The following data summarizes the consolidating results of IMI on the equity method of accounting as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018 and are prepared on the same basis as the consolidated financial statements.

The Parent Notes, the CAD Notes, the GBP Notes, and the 5³/₈% Notes are guaranteed by the subsidiaries referred to below as the Guarantors. These subsidiaries are 100% owned by IMI. The guarantees are full and unconditional, as well as joint and several.

Additionally, IMI guarantees the CAD Notes, which were issued by Iron Mountain Canada Operations ULC ("Canada Company"), the GBP Notes, which were issued by Iron Mountain (UK) PLC ("IM UK"), and the 5³/₈% Notes, which were issued by Iron Mountain US Holdings, Inc., which is one of the Guarantors. Canada Company and IM UK do not guarantee the Parent Notes. The subsidiaries that do not guarantee the Parent Notes, the CAD Notes, the GBP Notes, and the 5³/₈% Notes are referred to below as the Non-Guarantors.

In the normal course of business, we periodically change the ownership structure of our subsidiaries to meet the requirements of our business. In the event of such changes, we recast the prior period financial information within this footnote to conform to the current period presentation in the period such changes occur. Generally, these changes do not alter the designation of the underlying subsidiaries as Guarantors or Non-Guarantors. However, they may change whether the underlying subsidiary is owned by the Parent, a Guarantor or a Non-Guarantor. If such a change occurs, the amount of investment in subsidiaries in the below Condensed Consolidated Balance Sheets and equity in the earnings (losses) of subsidiaries, net of tax in the below Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) with respect to the relevant Parent, Guarantors, Non-Guarantors and Eliminations columns also would change.

CONDENSED CONSOLIDATED BALANCE SHEETS



	March 31, 2019
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents(1)	$	11	$	122,114	$	109,991	$	(70,641	)	$	161,475
Accounts receivable	—		37,598		799,923		—			837,521
Intercompany receivable	—		1,032,582		—		(1,032,582		)	—
Prepaid expenses and other	—		110,223		100,660		(29		)	210,854
Total Current Assets	11		1,302,517		1,010,574		(1,103,252		)	1,209,850
Property, Plant and Equipment, Net	168		2,999,744		1,525,671		—			4,525,583
Other Assets, Net:
Long-term notes receivable from affiliates and intercompany receivable	5,009,984		—		—		(5,009,984		)	—
Investment in subsidiaries	1,926,435		1,017,247		—		(2,943,682		)	—
Goodwill	—		2,857,855		1,607,523		—			4,465,378
Operating lease right-of-use assets	—		895,920		895,616		—			1,791,536
Other	5		976,403		720,608		—			1,697,016
Total Other Assets, Net	6,936,424		5,747,425		3,223,747		(7,953,666		)	7,953,930
Total Assets	$	6,936,603	$	10,049,686	$	5,759,992	$	(9,056,918	)	$	13,689,363
Liabilities and Equity
Intercompany Payable	$	729,843	$	—	$	302,739	$	(1,032,582	)	$	—
Debit Balances Under Cash Pools	—		—		70,641		(70,641		)	—
Current Portion of Long-Term Debt	—		55,940		69,231		(29		)	125,142
Total Other Current Liabilities (includes current portion of operating lease liabilities)	224,825		632,699		532,467		—			1,389,991
Long-Term Debt, Net of Current Portion	4,218,887		2,212,686		1,934,164		—			8,365,737
Long-Term Operating Lease Liabilities, Net of Current Portion	—		832,007		824,652		—			1,656,659
Long-Term Notes Payable to Affiliates and Intercompany Payable	—		5,009,984		—		(5,009,984		)	—
Other Long-term Liabilities	3,647		51,575		262,776		—			317,998
Commitments and Contingencies (See Note 7)
Redeemable Noncontrolling Interests	—		—		73,102		—			73,102
Total Iron Mountain Incorporated Stockholders' Equity	1,759,401		1,254,795		1,688,887		(2,943,682		)	1,759,401
Noncontrolling Interests	—		—		1,333		—			1,333
Total Equity	1,759,401		1,254,795		1,690,220		(2,943,682		)	1,760,734
Total Liabilities and Equity	$	6,936,603	$	10,049,686	$	5,759,992	$	(9,056,918	)	$	13,689,363

