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Iron Mountain Reports Fourth Quarter and Full-Year 2012 Financial Results



  Iron Mountain Reports Fourth Quarter and Full-Year 2012 Financial Results

Company Delivers Full-Year Results Consistent with Revenue, Adjusted OIBDA and
                            Adjusted EPS Guidance

 Fourth Quarter Results Supported by Continued Solid Constant Dollar Storage
                             Rental Growth of 5%

Business Wire

BOSTON -- February 28, 2013

Iron Mountain Incorporated (NYSE: IRM), the storage and information management
company, today reported financial and operating results for the fourth quarter
and year ended December 31, 2012. Total revenues for the quarter were $758
million, up 2.2% compared with last year, driven by solid storage rental
growth. On a constant dollar (C$) basis, total revenue growth for the fourth
quarter was 2.5%, reflecting solid storage rental gains of 4.8%, offset by a
modest 0.5% decline in total service revenues. Adjusted OIBDA for the fourth
quarter was $207 million and Adjusted EPS was $0.20 per share ($0.15 per share
on a GAAP basis).

For the full-year, revenues were $3.0 billion, Adjusted OIBDA was $912 million
and Adjusted EPS was $1.21 per share ($1.05 per share on a GAAP basis), all
within the Company’s full-year 2012 guidance. Reconciliations of supplemental
non-GAAP measures to GAAP measures may be found in Appendix A or by visiting
the Investor Relations page at www.ironmountain.com under “Supplemental Data.”

“Our solid operating performance in the fourth quarter concludes a year of
consistent growth in our storage rental business which more than offset
moderate declines in core services,” said William Meaney, Iron Mountain’s
president and chief executive officer. “Strong constant dollar storage rental
growth of 5% in the fourth quarter reflects healthy increases of more than 12%
in our international business, driven by robust organic growth and
acquisitions, and more than 2% in our North American business.

“Looking forward, we are well positioned to deliver against our financial
objectives in 2013 and will continue to pursue strategies to sustain the
durability of our storage rental business. We have opportunities to invest in
fast-growing emerging markets through an approach that is consistent with our
focus on attractive returns. In developed markets, we are tapping into the
unvended segment and are beginning to see results from the refocusing of our
sales and account management teams into vertical market segments. We will
continue to apply a strict capital allocation approach to our business,” Mr.
Meaney added.

Financial Review

Total revenue performance for the quarter was supported by strong storage
rental gains, which continued to provide a solid foundation for overall
financial performance and offset a modest decline in total service revenues. A
decrease in activity-based service revenues and lower recycled paper revenues
drove the decline in service revenues; however, the negative impact of paper
prices was much less than earlier in 2012, as the steep decline in pricing
began in the fourth quarter of 2011. Strong growth in Document Management
Solutions and storage-related services in Latin America helped to offset the
decline in developed market service revenues. Foreign currency rate changes
had a minimal impact on revenue growth rates during the quarter. Global
storage volume growth was 1.8% on a year-over-year basis, driven by a 9%
increase in international storage rental volumes and relatively flat North
American volumes. Net pricing increased approximately 2% in the quarter.

Adjusted OIBDA margins for the fourth quarter were down 480 basis points (a
decline of 120 basis points for the full-year), primarily driven by service
revenue declines, costs associated with accelerated facility closures in the
United Kingdom and the southeast United States, international acquisitions
(primarily the Grupo Store acquisition in Brazil), and increased selling,
general and administrative (SG&A) expenses. The increase in SG&A costs was due
primarily to the realignment of the sales and account management organizations
to enhance focus on vertical market opportunities, changes to equity-based
incentive plans and year-end adjustments to accruals. Lower recycled paper
pricing negatively impacted Adjusted OIBDA margins by approximately 35 basis
points compared with the fourth quarter of 2011. The Company remains on track
toward our goal of achieving 25% international margins by the end of 2013.
Excluding the impact of the 2012 acquisitions and accelerated closure of the
U.K. facility, international margins improved by roughly 40 basis points in
the fourth quarter and 150 basis points for the full year.

The decline in Adjusted EPS for the quarter compared to the same prior year
period was due primarily to the impacts to Adjusted OIBDA noted above and
higher interest expense associated with additional borrowings to support
stockholder payout programs and costs related to the Company’s proposed
conversion to a real estate investment trust, or REIT. These impacts more than
offset lower depreciation and amortization expense and lower income tax
expense.

