2024-03-05 22:44:07 ET
Iron Mountain Incorporated (IRM)
Morgan Stanley Technology, Media & Telecom Conference
March 5, 2024 11:00 AM ET
Company Participants
Barry Hytinen - Chief Financial Officer
Conference Call Participants
Calvin Lam - Morgan Stanley
Presentation
Calvin Lam
Maybe we'll begin now. So my name is Calvin Lam. I'm -- I run the communication services banking business at Morgan Stanley. I'm joined here on stage today by Barry Hytinen, the CFO of Iron Mountain; and Gill Tiltman, the Head of Investor Relations. So welcome, and thank you for coming back.
Barry Hytinen
Thanks for having us, Calvin. It's a pleasure to be here.
Calvin Lam
Great. So maybe before I -- again, let me just read the research disclosure quickly. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales reps. All right.
Question-and-Answer Session
Q - Calvin Lam
So maybe we can start off just by framing the opportunity here. I think most people here would be surprised to learn that Iron Mountain has been one of the top 5 performing REITs over the last year. There's obviously also a lot of talk about AI at this conference and what it means for various businesses. So maybe you could give an overview of Iron Mountain and kind of how the business model benefits from some of these AI tailwinds across your businesses, and we can start there?
Barry Hytinen
Okay, Calvin, Sure. There's at least three areas that come to mind very quickly on AI. First off would be our data center business. And as you know, our data center business is about 10% of revenues have been growing very fast over the last few years. We have a data center business where we are currently operating about 250-plus megawatts, about 95% of that is leased. And we're under construction on a similar amount where we're about 95% pre-leased....
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Iron Mountain Incorporated (IRM) Morgan Stanley Technology, Media & Telecom Conference