REIT World 2018 REIT World 2018 REIT World 2018

n/a

1. Durable
Business Drives
Cash Flow and
Dividend Growth
November 2018

2. Safe Harbor Language and
Reconciliation of Non-GAAP Measures
2
This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Actof 1995 and other securities laws and is subject to the safe-
harbor created by such Act. Forward-looking statements include, but are not limited to, our financial performance outlook and statements concerning our operations, economic performance,
financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as2018 guidance, expected impact of the adoption of the revenue
recognition standards, expectations for 2019, 2020 plan, trends in our business and expected shifts in customer behavior, and statements about our investment and other goals. These
forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When we use words such as "believes," "expects," "anticipates," "estimates" or
similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are basedon 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 to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes ("REIT");(ii) the adoption of alternative technologies and shifts by our
customers to storage of data through non-paper based technologies; (iii) changes in customer preferences and demand for our storage and information management services; (iv) the cost to
comply with current and future laws, regulations and customer demands relating to data security and privacy issues, as well as fire and safety standards; (v) the impact of litigation or disputes
that may arise in connection with incidents in which we fail to protect our customers' information or our internal records orITsystems and the impact of such incidents on our reputation and
ability to compete; (vi) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (vii)
changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate; (viii) our ability or inability to
manage growth, expand internationally, complete acquisitions on satisfactory terms, to close pending acquisitions and to integrate acquired companies efficiently; (ix) changes in the amount of
our growth and maintenance capital expenditures and our ability to invest according to plan; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments or
to obtain additional financing to meet our working capital needs; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) changes
in the cost of our debt; (xiii) the impact of alternative, more attractive investments on dividends; (xiv) the cost or potentialliabilities associated with real estate necessary for our business; (xv)
the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; (xvi) other trends in competitive or economic
conditions affecting our financial condition or results of operations not presently contemplated; and (xvii) other risks described more fully in our filings with the Securities and Exchange
Commission, including under the caption “Risk Factors” in our periodic reports, or incorporated therein. You should not rely upon forward-looking statements except as statements of our
present intentions and of our present expectations, which may or may not occur. You should read these cautionary statements as being applicable to all forward-looking statements wherever
they appear. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events. Note: All financial projections and forward looking statements included herein are current as of
reporting the company’s third quarter results on October 25, 2018.
Reconciliation of Non-GAAP Measures:
Throughout this presentation, Iron Mountain will discuss (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO Nareit”), (4) FFO
(Normalized) and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-
GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but
not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, income (loss) from continuing operations, net income (loss) or
cash flows from operating activities from continuing operations (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 the definitions are included later in this document (see Table of Contents). 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 property, plant and
equipment (including of real estate) and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.
Selected metrics are defined in the appendix of our Q3 2018 Supplemental Financial Information.

3. Iron Mountain Investor Presentation
3
1. OVERVIEW OF THE BUSINESS
2. DURABLE AND CONSISTENT BOX TRENDS
3. DRIVING EBITDA GROWTH
4. REALESTATE VALUE CREATION
5. PRUDENT CAPITAL ALLOCATION FRAMEWORK
6. APPENDIX

4. Leading Global Information Management Brand
4
Note: Statistics as of 9/30/18 unless otherwise stated
(1)Other revenues include Fulfillment Services, Information Governance and Digital Solutions, Technology Escrow Services, Consulting, Entertainment Services, Fine Art
Storage, Consumer Storage and other ancillary services
(2)Annualized Q3 2018 revenue
Global Footprint Business Mix
6 CONTINENTS54COUNTRIES
225,000+
customers
95%
Fortune 1000
companies
~90MM
SF of real estate
Records
Management
63%
Shredding
10%
Data
Protection
12%
Other
(1)
10%
1,400+
Facilities
Revenue: $4.2B
(2)
Data Center
5%