Free Cash Flow (FCF) for 2012 before acquisitions, real estate and capital
expenditures related to our proposed conversion to a REIT was $347 million,
slightly above the mid-point of the Company’s guidance of $320 million to $360
million. Capital expenditures totaled $182 million (excluding $54 million of
acquired real estate and $13 million of REIT-related capital expenditures), or
6.1% of revenues for the full-year. The Company’s liquidity position remains
strong at $911 million and its consolidated leverage ratio of net debt to
EBITDA (as defined by its senior credit facility) was 3.9x at quarter end,
within its target range of 3x to 4x.

Dividends

On November 21, 2012, the Company issued 17.0 million new shares of its common
stock in connection with the payment of the previously announced special
dividend of $700 million, or approximately $4.06 per share (the “Special
Dividend”). The Special Dividend, which represents a significant portion of
the distribution that would eventually be required should the Company
successfully convert to a REIT, was paid 80% in stock and 20% in cash.
Additionally, Iron Mountain’s board of directors declared a quarterly dividend
of $0.27 per share for stockholders of record as of December 26, 2012, which
was paid on January 17, 2013. As a result of the additional shares issued in
connection with the Special Dividend, this quarterly dividend represented an
increase in the aggregate quarterly dividend paid of nearly 10% over prior
levels.

Financial Performance Outlook

Today the Company reiterated its 2013 full-year guidance for revenue, Adjusted
OIBDA and FCF originally issued at its Investor Day event in October 2012. We
have increased our capital expenditure outlook to approximately $290 million,
including approximately $75 million for real estate. The increase in the
capital spending outlook incorporates approximately $22 million associated
with the relocation of our Boston headquarters announced in the fourth quarter
of 2012 and approximately $11 million for the acquisition of a previously
leased facility in Dallas, Texas in the first quarter of 2013. The FCF outlook
is unchanged from November as the increased outlook for capital expenditures
is being offset by lower cash taxes due to the timing of payments. Also, we
have updated our Adjusted EPS outlook to reflect our expectations for higher
depreciation and interest expense and the increase in shares outstanding
following the Special Dividend paid in November 2012. Adjusted EPS for 2013 is
now expected to be in the range of $1.13 per share to $1.24 per share assuming
a tax rate of approximately 39% and 190 million weighted average shares
outstanding.

The Company also updated its preliminary outlook for REIT conversion costs and
related expenditures to reflect a more informed view of the necessary costs
particularly with respect to the international conversions. We are investing
to ensure that we are ready to convert to a REIT effective January 1, 2014,
including having our REIT-critical systems operating in the third quarter of
this year. We now expect the 2013 REIT Costs (as defined below) to include
approximately $65 million to $95 million of operating expenses, approximately
$30 million to $45 million of capital expenditures and tax payments of
approximately $105 million to $115 million. These items are not included in
the outlook presented below and would reduce FCF by $185 million to $230
million and reported EPS by $0.26 to $0.36 per share.

This guidance is based on current expectations and does not include the
potential impact of any future acquisitions or divestitures (dollars in
millions, except per share data):

                             FY/2013 Outlook
($MM except per share        Current            Previous           C$ Growth
data)
Revenues                     $3,020 -           $3,020 -           0% - 3%^(1)
                             $3,100             $3,100
Adjusted OIBDA^(2)           $905 - $935        $905 - $935        (1)% - 2%
Adjusted EPS^(2)(3)          $1.13 - $1.24      $1.18 - $1.28
Investments:
Capex (ex RE)^(2)(4)         ~$215              ~$190
Real Estate^(5)              ~$75               ~$65
FCF (ex RE) ^ (2)            $320 - $360        $320 - $360

(1) Includes (1)% - 2% internal revenue growth

(2) These items exclude costs and expenditures associated with the work of the
Strategic Review Special Committee of the board of directors and the proposed
REIT conversion

(3) Both the current and previous guidance have been adjusted to reflect the
increase in shares outstanding following the Special Dividend paid on November
21, 2012.

