Three weeks ago, we began following Iron Mountain (NYSE:IRM), a Real Estate Investment Trust (REIT) whose core business is documents management. While the company is best known today for archiving the paper records of large corporations, it has been increasing its investments into electronic records management technology to expand its business in the digital age.

The reason we chose this particular company to follow is because it appeared to be on the cusp of pursuing one of two potential paths with respect to its dividend policy. IRM's stock price had been crushed with the coronavirus pandemic in 2020, where the company's market cap with respect to its aggregate dividends had fallen below its historic range.

So much so that, one week before its 2020-Q3 earnings call with investors, the level of its market capitalization suggested it had a strong chance of either cutting its dividends per share by a third or holding its dividend steady with a slim possibility of a small increase. The latter scenario assumes the firm had been successful in restructuring its debt during the previous three months, which would free up funds to sustain its generous dividend.

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