William Leo Meaney
President and CWilliam Leo Meaney -- President and Chief Executive Officerhief Executive Officer at Iron Mountain
Thank you, Mark, and thank you all for joining us today to discuss our 4th-quarter and full-year results. 2024 marked another year of record performance and double-digit growth for Iron Mountain. We achieved all-time highs for revenue, adjusted EBITDA and AFFO for the year and for the 4th-quarter. Our record results were also broad-based across all of our businesses.
For the full-year, revenue increased 12% to $6.1 billion. Adjusted EBITDA grew 14% to $2.2 billion and AFFO increased 11% to $1.3 billion. And in the 4th-quarter, revenue increased 11%, adjusted EBITDA grew 15% and AFFO increased 12%. These outstanding results reflect the strength of our highly profitable business model, broad and growing portfolio of solutions, long-tenured customer relationships and the hard work and dedication of mountaineers across the world. The results also validate that Project Manahorn has proven to be very beneficial to our business and we are exceeding the growth targets we established at our Investor Day presentation in 2022.
I should also point out that a foundational element behind Project Manahorn was to accelerate growth through embracing a customer-centric culture. Whilst we are still on a journey in this regard, it was pleasing to be ranked number-one for customer satisfaction by the latest Wall Street Journal ranking of the top US-listed companies. For this, I want to thank my fellow mountaineers. Since 2021, we have grown both revenue and adjusted EBITDA at an 11% CAGR on a reported basis.
On a constant-currency basis, this growth is 13% annually, delivering a result on both a reported and constant-currency basis, well-above the 10% targets we established. We are also performing above our targets for AFFO, which has grown at a 9% CAGR on a reported basis or 11% on a constant-currency basis versus the 8% target. Our success and the momentum we have built over the past three years gives us increased confidence as we look-ahead and is reflected in our guidance for 2025.
Our portfolio of growth businesses, including digital solutions, data center and asset lifecycle management are collectively growing at a CAGR greater than 20% and becoming an increasingly larger portion of our revenue. If you recall at the beginning of our Matterhorn Climb, our growth portfolio represented 15% of our total revenue. As we enter 2025, the growth portfolio represents 25%, which continues to build the momentum behind our consolidated growth goals. Together with our records management business increasing at mid to-high single-digit rate, we naturally expect to deliver consolidated growth in excess of 10% for the foreseeable future.
Our growth is driven by three principal factors: the recurring nature of our revenue streams, both from our traditional as well as our newer business areas, the strong macro factors supporting double-digit demand for our portfolio of growth businesses and the success we continue to demonstrate in cross-selling to our loyal customer-base comprising nearly 250,000 customers, which includes 95% of the Fortune 1000. We are already the market-leader in multiple businesses and are focused on building our scale, increasing our operating leverage, broadening our solutions offerings and leveraging our commercial platform to capitalize on Iron Mountain's unique position as a truly end-to-end solutions provider, transcending both the physical and digital worlds.
Based on our excellent results exceeding our expectations in 2024 and the strong confidence we have in our outlook for 2025, our Board of Directors has authorized an increase of our quarterly dividend by 10%.
Let me now turn to an update of our key achievements and customer wins to showcase the success we are delivering against our strategic priorities, which are driving continued revenue growth in our physical storage records management business, delivering differentiated digital solutions, which give truly transformative results to our customers in terms of revenue, cost and cybersecurity, supplying differentiated data center offerings through our global scale and customer trust and providing asset lifecycle management capabilities, which are both economic and environmentally sustainable.
Let's begin with our records of records and information management business, which grew 7% in 2024. Our recent customer wins are a testament to the power of our solutions portfolio and success in cross-selling. In the US, we have secured a four-year contract with a Fortune 500 company, which included renewing and expanding the number of locations we serve for records management as well as adding additional services from across our portfolio, underlying our continued focus on cross-selling. Our records management, asset lifecycle management and digital solutions will provide comprehensive solutions to enable this customer to streamline internal processes to enhance efficiency.
Our team's customer-centric approach successfully demonstrated the value of forging a partnership with one provider to support their broader needs. I'm also excited to share recent accomplishments in our digital solutions business. Our Digital Solutions business achieved record revenue in 2024 with recurring storage service and software growing to more than 30% of digital revenue. We continue to see momentum and adoption of our SaaS-based platform, Insight Digital Experience platform or DXP, with emerging use cases that are enabling our customers to improve their ability to access, manage, govern and monetize their physical and digital information to drive insights and intelligent decisions.
On last quarter's call, we highlighted 24 DXP deals booked. In Q4, we signed 39 deals. Our customers are leveraging AI and machine learning-based capabilities within the DXP platform to automatically extract -- extract metadata and deliver business outcomes through process automation. Some of the use cases include consumer lending, compliance, HR and benefits management and providing a platform which future proofs the ability to search on structured data. I'll highlight a couple of our recent wins in digital solutions.
