Short-selling partnership Gotham City Research and General Industrial Partners (GIP) disclosed a short position in Iron Mountain (IRM) on Wednesday, sending the REIT’s shares down 5% as of 15:55 GMT.
According to founders Daniel Yu and Cyrus de Weck, Iron Mountain’s leveraged investments in data centers significantly exceed what the firm can sustainably fund with its long-term capital — raising concerns about balance-sheet risks.
Iron Mountain did not immediately respond to requests for comment.
Gotham City and GIP are known for high-profile campaigns targeting SES Imagotag (now Vusion Group) and Grifols, which previously shook investor confidence across Europe’s mid-cap sector.