Iron Mountain (IRM) 10-K risk factor changes: FY2024 vs FY2023

As part of our strategic growth plan, including Project Matterhorn, we expect to invest in our existing businesses, including records and information management storage and services businesses in our higher-growth markets, data centers, [added: digital solutions,] ALM business and other complementary businesses, and in new businesses, business strategies, products, services, technologies and geographies.

- failure to achieve satisfactory returns on new product offerings, acquired companies, joint ventures, growth [removed: initiatives,] [added: initiatives] or other investments, particularly in markets where we do not currently operate or have a substantial presence;

- our inability to structure acquisitions or investments in a manner that complies with our debt covenants [removed: and] [added: or] is consistent with our leverage ratio goals;

Our 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 [removed: condition,] [added: condition] and operating results.

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

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 9 | | |

[removed: Storage volume and/or] [added: Volume in and] demand for our traditional storage related services [removed: may decline] [added: has evolved] as our customers adopt alternative storage technologies or as retention requirements [removed: evolve,] [added: change,] which may require significantly less space than traditional physical records and tape [removed: storage.][added: storage; however, volumes in our Global RIM Business segment were relatively steady in 2024 and we expect them to remain relatively consistent in the near term.]

[removed: While volumes in our Global RIM Business segment were relatively steady in 2023 and we expect them to remain relatively consistent in the near term, we] [added: 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.

Finally, as a result of the continued emphasis on information security and instances in which personal information has been compromised, our customers are requesting that we take increasingly sophisticated measures to enhance security and comply with [added: cybersecurity and] data privacy [removed: regulations,] [added: regulations] and that we assume higher liability under our contracts.

We have an established [added: global] privacy compliance [removed: framework] [added: program] and devote substantial resources, and may in the future have to devote significant additional resources, to facilitate compliance with global laws and regulations, our customers’ data privacy, data residency and security demands, and to investigate, defend or remedy actual or alleged violations or breaches.

Expansion into [added: Global] Digital [added: Solutions] and ALM services means that our privacy and security risk profile is increasing.

Finally, emerging [removed: artificial intelligence ("AI")] [added: AI] regulations, increasing use of AI and generative AI tools and their integration into our businesses may require additional resources and create additional compliance and cybersecurity risks.

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

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 [removed: service,] [added: service] and ransomware), which may involve a breach requiring us to notify regulators, clients or employees and enlist identity theft protection.

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

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

| 10 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

[removed: Over the past several years, our] [added: Our] organic revenue growth has been positively impacted by our ability to effectively introduce, expand and monitor revenue management.

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

Moreover, as we expand our operations into new businesses, including [removed: digital solutions,] [added: Global Digital Solutions,] ALM, and the storage of valuable items, and respond to customer demands for higher limitation of liability, our exposure to contracts with higher or no limitations of liability and disputes with customers over contract interpretation may increase.

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 11 | | |

As of December 31, [removed: 2023,] [added: 2024,] we operated in [removed: 60] [added: 61] countries.

- political uncertainties and changes in the global political climate or other global events, such as [added: war or other military conflict,] trade wars or global pandemics, which may create additional risk in relation to our global operations, which may become more pronounced as we consolidate operations across countries and need to move data across borders;

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

These ventures can result in our holding non-controlling interests in, or [added: not] having [removed: responsibility for] [added: sole control over] managing the affairs of, a property or portfolio of properties, business, partnership, joint venture or other entity.

- if our partners become bankrupt or fail to fund their share of required capital contributions, we may choose or be required to contribute unplanned capital; [removed: and]

- our partners may have economic, tax or other interests or goals that are inconsistent with our interests or goals, [removed: and that] [added: which] could affect our ability to negotiate satisfactory venture terms, to operate the property or business or [added: to] maintain our qualification for taxation as a [removed: REIT.][added: REIT; and]

| 12 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

Service interruptions or equipment damage may occur at one or more of our data centers because of numerous factors, including: human error; equipment failure; physical, electronic and [removed: cyber security] [added: cybersecurity] breaches; fire, hurricane, flood, earthquake and other natural disasters; water damage; fiber cuts; extreme temperatures; power loss or telecommunications failure; war, terrorism and any related conflicts or similar events worldwide; and sabotage and vandalism.

Our Global Data Center Business is susceptible to regional [added: and local] costs of power, power shortages, planned or unplanned power outages and limitations on the availability of adequate power resources.

Expanding our Global Data Center Business requires significant [removed: capital commitments.][added: capital.]

In addition, we may be required to commit significant operational and financial resources in connection with the organic growth of our Global Data Center [removed: Business, generally 12 to 24 months] [added: Business substantially] in advance of [removed: securing customer contracts, and we may not have enough customer demand to support these] [added: such newly developed] data centers [removed: when they are built.][added: generating revenue.]

[removed: Additional or unexpected] [added: Unexpected] disruptions to our supply chain, continued inflationary pressures or high interest rates, [added: tariffs, delays in construction, limited financing availability, constrained supplies of new power,] or changes in customer requirements could significantly affect the cost or timing of our planned expansion [removed: projects] [added: projects, have consequences under our project financing] and [added: partnership agreements, and] interfere with our ability to meet commitments to customers who have contracted for space in new data centers under construction.

There can be no assurance we will have sufficient customer demand to support the data centers we have [removed: acquired,] [added: acquired] or [added: built, or] that we will not be adversely affected by the risks noted above under "Significant costs or disruptions at our data centers could adversely affect our business, financial condition and results of operations", which could make it difficult for us to realize expected returns on our investments, if any.

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 13 | | |

If governments enact trade policies [added: or environmental regulations] that restrict [added: or increase] the [removed: export] [added: cost] of [added: exporting] IT assets into China or other markets in which we sell decommissioned IT asset [removed: components,] [added: components] or [added: recyclable materials, or] increase the enforcement of such policies, then the revenue from the sale of these assets may be negatively impacted.

As of December 31, [removed: 2023,] [added: 2024,] we operated approximately [removed: 1,400] [added: 1,350] facilities worldwide, including approximately [removed: 600] [added: 550] in the United States, and face special risks attributable to the real estate we own or [removed: lease.][added: lease, which could have a material adverse effect on our revenues, operating results and financial position.]

| 14 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

Unexpected events, including fires or explosions at our facilities, war or other military conflict, terrorist activities, natural disasters such as earthquakes and wildfires, unplanned power outages, supply disruptions, failure of equipment or systems, and severe weather events, such as droughts, heat waves, hurricanes, and flooding, could adversely affect our reputation and results of operations through physical damage to our [removed: facilities and] [added: facilities,] equipment and [added: customers' inventory and] through physical damage to, or disruption of, local infrastructure.

[removed: Further, significant] [added: Significant] declines in the cost of paper [added: or scrap metals] may [removed: continue to] negatively impact our revenues and results of operations, and increases in other commodity prices, including steel, may negatively impact our results of operations.

*Our customers continue to evolve the way they store records, which could impact our storage revenue.*

- disputes may arise between us and our partners that result in litigation or arbitration that would increase our expenses and divert the attention of our officers and directors.

Additionally, our ALM business may be affected by the prices of scrap metals.

Failure to make the required repurchases could result in cross defaults or payment acceleration events under our other debt instruments.

We may in the future invest in other such subsidiary REITs.

*Our customers may shift from paper and tape storage to alternative technologies that may shift our revenue mix away from storage revenue.*

Risk Factors" beginning on page [removed: [9](#i5efabba03ac740ed96d85f87aa4baf12_22)] [added: [9](#idba768b3a505458b98107b519110e4d2_22)] of this Annual Report.

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 27 | | |

Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these [removed: activities] [added: activities,] and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement [added: of] our growth initiatives.

The following chart presents (in thousands) total Restructuring and other transformation costs related to Project Matterhorn from the inception of Project Matterhorn through December 31, [removed: 2023] [added: 2024] and for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022:][added: 2023:]

| From the Inception of [removed: Project Matterhorn through December] [added: Project Matterhorn through December] 31, [removed: 2023] [added: 2024] | | |

[removed: ][added: ]

| For the Year [removed: ended December] [added: ended December] 31, 2023 | | |

[removed: ][added: ]

| For the Year [removed: ended December] [added: ended December] 31, [removed: 2022] [added: 2024] | | |

[removed: ][added: ]

We expect organic service revenue growth in [removed: 2024] [added: 2025] to benefit from our new and existing [removed: digital] [added: Global Digital Solutions] offerings and ALM, as well as our traditional services.

- We expect continued total revenue and Adjusted [removed: EBITDA] [added: earnings before interest, taxes, depreciation and amortization ("EBITDA")] growth in [removed: 2024] [added: 2025] as a result of our focus on new product and service offerings, innovation, customer solutions and market expansion in line with our Project Matterhorn objectives.

Our revenues consist of storage rental revenues [removed: as well as] [added: and] service revenues and are reflected net of sales and value-added taxes.

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 [removed: operations] [added: operations,] consisting primarily of the pickup and delivery of records upon customer request; (2) [removed: destruction services, consisting primarily of (i)] secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to [removed: period, and (ii)] [added: period; (3)] the decommissioning, data erasure, processing and [removed: disposition] [added: disposition, and recycling] or sale of IT hardware and component assets; [removed: (3)] [added: (4)] digital solutions, including the scanning, imaging and document conversion services of active and inactive records, [removed: and] consulting [removed: services;] [added: services] and [removed: (4)] [added: the sale of software as a service; and (5)] 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.

Cost of sales (excluding depreciation and amortization) consists primarily of labor, including wages and benefits for field personnel, facility occupancy costs (including rent and utilities), [added: data center pass-through power costs,] transportation expenses (including vehicle leases and fuel), other product cost of sales and other equipment costs and supplies.

| 28 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the year ended December 31, [removed: 2023] [added: 2024] consists of the following:

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

| Trends in facility occupancy costs are impacted by: •the total number of facilities we occupy; •the mix of properties we own versus properties we lease; •fluctuations in per square foot occupancy costs; [removed: and] •the levels of utilization of these [removed: properties.] [added: properties; and •data center power costs.] Trends in total wages and benefits in dollars and as a percentage of total revenue are influenced by: •changes in headcount and compensation levels; •achievement of incentive compensation targets; •workforce productivity; and •variability in costs associated with medical insurance and workers’ compensation. [removed: The expansion of our international businesses has impacted the major cost of sales components and selling, general and administrative expenses. •Our international operations are more labor intensive relative to revenue than our operations in North America and, therefore, labor costs are a higher percentage of international operational revenue. •The overhead structure of our expanding international operations has generally not achieved the same level of overhead leverage as our North American operations, which has resulted in an increase in selling, general and administrative expenses as a percentage of revenue as our international operations become a larger percentage of our consolidated results.] | | | | | |

Our depreciation and amortization charges result primarily from depreciation related to storage systems, which include [removed: racking structures,] buildings, building and leasehold [removed: improvements] [added: improvements, data center infrastructure, racking structures] and computer systems hardware and software.

The constant currency growth rates are calculated by translating the [removed: 2022] [added: 2023] results at the [removed: 2023] [added: 2024] average exchange rates.

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 29 | | |

| | | | PERCENTAGE OF UNITED STATES DOLLAR- REPORTED REVENUE FOR THE YEAR ENDED DECEMBER 31, | | | | | | | | | | | | AVERAGE EXCHANGE RATES FOR THE YEAR ENDED DECEMBER 31, | | | | | | | | | | | | PERCENTAGE [removed: STRENGTHENING /] (WEAKENING) [added: / STRENGTHENING] OF FOREIGN CURRENCY | | |

| Australian dollar | | | 2.6 | | % | | | | [removed: 2.8] [added: 2.6] | | % | | | | $ | [removed: 0.664] [added: 0.660] | | | | | $ | [removed: 0.695] [added: 0.664] | | | | | [removed: (4.5)] [added: (0.6)] | | % |

| British pound sterling | | | [removed: 7.2] [added: 6.9] | | % | | | | [removed: 6.5] [added: 7.2] | | % | | | | $ | [removed: 1.243] [added: 1.278] | | | | | $ | [removed: 1.237] [added: 1.243] | | | | | [removed: 0.5] [added: 2.8] | | % |

| Canadian dollar | | | [removed: 5.1] [added: 4.9] | | % | | | | [removed: 5.3] [added: 5.1] | | % | | | | $ | [removed: 0.741] [added: 0.730] | | | | | $ | [removed: 0.769] [added: 0.741] | | | | | [removed: (3.6)] [added: (1.5)] | | % |

The percentage of United States dollar-reported revenues for all other foreign currencies was [removed: 12.7%] [added: 13.6% and 14.5%] for [removed: both of] the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023, respectively.]

| 30 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

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

[removed: ][added: ]

| Net Income (Loss) | | | $ | [removed: 187,263] [added: 183,666] | | | | | $ | [removed: 562,149] [added: 187,263] | |

| Interest expense, net | | | [removed: 585,932] [added: 721,559] | | | | | | [removed: 488,014] [added: 585,932] | | |

| Provision (benefit) for income taxes | | | [removed: 39,943] [added: 60,872] | | | | | | [removed: 69,489] [added: 39,943] | | |

| Depreciation and amortization | | | [removed: 776,159] [added: 900,905] | | | | | | [removed: 727,595] [added: 776,159] | | |

| Acquisition and Integration Costs(1) | | | [removed: 25,875] [added: 35,842] | | | | | | [removed: 47,746] [added: 25,875] | | |

| Restructuring and other transformation | | | [removed: 175,215] [added: 161,359] | | | | | | [removed: 41,933] [added: 175,215] | | |

| [removed: (Gain) loss] [added: Loss (gain)] on disposal/write-down of property, plant and equipment, net (including real estate) | | | [removed: (12,825)] [added: 6,196] | | | | | | [removed: (93,268)] [added: (12,825)] | | |

| Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(2) | | | [removed: 98,891] [added: 39,159] | | | | | | [removed: (83,268)] [added: 98,891] | | |

| Stock-based compensation expense | | | [removed: 73,799] [added: 118,138] | | | | | | [removed: 56,861] [added: 73,799] | | |

| Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | | | [removed: 11,425] [added: 8,684] | | | | | | [removed: 9,806] [added: 11,425] | | |

We have incurred approximately $378.5 million in Restructuring and other transformation costs from the inception of Project Matterhorn through December 31, 2024.

