Iron Mountain reports Q1 AFFO $1.43, consensus $1.39

Reports Q1 revenue $1.9B, consensus $1.86B. “We are pleased to report another quarter of exceptional results, with record performance that exceeded our expectations and showed strength across all key metrics. Our business is experiencing significant momentum, driven by outstanding performance in our growth businesses of data center, ALM, and digital and continued solid growth in our highly recurring physical records storage business. Our team’s strong execution of our growth plans and commitment to delivering value to our customers through innovative solutions remain the foundation of our ongoing success,” stated CEO William Meaney. “Looking ahead, we are accelerating our cross-selling efforts in ALM and Digital and we are off to a strong start to the year in data center leasing, where we have already leased 32 MW through April. Additionally, our pipeline momentum continues to build against the 400 MW of data center capacity energizing and available over the next 24 months, supporting our outlook for continued strong growth. With the trajectory we are on, together with our Q1 outperformance, we are pleased to raise our full-year financial guidance.”