5. Provider of Mission-Critical Storage and Services
5
$17 BILLION+
Owned real estate globally
680 MILLION+
Cubic feet of hardcopy
records archived
DIGITAL SOLUTIONS
627 million images
scannedannually
SECURE DESTRUCTION
~10% of total
global revenue
IRON CLOUD
TM
Data protection, preservation,
restoration and recovery
30 MILLION
Film and sound elements
protected and preserved
98 PERCENT
Customer retention rate
~290 MEGAWATTS
Existing and potential
data center capacity
# 1 TRUSTED GUARDIAN OF PRECIOUS ASSETS

6. Balanced Strategy to Drive Growth
6
Extend Business Model to
Fast-Growing Businesses
Build on Customer Relationships
and Trust to Leverage Brand
Sustainable Growth in
Cash Flow and
Dividends per Share
Grow Durable High-Margin
Business
Sustainable
Growth in
Cash Flow and
Dividends per Share

7. Shifting Mix Accelerates EBITDA Growth
7
81%
Developed Portfolio
North America
and Western Europe
YTD’18: ~2.9% Internal
Revenue Growth
19%
Growth Portfolio
Emerging Markets, Data
Center and Adj. Businesses
YTD’18: ~7% Internal
Revenue Growth
~4.0%+ Average Internal Adj. EBITDA Growth
Q3 ’18 YTD Revenue Mix
~3.6% Internal Revenue Growth
70%
Developed Portfolio
North America
And Western Europe
~3% Internal Revenue Growth
30%
Growth Portfolio
Emerging Markets, Data Center
and Adj. Businesses
~10% Internal Revenue Growth
~5%+ Average Internal Adj. EBITDA Growth
2020 Revenue Mix
~5% Internal Revenue Growth
Note: Developed Portfolio also includes Australia and New Zealand
+ Margin Expansion + Margin Expansion

8. 62% of Total
Revenue
2.7%
2.4% 2.3% 2.4%
3.0%
2013 2014 2015 2016 2017
Internal Storage Revenue Growth
Rolling 3-Year Average
Healthy Revenue Growth Trends
8
0.5%
0.2%
0.8%
1.2%
1.7%
2.4%
2013 2014 2015 2016 2017 2018E
Internal Total Revenue Growth
Rolling 3-Year Average
-2.5% -2.8%
-1.5%
-0.6% -0.4%
2013 2014 2015 2016 2017
Internal Service Revenue Growth
Rolling 3-Year Average
(1) Based on midpoint 2018 of Internal Total Revenue Growth guidance as of 10/25/18
38% of Total
Revenue
(1)

9. Delivering Robust Margin Expansion
9
29.6% 29.7%
30.6%
31.0%
32.8%
34.0%
2013 2014 2015 2016 2017 2018E
Total Adjusted EBITDA Margins
(1)
21.0%
17.5%
16.5%
17.5%
19.5%
10.0%
15.0%
20.0%
25.0%
2013 2014 2015 2016 2017
Service Adjusted EBITDA Margins
67.7%
69.5%
69.7%
69.2%
69.7%
2013 2014 2015 2016 2017
Storage Adjusted EBITDA Margins
(1) Based on midpoints of 2018 EBITDA and revenue guidance range as of 10/25/18
(1)
81% of Total
Gross Profit
19% of Total
Gross Profit

10. Box Retention Drives Durability
10
0%
20%
40%
60%
80%
100%
012345678910111213141516171819202122232425262728
Recall divestiture impact
IRM Retention Rate –North America
~35% of boxes that
were stored 22 years
ago still remain
Box Age (Years)
Source: Iron Mountain Propriety Safekeeper Plus Inventory Management System, as of 8/31/18
51% of boxes that
were stored 15 years
ago still remain

11. < 3 4-6 7-9 10-12 13-15 16-18 19-21 >22
Age of Inventory (Years)
2012 2018 (Annualized)
% of inventory destroyed
Destructionsby Age as % of Ending Inventory
Destruction Trends Consistent Over Time
11
2012 TTM Destruction Rate: 4.9%
2018 TTM Destruction Rate: 5.0%
Source: Iron Mountain Propriety Safekeeper Plus Inventory Management System for North America, as of 8/31/18

