Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13045
Entity Registrant Name	IRON MOUNTAIN INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2588479
Entity Address, Address Line One	85 New Hampshire Avenue
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Portsmouth
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03801
City Area Code	617
Local Phone Number	535-4766
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	IRM
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 29.8
Entity Common Stock, Shares Outstanding		295,835,206
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Certain information required in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K (the "Annual Report") is incorporated by reference from our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders (our "Proxy Statement") to be filed with the Securities and Exchange Commission (the "SEC") within 120 days after the close of the fiscal year ended December 31, 2025.
Entity Central Index Key	0001020569
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 158,535	$ 155,716
Accounts receivable (less allowances of $107,838 and $86,712 as of December 31, 2025 and 2024, respectively)	1,443,669	1,291,379
Prepaid expenses and other	332,779	244,127
Total Current Assets	1,934,983	1,691,222
Property, Plant and Equipment:
Property, plant and equipment	14,457,335	11,985,997
Less—Accumulated depreciation	(4,911,010)	(4,354,398)
Property, Plant and Equipment, Net	9,546,325	7,631,599
Other Assets, Net:
Goodwill	5,285,801	5,083,817
Customer and supplier relationships and other intangible assets	1,269,607	1,274,731
Operating lease right-of-use assets	2,465,196	2,489,893
Other	623,107	545,853
Total Other Assets, Net	9,643,711	9,394,294
Total Assets	21,125,019	18,717,115
Current Liabilities:
Current portion of long-term debt	216,074	715,109
Accounts payable	710,662	678,716
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)	1,290,669	1,366,568
Deferred revenue	402,091	326,882
Total Current Liabilities	2,619,496	3,087,275
Long-term Debt, net of current portion	16,215,885	13,003,977
Long-term Operating Lease Liabilities, net of current portion	2,300,448	2,334,826
Other Long-term Liabilities	450,083	312,199
Deferred Income Taxes	184,015	205,341
Commitments and Contingencies
Redeemable Noncontrolling Interests	64,423	78,171
Iron Mountain Incorporated Stockholders’ (Deficit) Equity:
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)	0	0
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 295,788,645 shares and 293,592,637 shares as of December 31, 2025 and 2024, respectively)	2,958	2,936
Additional paid-in capital	4,790,190	4,647,330
(Distributions in excess of earnings) Earnings in excess of distributions	(5,405,147)	(4,583,436)
Accumulated other comprehensive items, Net	(369,008)	(569,952)
Total Iron Mountain Incorporated Stockholders’ (Deficit) Equity	(981,007)	(503,122)
Noncontrolling Interests	271,676	198,448
Total (Deficit) Equity	(709,331)	(304,674)
Total Liabilities and (Deficit) Equity	$ 21,125,019	$ 18,717,115

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 107,838	$ 86,712
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	400,000,000	400,000,000
Common stock, issued shares (in shares)	295,788,645	293,592,637
Common stock, outstanding shares (in shares)	295,788,645	293,592,637

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total Revenues	$ 6,901,737	$ 6,149,909	$ 5,480,289
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	3,079,480	2,696,549	2,357,800
Selling, general and administrative	1,393,902	1,339,539	1,236,287
Depreciation and amortization	1,024,435	900,905	776,159
Acquisition and Integration Costs	19,545	35,842	25,875
Restructuring and other transformation	195,912	161,359	175,215
Loss (gain) on disposal/write-down of property, plant and equipment, net	24,641	6,196	(12,825)
Total Operating Expenses	5,737,915	5,140,390	4,558,511
Operating Income (Loss)	1,163,822	1,009,519	921,778
Interest Expense, Net (includes Interest Income of $17,127, $14,672 and $12,471 in 2025, 2024 and 2023, respectively)	829,335	721,559	585,932
Other Expense (Income), Net	123,299	43,422	108,640
Net Income (Loss) Before Provision (Benefit) for Income Taxes	211,188	244,538	227,206
Provision (Benefit) for Income Taxes	58,934	60,872	39,943
Net Income (Loss)	152,254	183,666	187,263
Less: Net income (loss) attributable to noncontrolling interests	7,663	3,510	3,029
Net Income (Loss) Attributable to Iron Mountain Incorporated	$ 144,591	$ 180,156	$ 184,234
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic (in dollars per share)	$ 0.49	$ 0.61	$ 0.63
Diluted (in dollars per share)	$ 0.49	$ 0.61	$ 0.63
Weighted average common shares outstanding-basic (in shares)	295,403	293,365	291,936
Weighted average common shares outstanding-diluted (in shares)	297,816	296,234	293,965
Storage rental
Revenues:
Total Revenues	$ 4,052,510	$ 3,682,259	$ 3,370,645
Service
Revenues:
Total Revenues	$ 2,849,227	$ 2,467,650	$ 2,109,644

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Interest income	$ 17,127	$ 14,672	$ 12,471

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 152,254	$ 183,666	$ 187,263
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustment	210,750	(195,368)	80,657
Change in fair value of derivative instruments	(7,518)	(1,767)	(2,454)
Reclassifications from Accumulated Other Comprehensive Items, net	(1,618)	(2,528)	(7,580)
Total Other Comprehensive Income (Loss)	201,614	(199,663)	70,623
Comprehensive Income (Loss)	353,868	(15,997)	257,886
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	8,333	2,643	2,805
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$ 345,535	$ (18,640)	$ 255,081

CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	(DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS	ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET	NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 636,793	$ 2,908	$ 4,468,035	$ (3,392,272)	$ (442,003)	$ 125
Balance (in shares) at Dec. 31, 2022		290,830,296
Increase (Decrease) in Stockholders' Equity
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation	65,045	$ 13	65,032
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares)		1,312,443
Changes in equity related to redeemable noncontrolling interests	970		970			0	$ (1,367)
Parent cash dividends declared	(745,770)			(745,770)
Other comprehensive income (loss)	70,847				70,847	0
Net income (loss)	184,234			184,234		0
Noncontrolling interests equity contributions and related costs	(346)		(346)			0
Redemption of noncontrolling Interests	0					0
Stockholders' equity, ending balance at Dec. 31, 2023	211,773	$ 2,921	4,533,691	(3,953,808)	(371,156)	125
Balance (in shares) at Dec. 31, 2023		292,142,739
Beginning of redeemable noncontrolling interests at Dec. 31, 2022							95,160
Increase (Decrease) in Temporary Equity [Roll Forward]
Other comprehensive income (loss)							(224)
Net income (loss)							3,029
Noncontrolling interests equity contributions and related costs							24,684
Noncontrolling interests dividends							(3,855)
Noncontrolling Interest, Decrease From Redemptions of Interests							60,520
Ending of redeemable noncontrolling interests at Dec. 31, 2023							177,947
Increase (Decrease) in Stockholders' Equity
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation	105,941	$ 15	105,926
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares)		1,449,898
Changes in equity related to redeemable noncontrolling interests	(9,529)		(62,940)			53,411	(105,470)
Parent cash dividends declared	(809,784)			(809,784)
Other comprehensive income (loss)	(198,796)				(198,796)	0
Net income (loss)	181,819			180,156		1,663
Noncontrolling interests equity contributions and related costs	213,910		70,653			143,257
Noncontrolling interests dividends	(8)					(8)
Stockholders' equity, ending balance at Dec. 31, 2024	$ (304,674)	$ 2,936	4,647,330	(4,583,436)	(569,952)	198,448
Balance (in shares) at Dec. 31, 2024	293,592,637	293,592,637
Increase (Decrease) in Temporary Equity [Roll Forward]
Other comprehensive income (loss)							(867)
Net income (loss)							1,847
Noncontrolling interests equity contributions and related costs							7,390
Noncontrolling interests dividends							(2,676)
Ending of redeemable noncontrolling interests at Dec. 31, 2024	$ 78,171						78,171
Increase (Decrease) in Stockholders' Equity
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation	114,618	$ 22	114,596
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares)		2,196,008
Changes in equity related to redeemable noncontrolling interests	10,708		10,708			0	(10,708)
Parent cash dividends declared	(966,302)			(966,302)
Other comprehensive income (loss)	200,944				200,944
Net income (loss)	153,519			144,591		8,928
Noncontrolling interests equity contributions and related costs	92,335		17,556			74,779
Noncontrolling interests dividends	(10,479)					(10,479)
Stockholders' equity, ending balance at Dec. 31, 2025	$ (709,331)	$ 2,958	$ 4,790,190	$ (5,405,147)	$ (369,008)	$ 271,676
Balance (in shares) at Dec. 31, 2025	295,788,645	295,788,645
Increase (Decrease) in Temporary Equity [Roll Forward]
Other comprehensive income (loss)							670
Net income (loss)							(1,265)
Noncontrolling interests equity contributions and related costs							0
Noncontrolling interests dividends							(2,445)
Ending of redeemable noncontrolling interests at Dec. 31, 2025	$ 64,423						$ 64,423

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ 152,254	$ 183,666	$ 187,263
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation	730,885	629,296	525,850
Amortization (includes amortization of deferred financing costs and discounts of $32,769, $25,580 and $16,859 in 2025, 2024 and 2023, respectively)	326,319	297,189	267,168
Revenue reduction associated with amortization of customer inducements and data center above- and below-market leases	6,151	5,347	7,036
Stock-based compensation expense	140,280	118,138	73,799
(Benefit) provision for deferred income taxes	(47,682)	(41,415)	(35,264)
Loss (gain) on disposal/write-down of property, plant and equipment, net	24,641	6,196	(12,825)
Loss (gain) associated with the remeasurement of deferred purchase obligations	19,680	29,498	0
Loss (gain) associated with the remeasurement to fair value of our previously held equity interest	0	0	38,000
Foreign currency transactions and other, net	48,018	41,191	103,134
(Increase) decrease in assets	(262,668)	(78,282)	(70,287)
Increase (decrease) in liabilities	202,121	5,884	29,693
Cash Flows from Operating Activities	1,339,999	1,196,708	1,113,567
Cash Flows from Investing Activities:
Capital expenditures	(2,271,628)	(1,791,564)	(1,339,223)
Cash paid for acquisitions, net of cash acquired	(101,625)	(178,414)	(41,849)
Acquisition of customer intangibles	(75,487)	(62,386)	(5,874)
Contract costs	(95,924)	(112,542)	(95,124)
Investments in joint ventures and other investments, net	(43,177)	(9,834)	(15,830)
Proceeds from sales of property and equipment and other, net	13,635	17,979	53,544
Cash Flows from Investing Activities	(2,574,206)	(2,136,761)	(1,444,356)
Cash Flows from Financing Activities:
Repayment of revolving credit facility, term loan facilities and other debt	(16,003,355)	(14,473,019)	(18,191,921)
Proceeds from revolving credit facility, term loan facilities and other debt	17,009,781	14,965,010	18,386,168
Net proceeds from sales of senior notes	1,390,651	1,188,000	990,000
Equity contributions from noncontrolling interests	93,347	230,814	24,684
Equity distribution to noncontrolling interests	(12,924)	(2,684)	(3,855)
Repurchase of noncontrolling interest	0	(35,203)	(400)
Parent cash dividends	(919,388)	(789,527)	(737,650)
Payment of deferred purchase obligations and other deferred payments	(240,680)	(158,775)	0
Net (payments) proceeds associated with employee stock-based awards	(36,806)	(12,197)	(8,754)
Other, net	(12,712)	(35,674)	(32,606)
Cash Flows from Financing Activities	1,267,914	876,745	425,666
Effect of Exchange Rates on Cash and Cash Equivalents	(30,888)	(3,765)	(13,885)
Increase (decrease) in Cash and Cash Equivalents	2,819	(67,073)	80,992
Cash and Cash Equivalents, Beginning of Year	155,716	222,789	141,797
Cash and Cash Equivalents, End of Year	158,535	155,716	222,789
Supplemental Information:
Cash Paid for Interest	824,591	770,688	512,446
Cash Paid for Income Taxes, Net	121,606	90,742	89,599
Non-Cash Investing and Financing Activities:
Financing Leases and Other	228,391	144,498	135,492
Accrued Capital Expenditures	281,175	341,752	234,315
Deferred Purchase Obligations and Other Deferred Payments	39,930	268,861	18,575
Dividends Payable	$ 269,563	$ 222,649	$ 202,392

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Deferred financing costs and discount included in amortization	$ 32,769	$ 25,580	$ 16,859

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	NATURE OF BUSINESS The accompanying financial statements represent the consolidated accounts of Iron Mountain Incorporated, a Delaware corporation ("IMI"), and its subsidiaries ("we" or "us"). IMI was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (“ALM”) needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations. We have been organized and have operated as a real estate investment trust for United States federal income tax purposes ("REIT") beginning with our taxable year ended December 31, 2014.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. PRINCIPLES OF CONSOLIDATION

The accompanying financial statements reflect our financial position, results of operations, comprehensive income (loss), (deficit) equity and cash flows on a consolidated basis. The accompanying financial statements include the results of those entities over which we have a controlling financial interest or of which we are deemed to be the primary beneficiary. All intercompany transactions and account balances have been eliminated.

B. USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates.

C. CHANGES IN PRESENTATION

Certain items previously reported under specific captions within Note 2.i. and Note 9 have been reclassified to conform to the current year presentation.

D. FOREIGN CURRENCY

Local currencies are the functional currencies for our operations outside the United States, with the exception of certain foreign holding companies, whose functional currency is the United States dollar. In those instances where the local currency is the functional currency, assets and liabilities are translated at period-end exchange rates, and revenues and expenses are translated at average exchange rates for the applicable period. See Note 2.r.

E. CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value.

F. ALLOWANCE FOR DOUBTFUL ACCOUNTS AND CREDIT MEMO RESERVES

We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. We evaluate and monitor the collectability of accounts receivable based on a combination of factors, including historical loss experience, assessments of trends in our aged receivables and credit memo activity, the location of our businesses, the composition of our customer base, our product and service lines, potential future macroeconomic factors, including natural disasters, and reasonable and supportable forecasts for expected future collectability of our outstanding receivables. Continued adjustments will be made, as it becomes evident, should there be any material change to reasonable and supportable forecasts that may impact our likelihood of collection. Our highly diverse global customer base, with no single customer accounting for more than approximately 3% of revenue during the years ended December 31, 2025, 2024 and 2023, limits our exposure to concentration of credit risk. Additionally, we write off uncollectible balances as circumstances warrant, generally no later than one year past due.

The rollforward of the allowance for doubtful accounts and credit memo reserves is as follows:


YEAR ENDED DECEMBER 31,	BALANCE AT BEGINNING OF THE YEAR		CREDIT MEMOS CHARGED TO REVENUE		ALLOWANCE FOR BAD DEBTS CHARGED TO EXPENSE		DEDUCTIONS AND OTHER(1)		BALANCE AT END OF THE YEAR
2025	$	86,712	$	98,594	$	56,675	$	(134,143)	$	107,838
2024	74,762		104,130		45,123		(137,303)		86,712
2023	54,143		92,881		32,692		(104,954)		74,762

(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.

G. CONCENTRATIONS OF CREDIT RISK

Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable. We had no significant concentrations of liquid investments as of December 31, 2025 and 2024. As per our risk management investment policy, we limit exposure to concentration of credit risk by limiting the amount invested in any one mutual fund to a maximum of 1% of the fund's total assets or in any one financial institution to a maximum of $75,000. See

H. PREPAID EXPENSES AND ACCRUED EXPENSES

Prepaid expenses totaled $145,257 and $131,615 as of December 31, 2025 and 2024, respectively and taxes receivable totaled $97,289 and $46,523 as of December 31, 2025 and 2024, respectively. There were no other items greater than 5% of Total Current Assets included within Prepaid expenses and other as of December 31, 2025 and 2024.

Accrued expenses and other current liabilities with items greater than 5% of total current liabilities are shown separately and consist of the following:


	DECEMBER 31,
DESCRIPTION	2025		2024
Current portion of operating lease liabilities	$	319,129	$	315,400
Accrued compensation and benefits	253,443		244,499
Dividends	269,563		222,649
Interest	216,717		164,336
Deferred purchase obligations, purchase price holdbacks and other	23,621		137,207
Other	208,196		282,477
Accrued expenses and other current liabilities	$	1,290,669	$	1,366,568

I. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years):


DESCRIPTION			RANGE
Buildings, building improvements and data center infrastructure			5 to 40
Leasehold improvements			5 to 20 or life of the lease (whichever is shorter)
Racking structures			1 to 20 or life of the lease (whichever is shorter)
Warehouse equipment/vehicles			1 to 10
Furniture and fixtures and computer hardware			1 to 10
Software			1 to 7

Property, plant and equipment (including financing leases in the respective categories), at cost, consist of the following:


	DECEMBER 31,
DESCRIPTION	2025		2024
Land	$	724,386	$	670,529
Buildings, building improvements and data center infrastructure	6,461,346		4,768,835
Leasehold improvements	1,665,589		1,536,919
Racking structures	2,057,544		1,978,923
Warehouse equipment/vehicles	760,256		644,340
Furniture and fixtures and computer hardware	387,754		331,856
Software	569,987		465,689
Construction in progress	1,830,473		1,588,906
Property, plant and equipment	$	14,457,335	$	11,985,997

Minor maintenance costs are expensed as incurred. Major improvements which (i) extend the life, (ii) increase the capacity or functionality or (iii) improve the safety or the efficiency of property owned are capitalized and depreciated. Major improvements to buildings under operating leases are capitalized as leasehold improvements and depreciated. Major improvements to buildings under financing leases are capitalized as building improvements and depreciated.

CAPITALIZED INTEREST

We capitalize interest expense during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. During the years ended December 31, 2025, 2024 and 2023, capitalized interest is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Capitalized interest	$	78,367	$	63,333	$	44,845

INTERNAL USE SOFTWARE

We develop various software applications for internal use. Computer software costs associated with internal use software are expensed as incurred until certain capitalization criteria are met. Third party consulting costs, as well as payroll and related costs for employees directly associated with, and devoting time to, the development of internal use computer software projects (to the extent time is spent directly on the project) are capitalized. Capitalization of costs, including costs incurred for upgrades and enhancements that provide additional functionality to our existing software, generally begins during the application development stage of the project, which occurs after it is probable that the project will be completed and used to perform the function intended. Capitalization ends when the asset is ready for its intended use. Capitalized internal use software costs are depreciated on a straight-line basis over the expected useful life of the software, commencing when the software is ready for its intended use. Computer software costs that are capitalized are periodically evaluated for impairment.

During the years ended December 31, 2025, 2024 and 2023, capitalized costs associated with the development of internal use computer software projects are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Capitalized costs associated with the development of internal use computer software projects	$	76,104	$	69,055	$	64,488

ASSET RETIREMENT OBLIGATIONS

Entities are required to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. Asset retirement obligations represent the costs to replace or remove tangible long-lived assets required by law, regulatory rule or contractual agreement. Our asset retirement obligations are primarily the result of requirements under our facility lease agreements which generally have "return to original condition" clauses which would require us to remove or restore items such as shred pits, vaults, demising walls and office build-outs, among others. The significant assumptions used in estimating our aggregate asset retirement obligations are the timing of removals, the probability of a requirement to perform, estimated cost and associated expected inflation rates that are consistent with historical rates and credit-adjusted risk-free rates that approximate our incremental borrowing rate. Our asset retirement obligations at December 31, 2025 and 2024 were $62,972 and $43,844, respectively, and are included in Other Long-term Liabilities in our Consolidated Balance Sheets.

J. LEASES

We lease facilities for certain warehouses, data centers and office spaces. We also have land leases, including those on which certain facilities are located. The majority of our leased facilities are classified as operating leases that, on average, have initial lease terms of five to 10 years, with one or more lease renewal options to extend the lease term. Our lease renewal option terms generally range from one to five years. The exercise of the lease renewal option is generally at our sole discretion and may contain fixed rent, fair market value based rent or Consumer Price Index rent escalation clauses. We include option periods in the lease term when our failure to renew the lease would result in an economic disincentive, thereby making it reasonably certain that we will renew the lease. We recognize straight line rental expense over the life of the lease and any fair market value or Consumer Price Index rent escalations are recognized as variable lease expense in the period in which the obligation is incurred. In addition, we lease certain vehicles and equipment. Vehicle and equipment leases typically have lease terms ranging from one to seven years.

We account for all leases, both operating and financing, in accordance with Accounting Standards Codification ("ASC") Topic 842, Leases ("ASC 842"). Our accounting policy provides that leases with an initial term of 12 months or less will not be included within the lease right-of-use assets and lease liabilities recognized on our Consolidated Balance Sheets. We recognize the lease payments for those leases with an initial term of 12 months or less in our Consolidated Statements of Operations on a straight-line basis over the lease term.

The lease right-of-use assets and related lease liabilities are classified as either operating or financing. Lease right-of-use assets are calculated as the net present value of future payments plus any capitalized initial direct costs less any tenant improvements or lease incentives. Lease liabilities are calculated as the net present value of future payments. In calculating the present value of the lease payments, we utilize the rate stated in the lease (in the limited circumstances when such rate is explicitly stated) or, if no rate is explicitly stated, we utilize a rate that reflects our securitized incremental borrowing rate by geography for the lease term. We account for nonlease components (which include common area maintenance, taxes, and insurance) with the related lease component. Any variable nonlease components are not included within the lease right-of-use asset and lease liability on our Consolidated Balance Sheets, and instead, are reflected as an expense in the period incurred.

Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2025 and 2024 are as follows:


	DECEMBER 31,
DESCRIPTION	2025		2024
Assets:
Operating lease right-of-use assets(1)	$	2,465,196	$	2,489,893
Financing lease right-of-use assets, net of accumulated depreciation(2)(3)	470,803		359,265
Liabilities:
Current
Operating lease liabilities	$	319,129	$	315,400
Financing lease liabilities(3)	56,287		128,397
Long-term
Operating lease liabilities	$	2,300,448	$	2,334,826
Financing lease liabilities(3)	470,912		278,444

(1)At December 31, 2025 and 2024, these assets are comprised of approximately 98% real estate related assets (which include land, buildings, data center infrastructure and racking structures) and 2% non-real estate related assets (which include warehouse equipment, vehicles, furniture and fixtures and computer hardware and software).

(2)At December 31, 2025, these assets are comprised of approximately 56% real estate related assets and 44% non-real estate related assets. At December 31, 2024, these assets are comprised of approximately 58% real estate related assets and 42% non-real estate related assets.

(3)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Consolidated Balance Sheets.

The components of the lease expense for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
DESCRIPTION	2025		2024		2023
Operating lease cost(1)	$	708,220	$	682,960	$	660,889
Financing lease cost:
Depreciation of financing lease right-of-use assets	$	63,234	$	50,548	$	42,089
Interest expense for financing lease liabilities	27,602		21,949		18,638

(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $186,110, $163,916 and $142,154 for the years ended December 31, 2025, 2024 and 2023, respectively.

Weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 are as follows:


	DECEMBER 31, 2025				DECEMBER 31, 2024
	OPERATING LEASES		FINANCING LEASES		OPERATING LEASES		FINANCING LEASES
Remaining Lease Term	9.7 years		9.7 years		9.9 years		7.8 years
Discount Rate	6.9	%	6.4	%	6.8	%	6.3	%

The estimated minimum future lease payments (receipts) as of December 31, 2025 are as follows:


YEAR	OPERATING LEASES(1)		SUBLEASE INCOME		FINANCING LEASES(1)
2026	$	506,526	$	(3,929)	$	84,725
2027	473,605		(3,481)		74,103
2028	419,147		(2,586)		109,804
2029	371,756		(1,663)		60,671
2030	320,583		(840)		134,421
Thereafter	1,602,141		(240)		204,290
Total minimum lease payments (receipts)	3,693,758		$	(12,739)	668,014
Less amounts representing interest or imputed interest	1,074,181				140,815
Present value of lease obligations	$	2,619,577			$	527,199

(1)Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes.

Other information: Supplemental cash flow information relating to our leases for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:	2025		2024		2023
Operating cash flows used in operating leases	$	500,216	$	473,474	$	450,412
Operating cash flows used in financing leases (interest)	27,602		21,949		18,638
Financing cash flows used in financing leases	57,078		54,366		52,284
NON-CASH ITEMS:
Operating lease modifications and reassessments	$	7,983	$	29,345	$	86,948
New operating leases (including acquisitions and sale-leaseback transactions)	247,042		118,813		306,479

K. LONG-LIVED ASSETS

We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the sum of the forecasted undiscounted net cash flows of the operation to which the assets relate to their carrying amount. The operations are generally distinguished by the business segment and geographic region in which they operate. If it is determined that we are unable to recover the carrying amount of the assets, the long-lived assets are written down, on a pro rata basis, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. Long-lived assets, including finite-lived intangible assets, are amortized over their useful lives. Annually, or more frequently if events or circumstances warrant, we assess whether a change in the lives over which long-lived assets, including finite-lived intangible assets, are amortized is necessary.

Loss (gain) on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Loss (gain) on disposal/write-down of property, plant and equipment, net	$	24,641	$	6,196	$	(12,825)
Primarily consists of(1):	•Losses related to the disposal of assets associated with facility consolidations.		•Losses related to the disposal of assets associated with facility consolidations.		•Gains associated with sale and sale-leaseback transactions of approximately $19,500, of which approximately $18,500 relates to a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023. These gains are partially offset by losses related to the disposal of assets associated with facility consolidations.

(1) The gain recognized during the year ended December 31, 2023 is the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in

L. GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS

Goodwill and intangible assets with indefinite lives are not amortized but are reviewed annually for impairment, or more frequently if impairment indicators arise. Other than goodwill, we currently have no intangible assets that have indefinite lives and which are not amortized.

We test goodwill annually on October 1, and more frequently if impairment indicators arise that would require an interim test. We have performed our annual goodwill impairment review as of October 1, 2025, 2024 and 2023. We concluded that as of October 1, 2025, 2024 and 2023, goodwill was not impaired.

REPORTING UNITS AS OF OCTOBER 1, 2025 and 2024

Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2025 and 2024 were as follows:



•North America Records and Information Management ("North America RIM") •Europe Records and Information Management ("Europe RIM") •Latin America Records and Information Management ("Latin America RIM") •Asia Pacific Records and Information Management ("APAC RIM")			•Media and Archive Services •Global Data Center •Fine Arts •ALM

There were no changes to the composition of our reporting units between October 1, 2024 and December 31, 2024 and October 1, 2025 and December 31, 2025.

GOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2025 and 2024

The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2025 and 2024 is as follows:


SEGMENT	REPORTING UNIT	CARRYING VALUE AS OF DECEMBER 31,
		2025		2024
Global RIM Business	North America RIM	$	2,686,929	$	2,675,999
	Europe RIM	600,897		542,521
	Latin America RIM	112,870		99,599
	APAC RIM	539,522		467,059
	Media and Archive Services	33,188		31,696
Global Data Center Business	Global Data Center	482,864		469,461
Corporate and Other	Fine Arts	49,197		47,925
	ALM	780,334		749,557
Total		$	5,285,801	$	5,083,817

The fair value of our reporting units has generally been determined using a combined approach based on the present value of future cash flows (the "Discounted Cash Flow Model") and market multiples (the "Market Approach").



The Discounted Cash Flow Model incorporates significant assumptions including future revenue growth rates, operating margins, discount rates and capital expenditures.			The Market Approach requires us to make assumptions related to Adjusted EBITDA (as defined in Note 10) multiples.

Changes in economic and operating conditions impacting these assumptions or changes in multiples could result in goodwill impairments in future periods. In conjunction with our annual goodwill impairment reviews, we reconcile the sum of the valuations of all of our reporting units to our market capitalization as of such dates.

