Introduction
Going into the earnings reporting season for 3Q 2019, investors should be alert to the impact of pending currency adjustments. Due to its portfolio of international storage facilities and its recent investments in international data centers, Iron Mountain (IRM) has much greater exposure than any other US large cap REIT to foreign currency fluctuations. Recent strength of key currencies relative to the US dollar means Iron Mountain is likely to report slower revenue growth and currency losses during both 3Q 2019 and 4Q 2019. While this variance is a normal part of