Iron Mountain (IRM) risk factors: FY2025 10-K

1. Failure to execute our strategic growth plan may adversely impact our financial condition and results of operations.
2. As stored records and tapes become less active, our service revenue growth and profits from related services may decline.reworded
3. Our customers continue to evolve the way they store records, which could impact our storage revenue.
4. We and our customers are subject to laws and governmental regulations, including laws relating to data privacy and cybersecurity, and our customers’ demands in this area are increasing. This may cause us to incur significant expenses and non-compliance with such regulations and demands could harm our business.rewordedCybersecurity
5. 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.
6. The development and use of AI in our business and operations presents risks and challenges that may adversely impact our business and operating results.newAI
7. Failure to successfully integrate acquired businesses could negatively impact our balance sheet and results of operations.
8. Our future growth depends in part upon our ability to continue to effectively manage and execute on revenue management.
9. Our customer contracts do not always limit our liability and sometimes contain terms that could subject us to significant liability or lead to disputes in contract interpretation.reworded
10. As a global company, we are subject to the unique risks of operating in many countries.
11. If we fail to transition to more sustainable sources of energy, it may negatively impact our ability to attract and retain certain of our customers, employees and investors. Furthermore, changes to environmental laws and standards may increase the cost to operate some of our businesses. This could impact our results of operations, our competitiveness and the trading value of our stock.reworded
12. Our use of joint ventures or other co-investment vehicles could expose us to additional risks and liabilities, including our lack of sole decision-making authority and our reliance on joint venture or other co-investment vehicle partners who may have economic and business interests that are inconsistent with our business interests.
13. Significant costs or disruptions at our data centers could adversely affect our business, financial condition and results of operations.
14. We face additional risks in expanding our Global Data Center Business, including the significant amount of capital required.
15. Our ALM business may be subject to additional risks, including those related to its client and geographic concentration, government trade policies, and macroeconomic conditions.
16. Failure to comply with certain regulatory and contractual requirements under our government contracts could adversely affect our revenues, operating results and financial position and reputation.reworded
17. We may be subject to certain costs and potential liabilities associated with the real estate required for our business.
18. Unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations.
19. Failure to manage and adequately implement our new IT systems could negatively affect our business.

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1. Our indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations under our various debt instruments.
2. Restrictive debt covenants may limit our ability to pursue our growth strategy.
3. We may not have the ability to raise the funds necessary to finance the repurchase of outstanding senior notes upon a change of control event as required by our indentures.
4. IMI is a holding company, and, therefore, its ability to make payments on its various debt obligations depends in large part on the operations of its subsidiaries.

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1. If we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates and will not be able to deduct distributions to stockholders when computing our taxable income.
2. As a REIT, failure to make required distributions would subject us to federal corporate income tax.
3. We may be required to borrow funds, sell assets or raise equity to satisfy our REIT distribution requirements, to comply with asset ownership tests or to fund capital expenditures, future growth and expansion initiatives.
4. Complying with REIT requirements may limit our flexibility, cause us to forgo otherwise attractive opportunities that we would otherwise pursue to execute our strategic growth plan, or otherwise reduce our income and amounts available for distribution to our stockholders.
5. As a REIT, we are limited in our ability to fund distribution payments using cash generated through our TRSs.
6. Our extensive use of TRSs, including for certain of our international operations, may cause us to fail to remain qualified for taxation as a REIT.
7. Even if we remain qualified for taxation as a REIT, some of our business activities are subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.
8. Complying with REIT requirements may limit our ability to hedge effectively and increase the cost of our hedging and may cause us to incur tax liabilities.
9. Distributions payable by REITs generally do not qualify for preferential tax rates, which could reduce the demand for and market price of our common stock.
10. The ownership and transfer restrictions contained in our certificate of incorporation may not protect our qualification for taxation as a REIT, could have unintended antitakeover effects and may prevent our stockholders from receiving a takeover premium.
11. Legislative or other actions affecting REITs could have a negative effect on us or our stockholders.

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1. Our cash distributions are not guaranteed and may fluctuate.
2. Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting.
3. We face competition for customers.
4. The performance of our businesses relies on our ability to attract, develop, and retain talented personnel, while controlling our labor costs.

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