Item 2. PROPERTIES.

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Item 2. PROPERTIES.

As of December 31, 2023, we conducted operations through 1,145 leased facilities and 232 owned facilities. Our facilities are divided among our reportable segments and Corporate and Other as follows: Global RIM Business (1,287), Global Data Center Business (30) and Corporate and Other (60). These facilities contain a total of approximately 98.0 million square feet of space. A breakdown of owned and leased facilities by country (and by state within the United States) is listed below:


			IRON MOUNTAIN 2023 FORM 10-K			21

Part I


	LEASED				OWNED				TOTAL
COUNTRY/STATE	NUMBER		SQUARE FEET		NUMBER		SQUARE FEET		NUMBER		SQUARE FEET
North America
United States (Including Puerto Rico)
Alabama		3		305,168		—		—		3		305,168
Arizona		7		436,657		6		1,207,281		13		1,643,938
Arkansas		2		63,604		—		—		2		63,604
California		76		7,339,160		9		942,356		85		8,281,516
Colorado		5		274,461		4		484,490		9		758,951
Connecticut		5		312,797		3		527,666		8		840,463
Delaware		2		197,840		2		162,721		4		360,561
District of Columbia		1		1,670		—		—		1		1,670
Florida		34		2,814,690		1		119,374		35		2,934,064
Georgia		12		940,981		2		129,611		14		1,070,592
Idaho		1		45,000		—		—		1		45,000
Illinois		13		1,210,705		7		1,309,975		20		2,520,680
Indiana		5		328,516		—		—		5		328,516
Iowa		2		145,138		1		14,200		3		159,338
Kansas		4		569,161		—		—		4		569,161
Kentucky		2		64,000		4		418,760		6		482,760
Louisiana		4		388,475		—		—		4		388,475
Maine		—		—		1		95,000		1		95,000
Maryland		19		1,996,017		1		19,001		20		2,015,018
Massachusetts		10		572,979		6		933,102		16		1,506,081
Michigan		15		953,486		1		39,502		16		992,988
Minnesota		9		788,916		—		—		9		788,916
Mississippi		3		201,300		—		—		3		201,300
Missouri		13		1,598,233		1		25,120		14		1,623,353
Montana		3		38,548		—		—		3		38,548
Nebraska		1		34,560		2		266,733		3		301,293
Nevada		9		227,840		1		107,041		10		334,881
New Hampshire		1		2,188		1		146,467		2		148,655
New Jersey		30		3,510,808		8		2,476,635		38		5,987,443
New Mexico		2		114,473		—		—		2		114,473
New York		20		1,066,410		10		970,800		30		2,037,210
North Carolina		20		958,889		1		97,000		21		1,055,889
Ohio		12		893,853		3		242,087		15		1,135,940
Oklahoma		4		196,044		—		—		4		196,044
Oregon		12		438,586		—		—		12		438,586
Pennsylvania		21		2,629,959		3		2,062,761		24		4,692,720
Puerto Rico		4		223,089		1		54,352		5		277,441
Rhode Island		1		94,968		—		—		1		94,968
South Carolina		4		168,636		2		214,238		6		382,874
Tennessee		5		256,743		4		63,909		9		320,652
Texas		39		2,654,205		19		1,838,880		58		4,493,085
Utah		2		78,148		1		90,553		3		168,701
Vermont		1		35,200		—		—		1		35,200
Virginia		16		1,346,372		4		375,791		20		1,722,163
Washington		8		716,411		4		180,228		12		896,639
West Virginia		2		105,502		—		—		2		105,502
Wisconsin		5		379,857		1		10,655		6		390,512
Total United States		469		37,720,243		114		15,626,289		583		53,346,532
Canada		40		2,846,203		15		1,713,060		55		4,559,263
Total North America		509		40,566,446		129		17,339,349		638		57,905,795