We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ending December 31, 2025, at which point the program is expected to be completed.

| | | | 2024 | | | | | | 2023 | | | | | | 2024 | | | | | | 2023 | | | | | | | | |

| Euro | | | 6.8 | | % | | | | 6.6 | | % | | | | $ | 1.082 | | | | | $ | 1.081 | | | | | 0.1 | | % |

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | |

| Restructuring and other transformation | | | 161,359 | | | | | | 175,215 | | |

| Stock-based compensation expense | | | 118,138 | | | | | | 73,799 | | |

The fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in this Annual Report) was determined utilizing a Monte-Carlo simulation model and takes into account our forecasted projections as it relates to the underlying performance of the business.

The Monte-Carlo simulation model incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks.

Total supplier relationship intangible assets acquired in our 2024 acquisitions was approximately $131.5 million.

| ALM | | | $748,000 | | | | | | 57.4% | | | | | | 15.5% | | | | | | 15.4% | | | | | | 1.4% | | | | | | 3.5% | | |

We provide for foreign withholding taxes on the undistributed earnings of our foreign TRSs because it is not our intention to reinvest the undistributed earnings of our foreign TRSs indefinitely outside the United States.

| | | | 2024 | | | | | | 2023 | | | | | | | | | | | | | | |

| Revenues | | | $ | 6,149,909 | | | | | $ | 5,480,289 | | | | | $ | 669,620 | | | | | 12.2 | | % |

| Operating Expenses | | | 5,140,390 | | | | | | 4,558,511 | | | | | | 581,879 | | | | | | 12.8 | | % |

| Operating Income | | | 1,009,519 | | | | | | 921,778 | | | | | | 87,741 | | | | | | 9.5 | | % |

| Other Expenses, Net | | | 825,853 | | | | | | 734,515 | | | | | | 91,338 | | | | | | 12.4 | | % |

| Net Income (Loss) | | | 183,666 | | | | | | 187,263 | | | | | | (3,597) | | | | | | (1.9) | | % |

| Adjusted EBITDA(1) | | | $ | 2,236,380 | | | | | $ | 1,961,677 | | | | | $ | 274,703 | | | | | 14.0 | | % |

| Storage Rental | | | $ | 3,682,259 | | | | | $ | 3,370,645 | | | | | $ | 311,614 | | | | | 9.2 | | % | | | | 9.7 | | % | | | | 0.8 | | % | | | | 8.9 | | % |

| Service | | | 2,467,650 | | | | | | 2,109,644 | | | | | | 358,006 | | | | | | 17.0 | | % | | | | 17.3 | | % | | | | 8.3 | | % | | | | 9.0 | | % |

| Total Revenues | | | $ | 6,149,909 | | | | | $ | 5,480,289 | | | | | $ | 669,620 | | | | | 12.2 | | % | | | | 12.6 | | % | | | | 3.6 | | % | | | | 9.0 | | % |

| Labor | | | $ | 1,052,568 | | | | | $ | 891,351 | | | | | $ | 161,217 | | | | | 18.1 | | % | | | | 18.6 | | % | | | | 17.1 | | % | | | | 16.3 | | % | | | | 0.8 | | % |

| Facilities | | | 1,114,316 | | | | | | 1,028,765 | | | | | | 85,551 | | | | | | 8.3 | | % | | | | 8.5 | | % | | | | 18.1 | | % | | | | 18.8 | | % | | | | (0.7) | | % |

| Transportation | | | 179,166 | | | | | | 158,737 | | | | | | 20,429 | | | | | | 12.9 | | % | | | | 13.2 | | % | | | | 2.9 | | % | | | | 2.9 | | % | | | | — | | % |

| Product Cost of Sales and Other | | | 350,499 | | | | | | 278,947 | | | | | | 71,552 | | | | | | 25.7 | | % | | | | 26.1 | | % | | | | 5.7 | | % | | | | 5.1 | | % | | | | 0.6 | | % |

| Total Cost of sales | | | $ | 2,696,549 | | | | | $ | 2,357,800 | | | | | $ | 338,749 | | | | | 14.4 | | % | | | | 14.7 | | % | | | | 43.8 | | % | | | | 43.0 | | % | | | | 0.8 | | % |

- an increase in facilities expenses driven by increases in rent expense, utilities and real estate taxes;

- an increase in transportation expenses in our ALM business primarily driven by our acquisition of Regency Technologies; and

- an increase in product cost of sales in our ALM business as a result of higher product volumes and our acquisition of Regency Technologies.

| General, Administrative and Other | | | $ | 977,345 | | | | | $ | 873,195 | | | | | $ | 104,150 | | | | | 11.9 | | % | | | | 12.3 | | % | | | | 15.9 | | % | | | | 15.9 | | % | | | | — | | % |

Our depreciation and amortization charges result primarily from depreciation related to storage systems, which include buildings, building and leasehold improvements, data center infrastructure, racking structures and computer systems hardware and software.

(2)Other, net for the year ended December 31, 2024 primarily consists of (i) a loss of approximately $41.0 million due to the change in value of our deferred purchase obligations and other deferred payments, (ii) approximately $29.2 million in charges associated with the agreement to purchase the remaining interest in the Web Werks JV (as defined and discussed in Note 3 to Notes to Consolidated Financial Statements included in this Annual Report) and (iii) losses on our equity method investments.

We have been organized and have operated as a REIT beginning with our taxable year ended December 31, 2014.

| 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | | | | | | | | | | | | | |

| Net Income (Loss) | | | $ | 183,666 | | | | | $ | 187,263 | | | | | $ | (3,597) | | | | | (1.9) | | % |

| Adjusted EBITDA | | | $ | 2,236,380 | | | | | $ | 1,961,677 | | | | | $ | 274,703 | | | | | 14.0 | | % |

| | | | | | | | | |

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

Part II

We expect to incur approximately $150.0 million in costs annually related to Project Matterhorn from 2023 through 2025.

Our Records Management and Data Management service revenue growth is being negatively impacted by declining activity rates as stored records and tapes are becoming less active and more archival.

While customers continue to store their records and tapes with us, they are less likely than they have been in the past to retrieve records for research and other purposes, thereby reducing service activity levels.

| | | | 2023 | | | | | | 2022 | | | | | | 2023 | | | | | | 2022 | | | | | | | | |

| Brazilian real | | | 1.8 | | % | | | | 1.8 | | % | | | | $ | 0.200 | | | | | $ | 0.194 | | | | | 3.1 | | % |

| Euro | | | 6.6 | | % | | | | 7.0 | | % | | | | $ | 1.081 | | | | | $ | 1.054 | | | | | 2.6 | | % |

| | | | 2023 | | | | | | 2022 | | |

| Amortization related to the write-off of certain customer relationship intangible assets | | | — | | | | | | 0.02 | | |

Total property, plant and equipment acquired in our 2023 acquisitions was approximately $140.7 million.

| Global Data Center | | | $447,931 | | | | | | 31.2% | | | | | | 9.0% | | | | | | 45.0% | | | | | | 19.7% | | | | | | 4.0% | | |

| ALM | | | 579,054 | | | | | | 37.7% | | | | | | 16.5% | | | | | | 13.6% | | | | | | 1.2% | | | | | | 3.5% | | |

The capital expenditure assumptions in our goodwill impairment analysis for our Global Data Center reporting unit include significant growth investment in the next three years.

Our Global Data Center Business operates 26 data centers across 21 global markets, either directly or through unconsolidated joint ventures.

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.

Data centers are highly specialized and secure assets that serve as centralized repositories of server, storage and network equipment.

They are capital intensive and designed to provide the space, power, cooling and network connectivity necessary to efficiently operate mission-critical IT equipment.

The demand for data center infrastructure is being driven by many factors, but most importantly by significant growth in data as well as an increased demand for outsourcing.

In order to attract and retain customers, as well as sustain growth in our existing and new markets, we must have the capability to tailor our facilities and invest capital to meet our customers’ needs.

Our estimate of fair value reflects the expected growth in each of our data center markets along with the corresponding capital investments required to meet demand.

As a REIT, we are generally permitted to deduct from our federal taxable income the dividends we pay to our stockholders.

The income represented by such dividends is not subject to federal taxation at the entity level but is taxed, if at all, at the stockholder level.

The income of our domestic TRSs, which hold our domestic operations that may not be REIT-compliant as currently operated and structured, is subject, as applicable, to federal and state corporate income tax.

In addition, we and our subsidiaries continue to be subject to foreign income taxes in other jurisdictions in which we have business operations or a taxable presence, regardless of whether assets are held or operations are conducted through subsidiaries disregarded for federal income tax purposes or TRSs.

We will also be subject to a separate corporate income tax on any gains recognized on the sale or disposition of any asset previously owned by a C corporation during a five-year period after the date we first owned the asset as a REIT asset that are attributable to "built-in gains" with respect to that asset on that date.

We will also be subject to a built-in gains tax on our depreciation recapture recognized into income as a result of accounting method changes in connection with our acquisition activities.

If we fail to remain qualified for taxation as a REIT, we will be subject to federal income tax at regular corporate income tax rates.

Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRS operations.

In particular, while state income tax regimes often parallel the federal income tax regime for REITs, many states do not completely follow federal rules and some do not follow them at all.

During 2021, as a result of the enactment of a tax law and the closing of various acquisitions, we 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.

| | | | 2023 | | | | | | 2022 | | | | | | | | | | | | | | |

| Revenues | | | $ | 5,480,289 | | | | | $ | 5,103,574 | | | | | $ | 376,715 | | | | | 7.4 | | % |

| Operating Expenses | | | 4,558,511 | | | | | | 4,053,703 | | | | | | 504,808 | | | | | | 12.5 | | % |

| Operating Income | | | 921,778 | | | | | | 1,049,871 | | | | | | (128,093) | | | | | | (12.2) | | % |

| Other Expenses, Net | | | 734,515 | | | | | | 487,722 | | | | | | 246,793 | | | | | | 50.6 | | % |

| Adjusted EBITDA(1) | | | $ | 1,961,677 | | | | | $ | 1,827,057 | | | | | $ | 134,620 | | | | | 7.4 | | % |

As of December 31, [removed: 2023,] [added: 2024,] our cash and cash equivalents balance was [removed: $222.8] [added: $155.7] million.

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: 2023] [added: 2024] would have been reduced by approximately [removed: $20.7] [added: $23.2] million.

See Note 6 to Notes to Consolidated Financial Statements included in this Annual Report for a discussion on our interest rate swaps and Note 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: 2023.][added: 2024.]

However, our international revenues and expenses are generated in the currencies of the countries in which we operate, primarily the British pound sterling, Euro, Canadian [removed: dollar, Brazilian real] [added: dollar] and [removed: the] Australian dollar.

We have entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and [added: certain of our functional foreign currencies, including] the [removed: Euro.][added: Euro and the Canadian dollar.]

These cross-currency swap agreements are designated as a hedge of net investment against certain of our Euro [added: and Canadian dollar] denominated subsidiaries and require an exchange of the notional amounts at maturity.

| [added: 56] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 57] | | |

A 10% depreciation in year-end [removed: 2023] [added: 2024] functional currencies, relative to the United States dollar, would result in a reduction in our equity of [removed: approximately $422.0] [added: $335.6] million.

We had no significant concentrations of liquid investments as of December 31, 2024.

