Iron Mountain Incorporated (NYSE:IRM) Barclays 22nd Annual Global Technology Conference Call December 11, 2024 11:05 AM ET
Company Participants
Barry Hytinen – Executive Vice President and Chief Financial Officer
Conference Call Participants
Brendan Lynch – Barclays
Brendan Lynch
Good morning, everyone. My name is Brendan Lynch. I cover REITs here at Barclays. Very pleased to be joined by Barry Hytinen, CFO of Iron Mountain. Barry, thank you for doing this with us.
Barry Hytinen
Thank you, Brendan. It’s great to be here.
Question-and-Answer Session
Q – Brendan Lynch
Given this is a tech conference, maybe we’ll focus more on the tech angles of your business. Just to start off for people who aren’t as familiar, why don’t you give us a brief overview of your positioning within the data center space?
Barry Hytinen
Okay. So data center is one of our key growth engines of the company. It represents round numbers about 10% of revenues, and that’s been ramping appreciably. In fact, if you go back five or so years ago, it would have been low-single-digits. And our data center business today, based on the land and power we have, can build out over time to about 1.25 gigawatts. Interestingly, we’re only operating today about 365 megawatts, of which we’re almost 100% leased on. And then over the next, you can see it in my supplemental over the next couple of quarters to a couple of years, we will open up sites that we are under construction on. It’s about 210 megawatts that were under construction on. And importantly, we’re in excess of 95% pre-leased on all of that. And we, you should anticipate, by the way, that we will continue to acquire more land and power to continue to build out our data center platform. In fact, just recently, in the last few weeks, we announced that we had purchased a couple of parcels in Virginia, one in Northern Virginia, which is adjacent to our existing campus and one in
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