(4) Includes ~$22 million for the relocation of the Boston headquarters

(5) Includes ~$30 million for data center construction

Iron Mountain’s conference call to discuss its fourth quarter and full-year
2012 financial results and 2013 outlook will be held today at 8:30 a.m.
Eastern Time. The Company will simulcast the conference call on its Web site
at www.ironmountain.com, the content of which is not part of this earnings
release. A slide presentation providing summary financial and statistical
information that will be discussed on the conference call will also be posted
to the Web site and available for real-time viewing. The slide presentation
and replays of the conference call will be available on the Web site for
future reference.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage and
information management solutions. The Company’s real estate network of over 64
million square feet across more than 1,000 facilities in 35 countries allows
it to serve customers around the world. And its solutions for records
management, data backup and recovery, document management and secure shredding
help organizations to lower storage costs, comply with regulations, recover
from disaster, and better use their information for business advantage.
Founded in 1951, Iron Mountain stores and protects billions of information
assets, including business documents, backup tapes, electronic files and
medical data. Visit www.ironmountain.com for more information.

Forward Looking Statements

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and other
securities laws and is subject to the safe-harbor created by such Act.
Forward-looking statements include our 2013 financial performance outlook and
statements regarding our operations, economic performance, financial
condition, goals, beliefs, future growth strategies, investment objectives,
plans and current expectations, such as our estimated range of tax payments
and other costs expected to be incurred in connection with our proposed
conversion to a REIT. These forward-looking statements are subject to various
known and unknown risks, uncertainties and other factors. When we use words
such as "believes," "expects," "anticipates," "estimates" or similar
expressions, we are making forward-looking statements. Although we believe
that our forward-looking statements are based on reasonable assumptions, our
expected results may not be achieved, and actual results may differ materially
from our expectations. Important factors that could cause actual results to
differ from expectations include, among others: (i) with regard to our
estimated tax and other REIT conversion costs, our estimates may not be
accurate, and such costs may turn out to be materially different than our
estimates due to unanticipated outcomes in the private letter rulings from the
U.S Internal Revenue Service, changes in our support functions and support
costs, the unsuccessful execution of internal planning, including
restructurings and cost reduction initiatives, or other factors; (ii) the cost
to comply with current and future laws, regulations and customer demands
relating to privacy issues; (iii) the impact of litigation or disputes that
may arise in connection with incidents in which we fail to protect our
customers' information; (iv) changes in the price for our storage and
information management services relative to the cost of providing such storage
and information management services; (v) changes in customer preferences and
demand for our storage and information management services; (vi) the adoption
of alternative technologies and shifts by our customers to storage of data
through non-paper based technologies; (vii) the cost or potential liabilities
associated with real estate necessary for our business; (viii) the performance
of business partners upon whom we depend for technical assistance or
management expertise outside the U.S.; (ix) changes in the political and
economic environments in the countries in which our international subsidiaries
operate; (x) claims that our technology violates the intellectual property
rights of a third party; (xi) the cost of our debt; (xii) the impact of
alternative, more attractive investments on dividends; (xiii) our ability or
inability to complete acquisitions on satisfactory terms and to integrate
acquired companies efficiently; (xiv) other trends in competitive or economic
conditions affecting our financial condition or results of operations not
presently contemplated; and (xv) other risks described more fully in the
Company’s most recently filed Annual Report on Form 10-K and the Company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, in each
case, under “Item 1A. Risk Factors,” and other documents that the Company
files with the Securities and Exchange Commission from time to time. Except as
required by law, the Company undertakes no obligation to release publicly the
result of any revision to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.

APPENDIX A

We have presented in this earnings release financial data (Adjusted OIBDA,
Adjusted OIBDA Margin %, Adjusted EPS and FCF) that exclude certain costs
associated with the Company’s 2011 proxy contest, the work of the Strategic
Review Special Committee of the board of directors and the Company’s proposed
REIT conversion (collectively, “REIT Costs”). Reconciliations of supplemental
non-GAAP measures to GAAP measures are presented below or by visiting the
Investor Relations page at www.ironmountain.com under “Supplemental Data.” We
believe the adjusted data provides meaningful supplemental information
regarding the Company’s operating results primarily because they exclude
amounts we do not consider part of ongoing operating results when planning and
forecasting and assessing the performance of the organization or our
individual operating segments. We believe that the adjusted data also
facilitates the comparison by management and investors of results for current
periods and guidance for future periods with results for past periods.

