Iron Mountain (IRM) 10-K risk factor changes: FY2021 vs FY2020

*Our customers may shift from paper and tape storage to alternative technologies that [removed: require less physical space.*][added: may shift our revenue mix away from storage revenue.*]

We derive [removed: most of our] [added: substantial] revenues from rental fees for the storage of physical records and computer backup [removed: tapes] [added: media] and from storage related services.

Storage volume and/or demand for our traditional storage related services may decline as our customers adopt alternative storage [removed: technologies,] [added: technologies or as retention requirements evolve,] which [added: may] require significantly less space than traditional physical records and tape storage.

[removed: Our] [added: To date, our] customers’ shift from paper and tape storage to alternative technologies [removed: may accelerate] [added: has not accelerated] as a result of the COVID-19 pandemic.

While volumes in our Global RIM Business segment were relatively steady in [removed: 2020] [added: 2021] and we expect them to remain relatively consistent in the near term, we can provide no assurance that our customers will continue to store most or a portion of their records as paper documents or as tapes, or that the paper documents or tapes they do store with us will require our storage related services at the same levels as they have in the past.

Due to the unpredictable and rapidly changing nature of the COVID-19 [removed: pandemic and the resulting economic distress,] [added: pandemic,] the extent to which it continues to impact us will depend on numerous factors that we are [removed: currently] unable to [removed: predict,] [added: predict and are not within our control,] including: the duration [added: or re-emergence of outbreaks] and [removed: severity] [added: developments] of [added: variants of] the [removed: COVID-19 pandemic;] [added: SARS-CoV-2 virus,] the [removed: development, distribution] [added: distribution, public acceptance] and efficacy of [removed: any] COVID-19 vaccines; the [removed: duration or re-emergence of outbreaks; the] continuation, resumption, and/or expansion of restrictions imposed by governments and businesses; the impact of [removed: the pandemic on economic activity and] any resulting [added: inflationary or] recessionary [removed: conditions,] [added: conditions] and [added: general economic uncertainty in] the [removed: strength and duration] [added: global markets; the pace] of [removed: any] economic [removed: recovery; the health] [added: recovery from any impact] of [removed: our workforce; our ability to meet staffing needs for critical functions;] [added: the COVID-19 pandemic;] and the impact [added: of any such factors] on our customers, suppliers, vendors, and other business [removed: partners, and their respective financial condition.][added: partners.]

As part of our strategic growth [removed: plan,] [added: plan] we expect to invest in our existing businesses, including records and information management storage and services businesses in our higher-growth markets, data [removed: centers] [added: centers, asset life cycle management] and [added: secure information technology asset disposition, consumer storage and other] adjacent businesses, and in new businesses, business strategies, products, services, technologies and geographies, and we may selectively divest certain businesses.

- our inability to [added: maintain relationships with key customers and suppliers or to] execute on our plan to incorporate the digitization of our customers’ records and new digital information technologies into our offerings;

| [removed: 8] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [added: 9] | | |

- insufficient revenues to offset expenses and liabilities associated with new investments; [removed: and]

- our inability to attract, develop and retain skilled employees to lead and support our strategic growth plan, particularly in new businesses, technologies, products or offerings outside our core [removed: competencies.][added: competencies; and]

[removed: Our data center expansion in particular] [added: Expanding our Global Data Center Business] requires significant capital commitments.

Our [removed: data center expansion and other] new ventures are inherently risky and we can provide no assurance that such strategies and offerings will be successful in achieving the desired returns within a reasonable timeframe, if at all, and that they will not adversely affect our business, reputation, financial condition, and operating results.

[removed: As] [added: We face competition from other companies to grow our business, and, as] a result, we may be unable to acquire or invest in, or we may pay a premium purchase price for, data centers, technology and [removed: higher-growth markets and] adjacent businesses [added: and businesses in higher-growth markets] that support our strategic growth plan, which could have an adverse effect on our results of operations and financial condition.

*As stored records and tapes become less active our service revenue growth and [removed: profitability] [added: profits] from related services may decline.*

The amount of information available to customers digitally or in their own information systems has been steadily increasing in recent years, and we believe this trend [removed: continues to accelerate.][added: will continue.]

At the same time, many of our costs related to records and tape related services remain [added: relatively] fixed.

*Changes in customer behavior with respect to destruction of records stored with us could adversely affect our business, financial condition and results of [removed: operations*.][added: operations.*]

Over the past [removed: year,] [added: several years,] our destruction rates, as a percentage of records stored with us, have fluctuated.

| [added: 10] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 9] | | |

*Attacks on our internal IT systems could damage our [removed: reputation] [added: reputation, cause us to lose revenues,] and adversely affect our business, financial condition and results of operations.*

Moreover, until we have migrated businesses we acquire onto our IT [removed: systems,] [added: systems or ensured compliance with our information technology security standards,] we [added: have in the past and] may [added: in the future] face additional risks because of the continued use of predecessor IT systems.

We have outsourced, and expect to continue to outsource, certain support [removed: services] [added: services, including cloud storage systems and cloud computing services,] to third parties, which [added: has in the past and] may [added: in the future] subject our IT and other sensitive information to additional risk.

In addition, the continuation of remote work arrangements [removed: or operating with limited personnel] as a result of the COVID-19 pandemic [added: has increased and] could [added: further] increase our cybersecurity risks.

A successful breach of the security of our IT systems could lead to theft or misuse of our customers’ proprietary or confidential information [added: or our employees’ personal information] and result in third party claims against [removed: us] [added: us, regulatory penalties,] and reputational harm.

As of December 31, [removed: 2020,] [added: 2021,] we operated approximately 1,450 facilities worldwide, including more than 600 in the United States.

Some of these facilities contain fire suppression and safety features that are different from our current specifications and current standards for new facilities, although we believe [removed: all of our] [added: these] facilities were [removed: constructed,] in [removed: all material respects, in] compliance with applicable [added: fire and safety] laws and regulations in effect at the time of their construction or outfitting.

| [removed: 10] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [added: 11] | | |

The process of integrating acquired businesses, particularly in new [removed: markets,] [added: markets or for new offerings,] may involve unforeseen difficulties and may require a disproportionate amount of our management’s attention and our financial and other resources.

For example, the success of our significant acquisitions depends, in large part, on our ability to realize the anticipated benefits, including cost savings [added: or revenue acceleration] from combining the acquired businesses with ours.

Although we and our advisors conduct due diligence on the [removed: operations of] businesses we acquire, there can be no guarantee that we are aware of all liabilities of an acquired company.

Our customer contracts typically contain [added: standardized] provisions limiting our liability regarding the [added: services we perform and the] loss or destruction of, or damage to, records, information, or other items stored with [removed: us.][added: us; however, some of our contracts with large customers and some of the contracts assumed in our acquisitions contain no such limits or contain non-standard limits.]

Moreover, as we expand our operations in digital solutions and [added: the] storage of [removed: fine arts and other] valuable items and respond to customer demands for higher limitation of [removed: liability as a result of regulatory changes,] [added: liability,] our exposure to contracts with higher or no limitations of liability and disputes with customers over [removed: the] [added: contract] interpretation [removed: of their contracts] may increase.

| [added: 12] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 11] | | |

*International operations [removed: may] pose unique risks.*

As of December 31, [removed: 2020,] [added: 2021,] we operated in [removed: 55] [added: over 60] countries outside the United States.

- the impact of foreign government [removed: regulations] and United States [added: laws and] regulations that apply to us in foreign countries where we operate; in particular, we are subject to United States and foreign [added: sanctions and] anti-corruption laws, such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and, although we have implemented internal controls, policies and procedures and training to deter prohibited practices, our employees, partners, contractors or agents may violate or circumvent such policies and the law;

- political uncertainties and changes in the global political climate or other global events, such as [removed: the recent] trade wars involving the U.S. or global pandemics, [added: including the COVID-19 pandemic,] which may impose restrictions on, or create additional risk in relation to, global operations, which risks may become more pronounced as we consolidate operations across countries and need to move records and data across borders;

- costs and difficulties associated with managing international operations [removed: of varying sizes and scale,] including [removed: operations involving cross-border service offerings;][added: cross border sales;]

*Our use of joint ventures could expose us to additional risks and liabilities, including our reliance on joint venture partners [removed: that] [added: who] may have economic and business interests that are inconsistent with our business interests, our lack of sole decision-making authority, and disputes between us and our joint venture partners.*

- challenges in managing costs to offset the impact of inflationary pressure;

- challenges in executing on our strategic growth plan within the constraints of our REIT structure, as well as remaining REIT compliant.

Although we seek to prevent and detect attempts by unauthorized users to gain access to our IT systems, and incur significant costs to do so, our IT and network infrastructure has in the past been and may in the future be vulnerable to attacks by hackers, including state-sponsored organizations with significant financial and technological resources, breaches due to employee error, fraud or malice or other disruptions (including, but not limited to, computer viruses and other malware, denial of service, and ransomware), which may involve a privacy breach requiring us to notify regulators, clients or employees and enlist identity theft protection.

Although we maintain insurance coverage for various cybersecurity risks, there is no guarantee that all costs or losses incurred will be fully insured.

*Our business, operations, and financial results have been, and could continue to be, impacted by developments in the COVID-19 pandemic.*

The COVID-19 pandemic, and the ongoing emergence of variants of the SARS-CoV-2 virus, and the resulting actions taken in response by governments, businesses, and individuals have resulted in, and are expected to continue to result in, substantial increased cyclical impacts to the global economy, including a curtailment of business activities (including changes in demand for a broad variety of goods and services), weakened economic conditions, disruptions in supply, manufacturing and logistics, economic uncertainty and volatility in the financial markets, both in the United States and abroad, as well as reduced service operations and changed business practices for us, our customers, and other third parties with which we do business.

- retaining critical acquired talent;

- fluctuations of foreign currency exchange rates in the markets in which we operate;

*We face additional risks in expanding our Global Data Center Business, including the significant amount of capital required.*

- increases in rent expense and property tax as a result of the increasing demand for industrial real estate;

Similar rules apply to other nonqualifying assets.

*The COVID-19 pandemic and its resulting economic impact may materially adversely affect our business, operations, financial results and liquidity.*

In March 2020, the World Health Organization declared a novel strain of coronavirus (“COVID-19”) a pandemic.

This resulted in U.S. federal, state and local and foreign governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings and stay-at-home orders and advisories.

In response, we temporarily closed certain of our offices and facilities across the world, implemented certain travel restrictions for our employees and transitioned many of our employees to remote working arrangements, with some of our operations being run with limited personnel on site.

In addition, many of our customers have implemented stay-at-home measures and other restrictions that reduce the demand for our routine services.

The preventative and protective actions that governments have ordered, or we or our customers have implemented, have resulted in a period of reduced service operations and business disruption for us, our customers and other third parties with which we do business.

The COVID-19 pandemic has also had a substantial adverse impact on the global economy.

While we do not currently believe that the implications of the COVID-19 pandemic have had a material adverse impact on our ability to collect our accounts receivable, global economic conditions related to the COVID-19 pandemic may have a material adverse effect on our customers, which could impact our future ability to collect our accounts receivable.

In addition, if the COVID-19 pandemic and resulting recessionary conditions continue to disrupt the credit and financial markets or impact our credit ratings, our ability to access capital on favorable terms, if at all, could be adversely affected, which could have an adverse effect on our liquidity needs.

Furthermore, when the COVID-19 pandemic has ended, our ability to resume normal business operations may be delayed, and actions we have taken to manage costs may make it more challenging to meet any increased customer demand following the pandemic.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Part I

We face competition from other companies, some of which possess substantial resources, in our efforts to grow our data center, international and complementary businesses.

The foregoing risks may be exacerbated as a result of the COVID-19 pandemic.

*Our program to simplify our global structure may not be successful.*

In October 2019, we announced Project Summit, a global program designed to better position us for future growth and achievement of our strategic objectives.

Project Summit focuses on simplifying our global records and information management structure, streamlining our managerial structure and leveraging our global and regional customer facing resources.

We also plan to implement systems and process changes designed to make our organization more agile and dynamic, streamline our organization and reallocate our resources to better align with our strategic goals.

We expect the total program benefits associated with Project Summit, which we have expanded since our initial announcement, to be fully realized exiting 2021.

However, we may not be able to realize the full amount of our expected improvements to Adjusted EBITDA in a timely manner, or at all, and the costs associated with Project Summit may exceed our expectations.

In addition, this program may yield unintended consequences, such as attrition beyond our intended reduction in force, distraction of our employees and our anticipated systems and process changes may not work as expected and may create additional risks to our business.

As a result, Project Summit could have a material adverse effect on our results of operations or financial condition.

For example, we have experienced incidents in which customers’ information has been lost, and we have been informed by customers that some of the incidents involved the loss of personal information, resulting in monetary costs to those customers for which we have provided reimbursement.

It is difficult to predict the impact on our business if we were subject to allegations of having violated existing laws or regulations.

Although we seek to prevent and detect attempts by unauthorized users to gain access to our IT systems, our IT and network infrastructure may be vulnerable to attacks by hackers or breaches due to employee error or other disruptions.

Our liability for physical storage is often limited to a nominal fixed amount per item or unit of storage (such as per cubic foot) and our liability for digital solutions, data center, destruction and other services unrelated to records, information and other items stored with us is often limited to a percentage of annual revenue under the contract; however, some of our contracts with large customers and some of the contracts assumed in our acquisitions contain no such limits or contain higher limits.

In addition to provisions limiting our liability, our customer contracts generally include a schedule setting forth the majority of the customer-specific terms, including storage rental and related service pricing and service delivery terms.

Our customers may dispute the interpretation of various provisions in their contracts.

- unforeseen liabilities, particularly within acquired businesses;

- our operations in the United Kingdom and the European Union may be adversely affected by the exit from the European Union (Brexit) by the United Kingdom, and the associated uncertainty;

- our ability to grow our storage volume when we rely on non-controlling interests in joint ventures for this growth;

Since 2017, we have substantially expanded our Global Data Center Business and we expect to continue to grow our Global Data Center Business.

For example, we paid an aggregate cash purchase price of over $1.7 billion for data center businesses we acquired in 2017 and 2018 and incurred other costs associated with the development of real estate to support this business.

*Our data center expansion requires a significant amount of capital and, if we are not able to raise that capital on advantageous terms, our ability to fund our data center expansion may be limited.*

Our data center expansion requires significant capital commitments.

*We have operations in numerous foreign countries and, as a result, are subject to foreign exchange translation risk, which could have an adverse effect on our financial results.*

We conduct business operations in numerous foreign countries through our foreign subsidiaries or affiliates, which primarily transact in their respective local currencies.

Those local currencies are translated into United States dollars at the applicable exchange rates for inclusion in our consolidated financial statements.

The results of operations of, and certain of our debt balances (including intercompany debt balances) associated with, our international businesses are exposed to foreign exchange rate fluctuations.

Risk Factors” beginning on page [removed: 8] [added: 9] of this Annual Report.

