\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 3\/31\/2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12\/31\/2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ASSETS<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent Assets:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and Cash Equivalents<\/p>\n<\/td>\n | \n \n$250,710<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$158,535<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts Receivable, Net<\/p>\n<\/td>\n | \n \n1,424,635<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,443,669<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrepaid Expenses and Other<\/p>\n<\/td>\n | \n \n367,738<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n332,779<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Current Assets<\/p>\n<\/td>\n | \n \n$2,043,083<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,934,983<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty, Plant and Equipment:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty, Plant and Equipment<\/p>\n<\/td>\n | \n \n$14,862,169<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$14,457,335<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess: Accumulated Depreciation<\/p>\n<\/td>\n | \n \n(5,023,371)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,911,010)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty, Plant and Equipment, Net<\/p>\n<\/td>\n | \n \n$9,838,798<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$9,546,325<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Assets, Net:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGoodwill<\/p>\n<\/td>\n | \n \n$5,274,865<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$5,285,801<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCustomer and Supplier Relationships and Other Intangible Assets<\/p>\n<\/td>\n | \n \n1,231,051<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,269,607<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating Lease Right-of-Use Assets<\/p>\n<\/td>\n | \n \n2,451,023<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,465,196<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | \n \n647,995<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n623,107<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Other Assets, Net<\/p>\n<\/td>\n | \n \n$9,604,934<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$9,643,711<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Assets<\/b><\/p>\n<\/td>\n | \n $21,486,815<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $21,125,019<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n LIABILITIES AND EQUITY<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent Liabilities:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent Portion of Long-term Debt<\/p>\n<\/td>\n | \n \n$216,965<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$216,074<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts Payable<\/p>\n<\/td>\n | \n \n782,546<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n710,662<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued Expenses and Other Current Liabilities<\/p>\n<\/td>\n | \n \n1,271,577<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,290,669<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred Revenue<\/p>\n<\/td>\n | \n \n386,446<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n402,091<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Current Liabilities<\/p>\n<\/td>\n | \n \n$2,657,534<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,619,496<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLong-term Debt, Net of Current Portion<\/p>\n<\/td>\n | \n \n16,886,016<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,215,885<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLong-term Operating Lease Liabilities, Net of Current Portion<\/p>\n<\/td>\n | \n \n2,281,743<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,300,448<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Long-term Liabilities<\/p>\n<\/td>\n | \n \n355,734<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n450,083<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred Income Taxes<\/p>\n<\/td>\n | \n \n180,436<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n184,015<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Long-term Liabilities<\/p>\n<\/td>\n | \n \n$19,703,929<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$19,150,431<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRedeemable Noncontrolling Interests<\/p>\n<\/td>\n | \n \n63,746<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n64,423<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(Deficit) Equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total (Deficit) Equity<\/b><\/p>\n<\/td>\n | \n $(938,394)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $(709,331)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total Liabilities and (Deficit) Equity<\/b><\/p>\n<\/td>\n | \n $21,486,815<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $21,125,019<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Quarterly Condensed Consolidated Statements of Operations<\/span><\/b><\/p>\n(Unaudited; dollars in thousands, except per-share data)<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q\/Q % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Y\/Y % Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenues:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStorage Rental<\/p>\n<\/td>\n | \n \n$1,094,765<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,061,248<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$948,376<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nService<\/p>\n<\/td>\n | \n \n841,384<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n781,919<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n644,153<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Revenues<\/b><\/p>\n<\/td>\n | \n $1,936,149<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $1,843,167<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5.0%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $1,592,529<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 21.6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating Expenses:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of Sales (excluding Depreciation and Amortization)<\/p>\n<\/td>\n | \n \n$889,803<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$822,500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$710,204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling, General and Administrative<\/p>\n<\/td>\n | \n \n372,764<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n338,461<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n329,737<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and Amortization<\/p>\n<\/td>\n | \n \n267,839<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n277,512<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.5)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n232,154<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and Integration Costs<\/p>\n<\/td>\n | \n \n2,921<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,505<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16.7)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(49.8)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring and Other Transformation<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43,480<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54,746<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss (Gain) on Disposal\/Write-Down of PP&E, Net<\/p>\n<\/td>\n | \n \n7,592<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,666<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(54.4)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,571<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Operating Expenses<\/b><\/p>\n<\/td>\n | \n $1,540,919<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $1,502,124<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2.6%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $1,338,235<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 15.1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating Income (Loss)<\/b><\/p>\n<\/td>\n | \n $395,230<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $341,043<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 15.9%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $254,294<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 55.4%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nInterest Expense, Net (includes Interest Income of $1,503 and $3,463 for the three months ended March 31, 2026 and 2025, respectively)<\/p>\n<\/td>\n | \n \n223,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n219,794<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n194,738<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther (Income) Expense, Net<\/p>\n<\/td>\n | \n \n(4,708)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,920<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(127.8)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28,488<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(116.5)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss) Before Provision (Benefit) for Income Taxes<\/b><\/p>\n<\/td>\n | \n $176,117<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $104,329<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 68.8%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $31,068<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n n\/a<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nProvision (Benefit) for Income Taxes<\/p>\n<\/td>\n | \n \n27,118<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n141.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n82.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss)<\/b><\/p>\n<\/td>\n | \n $148,999<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $93,120<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 60.0%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $16,233<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n n\/a<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLess: Net Income (Loss) Attributable to Noncontrolling Interests<\/p>\n<\/td>\n | \n \n5,334<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,850<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n38.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n281<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nn\/a<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss) Attributable to Iron Mountain Incorporated<\/b><\/p>\n<\/td>\n | \n $143,665<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $89,270<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 60.9%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $15,952<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n n\/a<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBasic<\/p>\n<\/td>\n | \n \n$0.48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$0.30<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n60.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$0.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nn\/a<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted<\/p>\n<\/td>\n | \n \n$0.48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$0.30<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n60.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$0.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nn\/a<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWeighted Average Common Shares Outstanding – Basic<\/p>\n<\/td>\n | \n \n296,848<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n295,969<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n294,507<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWeighted Average Common Shares Outstanding – Diluted<\/p>\n<\/td>\n | \n \n298,834<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n298,380<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n297,260<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA<\/span><\/b><\/p>\n(Dollars in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q\/Q % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Y\/Y % Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss)<\/b><\/p>\n<\/td>\n | \n $148,999<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $93,120<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 60.0%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $16,233<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n n\/a<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdd \/ (Deduct):<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest Expense, Net<\/p>\n<\/td>\n | \n \n223,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n219,794<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n194,738<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision (Benefit) for Income Taxes<\/p>\n<\/td>\n | \n \n27,118<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n141.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n82.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and Amortization<\/p>\n<\/td>\n | \n \n267,839<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n277,512<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.5)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n232,154<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and Integration Costs<\/p>\n<\/td>\n | \n \n2,921<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,505<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16.7)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(49.8)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring and Other Transformation<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43,480<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54,746<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss (Gain) on Disposal\/Write-Down of PP&E, Net (Including Real Estate)<\/p>\n<\/td>\n | \n \n7,592<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,666<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(54.4)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,571<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures<\/p>\n<\/td>\n | \n \n(1,196)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,722<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(107.6)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27,382<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(104.4)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStock-Based Compensation Expense<\/p>\n<\/td>\n | \n \n28,257<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,685<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOur Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures<\/p>\n<\/td>\n | \n \n2,588<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,584<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,330<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n $707,939<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $705,277<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.4%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $579,906<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 22.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted EBITDA<\/b><\/p>\n \nWe define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal\/write-down of property, plant and equipment, net (including real estate); (iv) Other (income) expense, net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.