Selected
Financial                                                                          
Data:
(dollars
in
millions,        Q4/2011      Q4/2012      Inc          FY 2011       FY 2012       Inc
except per                                 (Dec)                                    (Dec)
share
data)
Revenues         $ 742        $ 758        2.2   %      $ 3,015       $ 3,005       (0.3  )%
                                                                                     
Gross
Profit           $ 427        $ 420        (1.5  )%     $ 1,770       $ 1,728       (2.3  )%
(excluding
D&A)
Gross              57.5 %       55.4 %                    58.7  %       57.5  %
Margin %
                                                                                     
Adjusted         $ 238        $ 207        (13.1 )%     $ 950         $ 912         (4.0  )%
OIBDA
Adjusted
OIBDA              32.0 %       27.2 %                    31.5  %       30.4  %
Margin %
                                                                                     
Operating        $ 149        $ 103        (31.4 )%     $ 571         $ 557         (2.5  )%
Income
Interest
Expense,         $ 58         $ 64         10.7  %      $ 205         $ 243         18.2  %
net
                                                                                     
Income
from             $ 47         $ 27         (42.5 )%     $ 246         $ 183         (25.5 )%
Continuing
Operations
Adj. EPS
from
Continuing       $ 0.33       $ 0.20       (39.4 )%     $ 1.36        $ 1.21        (11.0 )%
Operations
– FD
                                                                                           

Non-GAAP Measures

We have presented supplemental non-GAAP financial measures as part of this
earnings release. A reconciliation is provided below that reconciles each
non-GAAP measure to its most comparable GAAP measure. This presentation of
non-GAAP financial measures should not be considered in isolation from, or as
a substitute for, the most directly comparable GAAP measures. We believe that
these non-GAAP financial measures provide meaningful supplemental information
regarding the Company’s operating results primarily because they exclude
amounts we do not consider part of ongoing operating results when planning and
forecasting and assessing the performance of the organization or our
individual operating segments. We believe that our non-GAAP financial measures
also facilitate the comparison by management and investors of results for
current periods and guidance for future periods with results for past periods.

Adjusted Operating Income Before Depreciation, Amortization, Intangible
Impairments, and REIT Costs, or Adjusted OIBDA

Adjusted OIBDA is defined as operating income before depreciation,
amortization, intangible impairments, gain (loss) on disposal/write-down of
property, plant and equipment, net, and REIT Costs. Adjusted OIBDA Margin is
calculated by dividing Adjusted OIBDA by total revenues. These measures are an
integral part of the internal reporting system we use to assess and evaluate
the operating performance of our business. We use multiples of current or
projected Adjusted OIBDA in conjunction with our discounted cash flow models
to determine our overall enterprise valuation and to evaluate acquisition
targets. We believe Adjusted OIBDA and Adjusted OIBDA Margin provide our
current and potential investors with relevant and useful information regarding
our ability to generate cash flow to support business investment.

Adjusted Earnings Per Share from Continuing Operations, or Adjusted EPS

Adjusted EPS is defined as reported earnings per share from continuing
operations excluding: (1) (gain) loss on the disposal/write-down of property,
plant and equipment, net; (2) intangible impairments; (3) REIT Costs; (4)
other (income) expense, net; and (5) the tax impact of reconciling items and
discrete tax items. 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.

Free Cash Flows before Acquisitions and Discretionary Investments, or FCF

FCF is defined as Cash Flows from Operating Activities from continuing
operations less capital expenditures (excluding real estate and capital
expenditures associated with the REIT conversion), net of proceeds from the
sales of property and equipment and other, net, and additions to customer
relationship and acquisition costs. REIT Costs are also excluded from FCF. Our
management uses this measure when evaluating the operating performance of our
consolidated business. We believe this measure provides relevant and useful
information to our current and potential investors. FCF is a useful measure in
determining our ability to generate excess cash that may be used for
reinvestment in the business, discretionary deployment in investments such as
real estate or acquisition opportunities, returning of capital to our
stockholders and voluntary prepayments of indebtedness.