As of December 31, 2024, approximately 14.4%, or $1,989.4 million, of our total long-term debt outstanding was subject to variable interest rates.

The only significant concentrations of liquid investments as of December 31, 2023 related to cash and cash equivalents held in money market funds.

As of December 31, 2023, we had $2,459.6 million of variable rate debt outstanding with a weighted average variable interest rate of approximately 7.8%, and $9,575.0 million of fixed rate debt outstanding.

As of December 31, 2023, approximately 79.6% of our total debt outstanding was fixed.

[removed: Founded in an underground facility near Hudson, New York in 1951,] Iron Mountain Incorporated, a Delaware corporation ("IMI"), [removed: has more than 225,000 customers] [added: was founded] in [removed: a variety of industries] [added: an underground facility near Hudson, New York] in [removed: 60 countries around the world, as of December 31, 2023.][added: 1951 where it stored business records.]

We currently serve customers across an array of market verticals [removed: -] [added: —] commercial, legal, financial, healthcare, [added: technology,] insurance, life sciences, energy, business services, entertainment and government [removed: organizations, including more than 90% of the Fortune 1000.][added: organizations.]

We are listed on the New York Stock Exchange (the "NYSE") and are a constituent of the Standard & Poor’s 500 [removed: Index and] [added: Index,] the Morgan Stanley Capital International ("MSCI") REIT [removed: index.][added: index and the FTSE EPRA Nareit Global Real Estate Index.]

As of December 31, [removed: 2023,] [added: 2024,] we were number [removed: 641] [added: 604] on the Fortune 1000.

| Continued revenue growth in physical storage through revenue management actions as well as volume growth achieved in faster growing markets and our consumer business, as well as complementary business growth | | | •We are establishing and enhancing leadership positions in higher-growth markets such as central and eastern Europe, Latin America, Asia, the Middle East and Africa. •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 [removed: digital services and our] [added: Global Digital Solutions,] ALM, [removed: Entertainment Services,] Fine Arts and Consumer Storage (each as defined below) businesses. | | |

| Utilizing our global scale as well as over 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: 26] [added: 29] operating data centers across 21 global markets, either directly or through unconsolidated joint ventures. •As of December 31, [removed: 2023,] [added: 2024, we had leased] approximately [removed: 93%] [added: 96%] of [added: the existing 416 megawatt ("MW") capacity of] our data [removed: center capacity was leased.] [added: centers.] With [added: a] total potential capacity of [removed: 861 megawatts ("MW")] [added: 1,280 MW] in land and buildings currently owned or operated by us, we are among the largest global data center operators. | | |

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 1 | | |

| Establishing and maintaining a leadership position in critical digital infrastructure as well as developing and offering new products and services that allow our customers to achieve reliable and secure information management solutions in an increasingly hybrid physical and digital world | | | •We are positioned to take advantage of the secular growth trends of the changing nature of digital infrastructure. We continue to scale our [removed: digital solutions] [added: Global Digital Solutions] business to complement our existing offerings in records and information management, [removed: in addition to expanding our existing leadership capabilities in our] ALM, [removed: including enterprise secure IT asset disposition,] and [removed: data center businesses] [added: our Global Data Center business] in order to respond to our customers’ growing interest and need to react to environmental, social and corporate governance considerations. This full suite of complementary businesses puts Iron Mountain in a unique position to cross sell our products and services to our customers. •Our customers are faced with navigating a more complex regulatory environment, and one in which hybrid physical and digital solutions have become the norm. Our strategy is underpinned by our persistent focus on best-in-class customer experience, as we continue to seek innovative solutions to help our customers progress on their journey from physical storage to a digital ecosystem. | | |

| [removed: Increased] [added: Continued] investment in our growth agenda, our business and customer-centric solutions | | | •We have established an investment strategy to fuel our growth. The investments we outlined in our plan for Project Matterhorn (as defined below) have been informed by our established leadership position in the physical storage business, our expanding services such as Global Digital Solutions and ALM and our significant progress in the Global Data Center Business. | | |

Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these [removed: activities] [added: activities,] and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement [added: of] our growth initiatives.

Total costs related to Project Matterhorn during the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] were approximately [removed: $175.2] [added: $161.4] million and [removed: $41.9] [added: $175.2] million, respectively.

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: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] are set forth in Note 11 to Notes to Consolidated Financial Statements included in this Annual Report.

*Records Management,* stores physical records and provides information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in [removed: 60] [added: 61] countries around the globe.

[removed: *Entertainment] [added: *Media and Archive] Services,* [added: includes] entertainment and media [removed: services] [added: services,] which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, [removed: distribute,] [added: distribute] and archive key media [removed: assets ("Entertainment Services").][added: assets.]

| 2 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

The world’s most heavily regulated organizations have trusted us [removed: with their] [added: as a] data [removed: centers] [added: center operator] for over [removed: 15] [added: 20] years, [removed: and as of December 31, 2023,] [added: with] five of the [removed: top 10] [added: largest] global [removed: cloud providers were Iron Mountain Data Center] [added: hyperscalers among our] customers.

Corporate and Other consists primarily of our [added: ALM and] Fine Arts [removed: and ALM] businesses and other corporate items ("Corporate and Other").

*ALM,* provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure, processing and [removed: disposition] [added: disposition, and recycling] or sale of IT hardware and component assets.

In addition, ALM also offers workplace IT asset management services including storage, configuration, deployment, device [removed: support and] [added: support,] end-of-life disposition [removed: for] [added: and recycling or sale of] employee IT devices.

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] 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: $5.5] [added: $6.1] billion in annual revenue in [removed: 2023.] [added: 2024.] Our business has a highly diverse customer base of more than [removed: 225,000] [added: 240,000] customers - with no single customer accounting for more than approximately 1% of revenue during the year ended December 31, [removed: 2023] [added: 2024] - and operates in [removed: 60] [added: 61] countries globally. This presents a significant cross-sell opportunity for our expanding solutions, including digital, data center and [removed: ALM. ] [added: ALM.] | | |

| Recurring, Durable Revenue Stream [removed: ] [added: ] | | | [removed: We generate a] [added: A] majority of our [removed: revenues from] [added: revenue is recurring in nature. In our Records Management business, our] contracted storage rental [removed: fees, via] [added: fee] agreements [removed: that] generally range from one to five years in length. [removed: Historically, in our Records Management business,] [added: As of December 31, 2024,] we [removed: have seen strong customer retention (of approximately 98%) and solid physical records retention;] [added: stored] more than [removed: 50%] [added: 730 million cubic feet] of physical [removed: records that entered our facilities approximately 15 years ago are still with us today. We] [added: volume and we] have [removed: also seen] [added: consistently experienced] strong customer retention [removed: in] [added: levels. In] our Global Data Center [removed: Business.] [added: Business, our lease durations vary by customer, with a weighted average lease expiration of 10.6 years as of December 31, 2024.] | | |

| Comprehensive Information Management Solution [removed: ] [added: ] | | | As an S&P 500 REIT with approximately [removed: 1,400] [added: 1,350] 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 98 million square feet of real estate worldwide. Our owned real estate footprint spans to over [removed: 23] [added: 24] million square feet. | | |

| 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 [removed: initiatives,] [added: 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 Global Data Center, ALM and [removed: Consumer Storage,] [added: Global Digital Solutions,] represent markets with [removed: strong] [added: strong,] secular growth. | | |

| 4 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

| Large Data Center Platform with Significant Expansion Opportunity [removed: ] [added: ] | | | As of December 31, [removed: 2023,] [added: 2024,] we had [removed: 250] [added: 416] MW of leasable capacity with an additional [removed: 611] [added: 864] MW under construction or held for development. | | |

| Differentiated Compliance and Security [removed: ] [added: ] | | | We offer comprehensive compliance support [removed: and] [added: as well as] physical and [removed: cyber security.] [added: cybersecurity.] Our Security-in-Depth [removed: approach to security includes a combination of] [added: strategy integrates both] technical and human security measures, [removed: and experienced] [added: with oversight provided by] senior [added: security leaders with] military and public sector [removed: security leaders oversee our security.] [added: backgrounds.] As of December 31, [removed: 2023,] [added: 2024,] our data [removed: centers comply with] [added: center portfolio has achieved numerous certifications and received third party assurance reports, making it] one of the most comprehensive compliance programs in the [removed: industry, including enterprise-wide certified ISO 14001 and 50001 environmental] [added: industry. These certifications] and [removed: energy management systems. We also report globally] [added: reports] on [removed: service organizational controls, as well as] [added: compliance include the] global ISO [removed: 27001 certification,] [added: 27001, ISO 22301, ISO 9001, SOC 2] and PCI-DSS [removed: compliance,] [added: standards, as well as HIPAA, NIST 800-53] and [removed: meet] FISMA HIGH [removed: and FedRAMP controls] in the United States. [added: The program also includes enterprise-wide certified ISO 14001 and 50001 environmental and energy management systems and complies with ISO 14064 for greenhouse gas emissions, supporting our commitment to sustainability.] | | |

| 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. | | |

We [removed: compete with thousands of] [added: face competition from numerous] storage and information management services providers [removed: around the world,] [added: globally,] as well as storage and information management services [added: that are] managed and operated internally by organizations.

[removed: We believe that competition] [added: Competition] for records and information customers is [removed: based on price,] [added: driven by factors such as pricing,] reputation and reliability, [added: the] quality and security of [removed: storage, quality of service] [added: storage solutions] and [added: the] scope and scale of technology.

We also compete with numerous data center developers, owners and operators, many of whom own properties [removed: similar] [added: comparable] to ours in [removed: some] [added: several] of the same metropolitan areas where our facilities are located.

We believe that competition for data center customers is based on availability of power, security [removed: considerations,] [added: measures,] location, connectivity and rental rates, and we [removed: generally believe we] [added: are confident in our ability to] compete effectively in each of these areas.

Additionally, we believe our strong brand, global footprint and excellent commercial relationships [removed: enable] [added: empower] us to compete successfully and provide significant [removed: cross-sell] [added: cross-selling] opportunities with our existing customer base.

[removed: Similarly, in] [added: In] our ALM business, we compete with both hyperscalers and individual corporate clients who manage their own asset [removed: recycling] [added: recycling, disposition] and management, [removed: as well as] [added: in addition to] external competitors.

As of December 31, [removed: 2023,] [added: 2024,] we employed approximately [removed: 10,500] [added: 11,150] employees in the United States and approximately [removed: 16,500] [added: 17,700] employees outside of the United States.

As of December 31, [removed: 2023,] [added: 2024,] approximately [removed: 400] [added: 375] employees were represented by unions in North America and approximately [removed: 725] [added: 1,375] employees were represented by unions in Latin America.

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 5 | | |

These benefits vary by location but generally include health and welfare benefits, paid time [removed: off,] [added: off] and programs to support financial security.

Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (“ALM”) needs.

Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do.

We have evolved our business to meet our customers' needs while remaining focused on driving growth supported by our four pillars outlined below.

We have incurred approximately $378.5 million in Restructuring and other transformation costs from the inception of Project Matterhorn through December 31, 2024.

We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ending December 31, 2025, at which point the program is expected to be completed.

In August 2024, we launched the InSight Digital Experience Platform (also referred to as DXP), a secure, software-as-a-service platform designed to automate customer workflows, enhance data accessibility, ensure audit compliance and optimize customer data for AI applications.

| 100% Clean Energy Data Centers  | | | We have matched 100% of the energy consumption in our data centers with clean energy annually since 2017. This approach enables our Green Power Pass offering, which allows customers to report the power they consume at any Iron Mountain Data Center as clean power in their public reporting, making Iron Mountain a key part of their decarbonization roadmaps and goals. Our data center business is a founding signatory to the UN Compact on 24/7 Carbon-Free Energy (“CFE”), which seeks hour-by-hour matching of site consumption with local CFE by 2040. | | |

We are committed to making a meaningful impact on our customers, our people and our business by cultivating a culture that is firmly grounded in our values: *Acting with Integrity, Owning Safety and Security, Building Customer Value, Taking Ownership and Promoting Inclusion and Teamwork*.

While we foster an environment of learning, collaboration, diversity and wellbeing, we know culture truly thrives in the everyday experience of working at Iron Mountain.

Our culture encourages open communication and innovation while fostering trust, engagement and exceptional performance.

We evaluate this through regular employee surveys and by leveraging data to gain a deeper understanding of our global workforce, and how they work.

These insights collectively enable us to drive enhanced employee engagement, measure effectiveness and refine our approach for sustained success.

Led by our President and CEO, William Meaney, our Inclusive Leadership Alliance (the "Alliance") includes members of the Executive Leadership Team and plays a pivotal role in advancing our culture and driving growth.

Our volunteer-based global employee resource groups play an essential role in supporting talent attraction, retention and development, and serving as valuable allies across our company.

