Iron Mountain CEO Sees Scope for More Consolidation

William Meaney, president and CEO of Iron Mountain Inc. (NYSE: IRM), joined REIT.com for a CEO Spotlight video interview at REITWorld 2016: NAREIT’s Annual Convention for All Things REIT at the JW Marriott Phoenix Desert Ridge.

Iron Mountain, a storage and information management services REIT, has been actively investing in wind energy. Meaney described the company’s recent 15-year deal to purchase wind energy as a “win-win” transaction that will provide more than 60 percent of its energy needs in North America and save more than $1 million a year.

Meaney noted that the wind energy purchase positions Iron Mountain to meet the demands of its customers for an environmentally responsible supplier. In addition, a commitment to renewable energy enables Iron Mountain to attract and retain top talent, he said.

Meanwhile, Meaney noted that Iron Mountain reported 2.6 percent internal storage revenue growth last quarter. Iron Mountain is also generating $1.9 billion of net operating income from its storage business, making it the largest storage provider in either the industrial or self-storage category, according to Meaney.

Looking at the industry more broadly, Meaney said the trend is toward consolidation. This year, Iron Mountain closed on the purchase of Recall Holdings Ltd., making it the only global records management company, he said. “That’s providing us more opportunity to consolidate the industry,” he added.