The changes in the carrying value of goodwill attributable to each reportable segment for the years ended December 31, 2025 and 2024 are as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		CORPORATE AND OTHER		TOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization, as of December 31, 2023	$	3,911,945	$	478,930	$	627,037	$	5,017,912
Tax deductible goodwill acquired during the year	—		—		132,891		132,891
Non-tax deductible goodwill acquired during the year	—		—		39,646		39,646

Fair value and other adjustments	372		(186)		(186)		—
Currency effects	(95,443)		(9,283)		(1,906)		(106,632)
Goodwill balance, net of accumulated amortization, as of December 31, 2024	3,816,874		469,461		797,482		5,083,817
Tax deductible goodwill acquired during the year	—		—		17,620		17,620
Non-tax deductible goodwill acquired during the year	46,752		—		12,177		58,929
Fair value and other adjustments	1,100		—		(1,464)		(364)
Currency effects	108,680		13,403		3,716		125,799
Goodwill balance, net of accumulated amortization, as of December 31, 2025	$	3,973,406	$	482,864	$	829,531	$	5,285,801
Accumulated Goodwill Impairment Balance as of December 31, 2024	$	132,409	$	—	$	26,011	$	158,420
Accumulated Goodwill Impairment Balance as of December 31, 2025	$	132,409	$	—	$	26,011	$	158,420

M. FINITE-LIVED INTANGIBLE ASSETS AND LIABILITIES

I. CUSTOMER AND SUPPLIER RELATIONSHIP INTANGIBLE ASSETS

Customer and supplier relationship intangible assets, which are acquired through either business combinations or acquisitions of customer relationships, are generally amortized over periods ranging from 10 to 30 years. Customer and supplier relationship intangible assets are recorded based upon estimates of their fair value.

II. CUSTOMER INDUCEMENTS

Payments that are made to a customer in order to terminate the customer’s storage of records with its current records management vendor ("Permanent Withdrawal Fees"), or direct payments to a customer for which no distinct benefit is received in return, are collectively referred to as "Customer Inducements". Customer Inducements are treated as a reduction of the transaction price over the associated contract terms, which range from one to 10 years, and are included in storage and service revenue in the accompanying Consolidated Statements of Operations. If the customer terminates its relationship with us, the unamortized carrying value of the Customer Inducement intangible asset is charged to revenue. However, in the event of such termination, we generally collect, and record as revenue, Permanent Withdrawal Fees that generally equal or exceed the amount of the unamortized Customer Inducement intangible asset.

III. DATA CENTER INTANGIBLE ASSETS AND LIABILITIES

Finite-lived intangible assets associated with our Global Data Center Business consist of the following:

DATA CENTER IN-PLACE LEASE INTANGIBLE ASSETS AND DATA CENTER TENANT RELATIONSHIP INTANGIBLE ASSETS

Data center in-place lease intangible assets ("Data Center In-Place Leases") and data center tenant relationship intangible assets ("Data Center Tenant Relationships") reflect the value associated with acquiring a data center operation with active tenants as of the date of acquisition. The value of Data Center In-Place Leases is determined based upon an estimate of the economic costs (such as lost revenues, tenant improvement costs, commissions, legal expenses and other costs to acquire new data center leases) avoided by acquiring a data center operation with active tenants. Data Center In-Place Leases are amortized over the weighted average remaining term of the acquired data center leases determined at the time of acquisition and range from five to 10 years. The value of Data Center Tenant Relationships is determined based upon an estimate of the economic costs avoided upon lease renewal of the acquired tenants, based upon expectations of lease renewal. Data Center Tenant Relationships are amortized over the weighted average remaining anticipated life of the relationship with the acquired tenant determined at the time of acquisition and range from six to 13 years.

DATA CENTER ABOVE-MARKET AND BELOW-MARKET IN-PLACE LEASE INTANGIBLE ASSETS

Data center above-market in-place lease intangible assets ("Data Center Above-Market Leases") and data center below-market in-place lease intangible assets ("Data Center Below-Market Leases") are recorded at the net present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of the fair market lease rates for each corresponding in-place lease. Data Center Above-Market Leases and Data Center Below-Market Leases are amortized over the remaining non-cancellable term of the acquired in-place lease to storage revenue and range from 10 to 11 years.

The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2025 and 2024, respectively, are as follows:


	DECEMBER 31, 2025						DECEMBER 31, 2024
DESCRIPTION	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT
Assets:
Customer and supplier relationship intangible assets(1)	$	2,429,156	$	(1,194,940)	$	1,234,216	$	2,268,949	$	(1,035,846)	$	1,233,103
Customer inducements(1)	40,457		(22,330)		18,127		38,782		(19,706)		19,076
Data center lease-based intangible assets(1)(2)	67,513		(50,249)		17,264		138,714		(116,162)		22,552
Third-party commissions asset and other(3)	93,174		(66,735)		26,439		86,314		(51,508)		34,806

Liabilities:
Data center below-market leases(4)	$	10,774	$	(8,380)	$	2,394	$	10,819	$	(7,275)	$	3,544

(1)Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets.

(2)Data center lease-based intangible assets includes Data Center In-Place Leases, Data Center Tenant Relationships and Data Center Above-Market Leases.

(3)Included in Other (within Other Assets, Net) in the accompanying Consolidated Balance Sheets.

(4)Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets.

Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of Customer Inducements and net revenue reduction associated with the amortization of Data Center Above-Market Leases and Data Center Below-Market Leases for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Amortization expense included in depreciation and amortization associated with:
Customer and supplier relationship intangible assets	$	163,550	$	155,872	$	153,128
Data center in-place leases and tenant relationships	7,395		22,304		22,322

Third-party commissions asset and other	16,671		16,478		12,541
Revenue reduction associated with amortization of:
Customer inducements and data center above-market and below-market leases	$	6,151	$	5,347	$	7,036

Estimated amortization expense for existing finite-lived intangible assets (excluding Contract Costs, as defined in Note 2.s.) is as follows:


	ESTIMATED AMORTIZATION
YEAR	INCLUDED IN DEPRECIATION AND AMORTIZATION		REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS AND DATA CENTER ABOVE-MARKET AND BELOW-MARKET LEASES
2026	$	177,956	$	5,614
2027	153,087		3,510
2028	140,905		1,990
2029	123,727		1,716
2030	113,809		1,100
Thereafter	568,365		1,873

N. DEFERRED FINANCING COSTS

Deferred financing costs are amortized over the life of the related debt. If debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired and included as a component of Other expense (income), net. See Note 6.

O. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments are measured at fair value and are recorded as either assets or liabilities in our Consolidated Balance Sheets. Periodically, we acquire derivative instruments that are intended to hedge either cash flows or values that are subject to foreign exchange or other market price risk and not for trading purposes. We have formally documented our hedging relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking each hedge transaction concurrently with the execution of the derivative instrument. Given the recurring nature of our revenues and the long-term nature of our asset base, we have the ability and the preference to use long-term, fixed interest rate debt to finance our business, thereby preserving our long-term returns on invested capital. We may use interest rate swaps as a tool to maintain our targeted level of fixed rate debt. In addition, we may enter into cross-currency swaps to hedge the variability of exchange rates between the United States dollar and the currencies of our foreign subsidiaries, as well as interest rates. We may also use borrowings in foreign currencies, either obtained in the United States or by our foreign subsidiaries, to hedge foreign currency risk associated with our international investments. Gains and losses realized as a result of the maturing or termination of our interest rate swaps and cross-currency swaps are reflected as operating cash flows within our Consolidated Statements of Cash Flows. As of December 31, 2025 and 2024, none of our derivative instruments contained credit-risk related contingent features. See Note 5.

P. FAIR VALUE MEASUREMENTS

Entities are permitted under GAAP to elect to measure certain financial instruments and certain other items at either fair value or cost. We have elected the cost measurement option in all circumstances where we had an option.

Our financial assets or liabilities that are carried at fair value are required to be measured using inputs from the three levels of the fair value hierarchy. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3—Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

The assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 and 2024, respectively, are as follows:


			FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2025 USING
DESCRIPTION	TOTAL CARRYING VALUE AT DECEMBER 31, 2025		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)			SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)			SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)(6)
Money Market Funds(1)	$	7,149	$	—		$	7,149		$	—
Time Deposits(1)	3,430		—			3,430			—
Trading Securities	8,220		6,400		(2)	1,820		(3)	—

Derivative Liabilities(4)	71,869		—			71,869			—
Deferred Purchase Obligations(5)	134,142		—			—			134,142


			FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024 USING
DESCRIPTION	TOTAL CARRYING VALUE AT DECEMBER 31, 2024		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)			SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)			SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)(6)
Money Market Funds(1)	$	2,488	$	—		$	2,488		$	—
Time Deposits(1)	9,612		—			9,612			—
Trading Securities	8,144		6,390		(2)	1,754		(3)	—
Derivative Assets(4)	28,092		—			28,092			—
Derivative Liabilities(4)	5,326		—			5,326			—
Deferred Purchase Obligations(5)	147,055		—			—			147,055

(1)Money market funds and time deposits are measured based on quoted prices for similar assets and/or subsequent transactions.

(2)Certain trading securities are measured at fair value using quoted market prices.

(3)Certain trading securities are measured based on inputs other than quoted market prices that are observable.

(4)Derivative assets and liabilities include (i) interest rate swap agreements, and (ii) cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. Our derivative financial instruments are measured using industry standard valuation models using market-based observable inputs, including interest rate curves, forward and spot prices for currencies and implied volatilities. See Note 5 for additional information on our derivative financial instruments.

(5)The balance as of December 31, 2025 primarily relates to the fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3). The balance as of December 31, 2024 primarily relates to the fair values of the deferred purchase obligations associated with the Regency Transaction and the ITRenew Transaction (as defined below).

(6)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2023 through December 31, 2025:



Balance as of December 31, 2023	$	208,265
Additions	63,700
Payments	(158,775)
Other changes	33,865
Balance as of December 31, 2024	$	147,055
Additions	16,626
Payments	(49,678)
Other changes	20,139
Balance as of December 31, 2025	$	134,142

The level 3 valuations of the deferred purchase obligations were determined utilizing either a Monte-Carlo simulation model or a discounted cash flow model and take into account our forecasted projections as they relate to the underlying performance of the respective businesses. On January 25, 2022, in order to expand our ALM operations, we acquired an approximately 80% interest in ITRenew (the "ITRenew Transaction"). The Monte-Carlo simulation model applied in assessing the fair value of the deferred purchase obligation associated with the ITRenew Transaction incorporates assumptions as to expected gross profits over the achievement period, including adjustments for the volatility of timing and amount of the associated revenue and costs, as well as discount rates that account for the risk of the arrangement and overall market risks. The discounted cash flow model applied in assessing the fair value of the deferred purchase obligation associated with the Regency Transaction incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the related deferred purchase obligation.

There were no material items that were measured at fair value on a non-recurring basis for the years ended December 31, 2025 and 2024 other than (i) the reporting units as presented in our goodwill impairment analysis (as disclosed in Note 2.l.); (ii) assets acquired and liabilities assumed through our acquisitions; (iii) the redemption value of recently acquired noncontrolling interests; and (iv) contributions to our equity method investments, all of which are based on Level 3 inputs.

The fair value of our long-term debt, which was determined based on Level 2 and Level 3 inputs, is disclosed in Note 6. Long-term debt is measured at cost in our Consolidated Balance Sheets as of December 31, 2025 and 2024.

Q. NONCONTROLLING INTERESTS

Unaffiliated third parties own noncontrolling interests in certain of our consolidated subsidiaries. The classification of these ownership interests are evaluated under ASC 810, Consolidation and ASC 480, Distinguishing Liabilities from Equity. Ownership interests are classified as equity unless the underlying agreements contain provisions requiring classification as a liability or temporary equity. Noncontrolling interests are presented as a separate component of Iron Mountain Incorporated Stockholders’ (Deficit) Equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of (Deficit) Equity.

Certain agreements with our noncontrolling interest shareholders contain put options which allow the noncontrolling interest shareholders to require us to purchase their respective interests in such subsidiaries at certain times and at purchase prices as stipulated in the underlying agreements (generally at fair value). These ownership interests, otherwise known as redeemable noncontrolling interests, are classified as temporary equity in our Consolidated Balance Sheets and Consolidated Statements of (Deficit) Equity. Redeemable noncontrolling interests are reported as temporary equity at the greater of their redemption value or the noncontrolling interest holders’ proportionate share of the underlying subsidiary’s net carrying value. Increases or decreases in the redemption value are offset against Additional Paid-in Capital. Changes in ownership interests that do not result in a loss of control are accounted for as equity transactions. If control is lost, the subsidiary’s assets, liabilities and noncontrolling interests are derecognized, and any resulting gain or loss is recorded in earnings.

The amount of consolidated net income attributable to noncontrolling interests, including redeemable noncontrolling interests, are presented in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss).

When ownership interests are determined to be mandatorily redeemable, they are classified as liabilities and included as a component of Accrued expenses and other current liabilities or Other long-term liabilities on our Consolidated Balance Sheets, depending on the timing of the obligation.

R. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET

The changes in Accumulated other comprehensive items, net for the years ended December 31, 2025, 2024 and 2023 are as follows:


	FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS		CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS		TOTAL
Balance as of December 31, 2022	$	(454,509)	$	12,506	$	(442,003)
Other comprehensive income (loss):
Foreign currency translation and other adjustments	80,881		—		80,881
Change in fair value of derivative instruments	—		(2,454)		(2,454)
Reclassifications from Accumulated Other Comprehensive Items, net	—		(7,580)		(7,580)
Total other comprehensive income (loss)	80,881		(10,034)		70,847
Balance as of December 31, 2023	(373,628)		2,472		(371,156)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments	(194,501)		—		(194,501)
Change in fair value of derivative instruments	—		(1,767)		(1,767)
Reclassifications from Accumulated Other Comprehensive Items, net	—		(2,528)		(2,528)
Total other comprehensive (loss) income	(194,501)		(4,295)		(198,796)
Balance as of December 31, 2024	(568,129)		(1,823)		(569,952)
Other comprehensive income (loss):
Foreign currency translation and other adjustments	210,080		—		210,080
Change in fair value of derivative instruments	—		(7,518)		(7,518)
Reclassifications from Accumulated Other Comprehensive Items, net	—		(1,618)		(1,618)
Total other comprehensive income (loss)	210,080		(9,136)		200,944
Balance as of December 31, 2025	$	(358,049)	$	(10,959)	$	(369,008)

S. REVENUES

Our revenues consist of storage rental revenues and service revenues and are reflected net of sales and value-added taxes. Storage rental revenues, which are considered a key driver of financial performance for the storage and information management services industry, consist primarily of recurring periodic rental charges related to the storage of materials or data (generally on a per unit basis) that are typically retained by customers for many years and of revenues associated with our data center operations. Service revenues include charges for related service activities, the most significant of which include: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records, customer termination and permanent withdrawal fees, project revenues and courier operations consisting primarily of the pickup and delivery of records upon customer request; (2) secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to period; (3) the decommissioning, data erasure, processing and disposition, and recycling or sale of information technology ("IT") hardware and component assets; and (4) digital solutions, including the scanning, imaging and document conversion services of active and inactive records, consulting services and the sale of software as a service, including our Digital Experience Platform.

The majority of our revenue is recognized in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). Storage revenue for our Global Data Center Business is recognized in accordance with ASC Topic 842, Leases. For revenue recognized in accordance with ASC 606, customers are generally billed monthly based on contractually agreed-upon terms, and storage rental and service revenues are recognized in the month the respective storage rental or service is provided, in line with the transfer of control to the customer. When storage rental fees or services are billed in advance, amounts related to future storage rental or prepaid service contracts are accounted for as deferred revenue and recognized upon the transfer of control to the customer. Customer contracts generally include promises to provide monthly recurring storage and related services that are essentially the same over time and have the same pattern of transfer of control to the customer; therefore, most performance obligations represent a promise to deliver a series of distinct services over time (as determined for purposes of ASC 606, a "series"). For those contracts that qualify as a series, we apply the "right to invoice" practical expedient as we have a right to consideration from the customer in an amount that corresponds directly with the value of the underlying performance obligation transferred to the customer to date. Additionally, each purchasing decision is fully in the control of the customer; therefore, consideration beyond the current reporting period is variable and allocated to the specific period to which the consideration relates, which is consistent with the practical expedient. Revenue from product sales, the majority of which is IT asset sales, is recognized at the point in time at which control transfers to the customer, which is generally upon shipment.

Our Global Data Center Business features storage rental provided to the customer at contractually specified rates over a fixed contractual period. The revenue related to the storage component of our Global Data Center Business is recognized on a straight-line basis over the contract term in accordance with ASC 842. The revenue related to the service component of our Global Data Center Business that is not part of the combined single lease component is recognized in the period the related services are provided.

From time to time, we make payments to entities that are also customers under a revenue contract. These payments are primarily comprised of (i) Customer Inducements and (ii) payments to customers of our ALM business under revenue sharing arrangements for the remarketing of the customer's disposed IT assets. Customer Inducements do not represent payments for a distinct service, and, as such, are treated as a reduction of the transaction price and are amortized over the term of the contracts, which range from one to 10 years. Payments for disposed IT assets are for a distinct good and, as such, are expensed as cost of sales in the period when the asset is sold and the corresponding revenue is recognized.

Certain costs to fulfill or obtain customer contracts and certain initial direct costs of obtaining leases, including the costs associated with the initial movement of customer records into physical storage and certain commission expenses, are collectively referred to as "Contract Costs". The following describes our significant Contract Costs:

INTAKE COSTS (AND ASSOCIATED DEFERRED REVENUE)

The costs of the initial intake of customer records into physical storage ("Intake Costs"), are deferred and amortized as a component of depreciation and amortization in our Consolidated Statements of Operations generally over three years, consistent with the transfer of the performance obligation to the customer to which the asset relates. In instances where such Intake Costs are billed to the customer, the associated revenue is deferred and recognized over the same three-year period.

COMMISSIONS

Certain commission payments that are directly associated with obtaining long-term contracts are capitalized and amortized as a component of depreciation and amortization in our Consolidated Statements of Operations generally over three years, consistent with the transfer of the performance obligation to the customer to which the asset relates or the lease term. We also apply the practical expedient to expense certain commission payments as incurred when the amortization period for those commission payments is one year or less.

Contract Costs, which are included as a component of Other within Other Assets, Net as of December 31, 2025 and 2024 are as follows:


	DECEMBER 31, 2025						DECEMBER 31, 2024
DESCRIPTION	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT
Intake Costs and other fulfillment costs asset	$	111,923	$	(60,999)	$	50,924	$	89,057	$	(43,783)	$	45,274
Commissions asset	243,966		(110,365)		133,601		200,149		(78,955)		121,194

Amortization expense associated with the Intake Costs and other fulfillment costs asset and Commissions assets for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
DESCRIPTION	2025		2024		2023
Intake Costs and other fulfillment costs asset	$	33,474	$	22,114	$	18,904
Commissions asset	72,460		54,841		43,413

Estimated amortization expense for Contract Costs is as follows:


YEAR	ESTIMATED AMORTIZATION
2026	$	104,963
2027	45,485
2028	15,375
2029	3,185
2030	2,666
Thereafter	12,851

Deferred revenue liabilities, which also includes deferred revenue accounted for under ASC 842 (as described below), are reflected as follows in our Consolidated Balance Sheets:


		DECEMBER 31,
DESCRIPTION	LOCATION IN BALANCE SHEET	2025		2024(1)
Deferred revenue - Current(2)	Deferred revenue	$	402,091	$	326,882
Deferred revenue - Long-term(3)	Other Long-term Liabilities	165,804		110,601

(1)The beginning balance of current and long-term deferred revenue for the year ended December 31, 2024 was $325,665 and $100,770, respectively.

(2)The current deferred revenue accounted for under ASC 842 is approximately $41,600 and $25,500 as of December 31, 2025 and 2024, respectively. Approximately half of this revenue is expected to be recognized over the next month, with the remainder expected to be recognized over the next two to 12 months.

(3)The long-term deferred revenue accounted for under ASC 842 is approximately $141,100 and $95,000 as of December 31, 2025 and 2024, respectively.

In addition to our deferred revenue, we have remaining performance obligations related to certain customer contracts that have annual or monthly fixed fees with noncancelable terms. As of December 31, 2025, approximately $269,000 of remaining performance obligations are expected to be recognized as revenue over periods generally ranging from one to five years, with approximately 25% expected to be recognized within the next 12 months. As permitted under ASC 606, we do not disclose the value of remaining performance obligations for contracts as we have applied the "right to invoice" practical expedient, as described above.

DATA CENTER LESSOR CONSIDERATIONS

Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period. Our data center revenue contracts are accounted for in accordance with ASC 842. ASC 842 provides a practical expedient which allows lessors to account for nonlease components with the related lease component if both the timing and pattern of transfer are the same for nonlease components and the lease component, and the lease component, if accounted for separately, would be classified as an operating lease. The single combined component is accounted for under ASC 842 if the lease component is the predominant component. We have elected to take this practical expedient. The single combined component is presented as part of our storage rental revenue.

Storage rental revenue associated with our Global Data Center Business for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Storage rental revenue(1)	$	797,017	$	606,294	$	474,066

(1)Revenue associated with variable lease payments, primarily related to power and connectivity, included within storage rental revenue was approximately $172,000, $131,000 and $111,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

The future minimum lease payments we expect to receive under non-cancellable data center operating leases for which we are the lessor, excluding month to month leases, for the next five years and thereafter are as follows:


YEAR	FUTURE MINIMUM LEASE PAYMENTS(1)
2026	$	628,775
2027	627,803
2028	585,750
2029	570,311
2030	541,514
Thereafter	3,398,163

(1)Future minimum lease payments we expect to receive exclude payments for contingent and variable costs such as taxes, insurance, common area maintenance and power and connectivity, which are included in our total storage revenue. These amounts also exclude approximately $3,317,000 in total expected future minimum lease payments for non-cancellable leases that have not yet commenced, which we expect to receive over a weighted average period of 16 years.

T. STOCK-BASED COMPENSATION

We record stock-based compensation expense, utilizing the straight-line method, for the cost of stock options, restricted stock units ("RSUs"), and performance units ("PUs") (together, "Employee Stock-Based Awards"). Forfeitures are recorded in the period during which they occur. Our non-employee directors are considered employees for purposes of our Employee Stock-Based Awards and the associated reporting of these awards.

Our equity compensation plans generally provide that, upon a vesting change in control (as defined in each plan), any unvested options and other awards granted thereunder shall vest immediately if an employee is terminated as a result of the change in control or terminates their own employment for good reason (as defined in each plan). Other than in specified circumstances, no equity-based award will vest before the first anniversary of the date of grant.

On January 20, 2015, our stockholders approved the adoption of the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, as amended (the "2014 Plan"). On May 29, 2025, our stockholders approved an amendment to the 2014 Plan, which (i) increases the number of shares of common stock authorized for issuance under the 2014 Plan by 4,600,000, from 20,750,000 to 25,350,000, and (ii) extends the termination date of the 2014 Plan from May 12, 2031 to May 29, 2035.

A total of 25,350,000 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans, including the 2014 Plan. The number of shares available for grant under our various stock incentive plans at December 31, 2025 was 7,617,011.

RETIREMENT ELIGIBLE CRITERIA

Our Employee Stock-Based Awards include the following retirement provision:

•Upon an employee’s retirement on or after attaining age 55 with at least five years of service, if the sum of (i) the award recipient’s age at retirement and (ii) the award recipient’s years of service with us totals at least 65, the award recipient is entitled to continued vesting of any outstanding Employee Stock-Based Awards, provided that their retirement occurs on or after a minimum of six months from the grant date (the "Retirement Criteria").

•Accordingly, (i) grants of Employee Stock-Based Awards to an employee who has met the Retirement Criteria on or before the date of grant, or will meet the Retirement Criteria before the six month anniversary in the year of the grant, will be expensed over six months from the date of grant and (ii) grants of Employee Stock-Based Awards to employees who will meet the Retirement Criteria during the award’s normal vesting period will be expensed between the date of grant and the date upon which the award recipient meets the Retirement Criteria.

•Stock options and RSUs granted to award recipients who meet the Retirement Criteria will be delivered to the award recipient based upon the original vesting schedule. If an award recipient retires and has met the Retirement Criteria, stock options will remain exercisable until the original expiration date of the stock options. PUs granted to award recipients who meet the Retirement Criteria will be delivered in accordance with the original vesting schedule of the applicable PU award and remain subject to the same performance conditions.

Stock-based compensation expense for Employee Stock-Based Awards included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Stock-based compensation expense	$	140,280	$	118,138	$	73,799
Stock-based compensation expense, after tax	132,537		109,252		68,309

As of December 31, 2025, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards, inclusive of our estimated achievement of the performance metrics, was $86,285 and is expected to be recognized over a weighted-average period of 1.9 years.

We issue shares of our common stock for the exercises of stock options, and the vesting of RSUs, PUs and shares of our common stock under our ESPP from unissued reserved shares.

STOCK OPTIONS

Options are generally granted with exercise prices equal to the market price of the stock on the date of grant; however, in certain instances, options are granted at exercise prices greater than the market price of the stock on the date of grant. We issue options that become exercisable ratably over a period of three years from the date of grant and have a contractual life of 10 years from the date of grant, unless the holder’s employment is terminated sooner. Dividends and dividend equivalents are not paid with respect to stock options.

The fair value of stock options granted in 2025, 2024 and 2023 was $25.18, $22.58 and $10.98 per share, respectively. These values were estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used for stock option grants in the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
STOCK OPTION GRANT ASSUMPTIONS	2025		2024		2023
Expected volatility(1)	28.6	%	28.6	%	29.1	%
Risk-free interest rate(2)	4.24	%	4.25	%	3.92	%
Expected dividend yield(3)	3.4	%	3.2	%	4.7	%
Expected life(4)	10.0 years		10.0 years		10.0 years

(1)Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option.

(2)Risk-free interest rate is based on the United States Treasury interest rates whose term is consistent with the expected life (estimated period of time outstanding) of the stock options.

(3)Expected dividend yield is considered in the option pricing model and represents our annualized expected per share dividends over the trade price of our common stock at the date of grant.

(4)Expected life of the stock options granted is estimated using the historical exercise behavior of employees.

A summary of stock option activity for the year ended December 31, 2025 is as follows:


	OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (YEARS)	AGGREGATE INTRINSIC VALUE
Outstanding at December 31, 2024	3,709,919	$	37.85
Granted	83,389	93.17
Exercised	(857,295)	36.44


Outstanding at December 31, 2025	2,936,013	$	39.84	3.87	$	127,456
Options exercisable at December 31, 2025	2,744,876	$	37.13	3.56	$	125,759
Options expected to vest	191,137	$	78.53	8.33	$	1,697

RESTRICTED STOCK UNITS

Our RSUs generally have a vesting period of three years from the date of grant. However, RSUs granted to our non-employee directors vest immediately upon grant. All RSUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of RSUs in cash upon the vesting date of the associated RSU and will be forfeited if the RSU does not vest. The fair value of RSUs is the excess of the market price of our common stock at the date of grant over the holder's purchase price (which is typically zero).

The fair value of RSUs vested during the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Fair value of RSUs vested	$	42,277	$	29,852	$	32,664

A summary of RSU activity for the year ended December 31, 2025 is as follows:


	RSUs	WEIGHTED-AVERAGE GRANT-DATE FAIR VALUE
Non-vested at December 31, 2024	1,194,375	$	70.06
Granted	596,134	91.27
Vested	(632,233)	66.87
Forfeited	(121,835)	85.98
Non-vested at December 31, 2025	1,036,441	$	82.33

PERFORMANCE UNITS

The PUs we issue vest based on our performance against predefined operational performance and relative total shareholder return based targets over a three-year performance period. The vesting is subject to a minimum level of return on invested capital in the third year of the performance period, and the number of PUs earned is based on certain metrics determined at the outset of the performance period.