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 25] [added: 27] | | |

| [removed: 26] [added: 28] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

| [removed: 2020] [added: 2021] | | | [removed: ] [added: ] | | | [removed: $165] [added: $160] million | | |

| Exiting 2021 | | | [removed: ] [added: ] | | | $375 million [removed: (expected)] | | |

[removed: We estimate that the] [added: The] implementation of Project Summit [removed: will result] [added: resulted] in total operating expenditures ("Restructuring Charges") of approximately $450.0 million that primarily [removed: consist] [added: consisted] of: (1) employee severance costs; (2) internal costs associated with the development and implementation of Project Summit initiatives; (3) professional fees, primarily related to third party consultants who [removed: are assisting] [added: assisted] with the design and execution of various initiatives as well as project management activities and (4) system implementation and data conversion costs.

The following table presents (in millions) total Restructuring Charges related to Project Summit [removed: primarily related to employee severance costs, internal costs associated with the development and implementation of Project Summit initiatives and professional fees] from the inception of Project Summit through December 31, [removed: 2020,] [added: 2021 and] for the [removed: year] [added: years] ended December 31, [added: 2021,] 2020 and [removed: for the year ended December 31,] 2019:

| From the Inception of Project Summit through December 31, [removed: 2020] [added: 2021] | | | [removed: ] [added: ] | | | | | |

| For the Year Ended December 31, 2020 | | | [removed: ] [added: ] | | | | | |

| For the Year Ended December 31, 2019 | | | [removed: ] [added: ] | | | | | |

We have also incurred approximately [removed: $10.1] [added: $33.8] million in capital expenditures related to Project Summit from the inception of Project Summit through December 31, [removed: 2020.][added: 2021.]

In March 2019, we contributed our customer contracts and certain intellectual property and other assets used by us to operate our consumer storage business in the United States and Canada (the “IM Consumer Storage Assets”) and approximately $20.0 million in cash (gross of certain transaction expenses) (the “Cash Contribution”) to [removed: the MakeSpace JV] [added: a strategic partnership] (the [removed: “Consumer Storage Transaction”),] [added: “MakeSpace JV”)] established by us and [removed: MakeSpace.][added: MakeSpace Labs, Inc. (“MakeSpace”) pursuant to a transaction which closed on March 19, 2019 (the "Consumer Storage Transaction").]

Upon the closing of the Consumer Storage [removed: Transaction on March 19, 2019,] [added: Transaction,] the MakeSpace JV owned (i) the IM Consumer Storage Assets, (ii) the Cash Contribution and (iii) the customer contracts, intellectual property and certain other assets used by MakeSpace to operate its consumer storage business in the United States.

In the second quarter of 2020, we committed to participate in a round of equity funding for the MakeSpace JV whereby we [removed: agreed to contribute] [added: contributed] $36.0 million of the $45.0 million being raised in installments [removed: beginning in] [added: between] May 2020 through October 2021.

At December 31, [removed: 2020,] [added: 2021,] we owned [removed: approximately 39%] [added: 49.99%] of the outstanding equity in the MakeSpace JV.

As described in Note 4 to Notes to Consolidated Financial Statements included in this Annual Report, we have concluded that the [removed: divestment] [added: divestments] of [added: IPM and] the IM Consumer Storage Assets in the Consumer Storage Transaction [removed: does] [added: do] not meet the criteria to be reported as discontinued operations in our consolidated financial statements.

During the years ended December 31, [added: 2021,] 2020 and 2019, we recognized revenue of approximately [added: $34.7 million,] $33.6 million and $22.5 million, respectively, associated with the MakeSpace Agreement.

As a result of the Consumer Storage Transaction, we recorded a gain on sale of approximately $4.2 million to Other [removed: expense (income),] [added: (income) expense,] net, [removed: in] [added: during] the first quarter of 2019, representing the excess of the fair value of the consideration received over the sum of [removed: (i)] the carrying value of our consumer storage operations and (ii) the Cash Contribution.

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 27] [added: 29] | | |

[removed: Management’s] [added: Management's] Discussion and Analysis of Financial Condition and Results of [removed: Operations”] [added: Operations"] in our Annual Report on Form 10-K for the year ended December 31, [removed: 2019 for a comparison of 2019 to 2018.][added: 2020 filed with the SEC on February 24, 2021.]

- Our organic service revenue [removed: during 2020 was significantly impacted by the COVID-19 pandemic, with declines] [added: growth is] primarily due to [removed: decreases] [added: increases] in our service activity, particularly in regions where governments have [removed: imposed] [added: lifted or eased COVID-19-related] restrictions on our customers’ non-essential business operations.

Service revenues include charges for related service activities, the most significant of which include: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records, customer termination and permanent withdrawal fees, project revenues, and courier operations, consisting primarily of the pickup and delivery of records upon customer request; (2) destruction services, consisting primarily of secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to period; [removed: and] (3) digital solutions, including the scanning, imaging and document conversion services of active and inactive records, and consulting [removed: services.][added: services; and (4) data center services, including set up, monitoring and support of our customers' assets which are protected in our data center facilities, and special project services, including data center fitout.]

[removed: ][added: ]

| [removed: 28] [added: 30] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the year ended December 31, [removed: 2020] [added: 2021] consists of the following:

[removed: |  | | | | | |  | | |][added: ]

The constant currency growth rates are calculated by translating the [removed: 2019] [added: 2020] results at the [removed: 2020] [added: 2021] average exchange rates and the [removed: 2018] [added: 2019] results at the [removed: 2019] [added: 2020] average exchange rates.

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 29] [added: 31] | | |

The percentage of United States dollar-reported revenues for all other foreign currencies was [removed: 13.8%, 12.7%] [added: 14.6%, 13.8%] and [removed: 12.6%] [added: 12.7%] for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] respectively.

[removed: We now define] Adjusted EBITDA [added: is defined] as income (loss) from continuing operations 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:

| [removed: •Significant Acquisition] [added: •Acquisition and Integration] Costs •Restructuring Charges •Intangible impairments •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | | | •Other [removed: expense (income),] [added: (income) expense,] net •Stock-based compensation expense •COVID-19 Costs (as defined below) | | |

[removed: ][added: ]

| [removed: 30] [added: 32] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Income (Loss) from Continuing Operations | | | $ | [removed: 343,096] [added: 452,725] | | | | | $ | [removed: 268,211] [added: 343,096] | | | | | $ | [removed: 367,558] [added: 268,211] | |

| Interest expense, net | | | [removed: 418,535] [added: 417,961] | | | | | | [removed: 419,298] [added: 418,535] | | | | | | [removed: 409,648] [added: 419,298] | | |

| Provision (benefit) for income taxes | | | [removed: 29,609] [added: 176,290] | | | | | | [removed: 59,931] [added: 29,609] | | | | | | [removed: 42,753] [added: 59,931] | | |

| Depreciation and amortization | | | [removed: 652,069] [added: 680,422] | | | | | | [removed: 658,201] [added: 652,069] | | | | | | [removed: 639,514] [added: 658,201] | | |

| Restructuring Charges | | | [removed: 194,396] [added: 206,426] | | | | | | [removed: 48,597] [added: 194,396] | | | | | | [removed: —] [added: 48,597] | | |

| Intangible impairments | | | [removed: 23,000] [added: —] | | | | | | [removed: —] [added: 23,000] | | | | | | — | | |

COVID-19

In March 2020, the World Health Organization declared a novel strain of coronavirus (“COVID-19”) a pandemic.

While we have broad geographic and customer diversification with operations in 63 countries and no single customer accounting for more than approximately 1% of revenue during the year ended December 31, 2021, COVID-19 is a global pandemic impacting numerous industries and geographies.

While our service operations have increased from the reductions we experienced during the first and second quarter of 2020, future service revenues remain uncertain and will be dependent on the severity of the COVID-19 pandemic, including new variants of COVID-19 that may emerge.

As of December 31, 2021, we have completed Project Summit.

As a result of the program we have simplified our global structure, rebalanced resources to focus on higher growth areas, realigned our management structure to create a more dynamic, agile organization, made investments to enhance the customer experience and leveraged new technology solutions that enabled us to modernize our service delivery model and more efficiently utilize our fleet, labor and real estate.

Project Summit has improved annual Adjusted EBITDA (as defined below) by approximately $375.0 million exiting 2021, of which approximately $160.0 million and $165.0 million were realized in 2021 and 2020, respectively, with the remainder to come in 2022.

| For the Year Ended December 31, 2021 | | |  | | | | | |

INTELLECTUAL PROPERTY MANAGEMENT BUSINESS

On June 7, 2021, we sold our Intellectual Property Management ("IPM") business, also known as our technology escrow services business, which we predominantly operated in the United States, for total gross consideration of approximately $215.4 million (the “IPM Divestment”).

As a result of the IPM Divestment, we recorded a gain on sale of approximately $179.0 million to Other (income) expense, net, during the year ended December 31, 2021, the substantial majority of which was recorded during the second quarter of 2021, representing the excess of the fair value of the consideration received over the sum of the carrying value of the IPM business.

Our IPM business represented approximately $14.2 million, $32.8 million and $33.2 million of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively, and approximately $6.8 million, $16.0 million and $17.2 million of total net income for the years ended December 31, 2021, 2020 and 2019, respectively.

IRON MOUNTAIN CONSUMER STORAGE

________________________________________________________

We expect organic service revenue growth in 2022 to benefit from our new and existing digital offerings.

- We expect revenue and Adjusted EBITDA growth to accelerate in 2022 with continued focus on new product and service offerings, innovation, customer solutions and market expansion.

| | | | 2021 | | | | | | 2020 | | | | | | 2021 | | | | | | 2020 | | | | | | | | |

| Australian dollar | | | 3.3 | | % | | | | 3.2 | | % | | | | $ | 0.751 | | | | | $ | 0.690 | | | | | 8.8 | | % |

| Brazilian real | | | 1.8 | | % | | | | 1.9 | | % | | | | $ | 0.186 | | | | | $ | 0.196 | | | | | (5.1) | | % |

| British pound sterling | | | 6.6 | | % | | | | 6.0 | | % | | | | $ | 1.376 | | | | | $ | 1.283 | | | | | 7.2 | | % |

| Canadian dollar | | | 5.6 | | % | | | | 5.4 | | % | | | | $ | 0.798 | | | | | $ | 0.746 | | | | | 7.0 | | % |

| Euro | | | 7.7 | | % | | | | 7.5 | | % | | | | $ | 1.183 | | | | | $ | 1.141 | | | | | 3.7 | | % |

| Acquisition and Integration Costs | | | 12,764 | | | | | | — | | | | | | 13,293 | | |

| Acquisition and Integration Costs | | | 0.04 | | | | | | — | | | | | | 0.05 | | |

| Income (loss) Attributable to Noncontrolling Interests | | | 0.01 | | | | | | — | | | | | | — | | |

| Acquisition and Integration Costs | | | 12,764 | | | | | | — | | | | | | 13,293 | | | | | | | | | | | | | | |

See Note 2.u.

to Notes to Consolidated Financial Statements included in this Annual Report for additional information regarding the components of Other (income) expense, net.

Consideration payable to a customer is treated as a reduction of the transaction price over periods ranging from one to 10 years.

We did not record impairment charges for any of our long-lived asset and finite-lived intangibles during the years ended December 31, 2021 and 2020.

During 2019, we recorded an impairment charge of approximately $24.0 million on the assets associated with the select offerings within our Iron Mountain Iron Cloud portfolio as we explored strategic options regarding how to maintain and support the infrastructure of select offerings within this portfolio.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Global Data Center | | | $428,992 | | | | | | 23.0% | | | | | | 6.5% | | | | | | 40.2% | | | | | | 28.0% | | | | | | 3.0% | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

The capital expenditure assumptions in our goodwill impairment analysis include significant growth investment in the next three years.

We provide enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure with secure, reliable and flexible data center options.

During 2021, as a result of the enactment of a tax law and the closing of various acquisitions, we reassessed this intention and concluded that it is no longer our intention to reinvest our undistributed earnings of our foreign TRSs indefinitely outside the United States.

However, such future repatriations may require distributions to our stockholders in accordance with REIT distribution rules, and any such distribution may then be taxable, as appropriate, at the stockholder level.

We expect to provide for foreign withholding taxes on the current and future earnings of all of our foreign subsidiaries as the result of such reassessment.

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| COVID-19 In March 2020, the World Health Organization declared COVID-19 a pandemic. This resulted in U.S. federal, state and local and foreign governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings and stay-at-home orders and advisories. In response, we temporarily closed certain of our offices and facilities across the world and implemented certain travel restrictions for our employees. The preventative and protective actions that governments have ordered, or we or our customers have implemented, have resulted in a period of reduced service operations and business disruption for us, our customers and other third parties with which we do business. While we have broad geographic and customer diversification with operations in 56 countries and no single customer accounting for more than 1% of our revenue during the year ended December 31, 2020, COVID-19 is a global pandemic impacting numerous industries and geographies. While we do not currently believe that the implications of the COVID-19 pandemic have had a material adverse impact on our ability to collect our accounts receivable, global economic conditions related to the COVID-19 pandemic may have a material adverse effect on our customers, which could impact our future ability to collect our accounts receivable. We continue to monitor the credit worthiness of our customers and customer payment trends, as well as the related impact on our liquidity. We have taken certain actions during the year ended December 31, 2020 to manage our costs and capital expenditures, including, but not limited to: (i) the termination of nearly all of our temporary and contract workers; (ii) reductions in our full-time and part-time work forces; (iii) temporary furloughs, reduced hours or other temporary reduction measures; (iv) the deferral of certain previously planned non-essential capital investments; and (v) the implementation of a temporary freeze on future acquisitions. We can provide no assurance that the cost savings measures we have taken, or may take in future periods, will be sufficient to offset any future service level declines, and we continue to evaluate the need for these cost saving measures and additional cost saving measures as additional information regarding the COVID-19 pandemic and the related economic downturn becomes known. We have incurred certain costs due to the COVID-19 pandemic which are direct, incremental and not expected to recur once the pandemic ends, which include the purchase of personal protective equipment for our employees and incremental cleaning costs of our facilities, among other direct costs. We have excluded these costs in calculating our various non-GAAP measures as described below. | | |

| Compelling Adjusted EBITDA Benefits | | | Implementation Details | | |

| ~$375M Expected annual run-rate benefits realized exiting 2021 $165M Benefits delivered in 2020 | | | •Project Summit began in Q4 2019 and is expected to be substantially completed by the end of 2021 •Cost to implement is estimated to be ~$450M | | |

We expanded Project Summit during the first quarter of 2020 to include additional opportunities to streamline our business and operations, as well as accelerated the timing of certain opportunities previously identified.

Such opportunities include leveraging new technology solutions to enable us to modernize our service delivery model and more efficiently utilize our fleet, labor and real estate.

As a result of the program, we expect to reduce the number of positions at vice president and above by approximately 45%.

The total program is expected to reduce our total managerial and administrative workforce by approximately 700 positions by the end of 2021.

We have also reduced our services and operations workforce.

As of December 31, 2020, we have completed approximately 70% of our planned workforce reductions.

The activities associated with Project Summit began in the fourth quarter of 2019 and are expected to be substantially complete by the end of 2021.

We expect the total program benefits associated with Project Summit to be fully realized exiting 2021.

Including the expanded scope of Project Summit, we expect that Project Summit will improve annual Adjusted EBITDA (as defined below) by approximately $375.0 million exiting 2021.

