Iron Mountain Posts Record Data Center Leasing

For decades, Iron Mountain made money storing paper files in climate-controlled warehouses. Its hottest tenants now are cloud giants renting power and floor space for servers.

The company signed a record 102 megawatts of data center leases in the third quarter of 2026, according to its earnings release filed with the SEC ^[1]. Total quarterly revenue hit a record $2.0 billion, up 13.5% from a year ago ^[1].

How we got here

• Data center revenue reached $274 million in the quarter, a 34% jump over last year, per a GuruFocus recap of the earnings call ^[2].
• Iron Mountain says its signed but not yet billing data center backlog stands at $575 million in revenue ^[2].
• Growth lines like data centers, digital services and equipment recycling account for about 35% of Iron Mountain today, versus less than 15% several years back, CEO William Meaney said on the call ^[2].
• The old records business is still growing and is on track for its 38th straight year of organic storage rental growth ^[2].

But data centers are a capital-hungry business. Iron Mountain spent $545 million on growth capital in the third quarter alone ^[2]. Management also flagged political pushback against new data center projects in Texas, Ohio and Georgia, though it says it is not building in those states ^[2]. A stronger dollar is expected to shave $5 million to $10 million off fourth quarter revenue ^[3].

What it means for you

The board raised the quarterly dividend 15% to $0.993 per share, payable January 6, 2027 ^[1]. By our math, 100 shares would collect $99.30 a quarter, or $397.20 a year if the rate holds. Dividends can change, so treat that as an illustration rather than a promise. The bigger lesson: landlords tied to power and computing are where Iron Mountain is putting its new dollars.

Zoom out

About two thirds of the 325 megawatts coming online over the next 24 months sits at the Richmond, Virginia campus, Meaney said ^[2]. Chief Financial Officer Barry Hytinen expects data center revenue above $1.3 billion in 2027, a sign that power-ready land is becoming one of real estate's most sought-after assets ^[2].