(Mark One)
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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Fiscal Year Ended December 31, 2015
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Delaware
(State or other jurisdiction of incorporation)
One Federal Street, Boston, Massachusetts
(Address of principal executive offices)
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23-2588479
(I.R.S. Employer Identification No.)
02110
(Zip Code)
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617-535-4766
(Registrant's telephone number, including area code)
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Title of Each Class
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Name of Exchange on Which Registered
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Common Stock, $.01 par value per share
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New York Stock Exchange
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Page
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PART I
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•
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our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes ("REIT");
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•
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the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies;
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changes in customer preferences and demand for our storage and information management services;
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the cost to comply with current and future laws, regulations and customer demands relating to privacy issues, as well as fire and safety standards;
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the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information;
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changes in the price for our storage and information management services relative to the cost of providing such storage and information management services;
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changes in the political and economic environments in the countries in which our international subsidiaries operate;
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our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently;
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changes in the amount of our capital expenditures;
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changes in the cost of our debt;
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•
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the impact of alternative, more attractive investments on dividends;
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the cost or potential liabilities associated with real estate necessary for our business;
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the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; and
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other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated.
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•
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Recurring Revenues.
We derive a majority of our consolidated revenues from fixed periodic, usually monthly, storage rental fees charged to customers based on the volume of their records stored. Once a customer places physical records in storage with us, and until those records are destroyed or permanently removed (for which we typically receive a service fee), we receive recurring payments for storage rental without incurring additional labor or marketing expenses or significant capital costs. Similarly, contracts for the storage of electronic backup media involve primarily fixed monthly rental payments. This stable and growing storage rental revenue base also provides the foundation for increases in service revenues and profitability.
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•
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Historically Non-Cyclical Storage Rental Business.
Historically, we have not experienced significant reductions in our storage rental business as a result of economic downturns. We believe the durability of our storage rental business is driven by a number of factors, including the trend toward increased records retention, albeit at a lower rate of growth, as well as customer satisfaction with our services and contractual net price increases. The absolute number of new document storage cartons from our existing customers has been consistent in the past four years, and we anticipate this level will be sustained, although the rate of growth is slightly declining, given the continued growth in the total records volume. Total net volume growth, including acquisitions, was approximately 6%, 4% and 2% on a global basis for 2013, 2014 and 2015, respectively.
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•
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Diversified and Stable Customer Base.
As of December 31, 2015, we had more than 170,000 customers in a variety of industries in 37 countries around the world. We currently provide storage and information management services to legal, financial, healthcare, insurance, life sciences, energy, businesses services and government organizations, including approximately 94% of the Fortune 1000. No single customer accounted for as much as 1% of our consolidated revenues in any of the years ended December 31, 2013, 2014 and 2015. For each of the three years 2013 through 2015, the average annual volume reduction due to customers terminating their relationship with us was approximately 2%.
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•
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Capital Allocation.
All the characteristics of our business noted above support the durability of our cash flows, which in turn support our dividends and a portion of our investments. Absent a large acquisition or significant investments in real estate, we generally generate cash flows to support our dividends, maintain our operations and infrastructure and invest in core growth opportunities. We plan on funding acquisitions, ABO investments and real estate investments primarily through incremental borrowing at a targeted leverage ratio and/or proceeds from the issuance of equity, dependent on market conditions. Below are descriptions of the major types of investments and other capital expenditures that we have made in recent years or that we are likely to consider in 2016:
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Assets that support core business growth
primarily related to investments in land, buildings, building improvements, leasehold improvements and racking structures that expand our revenue capacity in existing or new geographies, replace a long-term operational obligation or create operational efficiencies, or Real Estate Investment.
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Real estate assets necessary to maintain ongoing business operations primarily related to the repair or replacement of real estate assets such as buildings, building improvements, leasehold improvements and racking structures, or Real Estate Maintenance.
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Non-real estate assets that either (i) support the growth of our business, and/or increase our profitability, such as customer-inventory technology systems, and technology service storage and processing capacity, or (ii) are directly related to the development of new products or services in support of our integrated value proposition and enhance our leadership position in the industry, including items such as increased feature functionality, security upgrades or system enhancements, or Non-Real Estate Investment.
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Assets necessary to maintain ongoing business operations primarily related to the repair or replacement of customer-facing assets such as containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets. This category also includes operational support initiatives such as sales and marketing and information technology projects to support infrastructure requirements, or Non-Real Estate Maintenance.
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Year Ended December 31,
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Nature of Capital Spend (in thousands)
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2013
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2014
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2015
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Real Estate:
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Investment
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$
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135,708
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$
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199,663
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$
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170,742
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Maintenance
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61,863
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57,574
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52,826
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Total Real Estate Capital Spend
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197,571
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257,237
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223,568
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Non-Real Estate:
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Investment
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91,792
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55,991
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47,964
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Maintenance
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22,644
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19,527
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23,396
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Total Non-Real Estate Capital Spend
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114,436
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75,518
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71,360
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Total Capital Spend (on accrual basis)
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312,007
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332,755
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294,928
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Net increase/(decrease) in prepaid capital expenditures
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3,327
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(2,455
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)
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(362
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)
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Net (increase)/decrease accrued capital expenditures
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(28,039
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)
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31,624
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(4,317
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)
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Total Capital Spend (on cash basis)
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$
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287,295
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$
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361,924
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$
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290,249
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•
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the approval by the Recall shareholders of the Recall Transaction;
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•
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the approval of the Scheme by the Federal Court of Australia, Sydney Registry (the “Sydney Federal Court”) (or such other competent court agreed by us and Recall);
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the absence of any law, order or injunction that would prohibit, restrain or make illegal the Recall Transaction;
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the receipt of regulatory approvals;
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the approval for listing on the NYSE of our common stock to be issued in the Recall Transaction and the establishment of a secondary listing on the Australian Securities Exchange (the "ASX") to allow shareholders of Recall to trade our common stock via CHESS Depository Interests on the ASX;
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the accuracy of the representations and warranties and compliance with the respective covenants of the parties, subject to specified materiality qualifiers; and
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no events having occurred that would have a material adverse effect on Recall or us.
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negative reactions from the financial markets;
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incurring and paying significant expenses in connection with the Recall Transaction, such as Recall Deal Costs and Recall Integration Costs;
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paying a reimbursement fee of A$25.5 million if the Recall Agreement is terminated in certain circumstances; and
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paying a reimbursement fee of A$76.5 million if the Recall Agreement is terminated due to our inability to obtain the necessary antitrust/competition approvals required to consummate the Recall Transaction.