______________________________________________________________


(1)	Included within Cash and Cash Equivalents at March 31, 2019 is approximately $76,000 and $0 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)



	December 31, 2018
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents(1)	$	132	$	61,650	$	169,318	$	(65,615	)	$	165,485
Accounts receivable	—		47,900		798,989		—			846,889
Intercompany receivable	—		818,463		—		(818,463		)	—
Prepaid expenses and other	93		108,879		86,797		(29		)	195,740
Total Current Assets	225		1,036,892		1,055,104		(884,107		)	1,208,114
Property, Plant and Equipment, Net	190		3,002,104		1,487,263		—			4,489,557
Other Assets, Net:
Long-term notes receivable from affiliates and intercompany receivable	4,954,686		—		—		(4,954,686		)	—
Investment in subsidiaries	1,885,174		1,006,144		—		(2,891,318		)	—
Goodwill	—		2,858,539		1,582,491		—			4,441,030
Other	—		979,483		734,063		—			1,713,546
Total Other Assets, Net	6,839,860		4,844,166		2,316,554		(7,846,004		)	6,154,576
Total Assets	$	6,840,275	$	8,883,162	$	4,858,921	$	(8,730,111	)	$	11,852,247
Liabilities and Equity
Intercompany Payable	$	462,927	$	—	$	355,536	$	(818,463	)	$	—
Debit Balances Under Cash Pools	—		10,612		55,003		(65,615		)	—
Current Portion of Long-Term Debt	—		63,703		62,732		(29		)	126,406
Total Other Current Liabilities	268,373		616,826		451,073		—			1,336,272
Long-Term Debt, Net of Current Portion	4,223,822		1,877,649		1,914,946		—			8,016,417
Long-Term Notes Payable to Affiliates and Intercompany Payable	—		4,954,686		—		(4,954,686		)	—
Other Long-term Liabilities	973		115,994		300,064		—			417,031
Commitments and Contingencies (See Note 7)
Redeemable Noncontrolling Interests	—		—		70,532		—			70,532
Total Iron Mountain Incorporated Stockholders' Equity	1,884,180		1,243,692		1,647,626		(2,891,318		)	1,884,180
Noncontrolling Interests	—		—		1,409		—			1,409
Total Equity	1,884,180		1,243,692		1,649,035		(2,891,318		)	1,885,589
Total Liabilities and Equity	$	6,840,275	$	8,883,162	$	4,858,921	$	(8,730,111	)	$	11,852,247

______________________________________________________________


(1)	Included within Cash and Cash Equivalents at December 31, 2018 is approximately $57,200 and $12,700 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



	Three Months Ended March 31, 2019
	Parent			Guarantors			Non- Guarantors		Eliminations			Consolidated
Revenues:
Storage rental	$	—		$	403,741		$	259,233	$	—		$	662,974
Service	—			239,693			151,196		—			390,889
Intercompany revenues	—			1,154			4,923		(6,077		)	—
Total Revenues	—			644,588			415,352		(6,077		)	1,053,863
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	—			263,137			198,407		—			461,544
Intercompany	—			4,923			1,154		(6,077		)	—
Selling, general and administrative	87			187,822			82,650		—			270,559
Depreciation and amortization	23			102,954			59,506		—			162,483
(Gain) Loss on disposal/write-down of property, plant and equipment, net	—			574			28		—			602
Total Operating Expenses	110			559,410			341,745		(6,077		)	895,188
Operating (Loss) Income	(110		)	85,178			73,607		—			158,675
Interest Expense (Income), Net(1)	49,625			4,057			48,754		—			102,436
Other Expense (Income), Net	182			527			14,501		—			15,210
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes	(49,917		)	80,594			10,352		—			41,029
Provision (Benefit) for Income Taxes	—			1,301			9,252		—			10,553
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(79,478		)	4,158			—		75,320			—
Income (Loss) from Continuing Operations	29,561			75,135			1,100		(75,320		)	30,476
(Loss) Income from Discontinued Operations, Net of Tax	—			(24		)	—		—			(24		)
Net Income (Loss)	29,561			75,111			1,100		(75,320		)	30,452
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			891		—			891
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	29,561		$	75,111		$	209	$	(75,320	)	$	29,561
Net Income (Loss)	$	29,561		$	75,111		$	1,100	$	(75,320	)	$	30,452
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	6,141			—			12,050		—			18,191
Change in fair value of interest rate swap agreements	(2,674		)	—			—		—			(2,674		)
Equity in Other Comprehensive (Loss) Income of Subsidiaries	11,237			7,156			—		(18,393		)	—
Total Other Comprehensive Income (Loss)	14,704			7,156			12,050		(18,393		)	15,517
Comprehensive Income (Loss)	44,265			82,267			13,150		(93,713		)	45,969
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—			—			1,704		—			1,704
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	44,265		$	82,267		$	11,446	$	(93,713	)	$	44,265

