IRM vs O: Dividend Comparison
Dividend data as of
Iron Mountain Inc (IRM) and Realty Income Corporation (O) are both in the Real Estate sector, making them natural rivals for dividend investors. O offers a significantly higher 5.02% yield compared to IRM's 3.09%, a gap of 1.92%. For dividend growth, O leads with a 5-year CAGR of 8.2% versus IRM's 6.8%. Both stocks carry a "Safe" dividend safety rating.
Verdict
Yield Analysis
O yields 1.92% more than IRM. In dollar terms, IRM pays $3.07/share vs O's $3.21/share annually.
Dividend Growth
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%.
O: Dividend growth is accelerating — the 3-year CAGR of 11.4% exceeds the 5-year rate of 8.2% and the 10-year rate of 5.6%.
Dividend Safety
IRM: The payout ratio of 6% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.2x.
O: The payout ratio of 3% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.3x.
Estimated Annual Dividend Income
Based on current dividend yields. Actual income may vary.
What does $10,000 buy in IRM vs O today?
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.
At $65.62 per share, $10,000 buys about 152.4 shares of Realty Income Corporation (O). Each share pays $3.21 per year in dividends, so the position starts out generating roughly $488 per year — about $41 a month.
O is the larger income stream from day one: $209 per year more on the same $10,000 invested.
What could $10,000 of IRM or O income look like in 10 years?
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.
Realty Income Corporation (O) has raised its dividend about 8.2% a year over the past five years. If that pace held, the $502 per year that $10,000 generates today at the current 5.02% yield would reach $1,102 per year by 2036 — a 11.0% yield on the original cost.
On those trailing rates, O pays more in 2036: $1,102 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 O's higher yield?
It doesn't, on the trailing numbers. Realty Income Corporation (O) yields more today (5.02% vs 3.09%) and has also grown its dividend at least as fast (8.2% vs 6.8% a year over five years). Unless IRM accelerates its raises or O stumbles, IRM never closes the income gap — O wins on both current income and growth.
Can IRM and O afford their dividends?
Iron Mountain Inc (IRM) earns $0.54 per share against $3.07 paid out in dividends — 0.2x coverage (a 6% payout ratio).
Realty Income Corporation (O) earns $1.07 per share against $3.21 paid out in dividends — 0.3x coverage (a 3% payout ratio).
Coverage is similar for both, so neither dividend looks meaningfully more stretched than the other on current earnings.
Which fits an early-retirement income portfolio better, IRM or O?
For income you need right now, Realty Income Corporation (O) leads: $100,000 invested today pays about $418 a month at the current 5.02% yield, versus $258 a month from Iron Mountain Inc (IRM) at 3.09%.
O also leads on dividend growth (8.2% vs 6.8% a year over five years), so the trailing numbers favor it on both fronts.
On consistency: 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 $808/yr in IRM vs $1,798/yr in O 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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