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challenges and difficulties associated with managing the larger, more complex, combined company;
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conforming standards, controls, procedures and policies, business cultures and compensation structures between the entities;
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integrating personnel from the two entities while maintaining focus on developing, producing and delivering consistent, high quality services;
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consolidating corporate and administrative infrastructures;
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coordinating geographically dispersed organizations;
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potential unknown liabilities and unforeseen expenses, delays or regulatory conditions associated with the Recall Transaction;
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performance shortfalls at one or both of the entities as a result of the diversion of management's attention caused by completing the Recall Transaction and integrating the entities' operations; and
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our ability to deliver on our strategy going forward.
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we will not be allowed a deduction for distributions to stockholders in computing our taxable income;
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we will be subject to federal and state income tax, including any applicable alternative minimum tax, on our taxable income at regular corporate tax rates; and
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we would not be eligible to elect REIT status again until the fifth taxable year that begins after the first year for which we failed to qualify as a REIT.
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the impact of foreign government regulations and United States regulations that apply to us wherever we operate; in particular, we are subject to United States and foreign anticorruption laws, such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and, although we have implemented internal controls, policies and procedures and training to deter prohibited practices, our employees, partners, contractors or agents may violate or circumvent such policies and the law;
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the volatility of certain foreign economies in which we operate;
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political uncertainties;
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unforeseen liabilities, particularly within acquired businesses;
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costs and difficulties associated with managing international operations of varying sizes and scale;
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the risk that business partners upon whom we depend for technical assistance or management and acquisition expertise in some markets outside of the United States will not perform as expected;
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difficulties attracting and retaining local management and key employees to operate our business in certain countries;
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cultural differences and differences in business practices and operating standards; and
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•
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foreign currency fluctuations.
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acquisition and occupancy costs that make it difficult to meet anticipated margins and difficulty locating suitable facilities due to a relatively small number of available buildings having the desired characteristics in some real estate markets;
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uninsured losses or damage to our storage facilities due to an inability to obtain full coverage on a cost-effective basis for some casualties, such as fires, earthquakes, or any coverage for certain losses, such as losses from riots or terrorist activities;
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inability to use our real estate holdings effectively and costs associated with vacating or consolidating facilities if the demand for physical storage were to diminish; and
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liability under environmental laws for the costs of investigation and cleanup of contaminated real estate owned or leased by us, whether or not (i) we know of, or were responsible for, the contamination, or (ii) the contamination occurred while we owned or leased the property.
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•
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inability to satisfy our obligations with respect to our various debt instruments;
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inability to adjust to adverse economic conditions;
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inability to fund future working capital, capital expenditures, acquisitions and other general corporate requirements, including possible required repurchases of our various indebtedness;
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•
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limits on our distributions to stockholders; in this regard if these limits prevented us from satisfying our REIT distribution requirements, we could fail to remain qualified for taxation as a REIT or, if these limits do not jeopardize our qualification for taxation as a REIT but do nevertheless prevent us from distributing 100% of our REIT taxable income, we will be subject to federal corporate income tax, and potentially a nondeductible excise tax, on the retained amounts;
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•
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limits on our flexibility in planning for, or reacting to, changes in our business and the information management services industry;
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limits on future borrowings under our existing or future credit arrangements, which could affect our ability to pay our indebtedness or to fund our other liquidity needs;
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inability to generate sufficient funds to cover required interest payments; and
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restrictions on our ability to refinance our indebtedness on commercially reasonable terms.
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incur additional indebtedness;
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pay dividends or make other restricted payments;
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make asset dispositions;
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create or permit liens; and
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make acquisitions and other investments.
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identify suitable companies to acquire or invest in;
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complete acquisitions on satisfactory terms;
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successfully expand our infrastructure and sales force to support growth;
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achieve satisfactory returns on acquired companies, particularly in countries where we do not currently operate;
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incur additional debt necessary to acquire suitable companies if we are unable to pay the purchase price out of working capital, common stock or other equity securities; or
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enter into successful business arrangements for technical assistance or management expertise outside of the United States.
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Leased
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Owned
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Total
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Country/State
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Number
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Square Feet
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Number
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Square Feet
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Number
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Square Feet
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North America
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United States (Including Puerto Rico)
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Alabama
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3
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312,473
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1
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12,621
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4
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325,094
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Arizona
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11
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484,961
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4
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239,110
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15
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724,071