_____________________________________________________________


(1)	Included within Interest Expense (Income), Net are intercompany management fees and royalty fees, which are eliminated in our consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Three Months Ended March 31, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental	$	—		$	396,476		$	254,673		$	—		$	651,149
Service	—			230,230			161,079			—			391,309
Intercompany revenues	—			1,205			4,491			(5,696		)	—
Total Revenues	—			627,911			420,243			(5,696		)	1,042,458
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	—			246,163			202,558			—			448,721
Intercompany cost of sales	—			4,491			1,205			(5,696		)	—
Selling, general and administrative	43			185,348			84,339			—			269,730
Depreciation and amortization	33			102,446			58,099			—			160,578
(Gain) Loss on disposal/write-down of property, plant and equipment, net	—			(356		)	(774		)	—			(1,130		)
Total Operating Expenses	76			538,092			345,427			(5,696		)	877,899
Operating (Loss) Income	(76		)	89,819			74,816			—			164,559
Interest Expense (Income), Net(1)	49,941			(1,508		)	49,193			—			97,626
Other (Income) Expense, Net	(1,157		)	1,560			19,748			—			20,151
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes	(48,860		)	89,767			5,875			—			46,782
(Benefit) Provision for Income Taxes	—			(6,712		)	7,880			—			1,168
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(93,544		)	2,865			—			90,679			—
Income (Loss) from Continuing Operations	44,684			93,614			(2,005		)	(90,679		)	45,614
(Loss) Income from Discontinued Operations	—			(422		)	(40		)	—			(462		)
Net Income (Loss)	44,684			93,192			(2,045		)	(90,679		)	45,152
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			468			—			468
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	44,684		$	93,192		$	(2,513	)	$	(90,679	)	$	44,684
Net Income (Loss)	$	44,684		$	93,192		$	(2,045	)	$	(90,679	)	$	45,152
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(5,635		)	—			37,286			—			31,651
Change in fair value of interest rate swap agreements	(185		)	—			—			—			(185		)
Equity in Other Comprehensive Income (Loss) of Subsidiaries	35,732			38,336			—			(74,068		)	—
Total Other Comprehensive Income (Loss)	29,912			38,336			37,286			(74,068		)	31,466
Comprehensive Income (Loss)	74,596			131,528			35,241			(164,747		)	76,618
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			2,027			—			2,027
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	74,596		$	131,528		$	33,214		$	(164,747	)	$	74,591

_____________________________________________________________


(1)	Included within Interest Expense (Income), Net are intercompany management fees and royalty fees, which are eliminated in our consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