Each group is sponsored by one or more members of Iron Mountain’s Executive Leadership Team.

We aim to minimize our environmental impact, foster a culture and processes that support the well-being of our global teams, and to be a catalyst for positive change within our communities.

We transparently report on our sustainability efforts and the advancement of our objectives by using widely adopted reporting frameworks such as the Global Reporting Initiative, CDP and EcoVadis.

In 2024, the Science Based Targets initiative ("SBTi") validated our targets, which are aligned with the Paris Climate Agreement aspiration of limiting the global temperature increase to 1.5 degrees Celsius.

Our data center team was recognized with the Decarbonization of Electricity award from BroadGroup International for their work and thought leadership on carbon-free energy.

As of December 31, 2024, we are a constituent of multiple indexes that focus on corporate sustainability standards, including several MSCI All Country World Indexes (ACWI), such as the ACWI Low Carbon Leaders, ACWI Climate Paris Aligned, ACWI ESG Leaders and ACWI Socially Responsible Index (SRI).

We have also been a constituent of the FTSE4Good Index for more than ten years.

| STRONG ENVIRONMENTAL FOCUS •Iron Mountain provides a Green Power Pass solution in the data center market to help customers manage their carbon footprint. •Founding signatory of the UN Compact on 24/7 Carbon Free Energy. As of 2024, Iron Mountain has over 190 locations globally with the ability to track and match renewable energy usage on an hourly basis. •87% of our global electricity use was covered by renewable sources in 2023. •Iron Mountain has near and long-term science-based emissions reduction targets that have been validated by SBTi. •Reduced Scope 1 and 2 greenhouse gas (GHG) emissions by 10% from 2022 to 2023. •Achieved a landfill diversion rate of 81% in 2023, reducing waste to landfill and lowering emissions associated with waste processing. | | | | | |

We help organizations around the world protect their information, reduce storage costs, comply with regulations, facilitate corporate disaster recovery and better use their information and IT infrastructure for business advantages, regardless of its format, location or life cycle stage.

We do this by storing physical records and data backup media, offering information management solutions and providing data center space for enterprise-class colocation and hyperscale deployments.

We offer comprehensive records and information management services and data management services, along with the expertise and experience to address complex storage and information management challenges such as rising storage rental costs, legal and regulatory compliance and disaster recovery requirements.

We provide secure and reliable data center facilities to protect digital information and ensure the continued operation of our customers’ IT infrastructure, with reliable and flexible deployment options.

Our asset lifecycle management ("ALM") business allows us to provide end-to-end asset lifecycle services for hyperscale, corporate data center and corporate end-user device assets.

As of December 31, 2023, we employed approximately 27,000 people.

We are a different company to the one we have been in our past.

The strategic journey we are on is driving this change and our focus remains on the four pillars outlined below to continue to grow and evolve our business.

We expect to incur approximately $150.0 million in costs annually related to Project Matterhorn from 2023 through 2025.

As of December 31, 2023, we stored approximately 731.5 million cubic feet of hardcopy records.

| 100% Green Powered Data Centers  | | | As of December 31, 2023, our Global Data Center platform continues to match 100% of its consumption with renewable electricity procurement and benefits from low power usage effectiveness ("PUE"). As of October 2023, we are in the top 30 of the Environmental Protection Agency's National Top 100 Partners list, with green power comprising 94% of our company-wide U.S. electricity use. We offer the Green Power Pass, which allows customers to include the power they consume at any Iron Mountain data centers as green power in their CDP, RE100, GRI or other sustainability reporting. | | |

We recognize that an inspired culture is foundational to how we deliver on our purpose and create sustained growth and value for our shareholders.

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 and recognize our employees who consistently demonstrate Iron Mountain's values in measurable ways while inspiring others to do the same.

We commit significant resources to sustaining a culture that enables voice and innovation, and facilitates trust, engagement, belonging and performance.

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

In addition, we use data to gain insight to the global distribution of our employees, where they work, how they work and cost to serve.

We use all of this information to drive increased employee engagement and success, as well as to refine our approach.

DIVERSITY, EQUITY AND INCLUSION

We continue to prioritize diversity, equity, and inclusion ("DEI") as core principles of our corporate strategic goals.

Our Global DEI Council is made up of the Executive Leadership Team and is chaired by Iron Mountain President and CEO Bill Meaney.

In June 2023, we committed to investing in the growth and wellbeing of our female leaders (Directors and VPs) by funding a comprehensive development program, Women in Leadership ("WiL").

WiL is specifically designed to support women in their career progression and prepare them for critical leadership roles.

We also formally expanded our investment in our Employee Resource Groups ("ERGs") to elevate their impact and reach.

Our ERGs support Iron Mountain’s DEI strategy by fostering a sense of belonging for their colleagues, increasing talent attraction, retention, and development efforts and being supportive partners.

Iron Mountain scored 90% on the Human Rights Campaign’s Corporate Equality Index for LGBTQ+ and placed as a top scorer on the 2023 Disability Equality Index.

We also received the JPMorgan Chase Strategic Diverse Gold Supplier Award for our commitment to supplier diversity, and the contributions of our very own supplier diversity program where we exceeded our target of $70 million in supplier diversity spend during fiscal 2023.

In July 2023, Bill Meaney was named among the best CEOs for diversity in a large company by Comparably, a ZoomInfo Technologies company that collects data on wage equity and company culture.

In addition, Iron Mountain was named among Comparably's 2023 Best Companies for Women and Best Companies for Diversity.

Our four focus areas, where we can deliver uniquely through owned operations and customers' enablement, are safeguarding our customers’ information, empowering employees, serving our communities, and protecting the environment.

We have successfully achieved seven of the ambitious sustainability goals we set in 2021 to address our environmental footprint, corporate philanthropy, volunteerism and DEI practices.

We are committed to reach net zero greenhouse gas emissions by 2040.

As an employer, we are committed to the safety and well-being of our employees and strive to cultivate a culture of inclusion that values diverse perspectives across our global workforce.

Iron Mountain and its employees also make a social impact in the communities in which we operate through charitable giving and volunteerism.

In 2023, Iron Mountain received the Low Carbon Hero Award recognizing our efforts to implement social and technical practices to reduce our carbon footprint.

Also in 2023, Iron Mountain joined EV100 and is committed to electrifying 100% of our company cars and 50% of our vans by 2030.

With operations in 60 countries, Iron Mountain was recognized as the most international committed fleet in the 2023 EV100 Annual Report.

Iron Mountain is committed to transparent reporting on our sustainability efforts and we leverage widely adopted reporting frameworks to report annually on our results.

Our annual sustainability report, aligned with the Global Reporting Initiative framework, highlights our progress against key measures of success for our community, environment and people.

| For the Fiscal Year Ended December 31, [removed: 2023] [added: 2024] | | | | | |

][added: pg_logo_ironmountain.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm-20241231_g1.jpg)]

See the definitions of [removed: “large] [added: "large] accelerated [removed: filer,” “accelerated filer”, “smaller] [added: filer", "accelerated filer", "smaller] reporting [removed: company”] [added: company"] and [removed: “emerging] [added: "emerging] growth [removed: company”] [added: company"] in Rule 12b-2 of the Exchange Act.

As of June 30, [removed: 2023,] [added: 2024,] the aggregate market value of the Common Stock of the registrant held by non-affiliates of the registrant was approximately [removed: $16.1] [added: $25.7] 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: 16, 2024: 292,275,668][added: 7, 2025: 293,740,905]

Certain information required in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K (the [removed: “Annual Report”)] [added: "Annual Report")] is incorporated by reference from our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders (our [removed: “Proxy Statement”)] [added: "Proxy Statement")] to be filed with the Securities and Exchange Commission (the [removed: “SEC”)] [added: "SEC")] within 120 days after the close of the fiscal year ended December 31, [removed: 2023.][added: 2024.]

[removed: ][added: ]

[removed: 2023] [added: 2024] FORM 10-K ANNUAL REPORT

| PART I | | | [removed: 0[1](#i5efabba03ac740ed96d85f87aa4baf12_19)] [added: 0[1](#idba768b3a505458b98107b519110e4d2_19)] | | | ITEM 1. | | | [removed: [BUSINESS](#i5efabba03ac740ed96d85f87aa4baf12_19)] [added: [BUSINESS](#idba768b3a505458b98107b519110e4d2_19)] | | |

| [removed: 0[9](#i5efabba03ac740ed96d85f87aa4baf12_22)] [added: 0[9](#idba768b3a505458b98107b519110e4d2_22)] | | | ITEM 1A. | | | [RISK [removed: FACTORS](#i5efabba03ac740ed96d85f87aa4baf12_22)] [added: FACTORS](#idba768b3a505458b98107b519110e4d2_22)] | | | | | |

| [removed: [20](#i5efabba03ac740ed96d85f87aa4baf12_25)] [added: [20](#idba768b3a505458b98107b519110e4d2_25)] | | | ITEM 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#i5efabba03ac740ed96d85f87aa4baf12_25)] [added: COMMENTS](#idba768b3a505458b98107b519110e4d2_25)] | | | | | |

| [removed: [20](#i5efabba03ac740ed96d85f87aa4baf12_28)] [added: [20](#idba768b3a505458b98107b519110e4d2_28)] | | | ITEM 1C. | | | [removed: [CYBERSECURITY](#i5efabba03ac740ed96d85f87aa4baf12_28)] [added: [CYBERSECURITY](#idba768b3a505458b98107b519110e4d2_28)] | | | | | |

| [removed: [21](#i5efabba03ac740ed96d85f87aa4baf12_3110)] [added: [22](#idba768b3a505458b98107b519110e4d2_31)] | | | ITEM 2. | | | [removed: [PROPERTIES](#i5efabba03ac740ed96d85f87aa4baf12_28)] [added: [PROPERTIES](#idba768b3a505458b98107b519110e4d2_31)] | | | | | |

| [removed: [25](#i5efabba03ac740ed96d85f87aa4baf12_31)] [added: [25](#idba768b3a505458b98107b519110e4d2_34)] | | | ITEM 3. | | | [LEGAL [removed: PROCEEDINGS](#i5efabba03ac740ed96d85f87aa4baf12_31)] [added: PROCEEDINGS](#idba768b3a505458b98107b519110e4d2_34)] | | | | | |

| [removed: [25](#i5efabba03ac740ed96d85f87aa4baf12_34)] [added: [25](#idba768b3a505458b98107b519110e4d2_37)] | | | ITEM 4. | | | [MINE SAFETY [removed: DISCLOSURES](#i5efabba03ac740ed96d85f87aa4baf12_34)] [added: DISCLOSURES](#idba768b3a505458b98107b519110e4d2_37)] | | | | | |

| PART II | | | [removed: [27](#i5efabba03ac740ed96d85f87aa4baf12_43)] [added: [27](#idba768b3a505458b98107b519110e4d2_46)] | | | ITEM 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i5efabba03ac740ed96d85f87aa4baf12_43)] [added: SECURITIES](#idba768b3a505458b98107b519110e4d2_46)] | | |

| [removed: [27](#i5efabba03ac740ed96d85f87aa4baf12_46)] [added: [27](#idba768b3a505458b98107b519110e4d2_49)] | | | ITEM 6. | | | [removed: [\[RESERVED](#i5efabba03ac740ed96d85f87aa4baf12_46)[\]](#i5efabba03ac740ed96d85f87aa4baf12_46)] [added: [\[RESERVED\]](#idba768b3a505458b98107b519110e4d2_49)] | | | | | |

| [removed: [27](#i5efabba03ac740ed96d85f87aa4baf12_52)] [added: [27](#idba768b3a505458b98107b519110e4d2_55)] | | | ITEM 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i5efabba03ac740ed96d85f87aa4baf12_52)] [added: OPERATIONS](#idba768b3a505458b98107b519110e4d2_55)] | | | | | |

| [removed: [57](#i5efabba03ac740ed96d85f87aa4baf12_109)] [added: [56](#idba768b3a505458b98107b519110e4d2_115)] | | | ITEM 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#i5efabba03ac740ed96d85f87aa4baf12_109)] [added: RISK](#idba768b3a505458b98107b519110e4d2_115)] | | | | | |

| [removed: [58](#i5efabba03ac740ed96d85f87aa4baf12_112)] [added: [57](#idba768b3a505458b98107b519110e4d2_118)] | | | ITEM 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#i5efabba03ac740ed96d85f87aa4baf12_112)] [added: DATA](#idba768b3a505458b98107b519110e4d2_118)] | | | | | |

| [removed: [58](#i5efabba03ac740ed96d85f87aa4baf12_115)] [added: [57](#idba768b3a505458b98107b519110e4d2_121)] | | | ITEM 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#i5efabba03ac740ed96d85f87aa4baf12_115)] [added: DISCLOSURE](#idba768b3a505458b98107b519110e4d2_121)] | | | | | |