The number of PUs earned is based on:

•either (i) the revenue performance for each year averaged at the end of the three-year performance period, or (ii) if (a) absolute Company total shareholder return is positive at the end of the three-year performance period and (b) a predetermined revenue hurdle is achieved in the third year of the performance period, then the revenue performance achieved in the third year of the performance period; and

•the total return at the end of the three-year performance period on our common stock relative to the companies comprising the Morgan Stanley Capital International ("MSCI") United States REIT Index.

The number of PUs earned will range from 0% to approximately 350% of the initial award.

All of our PUs will be settled in shares of our common stock and are subject to cliff vesting three years from the date of the original PU grant. As detailed above, PUs granted are subject to the Retirement Criteria. PUs are generally expensed over the three-year performance period, unless they are granted to a recipient who meets the Retirement Criteria, for which expense will be recognized as described above. PUs granted to recipients who meet the Retirement Criteria will continue to vest and be delivered in accordance with the original vesting schedule of the applicable PU award and remain subject to the same performance conditions.

All PUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of PUs in cash upon the settlement date of the associated PU and will be forfeited if the PU does not vest.

During the years ended December 31, 2025, 2024 and 2023, we issued 512,905, 462,501 and 641,412 PUs, respectively. We forecast the likelihood of achieving the predefined targets for our PUs in order to calculate the expected PUs to be earned. We record a compensation charge based on either the forecasted PUs to be earned (during the performance period) or the actual PUs earned (at the three-year anniversary of the grant date) over the vesting period for each of the awards. The fair value of PUs based on our performance against predefined targets is the excess of the market price of our common stock at the date of grant over the purchase price (which is typically zero). For PUs earned based on a market condition, we utilize a Monte Carlo simulation to estimate the fair value of these awards at the date of grant.

The fair value of earned PUs that vested during the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Fair value of earned PUs that vested	$	52,091	$	24,617	$	34,896

A summary of PU activity for the year ended December 31, 2025 is as follows:


	PUs	WEIGHTED-AVERAGE GRANT-DATE FAIR VALUE
Non-vested at December 31, 2024	562,028	$	83.33
Granted	512,905	83.69
Prior year grant adjustments for performance(1)	1,845,118	37.47
Vested	(1,390,205)	37.47
Forfeited	(34,473)	84.56
Non-vested at December 31, 2025	1,495,373	$	69.47

(1)Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs.

EMPLOYEE STOCK PURCHASE PLAN

We offer an Employee Stock Purchase Plan ("ESPP") in which participation is available to substantially all United States and Canadian employees who meet certain service eligibility requirements. Shares of our common stock may be purchased by eligible employees at six-month intervals at 95% of the fair market price at the end of each six-month period, without a look-back feature, up to a maximum of 15% of their gross compensation during the offering period. We do not recognize compensation expense for the ESPP shares purchased. The number of shares of Common Stock authorized for issuance under our ESPP is 2,000,000. For the years ended December 31, 2025, 2024 and 2023, there were 80,068, 82,244 and 120,647 shares, respectively, purchased under the ESPP. As of December 31, 2025, we have 708,545 shares available under the ESPP.

U. ACQUISITION AND INTEGRATION COSTS

Acquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs"). Acquisition and integration costs for the years ended December 31, 2025, 2024 and 2023 were $19,545, $35,842 and $25,875, respectively.

V. OTHER EXPENSE (INCOME), NET

Other expense (income), net for the years ended December 31, 2025, 2024 and 2023 consists of the following:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Foreign currency transaction losses (gains), net(1)	$	105,644	$	(39,064)	$	36,799
Debt extinguishment expense	—		5,678		—
Other, net(2)(3)(4)	17,655		76,808		71,841
Other expense (income), net	$	123,299	$	43,422	$	108,640

(1)The gain or loss on foreign currency transactions, calculated as the difference between the historical exchange rate and the exchange rate at the applicable measurement date, includes gains or losses primarily related to British pound sterling and Euro denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested.

(2)Other, net for the year ended December 31, 2025 primarily consists of (i) a loss of approximately $13,800 due to the change in value of our deferred purchase obligations and other deferred payments and (ii) losses on our equity method investment.

(3)Other, net for the year ended December 31, 2024 primarily consists of (i) a loss of approximately $41,000 due to the change in value of our deferred purchase obligations and other deferred payments, (ii) approximately $29,200 in charges associated with the agreement to purchase the remaining interest in a joint venture and (iii) losses on our equity method investments.

(4)Other, net for the year ended December 31, 2023 consists primarily of a loss of approximately $38,000 associated with the remeasurement to fair value of our previously held equity interest in the joint venture we had formed with Clutter Intermediate, Inc. (the "Clutter JV"), as well as losses on our equity method investments and the change in value of our deferred purchase obligations.

W. INCOME TAXES

Accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the tax and financial reporting bases of assets and liabilities and for loss and credit carryforwards. Valuation allowances are provided when recovery of deferred tax assets does not meet the more likely than not standard as defined in GAAP. We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the Provision (Benefit) for Income Taxes in the accompanying Consolidated Statements of Operations.

X. INCOME (LOSS) PER SHARE—BASIC AND DILUTED

Basic income (loss) per common share is calculated by dividing income (loss) by the weighted average number of common shares outstanding. The calculation of diluted income (loss) per share is consistent with that of basic income (loss) per share but gives effect to all potential common shares (that is, securities such as stock options, RSUs or PUs) that were outstanding during the period, unless the effect is antidilutive.

The calculation of basic and diluted income (loss) per share for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Net Income (Loss)	$	152,254	$	183,666	$	187,263
Less: Net Income (Loss) Attributable to Noncontrolling Interests	7,663		3,510		3,029



Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)	$	144,591	$	180,156	$	184,234
Weighted-average shares—basic	295,403,000		293,365,000		291,936,000
Effect of dilutive potential stock options	1,946,000		2,241,000		1,435,000
Effect of dilutive potential RSUs and PUs	467,000		628,000		594,000

Weighted-average shares—diluted	297,816,000		296,234,000		293,965,000
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic	$	0.49	$	0.61	$	0.63
Diluted	$	0.49	$	0.61	$	0.63
Antidilutive stock options, RSUs and PUs, excluded from the calculation	113,130		225,847		81,817

NEW ACCOUNTING PRONOUNCEMENTS

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09") to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. Further, certain requirements related to uncertain tax positions and unrecognized deferred tax liabilities are eliminated. We adopted ASU 2023-09 on January 1, 2025 on a prospective basis, and there was no material impact on our consolidated financial statements.

OTHER AS YET ADOPTED ACCOUNTING PRONOUNCEMENTS

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires disclosure of additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We do not expect ASU 2024-03 to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The ASU primarily updates the accounting for internal-use software by replacing former stage-based rules with a principles-based framework. Costs associated with internal-use software will be capitalized only when management has authorized and committed funding and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this update are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods therein, with early adoption permitted, and can be applied either prospectively, retrospectively or on a modified prospective basis. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements, but we do not expect it to be material.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"), which is intended to update the guidance in Topic 270 by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this update are effective for the interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We do not expect ASU 2025-11 to have a material impact on our quarterly condensed consolidated financial statements.

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisitions	ACQUISITIONS We account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired are recorded at their estimated fair values and the results of operations for each acquisition have been included in our consolidated results from their respective acquisition dates. Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon the finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete the valuations within the measurement periods, which are up to one year from the respective acquisition dates. As the valuation of certain assets and liabilities for purposes of purchase price allocations are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances regarding these assets and liabilities that existed at the acquisition date. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Purchase price allocation adjustments recorded during the fourth quarter of 2025 and year ended December 31, 2025 were not material to our balance sheet or results from operations. REGENCY TECHNOLOGIES On January 3, 2024, in order to expand our ALM business, we acquired 100% of RSR Partners, LLC (doing business as Regency Technologies), an IT asset disposition services provider with operations throughout the United States, for an initial purchase price of approximately $200,000, subject to certain working capital adjustments at, and subsequent to, the closing, with $125,000 paid at closing, funded by borrowings under the Revolving Credit Facility, and the remaining $75,000 (the "January 2025 Payment"), paid in January 2025 (the "Regency Transaction"). The present value of the January 2025 Payment was included as a component of Accrued expenses and other current liabilities in our Consolidated Balance Sheet at December 31, 2024. The agreement for the Regency Transaction also includes a performance-based contingent consideration with a potential earnout range from zero to $200,000 based upon achievement of certain three-year cumulative revenue targets, which would be payable in 2027, if earned. The preliminary fair value estimate of this deferred purchase obligation as of the acquisition date was approximately $78,400. See Note 2.p. for details on the methodology used to establish the fair value. The fair value of the deferred purchase obligation is included as a component of Other long-term liabilities in our Consolidated Balance Sheets at December 31, 2025 and 2024. Subsequent increases or decreases in the fair value estimate of the deferred purchase obligation, as well as the accretion of the discount to present value, is included as a component of Other expense (income), net in our Consolidated Statements of Operations until the deferred purchase obligation is settled or paid. Subsequent to the acquisition, the results of Regency Technologies are included as a component of Corporate and Other (as defined in Note 10).

- Definition

The entire disclosure for business combination.

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+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Investments

INVESTMENTS

The following joint venture is accounted for as an equity method investment and is presented as a component of Other within Other assets, net in our Consolidated Balance Sheets. The carrying value and equity interest in our unconsolidated joint venture at December 31, 2025 and 2024 is as follows:


	DECEMBER 31, 2025				DECEMBER 31, 2024
	CARRYING VALUE		EQUITY INTEREST		CARRYING VALUE		EQUITY INTEREST
Joint venture with AGC Equity Partners (the "Frankfurt JV")	$	85,156	20.00	%	$	61,075	20.00	%

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges).

INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES

We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon the one-month Secured Overnight Financing Rate ("SOFR"), in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.

As of December 31, 2025 and 2024, we have approximately $1,349,000 and $1,482,000, respectively, in notional value outstanding on our interest rate swap agreements. As of December 31, 2025, our interest rate swap agreements have maturity dates ranging from February 2026 through May 2027.

CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT

We utilize cross-currency interest rate swaps to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. As of December 31, 2025, our cross-currency interest rate swap agreements have maturity dates ranging from February 2026 through November 2026.

The notional values of our cross-currency interest rate swaps, by currency, as of December 31, 2025 and 2024 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024
Euro	$	509,187	$	509,187
Canadian dollar	350,000		350,000
	$	859,187	$	859,187

We have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.

The fair value of derivative instruments recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024, by derivative instrument, are as follows:


DERIVATIVE INSTRUMENTS(1)	DECEMBER 31, 2025				DECEMBER 31, 2024
	Assets		Liabilities		Assets		Liabilities
Cash Flow Hedges(2)
Interest rate swap agreements	$	—	$	(9,752)	$	1,887	$	(5,326)
Net Investment Hedges(3)
Cross-currency swap agreements	—		(62,117)		26,205		—

(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2025, $63,634 is included within Accrued expenses and other current liabilities and $8,235 is included within Other long-term liabilities. As of December 31, 2024, $8,891 is included within Prepaid expenses and other, $19,201 is included within Other assets and $5,326 is included within Other long-term liabilities.

(2)As of December 31, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $10,959.

(3)As of December 31, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $1,490, which include $63,607 related to the excluded component of our cross-currency swap agreements.

Unrealized (losses) gains recognized in Accumulated other comprehensive items, net during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:


	YEAR ENDED DECEMBER 31,
DERIVATIVE INSTRUMENTS	2025		2024		2023
Cash Flow Hedges
Interest rate swap agreements	$	(7,518)	$	(1,767)	$	(2,454)
Net Investment Hedges
Cross-currency swap agreements	$	(88,322)	$	23,943	$	(41,382)
Cross-currency swap agreements (excluded component)	16,705		16,705		21,097

Gains (losses) recognized in Net income during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:


		YEAR ENDED DECEMBER 31,
DERIVATIVE INSTRUMENTS	LOCATION OF GAIN (LOSS)	2025		2024		2023
Cash Flow Hedges
Interest rate swap agreements	Interest expense	$	1,618	$	2,528	$	7,580
Net Investment Hedges
Cross-currency swap agreements (excluded component)	Interest expense	$	(16,705)	$	(16,705)	$	(21,097)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

DEBT

Long-term debt is as follows:


	DECEMBER 31, 2025								DECEMBER 31, 2024
	DEBT (INCLUSIVE OF DISCOUNT)		UNAMORTIZED DEFERRED FINANCING COSTS		CARRYING AMOUNT		FAIR VALUE		DEBT (INCLUSIVE OF DISCOUNT)		UNAMORTIZED DEFERRED FINANCING COSTS		CARRYING AMOUNT		FAIR VALUE
Revolving Credit Facility(1)	$	751,500	$	(8,207)	$	743,293	$	751,500	$	121,000	$	(9,253)	$	111,747	$	121,000
Term Loan A(1)	487,500		—		487,500		487,500		216,016		—		216,016		216,016
Term Loan B(1)(2)	2,020,957		(12,465)		2,008,492		2,031,495		1,840,181		(14,690)		1,825,491		1,850,698
Virginia 3 Term Loans(3)	271,079		(1,189)		269,890		271,079		271,079		(3,013)		268,066		271,079
Virginia 4/5 Term Loans due 2025(3)	—		—		—		—		76,535		(2,752)		73,783		76,535
Virginia 6 Term Loans(3)	210,000		(2,633)		207,367		210,000		137,495		(4,605)		132,890		137,495
Virginia 7 Term Loans(3)	275,314		(4,351)		270,963		275,314		32,074		(7,591)		24,483		32,074
Virginia 4/5 Term Loans due 2030(5)	208,224		(3,529)		204,695		208,224		—		—		—		—
Australian Dollar Term Loan(3)(4)	262,192		(1,965)		260,227		263,948		175,813		(265)		175,548		176,655
UK Revolving Credit Facility(3)	188,385		(2,002)		186,383		188,385		175,503		(1,034)		174,469		175,503
37/8% GBP Senior Notes due 2025 (the "GBP Notes")(5)(6)(7)	—		—		—		—		501,437		(789)		500,648		490,155
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027")(5)(6)(8)	1,000,000		(2,488)		997,512		995,000		1,000,000		(3,910)		996,090		972,500
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028")(5)(6)(8)	825,000		(2,657)		822,343		823,969		825,000		(3,838)		821,162		804,375
5% Senior Notes due 2028 (the “5% Notes due 2028")(5)(6)(8)	500,000		(1,869)		498,131		497,500		500,000		(2,592)		497,408		481,250
7% Senior Notes due 2029 (the "7% Notes")(5)(6)(8)	1,000,000		(6,559)		993,441		1,025,000		1,000,000		(8,686)		991,314		1,020,000
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029")(5)(6)(8)	1,000,000		(5,425)		994,575		983,750		1,000,000		(6,871)		993,129		945,000
51/4% Senior Notes due 2030 (the “51/4% Notes due 2030")(5)(6)(8)	1,300,000		(6,894)		1,293,106		1,280,500		1,300,000		(8,399)		1,291,601		1,235,000
41/2% Senior Notes due 2031 (the “41/2% Notes")(5)(6)(8)	1,100,000		(6,430)		1,093,570		1,042,250		1,100,000		(7,674)		1,092,326		1,001,000
5% Senior Notes due 2032 (the “5% Notes due 2032")(5)(6)(9)	750,000		(8,595)		741,405		710,625		750,000		(9,900)		740,100		688,125
55/8% Senior Notes due 2032 (the “55/8% Notes")(5)(6)(8)	600,000		(3,823)		596,177		586,500		600,000		(4,404)		595,596		570,000
61/4% Senior Notes due 2033 (the “61/4% Notes")(5)(6)(8)	1,200,000		(12,752)		1,187,248		1,206,000		1,200,000		(14,517)		1,185,483		1,194,000
43/4% Euro Senior Notes due 2034 (the "Euro Notes")(5)(6)(8)	1,408,825		(16,765)		1,392,060		1,370,082		—		—		—		—
Real Estate Mortgages, Financing Lease Liabilities and Other(10)	785,497		(1,512)		783,985		785,497		614,231		(1,825)		612,406		614,231
Accounts Receivable Securitization Program(3)(11)	400,000		(404)		399,596		400,000		400,000		(670)		399,330		400,000
Total Long-term Debt	16,544,473		(112,514)		16,431,959				13,836,364		(117,278)		13,719,086
Less Current Portion	(216,074)		—		(216,074)				(715,109)		—		(715,109)
Long-term Debt, Net of Current Portion	$	16,328,399	$	(112,514)	$	16,215,885			$	13,121,255	$	(117,278)	$	13,003,977

(1)The capital stock or other equity interests of our United States subsidiaries representing the substantial majority of our United States operations, and up to 66% of the capital stock or other equity interests of most of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Revolving Credit Facility. The fair value (Level 2 and Level 3 of fair value hierarchy described at Note 2.p.) of these debt instruments approximates the carrying value, as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio), as of December 31, 2025 and 2024 (collectively, the "Credit Agreement Collateral").

(2)The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $10,538 and $10,517 as of December 31, 2025 and 2024, respectively.

(3)The fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.

(4)The amount of debt for the AUD Term Loan (as defined below) reflects an unamortized original issue discount of $1,756 and $842 as of December 31, 2025 and 2024, respectively.

(5)The fair values (Level 2 of fair value hierarchy described at Note 2.p.) of these debt instruments are based on quoted market prices for comparable notes on December 31, 2025 and 2024, respectively.

(6)Collectively, the "Unregistered Notes". The Unregistered Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any other jurisdiction. Unless they are registered, the Unregistered Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction.

(7)Iron Mountain (UK) PLC ("IM UK") is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and IMI’s United States subsidiaries that represent the substantial majority of our United States operations (the "Note Guarantors"). These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the GBP Notes. The full amount of the GBP Notes is classified within the current portion of long-term debt in our Consolidated Balance Sheet at December 31, 2024.

(8)Collectively, the "Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by the Note Guarantors. These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes.

(9)Iron Mountain Information Management Services, Inc. ("IMIM Services") is the direct obligor on the 5% Notes due 2032, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Note Guarantors. These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the 5% Notes due 2032.

(10)We believe the fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value as these borrowings are based on current market interest rates. This debt includes the following:


	DECEMBER 31, 2025		DECEMBER 31, 2024
Real estate mortgages(1)	$	73,250	$	74,250
Financing lease liabilities(2)	527,199		406,841
Other notes and other obligations(3)	185,048		133,140
	$	785,497	$	614,231

(1)Bear interest at approximately 4.2% and 4.4% at December 31, 2025 and 2024, respectively, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2025 and 2024.

(2)Bear a weighted average interest rate of 5.6% and 5.2% at December 31, 2025 and 2024, respectively.

(3)These notes and other obligations, which were assumed by us as a result of certain acquisitions, bear a weighted average interest rate of 6.5% and 7.2% at December 31, 2025 and 2024, respectively.

(11) The Accounts Receivable Securitization Special Purpose Subsidiaries (as defined below) are the obligors under this program.

A. CREDIT AGREEMENT

Our credit agreement (the "Credit Agreement") consists of a revolving credit facility (the "Revolving Credit Facility"), a term loan A facility (the "Term Loan A") and a term loan B facility (the "Term Loan B").

During the year ended December 31, 2025, we took the following actions regarding our Credit Agreement:

•On June 18, 2025, we amended the Credit Agreement, which resulted in:

◦an increase in the principal amount of the Term Loan A from $218,750 to $500,000.

•On November 13, 2025, we amended the Credit Agreement, which resulted in:

◦an increase in the principal amount of the Term Loan B from approximately $1,836,700 to $2,036,700.

In connection with the November 13, 2025 amendment, we paid original issue discount fees of approximately $1,750.

The Revolving Credit Facility enables IMI and certain of its subsidiaries to borrow an aggregate outstanding amount not to exceed $2,750,000 in United States dollars and (subject to sublimits) Canadian dollars. Additionally, the Credit Agreement permits us to incur incremental indebtedness thereunder by adding new term loans or revolving loans or by increasing the principal amount of any existing loans thereunder. The Revolving Credit Facility and the Term Loan A are scheduled to mature on March 18, 2030, at which point all obligations become due. The Term Loan A, which was fully drawn as of December 31, 2025, is to be paid in quarterly installments in an amount equal to approximately $6,250 per quarter. The Term Loan B is scheduled to mature on January 31, 2031, at which point all obligations become due. The Term Loan B, which was fully drawn as of December 31, 2025, is to be paid in quarterly installments in an amount equal to approximately $5,182 per quarter.

IMI and certain subsidiaries of IMI that represent the substantial majority of our operations in the United States, Canada and the United Kingdom guarantee all obligations under the Credit Agreement. The interest rate on borrowings under the Revolving Credit Facility varies depending on our choice of interest rate benchmark and currency options, plus an applicable margin, which varies based on our consolidated leverage ratio. The Term Loan A and the Term Loan B bear interest at the SOFR plus 1.75% and the SOFR plus 2.00%, respectively. Additionally, the Credit Agreement requires the payment of a commitment fee on the unused portion of the Revolving Credit Facility, which fee ranges from 0.2% to 0.3% based on our consolidated leverage ratio.

As of December 31, 2025, we had $751,500, $487,500 and $2,031,495 outstanding under the Revolving Credit Facility, the Term Loan A and the Term Loan B, respectively. As of December 31, 2025, we had various outstanding letters of credit totaling $12,398 under the Revolving Credit Facility. The remaining amount available for borrowing under the Revolving Credit Facility as of December 31, 2025, which is based on IMI’s leverage ratio, the last 12 months' earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR"), other adjustments as defined in the Credit Agreement and current external debt, was $1,986,102 (which amount represents the maximum availability as of such date). Available borrowings under the Revolving Credit Facility are subject to compliance with our indenture covenants as discussed below. The weighted average interest rates in effect under the Revolving Credit Facility as of December 31, 2025 and 2024 were 5.7% and 6.3%, respectively. The interest rates in effect under the Term Loan A as of December 31, 2025 and 2024 were 5.5% and 6.1%, respectively. The interest rates in effect under the Term Loan B as of December 31, 2025 and 2024 were 5.8% and 6.4%, respectively.

REVOLVING CREDIT FACILITY

$2,750,000

TERM LOAN A

$500,000

TERM LOAN B

$2,036,700

Outstanding borrowings

$751,500

Aggregate outstanding principal amount

$487,500

Aggregate outstanding principal amount

$2,031,495

As of December 31, 2025

5.5%

Interest rate

5.8%

Interest rate

As of December 31, 2025

B. DATA CENTER DEBT AGREEMENTS

As our Global Data Center Business continues to expand, we have entered into debt agreements in order to partially finance the construction of various data centers. These agreements primarily consist of term loan facilities with the following terms:


AGREEMENT	MAXIMUM BORROWING AMOUNT		OUTSTANDING BORROWINGS AS OF DECEMBER 31, 2025		DIRECT OBLIGOR	CONTRACTUAL INTEREST RATE	UNUSED COMMITMENT FEE		MATURITY DATE(1)
Virginia 3 Term Loans(2)	$	275,000	$	271,079	Iron Mountain Data Centers Virginia 3, LLC	SOFR plus 2.50%	0.75	%	August 31, 2026
Virginia 7 Term Loans(3)	300,000		275,314		Iron Mountain Data Centers Virginia 7, LLC	SOFR plus 2.50%	0.75	%	April 12, 2027
Virginia 6 Term Loans(4)	210,000		210,000		Iron Mountain Data Centers Virginia 6, LLC	SOFR plus 2.75%	0.75	%	May 3, 2027
Virginia 4/5 Term Loans due 2030(5)	208,224		208,224		Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC	5.60%	N/A		November 1, 2030

(1)All obligations will become due on the specified maturity dates. Each agreement, with the exception of the Virginia 4/5 Term Loans due 2030, includes two one-year options that allow us to extend the initial maturity date, subject to the conditions specified in the agreements.

(2)Iron Mountain Data Centers Virginia 3, LLC, a wholly-owned subsidiary of IMI, has a credit agreement that includes a term loan facility (the "Virginia 3 Term Loans") and a letter of credit facility (collectively, the "Virginia 3 Credit Agreement"). The Virginia 3 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 3, LLC. As of December 31, 2025 and 2024, the Virginia 3 Term Loans have a weighted average interest rate of 6.2% and 6.7%, respectively.

(3)Iron Mountain Data Centers Virginia 7, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, has a credit agreement that includes a term loan facility (the "Virginia 7 Term Loans") and a letter of credit facility (collectively, the "Virginia 7 Credit Agreement"). The Virginia 7 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 7, LLC. As of December 31, 2025 and 2024, the interest rate in effect under the Virginia 7 Credit Agreement was 7.1% and 7.0%, respectively.

(4)Iron Mountain Data Centers Virginia 6, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, has a credit agreement that includes a term loan facility (the "Virginia 6 Term Loans") and a letter of credit facility (collectively, the "Virginia 6 Credit Agreement"). The Virginia 6 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 6, LLC. As of December 31, 2025 and 2024, the interest rate in effect under the Virginia 6 Credit Agreement was 7.1% and 7.1%, respectively.

(5)At December 31, 2024, Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 4/5 JV, LP, had a credit agreement that included a term loan facility (the "Virginia 4/5 Term Loans due 2025") and a letter of credit facility (collectively, the "Virginia 4/5 Credit Agreement"). On November 3, 2025, Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC entered into a term loan agreement (the "Virginia 4/5 Term Loans due 2030"). Total net proceeds from the Virginia 4/5 Term Loans due 2030 were used to repay the Virginia 4/5 Term Loans due 2025. The Virginia 4/5 Term Loans due 2030 is secured by the property of Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC. The Virginia 4/5 Term Loans due 2025 bore interest at SOFR plus a credit spread adjustment of 0.1% plus 1.625% until its extinguishment in November 2025. The interest rate in effect under the Virginia 4/5 Term Loans due 2025 as of December 31, 2024 was 5.1%.

C. NOTES ISSUED UNDER INDENTURES

Each series of notes shown below (i) is effectively subordinated to all of our secured indebtedness, including under the Credit Agreement, to the extent of the value of the collateral securing such indebtedness, (ii) ranks pari passu in right of payment with each other and with debt outstanding under the Credit Agreement, the senior notes shown below and other "senior debt" we incur from time to time and (iii) is structurally subordinated to all liabilities of our subsidiaries that do not guarantee such series of notes.

The key terms of our indentures are as follows:

SENIOR NOTES

AGGREGATE
PRINCIPAL
AMOUNT

DIRECT
OBLIGOR

MATURITY DATE

CONTRACTUAL INTEREST RATE

INTEREST PAYMENTS DUE

PAR CALL DATE(1)

47/8% Notes due 2027

$

1,000,000

IMI

September 15, 2027

47/8%

March 15 and September 15

September 15, 2025

51/4% Notes due 2028

$

825,000

IMI

March 15, 2028

51/4%

March 15 and September 15

March 15, 2025

5% Notes due 2028

$

500,000

IMI

July 15, 2028

5%

January 15 and July 15

July 15, 2025

7% Notes

$

1,000,000

IMI

February 15, 2029

7%

February 15 and August 15

August 15, 2025

47/8% Notes due 2029

$

1,000,000

IMI

September 15, 2029

47/8%

March 15 and September 15

September 15, 2027

51/4% Notes due 2030

$

1,300,000

IMI

July 15, 2030

51/4%

January 15 and July 15

July 15, 2028

41/2% Notes

$

1,100,000

IMI

February 15, 2031

41/2%

February 15 and August 15

February 15, 2029

5% Notes due 2032

$

750,000

IMIM Services

July 15, 2032

5%

May 15 and November 15

July 15, 2027

55/8% Notes

$

600,000

IMI

July 15, 2032

55/8%

January 15 and July 15

July 15, 2029

61/4% Notes

$

1,200,000

IMI

January 15, 2033

61/4%

January 15 and July 15

December 6, 2029

Euro Notes

€

1,200,000

IMI

January 15, 2034

43/4%

January 15 and July 15

September 10, 2030

(1)We may redeem the notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the notes at the redemption price or make-whole premium specified in the applicable indenture, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the notes at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.