We will continue to evaluate our overall operating model, as well as various opportunities and initiatives, including those associated with real estate consolidation, system implementation and process changes, which could result in the identification and implementation of additional actions associated with Project Summit and incremental costs and benefits.

CHANGES IMPACTING COMPARABILITY WITH PRIOR YEAR

During the fourth quarter of 2020, we made changes to the definitions of the following non-GAAP measures: Adjusted EBITDA, Adjusted EPS, FFO (Nareit) and FFO (Normalized) (each as defined below).

These changes were implemented to align our definitions more closely with our peers.

These changes impacted the results reported for these non-GAAP measures for fiscal years 2019 and 2018.

However, these changes did not materially impact the discussion to what was included in previous filings.

All prior periods have been recast to conform to these changes.

See “Item 7.

We expect our total organic storage rental revenue growth rate for 2021 to be approximately 2% to 4%.

The severity of future service level declines is uncertain and is dependent, in part, on the duration and severity of the COVID-19 pandemic, the resulting governmental and business actions and the duration and strength of any ensuing economic recovery that may follow, particularly within the markets in which we operate and among our customers.

| | | | 2019 | | | | | | 2018 | | | | | | 2019 | | | | | | 2018 | | | | | | | | |

| Australian dollar | | | 3.4 | | % | | | | 3.7 | | % | | | | $ | 0.695 | | | | | $ | 0.748 | | | | | (7.1) | | % |

| Brazilian real | | | 2.6 | | % | | | | 2.9 | | % | | | | $ | 0.254 | | | | | $ | 0.276 | | | | | (8.0) | | % |

| British pound sterling | | | 6.4 | | % | | | | 6.6 | | % | | | | $ | 1.277 | | | | | $ | 1.335 | | | | | (4.3) | | % |

| Canadian dollar | | | 5.7 | | % | | | | 5.9 | | % | | | | $ | 0.754 | | | | | $ | 0.772 | | | | | (2.3) | | % |

| Euro | | | 7.4 | | % | | | | 7.3 | | % | | | | $ | 1.120 | | | | | $ | 1.182 | | | | | (5.2) | | % |

During the fourth quarter of 2020, we changed our definition of Adjusted EBITDA to (a) exclude stock-based compensation expense and (b) include our share of Adjusted EBITDA from our unconsolidated joint ventures.

| | | | | | | | | | | | | | | | | | |

| Significant Acquisition Costs | | | — | | | | | | 13,293 | | | | | | 50,665 | | |

(2)Stock-based compensation expense related to Project Summit is included within Restructuring Charges for the years ended December 31, 2020 and 2019.

During the fourth quarter of 2020, we changed our definition of Adjusted EPS to (a) exclude stock-based compensation expense and (b) include our share of adjusted losses (gains) from our unconsolidated joint ventures.

| Significant Acquisition Costs | | | — | | | | | | 0.05 | | | | | | 0.18 | | |

(1)Stock-based compensation expense related to Project Summit is included within Restructuring Charges for the years ended December 31, 2020 and 2019.

During the fourth quarter of 2020, we changed our definition of FFO (Normalized) to exclude stock-based compensation expense and adjust for our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures.

The only significant concentrations of liquid investments as of December 31, [removed: 2020] [added: 2021] relate to cash and cash equivalents held in money market funds with four “Triple A” rated money market funds and time deposits with one global bank.

As of December 31, [removed: 2020,] [added: 2021,] our cash and cash equivalents balance, including restricted cash, was [removed: $205.1] [added: $255.8] million.

As of December 31, [removed: 2020,] [added: 2021,] we had [removed: $1,108.1] [added: $973.3] million of variable rate debt outstanding with a weighted average variable interest rate of approximately [removed: 3.1%,] [added: 3.3%,] and [removed: $7,689.3] [added: $8,391.2] million of fixed rate debt outstanding.

As of December 31, [removed: 2020,] [added: 2021,] approximately [removed: 87%] [added: 90%] of our total debt outstanding was fixed.

If the weighted average variable interest rate on our variable rate debt had increased by 1%, our net income for the year ended December 31, [removed: 2020] [added: 2021] would have been reduced by approximately [removed: $13.8] [added: $12.2] million.

See Note [removed: 5] [added: 6] to Notes to Consolidated Financial Statements included in this Annual Report for a discussion on our interest rate swaps and Note [removed: 6] [added: 7] to Notes to Consolidated Financial Statements included in this Annual Report for a discussion of our long-term indebtedness, including the fair values of such indebtedness as of December 31, [removed: 2020.][added: 2021.]

| [removed: 55] [added: 57] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

Unrealized gains are recognized as assets, which are recorded as a component of Other within Other assets, net, while unrecognized losses are recognized as liabilities, which are recorded as [added: either] a component of [added: (i) Accrued expenses and other current liabilities or (ii)] Other long-term liabilities in our Consolidated Balance Sheets.

See Note [removed: 5] [added: 6] to Notes to Consolidated Financial Statements included in this Annual Report for a discussion on our cross-currency swap agreements.

As of and during the year ending December 31, [removed: 2020,] [added: 2021,] we had no outstanding forward contracts.

At the time of settlement, we either pay or receive the net settlement amount from any forward contract and recognize this amount in Other [removed: expense (income),] [added: (income) expense,] net in the accompanying statements of operations as a realized foreign exchange gain or loss.

A 10% depreciation in year-end [removed: 2020] [added: 2021] functional currencies, relative to the United States dollar, would result in a reduction in our equity of approximately [removed: $286.5] [added: $300.0] million.

Prior to their redemption in August 2020, we had designated a portion of our previously outstanding Euro Notes as a hedge of net investment of certain of our Euro denominated subsidiaries.

As a result, we recorded $17.0 million ($17.0 million net of tax) of foreign exchange losses related to the “marking-to-market” of such debt to currency translation adjustments which is a component of Accumulated other comprehensive items, net included in our Consolidated Balance Sheet for the year ended December 31, 2020.

As of December 31, 2020, cumulative net gains of $3.3 million, net of tax are recorded in Accumulated other comprehensive items, net associated with this net investment hedge.

Founded in an underground facility near Hudson, New York in 1951, Iron Mountain Incorporated, a Delaware corporation, has approximately 225,000 customers in a variety of industries in [removed: 56] [added: 63] countries around the world, as of December 31, [removed: 2020.][added: 2021.]

We currently serve customers across an array of market verticals - commercial, legal, financial, healthcare, insurance, life sciences, energy, business services, entertainment and government organizations, including approximately [removed: 96%] [added: 95%] of the Fortune 1000.

As of December 31, [removed: 2020,] [added: 2021,] we employed approximately [removed: 24,000] [added: 25,000] people.

As of December 31, [removed: 2020,] [added: 2021,] we were number [removed: 619] [added: 605] on the Fortune 1000.

The strategic journey we are on is driving this change and our focus remains on [removed: three] [added: four] pillars outlined below to grow our business.

| Continued growth in physical storage through revenue management as well as volume growth achieved in faster growing emerging markets and consumer and adjacent business growth in developed markets | | | •We are establishing and enhancing leadership positions in higher-growth markets such as central and eastern Europe, Latin America, Asia and Africa, through both organic expansion and acquisitions in countries where GDP growth is faster and outsourcing information management is at an earlier stage. •We continue to identify, acquire, incubate and scale complementary businesses and products to support our long-term growth objectives and drive solid returns on invested capital. These opportunities include our digital [removed: services] [added: services, Secure IT Asset Disposition] and our Entertainment Services, Fine Arts and Consumer Storage (each as defined below) businesses. | | |

| Utilizing our global scale as well as 70 years of customer trust to deliver differentiated data center offerings | | | •We have made significant progress in scaling our Global Data Center Business through acquisitions and organic growth, with [removed: 15] [added: 19] operating data centers across [removed: 13] [added: 16] global markets. •As of December 31, [removed: 2020,] [added: 2021,] approximately [removed: 87%] [added: 89%] of our data center capacity was leased. With total potential capacity of [removed: 376] [added: 604] megawatts ("MW") in land and buildings currently owned or operated by us, we are among the largest global data center operators. | | |

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | 1 | | |

| [removed:  | | | ] [added: ] | | | | | |

| [removed:  | | | ] [added: ] | | | | | |

| 2 | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

The amount of revenues derived from our business segments and other relevant data, including financial information about geographic areas and product and service lines, for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] are set forth in Note [removed: 10] [added: 11] to Notes to Consolidated Financial Statements included in this Annual Report.

The Global RIM Business segment includes [removed: five] [added: several] distinct offerings.

*Records Management,* stores physical records and provides healthcare information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents (collectively, “Records Management”) for customers in [removed: 56] [added: 63] countries around the globe.

As of December 31, [removed: 2020,] [added: 2021,] we stored approximately [removed: 710] [added: 740] million cubic feet of hardcopy records.

[removed: The MakeSpace JV] [added: *Consumer Storage,* provides on-demand, valet storage for consumers (“Consumer Storage”) across 31 markets in North America through a strategic partnership that] utilizes data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience.

The world’s most heavily regulated organizations have trusted us with their data centers for over 15 years, and as of December 31, [removed: 2020,] [added: 2021,] five of the top 10 global cloud providers were Iron Mountain Data Center customers.

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | 3 | | |

| Large, Diversified, Global Business [removed: ] [added: ] | | | The world’s most heavily regulated organizations trust us with the storage of their records. Our mission-critical storage offerings and related services generated approximately [removed: $4.1] [added: $4.5] billion in annual revenue in [removed: 2020.] [added: 2021.] Our business has a highly diverse customer base of approximately 225,000 customers - with no single customer accounting for more than [added: approximately] 1% of revenue during the year ended December 31, [removed: 2020] [added: 2021] - and operates in [removed: 56] [added: 63] countries globally. This presents a significant cross-sell opportunity for our Global Data [removed: Center and] [added: Center,] Global Digital Solutions [added: and Global Secure IT Asset Disposition] businesses. [removed: ] [added: ] | | |

| Recurring, Durable Revenue Stream [removed: ] [added: ] | | | We generate a majority of our revenues from contracted storage rental fees, via agreements that generally range from one to five years in length. Historically, in our Records Management business, we have seen strong customer retention (of approximately 98%) and solid physical records retention; more than 50% of physical records that entered our facilities 15 years ago are still with us today. We have also seen strong customer retention in our Global Data Center [removed: Business, with low annual customer churn of approximately 4% - 8%.] [added: Business.] | | |

| Comprehensive Information Management Solution [removed: ] [added: ] | | | As an S&P 500 REIT with approximately 1,450 locations globally and with offerings spanning physical storage, digitization solutions and digital storage, we are positioned to provide a holistic offering to our customers. We are able to cater to our customers’ physical and digital needs and to help guide their digital transformation journey. | | |

| Significant Owner and Operator of Real Estate [removed: ] [added: ] | | | We operate approximately [removed: 93] [added: 95] million square feet of real estate worldwide. Our owned real estate footprint spans nearly [removed: 26] [added: 25] million square feet and is concentrated in major metropolitan statistical areas in North America, Western Europe and Latin America. | | |

| Limited Revenue Cyclicality [removed: ] [added: ] | | | Historically, economic downturns have not significantly affected our storage rental business. Due to the durability of our total global physical volumes, the success of our revenue management initiatives, and the growth of our Global Data Center Business, we believe we can continue to grow organic storage rental revenue over time. | | |

| Shifting Revenue Mix [removed: ] [added: ] | | | We have identified a number of areas where we see opportunity for growth as we position ourselves to unlock greater value for our customers. These business lines, including Data Center, Fine Arts and Entertainment Services, Consumer Storage and Secure IT Asset Disposition, represent markets with strong secular growth. | | |

| 4 | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

| Large Data Center Platform with Significant Expansion Opportunity [removed: ] [added: ] | | | As of December 31, [removed: 2020,] [added: 2021,] we had [removed: 130] [added: 177] MW of leasable capacity with an additional [removed: 246] [added: 427] MW under construction or held for development. | | |

| Differentiated Compliance and Security [removed: ] [added: ] | | | We offer comprehensive compliance support and physical and cyber security. Our [removed: multi-layered] [added: Security-in-Depth] approach to security includes a combination of technical and human security measures, and experienced senior military and public sector [removed: cyber] security leaders oversee our security. As of December 31, [removed: 2020,] [added: 2021,] our data centers comply with one of the most comprehensive compliance programs in the industry, including enterprise-wide certified ISO 14001 and 50001 environmental and energy management systems. We also report globally on service organizational controls, [added: as well as global ISO 27001 certification, and] PCI-DSS compliance, and met FISMA HIGH and FedRAMP controls in the United States. | | |

| Efficient Access and Flexibility [removed: ] [added: ] | | | We have the ability to provide customers with a range of deployment options from one cabinet to an entire building, leveraging our global portfolio of hyperscale-ready and underground data centers. We also provide access to numerous carriers, cloud providers and peering exchanges with migration support and IT. | | |

| 100% Green Powered Data Centers [removed: ] [added: ] | | | As of December 31, [removed: 2020,] [added: 2021,] our Global Data Center platform was powered by 100% renewable energy, with carbon credit assistance and low power usage effectiveness (“PUE"). We are one of the top [removed: 25] [added: 30] buyers of renewable energy among the Fortune 1000 and now offer the Green Power Pass, which allows customers to include the power they consume at any Iron Mountain data [removed: center] [added: centers] as green power in their CDP, RE100, GRI, or other sustainability reporting. | | |

As of December 31, [removed: 2020,] [added: 2021,] we employed approximately 9,000 employees in the United States and approximately [removed: 15,000] [added: 16,000] employees outside of the United States.

As of December 31, [removed: 2020,] [added: 2021,] approximately 500 employees [removed: in California and Georgia and three provinces in Canada] were represented by unions in North America and approximately [removed: 1,100] [added: 1,250] employees were represented by unions in Latin [removed: America (in Argentina, Brazil, Chile, Colombia and Mexico).][added: America.]

Certain unionized employees [removed: in California] receive [removed: these types of] benefits through [removed: their] unions and are not eligible to participate in our benefit programs.

In addition to base compensation and other usual benefits, a significant portion of full-time employees participate in some form of incentive-based compensation program that provides payments based on revenues, profits or attainment of [removed: specified] [added: specific] objectives for the unit in which they work.

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | 5 | | |

[removed: INCLUSION] [added: DIVERSITY, EQUITY] AND [removed: DIVERSITY][added: INCLUSION]

[removed: We] [added: At Iron Mountain, we] believe that an inclusive environment with diverse teams produces more creative solutions, results in better, more innovative products and services and is crucial to our efforts to attract and retain key talent.

We have prioritized [removed: inclusion] [added: diversity, equity] and [removed: diversity ("I&D")] [added: inclusion ("DEI")] as part of our corporate-wide strategic goals.

We recognize that [removed: a great] [added: an inspired] culture is foundational to how we deliver on our purpose and [removed: strategy and] create sustained growth and value for our shareholders.

We [removed: have committed] [added: commit] significant resources to [removed: building] [added: sustaining] a [removed: sustainable] culture that enables innovation and [removed: creativity and] facilitates trust, [removed: employee] engagement, belonging and [removed: better] performance.