| [removed: [59](#i5efabba03ac740ed96d85f87aa4baf12_118)] [added: [58](#idba768b3a505458b98107b519110e4d2_124)] | | | ITEM 9A. | | | [CONTROLS AND [removed: PROCEDURES](#i5efabba03ac740ed96d85f87aa4baf12_118)] [added: PROCEDURES](#idba768b3a505458b98107b519110e4d2_124)] | | | | | |

| [removed: [61](#i5efabba03ac740ed96d85f87aa4baf12_124)] [added: [60](#idba768b3a505458b98107b519110e4d2_130)] | | | ITEM 9B. | | | [OTHER [removed: INFORMATION](#i5efabba03ac740ed96d85f87aa4baf12_124)] [added: INFORMATION](#idba768b3a505458b98107b519110e4d2_130)] | | | | | |

| [removed: [61](#i5efabba03ac740ed96d85f87aa4baf12_130)] [added: [60](#idba768b3a505458b98107b519110e4d2_139)] | | | ITEM 9C. | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#i5efabba03ac740ed96d85f87aa4baf12_130)] [added: INSPECTIONS](#idba768b3a505458b98107b519110e4d2_139)] | | | | | |

| PART III | | | [removed: [63](#i5efabba03ac740ed96d85f87aa4baf12_139)] [added: [62](#idba768b3a505458b98107b519110e4d2_148)] | | | ITEM 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#i5efabba03ac740ed96d85f87aa4baf12_139)] [added: GOVERNANCE](#idba768b3a505458b98107b519110e4d2_148)] | | |

| [removed: [63](#i5efabba03ac740ed96d85f87aa4baf12_142)] [added: [62](#idba768b3a505458b98107b519110e4d2_151)] | | | ITEM 11. | | | [EXECUTIVE [removed: COMPENSATION](#i5efabba03ac740ed96d85f87aa4baf12_142)] [added: COMPENSATION](#idba768b3a505458b98107b519110e4d2_151)] | | | | | |

| [removed: [63](#i5efabba03ac740ed96d85f87aa4baf12_145)] [added: [62](#idba768b3a505458b98107b519110e4d2_154)] | | | ITEM 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#i5efabba03ac740ed96d85f87aa4baf12_145)] [added: MATTERS](#idba768b3a505458b98107b519110e4d2_154)] | | | | | |

| [removed: [63](#i5efabba03ac740ed96d85f87aa4baf12_148)] [added: [62](#idba768b3a505458b98107b519110e4d2_157)] | | | ITEM 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#i5efabba03ac740ed96d85f87aa4baf12_148)] [added: INDEPENDENCE](#idba768b3a505458b98107b519110e4d2_157)] | | | | | |

| [removed: [63](#i5efabba03ac740ed96d85f87aa4baf12_151)] [added: [62](#idba768b3a505458b98107b519110e4d2_160)] | | | ITEM 14. | | | [PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#i5efabba03ac740ed96d85f87aa4baf12_151)] [added: SERVICES](#idba768b3a505458b98107b519110e4d2_160)] | | | | | |

| PART IV | | | [removed: [65](#i5efabba03ac740ed96d85f87aa4baf12_160)] [added: [64](#idba768b3a505458b98107b519110e4d2_169)] | | | ITEM 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#i5efabba03ac740ed96d85f87aa4baf12_160)] [added: SCHEDULES](#idba768b3a505458b98107b519110e4d2_169)] | | |

| [removed: [139](#i5efabba03ac740ed96d85f87aa4baf12_343)] [added: [135](#idba768b3a505458b98107b519110e4d2_337)] | | | ITEM 16. | | | [FORM 10-K [removed: SUMMARY](#i5efabba03ac740ed96d85f87aa4baf12_343)] [added: SUMMARY](#idba768b3a505458b98107b519110e4d2_337)] | | | | | |

References in this Annual Report on Form 10-K for the year ended December 31, [removed: 2023] [added: 2024] (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.

- changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical [removed: space;][added: space or services activity;]

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm-20241231_g3.jpg)]

Our cybersecurity controls are evaluated regularly by our internal information security [removed: team] [added: team,] and we engage a third party examiner to assess the maturity of our information security program against the NIST cybersecurity framework no less frequently than bi-annually.

[removed: Results] [added: The results] of our assessments are tracked and evaluated to ensure these third parties comply with our cybersecurity standards.

Our reputation for providing secure information storage to customers is critical to the success of our business, and protecting against material [removed: cyber] [added: cybersecurity] risks is an integral part of maintaining that reputation.

As part of our information security program, we also actively monitor emerging [removed: cyber attack] [added: cyberattack] patterns to develop custom detection capabilities and mitigation techniques to protect against material risk of cybersecurity threats.

Upon encountering a cybersecurity incident, our information security team responds using our detailed [removed: cyber security] [added: cybersecurity] incident response plan [removed: (“CSIRP”),] [added: ("CSIRP"),] which is based on industry best practices, relevant legal requirements and our contractual commitments.

| 20 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

Our Board reserves the right to, and periodically [removed: does] [added: does,] consult with third-party advisors and experts to assist our Board in understanding and anticipating future cybersecurity threats and trends.

The risk and safety committee of our Board (the [removed: “RSC”)] [added: "RSC")] is specifically tasked with reviewing and monitoring cybersecurity and information security risk, as well as the risk management strategies, systems and [removed: policies] [added: policies,] and processes implemented, established and reported on by our executive management team.

[removed: As part] [added: Our Chief Risk Officer provides reports at each meeting] of the [removed: risk management team,] [added: RSC on areas of potential risks to us, including cybersecurity risk, and] our Chief Information Security Officer [added: provides quarterly] reports [added: to the RSC on the] key performance indicators of our information security program to [removed: the RSC at least three times a year to] facilitate the [removed: committee’s] [added: RSC’s] oversight of the [removed: effectiveness of the] program through objective measurements, including metrics regarding software patching, IT asset management, cyber incident management and cybersecurity training.

[removed: Our] [added: As part of our enterprise risk program, our] executive management team has established an enterprise risk committee (the "ERC"), which is chaired by our Chief Risk Officer and is otherwise [removed: comprised] [added: composed] of each of our other executive vice presidents.

The ERC oversees our risk and compliance activities to ensure that management has appropriate [removed: policies, structures] [added: policies] and [removed: systems] [added: management plans] in place for managing risks of the business, including cybersecurity [removed: risk.][added: risk, as well as reviewing and prioritizing significant risks and allocating resources for risk mitigation.]

We require all employees to undertake data protection and cybersecurity training and compliance programs annually.

Additional information about cybersecurity risks we face is discussed in Item 1A of Part I, “Risk Factors,” under the heading “Attacks on our internal IT systems could damage our reputation, cause us to lose revenues, and adversely affect our business, financial condition and results of operations”, which should be read in conjunction with the information above.

| | | | | | | | | |

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

| | | | IRON MOUNTAIN 2024 FORM 10-K | | | 21 | | |

Part I

Our risk management organization, which is led by our Chief Risk Officer, manages our information security program along with enterprise risk management, business continuity, internal audit and physical security.

Our risk management team routinely reports on cybersecurity matters to our executive management team and our Board.

Our Chief Information Security Officer, who reports directly to our Chief Risk Officer, leads a dedicated information security team that manages our information security program.

Our executive management team reviews and prioritizes significant risks, allocates resources for risk mitigation.

Our Chief Risk Officer and other members of our risk management team provide reports at each meeting of the RSC on areas of potential risks to us, including cybersecurity risk.

As of December 31, [removed: 2023,] [added: 2024,] we conducted operations through [removed: 1,145] [added: 1,110] leased facilities and [removed: 232] [added: 236] owned facilities.

Our facilities are divided among our reportable segments and Corporate and Other as follows: Global RIM Business [removed: (1,287),] [added: (1,211),] Global Data Center Business [removed: (30)] [added: (33)] and Corporate and Other [removed: (60).][added: (102).]

These facilities contain a total of approximately [removed: 98.0] [added: 98.1] million square feet of space.

| [added: 22] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 21] | | |

| Georgia | | | | | | [removed: 12] [added: 13] | | | | | | | | | | | | [removed: 940,981] [added: 1,100,981] | | | | | | | | | | | | 2 | | | | | | | | | | | | 129,611 | | | | | | | | | | | | [removed: 14] [added: 15] | | | | | | | | | | | | [removed: 1,070,592] [added: 1,230,592] | | | | | |

| Kentucky | | | | | | [removed: 2] [added: —] | | | | | | | | | | | | [removed: 64,000] [added: —] | | | | | | | | | | | | 4 | | | | | | | | | | | | 418,760 | | | | | | | | | | | | [removed: 6] [added: 4] | | | | | | | | | | | | [removed: 482,760] [added: 418,760] | | | | | |

| [removed: 22] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [added: 23] | | |

| China Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.) | | | | | | [removed: 53] [added: 52] | | | | | | | | | | | | [removed: 2,044,506] [added: 1,985,570] | | | | | | | | | | | | 1 | | | | | | | | | | | | 20,721 | | | | | | | | | | | | [removed: 54] [added: 53] | | | | | | | | | | | | [removed: 2,065,227] [added: 2,006,291] | | | | | |

| Northern Ireland | | | | | | [removed: 3] [added: 2] | | | | | | | | | | | | [removed: 129,083] [added: 55,310] | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | [removed: 3] [added: 2] | | | | | | | | | | | | [removed: 129,083] [added: 55,310] | | | | | |

| Singapore | | | | | | 8 | | | | | | | | | | | | [removed: 489,049] [added: 489,467] | | | | | | | | | | | | 2 | | | | | | | | | | | | 186,956 | | | | | | | | | | | | 10 | | | | | | | | | | | | [removed: 676,005] [added: 676,423] | | | | | |

| [added: 24] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 23] | | |

Our total building utilization and total racking utilization as of December 31, [removed: 2023] [added: 2024] 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: 2023.][added: 2024.]

The information set forth in the table assumes that tenants [added: will] exercise [removed: no renewal options and all] [added: any] early termination [removed: rights.][added: rights that do not have significant penalties and will not exercise any renewal options.]

| Alabama | | | | | | 3 | | | | | | | | | | | | 293,193 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 293,193 | | | | | |

| Arizona | | | | | | 7 | | | | | | | | | | | | 486,528 | | | | | | | | | | | | 6 | | | | | | | | | | | | 1,207,281 | | | | | | | | | | | | 13 | | | | | | | | | | | | 1,693,809 | | | | | |

| California | | | | | | 69 | | | | | | | | | | | | 7,092,102 | | | | | | | | | | | | 9 | | | | | | | | | | | | 942,356 | | | | | | | | | | | | 78 | | | | | | | | | | | | 8,034,458 | | | | | |

| Connecticut | | | | | | 3 | | | | | | | | | | | | 208,253 | | | | | | | | | | | | 3 | | | | | | | | | | | | 527,666 | | | | | | | | | | | | 6 | | | | | | | | | | | | 735,919 | | | | | |

| Delaware | | | | | | 3 | | | | | | | | | | | | 236,719 | | | | | | | | | | | | 2 | | | | | | | | | | | | 162,721 | | | | | | | | | | | | 5 | | | | | | | | | | | | 399,440 | | | | | |

| Florida | | | | | | 31 | | | | | | | | | | | | 2,777,184 | | | | | | | | | | | | 1 | | | | | | | | | | | | 119,374 | | | | | | | | | | | | 32 | | | | | | | | | | | | 2,896,558 | | | | | |

| Illinois | | | | | | 12 | | | | | | | | | | | | 1,237,895 | | | | | | | | | | | | 7 | | | | | | | | | | | | 1,309,975 | | | | | | | | | | | | 19 | | | | | | | | | | | | 2,547,870 | | | | | |

| Indiana | | | | | | 4 | | | | | | | | | | | | 290,116 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 4 | | | | | | | | | | | | 290,116 | | | | | |

| Iowa | | | | | | 1 | | | | | | | | | | | | 100,000 | | | | | | | | | | | | 1 | | | | | | | | | | | | 14,200 | | | | | | | | | | | | 2 | | | | | | | | | | | | 114,200 | | | | | |

| Kansas | | | | | | 3 | | | | | | | | | | | | 479,786 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 479,786 | | | | | |

| Maryland | | | | | | 20 | | | | | | | | | | | | 1,997,098 | | | | | | | | | | | | 1 | | | | | | | | | | | | 19,001 | | | | | | | | | | | | 21 | | | | | | | | | | | | 2,016,099 | | | | | |

| Massachusetts | | | | | | 10 | | | | | | | | | | | | 566,633 | | | | | | | | | | | | 5 | | | | | | | | | | | | 862,350 | | | | | | | | | | | | 15 | | | | | | | | | | | | 1,428,983 | | | | | |

