Iron Mountain is a storage and information management company structured as a REIT. Its core business — roughly two-thirds of total revenue — is physical records management: storing paper documents and other physical media in secure, climate-controlled facilities, retrieving them on demand, and eventually shredding or destroying them. Customers span virtually every regulated industry, with approximately 95% of the Fortune 1000 using Iron Mountain's services. The average stored box stays with Iron Mountain for nearly 15 years, and the company has delivered 37 consecutive years of organic storage rental revenue growth. Customers pay recurring fees per cubic foot under multi-year contracts, making this an extremely sticky, capital-light, high-margin business. Beyond records management, Iron Mountain has built three growth businesses: a data center segment that leases capacity to hyperscalers and enterprises across 31 facilities globally; an Asset Lifecycle Management (ALM) business that decommissions and remarkets IT hardware; and a Digital Solutions segment offering AI-powered document digitization and content management software through its Insight DXP platform. Together, these three businesses approached $2B in revenue in 2025. Iron Mountain's growth strategy centers on cross-selling these newer services into its 240,000-customer base, where only ~5% of customers currently buy from more than one business unit. As a REIT, Iron Mountain distributes the majority of earnings and funds growth through retained cash and debt, targeting ~5x net leverage.