8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 4, 2022

IRON MOUNTAIN INCORPORATED

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-13045	23-2588479
(Commission File Number)	(IRS Employer Identification No.)

One Federal Street, Boston, Massachusetts

(Address of Principal Executive Offices)

2110

(Zip Code)

(617) 535-4766

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name Of Each Exchange On Which Registered
Common Stock, $.01 par value per share	IRM	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.    Results of Operations and Financial Condition.

On August 4, 2022, Iron Mountain Incorporated, or the Company, issued an earnings press release and supplemental financial information for the quarter ended June 30, 2022. In addition, the Company will be using a slide presentation during its earnings conference call. Copies of the earnings press release, slide presentation and supplemental financial information are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, hereto and posted on the Company’s website, www.ironmountain.com, under “Investors.”

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits

99.1    Second Quarter 2022 Earnings Press Release (Furnished herewith.)

99.2    Second Quarter 2022 Earnings Conference Call Presentation (Furnished herewith.)

99.3    Second Quarter 2022 Supplemental Financial Information (Furnished herewith)

101    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

104    The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

The information in this report, including Exhibits 99.1, 99.2 and 99.3 is furnished in accordance with SEC Release No. 33-8216 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by

reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                    

IRON MOUNTAIN INCORPORATED
By:	/s/ Barry Hytinen
Name:	Barry Hytinen
Title:	Executive Vice President and Chief Financial Officer

Date: August 4, 2022

EX-99.1

FOR IMMEDIATE RELEASE

Iron Mountain Reports Second Quarter Results

-- Net Income of $202 million; Achieves record quarterly Revenue, Adjusted EBITDA and AFFO --

BOSTON – August 4, 2022 – Iron Mountain Incorporated (NYSE: IRM), a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services, announces record financial and operating results for the second quarter of 2022. 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 report outstanding performance in the second quarter, including all-time record Revenue, Adjusted EBITDA and AFFO. These results are reflective of our team’s commitment to our customers and the expanded addressable market for our products and services." said William L. Meaney, President and CEO of Iron Mountain. “We remain focused on delivering value for our customers with ever expanding innovation in our suite of products and services which will ultimately deliver accelerated growth for our company and our shareholders.”

Financial Performance Highlights for the Second Quarter and Year-to-Date 2022

($ in millions, except per share data)
	Three Months Ended		Y/Y % Change		Year to Date		Y/Y % Change
	6/30/22	6/30/21	Reported $	Constant Fx	6/30/22	6/30/21	Reported $	Constant Fx
Storage Rental Revenue	$753	$718	5%	8%	$1,504	$1,426	5%	8%
Service Revenue	$536	$401	34%	38%	$1,033	$775	33%	37%
Total Revenue	$1,290	$1,120	15%	18%	$2,538	$2,202	15%	18%
Net Income	$202	$277	(27)%		$244	$323	(25)%
Reported EPS	$0.68	$0.95	(28)%		$0.83	$1.11	(25)%
Adjusted EPS	$0.46	$0.38	21%		$0.85	$0.70	21%
Adjusted EBITDA	$455	$406	12%	15%	$886	$786	13%	15%
Adjusted EBITDA Margin	35.3%	36.2%	(90) bps		34.9%	35.7%	(80) bps
AFFO	$271	$246	10%		$535	$481	11%
AFFO per share	$0.93	$0.85	10%		$1.83	$1.66	10%

1

•Total reported Revenues for the second quarter were $1.29 billion, compared with $1.12 billion in the second quarter of 2021, an increase of 15.2%. Excluding the impact of foreign currency exchange (Fx), total reported Revenues increased 18.5% compared to the prior year, driven by a 37.6% increase in Service revenue, while Storage rental revenue increased 7.8%. Total service revenue growth was driven by the inclusion of ITRenew; on an organic constant currency basis, service revenue grew 21.1%. Year to date, total reported Revenues increased 15.3%, or 17.9% excluding the impact of Fx.

•Net Income for the second quarter was $201.9 million compared with $276.5 million in the second quarter of 2021. Net income in the second quarter of 2021 included gains of approximately $181.2 million related to the divestment of the company's Intellectual Property Management business. Net Income in the second quarter of 2022 includes a lower gain from real estate sales as compared to the second quarter of 2021, offset by lower adjusted expenses and foreign currency transaction gains. Year to date, Net Income was $243.6 million, compared with $323.2 million in 2021.

•Adjusted EBITDA for the second quarter was $454.7 million, compared with $405.6 million in the second quarter of 2021, an increase of 12.1%. On a constant currency basis, Adjusted EBITDA increased by 15.4% in the second quarter, driven by the strong increase in Service revenue and productivity benefits. Year to date, Adjusted EBITDA was $885.7 million, compared with $786.2 million in 2021, an increase of 12.7%. On a constant currency basis, year to date Adjusted EBITDA increased 15.4%.

•FFO (Normalized) per share was $0.74 for the second quarter, compared with $0.69 in the second quarter of 2021, an increase of 7.2%. Year to date, FFO (Normalized) per share was $1.41, compared with $1.32 in 2021, or an increase of 7.3%.

•AFFO was $270.9 million for the second quarter, compared with $246.0 million in the second quarter of 2021, an increase of 10.1%, driven by improved Adjusted EBITDA, partially offset by an increase in cash taxes. Year to date, AFFO was $535.2 million, compared with $481.4 million in 2021, or an increase of 11.2%.

•AFFO per share was $0.93 for the second quarter, compared with $0.85 in the second quarter of 2021, an increase of 9.6%, driven by improved Adjusted EBITDA. Year to date, AFFO per share was $1.83, compared with $1.66 in 2021, or an increase of 10.2%.

Dividend

On August 4, 2022, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.6185 per share for the third quarter. The third-quarter 2022 dividend is payable on October 4, 2022, for shareholders of record on September 15, 2022.

2

Guidance

Iron Mountain affirmed full year 2022 guidance; details are summarized in the table below.

2022 Guidance(1)
($ in millions, except per share data)
	2022 Guidance	Y/Y % Change
Total Revenue	$5,125 - $5,275	14% - 17%
Adjusted EBITDA	$1,800 - $1,850	10% - 13%
AFFO	$1,085 - $1,120	7% - 11%
AFFO Per Share	$3.70 - $3.82	6% - 10%

(1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services. 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, asset lifecycle 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.

Investor Relations Contacts:
Gillian Tiltman	Sarah Barry
SVP, Head of Investor Relations	Senior Manager, Investor Relations
Gillian.Tiltman@ironmountain.com	Sarah.Barry@ironmountain.com
(617) 286-4881	(617) 237-6597

3

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 current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements.

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," "intends", “pursue”, “will” 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) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally and manage our international operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) 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, (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) 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; (v) our ability to fund capital expenditures; (vi) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (vii) the costs of complying with, and our ability to comply with, laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (viii) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (ix) 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; (x) our ability to raise debt or equity capital and changes in the cost of our debt; (xi) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiii) the cost or potential liabilities associated with real estate necessary for our business; (xiv) failures to implement and manage new IT systems; (xv) unexpected events, including those resulting from climate change or geopolitical events, which could disrupt our operations and adversely affect our reputation and results of operations; (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 release.

Reconciliation of Non-GAAP Measures

Throughout this release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) 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.

4

Condensed Consolidated Balance Sheets

(Unaudited; dollars in thousands)

	6/30/2022	12/31/2021
ASSETS
Current Assets:
Cash and Cash Equivalents	$144,746	$255,828
Accounts Receivable, Net	1,116,329	961,419
Prepaid Expenses and Other	280,944	224,020
Total Current Assets	$1,542,019	$1,441,267
Property, Plant and Equipment:
Property, Plant and Equipment	$8,690,956	$8,647,303
Less: Accumulated Depreciation	(4,072,787)	(3,979,159)
Property, Plant and Equipment, Net	$4,618,169	$4,668,144
Other Assets, Net:
Goodwill	$4,923,691	$4,463,531
Customer and Supplier Relationships and Other Intangible Assets	1,508,526	1,181,043
Operating Lease Right-of-Use Assets	2,512,377	2,314,422
Other	517,537	381,624
Total Other Assets, Net	$9,462,131	$8,340,620
Total Assets	$15,622,319	$14,450,031
LIABILITIES AND EQUITY
Current Liabilities:
Current Portion of Long-term Debt	$86,790	$309,428
Accounts Payable	435,475	369,145
Accrued Expenses and Other Current Liabilities	957,507	1,032,537
Deferred Revenue	302,494	307,470
Total Current Liabilities	$1,782,266	$2,018,580
Long-term Debt, Net of Current Portion	9,993,126	8,962,513
Long-term Operating Lease Liabilities, Net of Current Portion	2,371,270	2,171,472
Other Long-term Liabilities	404,703	144,053
Deferred Income Taxes	325,222	223,934
Redeemable Noncontrolling Interests	93,957	72,411
Total Long-term Liabilities	$13,188,278	$11,574,383
Total Liabilities	$14,970,544	$13,592,963
Equity
Total Equity	$651,775	$857,068
Total Liabilities and Equity	$15,622,319	$14,450,031

5

Quarterly Condensed Consolidated Statements of Operations
(Unaudited; dollars in thousands, except per-share data)

	Q2 2022	Q1 2022	Q/Q % Change	Q2 2021	Y/Y % Change
Revenues:
Storage Rental	$753,126	$751,070	0.3    %	$718,272	4.9    %
Service	536,408	496,976	7.9    %	401,484	33.6    %
Total Revenues	$1,289,534	$1,248,046	3.3    %	$1,119,756	15.2    %
Operating Expenses:
Cost of Sales (excluding Depreciation and Amortization)	$556,476	$546,622	1.8    %	$474,579	17.3    %
Selling, General and Administrative	295,394	280,723	5.2    %	259,779	13.7    %
Depreciation and Amortization	178,254	183,615	(2.9)    %	166,685	6.9    %
Acquisition and Integration Costs	16,878	15,661	7.8    %	2,277	n/a
Restructuring Charges	—	—	—	39,443	(100.0)    %
(Gain) on Disposal/Write-Down of PP&E, Net	(51,249)	(705)	n/a	(128,935)	(60.3)    %
Total Operating Expenses	$995,753	$1,025,916	(2.9)    %	$813,828	22.4    %
Operating Income	$293,781	$222,130	32.3    %	$305,928	(4.0)    %
Interest Expense, Net	115,057	114,442	0.5    %	105,220	9.3    %
Other (Income) Expense, Net	(41,217)	55,901	n/a	(186,230)	(77.9)    %
Net Income Before Provision (Benefit) for Income Taxes	$219,941	$51,787	n/a	$386,938	(43.2)    %
Provision (Benefit) for Income Taxes	18,083	10,080	79.4    %	110,416	(83.6)    %
Net Income	$201,858	$41,707	n/a	$276,522	(27.0)    %
Less: Net Income (Loss) Attributable to Noncontrolling Interests	1,777	(592)	n/a	1,237	43.7    %
Net Income Attributable to Iron Mountain Incorporated	$200,081	$42,299	n/a	$275,285	(27.3)    %
Net Income Per Share Attributable to Iron Mountain Incorporated:
Basic	$0.69	$0.15	n/a	$0.95	(27.4)    %
Diluted	$0.68	$0.14	n/a	$0.95	(28.4)    %
Weighted Average Common Shares Outstanding - Basic	290,756	290,328	0.1    %	289,247	0.5    %
Weighted Average Common Shares Outstanding - Diluted	292,487	291,846	0.2    %	291,079	0.5    %

