IIRMIron Mountain Incorporated (Delaware)Common Stock REIT

Iron Mountain stores corporate documents in secure warehouses and builds data centres on the same foundation.

The paper archive is a business with a rare property: a box is deposited once and paid for monthly for decades. Destroying an archive is more expensive and riskier than continuing to pay, so churn is exceptionally low and prices can be raised with inflation without losing volume.

The second line is data centres, into which the company channels archive profits. The logic is the same: a long lease, a reliable tenant, growing demand. The difference is that this requires capital and faces real competitors. The trust form obliges distributing profit, hence sensitivity to rates. The company pays a high dividend.