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Arkansas
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1
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40,000
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—
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—
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1
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40,000
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California
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50
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3,277,631
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15
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1,964,572
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65
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5,242,203
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Colorado
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11
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505,875
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5
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338,009
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16
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843,884
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Connecticut
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4
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209,183
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6
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665,013
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10
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874,196
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Delaware
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5
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310,236
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1
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120,921
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6
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431,157
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Florida
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33
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2,327,297
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4
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194,090
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37
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2,521,387
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Georgia
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11
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910,820
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4
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229,719
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15
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1,140,539
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Illinois
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11
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995,800
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7
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1,309,975
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18
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2,305,775
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Indiana
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3
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154,080
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1
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131,506
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4
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285,586
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Iowa
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2
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145,138
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1
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14,200
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3
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159,338
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Kansas
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1
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131,764
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—
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—
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1
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131,764
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Kentucky
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3
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84,000
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4
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418,760
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7
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502,760
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Louisiana
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3
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210,350
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2
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214,625
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5
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424,975
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Maine
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—
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—
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1
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95,000
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1
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95,000
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Maryland
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12
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1,170,028
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3
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327,258
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15
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1,497,286
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Massachusetts (including Corporate Headquarters)
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6
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529,516
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8
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1,171,438
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14
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1,700,954
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Michigan
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15
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857,563
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6
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345,736
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21
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1,203,299
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Minnesota
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11
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841,567
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—
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—
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11
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841,567
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Mississippi
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2
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157,386
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—
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—
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2
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157,386
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Missouri
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11
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1,182,324
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1
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25,120
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12
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1,207,444
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Nebraska
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1
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34,560
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3
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316,970
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4
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351,530
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Nevada
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6
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220,276
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1
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107,041
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7
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327,317
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New Hampshire
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—
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|
|
—
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1
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146,467
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|
|
1
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146,467