[removed: We also use employee survey information,] [added: In addition,] headcount data and cost analyses [removed: to gain] [added: offer] insights into how and where [removed: we] [added: our employees] work.

| Increased investment in our business and customer-centric solutions | | | •We have established an investment strategy to fuel our growth. The investments are enabled by the success of Project Summit and informed by our established leadership position in the physical storage business, expanding services, and our significant progress in the Global Data Center business. | | |

As a result of this initiative, we simplified our global structure, rebalanced resources to focus on higher growth areas, realigned our management structure to create a more dynamic, agile organization, and made investments to enhance the customer experience.

All Project Summit activities were completed in 2021, resulting in $375.0 million in annual Adjusted EBITDA benefits of which $165.0 million were delivered in 2020 and $160.0 million were delivered in 2021, with the remainder to come in 2022.

Project Summit charges totaled approximately $450.0 million since the program's inception.

*Secure IT Asset Disposition ("Secure ITAD"),* a component of asset life cycle management, provides secure disposition of obsolete IT assets with: industry leading secure logistics and chain of custody practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing.

Our service focuses on protecting and eradicating customer data while maintaining strong, audible, and transparent chain of custody practices.

We are able to offer this service in over 30 countries.

As of December 31, 2021, our Global Data Center Business footprint spans nine markets in the United States and seven international markets.

| UNITED STATES | | | INTERNATIONAL MARKETS | | |

| Denver, Colorado | | | Amsterdam | | |

| Kansas City, Missouri | | | London | | |

| Boston, Massachusetts | | | Singapore | | |

| Boyers, Pennsylvania | | | Frankfurt (directly and through an unconsolidated joint venture) | | |

| Manassas, Virginia | | | Mumbai (through an unconsolidated joint venture) | | |

| Edison, New Jersey | | | Pune (through an unconsolidated joint venture) | | |

| Columbus, Ohio | | | Noida (through an unconsolidated joint venture) | | |

| Phoenix and Scottsdale, Arizona | | | | | |

| --- | --- | --- | --- | --- | --- |

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| | | | | | |

We provide our employees with benefits that are designed to support their overall physical, financial, emotional and social well-being.

These benefits vary by location but may include health and welfare benefits, paid time off, and programs to support financial security.

Additionally, employees are able to access emotional well-being resources through global employee assistance programs.

As one of our five core company values, *Promoting Including and Teamwork* is a behavior all of our employees are expected to demonstrate every day.

Steps we have taken to create and sustain a more diverse, equitable and inclusive environment include: hiring a Global Chief Diversity, Equity & Inclusion Officer with significant DEI experience to lead our cultural transformation, the path to creating an environment of inclusiveness and belonging.

We review and revise our systems, policies and processes to assure that our structures facilitate inclusiveness and accountability.

We ensure that our recruiting efforts reflect our diversity goals and we launch, expand and support our Employee Resource Groups, who meet and connect on shared characteristics and life experiences that can prove impactful to our business, our customers and our employees.

Iron Mountain's culture is deeply rooted in its enduring values: *Act with Integrity, Own Safety and Security, Build Customer Value, Take Ownership and Promote Inclusion and Teamwork.* While Iron Mountain is a culture of learning, collaboration, diversity and well-being, we know that culture overall comes down to what it feels like to work at Iron Mountain.

This is why we celebrate our employees who consistently demonstrate Iron Mountain's values in measurable ways while inspiring others to do the same.

We regularly survey our employees on a range of topics to measure our effectiveness and to obtain their views.

We use all of this information to refine our approach when necessary to drive increased employee engagement and success.

We are committed to responsible, sustainable growth.

To that end, we have publicly adopted 20 goals to address our environmental footprint, corporate philanthropy and volunteerism and DEI practices.

As signatories of The Climate Pledge, we are on a path to reach net zero carbon emissions by 2040.

We were a top scorer on the Disability Equality Index in 2020 and 2021.

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| 8 | | | IRON MOUNTAIN 2021 FORM 10-K | | | | | |

Part I

Such opportunities include leveraging new technology solutions to enable us to modernize our service delivery model and more efficiently utilize our fleet, labor and real estate.

DESIGNED TO ACCELERATE EXECUTION OF STRATEGY AND CONTINUE GROWTH

| Simplifying Global Structure •Combining Records and Information ("RIM") operations under one global leader •Rebalancing resources to sharpen focus on higher growth areas | | | Compelling Adjusted EBITDA Benefits | | | | | |

| ~$375M Expected annual run-rate benefits realized exiting 2021 | | | $165M Benefits delivered in 2020 | | | | | |

| Streamlining Management Structure for the Future •Condensing number of layers and reporting levels •Reducing number of positions at Vice President level and above by ~45% •Reducing total managerial and administrative workforce by 700 positions •Realignment to create a more dynamic, agile organization better positioned to make faster decisions and execute strategy in key growth areas | | | Enhancing Customer Experience •Aligning global and regional customer-facing resources across RIM product lines to provide customers with a more integrated experience •Leveraging technology to modernize processes for better alignment between new digital solutions and our core business •Providing customers with a consistent experience across global footprint and introducing new ways of engaging with customers | | | | | |

*Consumer Storage,* provides on-demand, valet storage for consumers (“Consumer Storage”) across 31 markets in North America through a strategic partnership (the “MakeSpace JV”) with MakeSpace Labs, Inc., a consumer storage provider (“MakeSpace”), formed in March 2019.

As of December 31, 2020, our Global Data Center Business footprint spans nine markets in the United States: Denver, Colorado; Kansas City, Missouri; Boston, Massachusetts; Boyers, Pennsylvania; Manassas, Virginia; Edison, New Jersey; Columbus, Ohio; and Phoenix and Scottsdale, Arizona and four international markets: Amsterdam, London, Singapore and, through an unconsolidated joint venture, Frankfurt.

Where applicable, employees are generally eligible to participate in our benefit programs, which may include health and welfare arrangements as well as pension schemes.

Strategies we have taken to create and sustain a more inclusive and diverse environment include: appointing senior leadership for I&D efforts; ensuring that our recruiting efforts reflect our diversity goals; and launching, expanding and supporting our Employee Resource Groups—groups of our employees that voluntarily join together based on shared characteristics, life experiences, or interest around particular activities.

We understand the importance of listening to our employees, and, to that end, we regularly survey our employees to obtain their views and assess their experience.

We use the views expressed in the surveys to adjust our approach on culture and driving employee engagement.

We are committed to responsible, sustainable growth and focus our environmental sustainability efforts on the concrete steps we can take to minimize the impact our operations have on the environment.

To that end, we have publicly adopted long-term energy and emissions goals that establish aggressive reduction targets.

We were named one of America’s Most Responsible Companies by Newsweek magazine in 2020.

|  | | | | | |

|  | | | | | |

| For the Fiscal Year Ended December 31, [removed: 2020] [added: 2021] | | | | | |

[removed: ][added: ]

As of June 30, [removed: 2020,] [added: 2021,] the aggregate market value of the Common Stock of the registrant held by non-affiliates of the registrant was approximately [removed: $7.4] [added: $12.1] billion based on the closing price on the New York Stock Exchange on such date.

Number of shares of the registrant’s Common Stock at February [removed: 19, 2021: 288,421,215][added: 18, 2022: 289,830,119]

Certain information required in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K (the “Annual Report”) is incorporated by reference from our definitive Proxy Statement for our [removed: 2021] [added: 2022] Annual Meeting of Stockholders (our “Proxy Statement”) to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the close of the fiscal year ended December 31, [removed: 2020.][added: 2021.]

[removed: ][added: ]

[removed: 2020] [added: 2021] FORM 10-K ANNUAL REPORT

| PART I | | | [removed: 0[1](#ida1722152d38478e84dc410c27d7e283_13)] [added: 0[1](#i1d117440a79147f69db4408bc4f22334_19)] | | | ITEM 1. | | | [removed: [BUSINESS](#ida1722152d38478e84dc410c27d7e283_13)] [added: [BUSINESS](#i1d117440a79147f69db4408bc4f22334_19)] | | |

| [removed: 0[8](#ida1722152d38478e84dc410c27d7e283_16)] [added: 0[9](#i1d117440a79147f69db4408bc4f22334_22)] | | | ITEM 1A. | | | [RISK [removed: FACTORS](#ida1722152d38478e84dc410c27d7e283_16)] [added: FACTORS](#i1d117440a79147f69db4408bc4f22334_22)] | | | | | |

| [removed: [20](#ida1722152d38478e84dc410c27d7e283_19)] [added: [20](#i1d117440a79147f69db4408bc4f22334_25)] | | | ITEM 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#ida1722152d38478e84dc410c27d7e283_19)] [added: COMMENTS](#i1d117440a79147f69db4408bc4f22334_25)] | | | | | |

| [removed: [20](#ida1722152d38478e84dc410c27d7e283_22)] [added: [21](#i1d117440a79147f69db4408bc4f22334_28)] | | | ITEM 2. | | | [removed: [PROPERTIES](#ida1722152d38478e84dc410c27d7e283_22)] [added: [PROPERTIES](#i1d117440a79147f69db4408bc4f22334_28)] | | | | | |

| [removed: [23](#ida1722152d38478e84dc410c27d7e283_25)] [added: [25](#i1d117440a79147f69db4408bc4f22334_31)] | | | ITEM 3. | | | [LEGAL [removed: PROCEEDINGS](#ida1722152d38478e84dc410c27d7e283_25)] [added: PROCEEDINGS](#i1d117440a79147f69db4408bc4f22334_31)] | | | | | |

| [removed: [23](#ida1722152d38478e84dc410c27d7e283_28)] [added: [25](#i1d117440a79147f69db4408bc4f22334_34)] | | | ITEM 4. | | | [MINE SAFETY [removed: DISCLOSURES](#ida1722152d38478e84dc410c27d7e283_28)] [added: DISCLOSURES](#i1d117440a79147f69db4408bc4f22334_34)] | | | | | |

| PART II | | | [removed: [25](#ida1722152d38478e84dc410c27d7e283_34)] [added: [27](#i1d117440a79147f69db4408bc4f22334_43)] | | | ITEM 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#ida1722152d38478e84dc410c27d7e283_34)] [added: SECURITIES](#i1d117440a79147f69db4408bc4f22334_43)] | | |

| [removed: [25](#ida1722152d38478e84dc410c27d7e283_3347)] [added: [27](#i1d117440a79147f69db4408bc4f22334_46)] | | | ITEM 6. | | | [removed: [\[RESERVED.\]](#ida1722152d38478e84dc410c27d7e283_3347)] [added: [\[RESERVED.\]](#i1d117440a79147f69db4408bc4f22334_46)] | | | | | |

| [removed: [25](#ida1722152d38478e84dc410c27d7e283_40)] [added: [27](#i1d117440a79147f69db4408bc4f22334_52)] | | | ITEM 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#ida1722152d38478e84dc410c27d7e283_40)] [added: OPERATIONS](#i1d117440a79147f69db4408bc4f22334_52)] | | | | | |

| [removed: [55](#ida1722152d38478e84dc410c27d7e283_94)] [added: [57](#i1d117440a79147f69db4408bc4f22334_106)] | | | ITEM 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#ida1722152d38478e84dc410c27d7e283_94)] [added: RISK](#i1d117440a79147f69db4408bc4f22334_106)] | | | | | |

| [removed: [56](#ida1722152d38478e84dc410c27d7e283_97)] [added: [58](#i1d117440a79147f69db4408bc4f22334_109)] | | | ITEM 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ida1722152d38478e84dc410c27d7e283_97)] [added: DATA](#i1d117440a79147f69db4408bc4f22334_109)] | | | | | |

| [removed: [56](#ida1722152d38478e84dc410c27d7e283_100)] [added: [58](#i1d117440a79147f69db4408bc4f22334_112)] | | | ITEM 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#ida1722152d38478e84dc410c27d7e283_100)] [added: DISCLOSURE](#i1d117440a79147f69db4408bc4f22334_112)] | | | | | |

| [removed: [56](#ida1722152d38478e84dc410c27d7e283_103)] [added: [59](#i1d117440a79147f69db4408bc4f22334_115)] | | | ITEM 9A. | | | [CONTROLS AND [removed: PROCEDURES](#ida1722152d38478e84dc410c27d7e283_103)] [added: PROCEDURES](#i1d117440a79147f69db4408bc4f22334_115)] | | | | | |

| [removed: [59](#ida1722152d38478e84dc410c27d7e283_109)] [added: [61](#i1d117440a79147f69db4408bc4f22334_121)] | | | ITEM 9B. | | | [OTHER [removed: INFORMATION](#ida1722152d38478e84dc410c27d7e283_109)] [added: INFORMATION](#i1d117440a79147f69db4408bc4f22334_121)] | | | | | |

| PART III | | | [removed: [61](#ida1722152d38478e84dc410c27d7e283_115)] [added: [64](#i1d117440a79147f69db4408bc4f22334_130)] | | | ITEM 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#ida1722152d38478e84dc410c27d7e283_115)] [added: GOVERNANCE](#i1d117440a79147f69db4408bc4f22334_130)] | | |

| [removed: [61](#ida1722152d38478e84dc410c27d7e283_118)] [added: [64](#i1d117440a79147f69db4408bc4f22334_133)] | | | ITEM 11. | | | [EXECUTIVE [removed: COMPENSATION](#ida1722152d38478e84dc410c27d7e283_118)] [added: COMPENSATION](#i1d117440a79147f69db4408bc4f22334_133)] | | | | | |

| [removed: [61](#ida1722152d38478e84dc410c27d7e283_121)] [added: [64](#i1d117440a79147f69db4408bc4f22334_136)] | | | ITEM 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#ida1722152d38478e84dc410c27d7e283_121)] [added: MATTERS](#i1d117440a79147f69db4408bc4f22334_136)] | | | | | |

| [removed: [61](#ida1722152d38478e84dc410c27d7e283_124)] [added: [64](#i1d117440a79147f69db4408bc4f22334_139)] | | | ITEM 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#ida1722152d38478e84dc410c27d7e283_124)] [added: INDEPENDENCE](#i1d117440a79147f69db4408bc4f22334_139)] | | | | | |

| [removed: [61](#ida1722152d38478e84dc410c27d7e283_127)] [added: [64](#i1d117440a79147f69db4408bc4f22334_142)] | | | ITEM 14. | | | [PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#ida1722152d38478e84dc410c27d7e283_127)] [added: SERVICES](#i1d117440a79147f69db4408bc4f22334_142)] | | | | | |

| PART IV | | | [removed: [63](#ida1722152d38478e84dc410c27d7e283_133)] [added: [66](#i1d117440a79147f69db4408bc4f22334_151)] | | | ITEM 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#ida1722152d38478e84dc410c27d7e283_133)] [added: SCHEDULES](#i1d117440a79147f69db4408bc4f22334_151)] | | |

| [removed: [136](#ida1722152d38478e84dc410c27d7e283_343)] [added: [137](#i1d117440a79147f69db4408bc4f22334_331)] | | | ITEM 16. | | | [FORM 10-K [removed: SUMMARY](#ida1722152d38478e84dc410c27d7e283_343)] [added: SUMMARY](#i1d117440a79147f69db4408bc4f22334_331)] | | | | | |

References in this Annual Report on Form 10-K for the year ended December 31, [removed: 2020] [added: 2021] (this "Annual Report") to “the Company,” “Iron Mountain,” “we,” “us” or “our” include Iron Mountain Incorporated, a Delaware corporation, and its predecessor, as applicable, and its consolidated subsidiaries, unless the context indicates otherwise.

