{"url_path":"/sec/irm/10-k/2026/item-2","section_key":"item-2","section_title":"Item 2 PROPERTIES.","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":1040,"has_tables":true,"body_markdown":"ITEM 2. PROPERTIES.\n\nAs of December 31, 2025, we conducted operations through 1,111 leased facilities and 232 owned facilities. Our facilities are divided among our reportable segments and Corporate and Other as follows: Global RIM Business (1,214), Global Data Center Business (36) and Corporate and Other (93). These facilities contain a total of approximately 98.6 million square feet of space. A breakdown of owned and leased facilities by country (and by state within the United States) is listed below:\n\n LEASEDOWNEDTOTAL\n\nCOUNTRY/STATENUMBERSQUARE FEETNUMBERSQUARE FEETNUMBERSQUARE FEET\n\nNorth America\n\nUnited States (Including Puerto Rico)\n\nAlabama3 293,193 — — 3 293,193 \n\nArizona6 325,013 7 1,422,903 13 1,747,916 \n\nArkansas2 63,604 — — 2 63,604 \n\nCalifornia72 7,217,776 9 942,356 81 8,160,132 \n\nColorado5 274,461 4 484,490 9 758,951 \n\nConnecticut3 208,253 3 527,666 6 735,919 \n\nDelaware2 173,119 2 162,721 4 335,840 \n\nDistrict of Columbia1 1,670 — — 1 1,670 \n\nFlorida33 2,768,902 1 119,374 34 2,888,276 \n\nGeorgia14 1,237,981 2 129,611 16 1,367,592 \n\nIdaho1 45,000 — — 1 45,000 \n\nIllinois13 1,377,218 6 1,281,947 19 2,659,165 \n\nIndiana3 269,586 — — 3 269,586 \n\nIowa1 100,000 1 14,200 2 114,200 \n\nKansas3 479,786 — — 3 479,786 \n\nKentucky— — 4 418,760 4 418,760 \n\nLouisiana4 388,475 — — 4 388,475 \n\nMaine— — 1 95,000 1 95,000 \n\nMaryland18 1,876,017 1 19,001 19 1,895,018 \n\nMassachusetts9 498,633 5 862,350 14 1,360,983 \n\nMichigan11 845,398 1 39,502 12 884,900 \n\nMinnesota10 810,337 — — 10 810,337 \n\nMississippi2 171,000 — — 2 171,000 \n\nMissouri11 1,292,639 1 25,120 12 1,317,759 \n\nMontana3 38,548 — — 3 38,548 \n\nNebraska1 34,560 2 266,733 3 301,293 \n\nNevada7 203,108 1 107,041 8 310,149 \n\nNew Hampshire1 2,188 1 146,467 2 148,655 \n\nNew Jersey23 3,149,689 8 2,476,635 31 5,626,324 \n\nNew Mexico2 114,473 — — 2 114,473 \n\nNew York16 986,344 10 970,800 26 1,957,144 \n\nNorth Carolina20 1,031,820 1 97,000 21 1,128,820 \n\nOhio10 1,138,809 3 242,087 13 1,380,896 \n\nOklahoma4 196,044 — — 4 196,044 \n\nOregon10 403,586 — — 10 403,586 \n\nPennsylvania15 2,215,675 3 2,062,761 18 4,278,436 \n\nPuerto Rico4 223,089 1 54,352 5 277,441 \n\nRhode Island1 94,968 — — 1 94,968 \n\nSouth Carolina4 168,636 2 214,238 6 382,874 \n\nTennessee4 253,143 4 63,909 8 317,052 \n\nTexas35 2,587,318 19 1,838,880 54 4,426,198 \n\nUtah2 78,148 1 90,553 3 168,701 \n\nVermont1 35,200 — — 1 35,200 \n\nVirginia14 1,192,151 10 1,659,782 24 2,851,933 \n\nWashington8 729,135 3 124,815 11 853,950 \n\nWest Virginia1 67,847 — — 1 67,847 \n\nWisconsin4 325,520 — — 4 325,520 \n\nTotal United States417 35,988,060 117 16,961,054 534 52,949,114 \n\nCanada34 2,462,760 14 1,652,793 48 4,115,553 \n\nTotal North America451  38,450,820  131  18,613,847  582 57,064,667 \n\n22\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart I\n\nLEASEDOWNEDTOTAL\n\nCOUNTRY/STATENUMBERSQUARE FEETNUMBERSQUARE FEETNUMBERSQUARE FEET\n\nInternational\n\nArgentina2134,753 4298,864 6433,617 \n\nAustralia462,765,054 113,885 472,778,939 \n\nAustria24,397 158,771 363,168 \n\nBahrain233,659 — — 233,659 \n\nBelgium3190,740 — — 3190,740 \n\nBrazil382,593,515 6 291,280 442,884,795 \n\nBulgaria168,889 — — 168,889 \n\nChile13,423 18 715,894 19719,317 \n\nChina Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.)491,975,607 — — 491,975,607 \n\nColombia18807,344 — — 18807,344 \n\nCroatia257,953 1 36,447 394,400 \n\nCyprus480,278 2 46,246 6126,524 \n\nCzech Republic6136,605 — — 6136,605 \n\nDenmark3161,361 — — 3161,361 \n\nEgypt4215,763 1 163,611 5379,374 \n\nEngland626,011,592 17 552,986 796,564,578 \n\nEstonia138,861 — — 138,861 \n\nEswatini36,997 — — 36,997 \n\nFinland395,896 — — 395,896 \n\nFrance272,286,657 12 936,486 393,223,143 \n\nGermany16849,001 3 308,504 