Iron Mountain Inc (NYSE:IRM), founded in 1951, is a global leader for storage and information management services. This REIT has the highest dividend yield (6.82%) in 2021 and is a turnaround play.
This REIT is transitioning its business from physical records storage and shredding to much higher-margin data storage. Iron Mountain owns 1,450 storage facilities in 50 countries and stores documents and data for more than 225,000 customers worldwide, including 95% of Fortune 1000 companies. Iron Mountain is leveraging its high 98% customer retention rate by cross-selling data storage to its existing customers. It’s expected to grow this segment to 10% of adjusted EBITDA in 2020, supporting revenue diversification and margin enhancements.
Iron Mountain is on track to deliver 55 megawatts of new data center leases in 2020 and recently formed a joint venture to develop and manage a 27-MW hyperscale data center in Germany.
In addition to improving its business mix, the REIT has an expense-reduction program underway expected to deliver $375 million of annual cost savings by 2022.
Iron Mountain has increased dividends for nine years in a row. Therefore, Iron Mountain is best for investors who are interested in dividend growth REIT year after year.
This REIT is growing