Each of the indentures for the notes provides that we must repurchase, at the option of the holders, the notes at 101% of their principal amount, plus accrued and unpaid interest, upon the occurrence of a "Change of Control", which is defined in each respective indenture. Except for required repurchases upon the occurrence of a Change of Control or in the event of certain asset sales, each as described in the respective indenture, we are not required to make sinking fund or redemption payments with respect to any of the notes.

SEPTEMBER 2025 OFFERING

On September 10, 2025, IMI completed a private offering of:


SERIES OF NOTES	AGGREGATE PRINCIPAL AMOUNT
Euro Notes	€	1,200,000

The Euro Notes were issued at par and have a contractual interest rate of 4.75%. The total net proceeds from the issuance, after deducting the initial purchasers' commissions, of approximately 1,188,000 Euros (or $1,390,651, based upon the exchange rate between the Euro and the United States dollar on September 10, 2025 (the settlement date for the Euro Notes)), were used to repay the GBP Notes and a portion of the outstanding borrowings under the Revolving Credit Facility. As of December 31, 2025, we had 1,200,000 Euros (or $1,408,825, based upon the exchange rate between the United States dollar and the Euro as of December 31, 2025) outstanding on the Euro Notes.

D. AUSTRALIAN DOLLAR TERM LOAN

Iron Mountain Australia Group Pty, Ltd., a wholly-owned subsidiary of IMI, has an AUD term loan (the "AUD Term Loan"). On June 25, 2025, we amended the AUD Term Loan, which resulted in:

•an extension of the maturity date from September 30, 2026 to September 30, 2030,

•an increase in the original principal amount from 350,000 Australian dollars to 400,000 Australian dollars and

•a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.

The amended loan was issued at 99.5% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 10,000 Australian dollars per year, with the remaining balance due September 2030. The AUD Term Loan is guaranteed by Iron Mountain Australia Group Pty, Ltd. and certain other Australian subsidiaries (the "Australia Group Guarantors") and by the guarantors of the Credit Agreement. The AUD Term Loan is secured by the capital stock and assets of the Australia Group Guarantors and by the Credit Agreement Collateral.

As of December 31, 2025, we had 395,000 Australian dollars (or $263,948, based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2025) outstanding on the AUD Term Loan. As of December 31, 2024, we had 284,727 Australian dollars (or $176,655, based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2024) outstanding on the AUD Term Loan. The interest rate in effect under the AUD Term Loan was 7.3% and 8.1% as of December 31, 2025 and 2024, respectively.

OUTSTANDING BORROWINGS

AU$395,000

7.3%

Interest rate

As of December 31, 2025

E. UK REVOLVING CREDIT FACILITY

IM UK and Iron Mountain (UK) Data Centre Limited, wholly-owned subsidiaries of IMI (collectively, the "UK Borrowers"), have a British pounds sterling Revolving Credit Facility (the "UK Revolving Credit Facility"). The maximum amount permitted to be borrowed under the UK Revolving Credit Facility is 140,000 British pounds sterling. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Revolving Credit Facility. IMI and subsidiaries of IMI that represent the substantial majority of our operations in the United States and the United Kingdom guarantee all obligations under the UK Revolving Credit Facility. The UK Revolving Credit Facility is secured by certain properties in the United Kingdom. The UK Revolving Credit Facility bears interest at the Sterling Overnight Index Average plus 2.0%.

On July 11, 2025, the UK Borrowers amended the UK Revolving Credit Facility to extend the maturity date from September 24, 2026 to September 24, 2028.

The UK Revolving Credit Facility was fully drawn as of December 31, 2025. The interest rate in effect under the UK Revolving Credit Facility was 5.8% and 7.0% as of December 31, 2025 and 2024, respectively.

MAXIMUM AMOUNT

£140,000

OPTIONAL ADDITIONAL COMMITMENTS

£125,000

5.8%

Interest rate

As of December 31, 2025

F. ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM

We participate in an accounts receivable securitization program (the "Accounts Receivable Securitization Program") involving several of our wholly-owned subsidiaries and certain financial institutions. Under the Accounts Receivable Securitization Program, certain of our subsidiaries sell substantially all of their United States accounts receivable balances to our wholly-owned special purpose entities, Iron Mountain Receivables QRS, LLC and Iron Mountain Receivables TRS, LLC (the "Accounts Receivable Securitization Special Purpose Subsidiaries"). The Accounts Receivable Securitization Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans obtained from certain financial institutions. The Accounts Receivable Securitization Special Purpose Subsidiaries are consolidated subsidiaries of IMI. The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and borrowings are presented as liabilities on our Consolidated Balance Sheets, (ii) our Consolidated Statements of Operations reflect the associated charges for bad debt expense related to pledged accounts receivable (a component of selling, general and administrative expenses) and reductions to revenue due to billing and service related credit memos issued to customers and related reserves, as well as interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Consolidated Statements of Cash Flows. Iron Mountain Information Management, LLC retains the responsibility of servicing the accounts receivable balances pledged as collateral for the Accounts Receivable Securitization Program and IMI provides a performance guaranty. The maximum availability allowed is limited by eligible accounts receivable, as defined under the terms of the Accounts Receivable Securitization Program. The Accounts Receivable Securitization Program is secured by a substantial majority of our net receivables in the United States.


The maximum amount permitted to be borrowed under the Accounts Receivable Securitization Program is $400,000 and the maturity date is July 1, 2027, at which point all obligations become due. As of December 31, 2025 and 2024, the amount outstanding under the Accounts Receivable Securitization Program was $400,000 and $400,000, respectively. The interest rate in effect under the Accounts Receivable Securitization Program was 4.7% and 5.6% as of December 31, 2025 and 2024, respectively. We have the option to increase the borrowing capacity by $75,000. Commitment fees at a rate of 35 basis points are charged on amounts made available but not borrowed under the Accounts Receivable Securitization Program.									MAXIMUM AMOUNT $400,000
									OUTSTANDING BORROWINGS $400,000 4.7% Interest rate As of December 31, 2025

G. CASH POOLING

Certain of our subsidiaries participate in cash pooling arrangements (the "Cash Pools") to help manage global liquidity requirements. We utilize the following Cash Pools: (i) two Cash Pools with ING Bank NV (doing business as Bank Mendes Gans), one of which we use to manage global liquidity requirements for our qualified REIT subsidiaries ("QRSs") and the other for our taxable REIT subsidiaries ("TRSs"), (ii) two Cash Pools with JP Morgan Chase Bank, N.A. ("JPM"), one of which we use to manage liquidity requirements for our QRSs in the Asia Pacific region and the other for our TRSs in the Asia Pacific region and (iii) two Cash Pools with JPM, one of which we use to manage liquidity requirements for our QRSs in the Europe, Middle East, and Africa regions and the other for our TRSs in the Europe, Middle East, and Africa regions.

Under each of the Cash Pools, cash deposited by participating subsidiaries with certain financial institutions is pledged as security against the debit balances of other participating subsidiaries with legal rights of offset provided to the financial institutions. Therefore, such amounts are presented in our Consolidated Balance Sheets on a net basis. Each subsidiary receives interest on the cash balances held on deposit or pays interest on its debit balances based on an applicable rate as defined in the Cash Pools.

The net cash position balances as of December 31, 2025 and 2024 are reflected as Cash and cash equivalents in our Consolidated Balance Sheets.

H. LETTERS OF CREDIT

As of December 31, 2025, we had outstanding letters of credit totaling $80,751, of which $12,398 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between February 2026 and May 2027.

I. DEBT COVENANTS

The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis, and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted), as a condition to taking actions such as paying dividends and incurring indebtedness.

The Credit Agreement uses EBITDAR-based calculations and the bond indentures use earnings before income, taxes, depreciation and amortization ("EBITDA") based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of December 31, 2025. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.

J. MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS:


YEAR	AMOUNT
2026	$	216,074
2027	2,330,763
2028	1,663,693
2029	2,137,476
2030	3,035,690
Thereafter	7,173,071
	16,556,767
Net Discounts	(12,294)
Net Deferred Financing Costs	(112,514)
Total Long-term Debt (including current portion)	$	16,431,959

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

A. PURCHASE COMMITMENTS

We have certain contractual obligations related to purchase commitments which require minimum payments as follows:


YEAR	PURCHASE COMMITMENTS(1)
2026	$	80,208
2027	94,778
2028	37,333
2029	9,141
2030	6,382
Thereafter	6,185
	$	234,027

(1)Purchase commitments (i) include obligations related principally to software maintenance and support services and (ii) exclude our operating and financing lease obligations (see Note 2.j.) and our deferred purchase obligations (see Note 2.p.).

In addition to the above, as of December 31, 2025, we have contractual commitments of approximately $1,085,725 for future construction costs associated with the expansion of our Global Data Center Business that are expected to be incurred over the next one to two years.

B. SELF-INSURED LIABILITIES

We are self-insured up to certain limits for costs associated with workers’ compensation claims, vehicle accidents, property and general business liabilities and benefits paid under employee healthcare and short-term disability programs. At December 31, 2025 and 2024, there were approximately $44,300 and $45,200, respectively, of self-insurance accruals reflected in Accrued expenses on our Consolidated Balance Sheets. The measurement of these costs requires the consideration of historical cost experience and judgments about the present and expected levels of cost per claim. We account for these costs primarily through actuarial methods, which develop estimates of the undiscounted liability for claims incurred, including those claims incurred but not reported. These methods provide estimates of future claim costs based on claims incurred as of the balance sheet date.

C. LITIGATION—GENERAL

We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us and, in limited cases, indemnification from third parties. Our policy is to establish reserves for loss contingencies when the losses are both probable and reasonably estimable. We record legal costs associated with loss contingencies as expenses in the period in which they are incurred. While the outcome of litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Stockholders' Equity Matters

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity Matters

STOCKHOLDERS' EQUITY MATTERS

DIVIDENDS

Our board of directors has adopted a dividend policy under which we have paid, and in the future intend to pay, quarterly cash dividends on our common stock. The amount and timing of future dividends will continue to be subject to the approval of our board of directors, in its sole discretion, and to applicable legal requirements.

In 2023, 2024 and 2025, our board of directors declared the following dividends:

DECLARATION DATE

DIVIDEND
PER SHARE

RECORD DATE

TOTAL AMOUNT

PAYMENT DATE

February 23, 2023

$

0.6185

March 15, 2023

$

180,339

April 5, 2023

May 4, 2023

0.6185

June 15, 2023

180,493

July 6, 2023

August 3, 2023

0.6500

September 15, 2023

189,730

October 5, 2023

November 2, 2023

0.6500

December 15, 2023

189,886

January 4, 2024

February 22, 2024

0.6500

March 15, 2024

190,506

April 4, 2024

May 2, 2024

0.6500

June 17, 2024

190,643

July 5, 2024

August 1, 2024

0.7150

September 16, 2024

209,776

October 3, 2024

November 6, 2024

0.7150

December 16, 2024

209,913

January 7, 2025

February 13, 2025

0.7850

March 17, 2025

231,549

April 4, 2025

May 1, 2025

0.7850

June 16, 2025

231,789

July 3, 2025

August 6, 2025

0.7850

September 15, 2025

231,972

October 3, 2025

November 5, 2025

0.8640

December 15, 2025

255,560

January 6, 2026

On February 12, 2026, we declared a dividend to our stockholders of record as of March 16, 2026 of $0.8640 per share, payable on April 3, 2026.

During the years ended December 31, 2025, 2024 and 2023, we declared dividends in an aggregate and per share amount, based on the weighted average number of common shares outstanding during each respective year, as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Declared distributions	$	950,870	$	800,838	$	740,448
Amount per share each distribution represents based on weighted average number of common shares outstanding	3.22		2.73		2.54

For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends (potentially eligible for the lower effective tax rates available for "qualified REIT dividends"), qualified ordinary dividends or return of capital. The United States Internal Revenue Service requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend. In addition, certain of our distributions qualify as capital gain distributions. For the years ended December 31, 2025, 2024 and 2023, the dividends we paid on our common shares were classified as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Nonqualified ordinary dividends	61.1	%	82.6	%	98.2	%
Qualified ordinary dividends(1)	—	%	—	%	0.8	%

Return of capital	38.9	%	17.4	%	1.0	%
	100.0	%	100.0	%	100.0	%

(1)During the year ended December 31, 2023, the percentage of our dividends that was classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits during the year ended December 31, 2023.

NONCONTROLLING INTERESTS

In December 2025, we entered into an agreement with a partner to form our Iron Mountain Data Centers Arizona 3 JV, LP joint venture, which resulted in an initial Noncontrolling interest of approximately $74,800 recorded in our Consolidated Balance Sheet at December 31, 2025.

During the quarter ended September 30, 2024, a put option available to our partner in our Iron Mountain Data Centers Virginia 4/5 JV, LP joint venture expired, triggering a change in the presentation of the related noncontrolling interest. Prior to September 30, 2024, the noncontrolling interest of approximately $53,400 was presented as Redeemable noncontrolling interests in our Consolidated Balance Sheets. Our partner's interest is now presented as Noncontrolling interests in our Consolidated Balance Sheets at December 31, 2025 and 2024.

In August 2024, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 6/7 JV, LLC joint venture, which resulted in an initial Noncontrolling interest of approximately $103,100 recorded in our Consolidated Balance Sheet at September 30, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

We have been organized and have operated as a REIT effective beginning with our taxable year that ended on December 31, 2014. As a REIT, we are generally permitted to deduct from our federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to federal taxation at the entity level but is taxed, if at all, at the stockholder level. The income of our domestic TRSs, which hold our domestic operations that may not be REIT-compliant as currently operated and structured, is subject, as applicable, to federal and state corporate income tax. In addition, we and our subsidiaries continue to be subject to foreign income taxes in other jurisdictions in which we have business operations or a taxable presence, regardless of whether assets are held or operations are conducted through subsidiaries disregarded for federal income tax purposes or TRSs. We will also be subject to a separate corporate income tax on any gains recognized on the sale or disposition of any asset previously owned by a C corporation during a five-year period after the date we first owned the asset as a REIT asset that are attributable to "built-in gains" with respect to that asset on that date. We will also be subject to a built-in gains tax on our depreciation recapture recognized into income as a result of accounting method changes in connection with our acquisition activities. If we fail to remain qualified for taxation as a REIT, we will be subject to federal income tax at regular corporate income tax rates. Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRS operations. In particular, while state income tax regimes often parallel the federal income tax regime for REITs, many states do not completely follow federal rules and some do not follow them at all.

The significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are presented below:


	DECEMBER 31,
	2025		2024
Deferred Tax Assets:
Accrued liabilities and other adjustments	$	158,987	$	156,349
Net operating loss carryforwards	173,024		168,773

Valuation allowance	(152,605)		(132,714)
	179,406		192,408
Deferred Tax Liabilities:
Other assets, principally due to differences in amortization	(177,675)		(185,301)
Property, plant and equipment, principally due to differences in depreciation	(37,915)		(63,192)
Other	(116,082)		(122,844)
	(331,672)		(371,337)
Net deferred tax (liability) asset	$	(152,266)	$	(178,929)

The deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are presented below:


	DECEMBER 31,
	2025		2024
Deferred tax assets (Included in Other, a component of Other assets, net)	$	31,749	$	26,412
Deferred tax liabilities	(184,015)		(205,341)

At December 31, 2025, we have federal net operating loss carryforwards of $116,233 and disallowed interest expense carryforwards of $185,852 both of which can be carried forward indefinitely, and of which $109,868 and $64,556, respectively, are expected to be realized to reduce future federal taxable income. We have assets for foreign net operating losses of $146,255 and foreign disallowed interest expense carryforwards of $46,625, with various expiration dates (and in some cases no expiration date), subject to valuation allowances of approximately 77.5% and 26.8%, respectively. If actual results differ unfavorably from certain of our estimates used, we may not be able to realize all or part of our net deferred income tax assets and additional valuation allowances may be required. Although we believe our estimates are reasonable, no assurance can be given that our estimates reflected in the tax provisions and accruals will equal our actual results. These differences could have a material impact on our income tax provision and operating results in the period in which such determination is made.

A rollforward of the valuation allowance is as follows:


YEAR ENDED DECEMBER 31,	BALANCE AT BEGINNING OF THE YEAR		CHARGED (CREDITED) TO EXPENSE		OTHER INCREASES/(DECREASES)(1)(2)		BALANCE AT END OF THE YEAR
2025	$	132,714	$	16,740	$	3,151	$	152,605
2024	103,897		37,018		(8,201)		132,714
2023	47,514		4,855		51,528		103,897

(1)Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates and prior year acquisitions.

(2)In connection with the implementation of the Organization for Economic Co-operation and Development (the "OECD") global minimum tax initiative known as Pillar Two, any existing deferred taxes not disclosed in our 2023 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, in 2023, the above table includes the tax effects of these non-United States tax loss carryforwards, which were not previously disclosed in the prior years due to the remote possibility of realization, offset with a full valuation allowance.

The components of Net Income (Loss) Before Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
United States	$	227,656	$	56,617	$	76,012
Canada	149,219		153,450		111,331
Other Foreign	(165,687)		34,471		39,863
Net Income (Loss) Before Provision (Benefit) for Income Taxes	$	211,188	$	244,538	$	227,206

The Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 consist of the following components:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Federal—current	$	4,687	$	5,205	$	1,255
Federal—deferred	(7,450)		(2,394)		(18,488)
State—current	5,543		914		1,544
State—deferred	(1,898)		(3,731)		(4,630)
Foreign—current	96,386		96,168		72,408
Foreign—deferred	(38,334)		(35,290)		(12,146)
Provision (Benefit) for Income Taxes	$	58,934	$	60,872	$	39,943

Pursuant to the disclosure requirements of ASU 2023-09, a reconciliation of Provision (Benefit) for Income Taxes and the "expected" tax provision computed by applying the current federal statutory tax rate of 21.0% to Net Income (Loss) Before Provision (Benefit) for Income Taxes for the year ended December 31, 2025 is as follows:


	YEAR ENDED DECEMBER 31, 2025
	Amount		Percentage of Net Income (Loss) Before Provision (Benefit) for Income Taxes
Computed "expected" tax provision	$	44,349	21.0	%
United States(1)
State and local income taxes	4,388		2.1	%
Effect of cross-border tax laws
Foreign branch taxes	(13,323)		(6.3)	%
Global intangible low-taxed income	9,492		4.5	%
Other	(192)		(0.1)	%
Changes in valuation allowances	7,956		3.8	%
Nontaxable or nondeductible items
Dividends paid deduction	(73,458)		(34.8)	%
Nondeductible foreign exchange loss (gain)	9,616		4.6	%
Nondeductible officers compensations	32,049		15.2	%
Excess tax benefits on equity compensations	(32,343)		(15.3)	%
Nondeductible management fees	3,725		1.7	%
Other	3,780		1.7	%
Canada
Effect of rates different than statutory	(8,938)		(4.2)	%
State and local income taxes	17,140		8.1	%
Withholding tax	7,506		3.6	%
Other	695		0.3	%
China
Nondeductible (gain) loss on sale of assets	(7,318)		(3.5)	%
Other	1,309		0.6	%
Peru
Other	2,235		1.1	%
Netherlands
Effect of rates different than statutory	(4,358)		(2.1)	%
Changes in valuation allowance	3,062		1.4	%
Nondeductible foreign exchange loss (gain)	19,839		9.4	%
Other	(2,083)		(1.0)	%
Switzerland
Nondeductible loss (gain) on sale of asset	2,911		1.4	%
Other	2,483		1.2	%
United Kingdom
Effect of rates different than statutory	(3,442)		(1.6)	%
Nondeductible foreign exchange loss (gain)	5,888		2.8	%
Other	2,865		1.4	%
Hong Kong
Other	2,315		1.1	%


	YEAR ENDED DECEMBER 31, 2025
	Amount		Percentage of Net Income (Loss) Before Provision (Benefit) for Income Taxes
Germany
Other	$	2,586	1.2	%
India
Changes in valuation allowance	3,869		1.8	%
Other	1,012		0.5	%
Other foreign jurisdictions	10,996		5.2	%
Changes in unrecognized tax benefits	2,323		1.1	%
Provision (Benefit) for Income Taxes	$	58,934	27.9	%

(1)In 2025, state and local taxes in Tennessee, Pennsylvania and Texas made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of Provision (Benefit) for Income Taxes and the "expected" tax provision computed by applying the current federal statutory tax rate of 21.0% to Net Income (Loss) Before Provision (Benefit) for Income Taxes for the years ended December 31, 2024 and 2023, respectively, is as follows:


	YEAR ENDED DECEMBER 31,
	2024		2023
Computed "expected" tax provision	$	51,353	$	47,713
Changes in income taxes resulting from:
Tax adjustment relating to REIT	(33,926)		(39,299)
State taxes, net of federal tax benefit	(2,919)		(3,147)
Increase (decrease) in valuation allowance	37,018		4,855
Withholding taxes	11,359		11,658
(Reversal) reserve accrual and audit settlements, net of federal tax benefit	(2,052)		(4,946)
Change in valuation of acquisition contingencies	643		3,242
Foreign tax rate differential	13,322		6,876
Adjustments relating to foreign taxes	(10,346)		14,405
Excess tax benefits on equity compensation	(5,047)		(1,905)
Other, net	1,467		491
Provision (Benefit) for Income Taxes	$	60,872	$	39,943

Our effective tax rates for the years ended December 31, 2025, 2024 and 2023 were 27.9%, 24.9% and 17.6%, respectively. Our effective tax rate is subject to variability in the future due to, among other items: (i) changes in the mix of income between our QRSs and our TRSs, as well as among the jurisdictions in which we operate, (ii) tax law changes, (iii) volatility in foreign exchange gains and losses, (iv) the timing of the establishment and reversal of tax reserves, (v) our ability to utilize net operating losses and interest expenses that we generate and (vi) the taxability or deductibility of significant transactions.

The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were:


YEAR ENDED DECEMBER 31,
2025	2024	2023
The lack of tax benefits recognized for the foreign exchange losses of $26,948 and ordinary losses and disallowed interest expenses of certain entities of $16,740, as well as withholding tax expenses of $15,203, partially offset by the net benefits derived from the dividends paid deduction of $52,601.	The lack of tax benefits recognized for the ordinary losses and disallowed interest expenses of certain entities of $37,018 and differences in the tax rates to which our foreign earnings are subject of $13,322, partially offset by the benefits derived from the dividends paid deduction of $33,926. In addition, we recorded gains and losses in Other expense (income), net during the period, for which there was no tax impact.	The benefits derived from the dividends paid deduction of $39,299 and the differences in the tax rates to which our foreign earnings are subject of $6,876. In addition, there were gains and losses recorded in Other expense (income), net for which there was no tax impact.

As a REIT, we are entitled to a deduction for dividends paid, resulting in a substantial reduction of federal income tax expense. As a REIT, substantially all of our income tax expense will be incurred based on the earnings generated by our foreign subsidiaries and our domestic TRSs.

We provide for foreign withholding taxes on the undistributed earnings of our foreign TRSs because it is not our intention to reinvest the undistributed earnings of our foreign TRSs indefinitely outside the United States. As a REIT, future repatriation of incremental undistributed earnings of our foreign subsidiaries will not be subject to federal or state income tax.

The OECD has issued proposals that change long-standing tax principles, including a global minimum tax rate of 15% ("Pillar Two"). While the United States has not enacted legislation to effectuate Pillar Two, Iron Mountain operates in many foreign jurisdictions that have enacted legislation to implement Pillar Two. Pillar Two became applicable for Iron Mountain beginning in 2024. Recent G7 Country (Canada, France, Germany, Italy, Japan and the UK) statements released a side-by-side ("SbS") safe harbor that exempts certain U.S.-parented groups from these rules. The side-by-side Safe Harbor provides that Multinational Enterprise G Groups with an Ultimate Parent Entity in a jurisdiction with qualified SbS regime will not be subject to the Income Inclusion Rule and Undertaxed Profits Rule if they elect the SbS Safe Harbor, applicable as of the beginning of 2026. Since we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we are not expecting a material impact on our effective tax rate, corporate tax liabilities or cash tax liabilities. We continue to monitor United States and global legislative actions as well as administrative guidance related to Pillar Two for potential impacts.

On July 4, 2025, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"). The OBBBA introduces several changes to U.S. federal income tax law, such as suspending the capitalization and amortization of domestic research and development expenditures and reinstating bonus depreciation. It also modifies the deductions available for net controlled foreign corporation tested income (formerly referred to as "global intangible low-taxed income") from non-U.S. subsidiaries and changes the limitations on deductible interest. Under the prior law, not more than 20% of the value of a REIT’s total assets at the end of any quarter could be represented by securities of one or more taxable REIT subsidiaries; the OBBBA increased this threshold to 25% effective January 1, 2026. The effective dates of the OBBBA provisions range from 2025 through 2027. We do not expect the OBBBA provisions to have a material impact on our consolidated financial statements.

The evaluation of an uncertain tax position is a two-step process. The first step is a recognition process whereby we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the Provision (Benefit) for Income Taxes in the accompanying Consolidated Statements of Operations. We recorded decreases of $326, $375 and $2,557 for gross interest and penalties for the years ended December 31, 2025, 2024 and 2023, respectively. We had $4,071 and $3,558 accrued for the payment of interest and penalties as of December 31, 2025 and 2024, respectively.

A summary of tax years that remain subject to examination by major tax jurisdictions is as follows:


TAX YEARS			TAX JURISDICTION
See Below			United States—Federal and State
2022 to present			United Kingdom
2016 and 2018 to present			Canada

The normal statute of limitations for United States federal tax purposes is three years from the date the tax return is filed; however, the statute of limitations may remain open for periods longer than three years in instances where a federal tax examination is in progress. The 2025, 2024 and 2023 tax years and net operating loss carryforwards utilized in these years remain subject to examination for United States federal tax purposes. The normal statute of limitations for state purposes is between three to five years. However, certain of our state statute of limitations remain open for periods longer than this when audits are in progress.

We are subject to income taxes in the United States and numerous foreign jurisdictions. We are subject to examination by various tax authorities in jurisdictions in which we have business operations or a taxable presence. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. As of December 31, 2025, we had $28,478 of reserves related to uncertain tax positions, of which $25,020 and $3,458 is included in Other Long-term Liabilities and Deferred Income Taxes, respectively, in the accompanying Consolidated Balance Sheet. As of December 31, 2024, we had $25,876 of reserves related to uncertain tax positions, of which $19,740 and $6,136 is included in Other Long-term Liabilities and Deferred Income Taxes, respectively, in the accompanying Consolidated Balance Sheet. Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in changes to our estimates.

