What Iron Mountain Incorporated told the SEC could break it.

Iron Mountain's ALM (IT asset disposition) revenue depends on selling decommissioned IT components and recyclable materials into China and other markets; trade/environmental restrictions or weak Chinese demand could reduce those revenues.

“If governments enact trade policies or environmental regulations that restrict or increase the cost of exporting IT assets into China or the other markets in which we sell decommissioned IT asset components or recyclable materials, or increase the enforcement of such policies, then the revenue from the sale of these assets may be negatively impacted.”

Iron Mountain must distribute ≥90% of REIT taxable income and keep TRS/nonqualifying assets under 25% of asset value to remain a REIT; cash shortfalls or TRS-value swings (incl. FX on foreign holdings) could jeopardize REIT status.

“To remain qualified for taxation as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain) each year, or in limited circumstances, the following year, to our stockholders.”

Iron Mountain's Global Data Center business relies on third parties for power (and purchases significant electricity/water for cooling); power shortages, outages or insufficient delivery force costlier on-site generation and threaten service-level commitments.

“We rely on third parties to provide power to our data centers. We are therefore subject to an inherent risk that such third parties may fail to deliver such power in adequate quantities or on a consistent basis. If the power delivered to our data centers is insufficient or interrupted, we would be required to provide power through the operation of our on-site generators, generally at a significantly higher operating cost.”