Following are reconciliations of the above-described measures to the most
directly comparable GAAP measures:

Adjusted OIBDA reconciled to operating income and income from continuing
operations (in millions):

                                      Three Months Ended     Full-Year Ended
                                      December 31,           December 31,
                                      2011         2012      2011        2012
Adjusted OIBDA                        $  238       $ 207     $ 950       $ 912
Less: Depreciation &                     84          80        319         316
Amortization
Intangible Impairments                   4           --        47          --
Loss (Gain) on
disposal/write-down of PP&E,             --          6         (2  )       4
net
REIT Costs                               1           18        16          34
Operating Income                      $  149       $ 103     $ 571       $ 557
Less: Interest Expense, net              58          64        205         243
Other (Income) Expense, net              3           2         13          16
Provision for Income Taxes               41          10        106         115
Income from Continuing                $  47        $ 27      $ 246       $ 183
Operations

Adjusted EPS from Continuing Operations – FD reconciled to Reported EPS from
Continuing Operations – FD:

                          Three Months Ended            Full-Year Ended
                          December 31,                  December 31,
                          2011          2012            2011            2012
Adjusted EPS from
Continuing                $ 0.33        $ 0.20          $ 1.36          $ 1.21
Operations – FD
Less: Loss (Gain)
on                          --            0.03            (0.01   )       0.03
disposal/write-down
of PP&E, net
Intangible                  0.02          --              0.24            --
Impairments
Other (Income)              0.02          0.01            0.07            0.09
Expense, net
REIT Costs                  --            0.10            0.08            0.20
Tax impact of
reconciling items           0.03          (0.09   )       (0.28   )       (0.16   )
and discrete tax
items
Reported EPS from
Continuing                $ 0.26        $ 0.15          $ 1.26          $ 1.05     
Operations – FD
                                                                         
Weighted average
common shares               182,470       181,967         195,938         174,867  
outstanding – FD
(000s)
                                                                                   

Free Cash Flows before Acquisitions and Discretionary Investments reconciled
to Cash Flows from Operating Activities from Continuing Operations (in
millions):

                                                               Full-Year Ended
                                                               December 31,
                                                               2011      2012
Free Cash Flows Before Acquisitions and Discretionary          $ 467     $ 347
Investments
Add: Capital Expenditures (excluding real estate), net           184       184
Additions to Customer Acquisition Costs                          22        29
Less: REIT Conversion Costs, net of tax                          10        24
REIT Conversion Capital Expenditures                             --        13
REIT Conversion Tax Payments                                     --        80
Cash Flows from Operating Activities from Continuing           $ 664     $ 444
Operations
                                                                            

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands except Per Share Data)
(Unaudited)
                                                                      
                     Three Months Ended              Twelve Months Ended
                     December 31,                    December 31,
                     2011            2012            2011              2012
REVENUES:
Storage Rental       $ 420,818       $ 439,696       $ 1,682,990       $ 1,733,138
Service                321,019         318,771         1,331,713         1,272,117  
                                                                        
Total Revenues         741,837         758,467         3,014,703         3,005,255
                                                                        
OPERATING
EXPENSES:
Cost of Sales
(Excluding
Depreciation           315,307         338,411         1,245,200         1,277,113
and
Amortization)
Selling,
General and            189,444         231,698         834,591           850,371
Administrative
Depreciation
and                    83,564          79,882          319,499           316,344
Amortization
Intangible             4,000           —               46,500            —
Impairments
Loss (Gain) on
Disposal /
Write-down of          59              5,915           (2,286    )       4,400      
Property,
Plant and
Equipment, Net
                                                                        
Total
Operating              592,374         655,906         2,443,504         2,448,228  
Expenses
                                                                        
OPERATING              149,463         102,561         571,199           557,027
INCOME
                                                                        
INTEREST               57,987          64,218          205,256           242,599
EXPENSE, NET
OTHER EXPENSE,         2,749           1,554           13,043            16,062     
NET
                                                                        
Income from
Continuing
Operations
before
Provision
for Income             88,727          36,789          352,900           298,366
Taxes
                                                                        
PROVISION FOR          41,345          9,529           106,488           114,873    
INCOME TAXES
INCOME FROM
CONTINUING             47,382          27,260          246,412           183,493
OPERATIONS
LOSS FROM
DISCONTINUED           (13,740 )       (1,074  )       (47,439   )       (6,774    )
OPERATIONS,
NET OF TAX
GAIN (LOSS) ON
SALE OF
DISCONTINUED           359             -               200,619           (1,885    )
OPERATIONS,
NET OF TAX
NET INCOME             34,001          26,186          399,592           174,834
                                                                        
