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  "documentTitle": "Iron Mountain Incorporated (IRM)",
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      "text": "While existing box storage market is well penetrated, the remaining unvended segment is 3x IRM revenue",
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      "text": "The document storage business benefits from structural forces that create stability in the face of digitization trends. Base of existing boxes >90% of revenues. Conversion costs 20-30x annual storage. Average life >10 years.",
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      "text": "Multi-year contracts and built-in price escalators protect against price pressure. Regulatory requirements drive significant percent of box volumes.",
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      "text": "IRM has a market-leading position in a great business - North American Physical document storage. Strong execution track record. Buy/lease by the square foot, monetize by the cubic foot. Annual revenues grown for 22 consecutive years.",
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      "text": "Source: Iron Mountain Incorporated disclosures and Elliott estimates",
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