These forward-looking statements concern our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as our (1) expectations and assumptions regarding the impact of the COVID-19 (as defined below) pandemic on us and our customers, including on our businesses, financial position, results of operations and cash flows, (2) commitment to future dividend payments, (3) expected change in volume of records stored with us, (4) expected [added: growth in revenue,] organic [removed: revenue growth,] [added: revenue,] including [removed: 2021] [added: 2022] consolidated organic storage rental revenue growth rate and consolidated organic total revenue growth rate, [added: and Adjusted EBITDA (as defined below),] (5) expectations that profits will increase in our growth portfolio, including our higher-growth markets, [removed: and that our growth portfolio will become a larger part of our business over time,] (6) expectations related to our revenue management programs and continuous improvement initiatives, (7) expectations related to monetizing our owned industrial real estate assets as part of our capital recycling program, (8) expected ability to identify and complete acquisitions and drive returns on invested capital, (9) anticipated capital expenditures, (10) expected [removed: benefits, costs and actions] [added: benefits] related [removed: to, and timing of,] [added: to] Project Summit (as defined below), and (11) other forward-looking statements related to our business, results of operations and financial condition.

[removed: ][added: ]

| [62](#i1d117440a79147f69db4408bc4f22334_3379) | | | ITEM 9C. | | | [DISCLOSURE](#i1d117440a79147f69db4408bc4f22334_3379) [](#i1d117440a79147f69db4408bc4f22334_3379)[REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#i1d117440a79147f69db4408bc4f22334_3379) | | | | | |

[T](#ida1722152d38478e84dc410c27d7e283_7)[able](#ida1722152d38478e84dc410c27d7e283_7) [of Contents](#ida1722152d38478e84dc410c27d7e283_7)

- our ability to execute on Project Summit and the potential impacts of Project Summit on our ability to retain and recruit employees;

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 20 | | | IRON MOUNTAIN 2021 FORM 10-K | | | | | |

Part I

As of December 31, [removed: 2020,] [added: 2021,] we conducted operations through [removed: 1,167] [added: 1,184] leased facilities and [removed: 281] [added: 263] owned facilities.

Our facilities are divided among our reportable operating segments as follows: Global RIM Business [removed: (1,374),] [added: (1,363),] Global Data Center Business [removed: (15)] [added: (17)] and Corporate and Other Business [removed: (59).][added: (67).]

These facilities contain a total of approximately [removed: 92.7] [added: 94.6] million square feet of space.

| [removed: 20] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [added: 21] | | |

| Kentucky | | | | | | [removed: 3] [added: 2] | | | | | | | | | | | | [removed: 116,000] [added: 64,000] | | | | | | | | | | | | 4 | | | | | | | | | | | | 418,760 | | | | | | | | | | | | [removed: 7] [added: 6] | | | | | | | | | | | | [removed: 534,760] [added: 482,760] | | | | | |

| Massachusetts (including Corporate Headquarters) | | | | | | 8 | | | | | | | | | | | | 545,039 | | | | | | | | | | | | [removed: 8] [added: 7] | | | | | | | | | | | | [removed: 1,173,503] [added: 1,025,167] | | | | | | | | | | | | [removed: 16] [added: 15] | | | | | | | | | | | | [removed: 1,718,542] [added: 1,570,206] | | | | | |

| Nevada | | | | | | [removed: 7] [added: *7*] | | | | | | | | | | | | 276,520 | | | | | | | | | | | | 1 | | | | | | | | | | | | 107,041 | | | | | | | | | | | | 8 | | | | | | | | | | | | 383,561 | | | | | |

| Washington | | | | | | [removed: 7] [added: 6] | | | | | | | | | | | | [removed: 719,991] [added: 701,991] | | | | | | | | | | | | 5 | | | | | | | | | | | | 196,028 | | | | | | | | | | | | [removed: 12] [added: 11] | | | | | | | | | | | | [removed: 916,019] [added: 898,019] | | | | | |

| Wisconsin | | | | | | [removed: 6] [added: 5] | | | | | | | | | | | | [removed: 389,857] [added: 379,857] | | | | | | | | | | | | 1 | | | | | | | | | | | | 10,655 | | | | | | | | | | | | [removed: 7] [added: 6] | | | | | | | | | | | | [removed: 400,512] [added: 390,512] | | | | | |

| [added: 22] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 21] | | |

| China Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.) | | | | | | [removed: 45] [added: 46] | | | | | | | | | | | | [removed: 1,878,851] [added: 1,960,751] | | | | | | | | | | | | 1 | | | | | | | | | | | | 20,518 | | | | | | | | | | | | [removed: 46] [added: 47] | | | | | | | | | | | | [removed: 1,899,369] [added: 1,981,269] | | | | | |

| Scotland | | | | | | [removed: —] [added: 1] | | | | | | | | | | | | [removed: —] [added: 67,191] | | | | | | | | | | | | 4 | | | | | | | | | | | | 375,294 | | | | | | | | | | | | [removed: 4] [added: 5] | | | | | | | | | | | | [removed: 375,294] [added: 442,485] | | | | | |

| Spain | | | | | | [removed: 31] [added: 30] | | | | | | | | | | | | [removed: 766,667] [added: 754,667] | | | | | | | | | | | | 5 | | | | | | | | | | | | 170,707 | | | | | | | | | | | | [removed: 36] [added: 35] | | | | | | | | | | | | [removed: 937,374] [added: 925,374] | | | | | |

| Switzerland | | | | | | [removed: 11] [added: 12] | | | | | | | | | | | | [removed: 283,104] [added: 283,857] | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | [removed: 11] [added: 12] | | | | | | | | | | | | [removed: 283,104] [added: 283,857] | | | | | |

| [removed: 22] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [added: 23] | | |

Our total building utilization and total racking utilization by region as of December 31, [removed: 2020] [added: 2021] in Records Management and Data Management are as follows:

The 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, [removed: 2020.][added: 2021.]

| California | | | | | | 67 | | | | | | | | | | | | 5,908,150 | | | | | | | | | | | | 10 | | | | | | | | | | | | 958,856 | | | | | | | | | | | | 77 | | | | | | | | | | | | 6,867,006 | | | | | |

| Colorado | | | | | | 8 | | | | | | | | | | | | 466,336 | | | | | | | | | | | | 4 | | | | | | | | | | | | 484,490 | | | | | | | | | | | | 12 | | | | | | | | | | | | 950,826 | | | | | |

| Connecticut | | | | | | 6 | | | | | | | | | | | | 309,836 | | | | | | | | | | | | 3 | | | | | | | | | | | | 527,666 | | | | | | | | | | | | 9 | | | | | | | | | | | | 837,502 | | | | | |

| Delaware | | | | | | 3 | | | | | | | | | | | | 239,640 | | | | | | | | | | | | 1 | | | | | | | | | | | | 120,921 | | | | | | | | | | | | 4 | | | | | | | | | | | | 360,561 | | | | | |

| Florida | | | | | | 31 | | | | | | | | | | | | 2,240,035 | | | | | | | | | | | | 5 | | | | | | | | | | | | 263,930 | | | | | | | | | | | | 36 | | | | | | | | | | | | 2,503,965 | | | | | |

| Georgia | | | | | | 9 | | | | | | | | | | | | 798,880 | | | | | | | | | | | | 5 | | | | | | | | | | | | 265,049 | | | | | | | | | | | | 14 | | | | | | | | | | | | 1,063,929 | | | | | |

| Maryland | | | | | | 20 | | | | | | | | | | | | 2,139,060 | | | | | | | | | | | | 2 | | | | | | | | | | | | 83,442 | | | | | | | | | | | | 22 | | | | | | | | | | | | 2,222,502 | | | | | |

| Michigan | | | | | | 17 | | | | | | | | | | | | 1,068,499 | | | | | | | | | | | | 2 | | | | | | | | | | | | 62,300 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,130,799 | | | | | |

| Missouri | | | | | | 13 | | | | | | | | | | | | 1,548,828 | | | | | | | | | | | | 1 | | | | | | | | | | | | 25,120 | | | | | | | | | | | | 14 | | | | | | | | | | | | 1,573,948 | | | | | |

| Montana | | | | | | 3 | | | | | | | | | | | | 38,548 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 38,548 | | | | | |

| Nebraska | | | | | | 1 | | | | | | | | | | | | 34,560 | | | | | | | | | | | | 2 | | | | | | | | | | | | 266,733 | | | | | | | | | | | | 3 | | | | | | | | | | | | 301,293 | | | | | |

| New Jersey | | | | | | 33 | | | | | | | | | | | | 3,074,071 | | | | | | | | | | | | 8 | | | | | | | | | | | | 2,476,635 | | | | | | | | | | | | 41 | | | | | | | | | | | | 5,550,706 | | | | | |

| New York | | | | | | 18 | | | | | | | | | | | | 877,103 | | | | | | | | | | | | 12 | | | | | | | | | | | | 1,166,558 | | | | | | | | | | | | 30 | | | | | | | | | | | | 2,043,661 | | | | | |

| Ohio | | | | | | 14 | | | | | | | | | | | | 1,074,262 | | | | | | | | | | | | 4 | | | | | | | | | | | | 250,291 | | | | | | | | | | | | 18 | | | | | | | | | | | | 1,324,553 | | | | | |

| Pennsylvania | | | | | | 23 | | | | | | | | | | | | 2,181,786 | | | | | | | | | | | | 3 | | | | | | | | | | | | 2,062,761 | | | | | | | | | | | | 26 | | | | | | | | | | | | 4,244,547 | | | | | |

| South Carolina | | | | | | 5 | | | | | | | | | | | | 261,011 | | | | | | | | | | | | 2 | | | | | | | | | | | | 214,238 | | | | | | | | | | | | 7 | | | | | | | | | | | | 475,249 | | | | | |

| Texas | | | | | | 43 | | | | | | | | | | | | 2,349,451 | | | | | | | | | | | | 21 | | | | | | | | | | | | 1,894,453 | | | | | | | | | | | | 64 | | | | | | | | | | | | 4,243,904 | | | | | |

| Total United States | | | | | | 469 | | | | | | | | | | | | 34,242,097 | | | | | | | | | | | | 138 | | | | | | | | | | | | 16,889,481 | | | | | | | | | | | | 607 | | | | | | | | | | | | 51,131,578 | | | | | |

| Canada | | | | | | 46 | | | | | | | | | | | | 3,081,804 | | | | | | | | | | | | 16 | | | | | | | | | | | | 1,783,258 | | | | | | | | | | | | 62 | | | | | | | | | | | | 4,865,062 | | | | | |

| Total North America | | | | | | 515 | | | | | | | | | | | | 37,323,901 | | | | | | | | | | | | 154 | | | | | | | | | | | | 18,672,739 | | | | | | | | | | | | 669 | | | | | | | | | | | | 55,996,640 | | | | | |

| Argentina | | | | | | 2 | | | | | | | | | | | | 134,753 | | | | | | | | | | | | 4 | | | | | | | | | | | | 298,864 | | | | | | | | | | | | 6 | | | | | | | | | | | | 433,617 | | | | | |

| Australia | | | | | | 41 | | | | | | | | | | | | 2,888,639 | | | | | | | | | | | | 2 | | | | | | | | | | | | 33,845 | | | | | | | | | | | | 43 | | | | | | | | | | | | 2,922,484 | | | | | |

| Austria | | | | | | 3 | | | | | | | | | | | | 92,296 | | | | | | | | | | | | 1 | | | | | | | | | | | | 58,771 | | | | | | | | | | | | 4 | | | | | | | | | | | | 151,067 | | | | | |

| Bahrain | | | | | | 2 | | | | | | | | | | | | 33,659 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2 | | | | | | | | | | | | 33,659 | | | | | |

| Brazil | | | | | | 41 | | | | | | | | | | | | 2,813,259 | | | | | | | | | | | | 6 | | | | | | | | | | | | 291,280 | | | | | | | | | | | | 47 | | | | | | | | | | | | 3,104,539 | | | | | |

| Bulgaria | | | | | | 1 | | | | | | | | | | | | 68,889 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1 | | | | | | | | | | | | 68,889 | | | | | |

| Chile | | | | | | 2 | | | | | | | | | | | | 6,846 | | | | | | | | | | | | 17 | | | | | | | | | | | | 667,790 | | | | | | | | | | | | 19 | | | | | | | | | | | | 674,636 | | | | | |

| Colombia | | | | | | 21 | | | | | | | | | | | | 799,378 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 21 | | | | | | | | | | | | 799,378 | | | | | |

| Croatia | | | | | | 2 | | | | | | | | | | | | 62,786 | | | | | | | | | | | | 1 | | | | | | | | | | | | 36,447 | | | | | | | | | | | | 3 | | | | | | | | | | | | 99,233 | | | | | |

| Egypt | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1 | | | | | | | | | | | | 163,611 | | | | | | | | | | | | 1 | | | | | | | | | | | | 163,611 | | | | | |

| England | | | | | | 66 | | | | | | | | | | | | 3,551,854 | | | | | | | | | | | | 18 | | | | | | | | | | | | 598,009 | | | | | | | | | | | | 84 | | | | | | | | | | | | 4,149,863 | | | | | |

| France | | | | | | 31 | | | | | | | | | | | | 2,078,227 | | | | | | | | | | | | 12 | | | | | | | | | | | | 936,486 | | | | | | | | | | | | 43 | | | | | | | | | | | | 3,014,713 | | | | | |

| Germany | | | | | | 15 | | | | | | | | | | | | 698,593 | | | | | | | | | | | | 3 | | | | | | | | | | | | 308,504 | | | | | | | | | | | | 18 | | | | | | | | | | | | 1,007,097 | | | | | |

| Greece | | | | | | 5 | | | | | | | | | | | | 314,894 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 5 | | | | | | | | | | | | 314,894 | | | | | |

| Hungary | | | | | | 8 | | | | | | | | | | | | 388,033 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 8 | | | | | | | | | | | | 388,033 | | | | | |

| India | | | | | | 70 | | | | | | | | | | | | 3,147,462 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 70 | | | | | | | | | | | | 3,147,462 | | | | | |

| Indonesia | | | | | | 15 | | | | | | | | | | | | 485,809 | | | | | | | | | | | | 2 | | | | | | | | | | | | 58,965 | | | | | | | | | | | | 17 | | | | | | | | | | | | 544,774 | | | | | |

| Ireland | | | | | | 2 | | | | | | | | | | | | 118,831 | | | | | | | | | | | | 3 | | | | | | | | | | | | 158,558 | | | | | | | | | | | | 5 | | | | | | | | | | | | 277,389 | | | | | |

| Jordan | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1 | | | | | | | | | | | | 24,757 | | | | | | | | | | | | 1 | | | | | | | | | | | | 24,757 | | | | | |

| Latvia | | | | | | 2 | | | | | | | | | | | | 50,681 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2 | | | | | | | | | | | | 50,681 | | | | | |