6

Year to Date Condensed Consolidated Statements of Operations

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

	YTD 2022	YTD 2021	% Change
Revenues:
Storage Rental	$1,504,196	$1,426,328	5.5    %
Service	1,033,384	775,468	33.3    %
Total Revenues	$2,537,580	$2,201,796	15.3    %
Operating Expenses:
Cost of Sales (excluding Depreciation and Amortization)	$1,103,098	$926,488	19.1    %
Selling, General and Administrative	576,117	518,502	11.1    %
Depreciation and Amortization	361,869	332,327	8.9    %
Acquisition and Integration Costs	32,539	2,277	n/a
Restructuring Charges	—	79,254	(100.0)    %
(Gain) on Disposal/Write-Down of PP&E, Net	(51,954)	(133,386)	(61.0)    %
Total Operating Expenses	$2,021,669	$1,725,462	17.2    %
Operating Income	$515,911	$476,334	8.3    %
Interest Expense, Net	229,499	209,642	9.5    %
Other Expense (Income), Net	14,684	(181,517)	n/a
Net Income Before Provision (Benefit) for Income Taxes	$271,728	$448,209	(39.4)    %
Provision (Benefit) for Income Taxes	28,163	125,056	(77.5)    %
Net Income	$243,565	$323,153	(24.6)    %
Less: Net Income Attributable to Noncontrolling Interests	1,185	2,265	(47.7)    %
Net Income Attributable to Iron Mountain Incorporated	$242,380	$320,888	(24.5)    %
Net Income Per Share Attributable to Iron Mountain Incorporated:
Basic	$0.83	$1.11	(25.2)    %
Diluted	$0.83	$1.11	(25.2)    %
Weighted Average Common Shares Outstanding - Basic	290,542	289,001	0.5    %
Weighted Average Common Shares Outstanding - Diluted	292,166	290,303	0.6    %

7

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in thousands)

	Q2 2022	Q1 2022	Q/Q % Change	Q2 2021	Y/Y % Change
Net Income	$201,858	$41,707	n/a	$276,522	(27.0)    %
Add / (Deduct):
Interest Expense, Net	115,057	114,442	0.5    %	105,220	9.3    %
Provision (Benefit) for Income Taxes	18,083	10,080	79.4    %	110,416	(83.6)    %
Depreciation and Amortization	178,254	183,615	(2.9)    %	166,685	6.9    %
Acquisition and Integration Costs	16,878	15,661	7.8    %	2,276.70	n/a
Restructuring Charges	—	—	—	39,443	(100.0)    %
(Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)	(51,249)	(705)	n/a	(128,935)	(60.3)    %
Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures	(46,103)	53,515	n/a	(189,605)	(75.7)    %
Stock-Based Compensation Expense	20,256	11,341	78.6    %	22,536	(10.1)    %
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures	1,672	1,338	25.0    %	1,072	56.0    %
Adjusted EBITDA	$454,706	$430,994	5.5    %	$405,631	12.1    %

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) Acquisition and Integration Costs, (ii) Restructuring Charges; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; and (v) Stock-based compensation expense. 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).

8

Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in thousands)

	YTD 2022	YTD 2021	% Change
Net Income	$243,565	$323,153	(24.6)    %
Add / (Deduct):
Interest Expense, Net	229,499	209,642	9.5    %
Provision (Benefit) for Income Taxes	28,163	125,056	(77.5)    %
Depreciation and Amortization	361,869	332,327	8.9    %
Acquisition and Integration Costs	32,539	2,277	n/a
Restructuring Charges	—	79,254	(100.0)    %
(Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)	(51,954)	(133,386)	(61.0)    %
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures	7,412	(187,484)	n/a
Stock-Based Compensation Expense	31,597	33,269	(5.0)    %
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures	3,010	2,088	44.2    %
Adjusted EBITDA	$885,700	$786,196	12.7    %

9

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share

	Q2 2022	Q1 2022	Q/Q % Change	Q2 2021	Y/Y % Change
Reported EPS - Fully Diluted from Net Income Attributable to Iron Mountain Incorporated	$0.68	$0.14	n/a	$0.95	(28.4)    %
Add / (Deduct):
Acquisition and Integration Costs	0.06	0.05	20.0    %	0.01	n/a
Restructuring Charges	—	—	—	0.14	(100.0)    %
Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets	—	0.02	(100.0)    %	—	—
(Gain) on Disposal/Write-Down of PP&E, Net	(0.18)	—	—	(0.44)	(59.1)    %
Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures	(0.16)	0.18	n/a	(0.65)	(75.4)    %
Stock-Based Compensation Expense	0.07	0.04	75.0    %	0.08	(12.5)    %
Tax Impact of Reconciling Items and Discrete Tax Items (1)	(0.03)	(0.05)	(40.0)    %	0.31	n/a
Net Income Attributable to Noncontrolling Interests	0.01	—	n/a	—	—
Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated	$0.46	$0.38	21.1    %	$0.38	21.1    %

(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended June 30, 2022 and 2021 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) 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 June 30, 2022, quarter ended March 31, 2022, and quarter ended June 30, 2021 was 16.5%, 18.6% and 16.2%, respectively.

Adjusted Earnings Per Share, or Adjusted EPS

We define Adjusted Earnings per Share (“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) Acquisition and Integration Costs; (ii) Restructuring Charges; (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) 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.

10

Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share

	YTD 2022	YTD 2021	% Change
Reported EPS - Fully Diluted from Net Income Attributable to Iron Mountain Incorporated	$0.83	$1.11	(25.2)    %
Add / (Deduct):
Acquisition and Integration Costs	0.11	0.01	n/a
Restructuring Charges	—	0.27	(100.0)    %
Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets	0.02	—	n/a
(Gain) on Disposal/Write-Down of PP&E, Net	(0.18)	(0.46)	(60.9)    %
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures	0.03	(0.65)	n/a
Stock-Based Compensation Expense	0.11	0.11	—
Tax Impact of Reconciling Items and Discrete Tax Items (1)	(0.07)	0.30	n/a
Net Income Attributable to Noncontrolling Interests	—	0.01	(100.0)    %
Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated	$0.85	$0.70	21.4    %

(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended June 30, 2022 and 2021 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) 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 Earnings per Share ("Adjusted EPS") for the year-to-date periods ended June 30, 2022 and 2021 was 16.5% and 16.2%. 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.

11

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO

(Dollars in thousands, except per-share data)

	Q2 2022	Q1 2022	Q/Q % Change	Q2 2021	Y/Y % Change
Net Income	$201,858	$41,707	384.0    %	$276,522	(27.0)    %
Add / (Deduct):
Real Estate Depreciation (1)	75,008	79,333	(5.5)    %	74,784	0.3    %
(Gain) Loss on Sale of Real Estate, Net of Tax	(48,978)	214	n/a	(102,476)	(52.2)    %
Data Center Lease-Based Intangible Asset Amortization (2)	4,040	4,123	(2.0)    %	10,482	(61.5)    %
FFO (Nareit)	$231,928	$125,377	85.0    %	$259,312	(10.6)    %
Add / (Deduct):
Acquisition and Integration Costs	16,878	15,661	7.8    %	2,277	n/a
Restructuring Charges	—	—	—	39,443	(100.0)    %
(Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)	(2,270)	(919)	n/a	(1,076)	n/a
Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures	(46,103)	53,515	n/a	(189,605)	(75.7)    %
Stock-Based Compensation Expense	20,256	11,341	78.6    %	22,536	(10.1)    %
Real Estate Financing Lease Depreciation	3,427	3,780	(9.3)    %	3,515	(2.5)    %
Tax Impact of Reconciling Items and Discrete Tax Items (3)	(8,250)	(15,632)	(47.2)    %	63,570	n/a
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures	374	(20)	n/a	(9)	n/a
FFO (Normalized)	$216,240	$193,103	12.0    %	$199,963	8.1    %
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit)	$0.79	$0.43	83.7    %	$0.89	(11.2)    %
FFO (Normalized)	$0.74	$0.66	12.1    %	$0.69	7.2    %
Weighted Average Common Shares Outstanding - Basic	290,756	290,328	0.1    %	289,247	0.5    %
Weighted Average Common Shares Outstanding - Diluted	292,487	291,846	0.2    %	291,079	0.5    %

(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to financing leases.

(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.

(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.

Funds From Operations, or FFO (Nareit), and FFO (Normalized)

Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts (“Nareit”) as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles and adjusting for our share of reconciling items from our unconsolidated joint ventures from FFO (“FFO (Nareit)”). FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).

Although Nareit has published a definition of FFO, we modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring Charges; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Real estate financing lease depreciation; and (vii) Tax impact of reconciling items and discrete tax items.

FFO (Normalized) per share

FFO (Normalized) divided by weighted average fully-diluted shares outstanding.

12

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued)

(Dollars in thousands, except per-share data)

	Q2 2022	Q1 2022	Q/Q % Change	Q2 2021	Y/Y % Change
FFO (Normalized)	$216,240	$193,103	12.0    %	$199,963	8.1    %
Add / (Deduct):
Non-Real Estate Depreciation	37,667	37,280	1.0    %	34,191	10.2    %
Amortization Expense (1)	48,332	50,494	(4.3)    %	36,250	33.3    %
Amortization of Deferred Financing Costs	3,454	5,610	(38.4)    %	4,316	(20.0)    %
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases	1,821	1,860	(2.1)    %	2,065	(11.8)    %
Non-Cash Rent Expense (Income)	4,384	3,126	40.2    %	3,958	10.8    %
Reconciliation to Normalized Cash Taxes	(9,422)	6,435	n/a	188	n/a
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures	857	1,110	(22.8)    %	969	(11.6)    %
Less:
Recurring Capital Expenditures	32,399	34,785	(6.9)    %	35,909	(9.8)    %
AFFO	$270,934	$264,234	2.5    %	$245,992	10.1    %
Per Share Amounts (Fully Diluted Shares):
AFFO Per Share	$0.93	$0.91	2.3    %	$0.85	9.6    %
Weighted Average Common Shares Outstanding - Basic	290,756	290,328	0.1    %	289,247	0.5    %
Weighted Average Common Shares Outstanding - Diluted	292,487	291,846	0.2    %	291,079	0.5    %

(1) Includes Customer Relationship Value, intake costs, acquisition of customer and supplier relationships, and other intangibles. Excludes amortization of capitalized commissions of $9.8M, $8.6M, and $7.5M in Q2 2022, Q1 2022, and Q2 2021, respectively.

