Stocks sank in early trading after a hotter than expected September’s consumer price index reading came in hotter than expected.  Consumer inflation was up 0.4% to 8.2% year over year in September, signaling that the Fed will likely continue with aggressive interest rate hikes.

With so much market turbulence in 2022, investors have been seeking shelter among so-called “safety trades.”  Stocks with relatively low volatility that come with a dependable payout can bring peace of mind during uncertain times. Today we’ll focus on one such stock.  

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REITs offer a unique risk/reward profile that doesn’t always perfectly correlate with stocks or bonds because real estate is an asset class that’s not directly tied to traditional markets.  In many situations REITs can bolster your portfolio when markets take a plunge.  And their above-average dividend yields are a nice shelter in a downturn.

Boston-based, Information management services company Iron Mountain Inc. (IRM) is a REIT focused on, records management, information destruction, and data backup and recovery services to more than 220,000 customers in 58 countries. The company has around 1,500 leased warehouse spaces and underground storage facilities worldwide. 

As a testament to Iron Mountain’s leadership in its core storage business, the company serves 225,000 customers, including about 95% of the Fortune 1000 companies. As for what the company stores, the wills of Princess Di and Charles Darwin are housed in their facilities, as well as the original recordings of Frank Sinatra and Bill Gates’ Corbis photographic collection.   

The need for Iron Mountain’s physical facilities will likely never disappear. Still, as digital storage becomes more widely adopted, the company should continue to grow along with its global data-center business, contributing 8% of adjusted earnings in 2021. It continues to generate over $2 billion per year in revenue from its core storage business while strategically growing its data center portfolio, which is an optimistic sign for steady growth in the coming years.  

IRM has maintained a $0.62 per share quarterly dividend since 2019, and is currently focusing on steadily recovering its payout ratio from the pandemic. The AFFO came in at $0.93 for the second quarter, a 9.4% year-over-year improvement. The company uses its recurring income to pay an attractive dividend — it currently yields 4.5%. Management’s target for a low to mid 60’s % dividend payout ratio seems to be quickly approaching, after which they see the dividend increasing from the current level of 5.26%. 

Read Next – Beware the morning of October 14,2022..

Mark your calendar for Friday, October 14th.

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