	Three Months Ended March 31, 2019
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(68,310	)	$	116,235		$	69,142		$	—		$	117,067
Cash Flows from Operating Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Operating Activities	(68,310		)	116,235			$	69,142		$	—		$	117,067
Cash Flows from Investing Activities:
Capital expenditures	—			(84,766		)	(99,999		)	—			(184,765		)
Cash paid for acquisitions, net of cash acquired	—			(9,508		)	(29,915		)	—			(39,423		)
Intercompany loans to subsidiaries	252,175			22,859			—			(275,034		)	—
Acquisitions of customer relationships, customer inducements and data center lease-based intangibles	—			(49,301		)	(18,611		)	—			(67,912		)
Investments in joint ventures (see Note 9)	—			(19,222		)	—			—			(19,222		)
Proceeds from sales of property and equipment and other, net	—			36			69			—			105
Cash Flows from Investing Activities—Continuing Operations	252,175			(139,902		)	(148,456		)	(275,034		)	(311,217		)
Cash Flows from Investing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Investing Activities	252,175			(139,902		)	(148,456		)	(275,034		)	(311,217		)
Cash Flows from Financing Activities:
Repayment of revolving credit facility, term loan facilities and other debt	—			(410,563		)	(940,679		)	—			(1,351,242		)
Proceeds from revolving credit facility, term loan facilities and other debt	—			734,243			989,219			—			1,723,462
Debit (payments) balances under cash pools	—			(10,612		)	15,638			(5,026		)	—
Debt (repayment to) financing from and equity (distribution to) contribution from noncontrolling interests, net	—			—			(498		)	—			(498		)
Intercompany loans from parent	—			(228,937		)	(46,097		)	275,034			—
Parent cash dividends	(178,023		)	—			—			—			(178,023		)
Net (payments) proceeds associated with employee stock-based awards	(5,963		)	—			—			—			(5,963		)
Cash Flows from Financing Activities—Continuing Operations	(183,986		)	84,131			17,583			270,008			187,736
Cash Flows from Financing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Financing Activities	(183,986		)	84,131			17,583			270,008			187,736
Effect of exchange rates on cash and cash equivalents	—			—			2,404			—			2,404
(Decrease) Increase in cash and cash equivalents	(121		)	60,464			(59,327		)	(5,026		)	(4,010		)
Cash and cash equivalents, including Restricted Cash, beginning of period	132			61,650			169,318			(65,615		)	165,485
Cash and cash equivalents, including Restricted Cash, end of period	$	11		$	122,114		$	109,991		$	(70,641	)	$	161,475

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)



	Three Months Ended March 31, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(66,516	)	$	96,674		$	61,410		$	—		$	91,568
Cash Flows from Operating Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Operating Activities	(66,516		)	96,674			61,410			—			91,568
Cash Flows from Investing Activities:
Capital expenditures	—			(62,148		)	(33,457		)	—			(95,605		)
Cash paid for acquisitions, net of cash acquired	—			(1,315,549		)	(113,425		)	—			(1,428,974		)
Intercompany loans to subsidiaries	157,737			208,443			—			(366,180		)	—
Acquisitions of customer relationships, customer inducements and data center lease-based intangibles	—			(11,874		)	(6,172		)	—			(18,046		)
Proceeds from sales of property and equipment and other, net	—			(19,466		)	79			—			(19,387		)
Cash Flows from Investing Activities—Continuing Operations	157,737			(1,200,594		)	(152,975		)	(366,180		)	(1,562,012		)
Cash Flows from Investing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Investing Activities	157,737			(1,200,594		)	(152,975		)	(366,180		)	(1,562,012		)
Cash Flows from Financing Activities:
Repayment of revolving credit facility, term loan facilities and other debt	—			(2,308,119		)	(2,102,537		)	—			(4,410,656		)
Proceeds from revolving credit facility, term loan facilities and other debt	—			3,067,988			2,428,503			—			5,496,491
Debit (payments) balances under cash pools	—			(51,946		)	(11,733		)	63,679			—
Debt (repayment to) financing from and equity (distribution to) contribution from noncontrolling interests, net	—			—			(561		)	—			(561		)
Intercompany loans from parent	—			(154,184		)	(211,996		)	366,180			—
Parent cash dividends	(169,006		)	—			—			—			(169,006		)
Net (payments) proceeds associated with employee stock-based awards	(5,950		)	—			—			—			(5,950		)
Net proceeds associated with the Over-Allotment Option exercise	76,192			—			—			—			76,192
Net proceeds associated with the At the Market (ATM) Program	8,716			—			—			—			8,716
Payment of debt financing and stock issuance costs	(412		)	(9,075		)	(487		)	—			(9,974		)
Cash Flows from Financing Activities—Continuing Operations	(90,460		)	544,664			101,189			429,859			985,252
Cash Flows from Financing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Financing Activities	(90,460		)	544,664			101,189			429,859			985,252
Effect of exchange rates on cash and cash equivalents	—			—			1,984			—			1,984
Increase (Decrease) in cash and cash equivalents	761			(559,256		)	11,608			63,679			(483,208		)
Cash and cash equivalents, including Restricted Cash, beginning of period	2,433			634,317			383,675			(94,726		)	925,699
Cash and cash equivalents, including Restricted Cash, end of period	$	3,194		$	75,061		$	395,283		$	(31,047	)	$	442,491