Adjusted Funds From Operations, or AFFO

Adjusted funds from operations (“AFFO”) is defined as FFO (Normalized) (1) excluding (i) non-cash rent expense (income), (ii) depreciation on non-real estate assets, (iii) amortization expense associated with customer relationship value (CRV), intake costs, acquisitions of customer and supplier relationships and other intangibles, (other than capitalized internal commissions), (iv) amortization of deferred financing costs and debt discount/premium, (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases, and (vi) the impact of reconciling to normalized cash taxes, and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO 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).

AFFO per share

AFFO divided by weighted average fully-diluted shares outstanding.

13

Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO

(Dollars in thousands, except per-share data)

	YTD 2022	YTD 2021	% Change
Net Income	$243,565	$323,153	(24.6)    %
Add / (Deduct):
Real Estate Depreciation (1)	154,341	150,831	2.3    %
(Gain) on Sale of Real Estate, Net of Tax	(48,764)	(106,781)	(54.3)    %
Data Center Lease-Based Intangible Asset Amortization (2)	8,163	20,965	(61.1)    %
FFO (Nareit)	$357,305	$388,168	(8.0)    %
Add / (Deduct):
Acquisition and Integration Costs	32,539	2,277	n/a
Restructuring Charges	—	79,254	(100.0)    %
(Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)	(3,189)	(1,222)	n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures	7,412	(187,484)	n/a
Stock-Based Compensation Expense	31,597	33,269	(5.0)    %
Real Estate Financing Lease Depreciation	7,207	7,051	2.2    %
Tax Impact of Reconciling Items and Discrete Tax Items (3)	(20,876)	60,494	n/a
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures	354	(13)	n/a
FFO (Normalized)	$412,349	$381,794	8.0    %
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit)	$1.22	$1.34	(8.5)    %
FFO (Normalized)	$1.41	$1.32	7.3    %
Weighted Average Common Shares Outstanding - Basic	290,542	289,001	0.5    %
Weighted Average Common Shares Outstanding - Diluted	292,166	290,303	0.6    %

(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to financing leases.

(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.

(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.

14

Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO (continued)

(Dollars in thousands, except per-share data)

	YTD 2022	YTD 2021	% Change
FFO (Normalized)	$412,349	$381,794	8.0    %
Add / (Deduct):
Non-Real Estate Depreciation	74,947	69,057	8.5    %
Amortization Expense (1)	98,826	69,736	41.7    %
Amortization of Deferred Financing Costs	9,064	8,443	7.4    %
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases	3,681	4,327	(14.9)    %
Non-Cash Rent Expense (Income)	7,510	9,369	(19.8)    %
Reconciliation to Normalized Cash Taxes	(5,992)	1,269	n/a
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures	1,967	1,881	4.6    %
Less:
Recurring Capital Expenditures	67,184	64,492	4.2    %
AFFO	$535,168	$481,384	11.2    %
Per Share Amounts (Fully Diluted Shares):
AFFO Per Share	$1.83	$1.66	10.2    %
Weighted Average Common Shares Outstanding - Basic	290,542	289,001	0.5    %
Weighted Average Common Shares Outstanding - Diluted	292,166	290,303	0.6    %

(1) Includes Customer Relationship Value, intake costs, acquisition of customer and supplier relationships, and other intangibles. Excludes amortization of capitalized commissions of $18.4M and $14.7M in YTD 2022 and YTD 2021, respectively.

15

EX-99.2

Q2 2022 Earnings Call August 4, 2022

We have made statements in this presentation 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 current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. 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," "intends", “pursue”, “will” 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) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally and manage our international operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) 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, (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) 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; (v) our ability to fund capital expenditures; (vi) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (vii) the costs of complying with, and our ability to comply with, laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (viii) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (ix) 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; (x) our ability to raise debt or equity capital and changes in the cost of our debt; (xi) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiii) the cost or potential liabilities associated with real estate necessary for our business; (xiv) failures to implement and manage new IT systems; (xv) unexpected events, including those resulting from climate change or geopolitical events, which could disrupt our operations and adversely affect our reputation and results of operations; (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 presentation. Reconciliation of Non-GAAP Measures Throughout this presentation, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, and (3) 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 in the Supplemental Reporting Information. 2 Forward Looking Statements

3Q2 Accomplishments ● Record quarterly performance ○ Revenue of $1.29 billion, up 15.2% year over year, or 18.5% excluding the impact of Fx ○ Adjusted EBITDA of $455 million, growth of 12.1% year over year, or 15.4% excluding the impact of Fx ○ Net Income of $202 million ○ AFFO of $271 million, up 10.1% year over year ○ AFFO/Share of $0.93, up 9.6% year over year ● Organic storage rental revenue growth of 8.2%, reflecting continued benefit of pricing combined with positive volume trends and data center growth ● Leased 83 megawatts of data center capacity

4 Strong Second Quarter 2022

5 • Achieved 30% revenue growth including 24% organic storage rental revenue growth • Year to Date leasing of 118 megawatts; 83 megawatts in the second quarter including 72 megawatts on our Northern Virginia campus for VA-4 and VA-5 • Established a joint venture for VA-4 and VA-5 whereby IRM will retain 55% ownership; partner is Hana Financial • Well on track to achieve new and expansion leasing projection of 130 megawatts for the full year Data Center Highlights

6 • Continue to invest across our businesses to drive growth • Approaching our long-term target AFFO payout ratio (low to mid-60s) – from there we expect the dividend to grow in line with AFFO • Long-term target leverage ratio of 4.5x – 5.5x Capital Allocation

Source: J.P. Morgan REIT Weekly U.S. Real Estate report July 22, 2022 and company reports 7 Balance Sheet Well Positioned • ~$1.8 billion of liquidity • ~82% fixed rate debt • 4.7% weighted average interest rate • 6.6 years weighted average maturity Balance Sheet Highlights as of 06/30/2022 Net Lease Adjusted Leverage

82022 Guidance Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. ● Well on track to achieve Full Year 2022 guidance ● Outlook: For the third quarter, we expect strong growth trends to continue with Revenue of approximately $1.3 billion, Adjusted EBITDA of approximately $465 million, and AFFO of approximately $280 million ($ in millions, except per share data) 2022 Guidance Y/Y % Change Total Revenue $5,125 - $5,275 14% - 17% Adjusted EBITDA $1,800 - $1,850 10% - 13% AFFO $1,085 - $1,120 7% - 11% AFFO Per Share $3.70 - $3.82 6% - 10%

EX-99.3

Supplemental Financial Information Second Quarter 2022 investors.ironmountain.com

Table of Contents Section I - Q2 Earnings Press Release 3 Q2 2022 Earnings Press Release Section II - Financial Highlights and Organic Growth Financial and Operating Highlights 6 Organic Revenue Growth 7 Section III - Operational Metrics Worldwide Storage Volume 8 Quarterly Operating Performance 9 Year to Date Operating Performance 10 Section IV - Balance Sheets, Statements of Operations and Reconciliations Condensed Consolidated Balance Sheets 11 Quarterly Condensed Consolidated Statements of Operations 12 Year to Date Condensed Consolidated Statements of Operations 13 Quarterly and Year to Date Reconciliation of Net Income to Adjusted EBITDA 14 Quarterly and Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 15 Quarterly Reconciliation of Net Income to FFO and AFFO 16 Year to Date Reconciliation of Net Income to FFO and AFFO 18 Section V - Storage and Service Reconciliation Quarterly Storage Rental and Service Business Detail 20 Year to Date Storage and Service Business Detail 21 Section VI - Real Estate Metrics 22 Global Real Estate Portfolio and Lease Obligations Facility Lease Expirations Section VII - Data Center Customer and Portfolio Metrics Data Center Customer Lease Expiration and Leasing Activity Summary 23 Data Center Operating Portfolio and Total Potential Capacity 24 Data Center Expansion and Development Activity 25 Section VIII - Capitalization and Debt Maturity Profile 26 Capitalization Total Borrowings Maturity Schedule Debt Maturity Profile Section IX - Capital Expenditures 27 Quarterly and Year to Date Capital Expenditures and Investments Section X - Appendix and Definitions 28 All figures except per share, megawatts (MW), kilowatts (kW), and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding All figures for the quarter ended June 30, 2022 unless noted Unaudited investors.ironmountain.com Q2 2022 Supplemental Financial Information 2