| California | | | | | | 66 | | | | | | | | | | | | 5,606,499 | | | | | | | | | | | | 10 | | | | | | | | | | | | 958,856 | | | | | | | | | | | | 76 | | | | | | | | | | | | 6,565,355 | | | | | |

| Colorado | | | | | | 10 | | | | | | | | | | | | 499,546 | | | | | | | | | | | | 4 | | | | | | | | | | | | 484,490 | | | | | | | | | | | | 14 | | | | | | | | | | | | 984,036 | | | | | |

| Connecticut | | | | | | 4 | | | | | | | | | | | | 199,114 | | | | | | | | | | | | 6 | | | | | | | | | | | | 665,013 | | | | | | | | | | | | 10 | | | | | | | | | | | | 864,127 | | | | | |

| Delaware | | | | | | 4 | | | | | | | | | | | | 309,067 | | | | | | | | | | | | 1 | | | | | | | | | | | | 120,921 | | | | | | | | | | | | 5 | | | | | | | | | | | | 429,988 | | | | | |

| Florida | | | | | | 33 | | | | | | | | | | | | 2,356,117 | | | | | | | | | | | | 5 | | | | | | | | | | | | 263,930 | | | | | | | | | | | | 38 | | | | | | | | | | | | 2,620,047 | | | | | |

| Georgia | | | | | | 10 | | | | | | | | | | | | 826,606 | | | | | | | | | | | | 5 | | | | | | | | | | | | 265,049 | | | | | | | | | | | | 15 | | | | | | | | | | | | 1,091,655 | | | | | |

| Maryland | | | | | | 19 | | | | | | | | | | | | 2,032,517 | | | | | | | | | | | | 2 | | | | | | | | | | | | 83,442 | | | | | | | | | | | | 21 | | | | | | | | | | | | 2,115,959 | | | | | |

| Michigan | | | | | | 13 | | | | | | | | | | | | 785,563 | | | | | | | | | | | | 6 | | | | | | | | | | | | 345,736 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,131,299 | | | | | |

| Missouri | | | | | | 10 | | | | | | | | | | | | 1,225,648 | | | | | | | | | | | | 5 | | | | | | | | | | | | 373,120 | | | | | | | | | | | | 15 | | | | | | | | | | | | 1,598,768 | | | | | |

| Montana | | | | | | 3 | | | | | | | | | | | | 35,990 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 35,990 | | | | | |

| Nebraska | | | | | | 1 | | | | | | | | | | | | 34,560 | | | | | | | | | | | | 3 | | | | | | | | | | | | 316,970 | | | | | | | | | | | | 4 | | | | | | | | | | | | 351,530 | | | | | |

| New Jersey | | | | | | 34 | | | | | | | | | | | | 3,091,948 | | | | | | | | | | | | 8 | | | | | | | | | | | | 2,476,635 | | | | | | | | | | | | 42 | | | | | | | | | | | | 5,568,583 | | | | | |

| New York | | | | | | 20 | | | | | | | | | | | | 921,775 | | | | | | | | | | | | 13 | | | | | | | | | | | | 1,186,266 | | | | | | | | | | | | 33 | | | | | | | | | | | | 2,108,041 | | | | | |

| Ohio | | | | | | 14 | | | | | | | | | | | | 1,064,729 | | | | | | | | | | | | 5 | | | | | | | | | | | | 290,291 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,355,020 | | | | | |

| Pennsylvania | | | | | | 24 | | | | | | | | | | | | 2,335,704 | | | | | | | | | | | | 4 | | | | | | | | | | | | 2,067,081 | | | | | | | | | | | | 28 | | | | | | | | | | | | 4,402,785 | | | | | |

| South Carolina | | | | | | 4 | | | | | | | | | | | | 247,375 | | | | | | | | | | | | 2 | | | | | | | | | | | | 214,238 | | | | | | | | | | | | 6 | | | | | | | | | | | | 461,613 | | | | | |

| Texas | | | | | | 40 | | | | | | | | | | | | 2,172,049 | | | | | | | | | | | | 27 | | | | | | | | | | | | 2,229,977 | | | | | | | | | | | | 67 | | | | | | | | | | | | 4,402,026 | | | | | |

| Total United States | | | | | | 467 | | | | | | | | | | | | 33,456,848 | | | | | | | | | | | | 160 | | | | | | | | | | | | 18,256,389 | | | | | | | | | | | | 627 | | | | | | | | | | | | 51,713,237 | | | | | |

| Canada | | | | | | 49 | | | | | | | | | | | | 3,076,099 | | | | | | | | | | | | 16 | | | | | | | | | | | | 1,783,258 | | | | | | | | | | | | 65 | | | | | | | | | | | | 4,859,357 | | | | | |

| Total North America | | | | | | 516 | | | | | | | | | | | | 36,532,947 | | | | | | | | | | | | 176 | | | | | | | | | | | | 20,039,647 | | | | | | | | | | | | 692 | | | | | | | | | | | | 56,572,594 | | | | | |

| Argentina | | | | | | 4 | | | | | | | | | | | | 225,334 | | | | | | | | | | | | 4 | | | | | | | | | | | | 298,864 | | | | | | | | | | | | 8 | | | | | | | | | | | | 524,198 | | | | | |

| Australia | | | | | | 44 | | | | | | | | | | | | 3,004,241 | | | | | | | | | | | | 2 | | | | | | | | | | | | 33,845 | | | | | | | | | | | | 46 | | | | | | | | | | | | 3,038,086 | | | | | |

| Austria | | | | | | 3 | | | | | | | | | | | | 92,296 | | | | | | | | | | | | 1 | | | | | | | | | | | | 30,000 | | | | | | | | | | | | 4 | | | | | | | | | | | | 122,296 | | | | | |

| Brazil | | | | | | 42 | | | | | | | | | | | | 2,854,580 | | | | | | | | | | | | 7 | | | | | | | | | | | | 324,655 | | | | | | | | | | | | 49 | | | | | | | | | | | | 3,179,235 | | | | | |

| Bulgaria | | | | | | 2 | | | | | | | | | | | | 154,204 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2 | | | | | | | | | | | | 154,204 | | | | | |

| Chile | | | | | | 8 | | | | | | | | | | | | 295,030 | | | | | | | | | | | | 10 | | | | | | | | | | | | 376,183 | | | | | | | | | | | | 18 | | | | | | | | | | | | 671,213 | | | | | |

| Colombia | | | | | | 24 | | | | | | | | | | | | 938,325 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 24 | | | | | | | | | | | | 938,325 | | | | | |

| Croatia | | | | | | 1 | | | | | | | | | | | | 36,737 | | | | | | | | | | | | 1 | | | | | | | | | | | | 36,447 | | | | | | | | | | | | 2 | | | | | | | | | | | | 73,184 | | | | | |

| England | | | | | | 59 | | | | | | | | | | | | 2,969,416 | | | | | | | | | | | | 23 | | | | | | | | | | | | 1,175,907 | | | | | | | | | | | | 82 | | | | | | | | | | | | 4,145,323 | | | | | |

| France | | | | | | 33 | | | | | | | | | | | | 2,111,261 | | | | | | | | | | | | 12 | | | | | | | | | | | | 936,486 | | | | | | | | | | | | 45 | | | | | | | | | | | | 3,047,747 | | | | | |

| Germany | | | | | | 14 | | | | | | | | | | | | 690,283 | | | | | | | | | | | | 2 | | | | | | | | | | | | 93,226 | | | | | | | | | | | | 16 | | | | | | | | | | | | 783,509 | | | | | |

| Greece | | | | | | 4 | | | | | | | | | | | | 291,273 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 4 | | | | | | | | | | | | 291,273 | | | | | |

| Hungary | | | | | | 7 | | | | | | | | | | | | 350,898 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 350,898 | | | | | |

| India | | | | | | 75 | | | | | | | | | | | | 3,211,253 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 75 | | | | | | | | | | | | 3,211,253 | | | | | |

| Indonesia | | | | | | 3 | | | | | | | | | | | | 85,423 | | | | | | | | | | | | 1 | | | | | | | | | | | | 37,674 | | | | | | | | | | | | 4 | | | | | | | | | | | | 123,097 | | | | | |

| Ireland | | | | | | 5 | | | | | | | | | | | | 133,153 | | | | | | | | | | | | 3 | | | | | | | | | | | | 158,558 | | | | | | | | | | | | 8 | | | | | | | | | | | | 291,711 | | | | | |

| Latvia | | | | | | 2 | | | | | | | | | | | | 58,710 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2 | | | | | | | | | | | | 58,710 | | | | | |

| The Netherlands | | | | | | 9 | | | | | | | | | | | | 602,564 | | | | | | | | | | | | 3 | | | | | | | | | | | | 102,199 | | | | | | | | | | | | 12 | | | | | | | | | | | | 704,763 | | | | | |

| Peru | | | | | | 4 | | | | | | | | | | | | 63,949 | | | | | | | | | | | | 10 | | | | | | | | | | | | 433,770 | | | | | | | | | | | | 14 | | | | | | | | | | | | 497,719 | | | | | |

| Romania | | | | | | 7 | | | | | | | | | | | | 412,214 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 412,214 | | | | | |

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 23] [added: 25] | | |

[removed: ][added: ]

The closing price of our common stock on the NYSE on February [removed: 19, 2021] [added: 18, 2022] was [removed: $32.17.][added: $43.01.]

As of February [removed: 19, 2021,] [added: 18, 2022,] there were [removed: 8,071] [added: 7,117] holders of record of our common stock.

See Note [removed: 8] [added: 9] to Notes to Consolidated Financial Statements included in this Annual Report for additional information on dividends declared on our common stock.

We did not sell any unregistered equity securities during the three months ended December 31, [removed: 2020,] [added: 2021,] nor did we repurchase any shares of our common stock during the three months ended December 31, [removed: 2020.][added: 2021.]

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 56] [added: 58] | | |

As of December 31, [removed: 2020] [added: 2021] (the “Evaluation Date”), we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures.

Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2020.][added: 2021.]

| [removed: 57] [added: 59] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

We have audited the internal control over financial reporting of Iron Mountain Incorporated and subsidiaries (the “Company”) as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2020,] [added: 2021,] of the Company and our report dated February 24, [removed: 2021,] [added: 2022,] expressed an unqualified opinion on those financial statements.

| | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 58] [added: 60] | | |

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended December 31, [removed: 2020] [added: 2021] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

February 24, 2022

February 24, 2021

As previously disclosed in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 (the “2020 Quarterly [removed: Reports”),] [added: Reports”) and in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”),] during the first quarter of 2020, we determined that one of our non-U.S. subsidiaries provided limited hard copy record, electronic media (e.g., CD), box and container storage and handling services during such quarter, and in prior periods since the reporting requirement took effect, to at least one [removed: Government of Iran] entity [removed: and one entity] designated under Executive Order No. 13382 [added: (the “Entity”) and one Government of Iran entity] - both located outside of Iran.

We also reported in the 2020 Quarterly Reports [added: and 2020 Annual Report] that we had notified the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) of these limited activities and initiated an internal investigation, and, during that investigation, we had identified two additional customer relationships between the subsidiary in question and entities designated under Executive Order No. 13382 and Executive Order No. 13224, neither of which was active and ongoing during the year ended December 31, 2020.

During the second quarter of 2020, the [added: non-U.S.] subsidiary in question notified both entities [removed: with active relationships identified during the first quarter] of [removed: 2020 of] its decision to terminate those relationships.

The [added: non-U.S.] subsidiary [added: in question did not receive any revenue in connection with this activity and, except for related communications,] has not engaged in any other activity with the [removed: entities] [added: Entity] during the period covered by this report.

Consistent with the disclosure contained in the 2020 [removed: Quarterly Reports,] [added: Annual Report,] we do not intend to continue any activity involving the [removed: entities in question.][added: Entity.]

[removed: Following] [added: As we reported in our 2020 Annual Report, following] the year ended December 31, 2020, we submitted a Final Notice of Voluntary Disclosure (“Final VSD”) with OFAC on January 14, 2021.

| [removed: 59] [added: 61] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | | | |

[removed: PART III][added: Part II]

As we reported in our 2020 Quarterly Reports and our 2020 Annual Report, when the non-U.S. subsidiary terminated its relationship with the Entity during the second quarter of 2020, it also took steps to treat the property held in storage for the Entity as blocked property under regulations administered by OFAC, including by placing blocks and notices on the Entity’s account and instructing relevant employees of the non-U.S. subsidiary.

However, as reported in our Quarterly Report for the quarter ended June 30, 2021, notwithstanding such procedures, through a review process, the Company became aware in the second quarter of 2021 that an employee of the non-U.S. subsidiary authorized the destruction of the Entity’s property.

The Company conducted a review of the matter which resulted in remediation actions including the termination of the employee.

On August 5, 2021, we submitted an Initial Notice of Voluntary Disclosure to OFAC regarding the destruction of the Entity’s property.

We continue to investigate the matter and intend to submit a Final Notice of Voluntary Disclosure to OFAC once the investigation is complete.

We will continue to cooperate fully with OFAC in its review of this matter.

Because we consider property held in storage for these two entities to be blocked property under regulations administered by OFAC, the subsidiary in question continues to hold the boxes and will do so in accordance with applicable rules and regulations.

Following termination of the relationships, the subsidiary in question received cash of less than 2,000 British pounds sterling from one of the entities for services provided and invoiced prior to the termination.

The subsidiary is treating this money as blocked property.

The gross revenues attributable to the services provided to these entities while the entities were designated under Executive Order No. 13382 and Executive Order No. 13224 were less than 30,000 British pounds sterling in the aggregate.

It is not possible to determine the exact amount of profits attributable to these services, but the net profits are less than the associated revenues.


