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Iron Mountain: Solid 2022 Earnings, 4.5% Yield, More Growth Due In 2023

Apr. 14, 2023 9:15 AM ETIron Mountain Incorporated (IRM)12 Comments


  • IRM yields 4.57%, with an improved 65% dividend payout ratio.
  • Its business continues to grow - revenue rose 13%, EBITDA was up 12%, and AFFO grew ~10% in 2022.
  • Management expects ~7% midpoint EBITDA growth in 2023.
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Dramatic View of Adventurous Man standing inrocky cave. Mountain Landscape


If you think paper storage is a thing of the past, taking a look at Iron Mountain's (NYSE:IRM) business might make you change your mind.

In year 2022, IRM's storage rental revenue rose 5.7%, with 8.9% organic growth. Yes, its service segment's revenue

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This article was written by

Double Dividend Stocks profile picture
Robert Hauver, MBA, aka “Double Dividend Stocks” was VP of Finance for an industry-leading corporation for 18 years and has been investing for more than 30 years. He focuses on undercovered and undervalued income vehicles and he leads the investing group Hidden Dividend Stocks Plus he scours the world's markets to find solid income opportunities with dividend yields ranging from 5% to 10% or more, backed by strong earnings. Features include: a portfolio with up to 40 holdings at a time including links to associated articles, a dividend calendar, weekly research articles, exclusive ideas, and trade alerts.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of IRM either through stock ownership, options, or other derivatives. 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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Comments (12)

Surprised to see this article after reading the SA red ticker warning concerning IRM, and the low Quant rating. AI vs. Humans?
Long IRM, but have sold covered calls on most of my position when they froze dividend to boost income. Seems to trade fairly regularly between 45-55
Like the stock. See their truck in my city all the time. Last job stored paperwork from 1983. Seem to be doing well in data centers. All over the world.
Double Dividend Stocks profile picture
40 year storage - pretty durable!
Thanks for reading and commenting.
Still waiting for some decent dividend growth.

Retired income investor (long for quite awhile)
Double Dividend Stocks profile picture
May see div growth if they winnow down the debt.
Thanks for reading and commenting.
Too much debt = limited growth prospects which translates into limited dividend growth. IRM has survived quite well for the past five years in spite of the critics and shorts but it seems to have hit the wall. Data center development is expensive and competitive so unless they are the buyer or seller in M&A activity this stock will tread water for years to come.
I am looking to get out at $56, cost basis is $28.
Double Dividend Stocks profile picture
Congrats. Maybe look at selling covered calls.
@Bigbbbb DDS is right. If you are patient you can make a lot of coin on covered calls here. I'm currently sitting on the Apr 21/57.5 strike covered call, which I received $3.20/share on, when sold last Dec. Looks like I'll get to keep my shares come next Friday too.
Solid article. Long IRM. Wonder if its finally going to break out of its seemingly endless trading range of approx. $45-$55. Actually looking to sell some of my position if it heads a little higher then wait for the drop again to re-enter. Defiantly don't think now is the time to begin a position!
Double Dividend Stocks profile picture
Same advice as above - take a look at covered calls.
Thanks for reading and commenting.
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