Best REIT Pick Of The Year: 8.8% Yield Iron Mountain

Jan. 14, 2021 9:05 AM ETIron Mountain Incorporated (IRM)223 Comments


  • IRM made significant improvements in 2020.
  • An improved balance sheet, numerous growth projects, and streamlining at the corporate level will all add to the bottom line.
  • 2021 will be a home-run year for IRM.
  • Today you can lock in an 8.8% yield and collect dividends while you wait.
  • Looking for a portfolio of ideas like this one? Members of High Dividend Opportunities get exclusive access to our model portfolio. Get started today »

Co-produced with Beyond Saving

As we go into 2021, we consider the changes caused by 2020 and COVID-19 to help us identify which opportunities will be the most lucrative as the world adjusts to the new normal.

One opportunity that's screaming "buy me!" is Iron Mountain (NYSE:IRM). 2020 was a "blah" year for IRM. They are entering 2021 at approximately the same price they entered 2020. Their performance in 2020 was quite good considering the headwinds caused by COVID-19. Through the first nine months, IRM's AFFO was 10% higher than it was in 2019. Revenues were down a couple of percent, but margins were up.

However, under the surface numbers, IRM was making some very significant changes. They took the opportunity in 2020 to make some very wise decisions that will have long-term benefits for the company. In 2021, we expect that we will be seeing the benefits of IRM's efforts, combined with the natural recovery as we move into a post-COVID world. For these reasons, IRM is one of the picks in our portfolio that we are most excited about for 2021.

2020 was a year of curveballs that businesses had to adapt to. It was a year of anxiety, fear and significant opportunity to snag stocks at extraordinarily low prices.

Today, we look at a company that took advantage of 2020 in the best way possible. Iron Mountain took COVID-19 in stride as much as any business could. IRM not only dealt with the immediate problems, but they took the opportunity to identify permanent changes in their business practices that would lead to long-term savings.

In 2020, IRM made several long-term improvements to their business. They refinanced $3.5 billion, extending their maturities while decreasing overall leverage. Their core business continued to grow at a similar pace to 2019. Their newer digital business grew at

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Disclosure: I am/we are long IRM. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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