{"url_path":"/sec/irm/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-02-12","source_url":"https://www.sec.gov/Archives/edgar/data/1020569/0001020569-26-000013-index.html","accession_number":"0001020569-26-000013","cik":"0001020569","ticker":"IRM","issuer_name":"IRON MOUNTAIN INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1020569/0001020569-26-000013-index.html","primary_entity_key":"0001020569","primary_entity_name":"IRON MOUNTAIN INC"},"word_count":30918,"has_tables":true,"body_markdown":"ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.\n\n(a)Financial Statements filed as part of this report:\n\n PAGE\n\nIRON MOUNTAIN INCORPORATED\n\nReport of Independent Registered Public Accounting Firm (PCAOB ID No. 34)\n\n[62](#iedd667d4faf242cdb7c30fae0f3b3780_160)\n\n[Consolidated Balance Sheets,](#iedd667d4faf242cdb7c30fae0f3b3780_163)December 31, 2025[and](#iedd667d4faf242cdb7c30fae0f3b3780_163)2024\n\n[64](#iedd667d4faf242cdb7c30fae0f3b3780_163)\n\n[Consolidated Statements of Operations, Years Ended](#iedd667d4faf242cdb7c30fae0f3b3780_166)December 31, 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_166)2024[and](#iedd667d4faf242cdb7c30fae0f3b3780_166)2023\n\n[65](#iedd667d4faf242cdb7c30fae0f3b3780_166)\n\n[Consolidated Statements of Comprehensive Income (Loss), Years Ended](#iedd667d4faf242cdb7c30fae0f3b3780_172)December 31, 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_172)2024[and](#iedd667d4faf242cdb7c30fae0f3b3780_172)2023\n\n[66](#iedd667d4faf242cdb7c30fae0f3b3780_172)\n\n[Consolidated Statements of (Deficit) Equity, Years Ended](#iedd667d4faf242cdb7c30fae0f3b3780_175)December 31, 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_175)2024[and](#iedd667d4faf242cdb7c30fae0f3b3780_175)2023\n\n[67](#iedd667d4faf242cdb7c30fae0f3b3780_175)\n\n[Consolidated Statements of Cash Flows, Years Ended](#iedd667d4faf242cdb7c30fae0f3b3780_178)December 31, 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_178)2024[and](#iedd667d4faf242cdb7c30fae0f3b3780_178)2023\n\n[68](#iedd667d4faf242cdb7c30fae0f3b3780_178)\n\n[Notes to Consolidated Financial Statements](#iedd667d4faf242cdb7c30fae0f3b3780_181)\n\n[69](#iedd667d4faf242cdb7c30fae0f3b3780_181)\n\n[Financial Statement Schedule III—Schedule of Real Estate and Accumulated Depreciation](#iedd667d4faf242cdb7c30fae0f3b3780_310)\n\n[120](#iedd667d4faf242cdb7c30fae0f3b3780_310)\n\n(b)Exhibits filed as part of this report: As listed in the Exhibit Index following the Financial Statement Schedule III-Schedule of Real Estate and Accumulated Depreciation.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n61\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the shareholders and the Board of Directors of Iron Mountain Incorporated\n\nOPINION ON THE FINANCIAL STATEMENTS\n\nWe have audited the accompanying consolidated balance sheets of Iron Mountain Incorporated and subsidiaries (the \"Company\") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), (deficit) equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the \"financial statements\"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.\n\nWe have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 12, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.\n\nBASIS FOR OPINION\n\nThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCRITICAL AUDIT MATTER\n\nThe critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.\n\n62\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nGOODWILL - ASSET LIFECYCLE MANAGEMENT REPORTING UNIT - REFER TO NOTE 2.L. TO THE FINANCIAL STATEMENTS\n\nCRITICAL AUDIT MATTER DESCRIPTION\n\nThe Company’s evaluation of goodwill for impairment involves the comparison of the fair value of the reporting unit to its carrying value. The Company determined the fair value of the Asset Lifecycle Management reporting unit based on the present value of future cash flows (the \"Discounted Cash Flow Model\"). The determination of the fair value using the Discounted Cash Flow Model requires management to make significant assumptions related to future revenue growth rates and discount rates. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairment in future periods. The goodwill balance allocated to the Asset Lifecycle Management reporting unit was $781.1 million as of October 1, 2025 (goodwill impairment measurement date). The fair value of the Asset Lifecycle Management reporting unit exceeded its carrying value as of the measurement date and, therefore, no impairment was recognized.\n\nWe identified the evaluation of goodwill for the Asset Lifecycle Management reporting unit for impairment as a critical audit matter because of the significant judgments made by management to estimate the fair value of the Asset Lifecycle Management reporting unit. Performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to selection of the discount rate and forecasts of future revenue of the Asset Lifecycle Management reporting unit required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.\n\nHOW THE CRITICAL AUDIT MATTER WAS ADDRESSED IN THE AUDIT\n\nOur audit procedures related to testing the reasonableness of key assumptions within the Discounted Cash Flow Model of the Asset Lifecycle Management reporting unit. The key assumptions include future revenue growth rates and the selection of the discount rate. We performed the following procedures as part of the audit:\n\n•We tested the effectiveness of controls over the evaluation of goodwill for impairment, including those over the Discounted Cash Flow Model and discount rate.\n\n•We evaluated management’s ability to accurately forecast by comparing actual results to management’s historical forecasts.\n\n•We evaluated the reasonableness of the revenue growth rates presented within management’s Discounted Cash Flow Model by comparing it to (1) historical results, (2) internal communications to management and the Board of Directors, and (3) forecasted information included in Company press releases and industry reports in which Asset Lifecycle Management operates.\n\n•With the assistance of our fair value specialists, we evaluated the discount rate, including testing the underlying source information and the mathematical accuracy of the calculation, and developing a range of independent estimates and comparing that to the discount rate selected by management.\n\n/s/ Deloitte & Touche LLP\n\nBoston, Massachusetts\n\nFebruary 12, 2026\n\nWe have served as the Company’s auditor since 2002.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n63\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nCONSOLIDATED BALANCE SHEETS\n\n(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)\n\n DECEMBER 31,\n\n 20252024\n\nASSETS  \n\nCurrent Assets:  \n\nCash and cash equivalents$158,535 $155,716 \n\nAccounts receivable (less allowances of $107,838 and $86,712 as of December 31, 2025 and 2024, respectively)\n1,443,669 1,291,379 \n\nPrepaid expenses and other332,779 244,127 \n\nTotal Current Assets1,934,983 1,691,222 \n\nProperty, Plant and Equipment:  \n\nProperty, plant and equipment14,457,335 11,985,997 \n\nLess—Accumulated depreciation(4,911,010)(4,354,398)\n\nProperty, Plant and Equipment, Net9,546,325 7,631,599 \n\nOther Assets, Net:  \n\nGoodwill5,285,801 5,083,817 \n\nCustomer and supplier relationships and other intangible assets1,269,607 1,274,731 \n\nOperating lease right-of-use assets 2,465,196 2,489,893 \n\nOther623,107 545,853 \n\nTotal Other Assets, Net9,643,711 9,394,294 \n\nTotal Assets$21,125,019 $18,717,115 \n\nLIABILITIES AND EQUITY  \n\nCurrent Liabilities:  \n\nCurrent portion of long-term debt$216,074 $715,109 \n\nAccounts payable710,662 678,716 \n\nAccrued expenses and other current liabilities (includes current portion of operating lease liabilities)1,290,669 1,366,568 \n\nDeferred revenue402,091 326,882 \n\nTotal Current Liabilities2,619,496 3,087,275 \n\nLong-term Debt, net of current portion16,215,885 13,003,977 \n\nLong-term Operating Lease Liabilities, net of current portion2,300,448 2,334,826 \n\nOther Long-term Liabilities450,083 312,199 \n\nDeferred Income Taxes184,015 205,341 \n\nCommitments and Contingencies\n\nRedeemable Noncontrolling Interests 64,423 78,171 \n\n(Deficit) Equity:  \n\nIron Mountain Incorporated Stockholders’ (Deficit) Equity:  \n\nPreferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)\n— — \n\nCommon 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)\n2,958 2,936 \n\nAdditional paid-in capital4,790,190 4,647,330 \n\n(Distributions in excess of earnings) Earnings in excess of distributions(5,405,147)(4,583,436)\n\nAccumulated other comprehensive items, Net(369,008)(569,952)\n\nTotal Iron Mountain Incorporated Stockholders’ (Deficit) Equity(981,007)(503,122)\n\nNoncontrolling Interests271,676 198,448 \n\nTotal (Deficit) Equity(709,331)(304,674)\n\nTotal Liabilities and (Deficit) Equity$21,125,019 $18,717,115 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n64\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n(IN THOUSANDS, EXCEPT PER SHARE DATA)\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nRevenues:   \n\nStorage rental$4,052,510 $3,682,259 $3,370,645 \n\nService2,849,227 2,467,650 2,109,644 \n\nTotal Revenues6,901,737 6,149,909 5,480,289 \n\nOperating Expenses:   \n\nCost of sales (excluding depreciation and amortization)3,079,480 2,696,549 2,357,800 \n\nSelling, general and administrative1,393,902 1,339,539 1,236,287 \n\nDepreciation and amortization1,024,435 900,905 776,159 \n\nAcquisition and Integration Costs19,545 35,842 25,875 \n\nRestructuring and other transformation\n195,912 161,359 175,215 \n\nLoss (gain) on disposal/write-down of property, plant and equipment, net24,641 6,196 (12,825)\n\nTotal Operating Expenses5,737,915 5,140,390 4,558,511 \n\nOperating Income (Loss)1,163,822 1,009,519 921,778 \n\nInterest Expense, Net (includes Interest Income of $17,127, $14,672 and $12,471 in 2025, 2024 and 2023, respectively)\n829,335 721,559 585,932 \n\nOther Expense (Income), Net\n123,299 43,422 108,640 \n\nNet Income (Loss) Before Provision (Benefit) for Income Taxes211,188 244,538 227,206 \n\nProvision (Benefit) for Income Taxes58,934 60,872 39,943 \n\nNet Income (Loss)152,254 183,666 187,263 \n\nLess: Net income (loss) attributable to noncontrolling interests7,663 3,510 3,029 \n\nNet Income (Loss) Attributable to Iron Mountain Incorporated$144,591 $180,156 $184,234 \n\nNet Income (Loss) Per Share Attributable to Iron Mountain Incorporated:   \n\nBasic$0.49 $0.61 $0.63 \n\nDiluted$0.49 $0.61 $0.63 \n\nWeighted Average Common Shares Outstanding:\n\nBasic295,403 293,365 291,936 \n\nDiluted297,816 296,234 293,965 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n65\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)\n\n(IN THOUSANDS)\n\n \nYEAR ENDED DECEMBER 31,\n\n 202520242023\n\nNet Income (Loss)$152,254 $183,666 $187,263 \n\nOther Comprehensive Income (Loss):  \n\nForeign Currency Translation Adjustment210,750 (195,368)80,657 \n\n   Change in Fair Value of Derivative Instruments(7,518)(1,767)(2,454)\n\n   Reclassifications from Accumulated Other Comprehensive Items, net(1,618)(2,528)(7,580)\n\nTotal Other Comprehensive Income (Loss)201,614 (199,663)70,623 \n\nComprehensive Income (Loss)353,868 (15,997)257,886 \n\nComprehensive Income (Loss) Attributable to Noncontrolling Interests8,333 2,643 2,805 \n\nComprehensive Income (Loss) Attributable to Iron Mountain Incorporated$345,535 $(18,640)$255,081 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n66\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nCONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY\n\n(IN THOUSANDS, EXCEPT SHARE DATA)\n\n IRON MOUNTAIN INCORPORATED STOCKHOLDERS’ (DEFICIT) EQUITY\n\n \nCOMMON STOCK\n\nADDITIONAL\n\nPAID-IN\n\nCAPITAL\n\n(DISTRIBUTIONS IN\n\nEXCESS OF\n\nEARNINGS) EARNINGS IN\n\nEXCESS OF\n\nDISTRIBUTIONS\n\nACCUMULATED\n\nOTHER\n\nCOMPREHENSIVE\n\nITEMS, NET\n\nNONCONTROLLING\n\nINTERESTS\n\nREDEEMABLE NONCONTROLLING INTERESTS\n\n TOTALSHARESAMOUNTS\n\nBalance, December 31, 2022$636,793 290,830,296 $2,908 $4,468,035 $(3,392,272)$(442,003)$125 $95,160 \n\nIssuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation65,045 1,312,443 13 65,032 — — — — \n\nChanges in equity related to noncontrolling interests970 — — 970 — — — (1,367)\n\nParent cash dividends declared(745,770)— — — (745,770)— — — \n\nOther comprehensive income (loss)70,847 — — — — 70,847 — (224)\n\nNet income (loss)184,234 — — — 184,234 — — 3,029 \n\nNoncontrolling interests equity contributions and related costs(346)— — (346)— — — 24,684 \n\nNoncontrolling interests dividends— — — — — — — (3,855)\n\nRedemption of noncontrolling Interests— — — — — — — 60,520 \n\nBalance, December 31, 2023211,773 292,142,739 2,921 4,533,691 (3,953,808)(371,156)125 177,947 \n\nIssuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation105,941 1,449,898 15 105,926 — — — — \n\nChanges in equity related to redeemable noncontrolling interests (9,529)— — (62,940)— — 53,411 (105,470)\n\nParent cash dividends declared(809,784)— — — (809,784)— — — \n\nOther comprehensive (loss) income(198,796)— — — — (198,796)— (867)\n\nNet income (loss)181,819 — — — 180,156 — 1,663 1,847 \n\nNoncontrolling interests equity contributions and related costs213,910 — — 70,653 — — 143,257 7,390 \n\nNoncontrolling interests dividends(8)— — — — — (8)(2,676)\n\nBalance, December 31, 2024(304,674)293,592,637 2,936 4,647,330 (4,583,436)(569,952)198,448 78,171 \n\nIssuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation114,618 2,196,008 22 114,596 — — — — \n\nChanges in equity related to redeemable noncontrolling interests10,708 — — 10,708 — — — (10,708)\n\nParent cash dividends declared(966,302)— — — (966,302)— — — \n\nOther comprehensive income (loss)200,944 — — — — 200,944 — 670 \n\nNet income (loss)153,519 — — — 144,591 — 8,928 (1,265)\n\nNoncontrolling interests equity contributions and related costs92,335 — — 17,556 — — 74,779 — \n\nNoncontrolling interests dividends(10,479)— — — — — (10,479)(2,445)\n\nBalance, December 31, 2025$(709,331)295,788,645 $2,958 $4,790,190 $(5,405,147)$(369,008)$271,676 $64,423 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n67\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(IN THOUSANDS)\n\n \nYEAR ENDED DECEMBER 31,\n\n 202520242023\n\nCash Flows from Operating Activities:   \n\nNet income (loss)$152,254 $183,666 $187,263 \n\nAdjustments to reconcile net income (loss) to cash flows from operating activities:  \n\nDepreciation730,885 629,296 525,850 \n\nAmortization (includes amortization of deferred financing costs and discounts of $32,769, $25,580 and $16,859 in 2025, 2024 and 2023, respectively)\n326,319 297,189 267,168 \n\nRevenue reduction associated with amortization of customer inducements and data center above- and below-market leases6,151 5,347 7,036 \n\nStock-based compensation expense140,280 118,138 73,799 \n\n(Benefit) provision for deferred income taxes(47,682)(41,415)(35,264)\n\nLoss (gain) on disposal/write-down of property, plant and equipment, net 24,641 6,196 (12,825)\n\nLoss (gain) associated with the remeasurement of deferred purchase obligations19,680 29,498 — \n\nLoss (gain) associated with the remeasurement to fair value of our previously held equity interest— — 38,000 \n\nForeign currency transactions and other, net48,018 41,191 103,134 \n\n(Increase) decrease in assets(262,668)(78,282)(70,287)\n\nIncrease (decrease) in liabilities202,121 5,884 29,693 \n\nCash Flows from Operating Activities1,339,999 1,196,708 1,113,567 \n\nCash Flows from Investing Activities:  \n\nCapital expenditures (2,271,628)(1,791,564)(1,339,223)\n\nCash paid for acquisitions, net of cash acquired(101,625)(178,414)(41,849)\n\nAcquisition of customer intangibles(75,487)(62,386)(5,874)\n\nContract costs(95,924)(112,542)(95,124)\n\nInvestments in joint ventures and other investments, net(43,177)(9,834)(15,830)\n\nProceeds from sales of property and equipment and other, net13,635 17,979 53,544 \n\nCash Flows from Investing Activities(2,574,206)(2,136,761)(1,444,356)\n\nCash Flows from Financing Activities:  \n\nRepayment of revolving credit facility, term loan facilities and other debt(16,003,355)(14,473,019)(18,191,921)\n\nProceeds from revolving credit facility, term loan facilities and other debt17,009,781 14,965,010 18,386,168 \n\nNet proceeds from sales of senior notes1,390,651 1,188,000 990,000 \n\nEquity contributions from noncontrolling interests93,347 230,814 24,684 \n\nEquity distribution to noncontrolling interests(12,924)(2,684)(3,855)\n\nRepurchase of noncontrolling interest— (35,203)(400)\n\nParent cash dividends(919,388)(789,527)(737,650)\n\nPayment of deferred purchase obligations and other deferred payments(240,680)(158,775)— \n\nNet (payments) proceeds associated with employee stock-based awards (36,806)(12,197)(8,754)\n\nOther, net(12,712)(35,674)(32,606)\n\nCash Flows from Financing Activities1,267,914 876,745 425,666 \n\nEffect of Exchange Rates on Cash and Cash Equivalents(30,888)(3,765)(13,885)\n\nIncrease (decrease) in Cash and Cash Equivalents2,819 (67,073)80,992 \n\nCash and Cash Equivalents, Beginning of Year155,716 222,789 141,797 \n\nCash and Cash Equivalents, End of Year$158,535 $155,716 $222,789 \n\nSupplemental Information:  \n\nCash Paid for Interest$824,591 $770,688 $512,446 \n\nCash Paid for Income Taxes, Net$121,606 $90,742 $89,599 \n\nNon-Cash Investing and Financing Activities:  \n\nFinancing Leases and Other$228,391 $144,498 $135,492 \n\nAccrued Capital Expenditures$281,175 $341,752 $234,315 \n\nDeferred Purchase Obligations and Other Deferred Payments$39,930 $268,861 $18,575 \n\nDividends Payable$269,563 $222,649 $202,392 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n68\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n1. NATURE OF BUSINESS\n\nThe accompanying financial statements represent the consolidated accounts of Iron Mountain Incorporated, a Delaware corporation (\"IMI\"), and its subsidiaries (\"we\" or \"us\").\n\nIMI 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.\n\nWe 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.\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\n\nA. PRINCIPLES OF CONSOLIDATION\n\nThe 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.\n\nB. USE OF ESTIMATES\n\nThe 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.\n\nC. CHANGES IN PRESENTATION\n\nCertain items previously reported under specific captions within Note 2.i. and Note 9 have been reclassified to conform to the current year presentation.\n\nD. FOREIGN CURRENCY\n\nLocal 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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n69\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nE. CASH AND CASH EQUIVALENTS\n\nCash 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.\n\nF. ALLOWANCE FOR DOUBTFUL ACCOUNTS AND CREDIT MEMO RESERVES\n\nWe 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.\n\nThe rollforward of the allowance for doubtful accounts and credit memo reserves is as follows:\n\nYEAR ENDED DECEMBER 31,\n\nBALANCE AT\n\nBEGINNING OF\n\nTHE YEAR\n\nCREDIT MEMOS\n\nCHARGED TO\n\nREVENUE\n\nALLOWANCE FOR\n\nBAD DEBTS CHARGED\n\nTO EXPENSE\n\nDEDUCTIONS\n\nAND OTHER(1)\nBALANCE AT\nEND OF\nTHE YEAR\n\n2025$86,712 $98,594 $56,675 $(134,143)$107,838 \n\n202474,762 104,130 45,123 (137,303)86,712 \n\n202354,143 92,881 32,692 (104,954)74,762 \n\n(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.\n\nG. CONCENTRATIONS OF CREDIT RISK\n\nFinancial 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 Note 2.p.\n\n70\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nH. PREPAID EXPENSES AND ACCRUED EXPENSES\n\nPrepaid 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.\n\nAccrued expenses and other current liabilities with items greater than 5% of total current liabilities are shown separately and consist of the following:\n\n DECEMBER 31,\n\nDESCRIPTION20252024\n\nCurrent portion of operating lease liabilities$319,129 $315,400 \n\nAccrued compensation and benefits253,443 244,499 \n\nDividends269,563 222,649 \n\nInterest216,717 164,336 \n\nDeferred purchase obligations, purchase price holdbacks and other23,621 137,207 \n\nOther208,196 282,477 \n\nAccrued expenses and other current liabilities$1,290,669 $1,366,568 \n\nI. PROPERTY, PLANT AND EQUIPMENT\n\nProperty, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years):\n\nDESCRIPTIONRANGE\n\nBuildings, building improvements and data center infrastructure\n5 to 40\n\nLeasehold improvements\n5 to 20 or life of the lease (whichever is shorter)\n\nRacking structures\n1 to 20 or life of the lease (whichever is shorter)\n\nWarehouse equipment/vehicles\n1 to 10\n\nFurniture and fixtures and computer hardware\n1 to 10\n\nSoftware\n1 to 7\n\nProperty, plant and equipment (including financing leases in the respective categories), at cost, consist of the following:\n\n DECEMBER 31,\n\nDESCRIPTION20252024\n\nLand$724,386 $670,529 \n\nBuildings, building improvements and data center infrastructure6,461,346 4,768,835 \n\nLeasehold improvements1,665,589 1,536,919 \n\nRacking structures2,057,544 1,978,923 \n\nWarehouse equipment/vehicles760,256 644,340 \n\nFurniture and fixtures and computer hardware387,754 331,856 \n\nSoftware569,987 465,689 \n\nConstruction in progress1,830,473 1,588,906 \n\nProperty, plant and equipment$14,457,335 $11,985,997 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n71\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nMinor 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.\n\nCAPITALIZED INTEREST\n\nWe 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:\n\nYEAR ENDED DECEMBER 31,\n\n202520242023\n\nCapitalized interest$78,367 $63,333 $44,845 \n\nINTERNAL USE SOFTWARE\n\nWe 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.\n\nDuring the years ended December 31, 2025, 2024 and 2023, capitalized costs associated with the development of internal use computer software projects are as follows:\n\nYEAR ENDED DECEMBER 31,\n\n202520242023\n\nCapitalized costs associated with the development of internal use computer software projects$76,104 $69,055 $64,488 \n\nASSET RETIREMENT OBLIGATIONS\n\nEntities 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.\n\n72\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nJ. LEASES\n\nWe 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.\n\nWe 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.\n\nThe 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.\n\nOperating and financing lease right-of-use assets and lease liabilities as of December 31, 2025 and 2024 are as follows:\n\n DECEMBER 31,\n\nDESCRIPTION20252024\n\nAssets:\n\nOperating lease right-of-use assets(1)\n$2,465,196 $2,489,893 \n\nFinancing lease right-of-use assets, net of accumulated depreciation(2)(3)\n470,803 359,265 \n\nLiabilities:\n\nCurrent\n\nOperating lease liabilities$319,129 $315,400 \n\nFinancing lease liabilities(3)\n56,287 128,397 \n\nLong-term\n\nOperating lease liabilities$2,300,448 $2,334,826 \n\nFinancing lease liabilities(3)\n470,912 278,444 \n\n(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).\n\n(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.\n\n(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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n73\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nThe components of the lease expense for the years ended December 31, 2025, 2024 and 2023 are as follows:\n\nYEAR ENDED DECEMBER 31,\n\nDESCRIPTION202520242023\n\nOperating lease cost(1)\n$708,220 $682,960 $660,889 \n\nFinancing lease cost:\n\nDepreciation of financing lease right-of-use assets$63,234 $50,548 $42,089 \n\nInterest expense for financing lease liabilities27,602 21,949 18,638 \n\n(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.\n\nWeighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 are as follows:\n\nDECEMBER 31, 2025DECEMBER 31, 2024\n\nOPERATING LEASESFINANCING LEASESOPERATING LEASESFINANCING LEASES\n\nRemaining Lease Term9.7 years9.7 years9.9 years7.8 years\n\nDiscount Rate6.9 %6.4 %6.8 %6.3 %\n\nThe estimated minimum future lease payments (receipts) as of December 31, 2025 are as follows:\n\nYEAR\nOPERATING LEASES(1)\nSUBLEASE INCOME\nFINANCING LEASES(1)\n\n2026$506,526 $(3,929)$84,725 \n\n2027473,605 (3,481)74,103 \n\n2028419,147 (2,586)109,804 \n\n2029371,756 (1,663)60,671 \n\n2030320,583 (840)134,421 \n\nThereafter1,602,141 (240)204,290 \n\nTotal minimum lease payments (receipts)3,693,758 $(12,739)668,014 \n\nLess amounts representing interest or imputed interest1,074,181 140,815 \n\nPresent value of lease obligations$2,619,577 $527,199 \n\n(1)Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes.\n\nOther information: Supplemental cash flow information relating to our leases for the years ended December 31, 2025, 2024 and 2023 is as follows:\n\nYEAR ENDED DECEMBER 31,\n\nCASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:202520242023\n\nOperating cash flows used in operating leases$500,216 $473,474 $450,412 \n\nOperating cash flows used in financing leases (interest)27,602 21,949 18,638 \n\nFinancing cash flows used in financing leases57,078 54,366 52,284 \n\nNON-CASH ITEMS:\n\nOperating lease modifications and reassessments$7,983 $29,345 $86,948 \n\nNew operating leases (including acquisitions and sale-leaseback transactions) 247,042 118,813 306,479 \n\n74\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nK. LONG-LIVED ASSETS\n\nWe 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.\n\nLoss (gain) on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2025, 2024 and 2023 is as follows:\n\nYEAR ENDED DECEMBER 31,\n\n202520242023\n\nLoss (gain) on disposal/write-down of property, plant and equipment, net\n$24,641 $6,196 $(12,825)\n\nPrimarily consists of(1):\n\n•Losses related to the disposal of assets associated with facility consolidations.\n\n•Losses related to the disposal of assets associated with facility consolidations.\n\n•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.\n\n(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.\n\nL. GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS\n\nGoodwill 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.