Not Applicable.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | IRON MOUNTAIN 2021 FORM 10-K | | | 62 | | |


PART III

| [removed: 61] | | | [removed: IRON] [added: IRON] MOUNTAIN [added: 2021 FORM 10-K] | | | [added: 64] | | |

[removed: ][added: ]

| [removed: [Report] [added: Report] of Independent Registered Public Accounting [removed: Firm](#ida1722152d38478e84dc410c27d7e283_136)] [added: Firm (PCAOB ID No. 34)] | | | [removed: [64](#ida1722152d38478e84dc410c27d7e283_136)] [added: [67](#i1d117440a79147f69db4408bc4f22334_154)] | | |

| [Consolidated Balance Sheets, December 31, [removed: 2020 and 2019](#ida1722152d38478e84dc410c27d7e283_139)] [added: 202](#i1d117440a79147f69db4408bc4f22334_157)[1](#i1d117440a79147f69db4408bc4f22334_157) [and 20](#i1d117440a79147f69db4408bc4f22334_157)20] | | | [removed: [66](#ida1722152d38478e84dc410c27d7e283_139)] [added: [69](#i1d117440a79147f69db4408bc4f22334_157)] | | |

| [Consolidated Statements of Operations, Years Ended December 31, [removed: 20](#ida1722152d38478e84dc410c27d7e283_145)[20](#ida1722152d38478e84dc410c27d7e283_145)[, 201](#ida1722152d38478e84dc410c27d7e283_145)[9](#ida1722152d38478e84dc410c27d7e283_145)] [added: 202](#i1d117440a79147f69db4408bc4f22334_160)[1](#i1d117440a79147f69db4408bc4f22334_160)[, 20](#i1d117440a79147f69db4408bc4f22334_160)[20](#i1d117440a79147f69db4408bc4f22334_160)] [and [removed: 2](#ida1722152d38478e84dc410c27d7e283_145)[01](#ida1722152d38478e84dc410c27d7e283_145)[8](#ida1722152d38478e84dc410c27d7e283_145)] [added: 201](#i1d117440a79147f69db4408bc4f22334_160)9] | | | [removed: [67](#ida1722152d38478e84dc410c27d7e283_145)] [added: [70](#i1d117440a79147f69db4408bc4f22334_160)] | | |

| [Consolidated Statements of Comprehensive Income (Loss), Years Ended December 31, [removed: 20](#ida1722152d38478e84dc410c27d7e283_154)[2](#ida1722152d38478e84dc410c27d7e283_154)[0](#ida1722152d38478e84dc410c27d7e283_154)[, 201](#ida1722152d38478e84dc410c27d7e283_154)[9](#ida1722152d38478e84dc410c27d7e283_154)] [added: 202](#i1d117440a79147f69db4408bc4f22334_166)[1](#i1d117440a79147f69db4408bc4f22334_166)[, 20](#i1d117440a79147f69db4408bc4f22334_166)[20](#i1d117440a79147f69db4408bc4f22334_166)] [and [removed: 20](#ida1722152d38478e84dc410c27d7e283_154)[18](#ida1722152d38478e84dc410c27d7e283_154)] [added: 201](#i1d117440a79147f69db4408bc4f22334_166)9] | | | [removed: [68](#ida1722152d38478e84dc410c27d7e283_154)] [added: [71](#i1d117440a79147f69db4408bc4f22334_166)] | | |

| [Consolidated Statements of Equity, Years Ended December 31, [removed: 20](#ida1722152d38478e84dc410c27d7e283_157)[20](#ida1722152d38478e84dc410c27d7e283_157)[, 20](#ida1722152d38478e84dc410c27d7e283_157)[19](#ida1722152d38478e84dc410c27d7e283_157)] [added: 202](#i1d117440a79147f69db4408bc4f22334_169)[1](#i1d117440a79147f69db4408bc4f22334_169)[, 20](#i1d117440a79147f69db4408bc4f22334_169)[20](#i1d117440a79147f69db4408bc4f22334_169)] [and [removed: 20](#ida1722152d38478e84dc410c27d7e283_157)[18](#ida1722152d38478e84dc410c27d7e283_157)] [added: 201](#i1d117440a79147f69db4408bc4f22334_169)9] | | | [removed: [69](#ida1722152d38478e84dc410c27d7e283_157)] [added: [72](#i1d117440a79147f69db4408bc4f22334_169)] | | |

| [Consolidated Statements of Cash Flows, Years Ended December 31, [removed: 20](#ida1722152d38478e84dc410c27d7e283_160)[2](#ida1722152d38478e84dc410c27d7e283_160)[0](#ida1722152d38478e84dc410c27d7e283_160)[, 20](#ida1722152d38478e84dc410c27d7e283_160)[19](#ida1722152d38478e84dc410c27d7e283_160)] [added: 202](#i1d117440a79147f69db4408bc4f22334_172)[1](#i1d117440a79147f69db4408bc4f22334_172)[, 20](#i1d117440a79147f69db4408bc4f22334_172)[20](#i1d117440a79147f69db4408bc4f22334_172)] [and [removed: 20](#ida1722152d38478e84dc410c27d7e283_160)[18](#ida1722152d38478e84dc410c27d7e283_160)] [added: 201](#i1d117440a79147f69db4408bc4f22334_172)9] | | | [removed: [70](#ida1722152d38478e84dc410c27d7e283_160)] [added: [73](#i1d117440a79147f69db4408bc4f22334_172)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ida1722152d38478e84dc410c27d7e283_166)] [added: Statements](#i1d117440a79147f69db4408bc4f22334_175)] | | | [removed: [71](#ida1722152d38478e84dc410c27d7e283_166)] [added: [74](#i1d117440a79147f69db4408bc4f22334_175)] | | |

| [Financial Statement Schedule III—Schedule of Real Estate and Accumulated [removed: Depreciation](#ida1722152d38478e84dc410c27d7e283_337)] [added: Depreciation](#i1d117440a79147f69db4408bc4f22334_325)] | | | [removed: [123](#ida1722152d38478e84dc410c27d7e283_337)] [added: [124](#i1d117440a79147f69db4408bc4f22334_325)] | | |

| [removed: 63] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [added: 66] | | |

We have audited the accompanying consolidated balance sheets of Iron Mountain Incorporated and subsidiaries (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 24, [removed: 2021,] [added: 2022,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

| [added: 67] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 64] | | |

The goodwill balance allocated to the Global Data Center reporting unit was [removed: $431] [added: $429] million as of October 1, [removed: 2020] [added: 2021] (goodwill impairment testing date).

The Global Data Center reporting unit’s fair value exceeded its carrying value by less than [removed: 10%,] [added: 25%,] accordingly, auditing the assumptions used in the goodwill impairment analysis for this reporting unit involved especially subjective judgment.

Our audit procedures related to future revenue growth rates, operating margins and capital expenditures (collectively, the “Forecast”), [removed: Adjusted EBITDA multiples and] the selection of discount [removed: rates] [added: rates, and Adjusted EBITDA multiples] for the Global Data Center reporting unit included the following, among others:

| [removed: 65] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [added: 68] | | |

[added: | 69 | | |] IRON MOUNTAIN [removed: INCORPORATED][added: 2021 FORM 10-K | | | | | |]

| | | | [added: 2021 | | | | | |] 2020 | | | | | | 2019 | | |

| Cash and cash equivalents | | | $ | [removed: 205,063] [added: 255,828] | | | | | $ | [removed: 193,555] [added: 205,063] | |

| Accounts receivable (less allowances of [removed: $56,981] [added: $62,009] and [removed: $42,856] [added: $56,981] as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively) | | | [removed: 859,344] [added: 961,419] | | | | | | [removed: 850,701] [added: 859,344] | | |

| Prepaid expenses and other | | | [removed: 205,380] [added: 224,020] | | | | | | [removed: 192,083] [added: 205,380] | | |

| Total Current Assets | | | [removed: 1,269,787] [added: 1,441,267] | | | | | | [removed: 1,236,339] [added: 1,269,787] | | |

| Property, plant and equipment | | | [removed: 8,246,337] [added: 8,647,303] | | | | | | [removed: 8,048,906] [added: 8,246,337] | | |

| Less—Accumulated depreciation | | | [removed: (3,743,894)] [added: (3,979,159)] | | | | | | [removed: (3,425,869)] [added: (3,743,894)] | | |

| Property, Plant and Equipment, net | | | [removed: 4,502,443] [added: 4,668,144] | | | | | | [removed: 4,623,037] [added: 4,502,443] | | |

| Goodwill | | | [removed: 4,557,609] [added: 4,463,531] | | | | | | [removed: 4,485,209] [added: 4,557,609] | | |

| Customer relationships, customer inducements and data center lease-based intangibles | | | [removed: 1,326,977] [added: 1,181,043] | | | | | | [removed: 1,393,183] [added: 1,326,977] | | |

| Operating lease right-of-use assets | | | [removed: 2,196,502] [added: 2,314,422] | | | | | | [removed: 1,869,101] [added: 2,196,502] | | |

| Other | | | [removed: 295,949] [added: 381,624] | | | | | | [removed: 209,947] [added: 295,949] | | |

| Total Other Assets, Net | | | [removed: 8,377,037] [added: 8,340,620] | | | | | | [removed: 7,957,440] [added: 8,377,037] | | |

| Total Assets | | | $ | [removed: 14,149,267] [added: 14,450,031] | | | | | $ | [removed: 13,816,816] [added: 14,149,267] | |

| Current portion of long-term debt | | | $ | [removed: 193,759] [added: 309,428] | | | | | $ | [removed: 389,013] [added: 193,759] | |

| Accounts payable | | | [removed: 359,863] [added: 369,145] | | | | | | [removed: 324,708] [added: 359,863] | | |

| Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | | | [removed: 1,146,288] [added: 1,032,537] | | | | | | [removed: 961,752] [added: 1,146,288] | | |

| Deferred revenue | | | [removed: 295,785] [added: 307,470] | | | | | | [removed: 274,036] [added: 295,785] | | |

| Total Current Liabilities | | | [removed: 1,995,695] [added: 2,018,580] | | | | | | [removed: 1,949,509] [added: 1,995,695] | | |

| Long-term Debt, net of current portion | | | [removed: 8,509,555] [added: 8,962,513] | | | | | | [removed: 8,275,566] [added: 8,509,555] | | |

| Long-term Operating Lease Liabilities, net of current portion | | | [removed: 2,044,598] [added: 2,171,472] | | | | | | [removed: 1,728,686] [added: 2,044,598] | | |

| Other Long-term Liabilities | | | [removed: 204,508] [added: 144,053] | | | | | | [removed: 143,018] [added: 204,508] | | |

February 24, 2022

| | | | 2021 | | | | | | 2020 | | |

| Acquisition and Integration Costs | | | 12,764 | | | | | | — | | | | | | 13,293 | | |

| Basic | | | 289,457 | | | | | | 288,183 | | | | | | 286,971 | | |

| Diluted | | | 290,975 | | | | | | 288,643 | | | | | | 287,687 | | |

| Foreign currency translation adjustment | | | (135,165) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (134,834) | | | | | | (331) | | | | | | | | | (1,245) | | |

| Net income (loss) | | | 450,355 | | | | | | — | | | | | | — | | | | | | — | | | | | | 450,219 | | | | | | — | | | | | | 136 | | | | | | | | | 2,370 | | |

| Noncontrolling interests equity contributions | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 2,200 | | |

| Purchase of noncontrolling interests | | | 1,311 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,311 | | | | | | | | | 2,567 | | |

| Redemption of noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | (2,518) | | |

| Balance, December 31, 2021 | | | $ | 857,068 | | | | | 289,757,061 | | | | | | $ | 2,898 | | | | | $ | 4,412,553 | | | | | $ | (3,221,152) | | | | | $ | (338,347) | | | | | $ | 1,116 | | | | | | | | $ | 72,411 | |

| Net income (loss) | | | $ | 452,725 | | | | | $ | 343,096 | | | | | $ | 268,315 | |

| Intangible impairments | | | — | | | | | | 23,000 | | | | | | — | | |

| Gain on IPM Divestment (as defined in Note 4) | | | (178,983) | | | | | | — | | | | | | — | | |

| Net proceeds from IPM Divestment | | | 213,878 | | | | | | — | | | | | | — | | |

| Purchase of noncontrolling interest | | | (75,000) | | | | | | — | | | | | | — | | |

DECEMBER 31, 2021

As of December 31, 2021, we have completed Project Summit.

DECEMBER 31, 2021

| 2021 | | | | | | $ | 56,981 | | | | | $ | 47,931 | | | | | $ | 26,896 | | | | | $ | (69,799) | | | | | $ | 62,009 | |

DECEMBER 31, 2021

| DESCRIPTION | | | | | | 2021 | | | | | | 2020 | | |

| Other | | | | | | 457,617 | | | | | | 576,734 | | |

| Accrued expenses and other current liabilities | | | | | | $ | 1,032,537 | | | | | $ | 1,146,288 | |

DECEMBER 31, 2021

| DESCRIPTION | | | | | | 2021 | | | | | | 2020 | | |

DECEMBER 31, 2021

| DESCRIPTION | | | | | | 2021 | | | | | | 2020 | | |

DECEMBER 31, 2021

| 2022 | | | | | | $ | 399,242 | | | | | $ | 5,838 | | | | | $ | 55,115 | |

| 2023 | | | | | | 380,690 | | | | | | 5,208 | | | | | | 50,122 | | |

| 2024 | | | | | | 353,617 | | | | | | 3,631 | | | | | | 41,150 | | |

| 2025 | | | | | | 328,320 | | | | | | 1,504 | | | | | | 38,600 | | |

| 2026 | | | | | | 296,895 | | | | | | 1,075 | | | | | | 34,731 | | |

| Thereafter | | | | | | 1,706,142 | | | | | | 2,271 | | | | | | 235,872 | | |

| Total minimum lease payments | | | | | | 3,464,906 | | | | | | $ | 19,527 | | | | | 455,590 | | |

| Present value of lease obligations | | | | | | $ | 2,431,069 | | | | | | | | | | | $ | 356,729 | |

Each of these leases is expected to commence during 2022.

The largest of these leases is for a facility in the United Kingdom that is currently under construction.

The exact terms of the lease will be determined upon the completion of building construction, which is expected to occur during late 2022.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Part IV

February 24, 2021

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

| Significant Acquisition Costs | | | — | | | | | | 13,293 | | | | | | 50,665 | | |

| Earnings (Losses) per Share—Diluted: | | | | | | | | | | | | | | | | | |

| Balance, December 31, 2017 | | | $ | 2,285,134 | | | | | 283,110,183 | | | | | | $ | 2,831 | | | | | $ | 4,164,562 | | | | | $ | (1,779,674) | | | | | $ | (103,989) | | | | | $ | 1,404 | | | | | | | | $ | 91,418 | |

| Issuance of shares in connection with the Over-Allotment Option, net of underwriting discounts and offering expenses | | | 76,192 | | | | | | 2,175,000 | | | | | | 22 | | | | | | 76,170 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |

| Issuance of shares through the At The Market (ATM) Equity Program, net of underwriting discounts and offering expenses | | | 8,716 | | | | | | 273,486 | | | | | | 2 | | | | | | 8,714 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |

| Foreign currency translation adjustment | | | (160,548) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (160,702) | | | | | | 154 | | | | | | | | | (3,559) | | |

| Net income (loss) | | | 353,784 | | | | | | — | | | | | | — | | | | | | — | | | | | | 353,933 | | | | | | — | | | | | | (149) | | | | | | | | | 1,347 | | |

| Cumulative-effect adjustment for adoption of ASU 2016-02 | | | 5,781 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,781 | | | | | | — | | | | | | — | | | | | | | | | — | | |

| Net proceeds from divestments | | | — | | | | | | — | | | | | | 1,019 | | |

| Net proceeds associated with the Equity Offering, including Over-Allotment Option | | | — | | | | | | — | | | | | | 76,192 | | |

| Net proceeds associated with the At The Market (ATM) Program | | | — | | | | | | — | | | | | | 8,716 | | |

This resulted in U.S. federal, state and local and foreign governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings and stay-at-home orders and advisories.

In response, we temporarily closed certain of our offices and facilities across the world and implemented certain travel restrictions for our employees.

The preventative and protective actions that governments have ordered, or we or our customers have implemented, have resulted in a period of reduced service operations and business disruption for us, our customers and other third parties with which we do business.

and Note 12.

On January 10, 2018, we completed the acquisition of IO Data Centers, LLC (“IODC”).

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2018 | | | | | | 46,648 | | | | | | 36,329 | | | | | | 18,625 | | | | | | (58,018) | | | | | | 43,584 | | |

At December 31, 2019, we had money market funds with seven “Triple A” rated money market funds.

