Published on 8 Apr 2024 on Zacks via Yahoo Finance
Shares of Iron Mountain Incorporated IRM have gained 12.4% year to date against the industry’s fall of 7%.
This Boston, MA-based real estate investment trust (REIT) continues to benefit from its stable and resilient core storage and records management businesses, enabling it to ride the growth curve. The company’s strategic acquisitions and data center business expansion efforts are likely to have paid off well.
In February 2024, this Zacks Ranks #1 (Strong Buy) company reported fourth-quarter 2023 adjusted funds from operations (AFFO) per share of $1.11, beating the Zacks Consensus Estimate of $1.05. On a year-over-year basis, AFFO per share increased 8.8%. The quarterly results reflected solid performances in the storage and service segments and the data center business.