Iron Mountain Incorporated is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding …
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Competitive advantage assessment
Key strengths
Stable NOI PerformanceNOI stability is excellent (score 0.91), suggesting reliable rent streams.
High-Quality PortfolioPortfolio quality is strong with stable occupancy (score 0.91) and growing NOI.
Key risks
Elevated Leverage RiskLeverage is elevated (score 0.17), raising refinancing risk.
Iron Mountain Incorporated (Del ranks #11 of 21
scored companies in REIT - Specialty by moat score — the top 52%.
The widest moat in the group is Gaming and Leisure Properties, (GLPI)
at 85/100.
Moat scores for companies ranked near IRM in REIT - Specialty
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 27
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 15
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 96
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 37
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 94
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
What is Iron Mountain Incorporated (Del's moat score?
Iron Mountain Incorporated (Del (IRM) scores 55 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #11 of 21 scored companies in REIT - Specialty, the top 52%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Specialty. Its strongest defense is Capital Recycling & Growth (96/100) and its weakest is Balance Sheet & Cost of Capital (15/100).
How does Iron Mountain Incorporated (Del compare with other REIT - Specialty companies?
Iron Mountain Incorporated (Del ranks #11 of 21 scored companies in REIT - Specialty by moat score. The widest moat in REIT - Specialty is Gaming and Leisure Properties, (GLPI) at 84/100. The companies ranked closest are Crown Castle Inc. (CCI) at 61 just above it and Rayonier Inc. REIT (RYN) at 51 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Specialty. The defenses are then weighted to produce the overall score out of 100.
Why is Iron Mountain Incorporated (Del scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Iron Mountain Incorporated (Del?
The REIT Specialized template measures 6 defenses, and IRM scores: Rent Pricing Power (61), AFFO Strength (27), Balance Sheet & Cost of Capital (15), Capital Recycling & Growth (96), Operational Efficiency (37), Portfolio Quality & Diversification (94). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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