\n\nWe 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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n75\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nREPORTING UNITS AS OF OCTOBER 1, 2025 and 2024\n\nOur reporting units at which level we performed our goodwill impairment analysis as of October 1, 2025 and 2024 were as follows:\n\n•North America Records and Information Management (\"North America RIM\")\n\n•Europe Records and Information Management (\"Europe RIM\")\n\n•Latin America Records and Information Management (\"Latin America RIM\")\n\n•Asia Pacific Records and Information Management (\"APAC RIM\")\n\n•Media and Archive Services\n\n•Global Data Center\n\n•Fine Arts\n\n•ALM\n\nThere 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.\n\nGOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2025 and 2024\n\nThe carrying value of goodwill, net for each of our reporting units described above as of December 31, 2025 and 2024 is as follows:\n\nSEGMENTREPORTING UNITCARRYING VALUE AS OF DECEMBER 31,\n\n20252024\n\nGlobal RIM BusinessNorth America RIM$2,686,929 $2,675,999 \n\nEurope RIM600,897 542,521 \n\nLatin America RIM112,870 99,599 \n\nAPAC RIM539,522 467,059 \n\nMedia and Archive Services33,188 31,696 \n\nGlobal Data Center BusinessGlobal Data Center482,864 469,461 \n\nCorporate and OtherFine Arts49,197 47,925 \n\nALM780,334 749,557 \n\nTotal$5,285,801 $5,083,817 \n\nThe 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\").\n\nThe Discounted Cash Flow Model incorporates significant assumptions including future revenue growth rates, operating margins, discount rates and capital expenditures.\n\nThe Market Approach requires us to make assumptions related to Adjusted EBITDA (as defined in Note 10) multiples.\n\nChanges 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.\n\n76\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nThe changes in the carrying value of goodwill attributable to each reportable segment for the years ended December 31, 2025 and 2024 are as follows:\n\n GLOBAL RIM\nBUSINESS GLOBAL\nDATA CENTER\nBUSINESSCORPORATE\nAND OTHER TOTAL\nCONSOLIDATED\n\nGoodwill balance, net of accumulated amortization, as of December 31, 2023\n$3,911,945 $478,930 $627,037 $5,017,912 \n\nTax deductible goodwill acquired during the year— — 132,891 132,891 \n\nNon-tax deductible goodwill acquired during the year— — 39,646 39,646 \n\nFair value and other adjustments372 (186)(186)— \n\nCurrency effects(95,443)(9,283)(1,906)(106,632)\n\nGoodwill balance, net of accumulated amortization, as of December 31, 2024\n3,816,874 469,461 797,482 5,083,817 \n\nTax deductible goodwill acquired during the year— — 17,620 17,620 \n\nNon-tax deductible goodwill acquired during the year46,752 — 12,177 58,929 \n\nFair value and other adjustments1,100 — (1,464)(364)\n\nCurrency effects108,680 13,403 3,716 125,799 \n\nGoodwill balance, net of accumulated amortization, as of December 31, 2025\n$3,973,406 $482,864 $829,531 $5,285,801 \n\nAccumulated Goodwill Impairment Balance as of December 31, 2024$132,409 $— $26,011 $158,420 \n\nAccumulated Goodwill Impairment Balance as of December 31, 2025$132,409 $— $26,011 $158,420 \n\nM. FINITE-LIVED INTANGIBLE ASSETS AND LIABILITIES\n\nI. CUSTOMER AND SUPPLIER RELATIONSHIP INTANGIBLE ASSETS\n\nCustomer 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.\n\nII. CUSTOMER INDUCEMENTS\n\nPayments 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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n77\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nIII. DATA CENTER INTANGIBLE ASSETS AND LIABILITIES\n\nFinite-lived intangible assets associated with our Global Data Center Business consist of the following:\n\nDATA CENTER IN-PLACE LEASE INTANGIBLE ASSETS AND DATA CENTER TENANT RELATIONSHIP INTANGIBLE ASSETS\n\nData 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.\n\nDATA CENTER ABOVE-MARKET AND BELOW-MARKET IN-PLACE LEASE INTANGIBLE ASSETS\n\nData 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.\n\nThe gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2025 and 2024, respectively, are as follows:\n\nDECEMBER 31, 2025DECEMBER 31, 2024\n\nDESCRIPTIONGROSS CARRYING AMOUNTACCUMULATED AMORTIZATIONNET CARRYING AMOUNTGROSS CARRYING AMOUNTACCUMULATED AMORTIZATIONNET CARRYING AMOUNT\n\nAssets:\n\nCustomer and supplier relationship intangible assets(1)\n$2,429,156 $(1,194,940)$1,234,216 $2,268,949 $(1,035,846)$1,233,103 \n\nCustomer inducements(1)\n40,457 (22,330)18,127 38,782 (19,706)19,076 \n\nData center lease-based intangible assets(1)(2)\n67,513 (50,249)17,264 138,714 (116,162)22,552 \n\nThird-party commissions asset and other(3)\n93,174 (66,735)26,439 86,314 (51,508)34,806 \n\nLiabilities:\n\nData center below-market leases(4)\n$10,774 $(8,380)$2,394 $10,819 $(7,275)$3,544 \n\n(1)Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets.\n\n(2)Data center lease-based intangible assets includes Data Center In-Place Leases, Data Center Tenant Relationships and Data Center Above-Market Leases.\n\n(3)Included in Other (within Other Assets, Net) in the accompanying Consolidated Balance Sheets.\n\n(4)Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets.\n\n78\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nAmortization 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:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nAmortization expense included in depreciation and amortization associated with:   \n\nCustomer and supplier relationship intangible assets$163,550 $155,872 $153,128 \n\nData center in-place leases and tenant relationships7,395 22,304 22,322 \n\nThird-party commissions asset and other16,671 16,478 12,541 \n\nRevenue reduction associated with amortization of:   \n\nCustomer inducements and data center above-market and below-market leases$6,151 $5,347 $7,036 \n\nEstimated amortization expense for existing finite-lived intangible assets (excluding Contract Costs, as defined in Note 2.s.) is as follows:\n\n ESTIMATED AMORTIZATION\n\nYEARINCLUDED IN DEPRECIATION\nAND AMORTIZATIONREVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS\nAND DATA CENTER ABOVE-MARKET AND\nBELOW-MARKET LEASES\n\n2026$177,956 $5,614 \n\n2027153,087 3,510 \n\n2028140,905 1,990 \n\n2029123,727 1,716 \n\n2030113,809 1,100 \n\nThereafter568,365 1,873 \n\nN. DEFERRED FINANCING COSTS\n\nDeferred 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.\n\nO. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES\n\nDerivative 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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n79\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nP. FAIR VALUE MEASUREMENTS\n\nEntities 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.\n\nOur 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:\n\nLevel 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.\n\nLevel 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).\n\nLevel 3—Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.\n\n80\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nThe assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 and 2024, respectively, are as follows:\n\n  \nFAIR VALUE MEASUREMENTS AT DECEMBER 31, 2025 USING\n\nDESCRIPTION\n\nTOTAL CARRYING\n\nVALUE AT\n\nDECEMBER 31, 2025\nQUOTED PRICES IN\nACTIVE MARKETS\n(LEVEL 1)  SIGNIFICANT OTHER\nOBSERVABLE INPUTS\n(LEVEL 2)  \nSIGNIFICANT\n\nUNOBSERVABLE INPUTS\n\n(LEVEL 3)(6)\n\nMoney Market Funds(1)\n$7,149 $— $7,149 $— \n\nTime Deposits(1)\n3,430 — 3,430 — \n\nTrading Securities8,220 6,400 \n(2)\n1,820 \n(3)\n— \n\nDerivative Liabilities(4)\n71,869 — 71,869 — \n\nDeferred Purchase Obligations(5)\n134,142 — — 134,142 \n\n  \nFAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024 USING\n\nDESCRIPTION\nTOTAL CARRYING\n\nVALUE AT\n\nDECEMBER 31, 2024\nQUOTED PRICES IN\nACTIVE MARKETS\n(LEVEL 1)  SIGNIFICANT OTHER\nOBSERVABLE INPUTS\n(LEVEL 2)  \nSIGNIFICANT\n\nUNOBSERVABLE INPUTS\n\n(LEVEL 3)(6)\n\nMoney Market Funds(1)\n$2,488 $— $2,488 $— \n\nTime Deposits(1)\n9,612 — 9,612 — \n\nTrading Securities8,144 6,390 \n(2)\n1,754 \n(3)\n— \n\nDerivative Assets(4)\n28,092 — 28,092 — \n\nDerivative Liabilities(4)\n5,326 — 5,326 — \n\nDeferred Purchase Obligations(5)\n147,055 — — 147,055 \n\n(1)Money market funds and time deposits are measured based on quoted prices for similar assets and/or subsequent transactions.\n\n(2)Certain trading securities are measured at fair value using quoted market prices.\n\n(3)Certain trading securities are measured based on inputs other than quoted market prices that are observable.\n\n(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.\n\n(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).\n\n(6)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2023 through December 31, 2025:\n\nBalance as of December 31, 2023\n$208,265 \n\nAdditions63,700 \n\nPayments(158,775)\n\nOther changes33,865 \n\nBalance as of December 31, 2024\n$147,055 \n\nAdditions16,626 \n\nPayments(49,678)\n\nOther changes20,139 \n\nBalance as of December 31, 2025\n$134,142 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n81\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nThe 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.\n\nThere 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.\n\nThe 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.\n\nQ. NONCONTROLLING INTERESTS\n\nUnaffiliated 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.\n\nCertain 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.\n\nThe 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).\n\nWhen 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.\n\n82\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nR. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET\n\nThe changes in Accumulated other comprehensive items, net for the years ended December 31, 2025, 2024 and 2023 are as follows:\n\n \nFOREIGN CURRENCY\n\n TRANSLATION AND\n\nOTHER ADJUSTMENTS\n\nCHANGE IN FAIR\n\nVALUE OF DERIVATIVE\n\nINSTRUMENTS\nTOTAL\n\nBalance as of December 31, 2022$(454,509)$12,506 $(442,003)\n\nOther comprehensive income (loss):\n\nForeign currency translation and other adjustments80,881 — 80,881 \n\nChange in fair value of derivative instruments— (2,454)(2,454)\n\nReclassifications from Accumulated Other Comprehensive Items, net— (7,580)(7,580)\n\nTotal other comprehensive income (loss)80,881 (10,034)70,847 \n\nBalance as of December 31, 2023(373,628)2,472 (371,156)\n\nOther comprehensive (loss) income:\n\nForeign currency translation and other adjustments(194,501)— (194,501)\n\nChange in fair value of derivative instruments— (1,767)(1,767)\n\nReclassifications from Accumulated Other Comprehensive Items, net— (2,528)(2,528)\n\nTotal other comprehensive (loss) income(194,501)(4,295)(198,796)\n\nBalance as of December 31, 2024(568,129)(1,823)(569,952)\n\nOther comprehensive income (loss):\n\nForeign currency translation and other adjustments210,080 — 210,080 \n\nChange in fair value of derivative instruments— (7,518)(7,518)\n\nReclassifications from Accumulated Other Comprehensive Items, net— (1,618)(1,618)\n\nTotal other comprehensive income (loss)210,080 (9,136)200,944 \n\nBalance as of December 31, 2025$(358,049)$(10,959)$(369,008)\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n83\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nS. REVENUES\n\nOur 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.\n\nThe 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.\n\nOur 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.\n\nFrom 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.\n\nCertain 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:\n\n84\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nINTAKE COSTS (AND ASSOCIATED DEFERRED REVENUE)\n\nThe 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.\n\nCOMMISSIONS\n\nCertain 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.\n\nContract Costs, which are included as a component of Other within Other Assets, Net as of December 31, 2025 and 2024 are as follows:\n\nDECEMBER 31, 2025DECEMBER 31, 2024\n\nDESCRIPTIONGROSS\nCARRYING\nAMOUNTACCUMULATED\nAMORTIZATIONNET\nCARRYING\nAMOUNTGROSS\nCARRYING\nAMOUNTACCUMULATED\nAMORTIZATIONNET\nCARRYING AMOUNT\n\nIntake Costs and other fulfillment costs asset\n$111,923 $(60,999)$50,924 $89,057 $(43,783)$45,274 \n\nCommissions asset243,966 (110,365)133,601 200,149 (78,955)121,194 \n\nAmortization 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:\n\nYEAR ENDED DECEMBER 31,\n\nDESCRIPTION202520242023\n\nIntake Costs and other fulfillment costs asset$33,474 $22,114 $18,904 \n\nCommissions asset72,460 54,841 43,413 \n\nEstimated amortization expense for Contract Costs is as follows:\n\nYEAR\nESTIMATED AMORTIZATION\n\n2026$104,963 \n\n202745,485 \n\n202815,375 \n\n20293,185 \n\n20302,666 \n\nThereafter12,851 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n85\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nDeferred revenue liabilities, which also includes deferred revenue accounted for under ASC 842 (as described below), are reflected as follows in our Consolidated Balance Sheets:\n\nDECEMBER 31,\n\nDESCRIPTIONLOCATION IN BALANCE SHEET2025\n2024(1)\n\nDeferred revenue - Current(2)\nDeferred revenue$402,091 $326,882 \n\nDeferred revenue - Long-term(3)\nOther Long-term Liabilities165,804 110,601 \n\n(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.\n\n(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.\n\n(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.