IRM vs PLD: Dividend Comparison
Dividend data as of
Iron Mountain Inc (IRM) and Prologis, Inc. (PLD) are both in the Real Estate sector, making them natural rivals for dividend investors. Both stocks offer similar yields — IRM at 3.09% and PLD at 2.88%. For dividend growth, PLD leads with a 5-year CAGR of 12.5% versus IRM's 6.8%. Both stocks carry a "Safe" dividend safety rating. PLD is a Dividend Contender with 12 years of consecutive increases.
Verdict
Yield Analysis
IRM yields 0.22% more than PLD. In dollar terms, IRM pays $3.07/share vs PLD's $4.04/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%.
PLD: Dividend growth is slowing — the 3-year CAGR of 7.8% trails the 5-year rate of 12.5% and the 10-year rate of 10.2%.
Dividend Safety
IRM: The payout ratio of 6% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.2x.
PLD: The payout ratio of 1% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.9x.
Estimated Annual Dividend Income
Based on current dividend yields. Actual income may vary.
What does $10,000 buy in IRM vs PLD 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 $138.93 per share, $10,000 buys about 72.0 shares of Prologis, Inc. (PLD). Each share pays $4.04 per year in dividends, so the position starts out generating roughly $291 per year — about $24 a month.
PLD is the larger income stream from day one: $12 per year more on the same $10,000 invested.
What could $10,000 of IRM or PLD 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.
Prologis, Inc. (PLD) has raised its dividend about 12.5% a year over the past five years. If that pace held, the $288 per year that $10,000 generates today at the current 2.88% yield would reach $936 per year by 2036 — a 9.4% yield on the original cost.
On those trailing rates, PLD pays more in 2036: $936 versus $596 per year. The projection assumes each five-year growth rate persists and no dividends are reinvested — real payouts will differ.
When would PLD's dividend growth overtake IRM's higher yield?
Prologis, Inc. (PLD) yields less today (2.88% vs 3.09%) but has grown its dividend faster — 12.5% vs 6.8% a year over the past five years. If both trends continued, a $10,000 position in PLD would start out-earning the same position in IRM around 2028 (roughly 2 years from now), paying about $364 per year at the crossover. Before that point, IRM pays more each year; after it, the gap compounds in PLD's favor.
Can IRM and PLD 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).
Prologis, Inc. (PLD) earns $3.45 per share against $4.04 paid out in dividends — 0.9x coverage (a 1% payout ratio).
PLD'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, IRM or PLD?
For income you need right now, Iron Mountain Inc (IRM) leads: $100,000 invested today pays about $258 a month at the current 3.09% yield, versus $240 a month from Prologis, Inc. (PLD) at 2.88%.
With a decade or more before the income is needed, PLD's faster dividend growth (12.5% vs 6.8% a year) matters more than the starting yield — raises compound into the larger paycheck over time.
On consistency: IRM has raised its dividend 3 consecutive years; PLD has raised its dividend 12 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 $1,242/yr in PLD 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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