2020-Jan West-Coast-NDR.pdf 2020-Jan West-Coast-NDR.pdf

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1. Iron Mountain:
We Protect What You Value Most
Investor Presentation
January 2020

2. Safe Harbor Language and Reconciliation of
Non-GAAP Measures
2
ForwardLookingStatements
SafeHarborStatementUnderthePrivateSecuritiesLitigationReformActof1995:Thisreleasecontainscertainforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995andother
securitieslawsandissubjecttothesafe-harborcreatedbysuchAct.Forward-lookingstatementsinclude,butarenot,limitedto,ourfinancialperformanceoutlookandstatementsconcerningouroperations,economic
performance,financialcondition,goals,beliefs,futuregrowthstrategies,investmentobjectives,plansandcurrentexpectations,suchasexpectedbenefits,costsandactionsrelatedtoProjectSummit,2019and2020guidance,
andstatementsaboutourinvestments,dividendpolicy(includingexpectedincreasesindividends),costsavingsinitiatives,thevalueaddedfromrecentdatacenterdeals,andothergoals.Theseforward-lookingstatementsare
subjecttovariousknownandunknownrisks,uncertaintiesandotherfactors.Whenweusewordssuchas"believes,""expects,""anticipates,""estimates"orsimilarexpressions,wearemakingforward-lookingstatements.
Althoughwebelievethatourforward-lookingstatementsarebasedonreasonableassumptions,ourexpectedresultsmaynotbeachieved,andactualresultsmaydiffermateriallyfromourexpectations.Inaddition,important
factorsthatcouldcauseactualresultstodifferfromexpectationsinclude,amongothers:(i)ourabilitytoremainqualifiedfortaxationasarealestateinvestmenttrustforU.S.federalincometaxpurposes;(ii)theadoptionof
alternativetechnologiesandshiftsbyourcustomerstostorageofdatathroughnon-paperbasedtechnologies;(iii)changesincustomerpreferencesanddemandforourstorageandinformationmanagementservices;(iv)the
costtocomplywithcurrentandfuturelaws,regulationsandcustomerdemandsrelatingtodatasecurityandprivacyissues,aswellasfireandsafetystandards;(v)theimpactoflitigationordisputesthatmayariseinconnection
withincidentsinwhichwefailtoprotectourcustomers'informationorourinternalrecordsorITsystemsandtheimpactofsuchincidentsonourreputationandabilitytocompete;(vi)changesinthepriceforourstorageand
informationmanagementservicesrelativetothecostofprovidingsuchstorageandinformationmanagementservices;(vii)changesinthepoliticalandeconomicenvironmentsinthecountriesinwhichourinternational
subsidiariesoperateandchangesintheglobalpoliticalclimate;(viii)ourabilityorinabilitytomanagegrowth,expandinternationally,completeacquisitionsonsatisfactoryterms,toclosependingacquisitionsandtointegrate
acquiredcompaniesefficiently;(ix)changesintheamountofourgrowthandrecurringcapitalexpendituresandourabilitytoinvestaccordingtoplan;(x)ourabilitytocomplywithourexistingdebtobligationsandrestrictionsin
ourdebtinstrumentsortoobtainadditionalfinancingtomeetourworkingcapitalneeds;(xi)theimpactofserviceinterruptionsorequipmentdamageandthecostofpoweronourdatacenteroperations;(xii)changesinthecost
ofourdebt;(xiii)theimpactofalternative,moreattractiveinvestmentsondividends;(xiv)thecostorpotentialliabilitiesassociatedwithrealestatenecessaryforourbusiness;(xv)theperformanceofbusinesspartnersupon
whomwedependfortechnicalassistanceormanagementexpertise;(xvi)othertrendsincompetitiveoreconomicconditionsaffectingourfinancialconditionorresultsofoperationsnotpresentlycontemplated;(xvii)ourability
toexecuteonProjectSummitandpotentialimpactsofProjectSummitonourabilitytoretainandrecruitemployeesandexecuteonourstrategy;and(xviii)otherrisksdescribedmorefullyinourfilingswiththeSecuritiesand
ExchangeCommission,includingunderthecaption“RiskFactors”inourperiodicreportsorincorporatedtherein.Youshouldnotrelyuponforward-lookingstatementsexceptasstatementsofourpresentintentionsandofour
presentexpectations,whichmayormaynotoccur.Exceptasrequiredbylaw,weundertakenoobligationtoreleasepubliclytheresultofanyrevisiontotheseforward-lookingstatementsthatmaybemadetoreflecteventsor
circumstancesafterthedatehereofortoreflecttheoccurrenceofunanticipatedevents.
ReconciliationofNon-GAAPMeasures:
Throughoutthispresentation,IronMountainwilldiscuss(1)AdjustedEBITDA,(2)AdjustedEarningsperShare(“AdjustedEPS”),(3)FundsfromOperations(“FFONareit”),(4)FFO(Normalized)and(5)AdjustedFundsfrom
Operations(“AFFO”).ThesemeasuresdonotconformtoaccountingprinciplesgenerallyacceptedintheUnitedStates(“GAAP”).Thesenon-GAAPmeasuresaresupplementalmetricsdesignedtoenhanceourdisclosureand
toprovideadditionalinformationthatwebelievetobeimportantforinvestorstoconsiderinadditionto,butnotasasubstitutefor,othermeasuresoffinancialperformancereportedinaccordancewithGAAP,suchasoperating
income,income(loss)fromcontinuingoperations,netincome(loss)attributabletoIronMountainIncorporatedorcashflowsfromoperatingactivitiesfromcontinuingoperations(asdeterminedinaccordancewithGAAP).The
reconciliationofthesemeasurestotheappropriateGAAPmeasure,asrequiredbyRegulationGundertheSecuritiesExchangeActof1934,asamended,andtheirdefinitionsareincludedlaterinthisdocument(seeTableof
Contents).IronMountaindoesnotprovideareconciliationofnon-GAAPmeasuresthatitdiscussesaspartofitsannualguidanceorlongtermoutlookbecausecertainsignificantinformationrequiredforsuchreconciliationis
notavailablewithoutunreasonableeffortsoratall,including,mostnotably,theimpactofexchangeratesonIronMountain’stransactions,lossorgainrelatedtothedispositionproperty,plantandequipment(includingofreal
estate)andotherincomeorexpense.Withoutthisinformation,IronMountaindoesnotbelievethatareconciliationwouldbemeaningful.
Note:DefinitionoftheseNon-GAAPandothermeasuresandreconciliationsofNon-GAAPtoGAAPmeasurescanbefoundinourQ22019SupplementalFinancialInformation.Allforwardlookingstatementsincludedherein
arecurrentasofreportingtheCompany’ssecondquarterresultsonAugust1,2019.