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New Jersey
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30
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|
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2,401,451
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11
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2,143,945
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41
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4,545,396
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New Mexico
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1
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22,500
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|
|
2
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|
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109,473
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|
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3
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|
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131,973
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New York
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23
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|
|
982,764
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|
|
13
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|
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1,186,266
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|
36
|
|
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2,169,030
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North Carolina
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21
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|
|
1,097,993
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|
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2
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|
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53,624
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|
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23
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|
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1,151,617
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Ohio
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12
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|
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763,405
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|
|
7
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|
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660,778
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|
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19
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|
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1,424,183
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Oklahoma
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3
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|
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138,047
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|
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3
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|
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145,000
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6
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283,047
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Oregon
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11
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360,475
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|
1
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|
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55,621
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|
12
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416,096
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Pennsylvania
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18
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|
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1,662,018
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|
8
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|
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2,577,883
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26
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|
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4,239,901
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Puerto Rico
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3
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|
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178,449
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|
1
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|
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54,352
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4
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232,801
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Rhode Island
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1
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|
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70,159
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|
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1
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|
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12,748
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2
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82,907
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South Carolina
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9
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|
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521,005
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|
|
—
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|
|
—
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|
|
9
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|
|
521,005
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Tennessee
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5
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|
|
186,993
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|
|
5
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|
|
153,659
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|
|
10
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|
|
340,652
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Texas
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44
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|
|
2,108,229
|
|
|
32
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|
|
2,679,532
|
|
|
76
|
|
|
4,787,761
|
|
Utah
|
2
|
|
|
78,148
|
|
|
1
|
|
|
90,553
|
|
|
3
|
|
|
168,701
|
|
Vermont
|
2
|
|
|
55,200
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
55,200
|
|
Virginia
|
15
|
|
|
591,390
|
|
|
7
|
|
|
605,566
|
|
|
22
|
|
|
1,196,956
|
|
Washington
|
6
|
|
|
312,763
|
|
|
6
|
|
|
472,896
|
|
|
12
|
|
|
785,659
|
|
West Virginia
|
3
|
|
|
234,902
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
234,902
|
|
Wisconsin
|
7
|
|
|
428,068
|
|
|
1
|
|
|
10,655
|
|
|
8
|
|
|
438,723
|
|
|
432
|
|
|
27,286,787
|
|
|
180
|
|
|
19,400,702
|
|
|
612
|
|
|
46,687,489
|
|
Canada
|
52
|
|
|
3,052,398
|
|
|
15
|
|
|
1,749,664
|
|
|
67
|
|
|
4,802,062
|
|
|
484
|
|
|
30,339,185
|
|
|
195
|
|
|
21,150,366
|
|
|
679
|
|
|
51,489,551
|
|
|
Leased
|
|
Owned
|
|
Total
|
||||||||||||
Country/State
|
Number
|
|
Square Feet
|
|
Number
|
|
Square Feet
|
|
Number
|
|
Square Feet
|
||||||
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina
|
4
|
|
|
367,912
|
|
|
5
|
|
|
469,748
|
|
|
9
|
|
|
837,660
|
|
Australia
|
22
|
|
|
1,341,533
|
|
|
3
|
|
|
64,460
|
|
|
25
|
|
|
1,405,993
|
|
Austria
|
2
|
|
|
28,300
|
|
|
1
|
|
|
30,000
|
|
|
3
|
|
|
58,300
|
|
Belgium
|
3
|
|
|
133,357
|
|
|
1
|
|
|
104,391
|
|
|
4
|
|
|
237,748
|
|
Brazil
|
29
|
|
|
1,880,300
|
|
|
4
|
|
|
202,008
|
|
|
33
|
|
|
2,082,308
|
|
Chile
|
11
|
|
|
420,084
|
|
|
6
|
|
|
232,314
|
|
|
17
|
|
|
652,398
|
|
China
|
15
|
|
|
164,936
|
|
|
1
|
|
|
20,518
|
|
|
16
|
|
|
185,454
|
|
Columbia
|
19
|
|
|
525,335
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
525,335
|
|
Czech Republic
|
9
|
|
|
283,435
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
283,435
|
|
Denmark
|
1
|
|
|
69,094
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
69,094
|
|
Finland
|
1
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
600
|
|
France
|
17
|
|
|
721,491
|
|
|
4
|
|
|
217,919
|
|
|
21
|
|
|
939,410
|
|
Germany
|
14
|
|
|
659,975
|
|
|
1
|
|
|
58,329
|
|
|
15
|
|
|
718,304
|
|
Greece
|
2
|
|
|
73,947
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
73,947
|
|
Hong Kong
|
3
|
|
|
159,198
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
159,198
|
|
Hungary
|
7
|
|
|
350,898
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
350,898
|
|
India
|
67
|
|
|
1,300,258
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
1,300,258
|
|
Mexico
|
8
|
|
|
235,113
|
|
|
6
|
|
|
419,188
|
|
|
14
|
|
|
654,301
|
|
Netherlands
|
4
|
|
|
331,186
|
|
|
3
|
|
|
102,199
|
|
|
7
|
|
|
433,385
|
|
Northern Ireland
|
3
|
|
|
87,310
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
87,310
|
|
Norway
|
2
|
|
|
107,284
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
107,284
|
|
Peru
|
2
|
|
|
41,878
|
|
|
8
|
|
|
259,903
|
|
|