Iron Mountain Reports Second Quarter Results -- Net Income of $202 million; Achieves record quarterly Revenue, Adjusted EBITDA and AFFO -- BOSTON – August 4, 2022 – Iron Mountain Incorporated (NYSE: IRM), a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services, announces record financial and operating results for the second quarter of 2022. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein. “We are pleased to report outstanding performance in the second quarter, including all-time record Revenue, Adjusted EBITDA and AFFO. These results are reflective of our team’s commitment to our customers and the expanded addressable market for our products and services." said William L. Meaney, President and CEO of Iron Mountain. “We remain focused on delivering value for our customers with ever expanding innovation in our suite of products and services which will ultimately deliver accelerated growth for our company and our shareholders.” Financial Performance Highlights for the Second Quarter and Year-to-Date 2022 ($ in millions, except per share data) Three Months Ended Y/Y % Change Year to Date Y/Y % Change 6/30/22 6/30/21 Reported $ Constant Fx 6/30/22 6/30/21 Reported $ Constant Fx Storage Rental Revenue $753 $718 5% 8% $1,504 $1,426 5% 8% Service Revenue $536 $401 34% 38% $1,033 $775 33% 37% Total Revenue $1,290 $1,120 15% 18% $2,538 $2,202 15% 18% Net Income $202 $277 (27)% $244 $323 (25)% Reported EPS $0.68 $0.95 (28)% $0.83 $1.11 (25)% Adjusted EPS $0.46 $0.38 21% $0.85 $0.70 21% Adjusted EBITDA $455 $406 12% 15% $886 $786 13% 15% Adjusted EBITDA Margin 35.3% 36.2% (90) bps 34.9% 35.7% (80) bps AFFO $271 $246 10% $535 $481 11% AFFO per share $0.93 $0.85 10% $1.83 $1.66 10% • Total reported Revenues for the second quarter were $1.29 billion, compared with $1.12 billion in the second quarter of 2021, an increase of 15.2%. Excluding the impact of foreign currency exchange (Fx), total reported Revenues increased 18.5% compared to the prior year, driven by a 37.6% increase in Service revenue, while Storage rental revenue increased 7.8%. Total service revenue growth was driven by the inclusion of ITRenew; on an organic constant currency basis, service revenue grew 21.1%. Year to date, total reported Revenues increased 15.3%, or 17.9% excluding the impact of Fx. • Net Income for the second quarter was $201.9 million compared with $276.5 million in the second quarter of 2021. Net income in the second quarter of 2021 included gains of approximately $181.2 million related to the divestment of the company's Intellectual Property Management business. Net Income in the second quarter of 2022 includes a lower gain from real estate sales as compared to the second quarter of 2021, offset by lower adjusted expenses and foreign currency transaction gains. Year to date, Net Income was $243.6 million, compared with $323.2 million in 2021. • Adjusted EBITDA for the second quarter was $454.7 million, compared with $405.6 million in the second quarter of 2021, an increase of 12.1%. On a constant currency basis, Adjusted EBITDA increased by 15.4% in the second quarter, driven by the strong increase in Service revenue and productivity benefits. Year to date, Adjusted EBITDA was $885.7 million, compared with $786.2 million in 2021, an increase of 12.7%. On a constant currency basis, year to date Adjusted EBITDA increased 15.4%. • FFO (Normalized) per share was $0.74 for the second quarter, compared with $0.69 in the second quarter of 2021, an increase of 7.2%. Year to date, FFO (Normalized) per share was $1.41, compared with $1.32 in 2021, or an increase of 7.3%. Section I - Q2 Earnings Press Release investors.ironmountain.com Q2 2022 Supplemental Financial Information 3

• AFFO was $270.9 million for the second quarter, compared with $246.0 million in the second quarter of 2021, an increase of 10.1%, driven by improved Adjusted EBITDA, partially offset by an increase in cash taxes. Year to date, AFFO was $535.2 million, compared with $481.4 million in 2021, or an increase of 11.2%. • AFFO per share was $0.93 for the second quarter, compared with $0.85 in the second quarter of 2021, an increase of 9.6%, driven by improved Adjusted EBITDA. Year to date, AFFO per share was $1.83, compared with $1.66 in 2021, or an increase of 10.2%. Dividend On August 4, 2022, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.6185 per share for the third quarter. The third- quarter 2022 dividend is payable on October 4, 2022, for shareholders of record on September 15, 2022. Guidance Iron Mountain affirmed full year 2022 guidance; details are summarized in the table below. 2022 Guidance(1) ($ in millions, except per share data) 2022 Guidance Y/Y % Change Total Revenue $5,125 - $5,275 14% - 17% Adjusted EBITDA $1,800 - $1,850 10% - 13% AFFO $1,085 - $1,120 7% - 11% AFFO Per Share $3.70 - $3.82 6% - 10% (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services. 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, asset lifecycle 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. Section I - Q2 Earnings Press Release investors.ironmountain.com Q2 2022 Supplemental Financial Information 4

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: 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 current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. 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," "intends", “pursue”, “will” 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) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally and manage our international operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) 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, (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) 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; (v) our ability to fund capital expenditures; (vi) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (vii) the costs of complying with, and our ability to comply with, laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (viii) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (ix) 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; (x) our ability to raise debt or equity capital and changes in the cost of our debt; (xi) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiii) the cost or potential liabilities associated with real estate necessary for our business; (xiv) failures to implement and manage new IT systems; (xv) unexpected events, including those resulting from climate change or geopolitical events, which could disrupt our operations and adversely affect our reputation and results of operations; (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 release. Reconciliation of Non-GAAP Measures Throughout this release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) 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. Investor Relations Contacts: Gillian Tiltman Sarah Barry SVP, Head of Investor Relations Senior Manager, Investor Relations Gillian.Tiltman@ironmountain.com Sarah.Barry@ironmountain.com (617) 286-4881 (617) 237-6597 Section I - Q2 Earnings Press Release investors.ironmountain.com Q2 2022 Supplemental Financial Information 5

Facts and Figures $4.8 Billion Trailing Twelve-Month Revenue 225,000+ Customer Accounts ~25,000 Employees ~1,400 Facilities Worldwide 89 million+ Pieces of Media 725+ million Cubic Feet of Global Storage Volume Financial Highlights Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Storage Rental Revenue $753,126 $751,070 $725,177 $718,614 $718,272 Service Revenue $536,408 $496,976 $434,410 $411,534 $401,484 Total Revenues $1,289,534 $1,248,046 $1,159,587 $1,130,148 $1,119,756 Adjusted EBITDA $454,706 $430,994 $430,734 $417,769 $405,631 Adjusted EBITDA Margin 35.3 % 34.5 % 37.1 % 37.0 % 36.2 % Net Income Attributable to Iron Mountain Incorporated $200,081 $42,299 $61,648 $67,683 $275,285 Reported EPS - Fully Diluted $0.68 $0.14 $0.21 $0.23 $0.95 Adjusted EPS $0.46 $0.38 $0.43 $0.40 $0.38 FFO (Normalized) $216,240 $193,103 $216,757 $208,836 $199,963 FFO (Normalized) per Share $0.74 $0.66 $0.74 $0.72 $0.69 AFFO $270,934 $264,234 $267,032 $263,484 $245,992 AFFO per Share $0.93 $0.91 $0.92 $0.90 $0.85 Dividend per Share $0.62 $0.62 $0.62 $0.62 $0.62 TTM AFFO Payout Ratio 67.8 % 69.3 % 71.2 % 76.8 % 80.7 % Weighted Average Common Shares Outstanding - Diluted 292,487 291,846 291,811 291,482 291,079 Net Lease-Adjusted Leverage Ratio 5.3x 5.4x 5.3x 5.4x 5.3x Operating Highlights Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Organic Storage Rental Revenue Growth 8.2 % 6.8 % 3.6 % 2.3 % 2.5 % Organic Service Revenue Growth 21.1 % 16.1 % 17.6 % 17.7 % 25.5 % Total Volume - Storage 730,001 727,653 726,246 726,831 715,772 Storage Facility Capacity Utilization 81.3 % 80.9 % 80.9 % 81.8 % 84.0 % Records Management Retention Rate 93.8 % 93.8 % 94.1 % 94.4 % 94.4 % Storage Revenue / Sq. Ft. $8.27 $8.21 $7.86 $7.83 $7.93 Storage NOI / Sq. Ft. $6.64 $6.60 $6.45 $6.39 $6.43 Data Center: Leasable Megawatts 179.8 176.8 176.4 156.6 144.7 Leased % - Stabilized 91.8 % 91.6 % 91.2 % 89.4 % 88.4 % Leased % - Total 90.6 % 90.7 % 89.3 % 85.0 % 83.0 % Kilowatts Leased - New/Expansion 83,046 35,048 27,199 8,989 3,610 Churn 0.6 % 2.0 % 0.8 % 3.9 % 1.9 % Number of Facilities 20 20 19 19 15 Number of Markets 18 18 16 16 13 Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q2 2022 Supplemental Financial Information 6

Organic Revenue Growth (1) Q2 2022 Q1 2022 YTD 2022 Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Storage Rental 4.9% 7.8% 8.2% 6.1% 7.9% 6.8% 5.5% 7.8% 8.0% Service 33.6% 37.6% 21.1% 32.9% 35.4% 16.1% 33.3% 36.5% 19.2% Total Revenues 15.2% 18.5% 12.8% 15.3% 17.4% 10.0% 15.3% 17.9% 12.0% Total Organic Revenue Growth (3.4)% (3.4)% (0.6)% 9.7% 7.4% 8.5% 10.0% 12.8% Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 (8.0)% (4.0)% 0.0% 4.0% 8.0% 12.0% 16.0% Organic Storage Rental Revenue Growth 2.5% 1.7% 1.7% 2.5% 2.3% 3.6% 6.8% 8.2% Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Organic Service Revenue Growth (13.5)% (12.1)% (4.8)% 25.5% 17.7% 17.6% 16.1% 21.1% Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 (40.0)% (30.0)% (20.0)% (10.0)% 0.0% 10.0% 20.0% 30.0% (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q2 2022 Supplemental Financial Information 7

Worldwide Storage Volume Records and Information Management Adjacent Businesses Consumer and Other Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 500,000 550,000 600,000 650,000 700,000 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Records and Information Management 694,723 693,747 691,784 691,314 693,476 702,620 700,870 699,104 696,550 Adjacent Businesses 5,906 6,534 7,077 7,335 7,683 7,961 7,934 8,084 8,164 Consumer and Other 6,495 8,967 10,373 12,694 14,613 16,250 17,442 20,466 25,287 Total Volume - Storage 707,126 709,247 709,233 711,342 715,772 726,831 726,246 727,653 730,001 Business acquisitions during the quarter (1) 3,555 272 — — 5,020 10,743 — — — (1) Business acquisitions volume acquired during the quarter included in total volume. Section III - Operational Metrics investors.ironmountain.com Q2 2022 Supplemental Financial Information 8

Quarterly Operating Performance (1) Y/Y % Change Q2 2022 Q1 2022 Q2 2021 Reported Constant Currency Organic Growth (2) Global RIM Business Storage Rental $649,771 $650,087 $628,678 3.4% 6.4% 6.3% Service 420,705 398,804 367,646 14.4% 17.8% 17.7% Total Revenues $1,070,476 $1,048,891 $996,324 7.4% 10.6% 10.5% Adjusted EBITDA $469,368 $448,795 $423,940 Adjusted EBITDA Margin 43.8 % 42.8 % 42.6 % Global Data Center Business Storage Rental $89,768 $87,451 $71,237 26.0% 28.9% 23.8% Service 10,320 9,536 5,740 79.8% 91.4% 95.5% Total Revenues $100,088 $96,987 $76,977 30.0% 33.4% 29.0% Adjusted EBITDA $42,307 $41,977 $33,432 Adjusted EBITDA Margin 42.3 % 43.3 % 43.4 % Corporate and Other Business Storage Rental $13,587 $13,532 $18,357 (26.0)% (25.2)% 9.4% Service 105,383 88,636 28,098 275.1% 288.7% 49.5% Total Revenues $118,970 $102,168 $46,455 156.1% 162.8% 37.0% Adjusted EBITDA $(56,969) $(59,778) $(51,741) Total Consolidated Storage Rental $753,126 $751,070 $718,272 4.9% 7.8% 8.2% Service $536,408 496,976 401,484 33.6% 37.6% 21.1% Total Revenues $1,289,534 $1,248,046 $1,119,756 15.2% 18.5% 12.8% Adjusted EBITDA $454,706 $430,994 $405,631 Adjusted EBITDA Margin 35.3 % 34.5 % 36.2 % (1) As a result of the realignment of our global managerial structure, we reassessed the composition of our reportable segments and note that (i) our Entertainment Services offerings are now managed as part of our Global RIM Business segment; (ii) certain commercial costs that were previously managed as part of Corporate and Other Business are now managed as part of our Global RIM Business segment, and (iii) our ALM services, which includes our legacy secure IT disposition business our business acquired from ITRenew, are now managed as a separate operating segment that is included in Corporate and Other Business. (2) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q2 2022 Supplemental Financial Information 9

