Iron Mountain

Iron Mountain built its business on the physical storage and management of records and documents, and has since expanded into data centers and digital information management. Organized as a real estate investment trust, it stores sensitive materials for a large base of corporate and government clients, a business that produces highly recurring, contract-based revenue. The company has raised its dividend for well over a decade, and as a REIT it distributes a substantial share of its cash flow. The yield is moderate and supported by the sticky, long-term nature of its storage contracts, while its growing data-center arm adds a newer growth angle. The dividend profile is dependable, backed by predictable revenue, though tempered by the company's meaningful debt load.