A rollforward of unrecognized tax benefits is as follows:


Gross tax contingencies—January 1, 2023	$	27,753
Gross additions based on tax positions related to the current year	3,511
Gross additions for tax positions of prior years	634
Gross reductions for tax positions of prior years	(5,454)

Lapses of statutes	(2,874)

Gross tax contingencies—December 31, 2023	23,570
Gross additions based on tax positions related to the current year	3,091

Gross reductions for tax positions of prior years	(1,698)
Acquired unrecognized tax benefits	5,717
Lapses of statutes	(4,804)

Gross tax contingencies—December 31, 2024	25,876
Gross additions based on tax positions related to the current year	4,449
Gross additions for tax positions of prior years	1,791


Lapses of statutes	(3,598)
Settlements	(40)
Gross tax contingencies—December 31, 2025	$	28,478

INCOME TAX PAYMENTS

Pursuant to the disclosure requirements of ASU 2023-09, the following is a summary of income taxes paid by jurisdiction for the year ended December 31, 2025:


	YEAR ENDED DECEMBER 31,
Jurisdiction	2025
United States - Federal	$	7,239
United States - State and local	4,454
Canada	53,309
Chile	6,793
Other	49,811
Total	$	121,606

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Our Chief Operating Decision Maker (“CODM”), our President and CEO, uses Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. The CODM uses Adjusted EBITDA to ensure that resources, including capital, are allocated strategically to support our strategy.

As of December 31, 2025, our two reportable segments are described as follows:

(1)Global Records and Information Management ("Global RIM") Business includes several distinct offerings:

(i)Records Management, which stores physical records and provides information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in 61 countries around the globe.

(ii)Data Management, which provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations, server and computer backup services and related services offerings ("Data Management").

(iii)Global Digital Solutions, which develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information. In October 2025, we launched version 2.0 of our Digital Experience Platform (also referred to as DXP), which offers enhanced content management and smart document processing, an easy-to-use secure platform with workflow tools and Artificial Intelligence agents, allowing customers to make faster and more insightful decisions as well as eliminate obsolete and duplicative data to save costs.

(iv)Secure Shredding, which includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers.

(v)Media and Archive Services, which includes entertainment and media services, which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute and archive key media assets.

(vi)Consumer Storage, which provides on-demand, valet storage for consumers utilizing data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience.

(2)Global Data Center Business, which provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options.

The remaining activities of our business consist primarily of our ALM and Fine Arts businesses and Corporate and Other.

(i)ALM provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure, processing and disposition, and recycling or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. In addition, ALM also offers workplace IT asset management services including storage, configuration, deployment, device support, end-of-life disposition and recycling or sale of employee IT devices. Our ALM services focus on protecting and eradicating customer data while maintaining strong, auditable and transparent chain of custody practices.

(ii)Fine Arts provides technical expertise in the handling, installation and storing of art.

(iii)Corporate and Other also includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole.

The accounting policies of our reportable segments are the same as those described in Note 2.

The operations associated with acquisitions completed during 2025 have been incorporated into our Global RIM Business and Corporate and Other.

An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		TOTAL REPORTABLE SEGMENTS		CORPORATE AND OTHER		TOTAL CONSOLIDATED
As of and for the Year Ended December 31, 2025
Total Revenues	$	5,291,481	$	803,429	$	6,094,910	$	806,827	$	6,901,737
Storage Rental	3,183,735		797,017		3,980,752		71,758		4,052,510
Service	2,107,746		6,412		2,114,158		735,069		2,849,227
Other Segment Items(1)	2,927,983		387,103		3,315,086
Adjusted EBITDA	2,363,498		416,326		2,779,824
Total Assets(2)	10,891,324		7,968,990		18,860,314		2,264,705		21,125,019
As of and for the Year Ended December 31, 2024
Total Revenues	$	4,979,438	$	620,028	$	5,599,466	$	550,443	$	6,149,909
Storage Rental	3,009,094		606,294		3,615,388		66,871		3,682,259
Service	1,970,344		13,734		1,984,078		483,572		2,467,650
Other Segment Items(1)	2,756,321		337,515		3,093,836
Adjusted EBITDA	2,223,117		282,513		2,505,630
Total Assets(2)	10,408,885		6,060,608		16,469,493		2,247,622		18,717,115
As of and for the Year Ended December 31, 2023
Total Revenues	$	4,661,776	$	495,026	$	5,156,802	$	323,487	$	5,480,289
Storage Rental	2,834,352		474,066		3,308,418		62,227		3,370,645
Service	1,827,424		20,960		1,848,384		261,260		2,109,644
Other Segment Items(1)	2,634,739		279,081		2,913,820
Adjusted EBITDA	2,027,037		215,945		2,242,982
Total Assets(2)	10,876,225		4,788,600		15,664,825		1,808,977		17,473,802

(1)Relates to Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the respective reportable segment. The CODM does not regularly review disaggregated expense information included within “Other Segment Items” for any individual segments but may review consolidated Cost of sales (excluding depreciation and amortization) and consolidated Selling, general and administrative expense information to manage the business.

(2)Excludes all intercompany receivables or payables and investment in subsidiary balances.

A reconciliation of Adjusted EBITDA for our reportable segments to total Net Income (Loss) Before Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Total Adjusted EBITDA for Reportable Segments	$	2,779,824	$	2,505,630	$	2,242,982
Add/(Deduct):
Corporate and other	(205,874)		(269,250)		(281,305)
Interest expense, net	(829,335)		(721,559)		(585,932)
Depreciation and amortization	(1,024,435)		(900,905)		(776,159)
Acquisition and Integration Costs	(19,545)		(35,842)		(25,875)
Restructuring and other transformation	(195,912)		(161,359)		(175,215)
(Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate)	(24,641)		(6,196)		12,825
Other (expense) income, net, excluding our share of (losses) gains from our unconsolidated joint ventures	(118,473)		(39,159)		(98,891)
Stock-based compensation expense	(140,280)		(118,138)		(73,799)
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures	(10,141)		(8,684)		(11,425)
Total Net Income (Loss) Before Provision (Benefit) for Income Taxes	$	211,188	$	244,538	$	227,206

Information as to our operations in different geographical areas for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Revenues:
United States	$	4,573,462	$	4,008,402	$	3,507,134
United Kingdom	472,611		426,462		393,917
Canada	302,421		303,184		279,325
Remaining Countries	1,553,243		1,411,861		1,299,913

Long-lived Assets:
United States	$	12,284,125	$	11,399,912	$	9,492,911
United Kingdom	1,913,326		1,419,582		1,315,715
Canada	639,904		612,581		498,511
Remaining Countries	4,352,681		3,593,818		4,431,120

Information as to our revenues by product and service lines by segment for the years ended December 31, 2025, 2024 and 2023 is as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		CORPORATE AND OTHER		TOTAL CONSOLIDATED
For the Year Ended December 31, 2025
Records Management(1)	$	4,208,905	$	—	$	174,290	$	4,383,195
Data Management(1)	504,662		—		—		504,662
Information Destruction(1)(2)(3)	577,914		—		632,537		1,210,451
Data Center(1)	—		803,429		—		803,429

For the Year Ended December 31, 2024
Records Management(1)	$	3,899,109	$	—	$	162,366	$	4,061,475
Data Management(1)	515,306		—		—		515,306
Information Destruction(1)(2)(3)	565,023		—		388,077		953,100
Data Center(1)	—		620,028		—		620,028

For the Year Ended December 31, 2023
Records Management(1)	$	3,625,264	$	—	$	146,389	$	3,771,653
Data Management(1)	520,194		—		—		520,194
Information Destruction(1)(2)(3)	516,318		—		177,098		693,416
Data Center(1)	—		495,026		—		495,026

(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service related, except for information destruction, which does not have a storage rental component.

(2)Information destruction revenue for our Global RIM Business includes secure shredding services.

(3)Information destruction revenue for Corporate and Other includes product revenue from our ALM business.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

RELATED PARTY TRANSACTIONS

In October 2020, in connection with the formation of the Frankfurt JV, we entered into agreements whereby we earn various fees, including (i) special project revenue and (ii) property management and construction and development fees for services we are providing to the Frankfurt JV (the "Frankfurt JV Agreements").

Revenue recognized in the accompanying Consolidated Statements of Operations under these agreements for the years ended December 31, 2025, 2024 and 2023 is as follows (approximately):


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Frankfurt JV Agreements(1)	$	19	$	3,000	$	1,800
Clutter Agreement(2)	—		—		13,000

(1)Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment.

(2)Relates to revenue associated with certain storage and related services provided to the Clutter JV (the "Clutter Agreement"), which were presented as a component of our Global RIM Business segment through June 2023. In June 2023, we acquired a controlling interest in the Clutter JV and terminated the Clutter Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring and Other Transformation

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other Transformation

RESTRUCTURING AND OTHER TRANSFORMATION

PROJECT MATTERHORN

In 2025, we completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business, which we announced in September 2022. Project Matterhorn investments focused on transforming our operating model to a global operating model. Project Matterhorn enabled the development of a solution-based sales approach that allowed us to optimize our shared services and best practices to better serve our customers' needs. As part of this, we invested to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We incurred approximately $574,400 in Restructuring and other transformation costs related to Project Matterhorn since its inception. Costs were comprised of (1) restructuring costs, which included (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which included professional fees such as project management costs and costs for third party consultants who assisted in the enablement of our growth initiatives.

Restructuring and other transformation related to Project Matterhorn included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 and from the inception of Project Matterhorn through December 31, 2025 is as follows:


	YEAR ENDED DECEMBER 31, 2025		YEAR ENDED DECEMBER 31, 2024		YEAR ENDED DECEMBER 31, 2023		FROM INCEPTION THROUGH DECEMBER 31, 2025
Restructuring	$	86,287	$	51,082	$	57,319	$	207,980
Other transformation	109,625		110,277		117,896		366,439
Restructuring and other transformation	$	195,912	$	161,359	$	175,215	$	574,419

Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2025, 2024 and 2023 and from the inception of Project Matterhorn through December 31, 2025 are as follows:


	YEAR ENDED DECEMBER 31, 2025		YEAR ENDED DECEMBER 31, 2024		YEAR ENDED DECEMBER 31, 2023		FROM INCEPTION THROUGH DECEMBER 31, 2025
Global RIM Business	$	78,638	$	42,130	$	46,722	$	180,573
Global Data Center Business	415		3,056		520		3,991
Corporate and Other	7,234		5,896		10,077		23,416
Total restructuring costs	$	86,287	$	51,082	$	57,319	$	207,980

Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2025, 2024 and 2023 and from the inception of Project Matterhorn through December 31, 2025 are as follows:


	YEAR ENDED DECEMBER 31, 2025		YEAR ENDED DECEMBER 31, 2024		YEAR ENDED DECEMBER 31, 2023		FROM INCEPTION THROUGH DECEMBER 31, 2025
Global RIM Business	$	46,453	$	38,337	$	28,369	$	117,060
Global Data Center Business	4,190		4,798		4,964		14,010
Corporate and Other	58,982		67,142		84,563		235,369
Total other transformation costs	$	109,625	$	110,277	$	117,896	$	366,439

A rollforward of the accrued restructuring costs and accrued other transformation costs, which are included as components of Accrued expenses and other current liabilities in our Consolidated Balance Sheets for December 31, 2023 through December 31, 2025 is as follows:


	RESTRUCTURING		OTHER TRANSFORMATION		TOTAL RESTRUCTURING AND OTHER TRANSFORMATION
Balance as of December 31, 2023	$	10,731	$	24,854	$	35,585
Amounts accrued	51,082		110,277		161,359
Payments	(54,839)		(122,127)		(176,966)
Balance as of December 31, 2024	6,974		13,004		19,978
Amounts accrued	86,287		109,625		195,912
Payments	(67,033)		(108,598)		(175,631)
Balance as of December 31, 2025	$	26,228	$	14,031	$	40,259

Schedule III - Schedule of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Schedule of Real Estate and Accumulated Depreciation

Schedule III - Schedule of Real Estate and Accumulated Depreciation ("Schedule III") reflects the cost and associated accumulated depreciation for the real estate facilities that are owned. The gross cost included in Schedule III includes the cost for land, land improvements, buildings, building improvements, data center infrastructure and racking structures. Schedule III does not reflect the 1,111 leased facilities in our real estate portfolio. In addition, Schedule III does not include any value for financing leases for property that is classified as land, buildings, data center infrastructure and building improvements in our consolidated financial statements.

The following table presents a reconciliation of the gross amount of real estate assets, as presented in Schedule III below, to the sum of the historical book value of land, buildings and building improvements, data center infrastructure, racking structures and construction in progress as disclosed in Note 2.i. to Notes to Consolidated Financial Statements as of December 31, 2025:


Gross Amount of Real Estate Assets, As Reported on Schedule III	$	7,923,550
Add (Deduct) Reconciling Items:
Book value of racking structures included in leased facilities(1)	1,515,395
Book value of financing leases(2)	462,121
Book value of construction in progress(3)	1,137,968
Book value of other	34,715
Total Reconciling Items	3,150,199
Gross Amount of Real Estate Assets, As Disclosed in Note 2.i.	$	11,073,749

(1)Represents the gross book value of racking structures installed in our 1,111 leased facilities, which are included in the historical book value of racking structures in Note 2.i., but excluded from Schedule III.

(2)Represents the gross book value of buildings, building improvements and data center infrastructure that are subject to financing leases, which are included in the historical book value of buildings, building improvements and data center infrastructure in Note 2.i., but excluded from Schedule III.

(3)Represents the gross book value of non-real estate assets, which are included in the historical book value of construction in progress assets in Note 2.i., but excluded from Schedule III. The historical book value of real estate assets associated with owned buildings that are related to construction in progress as of December 31, 2025 are included in Schedule III.

The following table presents a reconciliation of the accumulated depreciation of real estate assets, as presented in Schedule III below, to the total accumulated depreciation for all property, plant and equipment presented on our Consolidated Balance Sheet as of December 31, 2025:


Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III	$	1,675,548
Add (Deduct) Reconciling Items:
Accumulated Depreciation - non-real estate assets(1)	1,858,802
Accumulated Depreciation - racking structures in leased facilities(2)	1,176,364
Accumulated Depreciation - financing leases(3)	185,363
Accumulated Depreciation - other	14,933
Total Reconciling Items	3,235,462
Accumulated Depreciation, As Reported on Consolidated Balance Sheet	$	4,911,010

(1)Represents the accumulated depreciation of non-real estate assets that is included in the total accumulated depreciation of property, plant and equipment on our Consolidated Balance Sheet, but excluded from Schedule III as the assets to which this accumulated depreciation relates are not considered real estate assets associated with owned buildings.

(2)Represents the accumulated depreciation of racking structures as of December 31, 2025 installed in our 1,111 leased facilities, which is included in total accumulated depreciation of property, plant and equipment on our Consolidated Balance Sheet, but excluded from Schedule III, as disclosed in Footnote 1 to Schedule III.

(3)Represents the accumulated depreciation of buildings, building improvements and data center infrastructure as of December 31, 2025 that are subject to financing leases, which is included in the total accumulated depreciation of property, plant and equipment on our Consolidated Balance Sheet, but excluded from Schedule III, as disclosed in Footnote 1 to Schedule III.


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
North America
United States (Including Puerto Rico)
1420 North Fiesta Blvd, Gilbert, Arizona	1	$	—	$	1,637	$	3,036	$	4,673	$	3,008	2001		Up to 40 years
4802 East Van Buren, Phoenix, Arizona	1	—		15,599		531,919		547,518		51,833		2019		Up to 40 years
615 North 48th Street, Phoenix, Arizona	1	—		423,107		135,801		558,908		124,324		2018	(5)	Up to 40 years
2955 S. 18th Place, Phoenix, Arizona	1	—		12,178		15,327		27,505		10,820		2007		Up to 40 years
4449 South 36th St, Phoenix, Arizona	1	—		7,305		1,446		8,751		6,033		2012		Up to 40 years
5100 E Roosevelt Street, Phoenix, Arizona	1	—		9,400		433,167		442,567		1,447		2025		Up to 40 years
8521 E. Princess Drive, Scottsdale, Arizona	1	—		87,865		9,471		97,336		34,224		2018	(5)	Up to 40 years
600 Burning Tree Rd, Fullerton, California	1	—		4,762		3,222		7,984		3,699		2002		Up to 40 years
21063 Forbes St, Hayward, California	1	—		13,407		884		14,291		4,225		2019	(11)	Up to 40 years
1025 North Highland Ave, Los Angeles, California	1	—		10,168		34,073		44,241		21,535		1988		Up to 40 years
1010 - 1006 North Mansfield, Los Angeles, California	1	—		749		317		1,066		241		2014		Up to 40 years
1350 West Grand Ave, Oakland, California	1	—		15,172		8,291		23,463		17,637		1997		Up to 40 years
1760 North Saint Thomas Circle, Orange, California	1	—		4,576		930		5,506		2,605		2002		Up to 40 years
1915 South Grand Ave, Santa Ana, California	1	—		3,420		1,875		5,295		2,557		2001		Up to 40 years
2680 Sequoia Dr, South Gate, California	1	—		6,329		3,343		9,672		5,120		2002		Up to 40 years
336 Oyster Point Blvd, South San Francisco, California	1	—		15,100		1,428		16,528		3,663		2019	(11)	Up to 40 years
3576 N. Moline, Aurora, Colorado	1	—		1,583		4,641		6,224		3,006		2001		Up to 40 years
5151 E. 46th Ave, Denver, Colorado	1	—		6,312		808		7,120		2,824		2014		Up to 40 years


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
North America (continued)
United States (Including Puerto Rico) (continued)
11333 E 53rd Ave, Denver, Colorado	1	$	—	$	7,403	$	11,997	$	19,400	$	12,787	2001		Up to 40 years
4300 Brighton Boulevard, Denver, Colorado	1	—		116,336		41,415		157,751		39,163		2017		Up to 40 years
20 Eastern Park Rd, East Hartford, Connecticut	1	—		7,417		2,172		9,589		7,265		2002		Up to 40 years
Kennedy Road, Windsor, Connecticut	2	—		10,447		34,869		45,316		29,532		2001		Up to 40 years
1400 Johnson Way, New Castle, Delaware	1	—		5,686		721		6,407		735		2023	(11)	Up to 40 years
150-200 Todds Ln, Wilmington, Delaware	1	—		7,226		1,284		8,510		6,009		2002		Up to 40 years
3501 Electronics Way, West Palm Beach, Florida	1	—		4,201		15,591		19,792		10,973		2001		Up to 40 years
5319 Tulane Drive SW, Atlanta, Georgia	1	—		2,808		4,028		6,836		5,145		2002		Up to 40 years
6111 Live Oak Parkway, Norcross, Georgia	1	—		3,542		4,273		7,815		1,497		2017		Up to 40 years
2425 South Halsted St, Chicago, Illinois	1	—		7,470		1,946		9,416		5,283		2006		Up to 40 years
1301 S. Rockwell St, Chicago, Illinois	1	—		7,947		34,096		42,043		20,317		1999		Up to 40 years
2604 West 13th St, Chicago, Illinois	1	—		404		4,307		4,711		3,258		2001		Up to 40 years
2211 W. Pershing Rd, Chicago, Illinois	1	—		4,264		14,769		19,033		12,002		2001		Up to 40 years
1680 and 1700 E. Touhy Avenue, Des Plaines, Illinois	—	—		2,216		149,028		151,244		2,388		2023		Up to 40 years
2255 Pratt Blvd, Elk Grove, Illinois	1	—		1,989		4,130		6,119		2,545		2000		Up to 40 years
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois	1	—		22,048		4,690		26,738		13,487		2014		Up to 40 years
6090 NE 14th Street, Des Moines, Iowa	1	—		622		696		1,318		634		2003		Up to 40 years
South 7th St, Louisville, Kentucky	4	—		709		16,611		17,320		8,922		Various		Up to 40 years


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
North America (continued)
United States (Including Puerto Rico) (continued)
26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine	1	$	—	$	8,337	$	722	$	9,059	$	4,534	2015	(11)	Up to 40 years
8928 McGaw Ct, Columbia, Maryland	1	—		2,198		6,728		8,926		5,456		1999		Up to 40 years
32 George St, Boston, Massachusetts	1	—		1,820		6,220		8,040		6,277		1991		Up to 40 years
3435 Sharps Lot Rd, Dighton, Massachusetts	1	—		1,911		889		2,800		2,334		1999		Up to 40 years
77 Constitution Boulevard, Franklin, Massachusetts	1	—		5,413		615		6,028		1,637		2014		Up to 40 years
Bearfoot Road, Northboro, Massachusetts	2	—		55,923		34,381		90,304		50,785		Various		Up to 40 years
6601 Sterling Dr South, Sterling Heights, Michigan	1	—		1,294		1,255		2,549		1,552		2002		Up to 40 years
3140 Ryder Trail South, Earth City, Missouri	1	—		3,072		4,493		7,565		3,610		2004		Up to 40 years
Leavenworth St/18th St, Omaha, Nebraska	2	—		2,924		20,462		23,386		11,658		Various		Up to 40 years
4105 North Lamb Blvd, Las Vegas, Nevada	1	—		3,430		11,517		14,947		8,628		2002		Up to 40 years
17 Hydro Plant Rd, Milton, New Hampshire	1	—		6,179		4,905		11,084		8,622		2001		Up to 40 years
3003 Woodbridge Avenue, Edison, New Jersey	1	—		310,404		170,182		480,586		96,488		2018	(5)	Up to 40 years
811 Route 33, Freehold, New Jersey	3	—		38,697		66,371		105,068		70,965		Various		Up to 40 years
51-69 & 77-81 Court St, Newark, New Jersey	1	—		11,734		20,612		32,346		6,248		2015		Up to 40 years
560 Irvine Turner Blvd, Newark, New Jersey	1	—		9,522		11,314		20,836		2,924		2015		Up to 40 years
231 Johnson Ave, Newark, New Jersey	1	—		8,945		7,751		16,696		2,970		2015		Up to 40 years
650 Howard Avenue, Somerset, New Jersey	1	—		3,585		12,721		16,306		9,284		2006		Up to 40 years
100 Bailey Ave, Buffalo, New York	1	—		1,324		11,636		12,960		9,128		1998		Up to 40 years


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
North America (continued)
United States (Including Puerto Rico) (continued)
1368 County Rd 8, Farmington, New York	1	$	—	$	2,611	$	5,353	$	7,964	$	6,141	1998		Up to 40 years
County Rd 10, Linlithgo, New York	2	—		102		3,283		3,385		2,418		2001		Up to 40 years
Ulster Ave/Route 9W, Port Ewen, New York	3	—		23,137		13,455		36,592		28,359		2001		Up to 40 years
Binnewater Rd, Rosendale, New York	2	—		5,142		12,139		17,281		10,670		Various		Up to 40 years
220 Wavel St, Syracuse, New York	1	—		2,929		2,863		5,792		3,937		1997		Up to 40 years
826 Church Street, Morrisville, North Carolina	1	—		7,087		2,022		9,109		2,867		2017		Up to 40 years
1275 East 40th, Cleveland, Ohio	1	—		3,129		611		3,740		2,615		1999		Up to 40 years
7208 Euclid Avenue, Cleveland, Ohio	1	—		3,336		5,011		8,347		5,345		2001		Up to 40 years
3366 South Tech Boulevard, Miamisburg, Ohio	1	—		29,092		2,790		31,882		8,770		2018	(5)	Up to 40 years
Branchton Rd, Boyers, Pennsylvania	2	—		21,166		304,431		325,597		119,689		Various		Up to 40 years
800 Carpenters Crossings, Folcroft, Pennsylvania	1	—		2,457		1,212		3,669		2,561		2000		Up to 40 years
Las Flores Industrial Park, Rio Grande, Puerto Rico	1	—		4,185		4,021		8,206		5,974		2001		Up to 40 years
1061 Carolina Pines Road, Columbia, South Carolina	1	—		11,776		4,825		16,601		6,314		2016	(11)	Up to 40 years
2301 Prosperity Way, Florence, South Carolina	1	—		2,846		1,372		4,218		2,180		2016	(11)	Up to 40 years
Mitchell Street, Knoxville, Tennessee	2	—		718		4,868		5,586		3,268		Various		Up to 40 years
6005 Dana Way, Nashville, Tennessee	2	—		1,827		13,518		15,345		4,872		2000		Up to 40 years
Capital Parkway, Carrollton, Texas	3	—		8,299		1,917		10,216		3,749		2015	(11)	Up to 40 years
1800 Columbian Club Dr, Carrolton, Texas	1	—		19,673		6,207		25,880		9,728		2013		Up to 40 years


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
North America (continued)
United States (Including Puerto Rico) (continued)
1905 John Connally Dr, Carrolton, Texas	1	$	—	$	2,174	$	293	$	2,467	$	1,460	2000		Up to 40 years
13425 Branchview Ln, Dallas, Texas	1	—		3,518		4,006		7,524		5,025		2001		Up to 40 years
1819 S. Lamar St, Dallas, Texas	1	—		3,215		2,471		5,686		3,401		2000		Up to 40 years
2000 Robotics Place Suite B, Fort Worth, Texas	1	—		5,328		8,822		14,150		4,907		2002		Up to 40 years
1202 Ave R, Grand Prairie, Texas	1	—		8,354		2,452		10,806		7,371		2003		Up to 40 years
6203 Bingle Rd, Houston, Texas	1	—		3,188		12,516		15,704		10,803		2001		Up to 40 years
2600 Center Street, Houston, Texas	1	—		2,840		2,896		5,736		3,428		2000		Up to 40 years
5707 Chimney Rock, Houston, Texas	1	—		1,032		1,270		2,302		1,416		2002		Up to 40 years
5249 Glenmont Ave, Houston, Texas	1	—		3,467		3,191		6,658		3,837		2000		Up to 40 years
15333 Hempstead Hwy, Houston, Texas	3	—		6,327		39,107		45,434		23,455		2004		Up to 40 years
5757 Royalton Dr, Houston, Texas	1	—		1,795		1,177		2,972		1,750		2000		Up to 40 years
9601 West Tidwell, Houston, Texas	1	—		1,680		3,548		5,228		2,069		2001		Up to 40 years
7800 Westpark, Houston, Texas	1	—		6,323		1,852		8,175		2,873		2015	(11)	Up to 40 years
1665 S. 5350 West, Salt Lake City, Utah	1	—		6,239		5,521		11,760		7,109		2002		Up to 40 years
11052 Lakeridge Pkwy, Ashland, Virginia	1	—		1,709		2,005		3,714		2,610		1999		Up to 40 years
11660 Hayden Road, Manassas, Virginia	7	—		104,824		2,203,883		2,308,707		132,323		2020		Up to 40 years
3725 Thirlane Rd. N.W., Roanoke, Virginia	1	—		2,577		317		2,894		1,551		2015	(11)	Up to 40 years
6110 Technology Creek Drive, Sandston, Virginia	—	—		8,068		1,000		9,068		—		2024		Up to 40 years
22445 Randolph Dr, Sterling, Virginia	1	—		7,598		4,513		12,111		7,773		2005		Up to 40 years
307 South 140th St, Burien, Washington	1	—		2,078		2,960		5,038		3,176		1999		Up to 40 years