Year to Date Operating Performance (1) Y/Y % Change YTD 2022 YTD 2021 Reported Constant Currency Organic Growth (2) Global RIM Business Storage Rental $1,299,858 $1,250,564 3.9% 6.4% 6.1% Service 819,509 722,678 13.4% 16.1% 15.8% Total Revenues $2,119,367 $1,973,242 7.4% 10.0% 9.7% Adjusted EBITDA $918,163 $827,373 Adjusted EBITDA Margin 43.3 % 41.9 % Global Data Center Business Storage Rental $177,219 $138,394 28.1% 30.3% 25.0% Service 19,856 9,691 104.9% 114.8% 115.5% Total Revenues $197,075 $148,085 33.1% 35.7% 30.9% Adjusted EBITDA $84,284 $63,864 Adjusted EBITDA Margin 42.8 % 43.1 % Corporate and Other Business Storage Rental $27,119 $37,370 (27.4)% (27.0)% 8.4% Service 194,019 43,099 350.2% 363.2% 53.6% Total Revenues $221,138 $80,469 174.8% 179.8% 37.5% Adjusted EBITDA $(116,747) $(105,041) Total Consolidated Storage Rental $1,504,196 $1,426,328 5.5% 7.8% 8.0% Service 1,033,384 775,468 33.3% 36.5% 19.2% Total Revenues $2,537,580 $2,201,796 15.3% 17.9% 12.0% Adjusted EBITDA $885,700 $786,196 Adjusted EBITDA Margin 34.9 % 35.7 % (1) As a result of the realignment of our global managerial structure, we reassessed the composition of our reportable segments and note that (i) our Entertainment Services offerings are now managed as part of our Global RIM Business segment; (ii) certain commercial costs that were previously managed as part of Corporate and Other Business are now managed as part of our Global RIM Business segment, and (iii) our ALM services, which includes our legacy secure IT disposition business our business acquired from ITRenew, are now managed as a separate operating segment that is included in Corporate and Other Business. (2) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q2 2022 Supplemental Financial Information 10

Condensed Consolidated Balance Sheets 6/30/2022 12/31/2021 ASSETS Current Assets: Cash and Cash Equivalents $144,746 $255,828 Accounts Receivable, Net 1,116,329 961,419 Prepaid Expenses and Other 280,944 224,020 Total Current Assets $1,542,019 $1,441,267 Property, Plant and Equipment: Property, Plant and Equipment $8,690,956 $8,647,303 Less: Accumulated Depreciation (4,072,787) (3,979,159) Property, Plant and Equipment, Net $4,618,169 $4,668,144 Other Assets, Net: Goodwill $4,923,691 $4,463,531 Customer and Supplier Relationships and Other Intangible Assets 1,508,526 1,181,043 Operating Lease Right-of-Use Assets 2,512,377 2,314,422 Other 517,537 381,624 Total Other Assets, Net $9,462,131 $8,340,620 Total Assets $15,622,319 $14,450,031 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $86,790 $309,428 Accounts Payable 435,475 369,145 Accrued Expenses and Other Current Liabilities 957,507 1,032,537 Deferred Revenue 302,494 307,470 Total Current Liabilities $1,782,266 $2,018,580 Long-term Debt, Net of Current Portion 9,993,126 8,962,513 Long-term Operating Lease Liabilities, Net of Current Portion 2,371,270 2,171,472 Other Long-term Liabilities 404,703 144,053 Deferred Income Taxes 325,222 223,934 Redeemable Noncontrolling Interests 93,957 72,411 Total Long-term Liabilities $13,188,278 $11,574,383 Total Liabilities $14,970,544 $13,592,963 Equity Total Equity $651,775 $857,068 Total Liabilities and Equity $15,622,319 $14,450,031 - Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 11

Quarterly Condensed Consolidated Statements of Operations Q2 2022 Q1 2022 Q/Q % Change Q2 2021 Y/Y % Change Storage Rental $753,126 $751,070 0.3 % $718,272 4.9 % Service 536,408 496,976 7.9 % 401,484 33.6 % Total Revenues $1,289,534 $1,248,046 3.3 % $1,119,756 15.2 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $556,476 $546,622 1.8 % $474,579 17.3 % Selling, General and Administrative 295,394 280,723 5.2 % 259,779 13.7 % Depreciation and Amortization 178,254 183,615 (2.9) % 166,685 6.9 % Acquisition and Integration Costs 16,878 15,661 7.8 % 2,277 n/a Restructuring Charges — — — 39,443 (100.0) % (Gain) on Disposal/Write-Down of PP&E, Net (51,249) (705) n/a (128,935) (60.3) % Total Operating Expenses $995,753 $1,025,916 (2.9) % $813,828 22.4 % Operating Income $293,781 $222,130 32.3 % $305,928 (4.0) % Interest Expense, Net 115,057 114,442 0.5 % 105,220 9.3 % Other (Income) Expense, Net (41,217) 55,901 n/a (186,230) (77.9) % Net Income Before Provision (Benefit) for Income Taxes $219,941 $51,787 n/a $386,938 (43.2) % Provision (Benefit) for Income Taxes 18,083 10,080 79.4 % 110,416 (83.6) % Net Income $201,858 $41,707 n/a $276,522 (27.0) % Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,777 (592) n/a 1,237 43.7 % Net Income Attributable to Iron Mountain Incorporated $200,081 $42,299 n/a $275,285 (27.3) % Net Income Per Share Attributable to Iron Mountain Incorporated: Basic $0.69 $0.15 n/a $0.95 (27.4) % Diluted $0.68 $0.14 n/a $0.95 (28.4) % Weighted Average Common Shares Outstanding - Basic 290,756 290,328 0.1 % 289,247 0.5 % Weighted Average Common Shares Outstanding - Diluted 292,487 291,846 0.2 % 291,079 0.5 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 12

Year to Date Condensed Consolidated Statements of Operations YTD 2022 YTD 2021 % Change Storage Rental $1,504,196 $1,426,328 5.5 % Service 1,033,384 775,468 33.3 % Total Revenues $2,537,580 $2,201,796 15.3 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $1,103,098 $926,488 19.1 % Selling, General and Administrative 576,117 518,502 11.1 % Depreciation and Amortization 361,869 332,327 8.9 % Acquisition and Integration Costs 32,539 2,277 n/a Restructuring Charges — 79,254 (100.0) % (Gain) on Disposal/Write-Down of PP&E, Net (51,954) (133,386) (61.0) % Total Operating Expenses $2,021,669 $1,725,462 17.2 % Operating Income $515,911 $476,334 8.3 % Interest Expense, Net 229,499 209,642 9.5 % Other Expense (Income), Net 14,684 (181,517) n/a Net Income Before Provision (Benefit) for Income Taxes $271,728 $448,209 (39.4) % Provision (Benefit) for Income Taxes 28,163 125,056 (77.5) % Net Income $243,565 $323,153 (24.6) % Less: Net Income Attributable to Noncontrolling Interests 1,185 2,265 (47.7) % Net Income Attributable to Iron Mountain Incorporated $242,380 $320,888 (24.5) % Net Income Per Share Attributable to Iron Mountain Incorporated: Basic $0.83 $1.11 (25.2) % Diluted $0.83 $1.11 (25.2) % Weighted Average Common Shares Outstanding - Basic 290,542 289,001 0.5 % Weighted Average Common Shares Outstanding - Diluted 292,166 290,303 0.6 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 13

Quarterly Reconciliation of Net Income to Adjusted EBITDA Q2 2022 Q1 2022 Q/Q % Change Q2 2021 Y/Y % Change Net Income $201,858 $41,707 n/a $276,522 (27.0) % Add / (Deduct): Interest Expense, Net 115,057 114,442 0.5 % 105,220 9.3 % Provision (Benefit) for Income Taxes 18,083 10,080 79.4 % 110,416 (83.6) % Depreciation and Amortization 178,254 183,615 (2.9) % 166,685 6.9 % Acquisition and Integration Costs 16,878 15,661 7.8 % 2,277 n/a Restructuring Charges — — — 39,443 (100.0) % (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) (51,249) (705) n/a (128,935) (60.3) % Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures (46,103) 53,515 n/a (189,605) (75.7) % Stock-Based Compensation Expense 20,256 11,341 78.6 % 22,536 (10.1) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 1,672 1,338 25.0 % 1,072 56.0 % Adjusted EBITDA $454,706 $430,994 5.5 % $405,631 12.1 % Year to Date Reconciliation of Net Income to Adjusted EBITDA YTD 2022 YTD 2021 % Change Net Income $243,565 $323,153 (24.6) % Add / (Deduct): Interest Expense, Net 229,499 209,642 9.5 % Provision (Benefit) for Income Taxes 28,163 125,056 (77.5) % Depreciation and Amortization 361,869 332,327 8.9 % Acquisition and Integration Costs 32,539 2,277 n/a Restructuring Charges — 79,254 (100.0) % (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) (51,954) (133,386) (61.0) % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 7,412 (187,484) n/a Stock-Based Compensation Expense 31,597 33,269 (5.0) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 3,010 2,088 44.2 % Adjusted EBITDA $885,700 $786,196 12.7 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 14

