage costs, comply with regulations, recover from disasters, and better utilize their information.
Iron Mountain is structured as a Real Estate Investment Trust (REIT), and a significant portion of its revenue stems from its storage solutions. Additional revenue is generated through value-added services, primarily targeting enterprise clients in developed markets. The company's business is categorized into three main segments: Global RIM Business, Global Data Center Business, and Corporate and Other Business.
Recent achievements and ongoing projects highlight Iron Mountain's commitment to innovation and customer service. The company continues to expand its data center operations, aiming to cater to the growing need for secure and efficient data storage solutions. Partnerships with leading tech firms and continuous upgrades to their infrastructure underscore Iron Mountain's pivotal role in the digital transformation era.
With its consistent focus on security, compliance, and customer satisfaction, Iron Mountain remains a vital entity in the information management industry. For the latest updates and more detailed information about Iron Mountain, visit their official website at www.ironmountain.com.
Iron Mountain announced a joint venture with Web Werks, a leading India-based colocation data center provider, investing $150 million over two years. This venture aims to capitalize on India's growing data center market, which is expected to expand its capacity from 375 MW in mid-2020 to 1,078 MW by 2025. The collaboration will enhance Web Werks' data center operations in Mumbai, Pune, and Delhi NCR, enabling further expansion into Bangalore, Hyderabad, and Chennai. Closing of the first phase is projected within 90 days, pending customary conditions.
Iron Mountain (IRM) reported its fourth quarter and full year 2020 results, showcasing resilience amid COVID-19. Total storage rental revenue increased by nearly 4% (constant currency) and 2.4% organically. Adjusted EBITDA rose by 1.3%, with margins improving by 110 basis points, despite a $115 million drop in total revenue due to declining service activity. Looking ahead, the company remains optimistic about growth opportunities, focusing on innovation and new product development to enhance customer solutions.
Iron Mountain (NYSE: IRM) will release its Q4 and full year 2020 financial results on February 24, 2021, before market hours. The company will conduct a conference call at 8:30 AM ET to discuss these results. Earnings details, including the press release and conference call slides, can be accessed at investors.ironmountain.com starting at 6:00 AM ET. Investors are encouraged to pre-register for the call through the provided link.
Iron Mountain (NYSE: IRM) announced the tax treatment for its 2020 distributions on common stock. The total distribution was $2.474 per share, divided into various categories including an Ordinary Taxable Dividend of $1.064356 and a Total Capital Gain Distribution of $1.225244. Shareholders should refer to IRS Form 1099-DIV for accurate reporting on tax returns. The press release highlights the different components of the distributions, emphasizing the importance of this information for tax filings.
Iron Mountain (NYSE: IRM) announces the deployment of a new switch by DE-CIX at its NJE-1 data center in Edison, NJ, enhancing local network connectivity. This switch will provide customers access to DE-CIX’s IX platform, enabling low-latency connections to local and global networks. The NJE-1 facility is a 26MW, Uptime Tier III-certified data center, equipped with the largest rooftop solar installation of any data center in North America, generating 7.2MW of renewable power. This collaboration aims to improve networking options for enterprise and financial sector customers.
Iron Mountain (NYSE: IRM) has appointed Edward E. Greene as the new Executive Vice President and Chief Human Resources Officer (CHRO). Reporting to the CEO, Greene will spearhead the company's global HR strategy. His extensive background includes leadership roles at FactSet Research Systems and Voya Financial, focusing on talent strategy and organizational change. Greene is recognized for his commitment to diversity and corporate social responsibility. Iron Mountain, established in 1951, is a leader in storage and information management, serving over 225,000 organizations globally.
Iron Mountain (NYSE: IRM) announced a six megawatt data center pre-lease expansion in Phoenix, Arizona, with a Fortune 100 customer, building on a prior agreement from September 2020. The AZP-2 data center, part of a larger 40-acre campus, will support the customer's growing IT capacity needs and is set to start operations in Q3 2021. The facility emphasizes sustainability, powered by 100% renewable energy, and offers multiple operational advantages, including a robust compliance framework and operational excellence. The company's data center platform can support over 375 megawatts at full build-out.
Iron Mountain (NYSE: IRM) has sold a portfolio of 13 industrial facilities to Blackstone Real Estate Income Trust for $358 million. The transaction encompasses 2.1 million square feet, primarily located in California, northern New Jersey, and Lehigh Valley, with Iron Mountain retaining an initial ten-year lease and options for up to 20 years. This move is part of Iron Mountain's capital recycling strategy, expected to release approximately $260 million for reinvestment into growth sectors such as its data center business.
Iron Mountain Incorporated (NYSE: IRM) will have its CFO, Barry Hytinen, participate in a fireside chat at the Wells Fargo TMT Summit on December 1, 2020, at 10:00 am ET. The event will be available for live streaming under the Investor Relations section of www.ironmountain.com. A recording of the session will remain accessible until December 31, 2020.
Iron Mountain, a leader in storage and information management services, announced that Barry Hytinen, EVP & CFO, will speak at the Berenberg US CEO Conference 2020 on November 13 at 1:00 PM ET. A live webcast of the event will be accessible on their Investor Relations page, with a replay available until November 13, 2021. Iron Mountain, traded under the symbol IRM, provides vital services to over 225,000 organizations globally, managing more than 90 million square feet of real estate across nearly 1,480 facilities in about 50 countries.
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