10
|
|
|
301,781
|
|
Poland
|
20
|
|
|
722,427
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
722,427
|
|
Republic of Ireland
|
6
|
|
|
56,525
|
|
|
3
|
|
|
158,558
|
|
|
9
|
|
|
215,083
|
|
Romania
|
7
|
|
|
303,101
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
303,101
|
|
Russia
|
23
|
|
|
609,408
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
609,408
|
|
Scotland
|
6
|
|
|
184,298
|
|
|
4
|
|
|
375,294
|
|
|
10
|
|
|
559,592
|
|
Serbia
|
1
|
|
|
32,401
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
32,401
|
|
Singapore
|
2
|
|
|
63,909
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
63,909
|
|
Slovakia
|
5
|
|
|
153,548
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
153,548
|
|
Spain
|
7
|
|
|
165,935
|
|
|
6
|
|
|
203,000
|
|
|
13
|
|
|
368,935
|
|
Switzerland
|
4
|
|
|
85,357
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
85,357
|
|
Turkey
|
10
|
|
|
601,353
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
601,353
|
|
Ukraine
|
3
|
|
|
68,887
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
68,887
|
|
United Kingdom
|
37
|
|
|
1,624,491
|
|
|
26
|
|
|
1,525,848
|
|
|
63
|
|
|
3,150,339
|
|
|
376
|
|
|
13,955,064
|
|
|
82
|
|
|
4,443,677
|
|
|
458
|
|
|
18,398,741
|
|
Total
|
860
|
|
|
44,294,249
|
|
|
277
|
|
|
25,594,043
|
|
|
1,137
|
|
|
69,888,292
|
|
Declaration Date
|
|
Dividend
Per Share
|
|
Record Date
|
|
Total
Amount
(in thousands)
|
|
Payment Date
|
||||
March 14, 2014
|
|
$
|
0.2700
|
|
|
March 25, 2014
|
|
$
|
51,812
|
|
|
April 15, 2014
|
May 28, 2014
|
|
0.2700
|
|
|
June 25, 2014
|
|
52,033
|
|
|
July 15, 2014
|
||
September 15, 2014
|
|
0.4750
|
|
|
September 25, 2014
|
|
91,993
|
|
|
October 15, 2014
|
||
September 15, 2014(1)
|
|
3.6144
|
|
|
September 30, 2014
|
|
700,000
|
|
|
November 4, 2014
|
||
November 17, 2014(2)
|
|
0.2550
|
|
|
November 28, 2014
|
|
53,450
|
|
|
December 15, 2014
|
||
November 17, 2014
|
|
0.4750
|
|
|
December 5, 2014
|
|
99,617
|
|
|
December 22, 2014
|
||
February 19, 2015
|
|
0.4750
|
|
|
March 6, 2015
|
|
99,795
|
|
|
March 20, 2015
|
||
May 28, 2015
|
|
0.4750
|
|
|
June 12, 2015
|
|
100,119
|
|
|
June 26, 2015
|
||
August 27, 2015
|
|
0.4750
|
|
|
September 11, 2015
|
|
100,213
|
|
|
September 30, 2015
|
||
October 29, 2015
|
|
0.4850
|
|
|
December 1, 2015
|
|
102,438
|
|
|
December 15, 2015
|
(1)
|
Represents Special Distribution.
|
(2)
|
Represents Catch-Up Distribution.
|
|
Year Ended December 31,
|
|||||||
|
2013
|
|
2014
|
|
2015
|
|||
Nonqualified ordinary dividends
|
0.0
|
%
|
|
26.4
|
%
|
|
49.3
|
%
|
Qualified ordinary dividends
|
100.0
|
%
|
|
56.4
|
%
|
|
39.1
|
%
|
Return of capital
|
0.0
|
%
|
|
17.2
|
%
|
|
11.6
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Consolidated Statements of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Storage rental
|
$
|
1,682,990
|
|
|
$
|
1,733,138
|
|
|
$
|
1,784,721
|
|
|
$
|
1,860,243
|
|
|
$
|
1,837,897
|
|
Service
|
1,330,613
|
|
|
1,270,817
|
|
|
1,239,902
|
|
|
1,257,450
|
|
|
1,170,079
|
|
|||||
Total Revenues
|
3,013,603
|
|
|
3,003,955
|
|
|
3,024,623
|
|
|
3,117,693
|
|
|
3,007,976
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of sales (excluding depreciation and amortization)
|
1,245,200
|
|
|
1,277,113
|
|
|
1,288,878
|
|
|
1,344,636
|
|
|
1,290,025
|
|
|||||
Selling, general and administrative
|
834,591
|
|
|
850,371
|
|
|
924,031
|
|
|
869,572
|
|
|
844,960
|
|
|||||
Depreciation and amortization
|
319,499
|
|
|
316,344
|
|
|
322,037
|
|
|
353,143
|
|
|
345,464
|
|
|||||
Intangible impairments(1)
|
46,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss on disposal/write-down of property, plant and equipment (excluding real estate), net
|
995
|
|
|
4,661
|
|
|
430
|
|
|
1,065
|
|
|
3,000
|
|
|||||
Total Operating Expenses
|
2,446,785
|
|
|
2,448,489
|
|
|
2,535,376
|
|
|
2,568,416
|
|
|
2,483,449
|
|
|||||
Operating Income
|
566,818
|
|
|
555,466
|
|
|
489,247
|
|
|
549,277
|
|
|
524,527
|
|
|||||
Interest Expense, Net
|
205,256
|
|
|
242,599
|
|
|
254,174
|
|
|
260,717
|
|
|
263,871
|
|
|||||
Other Expense, Net
|
13,043
|
|
|
16,062
|
|
|
75,202
|
|
|
65,187
|
|
|
98,590
|
|
|||||
Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
348,519
|
|
|
296,805
|
|
|
159,871
|
|
|
223,373
|
|
|
162,066
|
|
|||||
Provision (Benefit) for Income Taxes
|
105,139
|
|
|
114,304
|
|
|
62,127
|
|
|
(97,275
|
)
|
|
37,713
|
|
|||||
Gain on Sale of Real Estate, Net of Tax
|
(2,361
|
)
|
|
(206
|
)
|
|
(1,417
|
)
|
|
(8,307
|
)
|
|
(850
|
)
|
|||||
Income from Continuing Operations
|
245,741
|
|
|
182,707
|
|
|
99,161
|
|
|
328,955
|
|
|
125,203
|
|
|||||
(Loss) Income from Discontinued Operations, Net of Tax
|
(47,439
|
)
|
|
(6,774
|
)
|
|
831
|
|
|
(209
|
)
|
|
—
|
|
|||||
Gain (Loss) on Sale of Discontinued Operations, Net of Tax
|
200,619
|
|
|
(1,885
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Income
|
398,921
|
|
|
174,048
|
|
|
99,992
|
|
|
328,746
|
|
|
125,203
|
|
|||||
Less: Net Income Attributable to Noncontrolling Interests
|
4,054
|
|
|
3,126
|
|
|
3,530
|
|
|
2,627
|
|
|
1,962
|
|
|||||
Net Income Attributable to Iron Mountain Incorporated
|
$
|
394,867
|
|
|
$
|
170,922
|
|
|
$
|
96,462
|
|
|
$
|
326,119
|
|
|
$
|
123,241
|
|
(footnotes follow)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
||||||||||
|
|
|
(In thousands, except per share data)
|
|
|
||||||||||||||
Earnings (Losses) per Share—Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from Continuing Operations
|
$
|
1.26
|
|
|
$
|
1.05
|
|
|
$
|
0.52
|
|
|
$
|
1.68
|
|
|
$
|
0.59
|
|
Total Income (Loss) from Discontinued Operations
|
$
|
0.79
|
|
|
$
|
(0.05
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Income Attributable to Iron Mountain Incorporated
|
$
|
2.03
|
|
|
$
|
0.98
|
|
|
$
|
0.51
|
|
|
$
|
1.67
|
|
|
$
|
0.58
|
|
Earnings (Losses) per Share—Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from Continuing Operations
|
$
|
1.25
|
|
|
$
|
1.04
|
|
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
0.59
|
|
Total Income (Loss) from Discontinued Operations
|
$
|
0.78
|
|
|
$
|
(0.05
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Income Attributable to Iron Mountain Incorporated
|
$
|
2.02
|
|
|
$
|
0.98
|
|
|
$
|
0.50
|
|
|
$
|
1.66
|
|
|
$
|
0.58
|
|
Weighted Average Common Shares Outstanding—Basic
|
194,777
|
|
|
173,604
|
|
|
190,994
|
|
|
195,278
|
|
|
210,764
|
|
|||||
Weighted Average Common Shares Outstanding—Diluted
|
195,938
|
|
|
174,867
|
|
|
192,412
|
|
|
196,749
|
|
|
212,118
|
|
|||||
Dividends Declared per Common Share
|
$
|
0.9375
|
|
|
$
|
5.1200
|
|
|
$
|
1.0800
|
|
|
$
|
5.3713
|
|
|
$
|
1.9100
|
|
(footnotes follow)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Other Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted OIBDA(2)
|
$
|
949,339
|
|
|
$
|
910,917
|
|
|
$
|
894,581
|
|
|
$
|
925,797
|
|
|
$
|
920,005
|
|
Adjusted OIBDA Margin(2)
|
31.5
|
%
|
|
30.3
|
%
|
|
29.6
|
%
|
|
29.7
|
%
|
|
30.6
|
%
|
|||||
Ratio of Earnings to Fixed Charges
|
2.2x
|
|
|
1.9x
|
|
|
1.5x
|
|
|
1.7x
|
|
|
1.5x
|
|
|||||
(footnotes follow)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
||||||||||||||||||
|
2011(3)
|
|
2012(3)
|
|
2013(3)
|
|
2014(3)
|
|
2015
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Consolidated Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and Cash Equivalents
|
$
|
179,845
|
|
|
$
|
243,415
|
|
|
$
|
120,526
|
|
|
$
|
125,933
|
|
|
$
|
128,381
|
|
Total Assets
|
6,005,460
|
|
|
6,314,489
|
|
|
6,607,398
|
|
|
6,523,265
|
|
|
6,350,587
|
|
|||||
Total Long-Term Debt (including Current Portion of Long-Term Debt)
|
3,317,790
|
|
|
3,781,153
|
|
|
4,126,115
|
|
|
4,616,454
|
|
|
4,845,678
|
|
|||||
Total Equity
|
1,249,742
|
|
|
1,157,148
|
|
|
1,051,734
|
|
|
869,955
|
|
|
528,607
|
|
|||||
(footnotes follow)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
For the year ended December 31, 2011, we recorded a non-cash goodwill impairment charge of $46.5 million in our Continental Western Europe reporting unit, which is a component of the Western European Business segment.
|
(2)
|
Adjusted OIBDA and Adjusted OIBDA Margin are non-GAAP measures. Adjusted OIBDA is defined as operating income before depreciation, amortization, intangible impairments, (gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate), Recall Costs (as defined below) and REIT Costs (as defined below). Adjusted OIBDA Margin is calculated by dividing Adjusted OIBDA by total revenues. For a more detailed definition and reconciliation of Adjusted OIBDA and a discussion of why we believe these non-GAAP measures provide relevant and useful information to our current and potential investors, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures" of this Annual Report.
|
(3)
|
We have adopted the provisions of Accounting Standards Update No. 2015-03,
Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
(“ASU 2015-03”) as of December 31, 2015. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than an asset. The adoption of ASU 2015-03 did not materially impact our consolidated financial position or results of operations. Prior period amounts for all years presented above were reclassified to conform to the current period presentation. Total assets and total long-term debt (including current portion of long-term debt) at December 31, 2011, 2012, 2013 and 2014 have been reduced by $35.8 million, $43.9 million, $45.6 million and $47.1 million, respectively, to reflect the adoption of ASU 2015-03.