3. Iron Mountain Investor Presentation
3
1. Overview of the business
2. Project Summit
3. Driving EBITDA growth
4. Prudent capital allocation framework
5. Q3 2019performance

4. 44
TO BE THE TRUSTED GUARDIANS
OF THE ASSETS MOST IMPORTANT TO OUR CUSTOMERS,
SECURING THEIR PAST, PRESENT AND FUTURE VALUE.
OUR MISSION…

5. Overview of the
Business

6. 6
(1)No single vertical within "Other" comprises greater than 1% of North America revenue.
(2)Q3 2019 revenue annualized.
Global Presence Significant Size & Scale
Global Leader in Records & Information Management
Mission Critical Storage to Numerous Industries
Other
(1)
50%
Healthcare 16%
Federal 2%
Legal 8%
Financial 12%
Insurance 6%
Life Sciences 3%
Energy 3%
Business Services 2%
•$9BEquity Market Capitalization
•$18B Total Enterprise Value
•$4.2B
2
of Annualized Revenue
•306 Owned Facilities, 14Operating Data Centers
•RMZ, FTSE NAREIT and S&P 500Member
•Presence in ~50 countriesacross 6 continents
•Over 225,000 customers
•Serving ~95%of Fortune 1,000 companies
•Customers from over 50different industries
~700m Cu Ft of Records │ 1,450+ facilities │ ~92M SF
Unmatched Diversity