| Michigan | | | | | | 11 | | | | | | | | | | | | 845,398 | | | | | | | | | | | | 1 | | | | | | | | | | | | 39,502 | | | | | | | | | | | | 12 | | | | | | | | | | | | 884,900 | | | | | |

| Minnesota | | | | | | 10 | | | | | | | | | | | | 810,337 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 10 | | | | | | | | | | | | 810,337 | | | | | |

| Mississippi | | | | | | 2 | | | | | | | | | | | | 171,000 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2 | | | | | | | | | | | | 171,000 | | | | | |

| Missouri | | | | | | 12 | | | | | | | | | | | | 1,335,639 | | | | | | | | | | | | 1 | | | | | | | | | | | | 25,120 | | | | | | | | | | | | 13 | | | | | | | | | | | | 1,360,759 | | | | | |

| New Jersey | | | | | | 27 | | | | | | | | | | | | 3,375,178 | | | | | | | | | | | | 8 | | | | | | | | | | | | 2,476,635 | | | | | | | | | | | | 35 | | | | | | | | | | | | 5,851,813 | | | | | |

| New York | | | | | | 17 | | | | | | | | | | | | 1,003,191 | | | | | | | | | | | | 10 | | | | | | | | | | | | 970,800 | | | | | | | | | | | | 27 | | | | | | | | | | | | 1,973,991 | | | | | |

| North Carolina | | | | | | 21 | | | | | | | | | | | | 1,073,820 | | | | | | | | | | | | 1 | | | | | | | | | | | | 97,000 | | | | | | | | | | | | 22 | | | | | | | | | | | | 1,170,820 | | | | | |

| Ohio | | | | | | 10 | | | | | | | | | | | | 1,138,809 | | | | | | | | | | | | 3 | | | | | | | | | | | | 242,087 | | | | | | | | | | | | 13 | | | | | | | | | | | | 1,380,896 | | | | | |

| Pennsylvania | | | | | | 20 | | | | | | | | | | | | 2,590,759 | | | | | | | | | | | | 3 | | | | | | | | | | | | 2,062,761 | | | | | | | | | | | | 23 | | | | | | | | | | | | 4,653,520 | | | | | |

| Texas | | | | | | 37 | | | | | | | | | | | | 2,582,518 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,838,880 | | | | | | | | | | | | 56 | | | | | | | | | | | | 4,421,398 | | | | | |

| Virginia | | | | | | 17 | | | | | | | | | | | | 1,306,303 | | | | | | | | | | | | 7 | | | | | | | | | | | | 1,165,472 | | | | | | | | | | | | 24 | | | | | | | | | | | | 2,471,775 | | | | | |

| Washington | | | | | | 9 | | | | | | | | | | | | 729,435 | | | | | | | | | | | | 4 | | | | | | | | | | | | 180,228 | | | | | | | | | | | | 13 | | | | | | | | | | | | 909,663 | | | | | |

| Wisconsin | | | | | | 4 | | | | | | | | | | | | 325,520 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 4 | | | | | | | | | | | | 325,520 | | | | | |

| Total United States | | | | | | 440 | | | | | | | | | | | | 36,942,130 | | | | | | | | | | | | 115 | | | | | | | | | | | | 16,334,563 | | | | | | | | | | | | 555 | | | | | | | | | | | | 53,276,693 | | | | | |

| Canada | | | | | | 39 | | | | | | | | | | | | 2,769,235 | | | | | | | | | | | | 14 | | | | | | | | | | | | 1,652,793 | | | | | | | | | | | | 53 | | | | | | | | | | | | 4,422,028 | | | | | |

| Total North America | | | | | | 479 | | | | | | | | | | | | 39,711,365 | | | | | | | | | | | | 129 | | | | | | | | | | | | 17,987,356 | | | | | | | | | | | | 608 | | | | | | | | | | | | 57,698,721 | | | | | |

| Australia | | | | | | 46 | | | | | | | | | | | | 2,913,577 | | | | | | | | | | | | 1 | | | | | | | | | | | | 13,885 | | | | | | | | | | | | 47 | | | | | | | | | | | | 2,927,462 | | | | | |

| Belgium | | | | | | 3 | | | | | | | | | | | | 190,740 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 190,740 | | | | | |

| Brazil | | | | | | 42 | | | | | | | | | | | | 2,816,571 | | | | | | | | | | | | 6 | | | | | | | | | | | | 291,280 | | | | | | | | | | | | 48 | | | | | | | | | | | | 3,107,851 | | | | | |

| Chile | | | | | | 2 | | | | | | | | | | | | 3,692 | | | | | | | | | | | | 18 | | | | | | | | | | | | 715,894 | | | | | | | | | | | | 20 | | | | | | | | | | | | 719,586 | | | | | |

| Colombia | | | | | | 17 | | | | | | | | | | | | 771,479 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 17 | | | | | | | | | | | | 771,479 | | | | | |

| England | | | | | | 66 | | | | | | | | | | | | 5,615,341 | | | | | | | | | | | | 17 | | | | | | | | | | | | 552,986 | | | | | | | | | | | | 83 | | | | | | | | | | | | 6,168,327 | | | | | |

| Finland | | | | | | 3 | | | | | | | | | | | | 95,896 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 95,896 | | | | | |

| France | | | | | | 26 | | | | | | | | | | | | 2,150,804 | | | | | | | | | | | | 12 | | | | | | | | | | | | 936,486 | | | | | | | | | | | | 38 | | | | | | | | | | | | 3,087,290 | | | | | |

| Greece | | | | | | 10 | | | | | | | | | | | | 903,245 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 10 | | | | | | | | | | | | 903,245 | | | | | |

| Hungary | | | | | | 7 | | | | | | | | | | | | 345,645 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 345,645 | | | | | |

| India | | | | | | 81 | | | | | | | | | | | | 4,038,809 | | | | | | | | | | | | 3 | | | | | | | | | | | | 226,432 | | | | | | | | | | | | 84 | | | | | | | | | | | | 4,265,241 | | | | | |

| Ireland | | | | | | 7 | | | | | | | | | | | | 413,662 | | | | | | | | | | | | 5 | | | | | | | | | | | | 178,558 | | | | | | | | | | | | 12 | | | | | | | | | | | | 592,220 | | | | | |

| | | | | | | | | |

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

Part I

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

| Alabama | | | | | | 3 | | | | | | | | | | | | 305,168 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 305,168 | | | | | |

| Arizona | | | | | | 7 | | | | | | | | | | | | 436,657 | | | | | | | | | | | | 6 | | | | | | | | | | | | 1,207,281 | | | | | | | | | | | | 13 | | | | | | | | | | | | 1,643,938 | | | | | |

| California | | | | | | 76 | | | | | | | | | | | | 7,339,160 | | | | | | | | | | | | 9 | | | | | | | | | | | | 942,356 | | | | | | | | | | | | 85 | | | | | | | | | | | | 8,281,516 | | | | | |

| Connecticut | | | | | | 5 | | | | | | | | | | | | 312,797 | | | | | | | | | | | | 3 | | | | | | | | | | | | 527,666 | | | | | | | | | | | | 8 | | | | | | | | | | | | 840,463 | | | | | |

| Delaware | | | | | | 2 | | | | | | | | | | | | 197,840 | | | | | | | | | | | | 2 | | | | | | | | | | | | 162,721 | | | | | | | | | | | | 4 | | | | | | | | | | | | 360,561 | | | | | |

| Florida | | | | | | 34 | | | | | | | | | | | | 2,814,690 | | | | | | | | | | | | 1 | | | | | | | | | | | | 119,374 | | | | | | | | | | | | 35 | | | | | | | | | | | | 2,934,064 | | | | | |

| 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 | | | | | |

| 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 | | | | | |

| New Jersey | | | | | | 30 | | | | | | | | | | | | 3,510,808 | | | | | | | | | | | | 8 | | | | | | | | | | | | 2,476,635 | | | | | | | | | | | | 38 | | | | | | | | | | | | 5,987,443 | | | | | |

| 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 | | | | | |

| Pennsylvania | | | | | | 21 | | | | | | | | | | | | 2,629,959 | | | | | | | | | | | | 3 | | | | | | | | | | | | 2,062,761 | | | | | | | | | | | | 24 | | | | | | | | | | | | 4,692,720 | | | | | |

| Texas | | | | | | 39 | | | | | | | | | | | | 2,654,205 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,838,880 | | | | | | | | | | | | 58 | | | | | | | | | | | | 4,493,085 | | | | | |

| Virginia | | | | | | 16 | | | | | | | | | | | | 1,346,372 | | | | | | | | | | | | 4 | | | | | | | | | | | | 375,791 | | | | | | | | | | | | 20 | | | | | | | | | | | | 1,722,163 | | | | | |

| Washington | | | | | | 8 | | | | | | | | | | | | 716,411 | | | | | | | | | | | | 4 | | | | | | | | | | | | 180,228 | | | | | | | | | | | | 12 | | | | | | | | | | | | 896,639 | | | | | |

| 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 | | | | | |

| Australia | | | | | | 41 | | | | | | | | | | | | 3,010,051 | | | | | | | | | | | | 1 | | | | | | | | | | | | 13,885 | | | | | | | | | | | | 42 | | | | | | | | | | | | 3,023,936 | | | | | |

| Belgium | | | | | | 4 | | | | | | | | | | | | 234,635 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 4 | | | | | | | | | | | | 234,635 | | | | | |

| Brazil | | | | | | 38 | | | | | | | | | | | | 2,699,755 | | | | | | | | | | | | 6 | | | | | | | | | | | | 291,280 | | | | | | | | | | | | 44 | | | | | | | | | | | | 2,991,035 | | | | | |

| Chile | | | | | | 2 | | | | | | | | | | | | 3,692 | | | | | | | | | | | | 17 | | | | | | | | | | | | 667,790 | | | | | | | | | | | | 19 | | | | | | | | | | | | 671,482 | | | | | |

| Colombia | | | | | | 18 | | | | | | | | | | | | 783,980 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 18 | | | | | | | | | | | | 783,980 | | | | | |

| England | | | | | | 68 | | | | | | | | | | | | 5,128,168 | | | | | | | | | | | | 18 | | | | | | | | | | | | 598,009 | | | | | | | | | | | | 86 | | | | | | | | | | | | 5,726,177 | | | | | |

| Finland | | | | | | 4 | | | | | | | | | | | | 96,956 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 4 | | | | | | | | | | | | 96,956 | | | | | |

| France | | | | | | 27 | | | | | | | | | | | | 2,094,071 | | | | | | | | | | | | 12 | | | | | | | | | | | | 936,486 | | | | | | | | | | | | 39 | | | | | | | | | | | | 3,030,557 | | | | | |

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 25 | | |

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm-20241231_g17.jpg)]

The closing price of our common stock on the NYSE on February [removed: 16, 2024] [added: 7, 2025] was [removed: $67.98.][added: $106.06.]

As of February [removed: 16, 2024,] [added: 7, 2025,] there were [removed: 3,083] [added: 3,444] holders of record of our common stock.

We did not sell any unregistered equity securities during the three months ended December 31, [removed: 2023,] [added: 2024,] nor did we repurchase any shares of our common stock during the three months ended December 31, [removed: 2023.][added: 2024.]

| [removed: 58] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [added: 57] | | |

As of December 31, [removed: 2023] [added: 2024] (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: 2023.][added: 2024.]

| [added: 58] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 59] | | |

We have audited the internal control over financial reporting of Iron Mountain Incorporated and subsidiaries (the "Company") as of December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] of the Company and our report dated February [removed: 22, 2024,] [added: 14, 2025,] expressed an unqualified opinion on those financial statements.

| [removed: 60] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [added: 59] | | |

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: 2023] [added: 2024] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

February 14, 2025

February 22, 2024

During the three months ended December 31, 2024, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

On November 7, 2023, Mr. Edward Greene, our Executive Vice President, Chief Human Resources Officers, adopted a 10b5-1 trading plan to sell up to 16,308 shares of our common stock between February 23, 2024 and March 8, 2024.

This arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934.

| [added: 60] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 61] | | |

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm-20241231_g28.jpg)]

The Company has adopted its Insider Trading Policy containing insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Company’s securities by the Company or its directors, officers and employees that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company.