191,157,505 \n\nGreece7534,927 — — 7534,927 \n\nHungary6326,037 — — 6326,037 \n\nIndia1195,212,410 5 265,364 1245,477,774 \n\nIndonesia19541,147 2 58,965 21600,112 \n\nIreland5382,059 5 178,558 10560,617 \n\nJordan1107,639 — — 1107,639 \n\nKuwait211,626 — — 211,626 \n\nLatvia237,868 — — 237,868 \n\nLesotho13,617 — — 13,617 \n\nLithuania385,572 — — 385,572 \n\nMalaysia10495,755 — — 10495,755 \n\nMexico8460,519 8 585,885 161,046,404 \n\nMorocco7662,185 — — 7662,185 \n\nThe Netherlands4412,225 — — 4412,225 \n\nNew Zealand6388,888 — — 6388,888 \n\nNorthern Ireland255,310 — — 255,310 \n\nNorway4155,323 — — 4155,323 \n\nOman271,059 — — 271,059 \n\nPeru247,265 3 321,942 5369,207 \n\nPhilippines12509,853 — — 12509,853 \n\nPoland18775,708 — — 18775,708 \n\nQatar131,409 — — 131,409 \n\nRomania8504,525 — — 8504,525 \n\nSaudi Arabia7410,590 — — 7410,590 \n\nScotland286,386 3 324,751 5411,137 \n\nSerbia2153,901 — — 2153,901 \n\nSingapore9602,152 2 186,956 11789,108 \n\nSlovakia5172,769 — — 5172,769 \n\nSouth Africa13442,713 — — 13442,713 \n\nSouth Korea6233,897 — — 6233,897 \n\nSpain20513,183 4 171,407 24684,590 \n\nSweden7327,213 — — 7327,213 \n\nSwitzerland11287,453 — — 11287,453 \n\nThailand8310,162 2 105,487 10415,649 \n\nIRON MOUNTAIN 2025 FORM 10-K\n\n23\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart I\n\nLEASEDOWNEDTOTAL\n\nCOUNTRY/STATENUMBERSQUARE FEETNUMBERSQUARE FEETNUMBERSQUARE FEET\n\nInternational (continued)\n\nTurkey10 694,437 — — 10 694,437 \n\nUkraine9 185,648 — — 9 185,648 \n\nUnited Arab Emirates7 695,118 1 434,442 8 1,129,560 \n\nVietnam2 54,829 — — 2 54,829 \n\nTotal International660 35,501,722 101  6,056,731 761 41,558,453 \n\nTotal1,111 73,952,542 232 24,670,578 1,343 98,623,120 \n\nThe leased facilities typically have initial lease terms of five to 10 years with one or more renewal options. In addition, some of the leases contain either a purchase option or a right of first refusal upon the sale of the property. We believe that the space available in our facilities is adequate to meet our current needs, although future growth may require that we lease or purchase additional real property.\n\nOur total building utilization and total racking utilization as of December 31, 2025 in Records Management and Data Management are as follows:\n\nRECORDS MANAGEMENT(1)\nDATA MANAGEMENT\n\nBUILDING\nUTILIZATIONRACKING\nUTILIZATIONBUILDING\nUTILIZATIONRACKING\nUTILIZATION\n\n81%88%38%62%\n\n(1)Total building utilization and total racking utilization for Records Management includes the utilization for Global Digital Solutions and Consumer Storage.\n\nSee Note 2.j. to Notes to Consolidated Financial Statements included in this Annual Report for information regarding our minimum annual lease commitments as a lessee.\n\nSee Schedule III—Schedule of Real Estate and Accumulated Depreciation in this Annual Report for information regarding the cost, accumulated depreciation and encumbrances associated with our owned real estate.\n\nThe following table sets forth a summary of the lease expirations for leases in place related to our Global Data Center Business, for which we are the lessor, as of December 31, 2025. The information set forth in the table assumes that tenants will exercise any early termination rights that do not have significant penalties and will not exercise any renewal options.\n\nYEARNUMBER OF LEASES EXPIRINGTOTAL MEGAWATTS\nEXPIRINGPERCENTAGE\nOF TOTAL MEGAWATTS\nEXPIRINGANNUALIZED\nTOTAL CONTRACT\nRENT EXPIRING\n(IN THOUSANDS)PERCENTAGE OF\nTOTAL CONTRACT\nVALUE ANNUALIZED\nRENT\n\n2026949 27.9 4.8 %$86,202 8.9 %\n\n2027272 19.2 3.3 %69,646 7.2 %\n\n2028280 45.2 7.7 %107,023 11.1 %\n\n202986 30.6 5.2 %46,107 4.8 %\n\n203077 63.1 10.8 %86,172 8.9 %\n\n203114 10.1 1.7 %22,974 2.4 %\n\n20328 17.3 3.0 %27,718 2.9 %\n\nThereafter32 372.9 63.5 %519,337 53.8 %\n\nTotal1,718 586.3 100.0 %$965,179 100.0 %\n\n24\n\nIRON MOUNTAIN 2025 FORM 10-K\n\n[Table of Contents](#iedd667d4faf242cdb7c30fae0f3b3780_10)\n\nPart I"}