7. 7Large Global Real Estate Footprint
68%
32%
Owned
SF
Leased
SF
(2)
$2.5B
(1)
Owned Real
Estate
Top 5 Owned Markets (000’s of Square Feet) at9/30/19
United States International
Northern New Jersey 2,086Paris 807
Boston 1,428Montreal 552
Chicago 1,282London 474
Los Angeles 1,040BuenosAries 470
Dallas 1,023Mexico City 452
(1)Based on U.S. real estate valuation completed by Eastdiland IRM management estimates for rest of world as of 9/30/18
(2)53.3% of Facility Lease Expirations are after 2029; weighted average remaining lease obligation 11.0 years as of 9/30/19

8. Large, Diversified Business
8
(1)Other revenues include Information Governance and Digital Solutions,Consulting, Entertainment Services, and other ancillary services
(2)Q3 2019 revenue annualized
Business Mix Revenue Mix by Product Line
Records
Management
61%
Shredding
9%
Data
Protection
12%
Fine Arts
2%
Revenue: $4.2B
(2)
Other
(1)
10%
Service
Revenue
37% of total
Storage
Revenue
63% of total
Data Center
6%
47%
2%6%
9%
9%
16%
2%
5%
4%Records Management Data Management
Adjacent Business Secure Shredding
Data Center Digital Solutions

9. Durable Records Management Business
9
•696 Million+Cubic Feet of
hardcopy records archived
•98 Percent Customer
retention rate
•Steady Organic Revenue
Growth supported by
revenue management
•50%+ of boxes stay in
facilities for 15 years on
average

10. 29.7%
30.6%
31.0%
32.3%
33.7% 33.8%
2014 2015 2016 2017 2018 2019E
0.2%
0.8%
1.2%
1.7%
2.4%
2.3%
2014 2015 2016 2017 2018 2019E
10
(1)Based on midpoint of 2019 guidance as of 10/31/19
(2)Reflects planned expansion into Chicago and Frankfurt, assumes organic growth
Note: 2018 Adjusted EBITDA margins were impacted by adoption of Revenue Recognition standard; normalized for the change, 2018Total Adjusted EBITDA margin would have been 33.4%,
Business Mix Shift Accelerating Growth
Strong Execution of Growth Strategy
•Iron Mountain has made significant progress in shifting its revenue mix to faster growing businesses, including
emerging markets, data center, andadjacent business segments
•Expanded data center footprint globally via Fortrust, I/O, Credit Suisse, and EvoSwitch acquisitions
•Targeting data center business to be 10% of Adjusted EBITDA by the end of 2020
(2)
•Shift in business mix driving continued improvement in Adjusted EBITDA margins, up 140 bps YoY in 2018
•Investing in new digital solutionsand further strengthening customer relationships
Healthy Revenue Growth Trends
Organic Total Revenue Growth Rolling 3-Yr Avg
Total Adjusted EBITDA Margins
(2)
Robust Margin Expansion
(1) (1)

11. Project Summit
Designed to accelerate
execution of strategy and
continue growth

12. Simplifying Global
Structure
•Uniting RIM operations under one leader
•Rebalancing resources to sharpen focus on
higher growth areas
Streamlining Managerial
Structure for the Future
•Consolidating the number of layers and
reporting levels
•Reducingthe number of positions at the VP
level and above by approximately 45%
•Reducing total managerial & administrative
workforce by approximately 700 positions
over the next two years
•Creating a more dynamic agile organization
that is better positioned to make faster
decisions and execute its strategy in key
growth areas
Enhancing Customer
Experience
•Aligning global and regional customer-
facing resources across RIM product lines
•Providing customers with a more integrated
experience
•Leveraging technology to modernize
processes for better alignment between
new digital solutions and core business
12Project Summit –Key Messages
Focusing on highest potential opportunities while creating a more efficient organization that can
embrace and execute change faster to become a stronger customer partner

13. 13Project Summit –Expected Financial Impact
Program to drive significant Adjusted EBITDA benefits and enable deleveraging
Financial Impact Annual run-rate Adjusted EBITDA benefits of $200Mby end of 2022
Total Cost to Implement Approximately $240M over next two years
Q4’19 Restructuring Charge~$60M, with expected benefit deliveredbeginning in2020
Expected 2020 Adjusted
EBITDABenefit
Expected 2020 benefit of $80M $50M benefit from 2019 actions +
$30M benefit from 2020 in-year actions
1
1)Benefits expected to come in the second half of 2020.

