Item 2. PROPERTIES.

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Item 2. PROPERTIES.

As of December 31, 2024, we conducted operations through 1,110 leased facilities and 236 owned facilities. Our facilities are divided among our reportable segments and Corporate and Other as follows: Global RIM Business (1,211), Global Data Center Business (33) and Corporate and Other (102). These facilities contain a total of approximately 98.1 million square feet of space. A breakdown of owned and leased facilities by country (and by state within the United States) is listed below:


	LEASED				OWNED				TOTAL
COUNTRY/STATE	NUMBER		SQUARE FEET		NUMBER		SQUARE FEET		NUMBER		SQUARE FEET
North America
United States (Including Puerto Rico)
Alabama		3		293,193		—		—		3		293,193
Arizona		7		486,528		6		1,207,281		13		1,693,809
Arkansas		2		63,604		—		—		2		63,604
California		69		7,092,102		9		942,356		78		8,034,458
Colorado		5		274,461		4		484,490		9		758,951
Connecticut		3		208,253		3		527,666		6		735,919
Delaware		3		236,719		2		162,721		5		399,440
District of Columbia		1		1,670		—		—		1		1,670
Florida		31		2,777,184		1		119,374		32		2,896,558
Georgia		13		1,100,981		2		129,611		15		1,230,592
Idaho		1		45,000		—		—		1		45,000
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
Kentucky		—		—		4		418,760		4		418,760
Louisiana		4		388,475		—		—		4		388,475
Maine		—		—		1		95,000		1		95,000
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
Montana		3		38,548		—		—		3		38,548
Nebraska		1		34,560		2		266,733		3		301,293
Nevada		9		227,840		1		107,041		10		334,881
New Hampshire		1		2,188		1		146,467		2		148,655
New Jersey		27		3,375,178		8		2,476,635		35		5,851,813
New Mexico		2		114,473		—		—		2		114,473
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
Oklahoma		4		196,044		—		—		4		196,044
Oregon		12		438,586		—		—		12		438,586
Pennsylvania		20		2,590,759		3		2,062,761		23		4,653,520
Puerto Rico		4		223,089		1		54,352		5		277,441
Rhode Island		1		94,968		—		—		1		94,968
South Carolina		4		168,636		2		214,238		6		382,874
Tennessee		5		256,743		4		63,909		9		320,652
Texas		37		2,582,518		19		1,838,880		56		4,421,398
Utah		2		78,148		1		90,553		3		168,701
Vermont		1		35,200		—		—		1		35,200
Virginia		17		1,306,303		7		1,165,472		24		2,471,775
Washington		9		729,435		4		180,228		13		909,663
West Virginia		2		105,502		—		—		2		105,502
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