12. 12
720
700
480
Wholly Un-Vended
Vended
In-House with Vended Customers
Large UnvendedOpportunity
Total ~1.9 B CuFt with only ~700 M CuFt Vended
(1) Excludes government and SMB (<250 employees), except Legal which includes 100+ employees. BCG analysis is as of April 2016. Source: BCG document storage survey; Avention; BCG analysis
These materials were designed for the sole use by Iron Mountain. No other party may or should rely on these materials for anypurpose whatsoever.
To the fullest extent permitted by law, any party accessing these materials hereby waives any rights and claims it may have at any time with regard
to such party's use of and/or reliance on these materials, including the accuracy or completeness thereof.
BCG Estimated Un-vended Opportunity at ~720MM CuFt
(1)
Survey of >700 existing and potential respondents, as well as 70 in-depth interviews with
large North America customers across six verticals, excluding government

13. 13
Strong Execution of Emerging Markets Strategy
8
9
10
15
17
-4 -4
-5
-8 -10
5 5 5
7 7
20132014201520162017
STORAGE VOLUME GROWTH
CuFtin MM
Intake Loss/Destructions Net Growth
22%
19%
21%
25%
27%
20132014201520162017
ADJUSTED EBITDA MARGIN
•Expanding Adjusted EBITDA margins through targeted investment and leveraging enterprise scale
•Executing on value creating M&A to achieve market leadership in major markets
Emerging Markets defined as Other International excluding Australia and New Zealand
7.7% Internal Storage Rental Revenue Growth 9 Months YTD 2018

14. 14
Data Center Investments Support Business
Diversification
•Focused on markets with high absorption
(top 10 U.S. and top 10 Globally)
•Presence in 9 U.S. and 3Int’l markets
(1)
•Driven by organic and external growth
•Leverage REIT structure
•Faster growth and higher margin supports
2020 Plan
•Conservative stabilization assumptions
•Projected 10–13% stabilized cash-on-
cash returns
•Can address colocation and hyper scale
Multi-pronged
Scaling
Approach
•Pre-stabilized properties with expansion
capacity
•Recent M&A expected to be modestly
accretive to 2019 AFFO
•Sale-lease-backs with day 1 income and
lower expansion costs
•Double digit stabilizedcash-on-cash
returns
~10% of Total
EBITDA by
2020
(1)
Invest in
Greenfield
Development
Focus on Top
US and Global
Markets
Execute
on Accretive
M&A
(1) Reflects planned expansion into Chicago, assumes organic growth.

15. Competitive and Diversified Data Center
Business
15
Phoenix
New Jersey
Boyers and
Other
Denver
Amsterdam
NoVA
London
Singapore
Geographical Diversification
(by Existing Capacity in MW)
•Among Top 10 Data Center Companies
Worldwide (by MW)
•Significant potential represented by strong
relationships with 17K Data Management
customers
•Interconnect capability
•Amsterdam –58 Carriers
•Phoenix –29 Carriers
•Dedicated to sustainable energy sources -
100% Green Power at YE 2018
(1) Data Center forecast of ~$220mm of revenue and ~$110mm of normalized Adjusted EBITDA in 2018 (before integration expense), as of 10/25/18
2018 PROJECTED REVENUE OF $220M
1

16. 1616
Global Data Center Presence in Top Markets
Large Platform with Growth Potential
Snapshot as of9/30/18
Data Center ExpansionTimeline
Fortrust
+16MW
2
Sep
2017
CS Assets
+14MW
2,3
Mar
2018
I/O Data Center
+91MW
2
Jan
2018
Source: Company financials as of 9/30/18
(1)Phase 1 of Manassas VA data center facility of 10.5MW; Total development capacity of60MW
(2)Based on existing and potential MW capacity
(3)Includes Singapore on long term ground lease and facilities with purchase options
(4)Represents Phase 2 development at IO data center facility
(5)Source: Eastdil, as of 6/30/18
EvoSwitch
+34MW
2
May
2018
•12wholly-owned data center facilities
3
spanning the U.S., Europe and Asia
•103MWcurrent capacity with 289MW
total potential capacity
•0.9M+square feet
•1,100+data center customers
•91.1% occupancy
•WALE of 3.47 years
NoVaFacility
1
+60MW
Data Center Platform estimated market valueof $2.4B
5
July
2018
Phoenix Facility
Expansion
+48MW
2,4

