Iron Mountain Raises Forecast on AI Data Center Demand

Iron Mountain Inc. (IRM) raised its 2026 revenue forecast to a midpoint of $7.88B after first-quarter AFFO beat analyst estimates by 13.5%. The REIT is pivoting from physical records to AI-ready data centers, leasing 32 megawatts of capacity through late April. Investors see a traditional storage play successfully capturing high-margin compute demand while maintaining a $0.864 quarterly dividend.

### AI Demand Lifts Full-Year Outlook Iron Mountain now expects full-year AFFO between $5.79 and $5.86 per share, exceeding the $4.68 analyst consensus. Revenue is projected to reach $7.83B to $7.93B, up from the $7.74B previously anticipated by LSEG data.