|
|
Year Ended December 31,
|
|||||||
|
2013
|
|
2014
|
|
||||
Cost of sales (excluding depreciation and amortization)
|
$
|
3,400
|
|
|
$
|
1,228
|
|
|
Selling, general and administrative expenses
|
20,000
|
|
|
2,247
|
|
|
||
Total
|
$
|
23,400
|
|
|
$
|
3,475
|
|
|
|
Year Ended December 31,
|
|||||||
|
2013
|
|
2014
|
|
||||
North American Records and Information Management Business
|
$
|
12,600
|
|
|
$
|
1,560
|
|
|
North American Data Management Business
|
2,100
|
|
|
340
|
|
|
||
Western European Business
|
2,300
|
|
|
33
|
|
|
||
Other International Business
|
1,400
|
|
|
—
|
|
|
||
Corporate and Other Business
|
5,000
|
|
|
1,542
|
|
|
||
Total
|
$
|
23,400
|
|
|
$
|
3,475
|
|
|
|
Year Ended December 31, 2015
|
|||
Cost of sales (excluding depreciation and amortization)
|
|
$
|
—
|
|
Selling, general and administrative expenses
|
|
10,167
|
|
|
Total
|
|
$
|
10,167
|
|
|
Year Ended December 31, 2015
|
|||
North American Records and Information Management Business
|
|
$
|
5,403
|
|
North American Data Management Business
|
|
241
|
|
|
Western European Business
|
|
1,537
|
|
|
Other International Business
|
|
—
|
|
|
Corporate and Other Business
|
|
2,986
|
|
|
Total
|
|
$
|
10,167
|
|
|
Average Exchange
Rates for the
Year Ended
December 31,
|
|
|||||||
|
Percentage
Strengthening /
(Weakening) of
Foreign Currency
|
||||||||
|
2014
|
|
2015
|
||||||
Australian dollar
|
$
|
0.902
|
|
|
$
|
0.753
|
|
(16.5
|
)%
|
Brazilian real
|
$
|
0.426
|
|
|
$
|
0.305
|
|
(28.4
|
)%
|
British pound sterling
|
$
|
1.648
|
|
|
$
|
1.529
|
|
(7.2
|
)%
|
Canadian dollar
|
$
|
0.906
|
|
|
$
|
0.784
|
|
(13.5
|
)%
|
Euro
|
$
|
1.329
|
|
|
$
|
1.110
|
|
(16.5
|
)%
|
|
Average Exchange
Rates for the
Year Ended
December 31,
|
|
|||||||
|
Percentage
Strengthening /
(Weakening) of
Foreign Currency
|
||||||||
|
2013
|
|
2014
|
||||||
Australian dollar
|
$
|
0.968
|
|
|
$
|
0.902
|
|
(6.8
|
)%
|
Brazilian real
|
$
|
0.465
|
|
|
$
|
0.426
|
|
(8.4
|
)%
|
British pound sterling
|
$
|
1.565
|
|
|
$
|
1.648
|
|
5.3
|
%
|
Canadian dollar
|
$
|
0.971
|
|
|
$
|
0.906
|
|
(6.7
|
)%
|
Euro
|
$
|
1.328
|
|
|
$
|
1.329
|
|
0.1
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
||||||||||
Operating Income
|
$
|
566,818
|
|
|
$
|
555,466
|
|
|
$
|
489,247
|
|
|
$
|
549,277
|
|
|
$
|
524,527
|
|
Add: Depreciation and Amortization
|
319,499
|
|
|
316,344
|
|
|
322,037
|
|
|
353,143
|
|
|
345,464
|
|
|||||
Intangible Impairments
|
46,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss on Disposal/Write-Down of Property, Plant and Equipment (Excluding Real Estate), Net
|
995
|
|
|
4,661
|
|
|
430
|
|
|
1,065
|
|
|
3,000
|
|
|||||
Recall Costs(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,014
|
|
|||||
REIT Costs(2)
|
15,527
|
|
|
34,446
|
|
|
82,867
|
|
|
22,312
|
|
|
—
|
|
|||||
Adjusted OIBDA
|
$
|
949,339
|
|
|
$
|
910,917
|
|
|
$
|
894,581
|
|
|
$
|
925,797
|
|
|
$
|
920,005
|
|
(1)
|
Includes operating expenditures associated with our proposed acquisition of Recall, including costs to complete the Recall Transaction, including advisory and professional fees, as well as costs incurred to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs ("Recall Costs").
|
(2)
|
Includes costs associated with our 2011 proxy contest, costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to recur in future periods ("REIT Costs").
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
||||||||||
Reported EPS—Fully Diluted from Continuing Operations
|
$
|
1.25
|
|
|
$
|
1.04
|
|
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
0.59
|
|
Add: Loss on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), Net
|
0.01
|
|
|
0.03
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|||||
Gain on Sale of Real Estate, Net of Tax
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
|
(0.04
|
)
|
|
—
|
|
|||||
Intangible Impairments
|
0.24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Recall Costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.22
|
|
|||||
REIT Costs
|
0.08
|
|
|
0.20
|
|
|
0.43
|
|
|
0.11
|
|
|
—
|
|
|||||
Other Expense, Net
|
0.07
|
|
|
0.09
|
|
|
0.39
|
|
|
0.33
|
|
|
0.46
|
|
|||||
Tax Impact of Reconciling Items and Discrete Tax Items(1)
|
0.21
|
|
|
0.35
|
|
|
0.07
|
|
|
(0.72
|
)
|
|
(0.07
|
)
|
|||||
Adjusted EPS—Fully Diluted from Continuing Operations
|
$
|
1.85
|
|
|
$
|
1.71
|
|
|
$
|
1.40
|
|
|
$
|
1.36
|
|
|
$
|
1.21
|
|
(1)
|
Adjusted EPS for the years ended December 31, 2011, 2012 and 2013 have been restated to reflect a structural tax rate of approximately 15.0%. Adjusted EPS for the year ended December 31, 2014 reflects a structural tax rate of approximately 14.4%. Adjusted EPS for the year ended
December 31, 2015
reflects a structural tax rate of approximately 16.8%. The structural tax rates reflect the tax impact of the reconciling items above as well as discrete tax items.
|
|
Year Ended December 31,
|
||||||
|
2014
|
|
2015
|
||||
Net Income
|
$
|
328,746
|
|
|
$
|
125,203
|
|
Add: Real Estate Depreciation(1)
|
184,170
|
|
|
178,800
|
|
||
Gain on Sale of Real Estate, Net of Tax
|
(8,307
|
)
|
|
(850
|
)
|
||
FFO (NAREIT)
|
504,609
|
|
|
303,153
|
|
||
Add: Loss on Disposal/Write-Down of Property, Plant and Equipment (Excluding Real Estate), Net
|
1,065
|
|
|
3,000
|
|
||
Recall Costs
|
—
|
|
|
47,014
|
|
||
REIT Costs
|
22,312
|
|
|
—
|
|
||
Other Expense, Net(2)
|
65,187
|
|
|
98,590
|
|
||
Deferred Income Taxes and REIT Tax Adjustments(3)
|
(144,154
|
)
|
|
(5,513
|
)
|
||
Loss from Discontinued Operations, Net of Tax
|
209
|
|
|
—
|
|
||
FFO (Normalized)
|
$
|
449,228
|
|
|
$
|
446,244
|
|
(1)
|
Includes depreciation expense related to real estate assets (land improvements, buildings, building improvements and racking).
|
(2)
|
Includes foreign currency transaction gains and losses, net of $58.3 million and $70.9 million in the years ended
December 31, 2014
and
2015
, respectively.
|
(3)
|
REIT tax adjustments primarily include the impact of the repatriation of foreign earnings and accounting method changes related to our REIT conversion (including the impact of amended tax returns).