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q2 2022 Q1 2022 Q/Q % Change Q2 2021 Y/Y % Change Reported EPS - Fully Diluted from Net Income Attributable to Iron Mountain Incorporated $0.68 $0.14 n/a $0.95 (28.4) % Add / (Deduct): Acquisition and Integration Costs 0.06 0.05 20.0 % 0.01 n/a Restructuring Charges — — — 0.14 (100.0) % Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets — 0.02 (100.0) % — — (Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate) (0.18) — — (0.44) (59.1) % Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures (0.16) 0.18 n/a (0.65) (75.4) % Stock-Based Compensation Expense 0.07 0.04 75.0 % 0.08 (12.5) % Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.03) (0.05) (40.0) % 0.31 n/a Net Income Attributable to Noncontrolling Interests 0.01 — n/a — — Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.46 $0.38 21.1 % $0.38 21.1 % Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share YTD 2022 YTD 2021 Q/Q % Change Reported EPS - Fully Diluted from Net Income Attributable to Iron Mountain Incorporated $0.83 $1.11 (25.2) % Add / (Deduct): Acquisition and Integration Costs 0.11 0.01 n/a Restructuring Charges — 0.27 (100.0) % Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets 0.02 — n/a (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) (0.18) (0.46) (60.9) % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.03 (0.65) n/a Stock-Based Compensation Expense 0.11 0.11 — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.07) 0.30 n/a Net Income Attributable to Noncontrolling Interests — 0.01 (100.0) % Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.85 $0.70 21.4 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended June 30, 2022 and 2021 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) 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 Earnings per Share ("Adjusted EPS") for the year-to-date periods ended June 30, 2022 and 2021 was 16.5% and 16.2%. 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. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 15

Quarterly Reconciliation of Net Income to FFO and AFFO Q2 2022 Q1 2022 Q/Q % Change Q2 2021 Y/Y % Change Net Income $201,858 $41,707 384.0 % $276,522 (27.0) % Add / (Deduct): Real Estate Depreciation (1) 75,008 79,333 (5.5) % 74,784 0.3 % (Gain) Loss on Sale of Real Estate, Net of Tax (48,978) 214 n/a (102,476) (52.2) % Data Center Lease-Based Intangible Asset Amortization (2) 4,040 4,123 (2.0) % 10,482 (61.5) % FFO (Nareit) $231,928 $125,377 85.0 % $259,312 (10.6) % Add / (Deduct): Acquisition and Integration Costs 16,878 15,661 7.8 % 2,277 n/a Restructuring Charges — — — 39,443 (100.0) % (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) (2,270) (919) n/a (1,076) n/a Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures (46,103) 53,515 n/a (189,605) (75.7) % Stock-Based Compensation Expense 20,256 11,341 78.6 % 22,536 (10.1) % Real Estate Financing Lease Depreciation 3,427 3,780 (9.3) % 3,515 (2.5) % Tax Impact of Reconciling Items and Discrete Tax Items (3) (8,250) (15,632) (47.2) % 63,570 n/a Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures 374 (20) n/a (9) n/a FFO (Normalized) $216,240 $193,103 12.0 % $199,963 8.1 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.79 $0.43 83.7 % $0.89 (11.2) % FFO (Normalized) $0.74 $0.66 12.1 % $0.69 7.2 % Weighted Average Common Shares Outstanding - Basic 290,756 290,328 0.1 % 289,247 0.5 % Weighted Average Common Shares Outstanding - Diluted 292,487 291,846 0.2 % 291,079 0.5 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold of improvements and racking), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes and (ii) other discrete tax items. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 16

Quarterly Reconciliation of Net Income to FFO and AFFO (Continued) Q2 2022 Q1 2022 Q/Q % Change Q2 2021 Y/Y % Change FFO (Normalized) $216,240 $193,103 12.0 % $199,963 8.1 % Add / (Deduct): Non-Real Estate Depreciation 37,667 37,280 1.0 % 34,191 10.2 % Amortization Expense (1) 48,332 50,494 (4.3) % 36,250 33.3 % Amortization of Deferred Financing Costs 3,454 5,610 (38.4) % 4,316 (20.0) % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,821 1,860 (2.1) % 2,065 (11.8) % Non-Cash Rent Expense (Income) 4,384 3,126 40.2 % 3,958 10.8 % Reconciliation to Normalized Cash Taxes (9,422) 6,435 n/a 188 n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 857 1,110 (22.8) % 969 (11.6) % Less: Recurring Capital Expenditures 32,399 34,785 (6.9) % 35,909 (9.8) % AFFO $270,934 $264,234 2.5 % $245,992 10.1 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $0.93 $0.91 2.3 % $0.85 9.6 % Weighted Average Common Shares Outstanding - Basic 290,756 290,328 0.1 % 289,247 0.5 % Weighted Average Common Shares Outstanding - Diluted 292,487 291,846 0.2 % 291,079 0.5 % (1) Includes Customer Relationship Value, intake costs, acquisition of customer and supplier relationships, and other intangibles. Excludes amortization of capitalized commissions of $9.8M, $8.6M, and $7.5M in Q2 2022, Q1 2022, and Q2 2021, respectively. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 17

Year to Date Reconciliation of Net Income to FFO and AFFO YTD 2022 YTD 2021 % Change Net Income $243,565 $323,153 (24.6) % Add / (Deduct): Real Estate Depreciation (1) 154,341 150,831 2.3 % (Gain) on Sale of Real Estate, Net of Tax (48,764) (106,781) (54.3) % Data Center Lease-Based Intangible Asset Amortization (2) 8,163 20,965 (61.1) % FFO (Nareit) $357,305 $388,168 (8.0) % Add / (Deduct): Acquisition and Integration Costs 32,539 2,277 n/a Restructuring Charges — 79,254 (100.0) % (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) (3,189) (1,222) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 7,412 (187,484) n/a Stock-Based Compensation Expense 31,597 33,269 (5.0) % Real Estate Financing Lease Depreciation 7,207 7,051 2.2 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (20,876) 60,494 n/a Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures 354 (13) n/a FFO (Normalized) $412,349 $381,794 8.0 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $1.22 $1.34 (8.5) % FFO (Normalized) $1.41 $1.32 7.3 % Weighted Average Common Shares Outstanding - Basic 290,542 289,001 0.5 % Weighted Average Common Shares Outstanding - Diluted 292,166 290,303 0.6 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold of improvements and racking), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes and (ii) other discrete tax items. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 18

Year to Date Reconciliation of Net Income to FFO and AFFO (continued) YTD 2022 YTD 2021 % Change FFO (Normalized) $412,349 $381,794 8.0 % Add / (Deduct): Non-Real Estate Depreciation 74,947 69,057 8.5 % Amortization Expense (1) 98,826 69,736 41.7 % Amortization of Deferred Financing Costs 9,064 8,443 7.4 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 3,681 4,327 (14.9) % Non-Cash Rent Expense (Income) 7,510 9,369 (19.8) % Reconciliation to Normalized Cash Taxes (5,992) 1,269 n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 1,967 1,881 4.6 % Less: Recurring Capital Expenditures 67,184 64,492 4.2 % AFFO $535,168 $481,384 11.2 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $1.83 $1.66 10.2 % Weighted Average Common Shares Outstanding - Basic 290,542 289,001 0.5 % Weighted Average Common Shares Outstanding - Diluted 292,166 290,303 0.6 % (1) Includes Customer Relationship Value, intake costs, acquisition of customer and supplier relationships, and other intangibles. Excludes amortization of capitalized commissions of $18.4M and $14.7M in YTD 2022 and YTD 2021, respectively. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2022 Supplemental Financial Information 19

Quarterly Storage Rental and Service Business Detail Q2 2022 Q1 2022 Q/Q % Change Q2 2021 Y/Y % Change Storage Rental Business Detail Total Storage Rental Revenue $753,126 $751,070 0.3 % $718,272 4.9 % Plus: Terminations/Permanent Withdrawal Fees 8,739 8,363 4.5 % 6,926 26.2 % Total Revenue from Adjusted Storage Rental Activities $761,866 $759,433 0.3 % $725,198 5.1 % Less: Storage Rental Expenses Storage Rent 103,420 104,291 (0.8) % 99,727 3.7 % Other Facility Costs 97,825 102,772 (4.8) % 86,711 12.8 % Storage Rental Labor 6,953 6,740 3.2 % 7,559 (8.0) % Other Storage Rental Expenses 10,366 10,161 2.0 % 11,883 (12.8) % Storage Rental Cost of Sales $218,563 $223,964 (2.4) % $205,880 6.2 % Storage Rental Gross Profit $543,302 $535,469 1.5 % $519,319 4.6 % Storage Rental Gross Margin 71.3 % 70.5 % 80 bps 71.6 % (30 bps) Service Business Detail Total Service Revenue $536,408 $496,976 7.9 % $401,484 33.6 % Less: Terminations/Permanent Withdrawal Fees 8,739 8,363 4.5 % 6,926 26.2 % Total Revenue from Adjusted Service Activities $527,669 $488,613 8.0 % $394,559 33.7 % Less: Service Expenses Service Rent 4,273 3,869 10.4 % 2,868 49.0 % Other Facility Costs 8,278 7,386 12.1 % 6,792 21.9 % Service Labor 196,506 194,761 0.9 % 191,524 2.6 % Other Service Expenses 128,856 116,641 10.5 % 67,514 90.9 % Service Cost of Sales $337,913 $322,657 4.7 % $268,699 25.8 % Service Gross Profit $189,756 $165,956 14.3 % $125,860 50.8 % Service Gross Margin 36.0 % 34.0 % 200 bps 31.9 % 410 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q2 2022 Supplemental Financial Information 20

Year to Date Storage Rental and Service Business Detail YTD 2022 YTD 2021 % Change Storage Rental Business Detail Total Storage Rental Revenue $1,504,196 $1,426,328 5.5 % Plus: Terminations/Permanent Withdrawal Fees 17,102 13,878 23.2 % Total Revenue from Adjusted Storage Rental Activities $1,521,298 $1,440,207 5.6 % Less: Storage Rental Expenses Storage Rent 207,711 197,016 5.4 % Other Facility Costs 200,597 174,660 14.8 % Storage Rental Labor 13,693 14,812 (7.6) % Other Storage Rental Expenses 20,527 22,730 (9.7) % Storage Rental Cost of Sales $442,528 $409,218 8.1 % Storage Rental Gross Profit $1,078,770 $1,030,989 4.6 % Storage Rental Gross Margin 70.9 % 71.6 % (70 bps) Service Business Detail Total Service Revenue $1,033,384 $775,468 33.3 % Less: Terminations/Permanent Withdrawal Fees 17,102 13,878 23.2 % Total Revenue from Adjusted Service Activities $1,016,282 $761,590 33.4 % Less: Service Expenses Service Rent 8,142 6,054 34.5 % Other Facility Costs 15,664 13,251 18.2 % Service Labor 391,267 373,667 4.7 % Other Service Expenses 245,497 124,297 97.5 % Service Cost of Sales $660,570 $517,270 27.7 % Service Gross Profit $355,712 $244,320 45.6 % Service Gross Margin 35.0 % 32.1 % 290 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q2 2022 Supplemental Financial Information 21

