IRM · Earnings call · 2026Q2T · Full report

Interest Rate and Refinancing Exposure

IRON MOUNTAIN INC · 2026-08-05 · Importance 58 · Surprise 42

During the second quarter, Iron Mountain issued $1.5 billion of new bonds with a 6.25% fixed coupon maturing in 2035. Management said the issuance included the company’s first investment-grade covenant package and reflected continued investor confidence in its credit profile. Net lease-adjusted leverage ended the quarter at 4.8x, which management identified as the lowest level since before the 2014 REIT conversion.