\n\nIn 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.\n\nDATA CENTER LESSOR CONSIDERATIONS\n\nOur 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.\n\nStorage rental revenue associated with our Global Data Center Business for the years ended December 31, 2025, 2024 and 2023 are as follows:\n\nYEAR ENDED DECEMBER 31,\n\n202520242023\n\nStorage rental revenue(1)\n$797,017 $606,294 $474,066 \n\n(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.\n\nThe 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:\n\nYEAR\nFUTURE MINIMUM LEASE PAYMENTS(1)\n\n2026$628,775 \n\n2027627,803 \n\n2028585,750 \n\n2029570,311 \n\n2030541,514 \n\nThereafter3,398,163 \n\n(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.\n\n86\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nT. STOCK-BASED COMPENSATION\n\nWe 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.\n\nOur 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.\n\nOn 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.\n\nA 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.\n\nRETIREMENT ELIGIBLE CRITERIA\n\nOur Employee Stock-Based Awards include the following retirement provision:\n\n•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\").\n\n•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.\n\n•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.\n\nStock-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:\n\nYEAR ENDED DECEMBER 31,\n\n202520242023\n\nStock-based compensation expense$140,280 $118,138 $73,799 \n\nStock-based compensation expense, after tax132,537 109,252 68,309 \n\nAs 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.\n\nWe 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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n87\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nSTOCK OPTIONS\n\nOptions 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.\n\nThe 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:\n\nYEAR ENDED DECEMBER 31,\n\nSTOCK OPTION GRANT ASSUMPTIONS202520242023\n\nExpected volatility(1)\n28.6 %28.6 %29.1 %\n\nRisk-free interest rate(2)\n4.24 %4.25 %3.92 %\n\nExpected dividend yield(3)\n3.4 %3.2 %4.7 %\n\nExpected life(4)\n10.0 years10.0 years10.0 years\n\n(1)Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option.\n\n(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.\n\n(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.\n\n(4)Expected life of the stock options granted is estimated using the historical exercise behavior of employees.\n\nA summary of stock option activity for the year ended December 31, 2025 is as follows:\n\n OPTIONSWEIGHTED\nAVERAGE\nEXERCISE PRICEWEIGHTED AVERAGE\nREMAINING\nCONTRACTUAL\nTERM (YEARS)AGGREGATE\nINTRINSIC\nVALUE\n\nOutstanding at December 31, 20243,709,919 $37.85 \n\nGranted83,389 93.17 \n\nExercised(857,295)36.44 \n\nOutstanding at December 31, 20252,936,013 $39.84 3.87$127,456 \n\nOptions exercisable at December 31, 20252,744,876 $37.13 3.56$125,759 \n\nOptions expected to vest191,137 $78.53 8.33$1,697 \n\n88\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nRESTRICTED STOCK UNITS\n\nOur 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).\n\nThe fair value of RSUs vested during the years ended December 31, 2025, 2024 and 2023 are as follows:\n\n YEAR ENDED DECEMBER 31,\n\n202520242023\n\nFair value of RSUs vested$42,277 $29,852 $32,664 \n\nA summary of RSU activity for the year ended December 31, 2025 is as follows:\n\n RSUsWEIGHTED-AVERAGE\nGRANT-DATE FAIR VALUE\n\nNon-vested at December 31, 20241,194,375 $70.06 \n\nGranted596,134 91.27 \n\nVested(632,233)66.87 \n\nForfeited(121,835)85.98 \n\nNon-vested at December 31, 20251,036,441 $82.33 \n\nPERFORMANCE UNITS\n\nThe 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.\n\nThe number of PUs earned is based on:\n\n•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\n\n•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.\n\nThe number of PUs earned will range from 0% to approximately 350% of the initial award.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n89\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nAll 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.\n\nAll 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.\n\nDuring 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.\n\nThe fair value of earned PUs that vested during the years ended December 31, 2025, 2024 and 2023 is as follows:\n\n YEAR ENDED DECEMBER 31,\n\n202520242023\n\nFair value of earned PUs that vested$52,091 $24,617 $34,896 \n\nA summary of PU activity for the year ended December 31, 2025 is as follows:\n\n PUsWEIGHTED-AVERAGE\nGRANT-DATE\nFAIR VALUE\n\nNon-vested at December 31, 2024562,028 $83.33 \n\nGranted512,905 83.69 \n\nPrior year grant adjustments for performance(1)\n1,845,118 37.47 \n\nVested(1,390,205)37.47 \n\nForfeited(34,473)84.56 \n\nNon-vested at December 31, 20251,495,373 $69.47 \n\n(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.\n\nEMPLOYEE STOCK PURCHASE PLAN\n\nWe 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.\n\n90\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nU. ACQUISITION AND INTEGRATION COSTS\n\nAcquisition 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.\n\nV. OTHER EXPENSE (INCOME), NET\n\nOther expense (income), net for the years ended December 31, 2025, 2024 and 2023 consists of the following:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nForeign currency transaction losses (gains), net(1)\n$105,644 $(39,064)$36,799 \n\nDebt extinguishment expense— 5,678 — \n\nOther, net(2)(3)(4)\n17,655 76,808 71,841 \n\nOther expense (income), net\n$123,299 $43,422 $108,640 \n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\nW. INCOME TAXES\n\nAccounting 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.\n\nX. INCOME (LOSS) PER SHARE—BASIC AND DILUTED\n\nBasic 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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n91\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nThe calculation of basic and diluted income (loss) per share for the years ended December 31, 2025, 2024 and 2023 is as follows:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nNet Income (Loss)$152,254 $183,666 $187,263 \n\nLess: Net Income (Loss) Attributable to Noncontrolling Interests7,663 3,510 3,029 \n\nNet Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$144,591 $180,156 $184,234 \n\nWeighted-average shares—basic295,403,000 293,365,000 291,936,000 \n\nEffect of dilutive potential stock options1,946,000 2,241,000 1,435,000 \n\nEffect of dilutive potential RSUs and PUs467,000 628,000 594,000 \n\nWeighted-average shares—diluted297,816,000 296,234,000 293,965,000 \n\nNet Income (Loss) Per Share Attributable to Iron Mountain Incorporated:   \n\nBasic$0.49 $0.61 $0.63 \n\nDiluted$0.49 $0.61 $0.63 \n\nAntidilutive stock options, RSUs and PUs, excluded from the calculation113,130 225,847 81,817 \n\nY. NEW ACCOUNTING PRONOUNCEMENTS\n\nRECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS\n\nIn 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.\n\nOTHER AS YET ADOPTED ACCOUNTING PRONOUNCEMENTS\n\nIn 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.\n\nIn 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.\n\n92\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\n\nIn 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.\n\n3. ACQUISITIONS\n\nWe 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.\n\nAllocations 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.\n\nAs 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.\n\nREGENCY TECHNOLOGIES\n\nOn 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).\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n93\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n4. INVESTMENTS\n\nThe 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:\n\nDECEMBER 31, 2025DECEMBER 31, 2024\n\nCARRYING VALUEEQUITY INTERESTCARRYING VALUEEQUITY INTEREST\n\nJoint venture with AGC Equity Partners (the \"Frankfurt JV\")$85,156 20.00 %$61,075 20.00 %\n\n5. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES\n\nDerivative 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).\n\nINTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES\n\nWe 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.\n\nAs 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.\n\nCROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT\n\nWe 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.\n\nThe notional values of our cross-currency interest rate swaps, by currency, as of December 31, 2025 and 2024 are as follows:\n\n YEAR ENDED DECEMBER 31,\n\n 20252024\n\nEuro$509,187 $509,187 \n\nCanadian dollar350,000 350,000 \n\n$859,187 $859,187 \n\n94\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n5. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (CONTINUED)\n\nWe have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.\n\nThe fair value of derivative instruments recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024, by derivative instrument, are as follows:\n\nDERIVATIVE INSTRUMENTS(1)\nDECEMBER 31, 2025DECEMBER 31, 2024\n\nAssetsLiabilitiesAssetsLiabilities\n\nCash Flow Hedges(2)\n  \n\nInterest rate swap agreements$— $(9,752)$1,887 $(5,326)\n\nNet Investment Hedges(3)\n\nCross-currency swap agreements— (62,117)26,205 — \n\n(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.\n\n(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.\n\n(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 $63,607 related to the excluded component of our cross-currency swap agreements.\n\nUnrealized (losses) gains recognized in Accumulated other comprehensive items, net during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:\n\nYEAR ENDED DECEMBER 31,\n\nDERIVATIVE INSTRUMENTS202520242023\n\nCash Flow Hedges\n\nInterest rate swap agreements$(7,518)$(1,767)$(2,454)\n\nNet Investment Hedges\n\nCross-currency swap agreements$(88,322)$23,943 $(41,382)\n\nCross-currency swap agreements (excluded component)16,705 16,705 21,097 \n\nGains (losses) recognized in Net income during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:\n\nYEAR ENDED DECEMBER 31,\n\nDERIVATIVE INSTRUMENTSLOCATION OF GAIN (LOSS)202520242023\n\nCash Flow Hedges\n\nInterest rate swap agreementsInterest expense$1,618 $2,528 $7,580 \n\nNet Investment Hedges\n\nCross-currency swap agreements (excluded component)Interest expense$(16,705)$(16,705)$(21,097)\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n95\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT\n\nLong-term debt is as follows:\n\n DECEMBER 31, 2025DECEMBER 31, 2024\n\n DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIR\nVALUEDEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIR\nVALUE\n\nRevolving Credit Facility(1)\n$751,500 $(8,207)$743,293 $751,500 $121,000 $(9,253)$111,747 $121,000 \n\nTerm Loan A(1)\n487,500 — 487,500 487,500 216,016 — 216,016 216,016 \n\nTerm Loan B(1)(2)\n2,020,957 (12,465)2,008,492 2,031,495 1,840,181 (14,690)1,825,491 1,850,698 \n\nVirginia 3 Term Loans(3)\n271,079 (1,189)269,890 271,079 271,079 (3,013)268,066 271,079 \n\nVirginia 4/5 Term Loans due 2025(3)\n— — — — 76,535 (2,752)73,783 76,535 \n\nVirginia 6 Term Loans(3)\n210,000 (2,633)207,367 210,000 137,495 (4,605)132,890 137,495 \n\nVirginia 7 Term Loans(3)\n275,314 (4,351)270,963 275,314 32,074 (7,591)24,483 32,074 \n\nVirginia 4/5 Term Loans due 2030(5)\n208,224 (3,529)204,695 208,224 — — — — \n\nAustralian Dollar Term Loan(3)(4)\n262,192 (1,965)260,227 263,948 175,813 (265)175,548 176,655 \n\nUK Revolving Credit Facility(3)\n188,385 (2,002)186,383 188,385 175,503 (1,034)174,469 175,503 \n\n37/8% GBP Senior Notes due 2025 (the \"GBP Notes\")(5)(6)(7)\n— — — — 501,437 (789)500,648 490,155 \n\n47/8% Senior Notes due 2027 (the “47/8% Notes due 2027\")(5)(6)(8)\n1,000,000 (2,488)997,512 995,000 1,000,000 (3,910)996,090 972,500 \n\n51/4% Senior Notes due 2028 (the “51/4% Notes due 2028\")(5)(6)(8)\n825,000 (2,657)822,343 823,969 825,000 (3,838)821,162 804,375 \n\n5% Senior Notes due 2028 (the “5% Notes due 2028\")(5)(6)(8)\n500,000 (1,869)498,131 497,500 500,000 (2,592)497,408 481,250 \n\n7% Senior Notes due 2029 (the \"7% Notes\")(5)(6)(8)\n1,000,000 (6,559)993,441 1,025,000 1,000,000 (8,686)991,314 1,020,000 \n\n47/8% Senior Notes due 2029 (the “47/8% Notes due 2029\")(5)(6)(8)\n1,000,000 (5,425)994,575 983,750 1,000,000 (6,871)993,129 945,000 \n\n51/4% Senior Notes due 2030 (the “51/4% Notes due 2030\")(5)(6)(8)\n1,300,000 (6,894)1,293,106 1,280,500 1,300,000 (8,399)1,291,601 1,235,000 \n\n41/2% Senior Notes due 2031 (the “41/2% Notes\")(5)(6)(8)\n1,100,000 (6,430)1,093,570 1,042,250 1,100,000 (7,674)1,092,326 1,001,000 \n\n5% Senior Notes due 2032 (the “5% Notes due 2032\")(5)(6)(9)\n750,000 (8,595)741,405 710,625 750,000 (9,900)740,100 688,125 \n\n55/8% Senior Notes due 2032 (the “55/8% Notes\")(5)(6)(8)\n600,000 (3,823)596,177 586,500 600,000 (4,404)595,596 570,000 \n\n61/4% Senior Notes due 2033 (the “61/4% Notes\")(5)(6)(8)\n1,200,000 (12,752)1,187,248 1,206,000 1,200,000 (14,517)1,185,483 1,194,000 \n\n43/4% Euro Senior Notes due 2034 (the \"Euro Notes\")(5)(6)(8)\n1,408,825 (16,765)1,392,060 1,370,082 — — — — \n\nReal Estate Mortgages, Financing Lease Liabilities and Other(10)\n785,497 (1,512)783,985 785,497 614,231 (1,825)612,406 614,231 \n\nAccounts Receivable Securitization Program(3)(11)\n400,000 (404)399,596 400,000 400,000 (670)399,330 400,000 \n\nTotal Long-term Debt16,544,473 (112,514)16,431,959 13,836,364 (117,278)13,719,086 \n\nLess Current Portion(216,074)— (216,074)(715,109)— (715,109)\n\nLong-term Debt, Net of Current Portion$16,328,399 $(112,514)$16,215,885 $13,121,255 $(117,278)$13,003,977 \n\n96\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT (CONTINUED)\n\n(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\").