Shares of Iron Mountain (NYSE: IRM) soared 16.5% in February, according to data provided by S&P Global Market Intelligence. Driving up the real estate investment trust (REIT) was its strong fourth-quarter results and bullish outlook for 2024.

Iron Mountain reported quarterly and full-year records for revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) last month. Revenue grew 7% for the year to nearly $5.5 billion, while adjusted EBITDA also rose 7% to almost $2 billion. The REIT focused on secure storage also delivered a 5% increase in its adjusted funds from operations (FFO) per share.

The company's Project Matterhorn initiative, which it launched in late 2022, is delivering the expected growth acceleration. The company's investments in data centers are helping boost growth. It leased 124 megawatts of data center capacity last year, which will help set the stage for more growth in 2024.

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Source Fool.com