14. Driving
EBITDA
Growth
14

15. 15Durable, Long-Term Business Model
Deep and long-lasting
customer relationships with
950 of Fortune 1000
DurableRecords Management
businessdrives
cash generation
Drive significant cross-selling synergies across businesses
Consistently deliver strong organic cash flow; fund future growth
Continue to support and grow strong customer relationships
Deliver targeted ~4%+ organic Adjusted EBITDA growth flowing through to AFFO exiting 2020

16. 16
Note: Business acquisitions volume acquired during the quarter included in Total Volume
Durable Global Storage Portfolio
665,000
670,000
675,000
680,000
685,000
690,000
695,000
700,000
705,000
710,000
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
Cubic Feet (000s)
Records Management Data Protection Adjacent Businesses Consumer and other Businesses

17. 17Differentiated Data Center Offering Supports Growth
Iron Mountain provides a comprehensive data center solution
to solve our customers’ digital transformation challenges
•Proven track record and existing customer relationships; trusted by the world’s most regulatedorganizations
•5 of Top 10 Cloud Providers are Iron Mountain Data Center customers
•Significant Cross-Sell opportunity –~40% of new enterprise deals in YTD pipeline generated by RIM sales team
•Unmatched flexibility –ability to provide customers with a range of deployment options from one cabinet to an
entire building
•Easy access to numerous carriers, cloud providers and peering exchanges with migration support and IT
services available
•IRM data centers powered by 100% renewable energy –new Green Power Pass enables us to ‘pass’ carbon credits
to customers
•Reduced customer risk with comprehensive compliance support and highly secure colocation facilities
•Unique underground data centers are ideal for backup and disaster recovery
•Best-in-class uptime performance –six-nine’s
Enterprise retail colocation
with the ability to serve
hyperscale requirements
Access to 100’s of carriers
and cloud providers
Hybrid IT and
data center services
Smart hands
services available

18. Phoenix
NoVA
Chicago
Amsterdam
NJ
Boyers and
Other
Frankfurt
Denver
London
Singapore
18
Presence in Top Global Markets
Large Data Center Platform with Growth Potential
•2018 Full Year Revenue of $229M; Adjusted
EBITDA of $100M
•14 Operating Data Center facilities spanning the
U.S., Europe and Asia
•3.5M+ Gross Square Feet
•1,300+ Data Center Unique Leases
•90.2%Capacity Utilization (stabilized)
•WALE of 3.1 years
•Strong leasing momentum in 2019 with 15MW
signed through September
Potential Capacity of ~332MW
~118MW of Leasable Capacity
Note: data as of 9/30/19 unless otherwise stated

19. 19
Note: as of 9/30/19
Market
Leaseable
MW
Under
Construction
Held for
Development
Total Potential
Capacity
Amsterdam 12.1 1.0 21.0 34.1
Boyers and Other 14.2 -- 11.2 25.4
Chicago -- -- 36.0 36.0
Denver 11.3 -- 3.1 14.4
Frankfurt -- -- 27.0 27.0
London 5.1 -- 3.8 8.9
New Jersey 14.1 1.5 10.0 25.6
NorthernVirginia 7.5 7.0 45.5 60.0
Phoenix 50.7 -- 44.0 94.7
Singapore 2.6 -- 3.0 5.6
TotalData Center Portfolio 117.6 9.5 204.5 331.6
Significant Data Center Expansion Opportunity
Total portfolio capacity including expansion of 331.6 MW