\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\n(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:\n\n DECEMBER 31, 2025DECEMBER 31, 2024\n\nReal estate mortgages(1)\n$73,250 $74,250 \n\nFinancing lease liabilities(2)\n527,199 406,841 \n\nOther notes and other obligations(3)\n185,048 133,140 \n\n $785,497 $614,231 \n\n(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.\n\n(2)Bear a weighted average interest rate of 5.6% and 5.2% at December 31, 2025 and 2024, respectively.\n\n(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.\n\n(11) The Accounts Receivable Securitization Special Purpose Subsidiaries (as defined below) are the obligors under this program.\n\nA. CREDIT AGREEMENT\n\nOur 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\").\n\nDuring the year ended December 31, 2025, we took the following actions regarding our Credit Agreement:\n\n•On June 18, 2025, we amended the Credit Agreement, which resulted in:\n\n◦an increase in the principal amount of the Term Loan A from $218,750 to $500,000.\n\n•On November 13, 2025, we amended the Credit Agreement, which resulted in:\n\n◦an increase in the principal amount of the Term Loan B from approximately $1,836,700 to $2,036,700.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n97\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT (CONTINUED)\n\nIn connection with the November 13, 2025 amendment, we paid original issue discount fees of approximately $1,750.\n\nThe 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.\n\nIMI 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.\n\nAs 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.\n\nREVOLVING CREDIT FACILITY\n\n$2,750,000\n\nTERM LOAN A\n\n$500,000\n\nTERM LOAN B\n\n$2,036,700\n\nOutstanding borrowings\n\n$751,500\n\nAggregate outstanding principal amount\n\n$487,500\n\nAggregate outstanding principal amount\n\n$2,031,495\n\nAs of December 31, 2025\n\n5.5%\n\nInterest rate\n\n5.8%\n\nInterest rate\n\nAs of December 31, 2025\n\nAs of December 31, 2025\n\n98\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT (CONTINUED)\n\nB. DATA CENTER DEBT AGREEMENTS\n\nAs 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:\n\nAGREEMENTMAXIMUM BORROWING\nAMOUNT\nOUTSTANDING BORROWINGS AS OF DECEMBER 31, 2025\nDIRECT\nOBLIGORCONTRACTUAL INTEREST RATEUNUSED COMMITMENT FEE\nMATURITY DATE(1)\n\nVirginia 3 Term Loans(2)\n$275,000 $271,079 Iron Mountain Data Centers Virginia 3, LLC\nSOFR plus 2.50%\n0.75 %August 31, 2026\n\nVirginia 7 Term Loans(3)\n300,000 275,314 Iron Mountain Data Centers Virginia 7, LLC\nSOFR plus 2.50%\n0.75 %April 12, 2027\n\nVirginia 6 Term Loans(4)\n210,000 210,000 Iron Mountain Data Centers Virginia 6, LLC\nSOFR plus 2.75%\n0.75 %May 3, 2027\n\nVirginia 4/5 Term Loans due 2030(5)\n208,224 208,224 Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC5.60%N/ANovember 1, 2030\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\n(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%.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n99\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT (CONTINUED)\n\nC. NOTES ISSUED UNDER INDENTURES\n\nEach 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.\n\nThe key terms of our indentures are as follows:\n\nSENIOR NOTESAGGREGATE\nPRINCIPAL\nAMOUNTDIRECT\nOBLIGORMATURITY DATECONTRACTUAL INTEREST RATEINTEREST PAYMENTS DUE\nPAR CALL DATE(1)\n\n47/8% Notes due 2027\n$1,000,000 \nIMI\nSeptember 15, 2027\n47/8%\nMarch 15 and September 15September 15, 2025\n\n51/4% Notes due 2028\n$825,000 \nIMI\nMarch 15, 2028\n51/4%\nMarch 15 and September 15March 15, 2025\n\n5% Notes due 2028$500,000 \nIMI\nJuly 15, 2028\n5%\nJanuary 15 and July 15July 15, 2025\n\n7% Notes$1,000,000 \nIMI\nFebruary 15, 20297%February 15 and August 15August 15, 2025\n\n47/8% Notes due 2029\n$1,000,000 \nIMI\nSeptember 15, 2029\n47/8%\nMarch 15 and September 15September 15, 2027\n\n51/4% Notes due 2030\n$1,300,000 \nIMI\nJuly 15, 2030\n51/4%\nJanuary 15 and July 15July 15, 2028\n\n41/2% Notes\n$1,100,000 \nIMI\nFebruary 15, 2031\n41/2%\nFebruary 15 and August 15February 15, 2029\n\n5% Notes due 2032$750,000 IMIM ServicesJuly 15, 20325%May 15 and November 15July 15, 2027\n\n55/8% Notes\n$600,000 \nIMI\nJuly 15, 2032\n55/8%\nJanuary 15 and July 15July 15, 2029\n\n61/4% Notes\n$1,200,000 IMIJanuary 15, 2033\n61/4%\nJanuary 15 and July 15December 6, 2029\n\nEuro Notes€1,200,000 IMIJanuary 15, 2034\n43/4%\nJanuary 15 and July 15September 10, 2030\n\n(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.\n\nEach 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.\n\nSEPTEMBER 2025 OFFERING\n\nOn September 10, 2025, IMI completed a private offering of:\n\nSERIES OF NOTESAGGREGATE PRINCIPAL AMOUNT\n\nEuro Notes€1,200,000 \n\nThe 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.\n\n100\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT (CONTINUED)\n\nD. AUSTRALIAN DOLLAR TERM LOAN\n\nIron 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:\n\n•an extension of the maturity date from September 30, 2026 to September 30, 2030,\n\n•an increase in the original principal amount from 350,000 Australian dollars to 400,000 Australian dollars and\n\n•a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.\n\nThe 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.\n\nAs 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.\n\nOUTSTANDING BORROWINGS\n\nAU$395,000\n\n7.3%\n\nInterest rate\n\nAs of December 31, 2025\n\nE. UK REVOLVING CREDIT FACILITY\n\nIM 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%.\n\nOn 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.\n\nThe 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.\n\nMAXIMUM AMOUNT\n\n£140,000\n\nOPTIONAL ADDITIONAL COMMITMENTS\n\n£125,000\n\n5.8%\n\nInterest rate\n\nAs of December 31, 2025\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n101\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT (CONTINUED)\n\nF. ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM\n\nWe 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.\n\nThe 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.\n\nAs 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\n\nbasis points are charged on amounts made available but not borrowed under the Accounts Receivable Securitization Program.\n\nMAXIMUM AMOUNT\n\n$400,000\n\nOUTSTANDING BORROWINGS\n\n$400,000\n\n4.7%\n\nInterest rate\n\nAs of December 31, 2025\n\nG. CASH POOLING\n\nCertain 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.\n\nUnder 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.\n\nThe net cash position balances as of December 31, 2025 and 2024 are reflected as Cash and cash equivalents in our Consolidated Balance Sheets.\n\n102\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n6. DEBT (CONTINUED)\n\nH. LETTERS OF CREDIT\n\nAs 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.\n\nI. DEBT COVENANTS\n\nThe 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.\n\nThe 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.\n\nJ. MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS:\n\nYEARAMOUNT\n\n2026$216,074 \n\n20272,330,763 \n\n20281,663,693 \n\n20292,137,476 \n\n20303,035,690 \n\nThereafter7,173,071 \n\n16,556,767 \n\nNet Discounts(12,294)\n\nNet Deferred Financing Costs (112,514)\n\nTotal Long-term Debt (including current portion)$16,431,959 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n103\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n7. COMMITMENTS AND CONTINGENCIES\n\nA. PURCHASE COMMITMENTS\n\nWe have certain contractual obligations related to purchase commitments which require minimum payments as follows:\n\nYEAR\nPURCHASE COMMITMENTS(1)\n\n2026$80,208 \n\n202794,778 \n\n202837,333 \n\n20299,141 \n\n20306,382 \n\nThereafter6,185 \n\n$234,027 \n\n(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.).\n\nIn 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.\n\nB. SELF-INSURED LIABILITIES\n\nWe 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.\n\nC. LITIGATION—GENERAL\n\nWe 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.\n\n104\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n8. STOCKHOLDERS' EQUITY MATTERS\n\nDIVIDENDS\n\nOur 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.\n\nIn 2023, 2024 and 2025, our board of directors declared the following dividends:\n\nDECLARATION DATEDIVIDEND\nPER SHARERECORD DATETOTAL AMOUNTPAYMENT DATE\n\nFebruary 23, 2023$0.6185 March 15, 2023$180,339 April 5, 2023\n\nMay 4, 20230.6185 June 15, 2023180,493 July 6, 2023\n\nAugust 3, 20230.6500 September 15, 2023189,730 October 5, 2023\n\nNovember 2, 20230.6500 December 15, 2023189,886 January 4, 2024\n\nFebruary 22, 20240.6500 March 15, 2024190,506 April 4, 2024\n\nMay 2, 20240.6500 June 17, 2024190,643 July 5, 2024\n\nAugust 1, 20240.7150 September 16, 2024209,776 October 3, 2024\n\nNovember 6, 20240.7150 December 16, 2024209,913 January 7, 2025\n\nFebruary 13, 20250.7850 March 17, 2025231,549 April 4, 2025\n\nMay 1, 20250.7850 June 16, 2025231,789 July 3, 2025\n\nAugust 6, 20250.7850 September 15, 2025231,972 October 3, 2025\n\nNovember 5, 20250.8640 December 15, 2025255,560 January 6, 2026\n\nOn 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.\n\nDuring 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:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nDeclared distributions$950,870 $800,838 $740,448 \n\nAmount per share each distribution represents based on weighted average number of common shares outstanding3.22 2.73 2.54 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n105\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n8. STOCKHOLDERS’ EQUITY MATTERS (CONTINUED)\n\nFor 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:\n\nYEAR ENDED DECEMBER 31,\n\n 202520242023\n\nNonqualified ordinary dividends61.1 %82.6 %98.2 %\n\nQualified ordinary dividends(1)\n— %— %0.8 %\n\nReturn of capital38.9 %17.4 %1.0 %\n\n100.0 %100.0 %100.0 %\n\n(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.\n\nNONCONTROLLING INTERESTS\n\nIn 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.\n\nDuring 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.\n\nIn 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.\n\n9. INCOME TAXES\n\nWe 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.\n\n106\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n9. INCOME TAXES (CONTINUED)\n\nThe significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are presented below:\n\n DECEMBER 31,\n\n 2025\n2024\n\nDeferred Tax Assets:  \n\nAccrued liabilities and other adjustments$158,987 $156,349 \n\nNet operating loss carryforwards173,024 168,773 \n\nValuation allowance(152,605)(132,714)\n\n179,406 192,408 \n\nDeferred Tax Liabilities:  \n\nOther assets, principally due to differences in amortization(177,675)(185,301)\n\nProperty, plant and equipment, principally due to differences in depreciation(37,915)(63,192)\n\nOther(116,082)(122,844)\n\n(331,672)(371,337)\n\nNet deferred tax (liability) asset$(152,266)$(178,929)\n\nThe deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are presented below:\n\n DECEMBER 31,\n\n 20252024\n\nDeferred tax assets (Included in Other, a component of Other assets, net)$31,749 $26,412 \n\nDeferred tax liabilities(184,015)(205,341)\n\nAt 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.\n\nA rollforward of the valuation allowance is as follows:\n\nYEAR ENDED DECEMBER 31,BALANCE AT BEGINNING OF\nTHE YEARCHARGED (CREDITED) TO\nEXPENSE\nOTHER INCREASES/(DECREASES)(1)(2)\nBALANCE\nAT END OF\nTHE YEAR\n\n2025$132,714 $16,740 $3,151 $152,605 \n\n2024103,897 37,018 (8,201)132,714 \n\n202347,514 4,855 51,528 103,897 \n\n(1)Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates and prior year acquisitions.