|
•
|
A significant decrease in the market price of an asset;
|
•
|
A significant change in the extent or manner in which a long-lived asset is being used or in its physical condition;
|
•
|
A significant adverse change in legal factors or in the business climate that could affect the value of the asset;
|
•
|
An accumulation of costs significantly greater than the amount originally expected for the acquisition or construction of an asset;
|
•
|
A current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; and
|
•
|
A current expectation that, more likely than not, an asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
Dollar
Change
|
|
Percentage
Change
|
|||||||||||
|
2014
|
|
2015
|
|
||||||||||
Revenues
|
$
|
3,117,693
|
|
|
$
|
3,007,976
|
|
|
$
|
(109,717
|
)
|
|
(3.5
|
)%
|
Operating Expenses
|
2,568,416
|
|
|
2,483,449
|
|
|
(84,967
|
)
|
|
(3.3
|
)%
|
|||
Operating Income
|
549,277
|
|
|
524,527
|
|
|
(24,750
|
)
|
|
(4.5
|
)%
|
|||
Other Expenses, Net
|
220,322
|
|
|
399,324
|
|
|
179,002
|
|
|
81.2
|
%
|
|||
Income from Continuing Operations
|
328,955
|
|
|
125,203
|
|
|
(203,752
|
)
|
|
(61.9
|
)%
|
|||
Loss from Discontinued Operations, Net of Tax
|
(209
|
)
|
|
—
|
|
|
209
|
|
|
(100.0
|
)%
|
|||
Net Income
|
328,746
|
|
|
125,203
|
|
|
(203,543
|
)
|
|
(61.9
|
)%
|
|||
Net Income Attributable to Noncontrolling Interests
|
2,627
|
|
|
1,962
|
|
|
(665
|
)
|
|
(25.3
|
)%
|
|||
Net Income Attributable to Iron Mountain Incorporated
|
$
|
326,119
|
|
|
$
|
123,241
|
|
|
$
|
(202,878
|
)
|
|
(62.2
|
)%
|
Adjusted OIBDA(1)
|
$
|
925,797
|
|
|
$
|
920,005
|
|
|
$
|
(5,792
|
)
|
|
(0.6
|
)%
|
Adjusted OIBDA Margin(1)
|
29.7
|
%
|
|
30.6
|
%
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
Dollar
Change
|
|
Percentage
Change
|
|||||||||||
|
2013
|
|
2014
|
|
||||||||||
Revenues
|
$
|
3,024,623
|
|
|
$
|
3,117,693
|
|
|
$
|
93,070
|
|
|
3.1
|
%
|
Operating Expenses
|
2,535,376
|
|
|
2,568,416
|
|
|
33,040
|
|
|
1.3
|
%
|
|||
Operating Income
|
489,247
|
|
|
549,277
|
|
|
60,030
|
|
|
12.3
|
%
|
|||
Other Expenses, Net
|
390,086
|
|
|
220,322
|
|
|
(169,764
|
)
|
|
(43.5
|
)%
|
|||
Income from Continuing Operations
|
99,161
|
|
|
328,955
|
|
|
229,794
|
|
|
231.7
|
%
|
|||
Income (Loss) from Discontinued Operations, Net of Tax
|
831
|
|
|
(209
|
)
|
|
(1,040
|
)
|
|
(125.2
|
)%
|
|||
Net Income
|
99,992
|
|
|
328,746
|
|
|
228,754
|
|
|
228.8
|
%
|
|||
Net Income Attributable to Noncontrolling Interests
|
3,530
|
|
|
2,627
|
|
|
(903
|
)
|
|
(25.6
|
)%
|
|||
Net Income Attributable to Iron Mountain Incorporated
|
$
|
96,462
|
|
|
$
|
326,119
|
|
|
$
|
229,657
|
|
|
238.1
|
%
|
Adjusted OIBDA(1)
|
$
|
894,581
|
|
|
$
|
925,797
|
|
|
$
|
31,216
|
|
|
3.5
|
%
|
Adjusted OIBDA Margin(1)
|
29.6
|
%
|
|
29.7
|
%
|
|
|
|
|
|
|
(1)
|
See "Non-GAAP Measures—Adjusted OIBDA" in this Annual Report for the definition, reconciliation and a discussion of why we believe these measures provide relevant and useful information to our current and potential investors.
|
|
|
|
|
|
|
|
Percentage Change
|
|
|
|||||||||||
|
Year Ended December 31,
|
|
|
|
|
|||||||||||||||
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency(1)
|
|
Internal
Growth(2)
|
|||||||||||||
|
2014
|
|
2015
|
|
|
|||||||||||||||
Storage Rental
|
$
|
1,860,243
|
|
|
$
|
1,837,897
|
|
|
$
|
(22,346
|
)
|
|
(1.2
|
)%
|
|
4.0
|
%
|
|
2.7
|
%
|
Service
|
1,257,450
|
|
|
1,170,079
|
|
|
(87,371
|
)
|
|
(6.9
|
)%
|
|
(0.9
|
)%
|
|
(0.4
|
)%
|
|||
Total Revenues
|
$
|
3,117,693
|
|
|
$
|
3,007,976
|
|
|
$
|
(109,717
|
)
|
|
(3.5
|
)%
|
|
2.1
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Percentage Change
|
|
|
|||||||||||
|
Year Ended December 31,
|
|
|
|
|
|||||||||||||||
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency(1)
|
|
Internal
Growth(2)
|
|||||||||||||
|
2013
|
|
2014
|
|
|
|||||||||||||||
Storage Rental
|
$
|
1,784,721
|
|
|
$
|
1,860,243
|
|
|
$
|
75,522
|
|
|
4.2
|
%
|
|
5.4
|
%
|
|
2.2
|
%
|
Service
|
1,239,902
|
|
|
1,257,450
|
|
|
17,548
|
|
|
1.4
|
%
|
|
2.8
|
%
|
|
(0.7
|
)%
|
|||
Total Revenues
|
$
|
3,024,623
|
|
|
$
|
3,117,693
|
|
|
$
|
93,070
|
|
|
3.1
|
%
|
|
4.3
|
%
|
|
1.0
|
%
|
(1)
|
Constant currency growth rates are calculated by translating the
2014
results at the
2015
average exchange rates and the
2013
results at the
2014
average exchange rates.
|
(2)
|
Our revenue internal growth rate represents the weighted average year-over-year growth rate of our revenues after removing the effects of acquisitions, divestitures and foreign currency exchange rate fluctuations. We calculate revenue internal growth in local currency for our international operations.