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Sales tax and VAT payable | | | | | | 131,780 | | | | | | 115,352 | | |

| Other | | | | | | 444,954 | | | | | | 339,143 | | |

| Accrued expenses | | | | | | $ | 1,146,288 | | | | | $ | 961,752 | |

| 2021 | | | | | | $ | 380,607 | | | | | $ | (6,208) | | | | | $ | 62,669 | |

| 2022 | | | | | | 362,970 | | | | | | (5,752) | | | | | | 54,499 | | |

| 2023 | | | | | | 334,893 | | | | | | (5,222) | | | | | | 45,557 | | |

| 2024 | | | | | | 307,039 | | | | | | (3,771) | | | | | | 38,051 | | |

| 2025 | | | | | | 281,487 | | | | | | (1,661) | | | | | | 32,261 | | |

| Thereafter | | | | | | 1,687,706 | | | | | | (6,229) | | | | | | 268,542 | | |

| Total minimum lease payments | | | | | | 3,354,702 | | | | | | $ | (28,843) | | | | | 501,579 | | |

| Present value of lease obligations | | | | | | $ | 2,294,837 | | | | | | | | | | | $ | 366,311 | |

| [added: 137] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 136] | | |

| [removed: 3.3] [added: 4.11] | | | | | | [removed: [Bylaws] [added: [Description] of [removed: the Company.](http://www.sec.gov/Archives/edgar/data/1020569/000104746915001413/a2223186zex-3_3.htm) *(Incorporated] [added: Securities.](http://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex4-16.htm) (*Incorporated] by reference to the [removed: Company’s] [added: Company's] Annual Report on Form 10-K for the year ended December 31, [removed: 2014.)*] [added: 2019*.)] | | |

| 4.4 | | | | | | [Senior Indenture, dated as of September 9, 2019, among the Company, the Subsidiary Guarantors and Wells Fargo Bank, National Association, as [removed: trustee](http://www.sec.gov/Archives/edgar/data/1020569/000141057819001154/tv529083_ex4-1.htm%20)[,](http://www.sec.gov/Archives/edgar/data/1020569/000141057819001154/tv529083_ex4-1.htm%20) [relating] [added: trustee, relating] to the [removed: 4.](http://www.sec.gov/Archives/edgar/data/1020569/000141057819001154/tv529083_ex4-1.htm%20)[875%] [added: 4.875%] Senior Notes due 2029.](http://www.sec.gov/Archives/edgar/data/1020569/000141057819001154/tv529083_ex4-1.htm%20)(*Incorporated by reference to the Company's Current Report on Form 8-K dated September 9, 2019.)* | | |

| [removed: 4.9] [added: 4.10] | | | | | | [Form of Stock Certificate representing shares of Common Stock, $0.01 par value per share, of the Company.](http://www.sec.gov/Archives/edgar/data/1020569/000110465915003541/a15-2519_1ex4d2.htm) *(Incorporated by reference to the Company’s Current Report on Form 8‑K dated January 21, 2015.)* | | |

| [removed: 4.10] [added: 10.36] | | | | | | [removed: [Description] [added: [Form] of [removed: Securities.](http://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex4-16.htm)] [added: Stock Option Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 4).](http://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex10-32.htm) (#)] (*Incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2019*.) | | |

| [removed: 137] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [added: 138] | | |

| [removed: 10.11] [added: 10.13] | | | | | | [Iron Mountain Incorporated 2014 Stock and Cash Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746914010080/a2222572zdefm14a.htm#hs15201_annex_c)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/https//www.sec.gov/Archives/edgar/data/0001020569/000104746914010080/a2222572zdefm14a.htm)] (#) *(Incorporated by reference to Annex C to the Iron Mountain Incorporated Proxy Statement for the Special Meeting of Stockholders, filed with the SEC on December 23, 2014.)* | | |

| [removed: 10.12] [added: 10.14] | | | | | | [First Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000110465917036181/a17-14040_1ex10d1.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8-K dated May 23, 2017.)* | | |

| [removed: 10.13] [added: 10.15] | | | | | | [Second Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000102056918000118/irm2018930-ex101.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.)* | | |

| [removed: 10.14] [added: 10.17] | | | | | | [Form of Iron Mountain Incorporated Amended and Restated Non‑Qualified Stock Option Agreement.](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_9.txt) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.15] [added: 10.18] | | | | | | [Form of Iron Mountain Incorporated Incentive Stock Option Agreement.](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_10.txt) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.16] [added: 10.19] | | | | | | [Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement (version 1).](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_11.txt%20) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.17] [added: 10.20] | | | | | | [Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Amended and Restated Iron Mountain Non‑Qualified Stock Option Agreement.](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_12.txt) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.18] [added: 10.21] | | | | | | [Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Incentive Stock Option Agreement.](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_13.txt) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.19] [added: 10.22] | | | | | | [Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement (version 2).](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_14.txt%20) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.20] [added: 10.23] | | | | | | [Form of Iron Mountain Incorporated 2002 Stock Incentive Plan Stock Option Agreement (version 2B).](http://www.sec.gov/Archives/edgar/data/1020569/000104746914001562/a2218353zex-10_22.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2013.)* | | |

| [removed: 10.21] [added: 10.24] | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 3).](http://www.sec.gov/Archives/edgar/data/1020569/000104746913005389/a2214768zex-10_1.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2013.)* | | |

| [removed: 10.22] [added: 10.25] | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 20).](http://www.sec.gov/Archives/edgar/data/1020569/000104746913005389/a2214768zex-10_2.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2013.)* | | |

| [removed: 10.23] [added: 10.26] | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 21).](http://www.sec.gov/Archives/edgar/data/1020569/000110465914020962/a14-8367_1ex10d1.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8‑K dated March 19, 2014.)* | | |

| [removed: 10.24] [added: 10.27] | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 3).](http://www.sec.gov/Archives/edgar/data/1020569/000104746912007635/a2210421zex-10_1.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2012.)* | | |

| [removed: 10.25] [added: 10.28] | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 12).](http://www.sec.gov/Archives/edgar/data/1020569/000102056918000006/irm2017ex-1028.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.)* | | |

| [removed: 10.26] [added: 10.29] | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1).](http://www.sec.gov/Archives/edgar/data/1020569/000104746915001413/a2223186zex-10_27.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10 K for the year ended December 31, 2014.)* | | |

| [removed: 10.27] [added: 10.30] | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 2).](http://www.sec.gov/Archives/edgar/data/1020569/000102056918000006/irm2017ex-1030.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.)* | | |

| [removed: 10.28] [added: 10.31] | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 3).](http://www.sec.gov/Archives/edgar/data/1020569/000102056919000140/irm2019331-ex102.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.)* | | |

| [removed: 10.29] [added: 10.33] | | | | | | [Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1).](http://www.sec.gov/Archives/edgar/data/1020569/000104746915001413/a2223186zex-10_28.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2014.)* | | |

| [removed: 10.30] [added: 10.34] | | | | | | [Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 2).](http://www.sec.gov/Archives/edgar/data/1020569/000102056918000006/irm2017ex-1032.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.)* | | |

| [removed: 10.31] [added: 10.35] | | | | | | [Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 3).](http://www.sec.gov/Archives/edgar/data/1020569/000102056919000140/irm2019331-ex103.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.)* | | |

| [removed: 10.32] [added: 10.38] | | | | | | [Form of [removed: Stock Option](http://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex10-32.htm) [Form of Stock Option] [added: Performance Unit] Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version [removed: 4).](http://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex10-32.htm)] [added: 1).](http://www.sec.gov/Archives/edgar/data/1020569/000102056917000010/irm2016ex-1029.htm)] (#) [removed: (*Incorporated] [added: *(Incorporated] by reference to the [removed: Company's] [added: Company’s] Annual Report on Form [removed: 10-K] [added: 10‑K] for the year ended December 31, [removed: 2019*.)] [added: 2016.)*] | | |

| [removed: 10.33] [added: 10.39] | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version [removed: 1).](http://www.sec.gov/Archives/edgar/data/1020569/000102056917000010/irm2016ex-1029.htm)] [added: 2).](http://www.sec.gov/Archives/edgar/data/1020569/000102056917000010/irm2016ex-1030.htm)] (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2016.)* | | |

| [removed: 10.34] [added: 10.40] | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version [removed: 2).](http://www.sec.gov/Archives/edgar/data/1020569/000102056917000010/irm2016ex-1030.htm)] [added: 3).](http://www.sec.gov/Archives/edgar/data/1020569/000102056918000006/irm2017ex-1035.htm)] (#) *(Incorporated by reference to the Company’s Annual Report on Form [removed: 10‑K] [added: 10-K] for the year ended December 31, [removed: 2016.)*] [added: 2017.)*] | | |

| [added: 139] | | | IRON MOUNTAIN [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 138] | | |

| [removed: 10.35] [added: 10.41] | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version [removed: 3).](http://www.sec.gov/Archives/edgar/data/1020569/000102056918000006/irm2017ex-1035.htm)] [added: 4).](http://www.sec.gov/Archives/edgar/data/1020569/000102056919000140/irm2019331-ex101.htm)] (#) *(Incorporated by reference to the Company’s [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December] [added: March] 31, [removed: 2017.)*] [added: 2019)*.] | | |

| [removed: 10.36] [added: 10.42] | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version [removed: 4).](http://www.sec.gov/Archives/edgar/data/1020569/000102056919000140/irm2019331-ex101.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019)*.] [added: 5).](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/exhibit1042puawardagreem.htm) *(#) (Filed herewith.)*] | | |

| [removed: 10.37] [added: 10.43] | | | | | | [Change in Control Agreement, dated September 8, 2008, between the Company and Ernest W. Cloutier.](http://www.sec.gov/Archives/edgar/data/1020569/000104746914004497/a2219921zex-10_2.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2014.)* | | |

| [removed: 10.38] [added: 10.44] | | | | | | [Employment Offer Letter, dated November 30, 2012, from the Company to William L. Meaney.](http://www.sec.gov/Archives/edgar/data/1020569/000110465912081436/a12-28428_1ex10d1.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 3, 2012.)* | | |

| [removed: 10.39] [added: 10.45] | | | | | | [Contract of Employment with Iron Mountain, between Patrick Keddy and Iron Mountain (UK) Ltd., effective as of April 2, 2015.](http://www.sec.gov/Archives/edgar/data/1020569/000102056916000013/irm2015ex-1043.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2015.)* | | |

| [removed: 10.40] [added: 10.46] | | | | | | [Ernest Cloutier Secondment Letter, dated March 27, 2017.](http://www.sec.gov/Archives/edgar/data/1020569/000102056917000016/irm2017331-ex102.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2017.)* | | |

| [removed: 10.41] [added: 10.48] | | | | | | [Restated Compensation Plan for Non-Employee [removed: Directors.](https://www.sec.gov/Archives/edgar/data/1020569/000102056921000067/exhibit1041non-employeedir.htm)] [added: Directors.](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/exhibit1048non-employeed.htm) [](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/exhibit1048non-employeed.htm)] (#) *(Filed herewith.)* | | |

| [removed: 10.42] [added: 10.49] | | | | | | [Iron Mountain Incorporated Director Deferred Compensation Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746908002061/a2183111zex-10_25.htm) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2007.)* | | |

| [removed: 10.43] [added: 10.50] | | | | | | [The Iron Mountain Companies Severance Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000110465912017937/a12-7103_1ex10d1.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8‑K, dated March 13, 2012.)* | | |

| 3.3 | | | | | | [Bylaws of the Company](http://www.sec.gov/Archives/edgar/data/0001020569/000102056921000165/exhibit31bylawsproxyaccess.htm). *(Incorporated by reference to the Company’s Current Report on Form 8-K dated May 17,2021)* | | |

| 4.9 | | | | | | [Senior Indenture, dated as of December 28, 2021, among the Issuer, the Company, the Subsidiary Guarantors named therein and Computershare Trust Company, N.A. as trustee, relating to the 5.](http://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921153937/tm2136414d1_8k.htm)[00](http://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921153937/tm2136414d1_8k.htm)[% Senior Notes due 2032.](http://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921153937/tm2136414d1_8k.htm) *(Incorporated by reference to the Company's Current Report on Form 8-K dated December 28, 2021.)* | | |

| 10.11 | | | | | | [Iron Mountain Incorporated 2013 Employee Stock Purchase Plan.](http://www.sec.gov/Archives/edgar/data/0001020569/000110465913032188/a13-1656_3defa14a.htm) (#) *(Incorporated by reference to Appendix A to the Company's Proxy Statement for the Annual Meeting of Stockholders, filed with the SEC on April 24, 2013.)* | | |

| 10.12 | | | | | | [First Amendment to the Iron Mountain Incorporated 2013 Employee Stock Purchase Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/https//www.sec.gov/Archives/edgar/data/0001020569/000102056921000165/exhibit102-esppamendment.htm) (#) *(Incorporated by reference to the Company's Current Report on Form 8-K dated May 17, 2021.)* | | |

| 10.16 | | | | | | [Third Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan.](http://www.sec.gov/Archives/edgar/data/0001020569/000102056921000165/exhibit101-2014scipamendme.htm) (#) *(Incorporated by reference to the Company's Current Report on Form 8-K dated May 17, 2021.)* | | |

| 10.32 | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 4).](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/exhibit1032rsuawardagree.htm) *(#) (Filed herewith.)* | | |

| 10.37 | | | | | | [Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 5).](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/exhibit1037optionawardag.htm) *(#) (Filed herewith.)* | | |

| 10.47 | | | | | | [Ernest Cloutier Separation Agreement, dated August 6, 2021.](http://www.sec.gov/Archives/edgar/data/1020569/000102056921000248/exhibit101separationagreem.htm) *(#) (Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.)* | | |

| 10.60 | | | | | | [Fifth Amendment, dated as of December 12, 2021, to Credit Agreement, dated as of June 27, 2011, as amended and restated, among the Company, Iron Mountain Information Management, LLC, certain other subsidiaries of the Company](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921150096/tm2135513d1_8k.htm) [party thereto, the lenders and other financial institutions party thereto, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Admin](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921150096/tm2135513d1_8k.htm)[i](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921150096/tm2135513d1_8k.htm)[strative](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921150096/tm2135513d1_8k.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921150096/tm2135513d1_8k.htm)[A](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921150096/tm2135513d1_8k.htm)[gent, and JP Morgan Chase Bank, N.A., as Administrative Agent](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921150096/tm2135513d1_8k.htm) *(Incorporated by reference to the Company's Current Report on Form 8-K dated December 16, 2021.)* | | |

| 143 | | | IRON MOUNTAIN 2021 FORM 10-K | | | | | |

| | | | | | | | | | | | | | | |

| /s/ PAUL F. DENINGER | | | | | | Director | | | | | | February 24, 2021 | | |

| Paul F. Deninger | | | | | | | | | | | | | | |

| /s/ PER-KRISTIAN HALVORSEN | | | | | | Director | | | | | | February 24, 2021 | | |

| Per-Kristian Halvorsen | | | | | | | | | | | | | | |

| | | | IRON MOUNTAIN 2020 FORM 10-K | | | 142 | | |