A copy of the Insider Trading Policy is filed hereto as Exhibit 19.1 to this Annual Report on Form 10-K.

| [added: 62] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 63 | | |]

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm-20241231_g29.jpg)]

| | | | | | |

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

| | | | | | | | | |

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

| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | | | [removed: [66](#i5efabba03ac740ed96d85f87aa4baf12_163)] [added: [65](#idba768b3a505458b98107b519110e4d2_172)] | | |

| [Consolidated Balance [removed: Sheets,](#i5efabba03ac740ed96d85f87aa4baf12_166)] [added: Sheets,](#idba768b3a505458b98107b519110e4d2_175)] December 31, [added: 2024 [and](#idba768b3a505458b98107b519110e4d2_175)] 2023 [removed: [and](#i5efabba03ac740ed96d85f87aa4baf12_166) 2022] | | | [removed: [68](#i5efabba03ac740ed96d85f87aa4baf12_166)] [added: [67](#idba768b3a505458b98107b519110e4d2_175)] | | |

| [Consolidated Statements of Operations, Years [removed: Ended](#i5efabba03ac740ed96d85f87aa4baf12_169)] [added: Ended](#idba768b3a505458b98107b519110e4d2_178)] December 31, [removed: 2023[,](#i5efabba03ac740ed96d85f87aa4baf12_169)] [added: 2024[,](#idba768b3a505458b98107b519110e4d2_178) 2023 [and](#idba768b3a505458b98107b519110e4d2_178)] 2022 [removed: [and](#i5efabba03ac740ed96d85f87aa4baf12_169) 2021] | | | [removed: [69](#i5efabba03ac740ed96d85f87aa4baf12_169)] [added: [68](#idba768b3a505458b98107b519110e4d2_178)] | | |

| [Consolidated Statements of Comprehensive Income (Loss), Years [removed: Ended](#i5efabba03ac740ed96d85f87aa4baf12_175)] [added: Ended](#idba768b3a505458b98107b519110e4d2_184)] December 31, [removed: 2023[,](#i5efabba03ac740ed96d85f87aa4baf12_175)] [added: 2024[,](#idba768b3a505458b98107b519110e4d2_184) 2023 [and](#idba768b3a505458b98107b519110e4d2_184)] 2022 [removed: [and](#i5efabba03ac740ed96d85f87aa4baf12_175) 2021] | | | [removed: [70](#i5efabba03ac740ed96d85f87aa4baf12_175)] [added: [69](#idba768b3a505458b98107b519110e4d2_184)] | | |

| [Consolidated Statements [removed: of Equity,] [added: of](#idba768b3a505458b98107b519110e4d2_187) [(](#idba768b3a505458b98107b519110e4d2_187)[Deficit)](#idba768b3a505458b98107b519110e4d2_187) [Equity,] Years [removed: Ended](#i5efabba03ac740ed96d85f87aa4baf12_178)] [added: Ended](#idba768b3a505458b98107b519110e4d2_187)] December 31, [removed: 2023[,](#i5efabba03ac740ed96d85f87aa4baf12_178)] [added: 2024[,](#idba768b3a505458b98107b519110e4d2_187) 2023 [and](#idba768b3a505458b98107b519110e4d2_187)] 2022 [removed: [and](#i5efabba03ac740ed96d85f87aa4baf12_178) 2021] | | | [removed: [71](#i5efabba03ac740ed96d85f87aa4baf12_178)] [added: [70](#idba768b3a505458b98107b519110e4d2_187)] | | |

| [Consolidated Statements of Cash Flows, Years [removed: Ended](#i5efabba03ac740ed96d85f87aa4baf12_181)] [added: Ended](#idba768b3a505458b98107b519110e4d2_190)] December 31, [removed: 2023[,](#i5efabba03ac740ed96d85f87aa4baf12_181)] [added: 2024[,](#idba768b3a505458b98107b519110e4d2_190) 2023 [and](#idba768b3a505458b98107b519110e4d2_190)] 2022 [removed: [and](#i5efabba03ac740ed96d85f87aa4baf12_181) 2021] | | | [removed: [72](#i5efabba03ac740ed96d85f87aa4baf12_181)] [added: [71](#idba768b3a505458b98107b519110e4d2_190)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i5efabba03ac740ed96d85f87aa4baf12_184)] [added: Statements](#idba768b3a505458b98107b519110e4d2_193)] | | | [removed: [73](#i5efabba03ac740ed96d85f87aa4baf12_184)] [added: [72](#idba768b3a505458b98107b519110e4d2_193)] | | |

| [Financial Statement Schedule III—Schedule of Real Estate and Accumulated [removed: Depreciation](#i5efabba03ac740ed96d85f87aa4baf12_337)] [added: Depreciation](#idba768b3a505458b98107b519110e4d2_331)] | | | [removed: [127](#i5efabba03ac740ed96d85f87aa4baf12_337)] [added: [124](#idba768b3a505458b98107b519110e4d2_331)] | | |

| [added: 64] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 65] | | |

We have audited the accompanying consolidated balance sheets of Iron Mountain Incorporated and subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of operations, comprehensive income (loss), [added: (deficit)] equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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 [removed: 22, 2024,] [added: 14, 2025,] expressed an unqualified opinion on the Company's internal control over financial reporting.

CRITICAL AUDIT [removed: MATTERS][added: MATTER]

| [removed: 66] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [added: 65] | | |

The goodwill balance allocated to the Asset Lifecycle Management reporting unit was [removed: $579] [added: $748.0] million as of October 1, [removed: 2023] [added: 2024] (goodwill impairment testing date).

| [added: 66] | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | [removed: 67] | | |

[removed: IRON MOUNTAIN INCORPORATED][added: | Iron Mountain Incorporated Stockholders’ (Deficit) Equity: | | | | | | | | | | | |]

| | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash and [removed: cash equivalents |] [added: Cash Equivalents, Beginning of Year] | | [removed: $] | 222,789 | | | | | [removed: $] | 141,797 | | [added: | | | | 255,828 | | |]

| Accounts receivable (less allowances of [removed: $74,762] [added: $86,712] and [removed: $54,143] [added: $74,762] as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively) | | | [removed: 1,259,826] [added: 1,291,379] | | | | | | [removed: 1,174,915] [added: 1,259,826] | | |

| Prepaid expenses and other | | | [removed: 252,930] [added: 244,127] | | | | | | [removed: 230,433] [added: 252,930] | | |

| Total Current Assets | | | [removed: 1,735,545] [added: 1,691,222] | | | | | | [removed: 1,547,145] [added: 1,735,545] | | |

| Property, plant and equipment | | | [removed: 10,373,989] [added: 11,985,997] | | | | | | [removed: 9,025,765] [added: 10,373,989] | | |

| Less—Accumulated depreciation | | | [removed: (4,059,120)] [added: (4,354,398)] | | | | | | [removed: (3,910,321)] [added: (4,059,120)] | | |

| Property, Plant and Equipment, [removed: net] [added: Net] | | | [removed: 6,314,869] [added: 7,631,599] | | | | | | [removed: 5,115,444] [added: 6,314,869] | | |

| Goodwill | | | [removed: 5,017,912] [added: 5,083,817] | | | | | | [removed: 4,882,734] [added: 5,017,912] | | |

| Customer and supplier relationships and other intangible assets | | | [removed: 1,279,800] [added: 1,274,731] | | | | | | [removed: 1,423,145] [added: 1,279,800] | | |

| Operating lease right-of-use assets | | | [removed: 2,696,024] [added: 2,489,893] | | | | | | [removed: 2,583,704] [added: 2,696,024] | | |

| Other | | | [removed: 429,652] [added: 545,853] | | | | | | [removed: 588,342] [added: 429,652] | | |

| Total Other Assets, Net | | | [removed: 9,423,388] [added: 9,394,294] | | | | | | [removed: 9,477,925] [added: 9,423,388] | | |

| Total Assets | | | $ | [removed: 17,473,802] [added: 18,717,115] | | | | | $ | [removed: 16,140,514] [added: 17,473,802] | |

| Current portion of long-term debt | | | $ | [removed: 120,670] [added: 715,109] | | | | | $ | [removed: 87,546] [added: 120,670] | |

| Accounts payable | | | [removed: 539,594] [added: 678,716] | | | | | | [removed: 469,198] [added: 539,594] | | |

| Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | | | [removed: 1,250,259] [added: 1,366,568] | | | | | | [removed: 1,031,910] [added: 1,250,259] | | |

| Deferred revenue | | | [removed: 325,665] [added: 326,882] | | | | | | [removed: 328,910] [added: 325,665] | | |

| Total Current Liabilities | | | [removed: 2,236,188] [added: 3,087,275] | | | | | | [removed: 1,917,564] [added: 2,236,188] | | |

| Long-term Debt, net of current portion | | | [removed: 11,812,500] [added: 13,003,977] | | | | | | [removed: 10,481,449] [added: 11,812,500] | | |

| Long-term Operating Lease Liabilities, net of current portion | | | [removed: 2,562,394] [added: 2,334,826] | | | | | | [removed: 2,429,167] [added: 2,562,394] | | |

| Other Long-term Liabilities | | | [removed: 237,590] [added: 312,199] | | | | | | [removed: 317,376] [added: 237,590] | | |

| Deferred Income Taxes | | | [removed: 235,410] [added: 205,341] | | | | | | [removed: 263,005] [added: 235,410] | | |

February 14, 2025

| | | | 2024 | | | | | | 2023 | | |

| Cash and cash equivalents | | | $ | 155,716 | | | | | $ | 222,789 | |

| Noncontrolling Interests | | | 198,448 | | | | | | 125 | | |

| Other comprehensive (loss) income | | | (198,796) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (198,796) | | | | | | — | | | | | | | | | (867) | | |

| Net income (loss) | | | 181,819 | | | | | | — | | | | | | — | | | | | | — | | | | | | 180,156 | | | | | | — | | | | | | 1,663 | | | | | | | | | 1,847 | | |

| Noncontrolling interests equity contributions and related costs | | | 213,910 | | | | | | — | | | | | | — | | | | | | 70,653 | | | | | | — | | | | | | — | | | | | | 143,257 | | | | | | | | | 7,390 | | |

| Balance, December 31, 2024 | | | $ | (304,674) | | | | | 293,592,637 | | | | | | $ | 2,936 | | | | | $ | 4,647,330 | | | | | $ | (4,583,436) | | | | | $ | (569,952) | | | | | $ | 198,448 | | | | | | | | $ | 78,171 | |

| Net income (loss) | | | $ | 183,666 | | | | | $ | 187,263 | | | | | $ | 562,149 | |

| Loss on deconsolidation | | | — | | | | | | — | | | | | | 105,825 | | |

| Acquisition of customer intangibles | | | (62,386) | | | | | | (5,874) | | | | | | (8,205) | | |

| Payment of deferred purchase obligations | | | (158,775) | | | | | | — | | | | | | — | | |

IMI was founded in an underground facility near Hudson, New York in 1951 where it stored business records.

Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (“ALM”) needs.

Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do.

We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations.

DECEMBER 31, 2024

| 2024 | | | $ | 74,762 | | | | | $ | 104,130 | | | | | $ | 45,123 | | | | | $ | (137,303) | | | | | $ | 86,712 | |

We had no significant concentrations of liquid investments as of December 31, 2024 and 2023.

DECEMBER 31, 2024

| DESCRIPTION | | | 2024 | | | | | | 2023 | | |

| Accrued compensation and benefits | | | 244,499 | | | | | | 242,992 | | |

| Other | | | 282,477 | | | | | | 166,589 | | |

| DESCRIPTION | | | 2024 | | | | | | 2023 | | |

DECEMBER 31, 2024

DECEMBER 31, 2024

| DESCRIPTION | | | 2024 | | | | | | 2023 | | |

DECEMBER 31, 2024

| 2025 | | | $ | 479,248 | | | | | $ | (5,471) | | | | | $ | 143,971 | |

| 2026 | | | 447,698 | | | | | | (3,469) | | | | | | 55,849 | | |

| 2027 | | | 409,142 | | | | | | (2,980) | | | | | | 45,534 | | |

| 2028 | | | 364,352 | | | | | | (2,135) | | | | | | 81,501 | | |

| 2029 | | | 327,061 | | | | | | (1,331) | | | | | | 33,958 | | |

| Thereafter | | | 1,669,671 | | | | | | (1,402) | | | | | | 125,841 | | |

| Total minimum lease payments (receipts) | | | 3,697,172 | | | | | | $ | (16,788) | | | | | 486,654 | | |

| Present value of lease obligations | | | $ | 2,650,226 | | | | | | | | | | | $ | 406,841 | |

DECEMBER 31, 2024

DECEMBER 31, 2024

Additionally, our former Entertainment Services reporting unit is now referred to as "Media and Archive Services" to more accurately reflect the offerings of this business.

| | | | | | | | | |

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

Part IV

February 22, 2024

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

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

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

| | | | | | | | | | IRON MOUNTAIN INCORPORATED STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, December 31, 2020 | | | $ | 1,136,729 | | | | | 288,273,049 | | | | | | $ | 2,883 | | | | | $ | 4,340,078 | | | | | $ | (2,950,339) | | | | | $ | (255,893) | | | | | $ | — | | | | | | | | $ | 59,805 | |

| Other comprehensive (loss) income | | | (82,785) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (82,454) | | | | | | (331) | | | | | | | | | (1,245) | | |

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

| Redemption and purchase of noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 60,520 | | |

| Loss (gain) on divestments and deconsolidations | | | — | | | | | | 105,825 | | | | | | (178,983) | | |

| Acquisition of customer relationships | | | — | | | | | | (2,143) | | | | | | (5,892) | | |

| Customer inducements | | | (5,874) | | | | | | (6,062) | | | | | | (7,402) | | |

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

| Debt repayment and equity distribution to noncontrolling interests | | | (3,855) | | | | | | (2,953) | | | | | | (2,450) | | |

| Cash and Cash Equivalents, Beginning of Year | | | 141,797 | | | | | | 255,828 | | | | | | 205,063 | | |

We help organizations around the world protect their information, reduce storage costs, comply with regulations, facilitate corporate disaster recovery and better use their information and information technology ("IT") infrastructure for business advantages, regardless of its format, location or life cycle stage.