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)	LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
North America (continued)
United States (Including Puerto Rico) (continued)
6600 Hardeson Rd, Everett, Washington	1	$	—	$	5,399	$	4,271	$	9,670	$	4,825	2002	Up to 40 years
4330 South Grove Road, Spokane, Washington	1	—		3,906		1,409		5,315		1,299		2015	Up to 40 years
Total United States	117	$	—	$	1,669,267	$	4,628,754	$	6,298,021	$	1,245,761
Canada
One Command Court, Bedford	1	$	—	$	3,847	$	4,622	$	8,469	$	5,491	2000	Up to 40 years
195 Summerlea Road, Brampton	1	—		5,403		6,936		12,339		7,655		2000	Up to 40 years
10 Tilbury Court, Brampton	1	—		5,007		18,131		23,138		12,553		2000	Up to 40 years
8825 Northbrook Court, Burnaby	1	—		8,091		2,024		10,115		5,826		2001	Up to 40 years
8088 Glenwood Drive, Burnaby	1	—		4,326		6,796		11,122		6,583		2005	Up to 40 years
5811 26th Street S.E., Calgary	1	—		14,658		12,362		27,020		14,977		2000	Up to 40 years
3905-101 Street, Edmonton	1	—		2,020		956		2,976		1,955		2000	Up to 40 years
68 Grant Timmins Drive, Kingston	1	—		3,639		481		4,120		994		2016	Up to 40 years
3005 Boul. Jean-Baptiste Deschamps, Lachine	1	—		2,751		785		3,536		1,852		2000	Up to 40 years
1655 Fleetwood, Laval	1	—		8,196		19,166		27,362		17,464		2000	Up to 40 years
4005 Richelieu, Montreal	1	—		1,800		2,548		4,348		2,468		2000	Up to 40 years
1209 Algoma Rd, Ottawa	1	—		1,059		10,608		11,667		7,005		2000	Up to 40 years
235 Edson Street, Saskatoon	1	—		829		1,612		2,441		1,233		2008	Up to 40 years
610 Sprucewood Ave, Windsor	1	—		1,243		667		1,910		1,113		2007	Up to 40 years
Total Canada	14	$	—	$	62,869	$	87,694	$	150,563	$	87,169
Total North America	131	$	—	$	1,732,136	$	4,716,448	$	6,448,584	$	1,332,930


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
Europe
Gewerbeparkstr. 3, Vienna, Austria	1	$	—	$	6,542	$	14,727	$	21,269	$	10,891	2010		Up to 40 years
Stupničke Šipkovine 62, Zagreb, Croatia	1	—		1,408		3,621		5,029		3,396		2003		Up to 40 years
Kratitirion 9 Kokkinotrimithia Industrial District, Nicosia, Cyprus	1	—		3,136		3,270		6,406		1,762		2003		Up to 40 years
Karyatidon 1, Agios Sylas Industrial Area (3rd), Limassol, Cyprus	1	—		1,935		63		1,998		478		2018		Up to 40 years
G2-B, Engineering Square IDG Developer’s Area, 6th Oct City Giza, Egypt	1	—		8,984		(6,984)		2,000		989		2021	(7)	Up to 40 years
65 Egerton Road, Birmingham, England	1	—		6,980		4,519		11,499		6,688		2003		Up to 40 years
Otterham Quay Lane, Gillingham, England	9	—		7,418		4,698		12,116		7,172		2004		Up to 40 years
Kemble Industrial Park, Kemble, England	2	—		5,277		7,749		13,026		9,852		2003		Up to 40 years
Gayton Road, Kings Lynn, England	3	—		3,119		4,339		7,458		4,020		2003		Up to 40 years
Harpway Lane, Sopley, England	1	—		681		2,368		3,049		1,835		2004		Up to 40 years
Unit 1A Broadmoor Road, Swindon, England	1	—		2,636		2,747		5,383		1,921		2006		Up to 40 years
Jeumont-Schneider, Champagne Sur Seine, France	3	—		1,750		2,805		4,555		3,138		2003		Up to 40 years
Bat I-VII Rue de Osiers, Coignieres, France	4	—		21,318		(1,387)		19,931		9,096		2016	(4)	Up to 40 years
26 Rue de I Industrie, Fergersheim, France	1	—		1,322		159		1,481		664		2016	(4)	Up to 40 years
Bat A, B, C1, C2, C3 Rue Imperiale, Gue de Longroi, France	1	—		3,390		1,064		4,454		2,153		2016	(4)	Up to 40 years
Le Petit Courtin Site de Dois, Gueslin, Mingieres, France	1	—		14,141		1,225		15,366		4,786		2016	(4)	Up to 40 years
ZI des Sables, Morangis, France	1	—		12,407		15,075		27,482		21,283		2004		Up to 40 years


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
Europe (continued)
45 Rue de Savoie, Manissieux, Saint Priest, France	1	$	—	$	5,546	$	609	$	6,155	$	2,118	2016	(4)	Up to 40 years
Heinrich Lanz Alee 47, Frankfurt, Germany	1	—		80,951		140,054		221,005		21,486		2021	(8)	Up to 40 years
Gutenbergstrabe 55, Hamburg, Germany	1	—		4,022		2,176		6,198		2,398		2016	(4)	Up to 40 years
Brommer Weg 1, Wipshausen, Germany	1	—		3,220		3,574		6,794		4,404		2006		Up to 40 years
Kilbarry Industrial Park, Dublin Hill, Cork, Ireland	2	—		831		458		1,289		385		2024		Up to 40 years
Loughbeg, Ringaskiddy, Cork, Ireland	—	—		868		113		981		—		2024		Up to 40 years
Warehouse and Offices 4 Springhill, Cork, Ireland	1	—		9,040		3,435		12,475		7,671		2014		Up to 40 years
17 Crag Terrace, Dublin, Ireland	1	—		2,818		1,813		4,631		2,055		2001		Up to 40 years
Damastown Industrial Park, Dublin, Ireland	1	—		16,034		9,301		25,335		13,530		2012		Up to 40 years
Howemoss Drive, Aberdeen, Scotland	2	—		6,970		6,826		13,796		7,706		Various		Up to 40 years
Nettlehill Road, Houston Industrial Estate, Livingston, Scotland	1	—		11,517		32,097		43,614		26,224		2001		Up to 40 years
Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain	1	—		186		(186)		—		—		2014		Up to 40 years
Calle Bronce, 37, Chiloeches, Spain	1	—		11,011		5,342		16,353		5,978		2010		Up to 40 years
Calle del Mar Egeo, 4, 28830, San Fernando de Hanares, Madrid, Spain	1	—		93,370		220,457		313,827		4,044		2022	(9)	Up to 40 years
Ctra M.118 , Km.3 Parcela 3, Madrid, Spain	1	—		3,981		7,336		11,317		8,735		2001		Up to 40 years
Plot No. S10501 & S10506 Jebel Ali Free Zone Authority, United Arab Emirates	1	—		17,000		(3,747)		13,253		2,475		2021	(7)	Up to 40 years
Total Europe	50	$	—	$	369,809	$	489,716	$	859,525	$	199,333


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
Latin America
Amancio Alcorta 2396, Buenos Aires, Argentina	2	$	—	$	655	$	141	$	796	$	112	Various		Up to 40 years
Azara 1245, Buenos Aires, Argentina	1	—		166		(166)		—		—		1998		Up to 40 years
Spegazzini, Ezeiza, Buenos Aires, Argentina	1	—		12,773		(12,578)		195		57		2012		Up to 40 years
Av Ernest de Moraes 815, Bairro Fim do Campo, Jarinu, Brazil	1	—		12,562		(4,602)		7,960		2,909		2016	(4)	Up to 40 years
Rua Peri 80, Jundiai, Brazil	1	—		8,894		(3,204)		5,690		2,284		2016	(4)	Up to 40 years
Francisco de Souza e Melo, Rio de Janerio, Brazil	3	—		1,868		9,054		10,922		4,722		Various		Up to 40 years
Hortolandia, Sao Paulo, Brazil	1	—		24,078		(6,324)		17,754		4,555		2014		Up to 40 years
El Otoño 398, Lampa, Chile	1	—		1,612		(1,464)		148		5		2015		Up to 40 years
El Taqueral 99, Santiago, Chile	10	—		2,629		28,646		31,275		15,237		Various		Up to 40 years
Panamericana Norte 18900, Santiago, Chile	7	—		4,001		13,050		17,051		9,286		Various		Up to 40 years
Avenida Prolongacion del Colli 1104, Guadalajara, Mexico	1	—		374		1,163		1,537		905		2002		Up to 40 years
Privada Las Flores No. 25 (G3), Guadalajara, Mexico	1	—		905		2,895		3,800		896		2004		Up to 40 years
Tula KM Parque de Las, Huehuetoca, Mexico	2	—		19,937		5,625		25,562		8,094		2016	(4)	Up to 40 years
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico	2	—		3,537		4,528		8,065		3,163		2004		Up to 40 years
Lote 2, Manzana A, (T2& T3), Toluca, Mexico	1	—		2,204		1,164		3,368		1,648		2002		Up to 40 years
Prolongacion de la Calle 7 (T4), Toluca, Mexico	1	—		7,544		14,622		22,166		9,276		2007		Up to 40 years
Av. Elmer Faucett 3462, Lima, Peru	2	—		4,112		7,175		11,287		5,954		Various		Up to 40 years
Calle Los Claveles-Seccion 3, Lima, Peru	1	—		8,179		30,343		38,522		14,671		2010		Up to 40 years
Total Latin America	39	$	—	$	116,030	$	90,068	$	206,098	$	83,774


(A)		(B)		(C)		(D)		(E)		(F)
REGION/COUNTRY/ STATE/CAMPUS ADDRESS	FACILITIES(1)	ENCUMBRANCES		INITIAL COST TO COMPANY(1)		COST CAPITALIZED SUBSEQUENT TO ACQUISITION(1)(2)		GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD(1)(11)		ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD(1)(2)(11)		DATE OF CONSTRUCTION OR ACQUIRED(3)		LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED
Asia Pacific
12 Whitestone Drive, Austins Ferry, Australia	1	$	—	$	681	$	2,376	$	3,057	$	765	2012	(4)	Up to 40 years
No.464, Pattandur Agrahara Village, Vertex Tech Park, India	5	—		113,767		120,792		234,559		5,305		2023	(10)	Up to 40 years
Jalan Karanggan Muda Raya No 59, Bogor, Indonesia	1	—		7,897		3,615		11,512		3,800		2017		Up to 40 years
Jl. Amd Projakal KM 5.5 Rt 46, Kel. Graha Indah, Kec. Balikpapan Utara, Indonesia	1	—		125		70		195		16		2021		Up to 40 years
1 Serangoon North Avenue 6, Singapore	1	—		58,637		70,484		129,121		34,396		2018	(6)	Up to 40 years
2 Yung Ho Road, Singapore	1	—		10,395		2,608		13,003		6,493		2016	(4)	Up to 40 years
IC1 69 Moo 2, Soi Wat Namdaeng, Bangkok, Thailand	2	—		13,226		4,670		17,896		8,736		2016	(4)	Up to 40 years
Total Asia Pacific	12	$	—	$	204,728	$	204,615	$	409,343	$	59,511
Total	232	$	—	$	2,422,703	$	5,500,847	$	7,923,550	$	1,675,548

(1)The above information only includes the real estate facilities that are owned. The gross cost includes the cost for land, land improvements, buildings, building improvements, data center infrastructure and racking structures. The listing does not reflect the 1,111 leased facilities in our real estate portfolio. In addition, the above information does not include any value for financing leases for property that is classified as land, buildings, building improvements and data center infrastructure in our consolidated financial statements.

(2)Amount includes cumulative impact of foreign currency translation fluctuations.

(3)Date of construction or acquired represents the date we constructed the facility or acquired the facility through purchase or acquisition.

(4)Property was acquired in connection with our acquisition of Recall Holdings Limited.

(5)Property was acquired in connection with our acquisition of IO Data Centers, LLC.

(6)Property was acquired in connection with our acquisition of Credit Suisse International and Credit Suisse AG.

(7)Property was acquired in connection with our acquisition of Information Fort, LLC.

(8)Property was acquired in connection with the Frankfurt data center acquisition.

(9)Property was acquired in connection with our acquisition of XData Properties, S.L.U.

(10)Property was acquired in connection with our acquisition of the Web Werks JV.

(11)This date represents the date the categorization of the property was changed from a leased facility to an owned facility.

(12)The following tables present the changes in gross carrying amount of real estate owned and accumulated depreciation for the years ended December 31, 2025 and 2024:


	YEAR ENDED DECEMBER 31,
GROSS CARRYING AMOUNT OF REAL ESTATE	2025		2024
Gross amount at beginning of period	$	6,714,601	$	4,964,366
Additions during period:
Discretionary capital projects	1,107,166		1,836,648

Foreign currency translation fluctuations	108,733		(73,945)
	1,215,899		1,762,703
Deductions during period:
Cost of real estate sold, disposed or written-down	(13,061)		(14,872)
Other adjustments	6,111		2,404
	(6,950)		(12,468)
Gross amount at end of period	$	7,923,550	$	6,714,601


	YEAR ENDED DECEMBER 31,
ACCUMULATED DEPRECIATION	2025		2024
Gross amount of accumulated depreciation at beginning of period	$	1,453,058	$	1,305,461
Additions during period:
Depreciation	198,994		183,138
Foreign currency translation fluctuations	31,971		(28,488)
	230,965		154,650
Deductions during period:
Amount of accumulated depreciation for real estate assets sold, disposed or written-down	(6,300)		(10,619)
Other adjustments	(2,175)		3,566
	(8,475)		(7,053)
Gross amount of end of period	$	1,675,548	$	1,453,058

The aggregate cost of our real estate assets for federal tax purposes at December 31, 2025 was approximately $7,881,000.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Mithu Bhargava [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 19, 2025, Ms. Mithu Bhargava, our Executive Vice President and General Manager, Digital Business Unit, adopted a 10b5-1 trading plan to sell 100% of the net shares to be acquired upon vesting of 32,295 gross performance units ("PUs"), as adjusted based on the actual performance results of such PUs, between March 19, 2026 and December 31, 2026. Ms. Bhargava´s plan will terminate on the earlier of December 31, 2026 and the date that all trades under the plan are completed.
Name	Ms. Mithu Bhargava
Title	Executive Vice President and General Manager
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 19, 2025
Expiration Date	December 31, 2026
Arrangement Duration	287 days
Aggregate Available	32,295

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a robust information security program that is designed to protect our information and the information of our customers. Our information security program is based on a recognized cybersecurity framework established by the National Institute of Standards and Technology ("NIST") and establishes controls to mitigate critical areas of cybersecurity risk. Our information security program has adopted all elements of the NIST cybersecurity framework, including the six functions of identify, protect, detect, respond, recover and governance. We use the NIST framework as a guide to ensure our information security program is designed to manage cybersecurity risks relevant to our business. Among other things, the cybersecurity controls in our information security program address information access rights, incident monitoring response processes, information technology system configuration, network security, security architecture planning, mobile device security and compliance with information security policy requirements and protocols. These cybersecurity controls are designed to oversee, identify and mitigate risks from cybersecurity threats, including those arising from our use of third-party service providers. Our cybersecurity controls are evaluated regularly by our internal information security team, and we engage a third party examiner to assess the maturity of our information security program against the NIST cybersecurity framework no less frequently than bi-annually. Additionally, our information security program is assessed periodically by a federal regulator in the United States as part of its routine audit of the Company. In addition to our internal assessments, we also assess our third-party service providers on a regular basis using a risk-based approach that assigns a risk calculation to each such service provider. The results of our assessments are tracked and evaluated to ensure these third parties comply with our cybersecurity standards. We require all employees to undertake data protection and cybersecurity training and compliance programs annually. Our reputation for providing secure information storage to customers is critical to the success of our business, and protecting against material cybersecurity risks is an integral part of maintaining that reputation. A successful cybersecurity breach could lead to theft or misuse of our or our customers’ proprietary or confidential information or our employees’ personal information and result in third-party claims against us, regulatory penalties and reputational harm. As part of our information security program, we also actively monitor emerging cyberattack patterns to develop custom detection capabilities and mitigation techniques to protect against material risk of cybersecurity threats. Upon encountering a cybersecurity incident, our information security team responds using our detailed cybersecurity incident response plan ("CSIRP"), which is based on industry best practices, relevant legal requirements and our contractual commitments. Among other things, the CSIRP sets forth the specific criteria used to assess a cybersecurity incident, mitigate risks of adverse consequences associated with any such incident, protocols to escalate the management of the incident and the process to inform our executive management team and any impacted functions of our business. All cybersecurity incidents are assessed to determine whether disclosure is required pursuant to any contractual or regulatory requirements and any material cybersecurity incident is also reported to our board of directors (our "Board"). To date, our information security program has been successful in protecting against risks from cybersecurity threats, and we have not had any cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. Additional information about cybersecurity risks we face is discussed in Item 1A of Part I, “Risk Factors,” under the heading “Attacks on our internal IT systems could damage our reputation, cause us to lose revenues, and adversely affect our business, financial condition and results of operations”, which should be read in conjunction with the information above.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a robust information security program that is designed to protect our information and the information of our customers. Our information security program is based on a recognized cybersecurity framework established by the National Institute of Standards and Technology ("NIST") and establishes controls to mitigate critical areas of cybersecurity risk. Our information security program has adopted all elements of the NIST cybersecurity framework, including the six functions of identify, protect, detect, respond, recover and governance. We use the NIST framework as a guide to ensure our information security program is designed to manage cybersecurity risks relevant to our business. Among other things, the cybersecurity controls in our information security program address information access rights, incident monitoring response processes, information technology system configuration, network security, security architecture planning, mobile device security and compliance with information security policy requirements and protocols. These cybersecurity controls are designed to oversee, identify and mitigate risks from cybersecurity threats, including those arising from our use of third-party service providers. Our cybersecurity controls are evaluated regularly by our internal information security team, and we engage a third party examiner to assess the maturity of our information security program against the NIST cybersecurity framework no less frequently than bi-annually. Additionally, our information security program is assessed periodically by a federal regulator in the United States as part of its routine audit of the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board reviews and discusses significant risks with executive management, including cybersecurity risk, that affect us. Although our executive management team and our Board work together on risk matters, our Board has the ultimate oversight authority over all enterprise risks, including cybersecurity risk. Our Board reserves the right to, and periodically does, consult with third-party advisors and experts to assist our Board in understanding and anticipating future cybersecurity threats and trends. The Risk and Safety Committee of our Board (the "RSC") is specifically tasked with reviewing and monitoring cybersecurity and information security risk, as well as the risk management strategies, systems and policies, and processes implemented, established and reported on by our executive management team. The RSC is also primarily responsible for assisting our Board with oversight of our enterprise risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk and Safety Committee of our Board (the "RSC") is specifically tasked with reviewing and monitoring cybersecurity and information security risk, as well as the risk management strategies, systems and policies, and processes implemented, established and reported on by our executive management team. The RSC is also primarily responsible for assisting our Board with oversight of our enterprise risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our executive management team, with oversight from our Board, is responsible for our enterprise risk management process and the day-to-day supervision and mitigation of enterprise risks, including cybersecurity risk. Our enterprise risk management program includes our executive management team receiving regular reports from our operations personnel.
Cybersecurity Risk Role of Management [Text Block]	Our executive management team, with oversight from our Board, is responsible for our enterprise risk management process and the day-to-day supervision and mitigation of enterprise risks, including cybersecurity risk. Our enterprise risk management program includes our executive management team receiving regular reports from our operations personnel. As part of our enterprise risk program, our executive management team has established an enterprise risk committee (the "ERC"), which is chaired by our Chief Risk Officer and is otherwise composed of each of our other executive vice presidents. The ERC oversees our risk and compliance activities to ensure that management has appropriate policies and management plans in place for managing risks of the business, including cybersecurity risk, as well as reviewing and prioritizing significant risks and allocating resources for risk mitigation. Our Chief Risk Officer provides reports at each meeting of the RSC on areas of potential risks to us, including cybersecurity risk, and our Chief Information Security Officer provides quarterly reports to the RSC on the key performance indicators of our information security program to facilitate the RSC’s oversight of the program through objective measurements, including metrics regarding software patching, IT asset management, cyber incident management and cybersecurity training. Reports by our Chief Information Security Officer also include detailed information on the activities of our cyber incident response team to allow for analysis of trends and the identification of any control gaps that require remediation. We also maintain a business information security committee (the "ISC") with employee representation across geographies, business lines and business functions. The ISC includes a cross functional group of our employees with expertise and responsibilities in areas such as operations, digital product solutions, information technology, compliance, security, finance, privacy, internal audit and legal risk mitigation. The ISC is managed by our Chief Information Security Officer and meets regularly to receive updates on our cybersecurity posture, emerging risks and new cybersecurity capabilities. Members of the ISC act as points of contact during incident response activities to provide oversight and logistical support to the information security team. The information security team is made primarily of full-time employees; however, we routinely engage consultants to provide supplemental labor and additional expertise in specific areas on an as-needed basis. Our information security team is organized based on industry best practices in alignment with NIST recommendations.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our executive management team, with oversight from our Board, is responsible for our enterprise risk management process and the day-to-day supervision and mitigation of enterprise risks, including cybersecurity risk. Our enterprise risk management program includes our executive management team receiving regular reports from our operations personnel. As part of our enterprise risk program, our executive management team has established an enterprise risk committee (the "ERC"), which is chaired by our Chief Risk Officer and is otherwise composed of each of our other executive vice presidents. The ERC oversees our risk and compliance activities to ensure that management has appropriate policies and management plans in place for managing risks of the business, including cybersecurity risk, as well as reviewing and prioritizing significant risks and allocating resources for risk mitigation. Our Chief Risk Officer provides reports at each meeting of the RSC on areas of potential risks to us, including cybersecurity risk, and our Chief Information Security Officer provides quarterly reports to the RSC on the key performance indicators of our information security program to facilitate the RSC’s oversight of the program through objective measurements, including metrics regarding software patching, IT asset management, cyber incident management and cybersecurity training. Reports by our Chief Information Security Officer also include detailed information on the activities of our cyber incident response team to allow for analysis of trends and the identification of any control gaps that require remediation.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	All of the leaders in our information security team have over 10 years of cybersecurity experience and most of our information security staff maintain cybersecurity program certifications such as CMU Cybersecurity Executive Certification, ISACA Certifications (CISSP & CISM) and other relevant vendor certifications. Our information security team also regularly undergoes continuing education to ensure our implementation of best-in-class techniques.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Chief Risk Officer provides reports at each meeting of the RSC on areas of potential risks to us, including cybersecurity risk, and our Chief Information Security Officer provides quarterly reports to the RSC on the key performance indicators of our information security program to facilitate the RSC’s oversight of the program through objective measurements, including metrics regarding software patching, IT asset management, cyber incident management and cybersecurity training. Reports by our Chief Information Security Officer also include detailed information on the activities of our cyber incident response team to allow for analysis of trends and the identification of any control gaps that require remediation. We also maintain a business information security committee (the "ISC") with employee representation across geographies, business lines and business functions. The ISC includes a cross functional group of our employees with expertise and responsibilities in areas such as operations, digital product solutions, information technology, compliance, security, finance, privacy, internal audit and legal risk mitigation. The ISC is managed by our Chief Information Security Officer and meets regularly to receive updates on our cybersecurity posture, emerging risks and new cybersecurity capabilities. Members of the ISC act as points of contact during incident response activities to provide oversight and logistical support to the information security team.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation

The accompanying financial statements reflect our financial position, results of operations, comprehensive income (loss), (deficit) equity and cash flows on a consolidated basis. The accompanying financial statements include the results of those entities over which we have a controlling financial interest or of which we are deemed to be the primary beneficiary. All intercompany transactions and account balances have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates.

Changes in Presentation

Certain items previously reported under specific captions within Note 2.i. and Note 9 have been reclassified to conform to the current year presentation.

Foreign Currency

Local currencies are the functional currencies for our operations outside the United States, with the exception of certain foreign holding companies, whose functional currency is the United States dollar. In those instances where the local currency is the functional currency, assets and liabilities are translated at period-end exchange rates, and revenues and expenses are translated at average exchange rates for the applicable period.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value.

Allowance for Doubtful Accounts and Credit Memo Reserves

We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. We evaluate and monitor the collectability of accounts receivable based on a combination of factors, including historical loss experience, assessments of trends in our aged receivables and credit memo activity, the location of our businesses, the composition of our customer base, our product and service lines, potential future macroeconomic factors, including natural disasters, and reasonable and supportable forecasts for expected future collectability of our outstanding receivables. Continued adjustments will be made, as it becomes evident, should there be any material change to reasonable and supportable forecasts that may impact our likelihood of collection. Our highly diverse global customer base, with no single customer accounting for more than approximately 3% of revenue during the years ended December 31, 2025, 2024 and 2023, limits our exposure to concentration of credit risk. Additionally, we write off uncollectible balances as circumstances warrant, generally no later than one year past due.

Concentrations of Credit Risk

Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable.As per our risk management investment policy, we limit exposure to concentration of credit risk by limiting the amount invested in any one mutual fund to a maximum of 1% of the fund's total assets or in any one financial institution to a maximum of $75,000.

Property, Plant and Equipment

Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years):


DESCRIPTION			RANGE
Buildings, building improvements and data center infrastructure			5 to 40
Leasehold improvements			5 to 20 or life of the lease (whichever is shorter)
Racking structures			1 to 20 or life of the lease (whichever is shorter)
Warehouse equipment/vehicles			1 to 10
Furniture and fixtures and computer hardware			1 to 10
Software			1 to 7

Minor maintenance costs are expensed as incurred. Major improvements which (i) extend the life, (ii) increase the capacity or functionality or (iii) improve the safety or the efficiency of property owned are capitalized and depreciated. Major improvements to buildings under operating leases are capitalized as leasehold improvements and depreciated. Major improvements to buildings under financing leases are capitalized as building improvements and depreciated.

CAPITALIZED INTEREST

We capitalize interest expense during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets.

Internal Use Software

We develop various software applications for internal use. Computer software costs associated with internal use software are expensed as incurred until certain capitalization criteria are met. Third party consulting costs, as well as payroll and related costs for employees directly associated with, and devoting time to, the development of internal use computer software projects (to the extent time is spent directly on the project) are capitalized. Capitalization of costs, including costs incurred for upgrades and enhancements that provide additional functionality to our existing software, generally begins during the application development stage of the project, which occurs after it is probable that the project will be completed and used to perform the function intended. Capitalization ends when the asset is ready for its intended use. Capitalized internal use software costs are depreciated on a straight-line basis over the expected useful life of the software, commencing when the software is ready for its intended use. Computer software costs that are capitalized are periodically evaluated for impairment.

Asset Retirement Obligation

Entities are required to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. Asset retirement obligations represent the costs to replace or remove tangible long-lived assets required by law, regulatory rule or contractual agreement. Our asset retirement obligations are primarily the result of requirements under our facility lease agreements which generally have "return to original condition" clauses which would require us to remove or restore items such as shred pits, vaults, demising walls and office build-outs, among others. The significant assumptions used in estimating our aggregate asset retirement obligations are the timing of removals, the probability of a requirement to perform, estimated cost and associated expected inflation rates that are consistent with historical rates and credit-adjusted risk-free rates that approximate our incremental borrowing rate.

Leases

We lease facilities for certain warehouses, data centers and office spaces. We also have land leases, including those on which certain facilities are located. The majority of our leased facilities are classified as operating leases that, on average, have initial lease terms of five to 10 years, with one or more lease renewal options to extend the lease term. Our lease renewal option terms generally range from one to five years. The exercise of the lease renewal option is generally at our sole discretion and may contain fixed rent, fair market value based rent or Consumer Price Index rent escalation clauses. We include option periods in the lease term when our failure to renew the lease would result in an economic disincentive, thereby making it reasonably certain that we will renew the lease. We recognize straight line rental expense over the life of the lease and any fair market value or Consumer Price Index rent escalations are recognized as variable lease expense in the period in which the obligation is incurred. In addition, we lease certain vehicles and equipment. Vehicle and equipment leases typically have lease terms ranging from one to seven years.

We account for all leases, both operating and financing, in accordance with Accounting Standards Codification ("ASC") Topic 842, Leases ("ASC 842"). Our accounting policy provides that leases with an initial term of 12 months or less will not be included within the lease right-of-use assets and lease liabilities recognized on our Consolidated Balance Sheets. We recognize the lease payments for those leases with an initial term of 12 months or less in our Consolidated Statements of Operations on a straight-line basis over the lease term.