\n\n(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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n107\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n9. INCOME TAXES (CONTINUED)\n\nThe components of Net Income (Loss) Before Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 are as follows:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nUnited States$227,656 $56,617 $76,012 \n\nCanada149,219 153,450 111,331 \n\nOther Foreign(165,687)34,471 39,863 \n\nNet Income (Loss) Before Provision (Benefit) for Income Taxes$211,188 $244,538 $227,206 \n\nThe Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 consist of the following components:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nFederal—current$4,687 $5,205 $1,255 \n\nFederal—deferred(7,450)(2,394)(18,488)\n\nState—current5,543 914 1,544 \n\nState—deferred(1,898)(3,731)(4,630)\n\nForeign—current96,386 96,168 72,408 \n\nForeign—deferred(38,334)(35,290)(12,146)\n\nProvision (Benefit) for Income Taxes$58,934 $60,872 $39,943 \n\n108\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n9. INCOME TAXES (CONTINUED)\n\nPursuant 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:\n\n \nYEAR ENDED DECEMBER 31, 2025\n\n AmountPercentage of Net Income (Loss) Before Provision (Benefit) for Income Taxes\n\nComputed \"expected\" tax provision$44,349 21.0 %\n\nUnited States(1)\n\nState and local income taxes4,388 2.1 %\n\nEffect of cross-border tax laws\n\nForeign branch taxes(13,323)(6.3)%\n\nGlobal intangible low-taxed income9,492 4.5 %\n\nOther(192)(0.1)%\n\nChanges in valuation allowances7,956 3.8 %\n\nNontaxable or nondeductible items\n\nDividends paid deduction(73,458)(34.8)%\n\nNondeductible foreign exchange loss (gain)9,616 4.6 %\n\nNondeductible officers compensations32,049 15.2 %\n\nExcess tax benefits on equity compensations(32,343)(15.3)%\n\nNondeductible management fees3,725 1.7 %\n\nOther3,780 1.7 %\n\nCanada\n\nEffect of rates different than statutory(8,938)(4.2)%\n\nState and local income taxes17,140 8.1 %\n\nWithholding tax7,506 3.6 %\n\nOther695 0.3 %\n\nChina\n\nNondeductible (gain) loss on sale of assets(7,318)(3.5)%\n\nOther1,309 0.6 %\n\nPeru\n\nOther2,235 1.1 %\n\nNetherlands\n\nEffect of rates different than statutory(4,358)(2.1)%\n\nChanges in valuation allowance3,062 1.4 %\n\nNondeductible foreign exchange loss (gain)19,839 9.4 %\n\nOther(2,083)(1.0)%\n\nSwitzerland\n\nNondeductible loss (gain) on sale of asset2,911 1.4 %\n\nOther2,483 1.2 %\n\nUnited Kingdom\n\nEffect of rates different than statutory(3,442)(1.6)%\n\nNondeductible foreign exchange loss (gain)5,888 2.8 %\n\nOther2,865 1.4 %\n\nHong Kong\n\nOther2,315 1.1 %\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n109\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n9. INCOME TAXES (CONTINUED)\n\n \nYEAR ENDED DECEMBER 31, 2025\n\n AmountPercentage of Net Income (Loss) Before Provision (Benefit) for Income Taxes\n\nGermany\n\nOther$2,586 1.2 %\n\nIndia\n\nChanges in valuation allowance3,869 1.8 %\n\nOther1,012 0.5 %\n\nOther foreign jurisdictions10,996 5.2 %\n\nChanges in unrecognized tax benefits2,323 1.1 %\n\nProvision (Benefit) for Income Taxes$58,934 27.9 %\n\n(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.\n\nA 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:\n\n YEAR ENDED DECEMBER 31,\n\n 20242023\n\nComputed \"expected\" tax provision\n$51,353 $47,713 \n\nChanges in income taxes resulting from:  \n\nTax adjustment relating to REIT(33,926)(39,299)\n\nState taxes, net of federal tax benefit(2,919)(3,147)\n\nIncrease (decrease) in valuation allowance37,018 4,855 \n\nWithholding taxes11,359 11,658 \n\n(Reversal) reserve accrual and audit settlements, net of federal tax benefit(2,052)(4,946)\n\nChange in valuation of acquisition contingencies643 3,242 \n\nForeign tax rate differential13,322 6,876 \n\nAdjustments relating to foreign taxes(10,346)14,405 \n\nExcess tax benefits on equity compensation(5,047)(1,905)\n\nOther, net1,467 491 \n\nProvision (Benefit) for Income Taxes$60,872 $39,943 \n\nOur 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.\n\n110\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n9. INCOME TAXES (CONTINUED)\n\nThe primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were:\n\nYEAR ENDED DECEMBER 31,\n\n202520242023\n\nThe 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.\n\nThe 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.\n\nThe 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.\n\nAs 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.\n\nWe 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.\n\nThe 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.\n\nOn 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.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n111\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n9. INCOME TAXES (CONTINUED)\n\nThe 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.\n\nWe 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.\n\nA summary of tax years that remain subject to examination by major tax jurisdictions is as follows:\n\nTAX YEARSTAX JURISDICTION\n\nSee BelowUnited States—Federal and State\n\n2022 to presentUnited Kingdom\n\n2016 and 2018 to presentCanada\n\nThe 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.\n\nWe 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.\n\n112\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n9. INCOME TAXES (CONTINUED)\n\nA rollforward of unrecognized tax benefits is as follows:\n\nGross tax contingencies—January 1, 2023$27,753 \n\nGross additions based on tax positions related to the current year3,511 \n\nGross additions for tax positions of prior years634 \n\nGross reductions for tax positions of prior years(5,454)\n\nLapses of statutes(2,874)\n\nGross tax contingencies—December 31, 202323,570 \n\nGross additions based on tax positions related to the current year3,091 \n\nGross reductions for tax positions of prior years(1,698)\n\nAcquired unrecognized tax benefits5,717 \n\nLapses of statutes(4,804)\n\nGross tax contingencies—December 31, 202425,876 \n\nGross additions based on tax positions related to the current year4,449 \n\nGross additions for tax positions of prior years1,791 \n\nLapses of statutes(3,598)\n\nSettlements(40)\n\nGross tax contingencies—December 31, 2025$28,478 \n\nINCOME TAX PAYMENTS\n\nPursuant 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:\n\n YEAR ENDED DECEMBER 31,\n\nJurisdiction2025\n\nUnited States - Federal\n$7,239 \n\nUnited States - State and local4,454 \n\nCanada53,309 \n\nChile6,793 \n\nOther49,811 \n\nTotal$121,606 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n113\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n10. SEGMENT INFORMATION\n\nOur 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.\n\nAs of December 31, 2025, our two reportable segments are described as follows:\n\n(1)Global Records and Information Management (\"Global RIM\") Business includes several distinct offerings:\n\n(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.\n\n(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\").\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\n(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.\n\nThe remaining activities of our business consist primarily of our ALM and Fine Arts businesses and Corporate and Other.\n\n(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.\n\n(ii)Fine Arts provides technical expertise in the handling, installation and storing of art.\n\n(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.\n\n114\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n10. SEGMENT INFORMATION (CONTINUED)\n\nThe accounting policies of our reportable segments are the same as those described in Note 2.\n\nThe operations associated with acquisitions completed during 2025 have been incorporated into our Global RIM Business and Corporate and Other.\n\nAn analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows:\n\nGLOBAL RIM BUSINESSGLOBAL\nDATA CENTER BUSINESSTOTAL REPORTABLE SEGMENTSCORPORATE \nAND OTHER TOTAL\nCONSOLIDATED\n\nAs of and for the Year Ended December 31, 2025\n   \n\nTotal Revenues$5,291,481 $803,429 $6,094,910 $806,827 $6,901,737 \n\nStorage Rental3,183,735 797,017 3,980,752 71,758 4,052,510 \n\nService2,107,746 6,412 2,114,158 735,069 2,849,227 \n\nOther Segment Items(1)\n2,927,983 387,103 3,315,086 \n\nAdjusted EBITDA2,363,498 416,326 2,779,824 \n\nTotal Assets(2)\n10,891,324 7,968,990 18,860,314 2,264,705 21,125,019 \n\nAs of and for the Year Ended December 31, 2024\n   \n\nTotal Revenues$4,979,438 $620,028 $5,599,466 $550,443 $6,149,909 \n\nStorage Rental3,009,094 606,294 3,615,388 66,871 3,682,259 \n\nService1,970,344 13,734 1,984,078 483,572 2,467,650 \n\nOther Segment Items(1)\n2,756,321 337,515 3,093,836 \n\nAdjusted EBITDA2,223,117 282,513 2,505,630 \n\nTotal Assets(2)\n10,408,885 6,060,608 16,469,493 2,247,622 18,717,115 \n\nAs of and for the Year Ended December 31, 2023\n   \n\nTotal Revenues$4,661,776 $495,026 $5,156,802 $323,487 $5,480,289 \n\nStorage Rental2,834,352 474,066 3,308,418 62,227 3,370,645 \n\nService1,827,424 20,960 1,848,384 261,260 2,109,644 \n\nOther Segment Items(1)\n2,634,739 279,081 2,913,820 \n\nAdjusted EBITDA2,027,037 215,945 2,242,982 \n\nTotal Assets(2)\n10,876,225 4,788,600 15,664,825 1,808,977 17,473,802 \n\n(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.\n\n(2)Excludes all intercompany receivables or payables and investment in subsidiary balances.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n115\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n10. SEGMENT INFORMATION (CONTINUED)\n\nA 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:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nTotal Adjusted EBITDA for Reportable Segments$2,779,824 $2,505,630 $2,242,982 \n\nAdd/(Deduct):\n\nCorporate and other(205,874)(269,250)(281,305)\n\nInterest expense, net(829,335)(721,559)(585,932)\n\nDepreciation and amortization(1,024,435)(900,905)(776,159)\n\nAcquisition and Integration Costs(19,545)(35,842)(25,875)\n\nRestructuring and other transformation\n(195,912)(161,359)(175,215)\n\n(Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate)(24,641)(6,196)12,825 \n\nOther (expense) income, net, excluding our share of (losses) gains from our unconsolidated joint ventures\n(118,473)(39,159)(98,891)\n\nStock-based compensation expense(140,280)(118,138)(73,799)\n\nOur share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures(10,141)(8,684)(11,425)\n\nTotal Net Income (Loss) Before Provision (Benefit) for Income Taxes$211,188 $244,538 $227,206 \n\n116\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n10. SEGMENT INFORMATION (CONTINUED)\n\nInformation as to our operations in different geographical areas for the years ended December 31, 2025, 2024 and 2023 is as follows:\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nRevenues:   \n\nUnited States$4,573,462 $4,008,402 $3,507,134 \n\nUnited Kingdom472,611 426,462 393,917 \n\nCanada302,421 303,184 279,325 \n\nRemaining Countries1,553,243 1,411,861 1,299,913 \n\nLong-lived Assets:  \n\nUnited States$12,284,125 $11,399,912 $9,492,911 \n\nUnited Kingdom1,913,326 1,419,582 1,315,715 \n\nCanada639,904 612,581 498,511 \n\nRemaining Countries4,352,681 3,593,818 4,431,120 \n\nInformation as to our revenues by product and service lines by segment for the years ended December 31, 2025, 2024 and 2023 is as follows:\n\nGLOBAL RIM BUSINESSGLOBAL\n DATA CENTER BUSINESSCORPORATE \nAND OTHERTOTAL\nCONSOLIDATED\n\nFor the Year Ended December 31, 2025\n   \n\nRecords Management(1)\n$4,208,905 $— $174,290 $4,383,195 \n\nData Management(1)\n504,662 — — 504,662 \n\nInformation Destruction(1)(2)(3)\n577,914 — 632,537 1,210,451 \n\nData Center(1)\n— 803,429 — 803,429 \n\nFor the Year Ended December 31, 2024\n\nRecords Management(1)\n$3,899,109 $— $162,366 $4,061,475 \n\nData Management(1)\n515,306 — — 515,306 \n\nInformation Destruction(1)(2)(3)\n565,023 — 388,077 953,100 \n\nData Center(1)\n— 620,028 — 620,028 \n\nFor the Year Ended December 31, 2023\n\nRecords Management(1)\n$3,625,264 $— $146,389 $3,771,653 \n\nData Management(1)\n520,194 — — 520,194 \n\nInformation Destruction(1)(2)(3)\n516,318 — 177,098 693,416 \n\nData Center(1)\n— 495,026 — 495,026 \n\n(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.\n\n(2)Information destruction revenue for our Global RIM Business includes secure shredding services.\n\n(3)Information destruction revenue for Corporate and Other includes product revenue from our ALM business.\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n117\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n11. RELATED PARTY TRANSACTIONS\n\nIn 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\").\n\nRevenue 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):\n\n YEAR ENDED DECEMBER 31,\n\n 202520242023\n\nFrankfurt JV Agreements(1)\n$19 $3,000 $1,800 \n\nClutter Agreement(2)\n— — 13,000 \n\n(1)Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment.\n\n(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.\n\n12. RESTRUCTURING AND OTHER TRANSFORMATION\n\nPROJECT MATTERHORN\n\nIn 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.