Global Real Estate Portfolio and Lease Obligations Global Real Estate Portfolio (1) Owned Facilities Leased Facilities Total Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Total as of 3/31/2022 (2) 262 24,533 1,130 69,343 1,392 93,876 Additions & Expansions — — 21 2,434 21 2,434 Dispositions & Move Outs (10) (753) (27) (947) (37) (1,701) Total as of 6/30/2022 (3) 252 23,780 1,124 70,829 1,376 94,609 Total % 18.3 % 25.1 % 81.7 % 74.9 % Top Five Markets Owned, United States (in Sq. Ft.) Top Five Markets Owned, International (in Sq. Ft.) Northern New Jersey 1,947 Paris, France 807 Chicago 1,282 Montreal, Canada 552 Boston 1,258 Mexico City, Mexico 452 Dallas 966 Toronto, Canada 434 Houston 917 Lima, Peru 434 Facility Lease Expirations (4) (% of total square feet subject to lease) 5.2% 3.7% 3.7% 4.0% 3.5% 2.3% 3.4% 5.2% 4.5% 64.5% 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter Weighted-Average Remaining Operating Lease Obligation: 11.8 Years (1) Includes real estate held in consolidated joint ventures. (2) Reflects adjustments to previous periods due to refinements to real estate basis. (3) Includes 11 owned data center facilities and 5 leased data center facilities with 2.7M Sq. Ft. and 0.6M Sq. Ft., respectively. (4) Includes financing and operating lease obligations. Section VI - Real Estate Metrics investors.ironmountain.com Q2 2022 Supplemental Financial Information 22

Data Center Customer Lease Expiration Year Number of Leases Expiring Total MW Expiring Percentage of Total MW Annualized GAAP TCV Rent Expiring Percentage of TCV Annualized Rent 2022 219 5.2 1.7% 17,637 4.5% 2023 536 23.0 7.8% 69,119 17.7% 2024 280 13.9 4.7% 36,423 9.4% 2025 189 28.1 9.5% 65,112 16.7% 2026 66 20.8 7.0% 35,170 9.0% 2027 23 7.0 2.4% 13,322 3.4% 2028 17 46.6 15.8% 54,815 14.1% Thereafter 22 151.1 51.1% 97,889 25.1% Total 1,352 295.8 100.0% $389,488 100.0% WALE: 5.0 years Data Center Leasing Activity Summary Q2 2022 YTD 2022 Transaction Count GAAP MRR kW $ / kW / Month Transaction Count GAAP MRR kW $ / kW / Month New/expansion leases signed 55 $1,144 11,046 $104 112 $4,501 46,094 $98 New Built to Suit leases signed 2 1,346 72,000 19 2 1,346 72,000 19 Commenced leases 47 957 6,766 141 84 1,538 9,954 155 Renewed leases 149 1,141 4,554 251 273 2,870 11,896 241 Churn 0.6% 2.6% Cash Mark to Market 1.9% 1.6% GAAP Mark to Market 3.0% 3.1% VA-2 Data Center Rendering Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q2 2022 Supplemental Financial Information 23

Data Center Operating Portfolio Stabilized Pre-Stabilized Total Leaseable MW Leased % by MW Leaseable MW Leased % by MW Leaseable MW Leased % by MW Boyers and Other WPA-1 and Other 14.2 78.4% — — 14.2 78.4% Phoenix AZP-1 41.0 100.0% — — 41.0 100.0% AZP-2 23.0 100.0% 1.0 — 24.0 95.8% AZS-1 5.7 46.2% — — 5.7 46.2% Total Phoenix 69.7 95.6% 1.0 — 70.7 94.2% Denver DEN-1 11.3 54.6% — — 11.3 54.6% New Jersey NJE-1 15.1 100.0% 1.2 8.3% 16.3 93.3% Northern Virginia VA-1 12.4 100.0% — — 12.4 100.0% VA-2 10.0 100.0% — — 10.0 100.0% Amsterdam AMS-1 12.7 85.5% 1.1 78.1% 13.8 84.9% London LON-1 9.1 94.9% — — 9.1 94.9% Frankfurt FRA-1 9.0 100.0% — — 9.0 100.0% FRA-2 4.6 100.0% — — 4.6 100.0% Singapore SIN-1 6.9 100.0% — — 6.9 100.0% India Web Werks JV 1.5 42.5% — — 1.5 42.5% Total Data Center Properties 176.5 91.8% 3.3 29.1% 179.8 90.6% Total Potential Capacity - Megawatts Q2 2022 Q2 2021 Leasable 179.8 144.7 Under Construction 185.7 66.0 Held for Development 247.9 234.8 Total Data Center Portfolio 613.4 445.5 Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q2 2022 Supplemental Financial Information 24

Data Center Expansion and Development Activity Project / Facilities MW Under Construction MW Pre- leased % Pre- Leased Investment in Q2 2022 ($M) Cumulative Investment ($M) Total Expected Investment ($M) Expected Completion Expected Stabilization MW Held for Development Data Center Expansion Amsterdam AMS-1 Phase 4 5.0 — — $1.1 $8.4 $45.0 Q4 2023 Q4 2024 4.6 Phoenix AZP-2 Phase 5 6.0 — — $20.0 $62.2 $95.6 Q4 2023 Q1 2024 — AZP-2 Phase 6 6.0 3.0 50.0% $5.0 $7.2 $41.0 Q1 2023 Q1 2024 — AZP-2 Phase 7 4.5 4.5 100.0% — — $35.0 Q1 2023 Q1 2023 7.5 Northern Virginia VA-2 Phase 3 12.0 12.0 100.0% $23.8 $43.6 $75.0 Q3 2022 Q3 2022 — VA-2 Phase 4 14.0 8.0 57.1% $4.4 $5.7 $120.0 Q2 2023 Q2 2024 — New Jersey NJE-1 Phase 4 0.5 0.5 100.0% — $1.9 $4.8 Q4 2022 Q4 2022 — NJE-1 Phase 5 4.0 2.5 62.5% $4.2 $4.2 $34.0 Q1 2023 Q1 2024 4.8 Frankfurt FRA-2 Phase 2 6.0 — — $0.5 $0.5 $43.7 Q2 2023 Q2 2024 — India Web Werks JV 0.7 — — — — — 1.8 All Other Facilities 14.3 Total Expansion 58.7 30.5 52.0% $59.0 $133.7 $494.1 33.0 New Development Amsterdam AMS-2 — — — — — — 10.6 Chicago CHI-2 — — — — — — 36.0 Frankfurt (1) FRA-1 Phase 2 9.0 9.0 100.0% — — — Q2 2023 Q4 2024 — FRA-1 Phase 3 9.0 9.0 100.0% — — — Q2 2023 Q2 2027 — London LON-2 Phase 1 9.0 9.0 100.0% $5.5 $28.4 $133.4 Q2 2023 Q4 2023 — LON-2 Phase 2 9.0 9.0 100.0% $4.3 $4.3 $60.0 Q4 2023 Q4 2024 — LON-2 Phase 3 9.0 9.0 100.0% — — $60.0 Q2 2024 Q4 2028 — Northern Virginia (2) VA-4 32.0 32.0 100.0% — — $96.2 Q3 2025 Q3 2025 — VA-5 40.0 40.0 100.0% — — $109.5 Q2 2025 Q2 2025 — VA Future Phases — — — — — — 150.0 India (3) Web Werks JV 10.0 — — — — — 18.3 Total New Development 127.0 117.0 92.1% $9.8 $32.7 $459.1 214.9 Total Development 185.7 147.5 79.4% $68.8 $166.5 $953.2 247.9 (1) FRA-1 is an unconsolidated joint venture; construction costs are funded by the Joint Venture with Iron Mountain managing the construction. (2) VA-4/5 is a consolidated joint venture; construction costs are funded by the Joint Venture with Iron Mountain managing the construction. (3) Represents an unconsolidated joint venture in India; operating three facilities in three markets, and with land parcels in a further two markets. Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q2 2022 Supplemental Financial Information 25

Capitalization Revolving Credit Facility and Term Loan A Total Market Capitalization as of 06/30/2022 Capacity $2,496,875 # of Shares Outstanding 290,680 Outstanding $824,875 Share Price as of 06/30/22 $48.69 Letters of Credit $3,831 Total Market Capitalization $14,153,209 Remaining Capacity $1,668,169 Net Debt (1) $10,024,876 Interest Rate Spread (Prime) 0.75 % Total Enterprise Value $24,178,085 Interest Rate Spread (SOFR+CSA) 1.85 % Net Debt to Total Enterprise Value 41.5 % Weighted Average Interest Rate 3.36 % Adjusted EBITDA to Interest Expense 4.0x Maturity Date 3/18/2027 Total Enterprise Value to Adjusted EBITDA (2) 13.9x Credit Facility Fixed Charge Coverage Ratio 2.5x Net Total Lease-Adjusted Leverage Ratio 5.3x Fixed vs. Floating Rate Debt 82% 18% Fixed Rate Debt Floating Rate Debt Credit Rating S&P Moody's Corporate BB- Ba3 Senior Credit Facility BB Ba3 Outlook Stable Stable Latest Update 12/10/2021 12/13/2021 Total Debt Weighted Average Rates Weighted Average Interest 4.7 % Weighted Average Maturity 6.6 Years USD denominated 85 % Debt Maturity Profile ($ in Millions) (3) $32 $209 $55 $831 $878 $1,769 $1,325 $1,000 $1,300 $1,100 $1,350 Senior Secured Credit Facility Bi-Lateral Loans AUD Term Loan B A/R Securitization USD Term Loan B Mortgage Securitization Senior Unsecured Notes 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 (1) Net debt is calculated as current portion of long-term debt of $86.8M plus long-term debt net of current portion of $9,993.1M plus deferred financing costs of $89.7M less cash and cash equivalents of $144.7M. (2) Total Enterprise Value to Adjusted EBITDA is calculated on a trailing twelve-month basis. (3) Excludes Deferred Financing Costs, Financing Leases, Notes Payable and Other. Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q2 2022 Supplemental Financial Information 26

