AMT vs IRM: Dividend Comparison
Dividend data as of
American Tower Corp /Ma/ (AMT) and Iron Mountain Inc (IRM) are both in the Real Estate sector, making them natural rivals for dividend investors. AMT edges ahead on yield at 3.76% versus IRM's 3.09%. Both stocks show similar dividend growth rates, each around 6.9% over the past five years. Both stocks carry a "Safe" dividend safety rating. AMT is a Dividend Contender with 14 years of consecutive increases.
Verdict
Yield Analysis
AMT yields 0.67% more than IRM. In dollar terms, AMT pays $6.72/share vs IRM's $3.07/share annually.
Dividend Growth
AMT: Dividend growth is slowing — the 3-year CAGR of 2.7% trails the 5-year rate of 6.9% and the 10-year rate of 13.5%.
IRM: Dividend growth is accelerating — the 3-year CAGR of 12.6% exceeds the 5-year rate of 6.8% and the 10-year rate of 5.4%.
Dividend Safety
AMT: The payout ratio of 1% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.9x.
IRM: The payout ratio of 6% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.2x.
Estimated Annual Dividend Income
Based on current dividend yields. Actual income may vary.
What does $10,000 buy in AMT vs IRM today?
At $190.81 per share, $10,000 buys about 52.4 shares of American Tower Corp /Ma/ (AMT). Each share pays $6.72 per year in dividends, so the position starts out generating roughly $352 per year — about $29 a month.
At $109.98 per share, $10,000 buys about 90.9 shares of Iron Mountain Inc (IRM). Each share pays $3.07 per year in dividends, so the position starts out generating roughly $279 per year — about $23 a month.
AMT is the larger income stream from day one: $73 per year more on the same $10,000 invested.
What could $10,000 of AMT or IRM income look like in 10 years?
American Tower Corp /Ma/ (AMT) has raised its dividend about 6.9% a year over the past five years. If that pace held, the $376 per year that $10,000 generates today at the current 3.76% yield would reach $733 per year by 2036 — a 7.3% yield on the original cost.
Iron Mountain Inc (IRM) has raised its dividend about 6.8% a year over the past five years. If that pace held, the $309 per year that $10,000 generates today at the current 3.09% yield would reach $596 per year by 2036 — a 6.0% yield on the original cost.
On those trailing rates, AMT pays more in 2036: $733 versus $596 per year. The projection assumes each five-year growth rate persists and no dividends are reinvested — real payouts will differ.
When would IRM's dividend growth overtake AMT's higher yield?
It doesn't, on the trailing numbers. American Tower Corp /Ma/ (AMT) yields more today (3.76% vs 3.09%) and has also grown its dividend at least as fast (6.9% vs 6.8% a year over five years). Unless IRM accelerates its raises or AMT stumbles, IRM never closes the income gap — AMT wins on both current income and growth.
Can AMT and IRM afford their dividends?
American Tower Corp /Ma/ (AMT) earns $6.27 per share against $6.72 paid out in dividends — 0.9x coverage (a 1% payout ratio).
Iron Mountain Inc (IRM) earns $0.54 per share against $3.07 paid out in dividends — 0.2x coverage (a 6% payout ratio).
AMT's wider coverage leaves more cushion if earnings dip. As a rule of thumb, coverage below about 1.5x (a payout ratio above ~65%) is where a dividend starts to look stretched — worth watching for IRM if earnings weaken.
Which fits an early-retirement income portfolio better, AMT or IRM?
For income you need right now, American Tower Corp /Ma/ (AMT) leads: $100,000 invested today pays about $314 a month at the current 3.76% yield, versus $258 a month from Iron Mountain Inc (IRM) at 3.09%.
On consistency: AMT has raised its dividend 14 consecutive years; IRM has raised its dividend 3 consecutive years.
Many income investors simply hold both — the mix pairs current yield with growth and spreads single-name risk. Whichever way you lean, dividends are never guaranteed; recheck the payout each quarter rather than setting and forgetting.
$10,000 with DRIP: projected annual income
If each holding keeps raising its dividend at its real 5-year rate and every payment is reinvested, a $10,000 position pays $1,061/yr in AMT vs $808/yr in IRM by year 10.
Assumes dividends are reinvested at the current yield and grow at each holding's trailing 5-year dividend CAGR. A projection, not a prediction — no price appreciation modeled.
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