\n\nRestructuring 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:\n\nYEAR ENDED\n\nDECEMBER 31, 2025\n\nYEAR ENDED\n\nDECEMBER 31, 2024\n\nYEAR ENDED\n\nDECEMBER 31, 2023\n\nFROM INCEPTION\n\nTHROUGH DECEMBER 31, 2025\n\nRestructuring$86,287 $51,082 $57,319 $207,980 \n\nOther transformation109,625 110,277 117,896 366,439 \n\nRestructuring and other transformation\n$195,912 $161,359 $175,215 $574,419 \n\n118\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)\n\nDECEMBER 31, 2025\n\n(In thousands, except share and per share data)\n\n12. RESTRUCTURING AND OTHER TRANSFORMATION (CONTINUED)\n\nRestructuring 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:\n\nYEAR ENDED\n\nDECEMBER 31, 2025\n\nYEAR ENDED\n\nDECEMBER 31, 2024\n\nYEAR ENDED\n\nDECEMBER 31, 2023\n\nFROM INCEPTION\n\nTHROUGH DECEMBER 31, 2025\n\nGlobal RIM Business$78,638 $42,130 $46,722 $180,573 \n\nGlobal Data Center Business415 3,056 520 3,991 \n\nCorporate and Other7,234 5,896 10,077 23,416 \n\nTotal restructuring costs$86,287 $51,082 $57,319 $207,980 \n\nOther 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:\n\nYEAR ENDED\n\nDECEMBER 31, 2025\n\nYEAR ENDED\n\nDECEMBER 31, 2024\n\nYEAR ENDED\n\nDECEMBER 31, 2023\n\nFROM INCEPTION\n\nTHROUGH DECEMBER 31, 2025\n\nGlobal RIM Business$46,453 $38,337 $28,369 $117,060 \n\nGlobal Data Center Business4,190 4,798 4,964 14,010 \n\nCorporate and Other58,982 67,142 84,563 235,369 \n\nTotal other transformation costs$109,625 $110,277 $117,896 $366,439 \n\nA 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:\n\nRESTRUCTURINGOTHER TRANSFORMATIONTOTAL RESTRUCTURING AND OTHER TRANSFORMATION\n\nBalance as of December 31, 2023$10,731 $24,854 $35,585 \n\nAmounts accrued51,082 110,277 161,359 \n\nPayments(54,839)(122,127)(176,966)\n\nBalance as of December 31, 2024\n6,974 13,004 19,978 \n\nAmounts accrued86,287 109,625 195,912 \n\nPayments(67,033)(108,598)(175,631)\n\nBalance as of December 31, 2025\n$26,228 $14,031 $40,259 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n119\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\nSchedule 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.\n\nThe 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:\n\nGross Amount of Real Estate Assets, As Reported on Schedule III$7,923,550 \n\nAdd (Deduct) Reconciling Items:\n\nBook value of racking structures included in leased facilities(1)\n1,515,395 \n\nBook value of financing leases(2)\n462,121 \n\nBook value of construction in progress(3)\n1,137,968 \n\n    Book value of other\n34,715 \n\n     Total Reconciling Items3,150,199 \n\nGross Amount of Real Estate Assets, As Disclosed in Note 2.i.\n$11,073,749 \n\n(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.\n\n(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.\n\n(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.\n\nThe 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:\n\nAccumulated Depreciation of Real Estate Assets, As Reported on Schedule III$1,675,548 \n\nAdd (Deduct) Reconciling Items:\n\nAccumulated Depreciation - non-real estate assets(1)\n1,858,802 \n\nAccumulated Depreciation - racking structures in leased facilities(2)\n1,176,364 \n\nAccumulated Depreciation - financing leases(3)\n185,363 \n\n   Accumulated Depreciation - other\n14,933 \n\n     Total Reconciling Items3,235,462 \n\nAccumulated Depreciation, As Reported on Consolidated Balance Sheet$4,911,010 \n\n(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.\n\n(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.\n\n(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.\n\n120\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A) (B)(C)(D)(E)(F)  \n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST\n\nTO COMPANY(1)\n\nCOST\n\nCAPITALIZED\n\nSUBSEQUENT TO\n\nACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT\n\nCLOSE OF\n\nCURRENT\n\nPERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION\n\nOR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN\nLATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nNorth America        \n\nUnited States\n(Including Puerto Rico)      \n\n1420 North Fiesta Blvd, Gilbert, Arizona1 $— $1,637 $3,036 $4,673 $3,008 2001\nUp to 40 years\n\n4802 East Van Buren, Phoenix, Arizona1 — 15,599 531,919 547,518 51,833 2019\nUp to 40 years\n\n615 North 48th Street, Phoenix, Arizona1 — 423,107 135,801 558,908 124,324 2018(5)\nUp to 40 years\n\n2955 S. 18th Place, Phoenix, Arizona1 — 12,178 15,327 27,505 10,820 2007\nUp to 40 years\n\n4449 South 36th St, Phoenix, Arizona1 — 7,305 1,446 8,751 6,033 2012\nUp to 40 years\n\n5100 E Roosevelt Street, Phoenix, Arizona1 — 9,400 433,167 442,567 1,447 2025\nUp to 40 years\n\n8521 E. Princess Drive, Scottsdale, Arizona1 — 87,865 9,471 97,336 34,224 2018(5)\nUp to 40 years\n\n600 Burning Tree Rd, Fullerton, California1 — 4,762 3,222 7,984 3,699 2002\nUp to 40 years\n\n21063 Forbes St, Hayward, California1 — 13,407 884 14,291 4,225 2019(11)\nUp to 40 years\n\n1025 North Highland Ave, Los Angeles, California1 — 10,168 34,073 44,241 21,535 1988\nUp to 40 years\n\n1010 - 1006 North Mansfield, Los Angeles, California1 — 749 317 1,066 241 2014\nUp to 40 years\n\n1350 West Grand Ave, Oakland, California1 — 15,172 8,291 23,463 17,637 1997\nUp to 40 years\n\n1760 North Saint Thomas Circle, Orange, California1 — 4,576 930 5,506 2,605 2002\nUp to 40 years\n\n1915 South Grand Ave, Santa Ana, California1 — 3,420 1,875 5,295 2,557 2001\nUp to 40 years\n\n2680 Sequoia Dr, South Gate, California1 — 6,329 3,343 9,672 5,120 2002\nUp to 40 years\n\n336 Oyster Point Blvd, South San Francisco, California1 — 15,100 1,428 16,528 3,663 2019(11)\nUp to 40 years\n\n3576 N. Moline, Aurora, Colorado1 — 1,583 4,641 6,224 3,006 2001\nUp to 40 years\n\n5151 E. 46th Ave, Denver, Colorado1 — 6,312 808 7,120 2,824 2014\nUp to 40 years\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n121\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A) (B)(C)(D)(E)(F)  \n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST\n\nTO COMPANY(1)\n\nCOST\n\nCAPITALIZED\n\nSUBSEQUENT TO\n\nACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT\n\nCLOSE OF\n\nCURRENT\n\nPERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION\n\nOR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN\nLATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nNorth America (continued)       \n\nUnited States\n(Including Puerto Rico)\n(continued)       \n\n11333 E 53rd Ave, Denver, Colorado1 $— $7,403 $11,997 $19,400 $12,787 2001\nUp to 40 years\n\n4300 Brighton Boulevard, Denver, Colorado1 — 116,336 41,415 157,751 39,163 2017\nUp to 40 years\n\n20 Eastern Park Rd, East Hartford, Connecticut1 — 7,417 2,172 9,589 7,265 2002\nUp to 40 years\n\nKennedy Road, Windsor, Connecticut2 — 10,447 34,869 45,316 29,532 2001\nUp to 40 years\n\n1400 Johnson Way, New Castle, Delaware1 — 5,686 721 6,407 735 2023(11)\nUp to 40 years\n\n150-200 Todds Ln, Wilmington, Delaware1 — 7,226 1,284 8,510 6,009 2002\nUp to 40 years\n\n3501 Electronics Way, West Palm Beach, Florida1 — 4,201 15,591 19,792 10,973 2001\nUp to 40 years\n\n5319 Tulane Drive SW, Atlanta, Georgia1 — 2,808 4,028 6,836 5,145 2002\nUp to 40 years\n\n6111 Live Oak Parkway, Norcross, Georgia1 — 3,542 4,273 7,815 1,497 2017\nUp to 40 years\n\n2425 South Halsted St, Chicago, Illinois1 — 7,470 1,946 9,416 5,283 2006\nUp to 40 years\n\n1301 S. Rockwell St, Chicago, Illinois1 — 7,947 34,096 42,043 20,317 1999\nUp to 40 years\n\n2604 West 13th St, Chicago, Illinois1 — 404 4,307 4,711 3,258 2001\nUp to 40 years\n\n2211 W. Pershing Rd, Chicago, Illinois1 — 4,264 14,769 19,033 12,002 2001\nUp to 40 years\n\n1680 and 1700 E. Touhy Avenue, Des Plaines, Illinois— — 2,216 149,028 151,244 2,388 2023\nUp to 40 years\n\n2255 Pratt Blvd, Elk Grove, Illinois1 — 1,989 4,130 6,119 2,545 2000\nUp to 40 years\n\n4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois1 — 22,048 4,690 26,738 13,487 2014\nUp to 40 years\n\n6090 NE 14th Street, Des Moines, Iowa1 — 622 696 1,318 634 2003\nUp to 40 years\n\nSouth 7th St, Louisville, Kentucky4 — 709 16,611 17,320 8,922 Various\nUp to 40 years\n\n122\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A) (B)(C)(D)(E)(F)  \n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST\n\nTO COMPANY(1)\n\nCOST\n\nCAPITALIZED\n\nSUBSEQUENT TO\n\nACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT\n\nCLOSE OF\n\nCURRENT\n\nPERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION\n\nOR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN\nLATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nNorth America (continued)\n\nUnited States\n(Including Puerto Rico)\n(continued)\n\n26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine1 $— $8,337 $722 $9,059 $4,534 2015(11)\nUp to 40 years\n\n8928 McGaw Ct, Columbia, Maryland1— 2,198 6,728 8,926 5,456 1999\nUp to 40 years\n\n32 George St, Boston, Massachusetts1 — 1,820 6,220 8,040 6,277 1991\nUp to 40 years\n\n3435 Sharps Lot Rd, Dighton, Massachusetts1 — 1,911 889 2,800 2,334 1999\nUp to 40 years\n\n77 Constitution Boulevard, Franklin, Massachusetts1 — 5,413 615 6,028 1,637 2014\nUp to 40 years\n\nBearfoot Road, Northboro, Massachusetts2 — 55,923 34,381 90,304 50,785 Various\nUp to 40 years\n\n6601 Sterling Dr South, Sterling Heights, Michigan1 — 1,294 1,255 2,549 1,552 2002\nUp to 40 years\n\n3140 Ryder Trail South, Earth City, Missouri1 — 3,072 4,493 7,565 3,610 2004\nUp to 40 years\n\nLeavenworth St/18th St, Omaha, Nebraska2 — 2,924 20,462 23,386 11,658 Various\nUp to 40 years\n\n4105 North Lamb Blvd, Las Vegas, Nevada1 — 3,430 11,517 14,947 8,628 2002\nUp to 40 years\n\n17 Hydro Plant Rd, Milton, New Hampshire1 — 6,179 4,905 11,084 8,622 2001\nUp to 40 years\n\n3003 Woodbridge Avenue, Edison, New Jersey1 — 310,404 170,182 480,586 96,488 2018(5)\nUp to 40 years\n\n811 Route 33, Freehold, New Jersey3 — 38,697 66,371 105,068 70,965 Various\nUp to 40 years\n\n51-69 & 77-81 Court St, Newark, New Jersey1 — 11,734 20,612 32,346 6,248 2015\nUp to 40 years\n\n560 Irvine Turner Blvd, Newark, New Jersey1 — 9,522 11,314 20,836 2,924 2015\nUp to 40 years\n\n231 Johnson Ave, Newark, New Jersey1 — 8,945 7,751 16,696 2,970 2015\nUp to 40 years\n\n650 Howard Avenue, Somerset, New Jersey1 — 3,585 12,721 16,306 9,284 2006\nUp to 40 years\n\n100 Bailey Ave, Buffalo, New York1 — 1,324 11,636 12,960 9,128 1998\nUp to 40 years\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n123\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A) (B)(C)(D)(E)(F)  \n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST\n\nTO COMPANY(1)\n\nCOST CAPITALIZED\n\nSUBSEQUENT TO\n\nACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT CLOSE OF CURRENT\n\nPERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION\n\nOR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN\nLATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nNorth America (continued)\n\nUnited States\n(Including Puerto Rico)\n(continued)\n\n1368 County Rd 8, Farmington, New York1 $— $2,611 $5,353 $7,964 $6,141 1998\nUp to 40 years\n\nCounty Rd 10, Linlithgo, New York2 — 102 3,283 3,385 2,418 2001\nUp to 40 years\n\nUlster Ave/Route 9W, Port Ewen, New York3 — 23,137 13,455 36,592 28,359 2001\nUp to 40 years\n\nBinnewater Rd, Rosendale, New York2 — 5,142 12,139 17,281 10,670 Various\nUp to 40 years\n\n220 Wavel St, Syracuse, New York1 — 2,929 2,863 5,792 3,937 1997\nUp to 40 years\n\n826 Church Street, Morrisville, North Carolina1 — 7,087 2,022 9,109 2,867 2017\nUp to 40 years\n\n1275 East 40th, Cleveland, Ohio1 — 3,129 611 3,740 2,615 1999\nUp to 40 years\n\n7208 Euclid Avenue, Cleveland, Ohio1 — 3,336 5,011 8,347 5,345 2001\nUp to 40 years\n\n3366 South Tech Boulevard, Miamisburg, Ohio1 — 29,092 2,790 31,882 8,770 2018(5)\nUp to 40 years\n\nBranchton Rd, Boyers, Pennsylvania2 — 21,166 304,431 325,597 119,689 Various\nUp to 40 years\n\n800 Carpenters Crossings, Folcroft, Pennsylvania1 — 2,457 1,212 3,669 2,561 2000\nUp to 40 years\n\nLas Flores Industrial Park, Rio Grande, Puerto Rico1 — 4,185 4,021 8,206 5,974 2001\nUp to 40 years\n\n1061 Carolina Pines Road, Columbia, South Carolina1 — 11,776 4,825 16,601 6,314 2016(11)\nUp to 40 years\n\n2301 Prosperity Way, Florence, South Carolina1 — 2,846 1,372 4,218 2,180 2016(11)\nUp to 40 years\n\nMitchell Street, Knoxville, Tennessee2 — 718 4,868 5,586 3,268 Various\nUp to 40 years\n\n6005 Dana Way, Nashville, Tennessee2 — 1,827 13,518 15,345 4,872 2000\nUp to 40 years\n\nCapital Parkway, Carrollton, Texas3 — 8,299 1,917 10,216 3,749 2015(11)\nUp to 40 years\n\n1800 Columbian Club Dr, Carrolton, Texas1 — 19,673 6,207 25,880 9,728 2013\nUp to 40 years\n\n124\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A) (B)(C)(D)(E)(F)  \n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST\n\nTO COMPANY(1)\n\nCOST CAPITALIZED\n\nSUBSEQUENT TO\n\nACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT CLOSE OF CURRENT\n\nPERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION\n\nOR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN\nLATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nNorth America (continued)\n\nUnited States\n(Including Puerto Rico)\n(continued)\n\n1905 John Connally Dr, Carrolton, Texas1 $— $2,174 $293 $2,467 $1,460 2000\nUp to 40 years\n\n13425 Branchview Ln, Dallas, Texas1 — 3,518 4,006 7,524 5,025 2001\nUp to 40 years\n\n1819 S. Lamar St, Dallas, Texas1 — 3,215 2,471 5,686 3,401 2000\nUp to 40 years\n\n2000 Robotics Place Suite B, Fort Worth, Texas1 — 5,328 8,822 14,150 4,907 2002\nUp to 40 years\n\n1202 Ave R, Grand Prairie, Texas1 — 8,354 2,452 10,806 7,371 2003\nUp to 40 years\n\n6203 Bingle Rd, Houston, Texas1 — 3,188 12,516 15,704 10,803 2001\nUp to 40 years\n\n2600 Center Street, Houston, Texas1 — 2,840 2,896 5,736 3,428 2000\nUp to 40 years\n\n5707 Chimney Rock, Houston, Texas1 — 1,032 1,270 2,302 1,416 2002\nUp to 40 years\n\n5249 Glenmont Ave, Houston, Texas1 — 3,467 3,191 6,658 3,837 2000\nUp to 40 years\n\n15333 Hempstead Hwy, Houston, Texas3 — 6,327 39,107 45,434 23,455 2004\nUp to 40 years\n\n5757 Royalton Dr, Houston, Texas1 — 1,795 1,177 2,972 1,750 2000\nUp to 40 years\n\n9601 West Tidwell, Houston, Texas1 — 1,680 3,548 5,228 2,069 2001\nUp to 40 years\n\n7800 