22			IRON MOUNTAIN 2024 FORM 10-K

Part I


	LEASED				OWNED				TOTAL
COUNTRY/STATE	NUMBER		SQUARE FEET		NUMBER		SQUARE FEET		NUMBER		SQUARE FEET
International
Argentina		2		134,753		4		298,864		6		433,617
Australia		46		2,913,577		1		13,885		47		2,927,462
Austria		1		2,691		1		58,771		2		61,462
Bahrain		2		33,659		—		—		2		33,659
Belgium		3		190,740		—		—		3		190,740
Brazil		42		2,816,571		6		291,280		48		3,107,851
Bulgaria		1		68,889		—		—		1		68,889
Chile		2		3,692		18		715,894		20		719,586
China Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.)		52		1,985,570		1		20,721		53		2,006,291
Colombia		17		771,479		—		—		17		771,479
Croatia		1		26,049		1		36,447		2		62,496
Cyprus		2		51,118		2		46,246		4		97,364
Czech Republic		7		138,788		—		—		7		138,788
Denmark		3		161,361		—		—		3		161,361
Egypt		3		113,506		1		163,611		4		277,117
England		66		5,615,341		17		552,986		83		6,168,327
Estonia		1		38,861		—		—		1		38,861
Eswatini		3		6,997		—		—		3		6,997
Finland		3		95,896		—		—		3		95,896
France		26		2,150,804		12		936,486		38		3,087,290
Germany		17		852,231		3		308,504		20		1,160,735
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
Indonesia		18		527,746		2		58,965		20		586,711
Ireland		7		413,662		5		178,558		12		592,220
Jordan		1		107,639		—		—		1		107,639
Kuwait		2		11,626		—		—		2		11,626
Latvia		2		37,868		—		—		2		37,868
Lesotho		1		3,617		—		—		1		3,617
Lithuania		2		70,041		—		—		2		70,041
Malaysia		10		495,755		—		—		10		495,755
Mexico		8		430,868		8		585,885		16		1,016,753
Morocco		7		660,484		—		—		7		660,484
The Netherlands		4		412,225		—		—		4		412,225
New Zealand		6		388,888		—		—		6		388,888
Northern Ireland		2		55,310		—		—		2		55,310
Norway		4		155,323		—		—		4		155,323
Oman		2		71,059		—		—		2		71,059
Peru		2		47,265		10		433,770		12		481,035
Philippines		13		427,312		—		—		13		427,312
Poland		18		779,173		—		—		18		779,173
Qatar		1		27,663		—		—		1		27,663
Romania		7		484,773		—		—		7		484,773
Saudi Arabia		7		400,687		—		—		7		400,687
Scotland		2		86,386		3		324,751		5		411,137
Serbia		2		132,373		—		—		2		132,373
Singapore		8		489,467		2		186,956		10		676,423
Slovakia		5		172,769		—		—		5		172,769
South Africa		14		468,094		—		—		14		468,094
South Korea		7		246,577		—		—		7		246,577
Spain		19		511,793		4		204,527		23		716,320
Sweden		7		327,213		—		—		7		327,213
Switzerland		11		287,410		—		—		11		287,410
Thailand		6		375,940		2		105,487		8		481,427


			IRON MOUNTAIN 2024 FORM 10-K			23

Part I


	LEASED				OWNED				TOTAL
COUNTRY/STATE	NUMBER		SQUARE FEET		NUMBER		SQUARE FEET		NUMBER		SQUARE FEET
International (continued)
Turkey		10		694,437		—		—		10		694,437
Ukraine		9		185,648		—		—		9		185,648
United Arab Emirates		7		695,118		1		434,442		8		1,129,560
Vietnam		2		54,829		—		—		2		54,829
Total International		631		34,197,310		107		6,183,468		738		40,380,778
Total		1,110		73,908,675		236		24,170,824		1,346		98,079,499

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

Our total building utilization and total racking utilization as of December 31, 2024 in Records Management and Data Management are as follows:


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




77%	83%	37%	57%

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

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

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

The following table sets forth a summary of the lease expirations for leases in place related to our Global Data Center Business, for which we are the lessor, as of December 31, 2024. The information set forth in the table assumes that tenants will exercise any early termination rights that do not have significant penalties and will not exercise any renewal options.


YEAR	NUMBER OF LEASES EXPIRING	TOTAL MEGAWATTS EXPIRING	PERCENTAGE OF TOTAL MEGAWATTS EXPIRING		ANNUALIZED TOTAL CONTRACT RENT EXPIRING (IN THOUSANDS)		PERCENTAGE OF TOTAL CONTRACT VALUE ANNUALIZED RENT
2025	947	32.8	6.1	%	$	87,435	10.8	%
2026	372	28.3	5.3	%	71,103		8.8	%
2027	189	14.8	2.8	%	43,542		5.4	%
2028	111	38.5	7.2	%	69,900		8.6	%
2029	66	50.5	9.5	%	52,612		6.5	%
2030	27	54.5	10.2	%	67,744		8.4	%
2031	5	2.5	0.5	%	4,913		0.6	%
Thereafter	28	311.8	58.4	%	412,800		50.9	%
Total	1,745	533.7	100.0	%	$	810,049	100.0	%


24			IRON MOUNTAIN 2024 FORM 10-K

Part I

Previous: Item 1C. CYBERSECURITY. · Next: Item 3. LEGAL PROCEEDINGS.