The lease right-of-use assets and related lease liabilities are classified as either operating or financing. Lease right-of-use assets are calculated as the net present value of future payments plus any capitalized initial direct costs less any tenant improvements or lease incentives. Lease liabilities are calculated as the net present value of future payments. In calculating the present value of the lease payments, we utilize the rate stated in the lease (in the limited circumstances when such rate is explicitly stated) or, if no rate is explicitly stated, we utilize a rate that reflects our securitized incremental borrowing rate by geography for the lease term. We account for nonlease components (which include common area maintenance, taxes, and insurance) with the related lease component. Any variable nonlease components are not included within the lease right-of-use asset and lease liability on our Consolidated Balance Sheets, and instead, are reflected as an expense in the period incurred.

Long-Lived Assets

We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the sum of the forecasted undiscounted net cash flows of the operation to which the assets relate to their carrying amount. The operations are generally distinguished by the business segment and geographic region in which they operate. If it is determined that we are unable to recover the carrying amount of the assets, the long-lived assets are written down, on a pro rata basis, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. Long-lived assets, including finite-lived intangible assets, are amortized over their useful lives. Annually, or more frequently if events or circumstances warrant, we assess whether a change in the lives over which long-lived assets, including finite-lived intangible assets, are amortized is necessary.

Goodwill and Other Indefinite- Lived Intangible Assets

GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS

Goodwill and intangible assets with indefinite lives are not amortized but are reviewed annually for impairment, or more frequently if impairment indicators arise. Other than goodwill, we currently have no intangible assets that have indefinite lives and which are not amortized.

We test goodwill annually on October 1, and more frequently if impairment indicators arise that would require an interim test. We have performed our annual goodwill impairment review as of October 1, 2025, 2024 and 2023. We concluded that as of October 1, 2025, 2024 and 2023, goodwill was not impaired.

REPORTING UNITS AS OF OCTOBER 1, 2025 and 2024

Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2025 and 2024 were as follows:



•North America Records and Information Management ("North America RIM") •Europe Records and Information Management ("Europe RIM") •Latin America Records and Information Management ("Latin America RIM") •Asia Pacific Records and Information Management ("APAC RIM")			•Media and Archive Services •Global Data Center •Fine Arts •ALM

There were no changes to the composition of our reporting units between October 1, 2024 and December 31, 2024 and October 1, 2025 and December 31, 2025.

GOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2025 and 2024

The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2025 and 2024 is as follows:


SEGMENT	REPORTING UNIT	CARRYING VALUE AS OF DECEMBER 31,
		2025		2024
Global RIM Business	North America RIM	$	2,686,929	$	2,675,999
	Europe RIM	600,897		542,521
	Latin America RIM	112,870		99,599
	APAC RIM	539,522		467,059
	Media and Archive Services	33,188		31,696
Global Data Center Business	Global Data Center	482,864		469,461
Corporate and Other	Fine Arts	49,197		47,925
	ALM	780,334		749,557
Total		$	5,285,801	$	5,083,817

The fair value of our reporting units has generally been determined using a combined approach based on the present value of future cash flows (the "Discounted Cash Flow Model") and market multiples (the "Market Approach").



The Discounted Cash Flow Model incorporates significant assumptions including future revenue growth rates, operating margins, discount rates and capital expenditures.			The Market Approach requires us to make assumptions related to Adjusted EBITDA (as defined in Note 10) multiples.

Changes in economic and operating conditions impacting these assumptions or changes in multiples could result in goodwill impairments in future periods. In conjunction with our annual goodwill impairment reviews, we reconcile the sum of the valuations of all of our reporting units to our market capitalization as of such dates.

Finite-Lived Intangible Assets and Liabilities

I. CUSTOMER AND SUPPLIER RELATIONSHIP INTANGIBLE ASSETS

Customer and supplier relationship intangible assets, which are acquired through either business combinations or acquisitions of customer relationships, are generally amortized over periods ranging from 10 to 30 years. Customer and supplier relationship intangible assets are recorded based upon estimates of their fair value.

Finite-lived intangible assets associated with our Global Data Center Business consist of the following:

DATA CENTER IN-PLACE LEASE INTANGIBLE ASSETS AND DATA CENTER TENANT RELATIONSHIP INTANGIBLE ASSETS

Data center in-place lease intangible assets ("Data Center In-Place Leases") and data center tenant relationship intangible assets ("Data Center Tenant Relationships") reflect the value associated with acquiring a data center operation with active tenants as of the date of acquisition. The value of Data Center In-Place Leases is determined based upon an estimate of the economic costs (such as lost revenues, tenant improvement costs, commissions, legal expenses and other costs to acquire new data center leases) avoided by acquiring a data center operation with active tenants. Data Center In-Place Leases are amortized over the weighted average remaining term of the acquired data center leases determined at the time of acquisition and range from five to 10 years. The value of Data Center Tenant Relationships is determined based upon an estimate of the economic costs avoided upon lease renewal of the acquired tenants, based upon expectations of lease renewal. Data Center Tenant Relationships are amortized over the weighted average remaining anticipated life of the relationship with the acquired tenant determined at the time of acquisition and range from six to 13 years.

DATA CENTER ABOVE-MARKET AND BELOW-MARKET IN-PLACE LEASE INTANGIBLE ASSETS

Data center above-market in-place lease intangible assets ("Data Center Above-Market Leases") and data center below-market in-place lease intangible assets ("Data Center Below-Market Leases") are recorded at the net present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of the fair market lease rates for each corresponding in-place lease. Data Center Above-Market Leases and Data Center Below-Market Leases are amortized over the remaining non-cancellable term of the acquired in-place lease to storage revenue and range from 10 to 11 years.

Revenues

Payments that are made to a customer in order to terminate the customer’s storage of records with its current records management vendor ("Permanent Withdrawal Fees"), or direct payments to a customer for which no distinct benefit is received in return, are collectively referred to as "Customer Inducements". Customer Inducements are treated as a reduction of the transaction price over the associated contract terms, which range from one to 10 years, and are included in storage and service revenue in the accompanying Consolidated Statements of Operations. If the customer terminates its relationship with us, the unamortized carrying value of the Customer Inducement intangible asset is charged to revenue. However, in the event of such termination, we generally collect, and record as revenue, Permanent Withdrawal Fees that generally equal or exceed the amount of the unamortized Customer Inducement intangible asset.

Our revenues consist of storage rental revenues and service revenues and are reflected net of sales and value-added taxes. Storage rental revenues, which are considered a key driver of financial performance for the storage and information management services industry, consist primarily of recurring periodic rental charges related to the storage of materials or data (generally on a per unit basis) that are typically retained by customers for many years and of revenues associated with our data center operations. Service revenues include charges for related service activities, the most significant of which include: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records, customer termination and permanent withdrawal fees, project revenues and courier operations consisting primarily of the pickup and delivery of records upon customer request; (2) secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to period; (3) the decommissioning, data erasure, processing and disposition, and recycling or sale of information technology ("IT") hardware and component assets; and (4) digital solutions, including the scanning, imaging and document conversion services of active and inactive records, consulting services and the sale of software as a service, including our Digital Experience Platform.

The majority of our revenue is recognized in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). Storage revenue for our Global Data Center Business is recognized in accordance with ASC Topic 842, Leases. For revenue recognized in accordance with ASC 606, customers are generally billed monthly based on contractually agreed-upon terms, and storage rental and service revenues are recognized in the month the respective storage rental or service is provided, in line with the transfer of control to the customer. When storage rental fees or services are billed in advance, amounts related to future storage rental or prepaid service contracts are accounted for as deferred revenue and recognized upon the transfer of control to the customer. Customer contracts generally include promises to provide monthly recurring storage and related services that are essentially the same over time and have the same pattern of transfer of control to the customer; therefore, most performance obligations represent a promise to deliver a series of distinct services over time (as determined for purposes of ASC 606, a "series"). For those contracts that qualify as a series, we apply the "right to invoice" practical expedient as we have a right to consideration from the customer in an amount that corresponds directly with the value of the underlying performance obligation transferred to the customer to date. Additionally, each purchasing decision is fully in the control of the customer; therefore, consideration beyond the current reporting period is variable and allocated to the specific period to which the consideration relates, which is consistent with the practical expedient. Revenue from product sales, the majority of which is IT asset sales, is recognized at the point in time at which control transfers to the customer, which is generally upon shipment.

Our Global Data Center Business features storage rental provided to the customer at contractually specified rates over a fixed contractual period. The revenue related to the storage component of our Global Data Center Business is recognized on a straight-line basis over the contract term in accordance with ASC 842. The revenue related to the service component of our Global Data Center Business that is not part of the combined single lease component is recognized in the period the related services are provided.

From time to time, we make payments to entities that are also customers under a revenue contract. These payments are primarily comprised of (i) Customer Inducements and (ii) payments to customers of our ALM business under revenue sharing arrangements for the remarketing of the customer's disposed IT assets. Customer Inducements do not represent payments for a distinct service, and, as such, are treated as a reduction of the transaction price and are amortized over the term of the contracts, which range from one to 10 years. Payments for disposed IT assets are for a distinct good and, as such, are expensed as cost of sales in the period when the asset is sold and the corresponding revenue is recognized.

Certain costs to fulfill or obtain customer contracts and certain initial direct costs of obtaining leases, including the costs associated with the initial movement of customer records into physical storage and certain commission expenses, are collectively referred to as "Contract Costs". The following describes our significant Contract Costs:

INTAKE COSTS (AND ASSOCIATED DEFERRED REVENUE)

The costs of the initial intake of customer records into physical storage ("Intake Costs"), are deferred and amortized as a component of depreciation and amortization in our Consolidated Statements of Operations generally over three years, consistent with the transfer of the performance obligation to the customer to which the asset relates. In instances where such Intake Costs are billed to the customer, the associated revenue is deferred and recognized over the same three-year period.

COMMISSIONS

Certain commission payments that are directly associated with obtaining long-term contracts are capitalized and amortized as a component of depreciation and amortization in our Consolidated Statements of Operations generally over three years, consistent with the transfer of the performance obligation to the customer to which the asset relates or the lease term. We also apply the practical expedient to expense certain commission payments as incurred when the amortization period for those commission payments is one year or less.

DATA CENTER LESSOR CONSIDERATIONS

Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period. Our data center revenue contracts are accounted for in accordance with ASC 842. ASC 842 provides a practical expedient which allows lessors to account for nonlease components with the related lease component if both the timing and pattern of transfer are the same for nonlease components and the lease component, and the lease component, if accounted for separately, would be classified as an operating lease. The single combined component is accounted for under ASC 842 if the lease component is the predominant component. We have elected to take this practical expedient. The single combined component is presented as part of our storage rental revenue.

Deferred Financing Costs

Deferred financing costs are amortized over the life of the related debt. If debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired and included as a component of Other expense (income), net.

Derivatives Instruments and Hedging Activities

Derivative instruments are measured at fair value and are recorded as either assets or liabilities in our Consolidated Balance Sheets. Periodically, we acquire derivative instruments that are intended to hedge either cash flows or values that are subject to foreign exchange or other market price risk and not for trading purposes. We have formally documented our hedging relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking each hedge transaction concurrently with the execution of the derivative instrument. Given the recurring nature of our revenues and the long-term nature of our asset base, we have the ability and the preference to use long-term, fixed interest rate debt to finance our business, thereby preserving our long-term returns on invested capital. We may use interest rate swaps as a tool to maintain our targeted level of fixed rate debt. In addition, we may enter into cross-currency swaps to hedge the variability of exchange rates between the United States dollar and the currencies of our foreign subsidiaries, as well as interest rates. We may also use borrowings in foreign currencies, either obtained in the United States or by our foreign subsidiaries, to hedge foreign currency risk associated with our international investments. Gains and losses realized as a result of the maturing or termination of our interest rate swaps and cross-currency swaps are reflected as operating cash flows within our Consolidated Statements of Cash Flows.

Fair Value Measurements

Entities are permitted under GAAP to elect to measure certain financial instruments and certain other items at either fair value or cost. We have elected the cost measurement option in all circumstances where we had an option.

Our financial assets or liabilities that are carried at fair value are required to be measured using inputs from the three levels of the fair value hierarchy. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3—Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

Noncontrolling Interests

Unaffiliated third parties own noncontrolling interests in certain of our consolidated subsidiaries. The classification of these ownership interests are evaluated under ASC 810, Consolidation and ASC 480, Distinguishing Liabilities from Equity. Ownership interests are classified as equity unless the underlying agreements contain provisions requiring classification as a liability or temporary equity. Noncontrolling interests are presented as a separate component of Iron Mountain Incorporated Stockholders’ (Deficit) Equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of (Deficit) Equity.

Certain agreements with our noncontrolling interest shareholders contain put options which allow the noncontrolling interest shareholders to require us to purchase their respective interests in such subsidiaries at certain times and at purchase prices as stipulated in the underlying agreements (generally at fair value). These ownership interests, otherwise known as redeemable noncontrolling interests, are classified as temporary equity in our Consolidated Balance Sheets and Consolidated Statements of (Deficit) Equity. Redeemable noncontrolling interests are reported as temporary equity at the greater of their redemption value or the noncontrolling interest holders’ proportionate share of the underlying subsidiary’s net carrying value. Increases or decreases in the redemption value are offset against Additional Paid-in Capital. Changes in ownership interests that do not result in a loss of control are accounted for as equity transactions. If control is lost, the subsidiary’s assets, liabilities and noncontrolling interests are derecognized, and any resulting gain or loss is recorded in earnings.

The amount of consolidated net income attributable to noncontrolling interests, including redeemable noncontrolling interests, are presented in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss).

When ownership interests are determined to be mandatorily redeemable, they are classified as liabilities and included as a component of Accrued expenses and other current liabilities or Other long-term liabilities on our Consolidated Balance Sheets, depending on the timing of the obligation.

Stock-Based Compensation

We record stock-based compensation expense, utilizing the straight-line method, for the cost of stock options, restricted stock units ("RSUs"), and performance units ("PUs") (together, "Employee Stock-Based Awards"). Forfeitures are recorded in the period during which they occur. Our non-employee directors are considered employees for purposes of our Employee Stock-Based Awards and the associated reporting of these awards.

Our equity compensation plans generally provide that, upon a vesting change in control (as defined in each plan), any unvested options and other awards granted thereunder shall vest immediately if an employee is terminated as a result of the change in control or terminates their own employment for good reason (as defined in each plan). Other than in specified circumstances, no equity-based award will vest before the first anniversary of the date of grant.

On January 20, 2015, our stockholders approved the adoption of the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, as amended (the "2014 Plan"). On May 29, 2025, our stockholders approved an amendment to the 2014 Plan, which (i) increases the number of shares of common stock authorized for issuance under the 2014 Plan by 4,600,000, from 20,750,000 to 25,350,000, and (ii) extends the termination date of the 2014 Plan from May 12, 2031 to May 29, 2035.

A total of 25,350,000 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans, including the 2014 Plan. The number of shares available for grant under our various stock incentive plans at December 31, 2025 was 7,617,011.

RETIREMENT ELIGIBLE CRITERIA

Our Employee Stock-Based Awards include the following retirement provision:

•Upon an employee’s retirement on or after attaining age 55 with at least five years of service, if the sum of (i) the award recipient’s age at retirement and (ii) the award recipient’s years of service with us totals at least 65, the award recipient is entitled to continued vesting of any outstanding Employee Stock-Based Awards, provided that their retirement occurs on or after a minimum of six months from the grant date (the "Retirement Criteria").

•Accordingly, (i) grants of Employee Stock-Based Awards to an employee who has met the Retirement Criteria on or before the date of grant, or will meet the Retirement Criteria before the six month anniversary in the year of the grant, will be expensed over six months from the date of grant and (ii) grants of Employee Stock-Based Awards to employees who will meet the Retirement Criteria during the award’s normal vesting period will be expensed between the date of grant and the date upon which the award recipient meets the Retirement Criteria.

•Stock options and RSUs granted to award recipients who meet the Retirement Criteria will be delivered to the award recipient based upon the original vesting schedule. If an award recipient retires and has met the Retirement Criteria, stock options will remain exercisable until the original expiration date of the stock options. PUs granted to award recipients who meet the Retirement Criteria will be delivered in accordance with the original vesting schedule of the applicable PU award and remain subject to the same performance conditions.

STOCK OPTIONS

Options are generally granted with exercise prices equal to the market price of the stock on the date of grant; however, in certain instances, options are granted at exercise prices greater than the market price of the stock on the date of grant. We issue options that become exercisable ratably over a period of three years from the date of grant and have a contractual life of 10 years from the date of grant, unless the holder’s employment is terminated sooner. Dividends and dividend equivalents are not paid with respect to stock options.

Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option.

(2)Risk-free interest rate is based on the United States Treasury interest rates whose term is consistent with the expected life (estimated period of time outstanding) of the stock options.

(3)Expected dividend yield is considered in the option pricing model and represents our annualized expected per share dividends over the trade price of our common stock at the date of grant.

(4)Expected life of the stock options granted is estimated using the historical exercise behavior of employees.

Our RSUs generally have a vesting period of three years from the date of grant. However, RSUs granted to our non-employee directors vest immediately upon grant. All RSUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of RSUs in cash upon the vesting date of the associated RSU and will be forfeited if the RSU does not vest. The fair value of RSUs is the excess of the market price of our common stock at the date of grant over the holder's purchase price (which is typically zero).

The PUs we issue vest based on our performance against predefined operational performance and relative total shareholder return based targets over a three-year performance period. The vesting is subject to a minimum level of return on invested capital in the third year of the performance period, and the number of PUs earned is based on certain metrics determined at the outset of the performance period.

The number of PUs earned is based on:

•either (i) the revenue performance for each year averaged at the end of the three-year performance period, or (ii) if (a) absolute Company total shareholder return is positive at the end of the three-year performance period and (b) a predetermined revenue hurdle is achieved in the third year of the performance period, then the revenue performance achieved in the third year of the performance period; and

•the total return at the end of the three-year performance period on our common stock relative to the companies comprising the Morgan Stanley Capital International ("MSCI") United States REIT Index.

The number of PUs earned will range from 0% to approximately 350% of the initial award.

All of our PUs will be settled in shares of our common stock and are subject to cliff vesting three years from the date of the original PU grant. As detailed above, PUs granted are subject to the Retirement Criteria. PUs are generally expensed over the three-year performance period, unless they are granted to a recipient who meets the Retirement Criteria, for which expense will be recognized as described above. PUs granted to recipients who meet the Retirement Criteria will continue to vest and be delivered in accordance with the original vesting schedule of the applicable PU award and remain subject to the same performance conditions.

All PUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of PUs in cash upon the settlement date of the associated PU and will be forfeited if the PU does not vest.

We offer an Employee Stock Purchase Plan ("ESPP") in which participation is available to substantially all United States and Canadian employees who meet certain service eligibility requirements. Shares of our common stock may be purchased by eligible employees at six-month intervals at 95% of the fair market price at the end of each six-month period, without a look-back feature, up to a maximum of 15% of their gross compensation during the offering period. We do not recognize compensation expense for the ESPP shares purchased.

Acquisition and Integration Costs

ACQUISITION AND INTEGRATION COSTSAcquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs").

We account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired are recorded at their estimated fair values and the results of operations for each acquisition have been included in our consolidated results from their respective acquisition dates.

Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon the finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete the valuations within the measurement periods, which are up to one year from the respective acquisition dates.

As the valuation of certain assets and liabilities for purposes of purchase price allocations are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances regarding these assets and liabilities that existed at the acquisition date. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Purchase price allocation adjustments recorded during the fourth quarter of 2025 and year ended December 31, 2025 were not material to our balance sheet or results from operations.

Income Taxes

Accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the tax and financial reporting bases of assets and liabilities and for loss and credit carryforwards. Valuation allowances are provided when recovery of deferred tax assets does not meet the more likely than not standard as defined in GAAP. We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the Provision (Benefit) for Income Taxes in the accompanying Consolidated Statements of Operations.

We have been organized and have operated as a REIT effective beginning with our taxable year that ended on December 31, 2014. As a REIT, we are generally permitted to deduct from our federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to federal taxation at the entity level but is taxed, if at all, at the stockholder level. The income of our domestic TRSs, which hold our domestic operations that may not be REIT-compliant as currently operated and structured, is subject, as applicable, to federal and state corporate income tax. In addition, we and our subsidiaries continue to be subject to foreign income taxes in other jurisdictions in which we have business operations or a taxable presence, regardless of whether assets are held or operations are conducted through subsidiaries disregarded for federal income tax purposes or TRSs. We will also be subject to a separate corporate income tax on any gains recognized on the sale or disposition of any asset previously owned by a C corporation during a five-year period after the date we first owned the asset as a REIT asset that are attributable to "built-in gains" with respect to that asset on that date. We will also be subject to a built-in gains tax on our depreciation recapture recognized into income as a result of accounting method changes in connection with our acquisition activities. If we fail to remain qualified for taxation as a REIT, we will be subject to federal income tax at regular corporate income tax rates. Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRS operations. In particular, while state income tax regimes often parallel the federal income tax regime for REITs, many states do not completely follow federal rules and some do not follow them at all.

As a REIT, we are entitled to a deduction for dividends paid, resulting in a substantial reduction of federal income tax expense. As a REIT, substantially all of our income tax expense will be incurred based on the earnings generated by our foreign subsidiaries and our domestic TRSs.

We provide for foreign withholding taxes on the undistributed earnings of our foreign TRSs because it is not our intention to reinvest the undistributed earnings of our foreign TRSs indefinitely outside the United States. As a REIT, future repatriation of incremental undistributed earnings of our foreign subsidiaries will not be subject to federal or state income tax.

The OECD has issued proposals that change long-standing tax principles, including a global minimum tax rate of 15% ("Pillar Two"). While the United States has not enacted legislation to effectuate Pillar Two, Iron Mountain operates in many foreign jurisdictions that have enacted legislation to implement Pillar Two. Pillar Two became applicable for Iron Mountain beginning in 2024. Recent G7 Country (Canada, France, Germany, Italy, Japan and the UK) statements released a side-by-side ("SbS") safe harbor that exempts certain U.S.-parented groups from these rules. The side-by-side Safe Harbor provides that Multinational Enterprise G Groups with an Ultimate Parent Entity in a jurisdiction with qualified SbS regime will not be subject to the Income Inclusion Rule and Undertaxed Profits Rule if they elect the SbS Safe Harbor, applicable as of the beginning of 2026. Since we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we are not expecting a material impact on our effective tax rate, corporate tax liabilities or cash tax liabilities. We continue to monitor United States and global legislative actions as well as administrative guidance related to Pillar Two for potential impacts.

On July 4, 2025, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"). The OBBBA introduces several changes to U.S. federal income tax law, such as suspending the capitalization and amortization of domestic research and development expenditures and reinstating bonus depreciation. It also modifies the deductions available for net controlled foreign corporation tested income (formerly referred to as "global intangible low-taxed income") from non-U.S. subsidiaries and changes the limitations on deductible interest. Under the prior law, not more than 20% of the value of a REIT’s total assets at the end of any quarter could be represented by securities of one or more taxable REIT subsidiaries; the OBBBA increased this threshold to 25% effective January 1, 2026. The effective dates of the OBBBA provisions range from 2025 through 2027. We do not expect the OBBBA provisions to have a material impact on our consolidated financial statements.

The evaluation of an uncertain tax position is a two-step process. The first step is a recognition process whereby we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the Provision (Benefit) for Income Taxes in the accompanying Consolidated Statements of Operations.

Income (Loss) Per Share-Basic and Diluted

Basic income (loss) per common share is calculated by dividing income (loss) by the weighted average number of common shares outstanding. The calculation of diluted income (loss) per share is consistent with that of basic income (loss) per share but gives effect to all potential common shares (that is, securities such as stock options, RSUs or PUs) that were outstanding during the period, unless the effect is antidilutive.

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09") to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. Further, certain requirements related to uncertain tax positions and unrecognized deferred tax liabilities are eliminated. We adopted ASU 2023-09 on January 1, 2025 on a prospective basis, and there was no material impact on our consolidated financial statements.

OTHER AS YET ADOPTED ACCOUNTING PRONOUNCEMENTS

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires disclosure of additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We do not expect ASU 2024-03 to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The ASU primarily updates the accounting for internal-use software by replacing former stage-based rules with a principles-based framework. Costs associated with internal-use software will be capitalized only when management has authorized and committed funding and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this update are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods therein, with early adoption permitted, and can be applied either prospectively, retrospectively or on a modified prospective basis. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements, but we do not expect it to be material.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"), which is intended to update the guidance in Topic 270 by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this update are effective for the interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We do not expect ASU 2025-11 to have a material impact on our quarterly condensed consolidated financial statements.

Commitments and Contingencies

We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us and, in limited cases, indemnification from third parties. Our policy is to establish reserves for loss contingencies when the losses are both probable and reasonably estimable. We record legal costs associated with loss contingencies as expenses in the period in which they are incurred.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Allowance for doubtful accounts and credit memo reserves

The rollforward of the allowance for doubtful accounts and credit memo reserves is as follows:


YEAR ENDED DECEMBER 31,	BALANCE AT BEGINNING OF THE YEAR		CREDIT MEMOS CHARGED TO REVENUE		ALLOWANCE FOR BAD DEBTS CHARGED TO EXPENSE		DEDUCTIONS AND OTHER(1)		BALANCE AT END OF THE YEAR
2025	$	86,712	$	98,594	$	56,675	$	(134,143)	$	107,838
2024	74,762		104,130		45,123		(137,303)		86,712
2023	54,143		92,881		32,692		(104,954)		74,762

(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.

Schedule of Accrued expenses and other current liabilities

Accrued expenses and other current liabilities with items greater than 5% of total current liabilities are shown separately and consist of the following:


	DECEMBER 31,
DESCRIPTION	2025		2024
Current portion of operating lease liabilities	$	319,129	$	315,400
Accrued compensation and benefits	253,443		244,499
Dividends	269,563		222,649
Interest	216,717		164,336
Deferred purchase obligations, purchase price holdbacks and other	23,621		137,207
Other	208,196		282,477
Accrued expenses and other current liabilities	$	1,290,669	$	1,366,568

Schedule of Property, Plant and Equipment at cost

Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years):


DESCRIPTION			RANGE
Buildings, building improvements and data center infrastructure			5 to 40
Leasehold improvements			5 to 20 or life of the lease (whichever is shorter)
Racking structures			1 to 20 or life of the lease (whichever is shorter)
Warehouse equipment/vehicles			1 to 10
Furniture and fixtures and computer hardware			1 to 10
Software			1 to 7

Property, plant and equipment (including financing leases in the respective categories), at cost, consist of the following:


	DECEMBER 31,
DESCRIPTION	2025		2024
Land	$	724,386	$	670,529
Buildings, building improvements and data center infrastructure	6,461,346		4,768,835
Leasehold improvements	1,665,589		1,536,919
Racking structures	2,057,544		1,978,923
Warehouse equipment/vehicles	760,256		644,340
Furniture and fixtures and computer hardware	387,754		331,856
Software	569,987		465,689
Construction in progress	1,830,473		1,588,906
Property, plant and equipment	$	14,457,335	$	11,985,997

Schedule of Contract Fulfillment Costs and related amortization

During the years ended December 31, 2025, 2024 and 2023, capitalized interest is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Capitalized interest	$	78,367	$	63,333	$	44,845

During the years ended December 31, 2025, 2024 and 2023, capitalized costs associated with the development of internal use computer software projects are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Capitalized costs associated with the development of internal use computer software projects	$	76,104	$	69,055	$	64,488

Contract Costs, which are included as a component of Other within Other Assets, Net as of December 31, 2025 and 2024 are as follows:


	DECEMBER 31, 2025						DECEMBER 31, 2024
DESCRIPTION	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT
Intake Costs and other fulfillment costs asset	$	111,923	$	(60,999)	$	50,924	$	89,057	$	(43,783)	$	45,274
Commissions asset	243,966		(110,365)		133,601		200,149		(78,955)		121,194

Amortization expense associated with the Intake Costs and other fulfillment costs asset and Commissions assets for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
DESCRIPTION	2025		2024		2023
Intake Costs and other fulfillment costs asset	$	33,474	$	22,114	$	18,904
Commissions asset	72,460		54,841		43,413

Schedule of Operating and financing lease right-of-use assets and lease liabilities

Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2025 and 2024 are as follows:


	DECEMBER 31,
DESCRIPTION	2025		2024
Assets:
Operating lease right-of-use assets(1)	$	2,465,196	$	2,489,893
Financing lease right-of-use assets, net of accumulated depreciation(2)(3)	470,803		359,265
Liabilities:
Current
Operating lease liabilities	$	319,129	$	315,400
Financing lease liabilities(3)	56,287		128,397
Long-term
Operating lease liabilities	$	2,300,448	$	2,334,826
Financing lease liabilities(3)	470,912		278,444

(1)At December 31, 2025 and 2024, these assets are comprised of approximately 98% real estate related assets (which include land, buildings, data center infrastructure and racking structures) and 2% non-real estate related assets (which include warehouse equipment, vehicles, furniture and fixtures and computer hardware and software).