Westpark, Houston, Texas1 — 6,323 1,852 8,175 2,873 2015(11)\nUp to 40 years\n\n1665 S. 5350 West, Salt Lake City, Utah1 — 6,239 5,521 11,760 7,109 2002\nUp to 40 years\n\n11052 Lakeridge Pkwy, Ashland, Virginia1 — 1,709 2,005 3,714 2,610 1999\nUp to 40 years\n\n11660 Hayden Road, Manassas, Virginia7 — 104,824 2,203,883 2,308,707 132,323 2020\nUp to 40 years\n\n3725 Thirlane Rd. N.W., Roanoke, Virginia1 — 2,577 317 2,894 1,551 2015(11)\nUp to 40 years\n\n6110 Technology Creek Drive, Sandston, Virginia— — 8,068 1,000 9,068 — 2024\nUp to 40 years\n\n22445 Randolph Dr, Sterling, Virginia1 — 7,598 4,513 12,111 7,773 2005\nUp to 40 years\n\n307 South 140th St, Burien, Washington1 — 2,078 2,960 5,038 3,176 1999\nUp to 40 years\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n125\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A)(B)(C)(D)(E)(F)\n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST\n\nTO COMPANY(1)\n\nCOST CAPITALIZED\n\nSUBSEQUENT TO\n\nACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT CLOSE OF CURRENT\n\nPERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION\n\nOR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN\nLATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nNorth America (continued)\n\nUnited States\n(Including Puerto Rico)\n(continued)\n\n6600 Hardeson Rd, Everett, Washington1 $— $5,399 $4,271 $9,670 $4,825 2002\nUp to 40 years\n\n4330 South Grove Road, Spokane, Washington1 — 3,906 1,409 5,315 1,299 2015\nUp to 40 years\n\nTotal United States117 $— $1,669,267 $4,628,754 $6,298,021 $1,245,761 \n\nCanada\n\nOne Command Court, Bedford1 $— $3,847 $4,622 $8,469 $5,491 2000\nUp to 40 years\n\n195 Summerlea Road, Brampton1 — 5,403 6,936 12,339 7,655 2000\nUp to 40 years\n\n10 Tilbury Court, Brampton1 — 5,007 18,131 23,138 12,553 2000\nUp to 40 years\n\n8825 Northbrook Court, Burnaby1 — 8,091 2,024 10,115 5,826 2001\nUp to 40 years\n\n8088 Glenwood Drive, Burnaby1 — 4,326 6,796 11,122 6,583 2005\nUp to 40 years\n\n5811 26th Street S.E., Calgary1 — 14,658 12,362 27,020 14,977 2000\nUp to 40 years\n\n3905-101 Street, Edmonton1 — 2,020 956 2,976 1,955 2000\nUp to 40 years\n\n68 Grant Timmins Drive, Kingston1 — 3,639 481 4,120 994 2016\nUp to 40 years\n\n3005 Boul. Jean-Baptiste Deschamps, Lachine1 — 2,751 785 3,536 1,852 2000\nUp to 40 years\n\n1655 Fleetwood, Laval1 — 8,196 19,166 27,362 17,464 2000\nUp to 40 years\n\n4005 Richelieu, Montreal1 — 1,800 2,548 4,348 2,468 2000\nUp to 40 years\n\n1209 Algoma Rd, Ottawa1 — 1,059 10,608 11,667 7,005 2000\nUp to 40 years\n\n235 Edson Street, Saskatoon1 — 829 1,612 2,441 1,233 2008\nUp to 40 years\n\n610 Sprucewood Ave, Windsor1 — 1,243 667 1,910 1,113 2007\nUp to 40 years\n\nTotal Canada14 $— $62,869 $87,694 $150,563 $87,169 \n\nTotal North America131 $— $1,732,136 $4,716,448 $6,448,584 $1,332,930 \n\n126\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A)(B)(C)(D)(E)(F)\n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST TO COMPANY(1)\n\nCOST CAPITALIZED\n\nSUBSEQUENT TO\n\nACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT CLOSE OF CURRENT PERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION OR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN LATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nEurope        \n\nGewerbeparkstr. 3, Vienna, Austria1 $— $6,542 $14,727 $21,269 $10,891 2010\nUp to 40 years\n\nStupničke Šipkovine 62, Zagreb, Croatia1 — 1,408 3,621 5,029 3,396 2003\nUp to 40 years\n\nKratitirion 9 Kokkinotrimithia Industrial District, Nicosia, Cyprus1 — 3,136 3,270 6,406 1,762 2003\nUp to 40 years\n\nKaryatidon 1, Agios Sylas Industrial Area (3rd), Limassol, Cyprus1 — 1,935 63 1,998 478 2018\nUp to 40 years\n\nG2-B, Engineering Square IDG Developer’s Area, 6th Oct City\nGiza, Egypt1 — 8,984 (6,984)2,000 989 2021(7)\nUp to 40 years\n\n65 Egerton Road, Birmingham, England1 — 6,980 4,519 11,499 6,688 2003\nUp to 40 years\n\nOtterham Quay Lane, Gillingham, England9 — 7,418 4,698 12,116 7,172 2004\nUp to 40 years\n\nKemble Industrial Park, Kemble, England2 — 5,277 7,749 13,026 9,852 2003\nUp to 40 years\n\nGayton Road, Kings Lynn, England3 — 3,119 4,339 7,458 4,020 2003\nUp to 40 years\n\nHarpway Lane, Sopley, England1 — 681 2,368 3,049 1,835 2004\nUp to 40 years\n\nUnit 1A Broadmoor Road, Swindon, England1 — 2,636 2,747 5,383 1,921 2006\nUp to 40 years\n\nJeumont-Schneider, Champagne Sur Seine, France3 — 1,750 2,805 4,555 3,138 2003\nUp to 40 years\n\nBat I-VII Rue de Osiers, Coignieres, France4 — 21,318 (1,387)19,931 9,096 2016(4)\nUp to 40 years\n\n26 Rue de I Industrie, Fergersheim, France1 — 1,322 159 1,481 664 2016(4)\nUp to 40 years\n\nBat A, B, C1, C2, C3 Rue Imperiale, Gue de Longroi, France1 — 3,390 1,064 4,454 2,153 2016(4)\nUp to 40 years\n\nLe Petit Courtin Site de Dois, Gueslin, Mingieres, France1 — 14,141 1,225 15,366 4,786 2016(4)\nUp to 40 years\n\nZI des Sables, Morangis, France1 — 12,407 15,075 27,482 21,283 2004\nUp to 40 years\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n127\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A)(B)(C)(D)(E)(F)\n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST TO COMPANY(1)\n\nCOST CAPITALIZED\n\nSUBSEQUENT TO ACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT CLOSE OF CURRENT PERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION OR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN LATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nEurope (continued)        \n\n45 Rue de Savoie, Manissieux, Saint Priest, France1 $— $5,546 $609 $6,155 $2,118 2016(4)\nUp to 40 years\n\nHeinrich Lanz Alee 47, Frankfurt, Germany1 — 80,951 140,054 221,005 21,486 2021(8)\nUp to 40 years\n\nGutenbergstrabe 55, Hamburg, Germany1 — 4,022 2,176 6,198 2,398 2016(4)\nUp to 40 years\n\nBrommer Weg 1, Wipshausen, Germany1 — 3,220 3,574 6,794 4,404 2006\nUp to 40 years\n\nKilbarry Industrial Park, Dublin Hill, Cork, Ireland2 — 831 458 1,289 385 2024\nUp to 40 years\n\nLoughbeg, Ringaskiddy, Cork, Ireland— — 868 113 981 — 2024\nUp to 40 years\n\nWarehouse and Offices 4 Springhill, Cork, Ireland1 — 9,040 3,435 12,475 7,671 2014\nUp to 40 years\n\n17 Crag Terrace, Dublin, Ireland1 — 2,818 1,813 4,631 2,055 2001\nUp to 40 years\n\nDamastown Industrial Park, Dublin, Ireland1 — 16,034 9,301 25,335 13,530 2012\nUp to 40 years\n\nHowemoss Drive, Aberdeen, Scotland2 — 6,970 6,826 13,796 7,706 Various\nUp to 40 years\n\nNettlehill Road, Houston Industrial Estate, Livingston, Scotland1 — 11,517 32,097 43,614 26,224 2001\nUp to 40 years\n\nAv Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain1 — 186 (186)— — 2014\nUp to 40 years\n\nCalle Bronce, 37, Chiloeches, Spain1 — 11,011 5,342 16,353 5,978 2010\nUp to 40 years\n\nCalle del Mar Egeo, 4, 28830, San Fernando de Hanares, Madrid, Spain1 — 93,370 220,457 313,827 4,044 2022(9)\nUp to 40 years\n\nCtra M.118 , Km.3 Parcela 3, Madrid, Spain1 — 3,981 7,336 11,317 8,735 2001\nUp to 40 years\n\nPlot No. S10501 & S10506 Jebel Ali Free Zone Authority, United Arab Emirates1 — 17,000 (3,747)13,253 2,475 2021(7)\nUp to 40 years\n\nTotal Europe50 $— $369,809 $489,716 $859,525 $199,333 \n\n128\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A)(B)(C)(D)(E)(F)\n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST TO COMPANY(1)\n\nCOST CAPITALIZED\n\nSUBSEQUENT TO ACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT CLOSE OF CURRENT PERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF\n\nCONSTRUCTION OR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN LATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nLatin America       \n\nAmancio Alcorta 2396, Buenos Aires, Argentina2 $— $655 $141 $796 $112 Various\nUp to 40 years\n\nAzara 1245, Buenos Aires, Argentina1 — 166 (166)— — 1998\nUp to 40 years\n\nSpegazzini, Ezeiza, Buenos Aires, Argentina1 — 12,773 (12,578)195 57 2012\nUp to 40 years\n\nAv Ernest de Moraes 815, Bairro Fim do Campo, Jarinu, Brazil1 — 12,562 (4,602)7,960 2,909 2016(4)\nUp to 40 years\n\nRua Peri 80, Jundiai, Brazil1 — 8,894 (3,204)5,690 2,284 2016(4)\nUp to 40 years\n\nFrancisco de Souza e Melo, Rio de Janerio, Brazil3 — 1,868 9,054 10,922 4,722 Various\nUp to 40 years\n\nHortolandia, Sao Paulo, Brazil1 — 24,078 (6,324)17,754 4,555 2014\nUp to 40 years\n\nEl Otoño 398, Lampa, Chile1 — 1,612 (1,464)148 5 2015\nUp to 40 years\n\nEl Taqueral 99, Santiago, Chile10 — 2,629 28,646 31,275 15,237 Various\nUp to 40 years\n\nPanamericana Norte 18900, Santiago, Chile7 — 4,001 13,050 17,051 9,286 Various\nUp to 40 years\n\nAvenida Prolongacion\ndel Colli 1104, Guadalajara, Mexico1 — 374 1,163 1,537 905 2002\nUp to 40 years\n\nPrivada Las Flores No. 25 (G3), Guadalajara, Mexico1 — 905 2,895 3,800 896 2004\nUp to 40 years\n\nTula KM Parque de Las, Huehuetoca, Mexico2 — 19,937 5,625 25,562 8,094 2016(4)\nUp to 40 years\n\nCarretera Pesqueria Km2.5(M3), Monterrey, Mexico2 — 3,537 4,528 8,065 3,163 2004\nUp to 40 years\n\nLote 2, Manzana A, (T2& T3), Toluca, Mexico1 — 2,204 1,164 3,368 1,648 2002\nUp to 40 years\n\nProlongacion de la Calle 7 (T4), Toluca, Mexico1 — 7,544 14,622 22,166 9,276 2007\nUp to 40 years\n\nAv. Elmer Faucett 3462, Lima, Peru2 — 4,112 7,175 11,287 5,954 Various\nUp to 40 years\n\nCalle Los Claveles-Seccion 3, Lima, Peru1 — 8,179 30,343 38,522 14,671 2010\nUp to 40 years\n\nTotal Latin America39 $— $116,030 $90,068 $206,098 $83,774 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n129\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(A)(B)(C)(D)(E)(F)\n\nREGION/COUNTRY/\nSTATE/CAMPUS\nADDRESS\nFACILITIES(1)\nENCUMBRANCES\nINITIAL COST\n\nTO COMPANY(1)\n\nCOST\n\nCAPITALIZED\n\nSUBSEQUENT TO\n\n ACQUISITION(1)(2)\n\nGROSS AMOUNT\n\nCARRIED AT\n\n CLOSE OF\n\nCURRENT\n\nPERIOD(1)(11)\n\nACCUMULATED\n\nDEPRECIATION\n\nAT CLOSE OF\n\n CURRENT\n\n PERIOD(1)(2)(11)\n\nDATE OF CONSTRUCTION OR ACQUIRED(3)\nLIFE ON WHICH\nDEPRECIATION IN\nLATEST INCOME\nSTATEMENT IS\nCOMPUTED\n\nAsia Pacific      \n\n12 Whitestone Drive, Austins Ferry, Australia1 $— $681 $2,376 $3,057 $765 2012(4)\nUp to 40 years\n\nNo.464, Pattandur Agrahara Village, Vertex Tech Park, India5 — 113,767 120,792 234,559 5,305 2023(10)\nUp to 40 years\n\nJalan Karanggan Muda Raya No 59, Bogor, Indonesia1 — 7,897 3,615 11,512 3,800 2017\nUp to 40 years\n\nJl. Amd Projakal KM 5.5 Rt 46, Kel. Graha Indah, Kec. Balikpapan Utara, Indonesia1 — 125 70 195 16 2021\nUp to 40 years\n\n1 Serangoon North Avenue 6, Singapore1 — 58,637 70,484 129,121 34,396 2018(6)\nUp to 40 years\n\n2 Yung Ho Road, Singapore1 — 10,395 2,608 13,003 6,493 2016(4)\nUp to 40 years\n\nIC1 69 Moo 2, Soi Wat Namdaeng, Bangkok, Thailand2 — 13,226 4,670 17,896 8,736 2016(4)\nUp to 40 years\n\nTotal Asia Pacific12 $— $204,728 $204,615 $409,343 $59,511 \n\nTotal232 $— $2,422,703 $5,500,847 $7,923,550 $1,675,548 \n\n(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.\n\n(2)Amount includes cumulative impact of foreign currency translation fluctuations.\n\n(3)Date of construction or acquired represents the date we constructed the facility or acquired the facility through purchase or acquisition.\n\n(4)Property was acquired in connection with our acquisition of Recall Holdings Limited.\n\n(5)Property was acquired in connection with our acquisition of IO Data Centers, LLC.\n\n(6)Property was acquired in connection with our acquisition of Credit Suisse International and Credit Suisse AG.\n\n(7)Property was acquired in connection with our acquisition of Information Fort, LLC.\n\n(8)Property was acquired in connection with the Frankfurt data center acquisition.\n\n(9)Property was acquired in connection with our acquisition of XData Properties, S.L.U.\n\n(10)Property was acquired in connection with our acquisition of the Web Werks JV.\n\n(11)This date represents the date the categorization of the property was changed from a leased facility to an owned facility.\n\n130\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart IV\n\nIRON MOUNTAIN INCORPORATED\n\nSCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)\n\nDECEMBER 31, 2025\n\n(Dollars in thousands)\n\n(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:\n\nYEAR ENDED DECEMBER 31,\n\nGROSS CARRYING AMOUNT OF REAL ESTATE20252024\n\nGross amount at beginning of period$6,714,601 $4,964,366 \n\nAdditions during period:\n\nDiscretionary capital projects1,107,166 1,836,648 \n\nForeign currency translation fluctuations108,733 (73,945)\n\n1,215,899 1,762,703 \n\nDeductions during period:\n\nCost of real estate sold, disposed or written-down (13,061)(14,872)\n\nOther adjustments6,111 2,404 \n\n (6,950)(12,468)\n\nGross amount at end of period$7,923,550 $6,714,601 \n\nYEAR ENDED DECEMBER 31,\n\nACCUMULATED DEPRECIATION20252024\n\nGross amount of accumulated depreciation at beginning of period$1,453,058 $1,305,461 \n\nAdditions during period:\n\nDepreciation198,994 183,138 \n\nForeign currency translation fluctuations31,971 (28,488)\n\n230,965 154,650 \n\nDeductions during period:\n\nAmount of accumulated depreciation for real estate assets sold, disposed or written-down(6,300)(10,619)\n\nOther adjustments(2,175)3,566 \n\n(8,475)(7,053)\n\nGross amount of end of period$1,675,548 $1,453,058 \n\nThe aggregate cost of our real estate assets for federal tax purposes at December 31, 2025 was approximately $7,881,000."}