20. 20
Margin expansion as
business scales
Executing on value
creating M&A to strengthen
market positions
Strong Storage base –
192m CuFt inventory
(2)
Focus on Storage-
attached Services
Customer outsourcing in
early stages
4 regions
480 facilities
~30,000 customers
>15,000 employees
Strong Execution of “Other International” Strategy
39 countries $820m+ Revenue
(1)
Expanding Margins
62%
38%
StorageService
(1)2018 annual revenue
(2)As of 9/30/19

21. Long-Term Margin Drivers Support Growth
21
Emerging Markets
Continuous Improvement
Data Center
•Building development pipeline
•Fastest growth segment with highest margins
Expansion of Records Management Margins
•Revenue Management
•Continuous Improvement
Emerging
Markets
•Organic growth provides scale
and efficiency
•Strong market positions support
margin expansion

22. Faster Growing Adjacent Businesses
22
Fine Art Storage
•Global leader in fine art storage and logistics; strategic
network spans North America & Europe
•Unparalleled technical expertise in the handling,
installation and storing of art
•Best practices to protect the value and integrity of
treasured assets
Entertainment Services
•Trusted by every major music label and movie
studio to protect their most valuable films,
recordings and images
•Industry-leading chain-of custody processes
•On-site full service studio

23. Prudent
Capital Allocation
Framework

24. 24
$155
$185
$335
$100
$490
$150
Discretionary
Investments
(3)
Sources
(3)
(1)Customer inducements and customer relationships are not deducted from AFFO as they represent discretionary growth investment
(2)Includes core growth racking and excludes Northern Virginia Data Center development under capital lease
(3)Excludes possible future data center acquisitions.
Note: 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 exchangerates 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.
$175
$190+
$375
$80~$90
$350
$50
Base Acquisitions
Data Center
Development Capex
Incremental
Capital Needed
for Discretionary
Investments
in $MM
Real Estate Growth
Investments and
Innovation
2
Capital Recycling
/Investment
Partnerships
Estimated Cash Available for Dividends and
Discretionary Investments in 2019
$ in millions 2019E
Adjusted EBITDA $1,430$1,450
Non-cash stock compensation/other (including non-cash
permanent withdrawal fees)
55
Adjusted EBITDA and non-cash expenses $1,485$1,505
Less:
Cash interest and normalizedcash taxes 480
Total recurring capexand non-real estate investment 150
Customer inducements and customer relationships
(1)
75
Cash availablefor dividends and investments $780 $800
Expectedcommon dividend to be declared 703
Cash available for core and discretionary investments $77 $97
Frankfurt DC Land
Purchase

25. September 2019 sales –$31million (net)
Case study: Midwest portfolio
Sale leaseback of properties in Columbus, Cincinnati,
Indianapolis, Nashville, and Pittsburgh
Capitalized on favorable valuations in industrial asset class in
secondary markets
Released capital from owned facilities while securing
competitive lease rates
25
Excess or
inefficient real
estate
Better/best use –
Sale generates
outsized return
Capital recycling opportunities
Building
improvements
Data center
development /
expansion
Emerging market
expansion / M&A
Real Estate capital recycling strategy
IRM buys and sells with an ROI focus
Recycles capital to create long-term value for shareholders
Liquidity recycled into other real estate and data centers
Higher-use real estate alternatives
Value Creation Through Capital Recycling

26. 26
Source: J.P. Morgan REIT Weekly U.S. Real Estate report October 18, 2019 and company reports
Balance Sheet Highlights as of 9/30/19 Net Lease Adjusted Leverage
•80% Fixed Rate Debt
•4.9% weighted average interest rate
•6.0 years weighted average maturity
•No significant maturities until 2023
5.7x
5.8x
J.P. Morgan
REIT Composite
Iron Mountain
Balance Sheet Remains Well Positioned
Issued $1billion of 10-year bonds at 4.875%

27. Key Takeaways
27
•Leading global information management brand with adurable, growing business
•Project Summit expected to yield significant free cash flow benefits starting in 2020
•Increasing exposure to high growth markets with powerful secular tailwinds
•Committed to growing the dividend while reducing payout ratio over time
•Disciplined capital allocation designed to maximize returns