<\/p>\n \n\n| \n Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q\/Q % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Y\/Y % Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported EPS – Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated<\/b><\/p>\n<\/td>\n | \n $0.48<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $0.30<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 60.0%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $0.05<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n n\/a<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdd \/ (Deduct):<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and Integration Costs<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.02<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(50.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring and Other Transformation<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.15<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.18<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss (Gain) on Disposal\/Write-Down of PP&E, Net (Including Real Estate)<\/p>\n<\/td>\n | \n \n0.03<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.06<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(50.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.02<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n50.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.09<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStock-Based Compensation Expense<\/p>\n<\/td>\n | \n \n0.09<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.07<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28.6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.09<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Cash Amortization Related to Derivative Instruments<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax Impact of Reconciling Items and Discrete Tax Items (1)<\/p>\n<\/td>\n | \n \n(0.02)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.05)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(60.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.04)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(50.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (Loss) Attributable to Noncontrolling Interests<\/p>\n<\/td>\n | \n \n0.02<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n100.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nn\/a<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EPS – Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated<\/b><\/p>\n<\/td>\n | \n $0.60<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $0.61<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.6)%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $0.43<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 39.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended March 31, 2026 and 2025 was 15.5% and 17.0% respectively, and quarter ended December 31, 2025 was 13.1%.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted Earnings Per Share, or Adjusted EPS<\/b><\/p>\n \nWe define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal\/write-down of property, plant and equipment, net (including real estate); (iv) Other (income) expense, net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling Items and discrete tax Items is calculated using the current quarter\u2019s estimate of the annual structural tax rate.<\/p>\n \n\n| \n Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO<\/span><\/b><\/p>\n(Dollars in thousands, except per-share data)<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q\/Q % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Y\/Y % Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss)<\/b><\/p>\n<\/td>\n | \n $148,999<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $93,120<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 60.0%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $16,233<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n n\/a<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdd \/ (Deduct):<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReal Estate Depreciation (1)<\/p>\n<\/td>\n | \n \n111,459<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n111,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.3)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n94,147<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss (Gain) on Sale of Real Estate, Net of Tax<\/p>\n<\/td>\n | \n \n717<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(39.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n312<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n129.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nData Center Lease-Based Intangible Assets Amortization (2)<\/p>\n<\/td>\n | \n \n1,842<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,019<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8.8)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOur Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures<\/p>\n<\/td>\n | \n \n1,598<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,589<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,496<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n FFO (Nareit)<\/b><\/p>\n<\/td>\n | \n $264,615<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $209,543<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 26.3%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $114,207<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 131.7%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdd \/ (Deduct):<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and Integration Costs<\/p>\n<\/td>\n | \n \n2,921<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,505<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16.7)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(49.8)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring and Other Transformation<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43,480<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54,746<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss (Gain) on Disposal\/Write-Down of PP&E, Net (Excluding Real Estate)<\/p>\n<\/td>\n | \n \n6,875<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,490<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(55.6)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,292<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n29.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures<\/p>\n<\/td>\n | \n \n(1,196)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,722<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(107.6)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27,382<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(104.4)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStock-Based Compensation Expense<\/p>\n<\/td>\n | \n \n28,257<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,685<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Cash Amortization Related to Derivative Instruments<\/p>\n<\/td>\n | \n \n(896)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(121.5)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(121.5)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReal Estate Financing Lease Depreciation<\/p>\n<\/td>\n | \n \n3,924<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,274<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,148<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax Impact of Reconciling Items and Discrete Tax Items (3)<\/p>\n<\/td>\n | \n \n(9,896)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,150)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(38.7)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(11,673)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(15.2)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOur Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures<\/p>\n<\/td>\n | \n \n(57)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(55)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(125)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(54.4)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n FFO (Normalized)<\/b><\/p>\n<\/td>\n | \n $294,547<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $300,670<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2.0)%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $229,070<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 28.6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Per Share Amounts (Fully Diluted Shares):<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFFO (Nareit)<\/p>\n<\/td>\n | \n \n$0.89<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$0.70<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$0.38<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n134.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFFO (Normalized)<\/p>\n<\/td>\n | \n \n$0.99<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$0.77<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWeighted Average Common Shares Outstanding – Basic<\/p>\n<\/td>\n | \n \n296,848<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n295,969<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n294,507<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWeighted Average Common Shares Outstanding – Diluted<\/p>\n<\/td>\n | \n \n298,834<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n298,380<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n297,260<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Funds From Operations, or FFO (Nareit), and FFO (Normalized)<\/b><\/p>\n \nFunds from operations (“FFO”) is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (\u201cFFO (Nareit)\u201d). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).<\/p>\n \nWe modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business (“FFO (Normalized)”). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal\/write-down of property, plant and equipment, net (excluding real estate); (iv) Other (income) expense net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax.<\/p>\n FFO (Normalized) per share<\/b><\/p>\n \nFFO (Normalized) divided by weighted average fully-diluted shares outstanding.<\/p>\n \n\n| \n Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued)<\/span><\/b><\/p>\n(Dollars in thousands, except per-share data)<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q4 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q\/Q % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q1 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Y\/Y % Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n FFO (Normalized)<\/b><\/p>\n<\/td>\n | \n $294,547<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $300,670<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2.0)%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $229,070<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 28.6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdd \/ (Deduct):<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Real Estate Depreciation<\/p>\n<\/td>\n | \n \n76,742<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n83,320<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7.9)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n65,146<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization Expense (1)<\/p>\n<\/td>\n | \n \n73,872<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n77,260<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.4)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n67,694<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of Deferred Financing Costs<\/p>\n<\/td>\n | \n \n8,048<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,350<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.6)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,856<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases<\/p>\n<\/td>\n | \n \n1,498<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,683<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(11.0)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,317<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Cash Rent Expense (Income)<\/p>\n<\/td>\n | \n \n621<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n539<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,225<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(80.7)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReconciliation to Normalized Cash Taxes<\/p>\n<\/td>\n | \n \n5,861<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n565<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nn\/a<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,999<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n193.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOur Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures<\/p>\n<\/td>\n | \n \n196<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n195<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRecurring Capital Expenditures<\/p>\n<\/td>\n | \n \n35,279<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n42,873<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(17.7)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28,083<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n AFFO<\/b><\/p>\n<\/td>\n | \n $426,106<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $429,709<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (0.8)%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $348,400<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 22.3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per Share Amounts (Fully Diluted Shares):<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAFFO Per Share<\/p>\n<\/td>\n | \n \n$1.43<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1.44<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.7)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1.17<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWeighted Average Common Shares Outstanding – Basic<\/p>\n<\/td>\n | \n \n296,848<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n295,969<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n294,507<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWeighted Average Common Shares Outstanding – Diluted<\/p>\n<\/td>\n | \n \n298,834<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n298,380<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n297,260<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted Funds From Operations, or AFFO<\/b><\/p>\n \nWe define adjusted funds from operations (\u201cAFFO\u201d) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount\/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP).<\/p>\n AFFO per share<\/b><\/p>\n \nAFFO divided by weighted average fully-diluted shares outstanding.<\/p>\n ![\"\"](\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20260430658933r1&sid=flmnd&distro=nx&lang=en\") <\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260430658933\/en\/<\/a><\/span><\/p>\nInvestor Relations Contacts:
\n<\/b>
Mark Rupe
\n
SVP, Investor Relations
\n
Mark.Rupe@ironmountain.com
\n<\/a>
(215) 402-7013<\/p>\n\nErika Crabtree
\n
Manager, Investor Relations
\n
Erika.Crabtree@ironmountain.com
\n<\/a>
(617) 535-2845<\/p>\nMedia Contact:
\n
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