22			IRON MOUNTAIN 2023 FORM 10-K

Part I


	LEASED				OWNED				TOTAL
COUNTRY/STATE	NUMBER		SQUARE FEET		NUMBER		SQUARE FEET		NUMBER		SQUARE FEET
International
Argentina		2		134,753		4		298,864		6		433,617
Australia		41		3,010,051		1		13,885		42		3,023,936
Austria		1		2,691		1		58,771		2		61,462
Bahrain		2		33,659		—		—		2		33,659
Belgium		4		234,635		—		—		4		234,635
Brazil		38		2,699,755		6		291,280		44		2,991,035
Bulgaria		1		68,889		—		—		1		68,889
Chile		2		3,692		17		667,790		19		671,482
China Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.)		53		2,044,506		1		20,721		54		2,065,227
Colombia		18		783,980		—		—		18		783,980
Croatia		1		26,049		1		36,447		2		62,496
Cyprus		2		51,118		2		46,246		4		97,364
Czech Republic		7		138,788		—		—		7		138,788
Denmark		3		161,361		—		—		3		161,361
Egypt		3		113,506		1		163,611		4		277,117
England		68		5,128,168		18		598,009		86		5,726,177
Estonia		1		38,861		—		—		1		38,861
Eswatini		3		6,997		—		—		3		6,997
Finland		4		96,956		—		—		4		96,956
France		27		2,094,071		12		936,486		39		3,030,557
Germany		17		852,231		3		308,504		20		1,160,735
Greece		9		771,863		—		—		9		771,863
Hungary		7		350,590		—		—		7		350,590
India		81		3,702,063		—		—		81		3,702,063
Indonesia		18		527,746		2		58,965		20		586,711
Ireland		4		345,962		3		158,558		7		504,520
Jordan		1		107,639		—		—		1		107,639
Kuwait		2		11,626		—		—		2		11,626
Latvia		2		37,868		—		—		2		37,868
Lesotho		1		2,583		—		—		1		2,583
Lithuania		2		70,041		—		—		2		70,041
Malaysia		11		507,622		—		—		11		507,622
Mexico		10		454,982		8		585,885		18		1,040,867
Morocco		8		705,230		—		—		8		705,230
The Netherlands		6		474,559		—		—		6		474,559
New Zealand		6		413,959		—		—		6		413,959
Northern Ireland		3		129,083		—		—		3		129,083
Norway		4		155,323		—		—		4		155,323
Oman		2		77,758		—		—		2		77,758
Peru		2		47,265		10		433,770		12		481,035
Philippines		12		422,919		—		—		12		422,919
Poland		19		802,133		—		—		19		802,133
Romania		8		490,155		—		—		8		490,155
Saudi Arabia		7		400,687		—		—		7		400,687
Scotland		3		139,722		3		324,751		6		464,473
Serbia		2		106,540		—		—		2		106,540
Singapore		8		489,049		2		186,956		10		676,005
Slovakia		5		172,769		—		—		5		172,769
South Africa		15		462,543		—		—		15		462,543
South Korea		8		257,233		—		—		8		257,233
Spain		20		511,793		5		211,954		25		723,747
Sweden		8		1,047,265		—		—		8		1,047,265
Switzerland		12		283,857		—		—		12		283,857
Thailand		4		319,645		2		105,487		6		425,132


			IRON MOUNTAIN 2023 FORM 10-K			23

Part I


	LEASED				OWNED				TOTAL
COUNTRY/STATE	NUMBER		SQUARE FEET		NUMBER		SQUARE FEET		NUMBER		SQUARE FEET
International (continued)
Turkey		9		683,641		—		—		9		683,641
Ukraine		10		208,050		—		—		10		208,050
United Arab Emirates		7		695,118		1		434,442		8		1,129,560
Vietnam		2		54,829		—		—		2		54,829
Total International		636		34,166,427		103		5,941,382		739		40,107,809
Total		1,145		74,732,873		232		23,280,731		1,377		98,013,604

The leased facilities typically have initial lease terms of five to 10 years with one or more renewal options. In addition, some of the leases contain either a purchase option or a right of first refusal upon the sale of the property. We believe that the space available in our facilities is adequate to meet our current needs, although future growth may require that we lease or purchase additional real property.

Our total building utilization and total racking utilization as of December 31, 2023 in Records Management and Data Management are as follows:


RECORDS MANAGEMENT(1)		DATA MANAGEMENT
BUILDING UTILIZATION	RACKING UTILIZATION	BUILDING UTILIZATION	RACKING UTILIZATION




77%	83%	41%	62%

(1)Total building utilization and total racking utilization for Records Management includes the utilization for Global Digital Solutions and Consumer Storage.

See Note 2.j. to Notes to Consolidated Financial Statements included in this Annual Report for information regarding our minimum annual lease commitments as a lessee.

See Schedule III—Schedule of Real Estate and Accumulated Depreciation in this Annual Report for information regarding the cost, accumulated depreciation and encumbrances associated with our owned real estate.

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, 2023. The information set forth in the table assumes that tenants exercise no renewal options and all early termination rights.


YEAR	NUMBER OF LEASES EXPIRING	TOTAL MEGAWATTS EXPIRING	PERCENTAGE OF TOTAL MEGAWATTS EXPIRING		ANNUALIZED TOTAL CONTRACT RENT EXPIRING (IN THOUSANDS)		PERCENTAGE OF TOTAL CONTRACT VALUE ANNUALIZED RENT
2024	935	19.5	4.5	%	$	65,564	10.9	%
2025	346	36.4	8.4	%	86,659		14.5	%
2026	242	23.3	5.4	%	52,198		8.7	%
2027	59	9.7	2.2	%	24,459		4.1	%
2028	64	58.2	13.4	%	74,435		12.4	%
2029	15	24.6	5.7	%	24,250		4.0	%
2030	5	48.6	11.2	%	53,808		9.0	%
Thereafter	23	213.5	49.2	%	217,790		36.4	%
Total	1,689	433.8	100.0	%	$	599,163	100.0	%


24			IRON MOUNTAIN 2023 FORM 10-K

Part I

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