— Achieves Record Quarterly Revenue, in Spite of COVID-19 Impact on Traditional Services Offerings —

— Increases 2021 Financial Guidance —

BOSTON–(BUSINESS WIRE)–Iron Mountain Incorporated (NYSE: IRM), the global leader in innovative storage and information management services, announces financial and operating results for the first quarter of 2021. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein.

“We are pleased to have delivered a strong start to the year, with both revenue and profitability coming in ahead of our expectations for the first quarter, despite the impact from many parts of the world continuing to experience the effects from various levels of lockdown,” said William L. Meaney, president and CEO of Iron Mountain. “We achieved a record level of quarterly revenue. What this means effectively is that whilst our service revenue is still significantly impacted by various lockdowns across the world, our organic revenue growth in new areas more than offset those declines to deliver record revenue. In addition, we grew Adjusted EBITDA 2% year over year on a constant-currency basis, to a record first-quarter level – again, versus a previous record Q1 profitability last year before the impact of COVID. Our margin expanded 100 basis points, driven in part by the benefits from Project Summit and the flow through from revenue management.”

Meaney continued, “Whilst the continued impact from COVID during this quarter was unprecedented before Q2 of last year, we are proud of the consistency and stability of our core business, and we continue to deliver on our strategic plan. This can be attributed to the diversity and scale of our portfolio, the depth and breadth of our service offerings, the investments we have made in both new product offerings as well as enhanced sales capacity, and the efficiencies that have been created through Project Summit – not just in financial terms but in the cultural shift we have continued to drive.”

Financial Performance Highlights for the First Quarter of 2021

($ in millions, except per share data)

   

 

 

Three Months Ended

 

 

 

 

3/31/21

 

3/31/20

 

Y/Y % Change

Storage Rental Revenue

 

$708

 

$684

 

4%

Service Revenue

 

$374

 

$385

 

(3)%

Total Revenue

 

$1,082

 

$1,069

 

1%

 

 

 

 

 

 

 

Net Income

 

$47

 

$65

 

(28)%

Adjusted EBITDA

 

$381

 

$366

 

4%

Adjusted EBITDA Margin

 

35.2%

 

34.2%

 

+100 bps

 

 

 

 

 

 

 

AFFO

 

$235

 

$231

 

2%

AFFO per share

 

$0.81

 

$0.80

 

2%

  • Total reported Revenues for the first quarter were $1.08 billion, compared with $1.07 billion in the first quarter of 2020, an increase of 1.2%. Excluding the impact of foreign currency exchange (FX), total reported Revenues declined 0.5% compared to the prior year, driven by a 4.8% decline in Service revenue, partially offset by a 1.9% increase in Storage rental revenue.
  • Net Income for the first quarter was $46.6 million compared with $64.9 million in the first quarter of 2020. The following items were included in Net Income:

    • Restructuring Charges of $39.8 million associated with the implementation of Project Summit compared to $41.0 million, in the first quarters of 2021 and 2020, respectively.
    • Intangible Impairment charge of $23.0 million related to the writedown of goodwill associated with the Fine Arts business in the first quarter of 2020.
    • Other Expense, Net of $4.7 million compared to Other Income, Net of $42.7 million, with the majority of the year-over-year change related to fluctuations in foreign currency transaction losses (gains), net.
  • Adjusted EBITDA for the first quarter was $380.6 million, compared with $366.0 million in the first quarter of 2020, an increase of 4.0%. On a constant currency basis, Adjusted EBITDA increased by 2.1%, driven by the benefits from Project Summit and the flow through from revenue management, somewhat offset by the aforementioned decline in Service revenue.
  • Reported EPS – Fully Diluted from Continuing Operations for the first quarter was $0.16, compared with $0.22 in the first quarter of 2020.
  • Adjusted EPS for the first quarter was $0.32, compared with $0.28 in the first quarter of 2020. Adjusted EPS reflects a structural tax rate of 16.6% and 17.0%, in the first quarters of 2021 and 2020, respectively.
  • FFO (Normalized) per share was $0.63 for the first quarter, compared with $0.60 in the first quarter of 2020, or an increase of 5.0%.
  • AFFO was $235.4 million for the first quarter, compared with $230.7 million in the first quarter of 2020, an increase of 2.1%.
  • AFFO per share was $0.81 for the first quarter, compared with $0.80 in the first quarter of 2020, an increase of 1.6%.

Dividend

On May 6, 2021, Iron Mountain’s board of directors declared a quarterly cash dividend of $0.6185 per share for the second quarter. The second-quarter 2021 dividend is payable on July 6, 2021, for shareholders of record on June 15, 2021.

Guidance

Iron Mountain has increased its 2021 financial guidance ranges, reflecting first quarter outperformance and recently closed acquisitions; details are summarized in the table below. Additional guidance assumptions are available in the Company’s Q1 2021 supplemental financial information.