28. Strong Sustainability Focus
•Green Power Pass solution in Data Center market to help customers manage their carbon footprint
•Part of RE100 Initiative –commitment to using renewable energy sources for 100% of our worldwide
electricity
•Set aggressive science-based targets for carbon reduction by the end of 2019
•69% of our global electricity use –including 100% of the electricity used to power our Data Center
business –was from renewable sources in 2018
•Awarded the EPA's Green Power Leadership Award in 2017
•Top 10 buyer of Renewable Energy on the EPA's Green Power Partnership Top Tech and Telecom
Green Power Users
28

29. Q3 2019
Performance

30. 30
Data Center momentum continues to build
•Over 15MW leased year to date; on track to the high end of 15-20MW guidance
•New turn-key data center capacity brought on-line in key markets around the world
•Strong leasing pipeline driven by an uptick in larger enterprise activity
Storage rental revenue growth accelerates
•Total organic Storage rental revenue growth accelerated to 3.0%, attributable to revenue management
•Organic Service revenue declined 3.0%, impacted by paper prices (organic Service up 0.2% ex. paper)
•Volume continues to grow well, up 40bps organically TTM in Records Management, similar to Q2
Continue to extend reach beyond core records management storage offering
•Strong Q3 performance in Consumer and Other volume with 17% sequential growth
•Federal team had its best quarter to date, revenue growing double digits
•Good success in Digital Solutions enabling pull-through of other storage and service opportunities
Q3 Performance

31. 31
(1)Excludes Significant Acquisition Costs of $1.9m and $2.9m in Q3 2019 and Q3 2018, respectively
(2)Excludes Significant Acquisition Costs of $2.0m and $6.4m in Q3 2019 and Q3 2018, respectively
(3)Reconciliation for Adjusted EBITDA and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on Pages 15 and 17, respectively
Inmillions, except per-share data Q3-19 Q3-18 Y/Y %
Constant
Currency Y/Y%
Organic
Growth
Revenue $1,062$1,061 0.1% 1.7% 0.7%
Storage $673 $657 2.5% 4.0% 3.0%
Service $389 $404 -3.7% -2.1% -3.0%
Adjusted Gross Profit
(1)
$613 $616 -0.5%
Adjusted Gross Profit Margin 57.7% 58.0% -30bps
Adjusted SG&AExpenses
(2)
$237 $253 -6.5% -5.1%
Income from Continuing Operations $108 $77 40.0%
AdjustedEBITDA
(3)
$376 $362 3.7% 5.0%
Adjusted EBITDA Margin
(3)
35.4% 34.2% 120 bps
Net Income $108 $66 64.7%
AFFO
(3)
$225 $227 -0.8%
Dividend/Share $0.61 $0.59 4.0%
Fully Diluted SharesOutstanding 288 287 0.2%
Q3 Financial Performance

32. 32
•Expected organic storage rental revenue growth of ~2.5%; total organic revenue growth of ~1%
•Lease accounting is expected to reduce 2019 Adjusted EBITDA by $10 mm to $15 mm
•Interest expense is expected to be ~$420 mm and normalized cash taxes to be $55 mm to $65 mm
•Expect structural tax rate of 18% to 20%
•Assumes full-year weighted average shares outstanding of ~288 mm
•Real Estate and Non-Real Estate recurring CapEx and Non-Real Estate Growth Investments expected to be $145 to $155 mm
•Real Estate Growth Investment and Innovation of ~$175 mm
•Business acquisitions of ~$80 mm plus acquisitions of customer relationships and inducements of ~$75 mm
•Data Center development capex expected to be ~$350 mm (assumes closing of Frankfurt JV)
•Project Summit expected to result in Q4 restructuring charge of $60 mm, with no benefit to Adjusted EBITDA in 2019
(1)Based on FX rates as of January 4, 2019
Note: 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 ratesonIron 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.
$ in MM 2019 Guidance
Previous
2019 Guidance
Revenue $4,250 -$4,280 $4,250 -$4,325
Adj. EBITDA $1,430 -$1,450 $1,440 -$1,480
Adj. EPS $1.00 -$1.05 $1.00 -$1.10
AFFO $850 -$870 $870 -$900
Updated 2019 Guidance

33. [email protected]