17. 1717
(1)Based on Eastdil valuation of U.S. owned RIM properties and IRM valuation of international RIM properties and data centers
(2)Includes Singapore on long term ground lease and facilities with purchase options
(3)Top MSAs defined as MSAs with the largest populations according to 2010 Census
(4)Based on total expected investment as of 9/30/18
(5)Based on total 29.8M owned square feet as of 9/30/18
•313 properties spanning 30M square feet
2
•US: 55.3% SF located in the top 25 MSAs and 67.4% SF located in top
50 MSAs
3
•Owned facilities larger vs. leased facilities (95K SF vs. 52K SF on avg.)
•Includes wholly-owned data center portfolio of 12 properties
2
•$167M of data center development to add 9.3MW capacity
4
Attractive market locations
Top 5 US Markets
#Market SFowned %
5
1Northern New Jersey 2,851 13.2%
2Boston 1,428 6.6%
3Chicago 1,282 5.9%
4LosAngeles 1,040 4.8%
5Dallas 1,023 4.7%
Top 5 Markets 7,624 35.2%
Other US Markets 13,967 64.8%
Total US Markets 21,591100.0%
Top 5 International Markets
Owned PortfolioOverview as of 9/30/18
>500K >250k>2,000K >1,000K
Seattle
San Francisco
Denver
Omaha
Atlanta
Louisville
Northern
New Jersey
Boston
Philadelphia
New York
Baltimore/
Washington DC
Chicago
Dallas
Los Angeles
Houston
Phoenix
New Hampshire
Hartford
Detroit
SF:
#Market SFowned %
5
1London, UK 1,102 13.5%
2Paris, France 807 9.9%
3Montreal, Canada 552 6.7%
4Buenos Aires, Argentina 470 5.7%
5Mexico City, Mexico 452 5.5%
Top 5 InternationalMarkets 3,383 41.3%
Other International Markets 4,806 58.7%
Total InternationalMarkets 8,214100.0%
Large, High Quality Global Real Estate
Portfolio

18. 18
•Focused “A-tier” U.S.
and global markets
•Concentration in Top
MSAs
•Average property size:
95K SF
18
Square
feet
3
Data Center
Value
($BN)
2
Strategy –RIM
Owned
real estate
•Leases are efficient form of real estate financing
•“Main and Main” locations are less critical
•Average property size: 53K SF
•Staggered long-term leases with multiple renewal
options
•Includes majority of international properties (Tax and
F/X risk efficient structure)
29.8M
$2.4B
(100%)
59.8M -
Leased
real estate
IRM’s Global Real Estate Strategy
68%
10%
5%
17%
US
Rest of the
world
Geography
1,6
RIM
Value
1
($BN)
$14.8B
(75%)
$4.8B
(25%)
(1)Based on U.S. real estate valuation completed by Eastdil and IRM management estimates for rest of world; includes value of racking. See slide 30 in Appendix for methodology.
(2)Assumes a 6.3% cap rate on stabilized NOI plus cost of current development + 15% plus land value
(3)Based on square feet as of 9/30/18
(4)Top MSAs defined as MSAs with the largest populations according to 2010 Census
(5)Includes Singapore on long term ground lease and facilities with purchase options
(6)Data center business included in U.S. segment
•Concentration in large
and fast growing data
center markets
•Represents 100% of
IRM global data center
portfolio
5
•Ability to expand and
support enterprise /
cloud
Strategy –Data center
UK
Canada
58%
8%
6%
28%
US
Rest of the
world
UK
Canada
$17.2B
$4.8B