Less: Net
Income
Attributable           1,945           692             4,054             3,126      
to
Noncontrolling
Interests
                                                                        
Net Income
Attributable
to Iron              $ 32,056        $ 25,494        $ 395,538         $ 171,708    
Mountain
Incorporated
                                                                        
EARNINGS
(LOSSES) PER
SHARE – BASIC:
INCOME FROM
CONTINUING           $ 0.26          $ 0.15          $ 1.27            $ 1.06       
OPERATIONS
TOTAL (LOSS)
INCOME FROM          $ (0.07   )     $ (0.01   )     $ 0.79            $ (0.05     )
DISCONTINUED
OPERATIONS
Net Income
Attributable
to Iron              $ 0.18          $ 0.14          $ 2.03            $ 0.99       
Mountain
Incorporated
EARNINGS
(LOSSES) PER
SHARE –
DILUTED:
INCOME FROM
CONTINUING           $ 0.26          $ 0.15          $ 1.26            $ 1.05       
OPERATIONS
TOTAL (LOSS)
INCOME FROM          $ (0.07   )     $ (0.01   )     $ 0.78            $ (0.05     )
DISCONTINUED
OPERATIONS
Net Income
Attributable
to Iron              $ 0.18          $ 0.14          $ 2.02            $ 0.98       
Mountain
Incorporated
                                                                        
DIVIDENDS
DECLARED PER         $ 0.2500        $ 4.3300        $ 0.9375          $ 5.1200     
COMMON SHARE
WEIGHTED
AVERAGE COMMON
SHARES                 181,615         180,022         194,777           173,604    
OUTSTANDING –
BASIC
WEIGHTED
AVERAGE COMMON
SHARES                 182,470         181,967         195,938           174,867    
OUTSTANDING –
DILUTED
                                                                        
Adjusted
Operating
Income before        $ 237,641       $ 206,608       $ 950,439         $ 912,217    
Depreciation
and
Amortization
                                                                                    

IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
(Unaudited)
                                                               
                                             December 31,       December 31,
                                             2011               2012
ASSETS
                                                                              
CURRENT ASSETS:
Cash and Cash Equivalents                    $ 179,845          $ 243,415
Restricted Cash                                35,110             33,612
Accounts Receivable (less allowances
of $23,277                                     543,467            572,200

and $25,209, respectively)
Other Current Assets                           148,772            174,865
Assets of Discontinued Operations            7,256              -
Total Current Assets                           914,450            1,024,092
                                                                              
PROPERTY, PLANT AND EQUIPMENT:
Property, Plant and Equipment at Cost          4,232,594          4,443,323
Less: Accumulated Depreciation                 (1,825,511 )       (1,965,596 )
Property, Plant and Equipment, net             2,407,083          2,477,727
                                                                              
OTHER ASSETS:
Goodwill, net                                  2,254,268          2,334,759
Other Non-current Assets, net                465,457            521,761
Total Other Assets                             2,719,725          2,856,520
                                                                              
Total Assets                                 $ 6,041,258        $ 6,358,339
                                                                              
LIABILITIES AND EQUITY
                                                                              
CURRENT LIABILITIES:
Current Portion of Long-term Debt            $ 73,320           $ 92,887
Other Current Liabilities                      772,393            812,066
Liabilities of Discontinued Operations         3,317            -
Total Current Liabilities                      849,030            904,953
                                                                              
LONG-TERM DEBT, NET OF CURRENT PORTION         3,280,268          3,732,116
OTHER LONG-TERM LIABILITIES                    657,704            558,822
COMMITMENTS AND CONTINGENCIES
TOTAL IRON MOUNTAIN INCORPORATED               1,245,688          1,149,971
STOCKHOLDERS’ EQUITY
NONCONTROLLING INTERESTS                       8,568              12,477
                                                                              
TOTAL EQUITY                                   1,254,256          1,162,448
                                                                              
Total Liabilities and Equity                 $ 6,041,258        $ 6,358,339
                                                                              

Contact:

Iron Mountain Incorporated
Investor Relations Contacts:
Melissa Marsden, 617-869-9920
Senior Vice President, Investor Relations
Melissa.marsden@ironmountain.com
or
Stephen P. Golden, 617-535-4766
Vice President, Investor Relations
sgolden@ironmountain.com
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