Quarterly Capital Expenditures Q2 2022 Q1 2022 Q/Q % Change Q2 2021 Y/Y % Change Growth: Data Center $101,655 $82,159 23.7 % $77,556 31.1 % Real Estate 39,564 27,290 45.0 % 19,808 99.7 % Innovation and Other 14,938 6,020 n/a 2,894 n/a Total Growth Capital Expenditures $156,158 $115,469 35.2 % $100,257 55.8 % Recurring: Real Estate $16,131 $7,541 n/a $16,588 (2.8) % Non-Real Estate 13,058 24,776 (47.3) % 17,390 (24.9) % Data Center 3,210 2,468 30.1 % 1,931 66.2 % Total Recurring Capital Expenditures $32,399 $34,785 (6.9) % $35,909 (9.8) % Total Growth and Recurring Capital Expenditures $188,557 $150,254 25.5 % $136,166 38.5 % Net Change in Prepaid and Accrued Capital Expenditures (19,388) 10,796 n/a 13,892 n/a Total Cash Paid for Growth and Recurring Capital Expenditures $169,170 $161,050 5.0 % $150,058 12.7 % Year to Date Capital Expenditures YTD 2022 YTD 2021 % Change Growth: Data Center $183,815 $136,446 34.7 % Real Estate 66,855 39,525 69.1 % Innovation and Other 20,958 9,144 n/a Total Growth Capital Expenditures $271,628 $185,115 46.7 % Recurring: Real Estate $23,672 $29,813 (20.6) % Non-Real Estate 37,834 31,656 19.5 % Data Center 5,678 3,023 87.8 % Total Recurring Capital Expenditures $67,184 $64,492 4.2 % Total Growth and Recurring Capital Expenditures $338,812 $249,607 35.7 % Net Change in Prepaid and Accrued Capital Expenditures (8,592) 45,979 n/a Total Cash Paid for Growth and Recurring Capital Expenditures $330,220 $295,586 11.7 % TTM Recurring Capex as a % of Revenue (excl. Data Center) 3.7% 3.7% 3.2% 3.2% 3.0% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 TTM Data Center Recurring CapEx as a % of Data Center Revenue 5.0% 4.8% 4.1% 4.2% 4.3% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Section IX - Capital Expenditures investors.ironmountain.com Q2 2022 Supplemental Financial Information 27

Non-GAAP Measures and Definitions Non-GAAP measures are supplemental metrics designed to enhance our disclosures and to provide additional information that we believe to be important for investors to consider when evaluating our financial performance. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). Acquisition and Integration Costs: Acquisition and Integration Costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance, facility upgrade and system integration costs (collectively, "Acquisition and Integration Costs"). Acquisition and Integration Costs do not include costs associated with the formation of joint ventures or costs associated with the acquisition of customer relationships. 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) Acquisition and Integration Costs; (ii) Restructuring Charges; (iii) Amortization related to the write-off of certain customer relationship intangible assets; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other (income) expense, net; (vi) Stock-based compensation expense; 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. Adjusted EBITDA and Adjusted EBITDA Margin: 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) Acquisition and Integration Costs; (ii) Restructuring Charges; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other (income) expense, net; and (v) Stock-based compensation expense. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We also show Adjusted EBITDA and Adjusted EBITDA Margin for each of our reportable operating segments under “Results of Operations – Segment Analysis” in the 10-Q/10-K. 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 accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). Adjusted Funds From Operations, or AFFO: Adjusted funds from operations (“AFFO”) is defined as FFO (Normalized) (1) excluding (i) non-cash rent expense (income), (ii) depreciation on non-real estate assets, (iii) amortization expense associated with customer relationship value (CRV), intake costs, acquisitions of customer and supplier relationships and other intangibles, (other than capitalized internal commissions), (iv) amortization of deferred financing costs and debt discount/premium, (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases, and (vi) the impact of reconciling to normalized cash taxes, and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO 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). AFFO per share: AFFO divided by weighted-average fully-diluted shares outstanding. Funds From Operations, or FFO (Nareit), and FFO (Normalized): Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts (“Nareit”) as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles and adjusting for our share of reconciling items from our unconsolidated joint ventures from FFO (“FFO (Nareit)”). FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). Although Nareit has published a definition of FFO, we modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring Charges; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Real estate financing lease depreciation; and (vii) Tax impact of reconciling items and discrete tax items. Section X - Appendix and Definitions investors.ironmountain.com Q2 2022 Supplemental Financial Information 28

FFO (Normalized) per share: FFO (Normalized) divided by weighted-average fully-diluted shares outstanding. Other Definitions Business Segments Global Record and Information Management ("Global RIM") Business: Provides (i) storage of physical records and healthcare information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents (collectively, “Records Management”) for customers in 59 countries around the globe, (ii) storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection & Recovery”); server and computer backup services; and related services offerings (collectively, “Data Management”), (iii) Global Digital Solutions (“GDS”), which develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information, (iv) secure shredding services through a combination of shredding facilities and mobile shredding units consisting of custom-built trucks, which is a natural extension of our hardcopy records management operations, completing the lifecycle of a record, and includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide (“Secure Shredding”), (v) entertainment and media services which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets (“Entertainment Services”), and (vi) on-demand, valet storage for consumers (“Consumer Storage”) through a strategic partnership that utilizes data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. Global Data Center Business: Provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. Corporate and Other Business: Consists primarily of our Fine Arts and ALM businesses and other corporate items. Our Fine Arts business provides technical expertise in the handling, installation and storing of art (“Fine Arts”). Our ALM business provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning and disposition or sale of IT hardware and component assets. ALM services are enabled by: secure logistics and chain of custody practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. Our ALM service focuses on protecting and eradicating customer data while maintaining strong, auditable, and transparent chain of custody practices. Our ALM business includes our legacy secure IT disposition business and our acquired ITRenew business (“ITRenew”). Corporate and Other Business also includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. Capital Expenditures and Investments: Our business requires capital expenditures to support our expected storage rental revenue and service revenue growth and ongoing operations, new products and services and increased profitability. The majority of our capital goes to support business line growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the development and improvement of products and services and projects designed to increase our profitability. These expenditures are generally relatively small and discretionary in nature. We categorize our capital expenditures as follows: Growth Investment: Data Center - Expenditures primarily related to investments in new construction of data center facilities (including the acquisition of land and development of facilities) or capacity expansion in existing buildings. Real Estate - Expenditures primarily related to investments in land, buildings, building improvements, leasehold improvements and racking structures to grow our revenues or achieve operational efficiencies. Innovation & Other - Discretionary capital expenditures for significant new products and services, restructuring (including Project Summit), and integration of acquisitions. Recurring: Real Estate - Expenditures primarily related to the replacement of components of real estate assets such as buildings, building improvements, leasehold improvements and racking structures. Non-Real Estate - Expenditures primarily related to the replacement of containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets that support the maintenance of existing revenues or avoidance of an increase in costs. Data Center - Expenditures related to the upgrade or re-configuration of existing data center assets. Constant Currency: Adjusts results to normalize FX impacts across comparable periods. Section X - Appendix and Definitions investors.ironmountain.com Q2 2022 Supplemental Financial Information 29

Data Center Business Definitions Leaseable MW - Represents the amount of critical power capacity available for customer use, measured in megawatts. Leased % Calculation - Calculated as the megawatts under contract divided by the leasable megawatts. Monthly Recurring Revenue (MRR) - Defined as recurring contractual revenue under existing commenced customer leases, including rent, power, and other recurring data center services. Pre-leased - A lease on data center capacity that is signed before construction has completed. Pre-Stabilized - A building recently placed in service which has not yet reached 85% leased or 24 months in service. Rental Churn Rate - Represents data center leases which are not renewed or are terminated during the period. Rental churn is calculated based on the MRR terminated in the period, compared with total MRR at the beginning of the period. TCV - “Total Contract Value” represents total revenue contracted for active contracts through the contract term, not including renewals or extensions, but including fixed power charges. Total potential MW - Total amount of existing and planned critical power capacity at full build-out, measured in megawatts. WALE - “Weighted Average Lease Expiry” (in years) is calculated on a revenue basis, using annual GAAP revenue of all in-place contracts, excluding utility reimbursements. Credit Facility Fixed Charge Coverage Ratio: Calculated as LTM Adjusted EBITDA plus rent expenses divided by scheduled amortization, interest expense related to outstanding debt and preferred equity, if any, and rent expenses. Net Lease-Adjusted Leverage Ratio: Calculated as net debt including the capitalized value of lease obligations plus six times rent expenses divided by EBITDA plus rent expenses. Organic Revenue Growth: Our organic revenue growth rate, which is a non-GAAP measure, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rates includes the impact of acquisitions of customer relationships. Records Management Retention Rate: One minus the result of dividing the total number of cubic feet of records removed from inventory due to customer terminations and destructions in a one-year period by the total number of cubic feet of records in storage at the beginning of the period. Restructuring Charges: Operating expenditures associated with Project Summit, our transformation program announced in Q4 2019 which is designed to accelerate execution of Iron Mountain's Strategy. Storage Rev/NOI per Sq. Ft.: Storage revenue (or storage NOI) divided by the quarterly building Sq. Ft. average for storage products. Service Profit and Margin: The Gross Profit and Margin attributable to the worldwide service business. Calculated as follows: Total Revenues from Adjusted Service Activities - Service Cost of Sales = Service Gross Profit ($) / Total Revenues from Adjusted Service Activities = Service Gross Margin (%) Storage Net Operating Income, or Storage NOI: Storage NOI is defined as revenue from rental activities (storage rental revenue, termination fees and permanent withdrawal fees) less storage rental costs. Storage rental costs include facility costs (excluding rent), storage rental labor, other storage costs and allocated overhead. Storage NOI is commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Storage Profit and Margin: Gross Profit and Margin attributable to the worldwide storage business. Calculated as follows: Total Revenue from Adjusted Storage Rental Activities - Storage Rental Cost of Sales = Storage Rental Gross Profit ($) / Total Revenue from Adjusted Storage Rental Activities = Storage Rental Gross Margin (%) Tax Rates: Effective Tax Rate - GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax provisions), including discrete items, and divided by profit before tax for the period. Structural Tax Rate - Estimated tax rate for the full fiscal year based on forecasted ordinary income and forecasted tax expense/benefit excluding any significant unusual or infrequently occurring items (i.e., discrete items) and items recognized net of tax on the financials (i.e., discontinued operations). Total Physical Storage Volume: Iron Mountain’s comprehensive portfolio of physical storage, including Records Management hardcopy records, data protection tapes, Consumer and Other, and Fine Art and Entertainment Services ("Adjacent Businesses"), measured on an absolute basis in cubic feet. Section X - Appendix and Definitions investors.ironmountain.com Q2 2022 Supplemental Financial Information 30

XML

Cover Document	Aug. 04, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 04, 2022
Entity Registrant Name	IRON MOUNTAIN INC
Entity Incorporation, State or Country Code	DE
Entity File Number	1-13045
Entity Tax Identification Number	23-2588479
Entity Address, Address Line One	One Federal Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	2110
City Area Code	617
Local Phone Number	535-4766
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	IRM
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001020569
Amendment Flag	false