2021 Guidance

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

New

 

Y/Y % Change

 

Previous

 

Y/Y % Change

Total Revenue

 

$4,365 – $4,515

 

5% – 9%

 

$4,325 – $4,475

 

4% – 8%

Adjusted EBITDA

 

$1,585 – $1,635

 

7% – 11%

 

$1,575 – $1,625

 

7% – 10%

AFFO

 

$955 – $1,005

 

8% – 13%

 

$945 – $995

 

7% – 12%

AFFO Per Share

 

$3.28 – $3.45

 

7% – 12%

 

$3.25 – $3.42

 

6% – 11%

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is the global leader in innovative storage and information management services, storing and protecting billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of services including digital transformation, data centers, secure records storage, information management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn.

Forward Looking Statements

We have made statements in this press release that constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as our (1) 2021 guidance as well as our expectations for growth, including growth opportunities and growth rates for revenue by segment, organic revenue, organic volume and other metrics, (2) expectations and assumptions regarding the impact from the COVID-19 pandemic on us and our customers, including on our businesses, financial position, results of operations and cash flows, (3) expected benefits, costs and actions related to, and timing of, Project Summit, (4) expectations as to our capital allocation strategy, including our future investments, leverage ratio, dividend payments and possible funding sources (including real estate monetization) and capital expenditures, (5) expectations regarding the closing of pending acquisitions and investments, and (6) other forward-looking statements related to our business, results of operations and financial condition.

These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes,” “expects,” “anticipates,” “estimates,” “plans” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) the severity and duration of the COVID-19 pandemic and its effects on the global economy, including its effects on us, the markets we serve and our customers and the third parties with whom we do business within those markets; (ii) our ability to execute on Project Summit and the potential impacts of Project Summit on our ability to retain and recruit employees; (iii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (iv) 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 space; (v) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, incorporate new digital information technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and grow our business through joint ventures; (vi) changes in the amount of our capital expenditures; (vii) our ability to raise debt or equity capital and changes in the cost of our debt; (viii) the cost and our ability to comply with laws, regulations and customer demands, including those relating to data security and privacy issues, as well as fire and safety and environmental standards; (ix) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers’ information or our internal records or information technology systems and the impact of such incidents on our reputation and ability to compete; (x) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (xi) changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate, particularly as we consolidate operations and move records and data across borders; (xii) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xiii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiv) the cost or potential liabilities associated with real estate necessary for our business; (xv) failures in our adoption of new IT systems; (xvi) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvii) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this report.

Reconciliation of Non-GAAP Measures:

Throughout this release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO Nareit”), (4) FFO (Normalized) and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release.

Consolidated Balance Sheets

(Unaudited; dollars in thousands)

 

 

3/31/2021

 

12/31/2020

ASSETS

 

 

 

 

Current Assets:

 

 

 

 

Cash and Cash Equivalents

 

$138,944

 

$205,063

Accounts Receivable, Net

 

814,983

 

859,344

Prepaid Expenses and Other

 

220,564

 

205,380

Total Current Assets

 

$1,174,491

 

$1,269,787

Property, Plant and Equipment:

 

 

 

 

Property, Plant and Equipment

 

$8,254,410

 

$8,246,337

Less: Accumulated Depreciation

 

(3,787,770)

 

(3,743,894)

Property, Plant and Equipment, Net

 

$4,466,640

 

$4,502,443

Other Assets, Net:

 

 

 

 

Goodwill

 

$4,520,775

 

$4,557,609

Customer Relationships, Customer Inducements and Data Center Lease-Based Intangibles

 

1,271,604

 

1,326,977

Operating Lease Right-of-use Assets

 

2,205,299

 

2,196,502

Other

 

305,640

 

295,949

Total Other Assets, Net

 

$8,303,318

 

$8,377,037

Total Assets

 

$13,944,449

 

$14,149,267

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

Current Portion of Long-term Debt

 

$363,911

 

$193,759

Accounts Payable

 

327,060

 

359,863

Accrued Expenses and Other Current Liabilities

 

951,502

 

1,146,288

Deferred Revenue

 

284,974

 

295,785

Total Current Liabilities

 

$1,927,447

 

$1,995,695

Long-term Debt, Net of Current Portion

 

8,552,415

 

8,509,555

Long-term Operating Lease Liabilities, Net of Current Portion

 

2,061,140

 

2,044,598

Other Long-term Liabilities (1)

 

443,740

 

462,690

Total Long-term Liabilities

 

$11,057,295

 

$11,016,843

Total Liabilities

 

$12,984,742

 

$13,012,538

Equity

 

 

 

 

Total Equity

 

$959,707

 

$1,136,729

Total Liabilities and Equity

 

$13,944,449

 

$14,149,267

(1) Includes redeemable noncontrolling interests of $61.6M and $59.8M as of March 31, 2021 and December 31, 2020, respectively.