19. Components of Global Real Estate Value
19
A Top Industrial and
Data Center REIT
~$19 PSFaverage
rent spread between
IRM rent PSF vs.
industrial rents results
in meaningful racking
real estate value
Majority of real estate
value derived from
IRM owned assets
(1)Owned property count includes Singapore on long term ground lease and facilities with purchase options
(2)Eastdilvaluation of U.S. owned and leased RIM properties and IRM valuation of data centers; includes building value and racking
Significant Value in Owned Real EstateUSD $M US RoW Data CenterTotal
Total # of Buildings
1
181 120 12 313
Industrial/Storage $1,700 $800 - $2,500
Data Center
Existing stabilized properties - - 2,310 2,310
Development & Land - - 140 140
Total Real Estate Value before Infrastructure $1,700 $800 $2,450 $4,950
% of total 34% 16% 49%
Infrastructure (Racking) $7,520 $4,750 - $12,270
Total Real Estate Value
2
$9,220 $5,550 $2,450 $17,220
% of total 54% 32% 14%

20. Value Creation Through Capital Recycling
Case study –Disposition (London, UK)
Brick warehouse located in Poplar Riverside area of London,
six miles east of city center
Pending sale to an industrial REIT
£26.0M Sale Price, £2.9M NBV
Relocating inventory to new Midlands facility at estimatedcost
of ~£0.7M
20
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
Target IRR: 15% Target IRR: 15% Target IRR: >15%
Real Estate capital recycling strategy
IRM buys and sells with an ROI focus, and recycles capital to
create long-term value for shareholders
Liquidity recycled into other real estate and data centers
Higher-use real estate alternatives

21. Iron Mountain Storage Industrial Iron Mountain DC Data Center
Annual Rental Revenue/SF ~$36 ~$5 ~$298 ~$102
Tenant Improvements/SF N/A ~$2 -$4 N/A N/A
Recurring Capex ~3% 8% ~3% 3%
Average Lease Term
Large Customers: 3 Yrs
Small Customers: 1 Yr
~5 Yrs 3.47 Yrs ~4 Yrs
Customer Retention ~98% ~76% 90-95% ~93%
Customer Concentration Very Low Low Medium Medium
Stabilized Occupancy (Building & Racking
Utilization)
Building: 80% to 85%
Racking: 90% to 95%
97% 90%+ 90%
EBITDA Margin 70-75% 73% 50% 52%
Storage Compares Favorably vs. Industrial Peers,
IMDC Competitive vs. Data Center Peers
21
Source: Company filings as of 12/31/2017.
Note:Peer statistics represent FY 2017 numbers. Industrial peer group includes PLD, DRE, FR, EGP and STAG; Data center peer group includes DLR, EQIX, COR, QTS and CONE.
(1) IRM non-growth CapExas a percentage of total revenue.
(2) EBITDA Margin for IRM is Storage Gross Margin; (Adjusted) EBITDA Margin for IRM at Q3 2018 was 34.3%.
(3) For Iron Mountain DC, Annualized Rental Revenue includes rent, power, and data center services
(1)
(2)

22. Well-Positioned Capital Structure
22
Source: J.P. Morgan REIT Weekly U.S. Real Estate report October 22, 2018 and company reports. All figures as of 9/30/18.
IRM WeightedAvg. Maturity is 6.3 Years, with 4.8% Avg. Int. Rate, 72% Fixed
Net Leverage Across REIT Sectors

23. Cash Available for Dividends and
Discretionary Investments
23
$155
$185
$335
$100
$490
$150
Discretionary
Investments
(3)
Sources
(3)
(1)Customer inducements and acquisitions of 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 price of IO Data Centers acquisition, which closed on January 10, and possible future data center acquisitions. Represents mid point of ranges, as of October 25, 2018.
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.
$585
$200
$130
$335
$70
$110 Base Acquisitions
Real Estate Inv.
Net of Sales;
Innovation
(2)
Credit Suisse and
EvoSwitch Data
Center
AcquisitionsIncremental
Capital Needed
for
Discretionary
Investments
Data Center
Expansion
in $MM
$ in MM
Adjusted EBITDA 1,445$ 1,475$
Non-cash stock compensation /
other (including non-cash permanent withdrawal fees)
45 45
Adjusted EBITDA and non-cash expenses 1,480$ 1,530$
Less: Amortization of capitalized sales commissions 20 20
Cash interest and normalized cash taxes 475 455
Total maintenance CapEx and non-real estate investment 155 145
Customer inducements and acquisition of customer relationships
(1)
60 60
Cash available for dividends and investments 770$ 850$
Common dividend declared 680 680
Cash available for core and discretionary investments 100$ 160$
2018E
(3)