(2)At December 31, 2025, these assets are comprised of approximately 56% real estate related assets and 44% non-real estate related assets. At December 31, 2024, these assets are comprised of approximately 58% real estate related assets and 42% non-real estate related assets.

(3)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Consolidated Balance Sheets.

Schedule of Lease terms and discount rates/Other lease information

The components of the lease expense for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
DESCRIPTION	2025		2024		2023
Operating lease cost(1)	$	708,220	$	682,960	$	660,889
Financing lease cost:
Depreciation of financing lease right-of-use assets	$	63,234	$	50,548	$	42,089
Interest expense for financing lease liabilities	27,602		21,949		18,638

(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $186,110, $163,916 and $142,154 for the years ended December 31, 2025, 2024 and 2023, respectively.

Weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 are as follows:


	DECEMBER 31, 2025				DECEMBER 31, 2024
	OPERATING LEASES		FINANCING LEASES		OPERATING LEASES		FINANCING LEASES
Remaining Lease Term	9.7 years		9.7 years		9.9 years		7.8 years
Discount Rate	6.9	%	6.4	%	6.8	%	6.3	%

Supplemental cash flow information relating to our leases for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:	2025		2024		2023
Operating cash flows used in operating leases	$	500,216	$	473,474	$	450,412
Operating cash flows used in financing leases (interest)	27,602		21,949		18,638
Financing cash flows used in financing leases	57,078		54,366		52,284
NON-CASH ITEMS:
Operating lease modifications and reassessments	$	7,983	$	29,345	$	86,948
New operating leases (including acquisitions and sale-leaseback transactions)	247,042		118,813		306,479

Schedule of Operating lease maturity table

The estimated minimum future lease payments (receipts) as of December 31, 2025 are as follows:


YEAR	OPERATING LEASES(1)		SUBLEASE INCOME		FINANCING LEASES(1)
2026	$	506,526	$	(3,929)	$	84,725
2027	473,605		(3,481)		74,103
2028	419,147		(2,586)		109,804
2029	371,756		(1,663)		60,671
2030	320,583		(840)		134,421
Thereafter	1,602,141		(240)		204,290
Total minimum lease payments (receipts)	3,693,758		$	(12,739)	668,014
Less amounts representing interest or imputed interest	1,074,181				140,815
Present value of lease obligations	$	2,619,577			$	527,199

(1)Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes.

Schedule of Finance lease maturity table

The estimated minimum future lease payments (receipts) as of December 31, 2025 are as follows:


YEAR	OPERATING LEASES(1)		SUBLEASE INCOME		FINANCING LEASES(1)
2026	$	506,526	$	(3,929)	$	84,725
2027	473,605		(3,481)		74,103
2028	419,147		(2,586)		109,804
2029	371,756		(1,663)		60,671
2030	320,583		(840)		134,421
Thereafter	1,602,141		(240)		204,290
Total minimum lease payments (receipts)	3,693,758		$	(12,739)	668,014
Less amounts representing interest or imputed interest	1,074,181				140,815
Present value of lease obligations	$	2,619,577			$	527,199

(1)Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes.

Schedule of Long-Lived Assets Held-for-sale

Loss (gain) on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Loss (gain) on disposal/write-down of property, plant and equipment, net	$	24,641	$	6,196	$	(12,825)
Primarily consists of(1):	•Losses related to the disposal of assets associated with facility consolidations.		•Losses related to the disposal of assets associated with facility consolidations.		•Gains associated with sale and sale-leaseback transactions of approximately $19,500, of which approximately $18,500 relates to a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023. These gains are partially offset by losses related to the disposal of assets associated with facility consolidations.

(1) The gain recognized during the year ended December 31, 2023 is the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in Note 2.j.

Schedule of Carrying value of goodwill, net for each of the reporting units

The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2025 and 2024 is as follows:


SEGMENT	REPORTING UNIT	CARRYING VALUE AS OF DECEMBER 31,
		2025		2024
Global RIM Business	North America RIM	$	2,686,929	$	2,675,999
	Europe RIM	600,897		542,521
	Latin America RIM	112,870		99,599
	APAC RIM	539,522		467,059
	Media and Archive Services	33,188		31,696
Global Data Center Business	Global Data Center	482,864		469,461
Corporate and Other	Fine Arts	49,197		47,925
	ALM	780,334		749,557
Total		$	5,285,801	$	5,083,817

Schedule of Changes in the carrying value of goodwill attributable to each reportable operating segment

The changes in the carrying value of goodwill attributable to each reportable segment for the years ended December 31, 2025 and 2024 are as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		CORPORATE AND OTHER		TOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization, as of December 31, 2023	$	3,911,945	$	478,930	$	627,037	$	5,017,912
Tax deductible goodwill acquired during the year	—		—		132,891		132,891
Non-tax deductible goodwill acquired during the year	—		—		39,646		39,646

Fair value and other adjustments	372		(186)		(186)		—
Currency effects	(95,443)		(9,283)		(1,906)		(106,632)
Goodwill balance, net of accumulated amortization, as of December 31, 2024	3,816,874		469,461		797,482		5,083,817
Tax deductible goodwill acquired during the year	—		—		17,620		17,620
Non-tax deductible goodwill acquired during the year	46,752		—		12,177		58,929
Fair value and other adjustments	1,100		—		(1,464)		(364)
Currency effects	108,680		13,403		3,716		125,799
Goodwill balance, net of accumulated amortization, as of December 31, 2025	$	3,973,406	$	482,864	$	829,531	$	5,285,801
Accumulated Goodwill Impairment Balance as of December 31, 2024	$	132,409	$	—	$	26,011	$	158,420
Accumulated Goodwill Impairment Balance as of December 31, 2025	$	132,409	$	—	$	26,011	$	158,420

Schedule of Amortizable intangible assets

The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2025 and 2024, respectively, are as follows:


	DECEMBER 31, 2025						DECEMBER 31, 2024
DESCRIPTION	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT
Assets:
Customer and supplier relationship intangible assets(1)	$	2,429,156	$	(1,194,940)	$	1,234,216	$	2,268,949	$	(1,035,846)	$	1,233,103
Customer inducements(1)	40,457		(22,330)		18,127		38,782		(19,706)		19,076
Data center lease-based intangible assets(1)(2)	67,513		(50,249)		17,264		138,714		(116,162)		22,552
Third-party commissions asset and other(3)	93,174		(66,735)		26,439		86,314		(51,508)		34,806

Liabilities:
Data center below-market leases(4)	$	10,774	$	(8,380)	$	2,394	$	10,819	$	(7,275)	$	3,544

(1)Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets.

(2)Data center lease-based intangible assets includes Data Center In-Place Leases, Data Center Tenant Relationships and Data Center Above-Market Leases.

(3)Included in Other (within Other Assets, Net) in the accompanying Consolidated Balance Sheets.

(4)Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets.

Schedule of Amortization expenses

Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of Customer Inducements and net revenue reduction associated with the amortization of Data Center Above-Market Leases and Data Center Below-Market Leases for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Amortization expense included in depreciation and amortization associated with:
Customer and supplier relationship intangible assets	$	163,550	$	155,872	$	153,128
Data center in-place leases and tenant relationships	7,395		22,304		22,322

Third-party commissions asset and other	16,671		16,478		12,541
Revenue reduction associated with amortization of:
Customer inducements and data center above-market and below-market leases	$	6,151	$	5,347	$	7,036

Schedule of Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years

Estimated amortization expense for existing finite-lived intangible assets (excluding Contract Costs, as defined in Note 2.s.) is as follows:


	ESTIMATED AMORTIZATION
YEAR	INCLUDED IN DEPRECIATION AND AMORTIZATION		REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS AND DATA CENTER ABOVE-MARKET AND BELOW-MARKET LEASES
2026	$	177,956	$	5,614
2027	153,087		3,510
2028	140,905		1,990
2029	123,727		1,716
2030	113,809		1,100
Thereafter	568,365		1,873

Schedule of Assets and liabilities carried at fair value measured on a recurring basis

The assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 and 2024, respectively, are as follows:


			FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2025 USING
DESCRIPTION	TOTAL CARRYING VALUE AT DECEMBER 31, 2025		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)			SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)			SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)(6)
Money Market Funds(1)	$	7,149	$	—		$	7,149		$	—
Time Deposits(1)	3,430		—			3,430			—
Trading Securities	8,220		6,400		(2)	1,820		(3)	—

Derivative Liabilities(4)	71,869		—			71,869			—
Deferred Purchase Obligations(5)	134,142		—			—			134,142


			FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024 USING
DESCRIPTION	TOTAL CARRYING VALUE AT DECEMBER 31, 2024		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)			SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)			SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)(6)
Money Market Funds(1)	$	2,488	$	—		$	2,488		$	—
Time Deposits(1)	9,612		—			9,612			—
Trading Securities	8,144		6,390		(2)	1,754		(3)	—
Derivative Assets(4)	28,092		—			28,092			—
Derivative Liabilities(4)	5,326		—			5,326			—
Deferred Purchase Obligations(5)	147,055		—			—			147,055

(1)Money market funds and time deposits are measured based on quoted prices for similar assets and/or subsequent transactions.

(2)Certain trading securities are measured at fair value using quoted market prices.

(3)Certain trading securities are measured based on inputs other than quoted market prices that are observable.

(4)Derivative assets and liabilities include (i) interest rate swap agreements, and (ii) cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. Our derivative financial instruments are measured using industry standard valuation models using market-based observable inputs, including interest rate curves, forward and spot prices for currencies and implied volatilities. See Note 5 for additional information on our derivative financial instruments.

(5)The balance as of December 31, 2025 primarily relates to the fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3). The balance as of December 31, 2024 primarily relates to the fair values of the deferred purchase obligations associated with the Regency Transaction and the ITRenew Transaction (as defined below).

(6)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2023 through December 31, 2025:



Balance as of December 31, 2023	$	208,265
Additions	63,700
Payments	(158,775)
Other changes	33,865
Balance as of December 31, 2024	$	147,055
Additions	16,626
Payments	(49,678)
Other changes	20,139
Balance as of December 31, 2025	$	134,142

The level 3 valuations of the deferred purchase obligations were determined utilizing either a Monte-Carlo simulation model or a discounted cash flow model and take into account our forecasted projections as they relate to the underlying performance of the respective businesses. On January 25, 2022, in order to expand our ALM operations, we acquired an approximately 80% interest in ITRenew (the "ITRenew Transaction"). The Monte-Carlo simulation model applied in assessing the fair value of the deferred purchase obligation associated with the ITRenew Transaction incorporates assumptions as to expected gross profits over the achievement period, including adjustments for the volatility of timing and amount of the associated revenue and costs, as well as discount rates that account for the risk of the arrangement and overall market risks. The discounted cash flow model applied in assessing the fair value of the deferred purchase obligation associated with the Regency Transaction incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the related deferred purchase obligation.

Schedule of Changes in accumulated other comprehensive items, net

The changes in Accumulated other comprehensive items, net for the years ended December 31, 2025, 2024 and 2023 are as follows:


	FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS		CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS		TOTAL
Balance as of December 31, 2022	$	(454,509)	$	12,506	$	(442,003)
Other comprehensive income (loss):
Foreign currency translation and other adjustments	80,881		—		80,881
Change in fair value of derivative instruments	—		(2,454)		(2,454)
Reclassifications from Accumulated Other Comprehensive Items, net	—		(7,580)		(7,580)
Total other comprehensive income (loss)	80,881		(10,034)		70,847
Balance as of December 31, 2023	(373,628)		2,472		(371,156)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments	(194,501)		—		(194,501)
Change in fair value of derivative instruments	—		(1,767)		(1,767)
Reclassifications from Accumulated Other Comprehensive Items, net	—		(2,528)		(2,528)
Total other comprehensive (loss) income	(194,501)		(4,295)		(198,796)
Balance as of December 31, 2024	(568,129)		(1,823)		(569,952)
Other comprehensive income (loss):
Foreign currency translation and other adjustments	210,080		—		210,080
Change in fair value of derivative instruments	—		(7,518)		(7,518)
Reclassifications from Accumulated Other Comprehensive Items, net	—		(1,618)		(1,618)
Total other comprehensive income (loss)	210,080		(9,136)		200,944
Balance as of December 31, 2025	$	(358,049)	$	(10,959)	$	(369,008)

Schedule of Contract with customer, future amortization expense

Estimated amortization expense for Contract Costs is as follows:


YEAR	ESTIMATED AMORTIZATION
2026	$	104,963
2027	45,485
2028	15,375
2029	3,185
2030	2,666
Thereafter	12,851

Schedule of Deferred revenue liabilities

Deferred revenue liabilities, which also includes deferred revenue accounted for under ASC 842 (as described below), are reflected as follows in our Consolidated Balance Sheets:


		DECEMBER 31,
DESCRIPTION	LOCATION IN BALANCE SHEET	2025		2024(1)
Deferred revenue - Current(2)	Deferred revenue	$	402,091	$	326,882
Deferred revenue - Long-term(3)	Other Long-term Liabilities	165,804		110,601

(1)The beginning balance of current and long-term deferred revenue for the year ended December 31, 2024 was $325,665 and $100,770, respectively.

(2)The current deferred revenue accounted for under ASC 842 is approximately $41,600 and $25,500 as of December 31, 2025 and 2024, respectively. Approximately half of this revenue is expected to be recognized over the next month, with the remainder expected to be recognized over the next two to 12 months.

(3)The long-term deferred revenue accounted for under ASC 842 is approximately $141,100 and $95,000 as of December 31, 2025 and 2024, respectively.

Schedule of Revenue

Storage rental revenue associated with our Global Data Center Business for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Storage rental revenue(1)	$	797,017	$	606,294	$	474,066

(1)Revenue associated with variable lease payments, primarily related to power and connectivity, included within storage rental revenue was approximately $172,000, $131,000 and $111,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

Schedule of Payments to be received

The future minimum lease payments we expect to receive under non-cancellable data center operating leases for which we are the lessor, excluding month to month leases, for the next five years and thereafter are as follows:


YEAR	FUTURE MINIMUM LEASE PAYMENTS(1)
2026	$	628,775
2027	627,803
2028	585,750
2029	570,311
2030	541,514
Thereafter	3,398,163

(1)Future minimum lease payments we expect to receive exclude payments for contingent and variable costs such as taxes, insurance, common area maintenance and power and connectivity, which are included in our total storage revenue. These amounts also exclude approximately $3,317,000 in total expected future minimum lease payments for non-cancellable leases that have not yet commenced, which we expect to receive over a weighted average period of 16 years.

Schedule of Stock-based compensation expense

Stock-based compensation expense for Employee Stock-Based Awards included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Stock-based compensation expense	$	140,280	$	118,138	$	73,799
Stock-based compensation expense, after tax	132,537		109,252		68,309

Schedule of Stock Option grant assumptions

These values were estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used for stock option grants in the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
STOCK OPTION GRANT ASSUMPTIONS	2025		2024		2023
Expected volatility(1)	28.6	%	28.6	%	29.1	%
Risk-free interest rate(2)	4.24	%	4.25	%	3.92	%
Expected dividend yield(3)	3.4	%	3.2	%	4.7	%
Expected life(4)	10.0 years		10.0 years		10.0 years

(1)Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option.

(2)Risk-free interest rate is based on the United States Treasury interest rates whose term is consistent with the expected life (estimated period of time outstanding) of the stock options.

(3)Expected dividend yield is considered in the option pricing model and represents our annualized expected per share dividends over the trade price of our common stock at the date of grant.

(4)Expected life of the stock options granted is estimated using the historical exercise behavior of employees.

Summary of Stock option activity

A summary of stock option activity for the year ended December 31, 2025 is as follows:


	OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (YEARS)	AGGREGATE INTRINSIC VALUE
Outstanding at December 31, 2024	3,709,919	$	37.85
Granted	83,389	93.17
Exercised	(857,295)	36.44


Outstanding at December 31, 2025	2,936,013	$	39.84	3.87	$	127,456
Options exercisable at December 31, 2025	2,744,876	$	37.13	3.56	$	125,759
Options expected to vest	191,137	$	78.53	8.33	$	1,697

Summary of Restricted stock and RSU activity

The fair value of RSUs vested during the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Fair value of RSUs vested	$	42,277	$	29,852	$	32,664

A summary of RSU activity for the year ended December 31, 2025 is as follows:


	RSUs	WEIGHTED-AVERAGE GRANT-DATE FAIR VALUE
Non-vested at December 31, 2024	1,194,375	$	70.06
Granted	596,134	91.27
Vested	(632,233)	66.87
Forfeited	(121,835)	85.98
Non-vested at December 31, 2025	1,036,441	$	82.33

Schedule of Performance stock units

The fair value of earned PUs that vested during the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Fair value of earned PUs that vested	$	52,091	$	24,617	$	34,896

Schedule of Performance unit (PU) activity

A summary of PU activity for the year ended December 31, 2025 is as follows:


	PUs	WEIGHTED-AVERAGE GRANT-DATE FAIR VALUE
Non-vested at December 31, 2024	562,028	$	83.33
Granted	512,905	83.69
Prior year grant adjustments for performance(1)	1,845,118	37.47
Vested	(1,390,205)	37.47
Forfeited	(34,473)	84.56
Non-vested at December 31, 2025	1,495,373	$	69.47

(1)Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs.

Schedule of Other expense (income), net

Other expense (income), net for the years ended December 31, 2025, 2024 and 2023 consists of the following:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Foreign currency transaction losses (gains), net(1)	$	105,644	$	(39,064)	$	36,799
Debt extinguishment expense	—		5,678		—
Other, net(2)(3)(4)	17,655		76,808		71,841
Other expense (income), net	$	123,299	$	43,422	$	108,640

(1)The gain or loss on foreign currency transactions, calculated as the difference between the historical exchange rate and the exchange rate at the applicable measurement date, includes gains or losses primarily related to British pound sterling and Euro denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested.

(2)Other, net for the year ended December 31, 2025 primarily consists of (i) a loss of approximately $13,800 due to the change in value of our deferred purchase obligations and other deferred payments and (ii) losses on our equity method investment.

(3)Other, net for the year ended December 31, 2024 primarily consists of (i) a loss of approximately $41,000 due to the change in value of our deferred purchase obligations and other deferred payments, (ii) approximately $29,200 in charges associated with the agreement to purchase the remaining interest in a joint venture and (iii) losses on our equity method investments.

(4)Other, net for the year ended December 31, 2023 consists primarily of a loss of approximately $38,000 associated with the remeasurement to fair value of our previously held equity interest in the joint venture we had formed with Clutter Intermediate, Inc. (the "Clutter JV"), as well as losses on our equity method investments and the change in value of our deferred purchase obligations.

Schedule of Basic and diluted net income (loss) per share attributable to the entity

The calculation of basic and diluted income (loss) per share for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Net Income (Loss)	$	152,254	$	183,666	$	187,263
Less: Net Income (Loss) Attributable to Noncontrolling Interests	7,663		3,510		3,029



Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)	$	144,591	$	180,156	$	184,234
Weighted-average shares—basic	295,403,000		293,365,000		291,936,000
Effect of dilutive potential stock options	1,946,000		2,241,000		1,435,000
Effect of dilutive potential RSUs and PUs	467,000		628,000		594,000

Weighted-average shares—diluted	297,816,000		296,234,000		293,965,000
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic	$	0.49	$	0.61	$	0.63
Diluted	$	0.49	$	0.61	$	0.63
Antidilutive stock options, RSUs and PUs, excluded from the calculation	113,130		225,847		81,817

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of Equity Method Investments

The carrying value and equity interest in our unconsolidated joint venture at December 31, 2025 and 2024 is as follows:


	DECEMBER 31, 2025				DECEMBER 31, 2024
	CARRYING VALUE		EQUITY INTEREST		CARRYING VALUE		EQUITY INTEREST
Joint venture with AGC Equity Partners (the "Frankfurt JV")	$	85,156	20.00	%	$	61,075	20.00	%

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The notional values of our cross-currency interest rate swaps, by currency, as of December 31, 2025 and 2024 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024
Euro	$	509,187	$	509,187
Canadian dollar	350,000		350,000
	$	859,187	$	859,187

Schedule of Derivative Instruments

The fair value of derivative instruments recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024, by derivative instrument, are as follows:


DERIVATIVE INSTRUMENTS(1)	DECEMBER 31, 2025				DECEMBER 31, 2024
	Assets		Liabilities		Assets		Liabilities
Cash Flow Hedges(2)
Interest rate swap agreements	$	—	$	(9,752)	$	1,887	$	(5,326)
Net Investment Hedges(3)
Cross-currency swap agreements	—		(62,117)		26,205		—

(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2025, $63,634 is included within Accrued expenses and other current liabilities and $8,235 is included within Other long-term liabilities. As of December 31, 2024, $8,891 is included within Prepaid expenses and other, $19,201 is included within Other assets and $5,326 is included within Other long-term liabilities.

(2)As of December 31, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $10,959.

(3)As of December 31, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $1,490, which include $63,607 related to the excluded component of our cross-currency swap agreements.

Schedule of Gains (Losses) for Derivative Instruments

Unrealized (losses) gains recognized in Accumulated other comprehensive items, net during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:


	YEAR ENDED DECEMBER 31,
DERIVATIVE INSTRUMENTS	2025		2024		2023
Cash Flow Hedges
Interest rate swap agreements	$	(7,518)	$	(1,767)	$	(2,454)
Net Investment Hedges
Cross-currency swap agreements	$	(88,322)	$	23,943	$	(41,382)
Cross-currency swap agreements (excluded component)	16,705		16,705		21,097

Gains (losses) recognized in Net income during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:


		YEAR ENDED DECEMBER 31,
DERIVATIVE INSTRUMENTS	LOCATION OF GAIN (LOSS)	2025		2024		2023
Cash Flow Hedges
Interest rate swap agreements	Interest expense	$	1,618	$	2,528	$	7,580
Net Investment Hedges
Cross-currency swap agreements (excluded component)	Interest expense	$	(16,705)	$	(16,705)	$	(21,097)

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Carrying Amount and Fair Value of Long-term Debt Instruments

Long-term debt is as follows:


	DECEMBER 31, 2025								DECEMBER 31, 2024
	DEBT (INCLUSIVE OF DISCOUNT)		UNAMORTIZED DEFERRED FINANCING COSTS		CARRYING AMOUNT		FAIR VALUE		DEBT (INCLUSIVE OF DISCOUNT)		UNAMORTIZED DEFERRED FINANCING COSTS		CARRYING AMOUNT		FAIR VALUE
Revolving Credit Facility(1)	$	751,500	$	(8,207)	$	743,293	$	751,500	$	121,000	$	(9,253)	$	111,747	$	121,000
Term Loan A(1)	487,500		—		487,500		487,500		216,016		—		216,016		216,016
Term Loan B(1)(2)	2,020,957		(12,465)		2,008,492		2,031,495		1,840,181		(14,690)		1,825,491		1,850,698
Virginia 3 Term Loans(3)	271,079		(1,189)		269,890		271,079		271,079		(3,013)		268,066		271,079
Virginia 4/5 Term Loans due 2025(3)	—		—		—		—		76,535		(2,752)		73,783		76,535
Virginia 6 Term Loans(3)	210,000		(2,633)		207,367		210,000		137,495		(4,605)		132,890		137,495
Virginia 7 Term Loans(3)	275,314		(4,351)		270,963		275,314		32,074		(7,591)		24,483		32,074
Virginia 4/5 Term Loans due 2030(5)	208,224		(3,529)		204,695		208,224		—		—		—		—
Australian Dollar Term Loan(3)(4)	262,192		(1,965)		260,227		263,948		175,813		(265)		175,548		176,655
UK Revolving Credit Facility(3)	188,385		(2,002)		186,383		188,385		175,503		(1,034)		174,469		175,503
37/8% GBP Senior Notes due 2025 (the "GBP Notes")(5)(6)(7)	—		—		—		—		501,437		(789)		500,648		490,155
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027")(5)(6)(8)	1,000,000		(2,488)		997,512		995,000		1,000,000		(3,910)		996,090		972,500
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028")(5)(6)(8)	825,000		(2,657)		822,343		823,969		825,000		(3,838)		821,162		804,375
5% Senior Notes due 2028 (the “5% Notes due 2028")(5)(6)(8)	500,000		(1,869)		498,131		497,500		500,000		(2,592)		497,408		481,250
7% Senior Notes due 2029 (the "7% Notes")(5)(6)(8)	1,000,000		(6,559)		993,441		1,025,000		1,000,000		(8,686)		991,314		1,020,000
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029")(5)(6)(8)	1,000,000		(5,425)		994,575		983,750		1,000,000		(6,871)		993,129		945,000
51/4% Senior Notes due 2030 (the “51/4% Notes due 2030")(5)(6)(8)	1,300,000		(6,894)		1,293,106		1,280,500		1,300,000		(8,399)		1,291,601		1,235,000
41/2% Senior Notes due 2031 (the “41/2% Notes")(5)(6)(8)	1,100,000		(6,430)		1,093,570		1,042,250		1,100,000		(7,674)		1,092,326		1,001,000
5% Senior Notes due 2032 (the “5% Notes due 2032")(5)(6)(9)	750,000		(8,595)		741,405		710,625		750,000		(9,900)		740,100		688,125
55/8% Senior Notes due 2032 (the “55/8% Notes")(5)(6)(8)	600,000		(3,823)		596,177		586,500		600,000		(4,404)		595,596		570,000
61/4% Senior Notes due 2033 (the “61/4% Notes")(5)(6)(8)	1,200,000		(12,752)		1,187,248		1,206,000		1,200,000		(14,517)		1,185,483		1,194,000
43/4% Euro Senior Notes due 2034 (the "Euro Notes")(5)(6)(8)	1,408,825		(16,765)		1,392,060		1,370,082		—		—		—		—
Real Estate Mortgages, Financing Lease Liabilities and Other(10)	785,497		(1,512)		783,985		785,497		614,231		(1,825)		612,406		614,231
Accounts Receivable Securitization Program(3)(11)	400,000		(404)		399,596		400,000		400,000		(670)		399,330		400,000
Total Long-term Debt	16,544,473		(112,514)		16,431,959				13,836,364		(117,278)		13,719,086
Less Current Portion	(216,074)		—		(216,074)				(715,109)		—		(715,109)
Long-term Debt, Net of Current Portion	$	16,328,399	$	(112,514)	$	16,215,885			$	13,121,255	$	(117,278)	$	13,003,977