We do this by storing physical records and data backup media, offering information management solutions and providing data center space for enterprise-class colocation and hyperscale deployments.

We offer comprehensive records and information management services and data management services, along with the expertise and experience to address complex storage and information management challenges such as rising storage rental costs, legal and regulatory compliance and disaster recovery requirements.

We provide secure and reliable data center facilities to protect digital information and ensure the continued operation of our customers’ IT infrastructure, with reliable and flexible deployment options.

Our asset lifecycle management ("ALM") business allows us to provide end-to-end asset lifecycle services for hyperscale, corporate data center and corporate end-user device assets.

In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn").

E.

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

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

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

The only significant concentrations of liquid investments as of December 31, 2023 and 2022 related to investments in money market funds.

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

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

| Other | | | | | | 409,581 | | | | | | 413,441 | | |

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

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

| 2024 | | | | | | $ | 468,015 | | | | | $ | (6,969) | | | | | $ | 56,901 | |

| 2025 | | | | | | 456,638 | | | | | | (4,282) | | | | | | 127,074 | | |

| 2026 | | | | | | 421,535 | | | | | | (2,979) | | | | | | 40,283 | | |

| 2027 | | | | | | 389,307 | | | | | | (3,451) | | | | | | 30,098 | | |

| 2028 | | | | | | 344,744 | | | | | | (48) | | | | | | 55,523 | | |

| Thereafter | | | | | | 1,970,950 | | | | | | (48) | | | | | | 117,779 | | |

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 139 | | |

| 3.1 | | | | | | [Certificate of Incorporation of the Company, as filed with the [added: Delaware] Secretary of State [removed: of the State of Delaware] on June 26, 2014, as [removed: corrected by the Certificate of Correction of the Company filed with the Secretary of State of the State of Delaware] [added: amended] on [removed: June 30, 2014.](http://www.sec.gov/Archives/edgar/data/1020569/000104746914010080/a2222572zdefm14a.htm#hg15201_annex_b-1)] [added: May 31, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000102056924000115/irm-20240419.htm)] *(Incorporated by reference to Annex [removed: B-1 to] [added: A of] the Iron Mountain Incorporated Proxy Statement for the [removed: Special] [added: Annual] Meeting of Stockholders, filed with the SEC on [removed: December 23, 2014.)*] [added: April 19, 2024.)*] | | |

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

| 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 5.00% Senior Notes due [removed: 2032.](http://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000110465921153937/tm2136414d1_8k.htm)] [added: 2032.](https://www.sec.gov/Archives/edgar/data/1020569/000110465921153937/tm2136414d1_ex4-1.htm)] *(Incorporated by reference to the Company's Current Report on Form 8-K dated December 28, 2021.)* | | |

| [removed: 4.11] [added: 4.12] | | | | | | [Form of Stock Certificate representing shares of Common Stock, $0.01 par value per share, of the [removed: Company.](http://www.sec.gov/Archives/edgar/data/1020569/000110465915003541/a15-2519_1ex4d2.htm)] [added: Company.](https://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: 4.12] [added: 4.13] | | | | | | [Description of [removed: Securities.](http://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex4-16.htm)] [added: Securities.](https://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex4-16.htm)] (*Incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2019*.) | | |

| 10.1 | | | | | | [2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746908002061/a2183111zex-10_1.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746908002061/a2183111zex-10_1.htm)] (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2007.)* | | |

| [removed: 10.3] [added: 10.4] | | | | | | [Third Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746912007635/a2210421zex-10_2.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746912007635/a2210421zex-10_2.htm)] (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2012.)* | | |

| [removed: 10.4] [added: 10.5] | | | | | | [Fourth Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746913002039/a2213054zex-10_4.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746913002039/a2213054zex-10_4.htm)] (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2012.)* | | |

| [removed: 10.5] [added: 10.7] | | | | | | [Iron Mountain Incorporated 1995 Stock Incentive Plan, as amended.](http://www.sec.gov/Archives/edgar/data/1004317/0001029869-99-000451.txt) (#) *(Incorporated by reference to Iron Mountain /DE’s Current Report on Form 8‑K dated April 16, 1999.)* | | |

| [removed: 10.6] [added: 10.8] | | | | | | [Iron Mountain Incorporated 2002 Stock Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746903009667/a2105753zex-10_8.txt) (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2002.)* | | |

| [removed: 10.7] [added: 10.9] | | | | | | [Third Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000090873708000174/ex10-1.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8-K dated June 11, 2008.)* | | |

| 140 | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | | | |

| [removed: 10.8] [added: 10.10] | | | | | | [Fourth Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000090873708000304/ex10-1.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 10, 2008.)* | | |

| [removed: 10.9] [added: 10.11] | | | | | | [Fifth Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000090873710000269/ex10-1.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8‑K dated June 9, 2010.)* | | |

| [removed: 10.10] [added: 10.12] | | | | | | [Sixth Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746911007100/a2205103zex-10_2.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2011.)* | | |

| [removed: 10.11] [added: 10.13] | | | | | | [Iron Mountain Incorporated 2013 Employee Stock Purchase [removed: Plan.](http://www.sec.gov/Archives/edgar/data/0001020569/000110465913032188/a13-1656_3defa14a.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000110465913032188/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.)* | | |

| [removed: 10.12] [added: 10.14] | | | | | | [First Amendment to the Iron Mountain Incorporated 2013 Employee Stock Purchase Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056921000165/exhibit102-esppamendment.htm) (#) *(Incorporated by reference to the Company's Current Report on Form 8-K dated May 17, 2021.)* | | |

| [removed: 10.13] [added: 10.15] | | | | | | [Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan.](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: 10.14] [added: 10.16] | | | | | | [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: 10.15] [added: 10.17] | | | | | | [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: 10.16] [added: 10.18] | | | | | | [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.)* | | |

| [removed: 10.17] [added: 10.19] | | | | | | [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: 10.18] [added: 10.20] | | | | | | [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: 10.19] [added: 10.24] | | | | | | [Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement (version [removed: 1).](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_11.txt%20)] [added: 2).](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_14.txt)] (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.20] [added: 10.22] | | | | | | [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: 10.21] [added: 10.23] | | | | | | [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: 10.22] [added: 10.21] | | | | | | [Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement (version [removed: 2).](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_14.txt%20)] [added: 1).](https://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_11.txt)] (#) *(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)* | | |

| [removed: 10.23] [added: 10.25] | | | | | | [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: 10.24] [added: 10.26] | | | | | | [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: 10.25] [added: 10.27] | | | | | | [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: 10.26] [added: 10.28] | | | | | | [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: 10.27] [added: 10.29] | | | | | | [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: 10.28] [added: 10.30] | | | | | | [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: 10.29] [added: 10.31] | | | | | | [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: 10.30] [added: 10.32] | | | | | | [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: 10.31] [added: 10.33] | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version [removed: 3).](http://www.sec.gov/Archives/edgar/data/1020569/000102056919000140/irm2019331-ex102.htm)] [added: 3).](https://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: 10.32] [added: 10.34] | | | | | | [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) *(#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2021.)* | | |

| [removed: 10.33] [added: 10.36] | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version [removed: 5).](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000040/irm2023ex-1033.htm) *(#) (Filed herewith)*] [added: 6).](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm2024ex-1036.htm) (#) *(Filed herewith.)*] | | |

| | | | IRON MOUNTAIN [removed: 2023] [added: 2024] FORM 10-K | | | 141 | | |

| 4.11 | | | | | | [Senior Indenture, dated as of December 6, 2024, among the Issuer, the Company, the Subsidiary Guarantors named therein and Computershare Trust Company, N.A. as trustee, relating to the 6.25% Senior Notes due 2033.](https://www.sec.gov/Archives/edgar/data/1020569/000110465924126301/tm2430275d1_ex4-1.htm)(*Incorporated by reference to the Company's Current Report on Form 8-K dated December 6, 2024*.) | | |

| 10.3 | | | | | | [Second Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000255/irm20240930-ex102.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended September 30, 2024.)* | | |

| 10.6 | | | | | | [Fifth Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000255/irm20240930-ex103.htm) (#) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended September 30, 2024.)* | | |

| 10.35 | | | | | | [Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 5).](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000040/irm2023ex-1033.htm) *(#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2023.)* | | |

| 10.42 | | | | | | [Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 6).](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm2024ex-1042.htm) (#) *(Filed herewith.)* | | |

| 10.48 | | | | | | [Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 6)](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000040/irm2023ex1044.htm). *(#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2023.)* | | |

| 10.50 | | | | | | [Form of Cash Award Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1)](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000040/irm2023ex-1045.htm). *(#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2023.)* | | |

| 10.56 | | | | | | [Second Amendment to Iron Mountain Incorporated Director Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000255/irm20240930-ex105.htm) (#) *(Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.)* | | |

| 10.57 | | | | | | [Third Amendment to Iron Mountain Incorporated Director Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000255/irm20240930-ex106.htm) (#) *(Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.)* | | |

| 138 | | | IRON MOUNTAIN 2024 FORM 10-K | | | | | |

| 10.72 | | | | | | [Amendment No. 2 to Credit Agreement dated as of June 7, 2024, by and among the Company, Iron Mountain Information Management, LLC and JPMorgan chase Bank, N.A., as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000210/irm20240630-ex101.htm) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2024.)* | | |

| 10.73 | | | | | | [Amendment No. 3 to Credit Agreement dated as of July 2, 2024, by and among the Company, certain other subsidiaries of the Company party thereto, the lenders and the other financial institutions party thereto, and JPMorgan Chase Bank, N.A. as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1020569/000110465924077755/tm2418793d1_ex10-1.htm) *(Incorporated by reference to the Company's Current Report on Form 8-K dated July 3, 2024.)* | | |

| 10.74 | | | | | | [Amendment No. 4 to Credit Agreement dated as of August 19, 2024, by and among the Company, certain other subsidiaries of the Company party thereto, the lenders and the other financial institutions party thereto, and JPMorgan Chase Bank, N.A. as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000255/irm20240930-ex101.htm) *(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended September 30, 2024.)* | | |

| EXHIBIT | | | | | | ITEM | | |

| 10.75 | | | | | | [Amendment No. 5 to Credit Agreement dated as of November 7, 2024, by and among the Company, certain other](https://www.sec.gov/Archives/edgar/data/1020569/000110465924115356/tm2427786d1_ex10-1.htm) [](https://www.sec.gov/Archives/edgar/data/1020569/000110465924115356/tm2427786d1_ex10-1.htm)[subsidiaries of the Company party thereto, the lenders and the other financial institutions party thereto, and](https://www.sec.gov/Archives/edgar/data/1020569/000110465924115356/tm2427786d1_ex10-1.htm) [](https://www.sec.gov/Archives/edgar/data/1020569/000110465924115356/tm2427786d1_ex10-1.htm)[JPMorgan Chase Bank, N.A. as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1020569/000110465924115356/tm2427786d1_ex10-1.htm) *(Incorporated by reference to the Company’s Current Report on Form 8-K dated November 7, 2024.)* | | |

| 19.1 | | | | | | [Insider Trading Policy.](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm2024ex-191.htm) *(Filed herewith.)* | | |

| | | | | | | | | |

| /s/ JUNE YEE FELIX | | | | | | Director | | | | | | February 14, 2025 | | |

| June Y. Felix | | | | | | | | | | | | | | |

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

Part IV

| /s/ ANDRE MACIEL | | | | | | Director | | | | | | February 14, 2025 | | |

| Andre Maciel | | | | | | | | | | | | | | |

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

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

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

| | | | | | | | | |

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

| 10.49 | | | | | | [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.)* | | |

| 10.50 | | | | | | [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.)* | | |

| 10.57 | | | | | | [Severance Program No. 2.](http://www.sec.gov/Archives/edgar/data/1020569/000110465912081436/a12-28428_1ex10d2.htm) (#) *(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 3, 2012.)* | | |