24. Key Takeaways
24
Leading Global Information Management Brand with aDurable, Growing Business
StrongCash Flow Generation with Increasing Margins
Increasing Exposure to High Growth Markets with Powerful Secular Tailwinds
StrategicPlan Drives Sustainable Dividend Growth and Future Investments
Disciplined Capital Allocation Designed to Maximize Returns

25. Appendix

26. 2020 Plan
(1)
: Profitable, Sustainable Growth
26
(1)Updated to reflect 2017 actuals and 2018 Guidance as of 10/25/18, including adoption of revenue recognition standards and expansion of data center business. 2020 ranges at 2018 C$ rates.
(2)Assumes Real Estate and Non-Real Estate Maintenance CapEx and Non-Real Estate Investment of 4% of Total Revenue for 2020.
(3)Assumes 287 million shares outstanding for 2018 increasing to 295 to 300 million shares outstanding in 2020, reflecting long-term incentive comp and potential issuances under existing ATM program.
Projected Lease Adjusted Leverage Ratio –YE
5.5x
~5.0x
2018E 2020E
$1,260
$1,680 –
$1,760
2017 Actual 2020E
$3,846
$4,600 –
$4,750
2017 Actual 2020E
Worldwide Revenue ($in MM)
Adjusted EBITDA ($ in MM)
$2.35
$2.54
2018E 2020E
Projected Minimum Dividend per Share
(3)
$752
$1,000 -
$1,070
2017 Actual 2020E
AFFO Growth
(2)
($ in MM)

27. Q3 2018 Financial Performance
27
Growth
(1)Reflects adjusted gross profit, excluding Significant Transaction Costs; reconciliation can be found in the Supplemental Financial Information on Page 5
(2)Reconciliation for Adjusted EBITDA and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on Pages 14 and 16, respectively
$ and shares in mm Q3-17 Q3-18 R$ C$ Internal Growth
Revenue $966 $1,061 9.9% 12.4% 4.1%
Storage $601 $657 9.3% 11.7% 2.3%
Service $365 $404 10.8% 13.6% 7.1%
Adjusted Gross Profit
(1)
$550 $616 11.9%
Adjusted Gross Profit Margin
(1)
57.0% 58.0% 100bps
Income from ContinuingOperations $25 $79209.8%
AdjustedEBITDA
(2)
$323 $364 12.6% 14.8%
Adjusted EBITDA Margin
(2)
33.5% 34.3% 80 bps
Net Income $24 $67179.2%
AFFO
(2)
$210 $229 8.8%
Dividend/Share $0.5500 $0.5875 6.8%
Fully Diluted SharesOutstanding 266 287 7.8%

28. YTD 2018 Financial Performance
28
Growth
(1)Reflects adjusted gross profit, excluding Significant Transaction Costs; reconciliation can be found in the Supplemental Financial Information on Page 5
(2)Reconciliation for Adjusted EBITDA and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on Pages 14 and 16, respectively
$ and shares in mm YTD-17 YTD-18 R$ C$ Internal Growth
Revenue $2,854 $3,16410.9% 10.4% 3.6%
Storage $1,764 $1,96411.3% 10.8% 2.6%
Service $1,091 $1,20110.1% 9.6% 5.2%
Adjusted Gross Profit
(1)
$1,611 $1,82113.0%
Adjusted Gross Profit Margin
(1)
56.4% 57.6% 120bps
Income from ContinuingOperations $167 $21830.3%
AdjustedEBITDA
(2)
$934 $1,07615.3% 14.5%
Adjusted EBITDA Margin
(2)
32.7% 34.0% 130 bps
Net Income $164 $20625.5%
AFFO
(2)
$598 $68013.7%
Dividend/Share $1.6500$1.7625 6.8%
Fully Diluted SharesOutstanding 265 287 8.0%