Consolidated Statements of Operations

(Unaudited; dollars in thousands, except per-share data)

 

 

Q1 2021

 

Q4 2020

 

Q/Q %

Change

 

 

Q1 2020

 

Y/Y %

Change

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Storage Rental

 

$708,056

 

$697,294

 

1.5

%

 

 

$683,547

 

3.6

%

Service

 

373,984

 

362,359

 

3.2

%

 

 

385,184

 

(2.9)

%

Total Revenues

 

$1,082,040

 

$1,059,653

 

2.1

%

 

 

$1,068,731

 

1.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales (excluding Depreciation and Amortization)

 

$451,909

 

$449,224

 

0.6

%

 

 

$466,921

 

(3.2)

%

Selling, General and Administrative

 

258,723

 

236,438

 

9.4

%

 

 

238,733

 

8.4

%

Depreciation and Amortization

 

165,642

 

168,383

 

(1.6)

%

 

 

162,584

 

1.9

%

Restructuring Charges

 

39,811

 

65,681

 

(39.4)

%

 

 

41,046

 

(3.0)

%

Intangible Impairments

 

—

 

—

 

—

 

 

 

23,000

 

(100.0)

%

(Gain) Loss on Disposal/Write-Down of PP&E, Net

 

(4,451)

 

(285,366)

 

(98.4)

%

 

 

(1,055)

 

321.9

%

Total Operating Expenses

 

$911,634

 

$634,359

 

43.7

%

 

 

$931,229

 

(2.1)

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

$170,406

 

$425,294

 

(59.9)

%

 

 

$137,502

 

23.9

%

Interest Expense, Net

 

104,422

 

105,127

 

(0.7)

%

 

 

105,649

 

(1.2)

%

Other Expense (Income), Net

 

4,713

 

77,108

 

(93.9)

%

 

 

(42,726)

 

(111.0)

%

Net Income (Loss) Before Provision (Benefit) for Income Taxes

 

$61,271

 

$243,060

 

(74.8)

%

 

 

$74,579

 

(17.8)

%

Provision (Benefit) for Income Taxes

 

14,640

 

(3,695)

 

(496.2)

%

 

 

9,687

 

51.1

%

Net Income (Loss)

 

$46,631

 

$246,755

 

(81.1)

%

 

 

$64,892

 

(28.1)

%

Less: Net Income (Loss) Attributable to Noncontrolling Interests

 

1,028

 

(656)

 

(256.7)

%

 

 

917

 

12.1

%

Net Income (Loss) Attributable to Iron Mountain Incorporated

 

$45,603

 

$247,411

 

(81.6)

%

 

 

$63,975

 

(28.7)

%

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$0.16

 

$0.86

 

(81.4)

%

 

 

$0.22

 

(27.3)

%

Diluted

 

$0.16

 

$0.86

 

(81.4)

%

 

 

$0.22

 

(27.3)

%

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding – Basic

 

288,756

 

288,419

 

0.1

%

 

 

287,840

 

0.3

%

Weighted Average Common Shares Outstanding – Diluted

 

289,528

 

289,161

 

0.1

%

 

 

288,359

 

0.4

%

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in thousands)

 

 

Q1 2021

 

Q4 2020

 

Q/Q %

Change

 

 

Q1 2020

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$46,631

 

$246,755

 

(81.1)

%

 

 

$64,892

 

(28.1)

%

 

 

 

 

 

 

 

 

 

 

 

 

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

Interest Expense, Net

 

104,422

 

105,127

 

(0.7)

%

 

 

105,649

 

(1.2)

%

Provision (Benefit) for Income Taxes

 

14,640

 

(3,695)

 

(496.2)

%

 

 

9,687

 

51.1

%

Depreciation and Amortization

 

165,642

 

168,383

 

(1.6)

%

 

 

162,584

 

1.9

%

Restructuring Charges

 

39,811

 

65,681

 

(39.4)

%

 

 

41,046

 

(3.0)

%

Intangible Impairments

 

—

 

—

 

—

 

 

 

23,000

 

(100.0)

%

(Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate)

 

(4,451)

 

(285,367)

 

(98.4)

%

 

 

(1,055)

 

321.9

%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

 

2,121

 

74,213

 

(97.1)

%

 

 

(45,031)

 

(104.7)

%

Stock-Based Compensation Expense

 

10,733

 

2,216

 

384.2

%

 

 

5,111

 

110.0

%

Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures

 

1,016

 

935

 

8.7

%

 

 

116

 

775.9

%

Adjusted EBITDA

 

$380,565

 

$374,247

 

1.7

%

 

 

$365,999

 

4.0

%

   

 

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Restructuring Charges; (ii) Intangible impairments; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) COVID-19 Costs. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.

Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA also does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP).

Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share

 

 

 

Q1 2021

 

Q4 2020

 

Q/Q %

Change

 

 

Q1 2020

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

 

Reported EPS – Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

 

$0.16

 

$0.86

 

(81.4)

%

 

 

0.22

 

(27.3)

%

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

Restructuring Charges

 

0.14

 

0.23

 

(39.1)

%

 

 

0.14

 

—

 

Intangible Impairments

 

—

 

—

 

—

 

 

 

0.08

 

(100.0)

%

(Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate)

 

(0.02)

 

(0.99)

 

(98.0)

%

 

 

0.00

 

—

 

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

 

0.01

 

0.26

 

(96.2)

%

 

 

(0.16)

 

(106.3)

%

Stock-Based Compensation Expense

 

0.04

 

0.01

 

300.0

%

 

 

0.02

 

100.0

%

Tax Impact of Reconciling Items and Discrete Tax Items (1)

 

(0.01)

 

(0.06)

 

(83.3)

%

 

 

(0.02)

 

(50.0)

%

Adjusted EPS – Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

 

$0.32

 

$0.29

 

10.3

%

 

 

$0.28

 

14.3

%

   

(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the years ended December 31, 2020 and 2019, is primarily due to (i) the reconciling items above, which impact our reported income (loss) from continuing operations before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarter ended March 31, 2021 and the quarters and years ended December 31, 2020 and March 31, 2020 was 16.6%, 15.1% and 17.0%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items is calculated using the current quarter’s estimate of the annual structural tax rate for the full year. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment.

 

Adjusted Earnings Per Share, or Adjusted EPS

We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Restructuring Charges; (ii) Intangible impairments; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) COVID-19 Costs, and (vii) Tax impact of reconciling items and discrete tax items. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods.

Reconciliation of Net Income Attributable to IRM to FFO and AFFO

(Dollars in thousands, except per-share data)

 

 

Q1 2021

 

Q4 2020

 

Q/Q %

Change

 

 

Q1 2020

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$46,631

 

$246,755

 

(81.1)

%

 

 

$64,892

 

(28.1)

%

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

Real Estate Depreciation (1)

 

76,047

 

74,618

 

1.9

%

 

 

76,587

 

(0.7)

%

Gain on Sale of Real Estate, Net of Tax

 

(4,305)

 

(288,248)

 

(98.5)

%

 

 

(492)

 

774.2

%

Data Center Lease-Based Intangible Asset Amortization (2)

 

10,483

 

10,464

 

0.2

%

 

 

11,353

 

(7.7)

%

FFO (Nareit)

 

$128,856

 

$43,589

 

195.6

%

 

 

$152,340

 

(15.4)

%

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

Restructuring Charges

 

39,811

 

65,681

 

(39.4)

%

 

 

41,046

 

(3.0)

%

Intangible Impairments

 

—

 

—

 

—

 

 

 

23,000

 

(100.0)

%

Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)

 

(146)

 

2,881

 

(105.1)

%

 

 

(244)

 

(40.2)

%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

 

2,121

 

74,213

 

(97.1)

%

 

 

(45,031)

 

(104.7)

%

Stock-Based Compensation Expense

 

10,733

 

2,216

 

384.2

%

 

 

5,111

 

110.0

%

Real Estate Financing Lease Depreciation

 

3,536

 

3,707

 

(4.6)

%

 

 

3,162

 

11.8

%

Tax Impact of Reconciling Items and Discrete Tax Items (3)

 

(3,569)

 

(18,797)

 

(81.0)

%

 

 

(7,262)

 

(50.9)

%

Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures

 

(4)

 

(7)

 

(42.9)

%

 

 

(20)

 

(80.0)

%

FFO (Normalized)

 

$181,338

 

$173,483

 

4.5

%

 

 

$172,102

 

5.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

 

 

 

 

 

 

FFO (Nareit)

 

$0.45

 

$0.15

 

200.0

%

 

 

$0.53

 

(15.1)

%

FFO (Normalized)

 

$0.63

 

$0.60

 

5.0

%

 

 

$0.60

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding – Basic

 

288,756

 

288,419

 

0.1

%

 

 

287,840

 

0.3

%

Weighted Average Common Shares Outstanding – Diluted

 

289,528

 

289,161

 

0.1

%

 

 

288,359

 

0.4

%

   

Contacts

Investor Relations Contacts:
Greer Aviv

Senior Vice President, Investor Relations

Greer.Aviv@ironmountain.com
(617) 535-2887

Nathan McCurren

Director, Investor Relations

Nathan.McCurren@ironmountain.com
(617) 535-2997

Read full story here