Item 2. PROPERTIES.

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Item 2. PROPERTIES.

As of December 31, 2025, we conducted operations through 1,111 leased facilities and 232 owned facilities. Our facilities are divided among our reportable segments and Corporate and Other as follows: Global RIM Business (1,214), Global Data Center Business (36) and Corporate and Other (93). These facilities contain a total of approximately 98.6 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		6		325,013		7		1,422,903		13		1,747,916
Arkansas		2		63,604		—		—		2		63,604
California		72		7,217,776		9		942,356		81		8,160,132
Colorado		5		274,461		4		484,490		9		758,951
Connecticut		3		208,253		3		527,666		6		735,919
Delaware		2		173,119		2		162,721		4		335,840
District of Columbia		1		1,670		—		—		1		1,670
Florida		33		2,768,902		1		119,374		34		2,888,276
Georgia		14		1,237,981		2		129,611		16		1,367,592
Idaho		1		45,000		—		—		1		45,000
Illinois		13		1,377,218		6		1,281,947		19		2,659,165
Indiana		3		269,586		—		—		3		269,586
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		18		1,876,017		1		19,001		19		1,895,018
Massachusetts		9		498,633		5		862,350		14		1,360,983
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		11		1,292,639		1		25,120		12		1,317,759
Montana		3		38,548		—		—		3		38,548
Nebraska		1		34,560		2		266,733		3		301,293
Nevada		7		203,108		1		107,041		8		310,149
New Hampshire		1		2,188		1		146,467		2		148,655
New Jersey		23		3,149,689		8		2,476,635		31		5,626,324
New Mexico		2		114,473		—		—		2		114,473
New York		16		986,344		10		970,800		26		1,957,144
North Carolina		20		1,031,820		1		97,000		21		1,128,820
Ohio		10		1,138,809		3		242,087		13		1,380,896
Oklahoma		4		196,044		—		—		4		196,044
Oregon		10		403,586		—		—		10		403,586
Pennsylvania		15		2,215,675		3		2,062,761		18		4,278,436
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		4		253,143		4		63,909		8		317,052
Texas		35		2,587,318		19		1,838,880		54		4,426,198
Utah		2		78,148		1		90,553		3		168,701
Vermont		1		35,200		—		—		1		35,200
Virginia		14		1,192,151		10		1,659,782		24		2,851,933
Washington		8		729,135		3		124,815		11		853,950
West Virginia		1		67,847		—		—		1		67,847
Wisconsin		4		325,520		—		—		4		325,520
Total United States		417		35,988,060		117		16,961,054		534		52,949,114
Canada		34		2,462,760		14		1,652,793		48		4,115,553
Total North America		451		38,450,820		131		18,613,847		582		57,064,667


22			IRON MOUNTAIN 2025 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		2,765,054		1		13,885		47		2,778,939
Austria		2		4,397		1		58,771		3		63,168
Bahrain		2		33,659		—		—		2		33,659
Belgium		3		190,740		—		—		3		190,740
Brazil		38		2,593,515		6		291,280		44		2,884,795
Bulgaria		1		68,889		—		—		1		68,889
Chile		1		3,423		18		715,894		19		719,317
China Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.)		49		1,975,607		—		—		49		1,975,607
Colombia		18		807,344		—		—		18		807,344
Croatia		2		57,953		1		36,447		3		94,400
Cyprus		4		80,278		2		46,246		6		126,524
Czech Republic		6		136,605		—		—		6		136,605
Denmark		3		161,361		—		—		3		161,361
Egypt		4		215,763		1		163,611		5		379,374
England		62		6,011,592		17		552,986		79		6,564,578
Estonia		1		38,861		—		—		1		38,861
Eswatini		3		6,997		—		—		3		6,997
Finland		3		95,896		—		—		3		95,896
France		27		2,286,657		12		936,486		39		3,223,143
Germany		16		849,001		3		308,504		19		1,157,505
Greece		7		534,927		—		—		7		534,927
Hungary		6		326,037		—		—		6		326,037
India		119		5,212,410		5		265,364		124		5,477,774
Indonesia		19		541,147		2		58,965		21		600,112
Ireland		5		382,059		5		178,558		10		560,617
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		3		85,572		—		—		3		85,572
Malaysia		10		495,755		—		—		10		495,755
Mexico		8		460,519		8		585,885		16		1,046,404
Morocco		7		662,185		—		—		7		662,185
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		3		321,942		5		369,207
Philippines		12		509,853		—		—		12		509,853
Poland		18		775,708		—		—		18		775,708
Qatar		1		31,409		—		—		1		31,409
Romania		8		504,525		—		—		8		504,525
Saudi Arabia		7		410,590		—		—		7		410,590
Scotland		2		86,386		3		324,751		5		411,137
Serbia		2		153,901		—		—		2		153,901
Singapore		9		602,152		2		186,956		11		789,108
Slovakia		5		172,769		—		—		5		172,769
South Africa		13		442,713		—		—		13		442,713
South Korea		6		233,897		—		—		6		233,897
Spain		20		513,183		4		171,407		24		684,590
Sweden		7		327,213		—		—		7		327,213
Switzerland		11		287,453		—		—		11		287,453
Thailand		8		310,162		2		105,487		10		415,649


			IRON MOUNTAIN 2025 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		660		35,501,722		101		6,056,731		761		41,558,453
Total		1,111		73,952,542		232		24,670,578		1,343		98,623,120

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, 2025 in Records Management and Data Management are as follows:


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




81%	88%	38%	62%

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

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

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

The following table sets forth a summary of the lease expirations for leases in place related to our Global Data Center Business, for which we are the lessor, as of December 31, 2025. 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
2026	949	27.9	4.8	%	$	86,202	8.9	%
2027	272	19.2	3.3	%	69,646		7.2	%
2028	280	45.2	7.7	%	107,023		11.1	%
2029	86	30.6	5.2	%	46,107		4.8	%
2030	77	63.1	10.8	%	86,172		8.9	%
2031	14	10.1	1.7	%	22,974		2.4	%
2032	8	17.3	3.0	%	27,718		2.9	%
Thereafter	32	372.9	63.5	%	519,337		53.8	%
Total	1,718	586.3	100.0	%	$	965,179	100.0	%


24			IRON MOUNTAIN 2025 FORM 10-K

Part I

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