29. 29
Records Storage is Similar to Leased Space in Other REIT Sectors
Storage metric
Property locations
Customer relationship
Building type
Building improvements
Stability of demand
Box units
Self-storage Industrial
Storage units Leased SF
Business to business Primarily direct to consumer Business to business
General proximity to CBD
High visibility and close
proximity are critical
General proximity to customer
locations
Industrial / warehouse Industrial / warehouse Industrial / warehouse
Significant (racking system,
temperature, humidity, security)
Moderate
Significant (office, loading bay,
etc.)
High High High
: Similar to records storage
Average lease term
1-3 years
(15 year average life)
Month to month
(9-12 month average stay)
3 -5 years
(75% renewal rate)


 


Alternative uses Industrial / Storage Parking / warehouse Limited

Tenant improvements N/A Limited Moderate



30. 30
Real Estate Valuation Methodology
U.S. RIM
Buildings
(excluding racking)
•Independent third-party valuation conducted by Eastdil across entire RIM owned and leased US real
estate portfolio
•Property-by-property build-up using industrial market rents and cap rates
•Average market rent of $5.68 and cap rate of 6.3%
Other RIM
Buildings
(excluding racking)
•Country level real estate valuation using estimated market rents and cap rates based on JLL major
markets research
Racking •US and International: Based on above market NOI at a cap rate assumption of 11.0%
+
+
Data Center
Properties
•Applied 6.3% cap rate to stabilized data center NOI
•Data center development based on construction in progress (cost) + 15%
•Land value (at cost)
+

31. 31
Significant Data Center Expansion Opportunity
Total portfolio capacity including expansion of 288.9 MW(MW as of 9/30/18) Leaseable MW MW Under Construction in Q3MW Held for Development Total Potential Capacity
Boyers and Other 12.9 - 11.5 24.4
Denver 10.6 - 5.6 16.2
New Jersey 12.4 - 17.7 30.0
Northern Virginia 7.5 - 52.5 60.0
Phoenix 44.6 4.0 60.9 109.4
Amsterdam 10.8 1.9 21.9 34.5
London 3.2 1.9 3.8 8.9
Singapore 1.0 1.5 3.0 5.5
Total Data Center Portfolio 102.8 9.3 176.8 288.9

32. 32R$ 2018
Guidance
C$ 2018
Guidance
(2)
C$ Change YOY
Revenue $4,200 - $4,260 $4,270 - $4,330 9% - 11%
Adjusted EBITDA $1,425 - $1,455 $1,445 - $1,475 13% - 15%
Adjusted EPS $1.05 - $1.15 $1.05 - $1.15 (11%) - (2%)
AFFO
(2)
$850 - $875 $865 - $890 13% - 16%
(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 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.
(2)AFFO 2018 Guidance excludes capital expenditures associated with the integration of Recall.
Note: Guidance as of October 25, 2018
Financial Performance Outlook
(1)
$MM (except per share items)
Note:
2018 Guidance assumes:
•Expected internal storage rental revenue growth of 2.5% -2.75% and total internal revenue growth of 3.5% -3.75%
•Revenue recognition standards: expect to benefit Revenue by $7mm, Adjusted EBITDA by approximately $20 to $25mm, and AFFO by
$10mm. No benefit is expected for Adjusted EPS;.
•Depreciation and amortization expenses are expected to be $640mm to $650mm; Interest expense is expected to be $405mm to
$415mm and cash taxes to be $50mm to $60mm
•Expect structural tax rate in the range of 18% -20%
•Full-year weighted average shares outstanding of 287mm
•Real Estate and Non-Real Estate Maintenance CapEx and Non-Real Estate Investments expected to be $145mm to $155mm
•Real Estate Investment, Net of Sales, and Innovation of ~$70mm
•Base business acquisitions (~$110mm) plus acquisitions of customer relationships and inducements (~$60mm), excluding data center
acquisitions
•Data Center growth investment expected to be ~$200mm, excluding prior and future acquisitions as well as closed acquisitions of
EvoSwitchdata center (May 25, 2018), Credit Suisse data centers (March 8, 2018), and IO data centers (January 10, 2018)