In the US, we secured a multiyear deal with a longstanding global financial services customer for our Insight DXP solution. Our client was looking for a solution to enhance its operational efficiency by automating metadata extraction, streamline exception processing within an integrated environment and support long-term scalability. By integrating DXP into its workflow, the customer is able to seamlessly manage process exceptions, reducing manual intervention and improving accuracy across its treasury operations. This is another example of a successful cross-sell. Our intelligent business process management solutions also continued to gain traction across regions due to our unique ability to provide unified end-to-end solutions across physical and digital assets with proven capabilities to operate at-scale across various environments and industries.
In Australia, a government department that has been a customer for more than 25 years has turned to Iron Mountain to improve processes related to records management and data retrieval while ensuring retention compliance. Our end-to-end solution includes document imaging and secure destruction under a five-year plan that will manage risk, drive efficiencies and enable our customer to deliver best-in-class service in answering inquiries. Our proven track-record and ability to deliver a comprehensive suite of services at-scale enabled us to secure this important work.
Turning to our data center business, industry demand for data center development remains incredibly strong. In 2024, we grew our data center revenue by 25% to a record $620 million. Also given the strong demand for our data centers, we added to our land portfolio and now have a total capacity of nearly 1.3 gigawatts when fully built-out. This is an increase of 420 megawatts year-over-year or a growth of almost 50%. As it relates to leasing, we had a very good year of activity in 2024, our third consecutive year where we leased more than 100 megawatts, including 10 megawatts in the 4th-quarter. Whilst we exceeded our original leasing projection of 100 megawatts with 116 megawatts, this was slightly below our updated view at midyear. Given the continued strength and build of our pipeline as we enter 2025 and beyond, we maintained our underwriting returns expectations and decided to pass-on a significant opportunity in the 4th-quarter.
For 2025, we expect another year of strong leasing activity with 125 megawatts projected. Our strong leasing activity shows that we are an attractive partner to customers looking for infrastructure that can support their very dense IT workloads associated with their AI-enabled services. I would also like to highlight the announcement today of our joint-venture with Ordu, the publicly-listed telecom and data center company, which serves Qatar as well as the region broadly. This JV furthers our existing footprint in the Middle-East by adding data center services to our portfolio.
The Middle-East is one of the fastest-growing data center markets globally. We will take a minority stake in the venture. The JV will serve their existing data center portfolio in Qatar, Kuwait, Tunisia as well as the expansion across multiple markets in the Middle-East region. Ordu was looking for a partner with global operating expertise in hyperscale data centers to assist with capitalizing on the significant market opportunity. This partnership is a testament to our operational strength and credibility within the data center market as well as our relationships with the top global hyperscalers.
Let me now turn to our asset lifecycle management business, which continues to represent a significant growth opportunity as we expand our capabilities and geographic footprint in this highly fragmented market. In 2024, ALM revenue increased 119% with nearly 30% organic growth. Growth. Regency Technologies had a very strong year and our recent acquisitions of WiseTech and APCD are also performing well. We recently secured a long-term agreement with a large global healthcare company to manage the life-cycle of their IT assets. We will provide IT services and workstation deployment for End-User devices as well as data center infrastructure decommissioning and remarketing services. The combination of our global footprint in logistics infrastructure, operational scalability and remarketing expertise enabled our team to deliver meaningful synergies to the customer.
We have also secured our first significant asset lifecycle management contract in Canada. This is with a large North American insurance company for whom we provide a range of records management and digital services. We are now providing its Canadian subsidiary with ALM services, including laptop standardization and end-user redeployment, helping to address inefficiencies in workstation -- workstation management across 60 locations and supporting process automation and other cost optimizations. Our track-record of delivery for this customer over many years helped secure this deal, has did our ability to offer a comprehensive, flexible and streamlined solution that includes automation and security best practices.
Staying with the ALM business, we are partnering with a US state government to deliver a fully managed hard drive destruction program across its agencies. This deal builds on the existing records management and digital services we provide to this customer, demonstrating we have the compliance and security credentials and the operational expertise and scale to deliver a comprehensive range of information management solutions for our customers. This is a good illustration of the kind of work we do for governments in general, including the US federal government. Given the recent interest in our federal business as well as the growth opportunity that we believe Dowge will offer us, let me provide a bit more background. We work for more than 200 agencies of the US federal government, both as a direct provider and subcontractor of services.
The physical storage of documents accounts for approximately $10 million in revenue. Correspondingly, this represents about a 0.5% of our total physical volume. We also generate $130 million in data center and digitization transformation services. We have been growing in both of these areas with the government over the last few years as we assist certain agencies with process automation and digitization. As the government continues to drive-to be more efficient, we see this as a continued opportunity for the company.
To conclude, I'm very proud of the strong results our dedicated mountaineers continue to deliver. At the core of our success is how our team meets the needs and of and serves our nearly 250,000 customers around the world each and every day. As we look to 2025 and beyond, we continue to have a tremendous opportunity ahead of us and still just scratching the surface of the $150 billion of the total addressable market for our services. We have a very strong and growing foundation and the momentum across each of our growth businesses is clear and tangible. As Barry will share in more detail, our guidance outlook represents another record year of double-digit revenue growth for Iron Mountain in 2025. With that, I'll turn the call over to Barry.
