Iron Mountain posts higher fourth-quarter FFO on rising demand for data centers
Feb 13 (Reuters) - Real estate investment trust Iron Mountain IRM.N on Thursday posted a rise in funds from operations for the fourth quarter, driven by increased demand for its data centers.
Iron Mountain leases data centers and counts cloud service providers such as Oracle ORCL.N and Akamai Technologies AKAM.O as clients.
Despite rising political and macro economic uncertainties businesses are spending on data centers to support ongoing cloud migration efforts and to stay ahead in the AI race, benefiting companies such as Iron Mountain.
The REIT's quarterly adjusted FFO, a key metric of cash flow, grew 12% to $1.24 per share in the quarter, compared with $1.11 a year ago.
The company posted an 8.8% increase in storage rental revenue to $942 million.
For the full year, Iron Mountain expects revenue to be between $6.65 billion and $6.80 billion, the midpoint of which is slightly below analysts' average estimate of $6.77 billion, according to data compiled by LSEG.
The company posted fourth-quarter revenue of $1.58 billion, compared with estimates of $1.60 billion.
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