|
|
2014
|
|
2015
|
||||||||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Storage Rental Revenue
|
1.4
|
%
|
|
1.6
|
%
|
|
2.2
|
%
|
|
3.5
|
%
|
|
3.0
|
%
|
|
2.7
|
%
|
|
2.8
|
%
|
|
2.2
|
%
|
Service Revenue
|
(0.7
|
)%
|
|
(1.9
|
)%
|
|
(2.7
|
)%
|
|
2.3
|
%
|
|
(1.0
|
)%
|
|
—
|
%
|
|
(0.9
|
)%
|
|
0.3
|
%
|
Total Revenue
|
0.5
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
3.0
|
%
|
|
1.4
|
%
|
|
1.6
|
%
|
|
1.3
|
%
|
|
1.4
|
%
|
|
Year Ended December 31,
|
|
|
|
Percentage
Change
|
|
% of
Consolidated
Revenues
|
|
Percentage
Change
(Favorable)/
Unfavorable
|
|||||||||||||||||
|
2014
|
|
2015
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
2014
|
|
2015
|
|
||||||||||||
Labor
|
$
|
674,658
|
|
|
$
|
647,082
|
|
|
$
|
(27,576
|
)
|
|
(4.1
|
)%
|
|
2.8
|
%
|
|
21.6
|
%
|
|
21.5
|
%
|
|
(0.1
|
)%
|
Facilities
|
440,408
|
|
|
425,882
|
|
|
(14,526
|
)
|
|
(3.3
|
)%
|
|
2.7
|
%
|
|
14.1
|
%
|
|
14.2
|
%
|
|
0.1
|
%
|
|||
Transportation
|
118,027
|
|
|
101,240
|
|
|
(16,787
|
)
|
|
(14.2
|
)%
|
|
(9.5
|
)%
|
|
3.8
|
%
|
|
3.4
|
%
|
|
(0.4
|
)%
|
|||
Product Cost of Sales and Other
|
111,543
|
|
|
115,821
|
|
|
4,278
|
|
|
3.8
|
%
|
|
12.9
|
%
|
|
3.6
|
%
|
|
3.9
|
%
|
|
0.3
|
%
|
|||
|
$
|
1,344,636
|
|
|
$
|
1,290,025
|
|
|
$
|
(54,611
|
)
|
|
(4.1
|
)%
|
|
2.5
|
%
|
|
43.1
|
%
|
|
42.9
|
%
|
|
(0.2
|
)%
|
|
Year Ended December 31,
|
|
|
|
Percentage
Change |
|
% of
Consolidated Revenues |
|
Percentage
Change (Favorable)/ Unfavorable |
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
2013
|
|
2014
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
2013
|
|
2014
|
|
||||||||||||
Labor
|
$
|
638,403
|
|
|
$
|
674,658
|
|
|
$
|
36,255
|
|
|
5.7
|
%
|
|
7.7
|
%
|
|
21.1
|
%
|
|
21.6
|
%
|
|
0.5
|
%
|
Facilities
|
413,675
|
|
|
440,408
|
|
|
26,733
|
|
|
6.5
|
%
|
|
7.5
|
%
|
|
13.7
|
%
|
|
14.1
|
%
|
|
0.4
|
%
|
|||
Transportation
|
123,179
|
|
|
118,027
|
|
|
(5,152
|
)
|
|
(4.2
|
)%
|
|
(2.6
|
)%
|
|
4.1
|
%
|
|
3.8
|
%
|
|
(0.3
|
)%
|
|||
Product Cost of Sales and Other
|
113,621
|
|
|
111,543
|
|
|
(2,078
|
)
|
|
(1.8
|
)%
|
|
—
|
%
|
|
3.8
|
%
|
|
3.6
|
%
|
|
(0.2
|
)%
|
|||
|
$
|
1,288,878
|
|
|
$
|
1,344,636
|
|
|
$
|
55,758
|
|
|
4.3
|
%
|
|
6.0
|
%
|
|
42.6
|
%
|
|
43.1
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
Percentage
Change |
|
|
|
|
|
|
|||||||||||||
|
Year Ended December 31,
|
|
|
|
% of
Consolidated
Revenues
|
|
Percentage
Change
(Favorable)/
Unfavorable
|
|||||||||||||||||||
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
|
|||||||||||||||||||
|
2014
|
|
2015
|
|
|
2014
|
|
2015
|
|
|||||||||||||||||
General and Administrative
|
$
|
538,657
|
|
|
$
|
515,973
|
|
|
$
|
(22,684
|
)
|
|
(4.2
|
)%
|
|
0.5
|
%
|
|
17.3
|
%
|
|
17.2
|
%
|
|
(0.1
|
)%
|
Sales, Marketing & Account Management
|
213,532
|
|
|
214,029
|
|
|
497
|
|
|
0.2
|
%
|
|
5.0
|
%
|
|
6.8
|
%
|
|
7.1
|
%
|
|
0.3
|
%
|
|||
Information Technology
|
103,174
|
|
|
99,632
|
|
|
(3,542
|
)
|
|
(3.4
|
)%
|
|
1.1
|
%
|
|
3.3
|
%
|
|
3.3
|
%
|
|
—
|
%
|
|||
Bad Debt Expense
|
14,209
|
|
|
15,326
|
|
|
1,117
|
|
|
7.9
|
%
|
|
10.6
|
%
|
|
0.5
|
%
|
|
0.5
|
%
|
|
—
|
%
|
|||
|
$
|
869,572
|
|
|
$
|
844,960
|
|
|
$
|
(24,612
|
)
|
|
(2.8
|
)%
|
|
1.9
|
%
|
|
27.9
|
%
|
|
28.1
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
Percentage
Change
|
|
|
|
|
|
|
|||||||||||||
|
Year Ended December 31,
|
|
|
|
% of
Consolidated
Revenues
|
|
Percentage
Change
(Favorable)/
Unfavorable
|
|||||||||||||||||||
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
||||||||||||||||||||
|
2013
|
|
2014
|
|
|
|
2013
|
|
2014
|
|
||||||||||||||||
General and Administrative
|
$
|
595,699
|
|
|
$
|
538,657
|
|
|
$
|
(57,042
|
)
|
|
(9.6
|
)%
|
|
(8.8
|
)%
|
|
19.7
|
%
|
|
17.3
|
%
|
|
(2.4
|
)%
|
Sales, Marketing & Account Management
|
219,143
|
|
|
213,532
|
|
|
(5,611
|
)
|
|
(2.6
|
)%
|
|
(1.8
|
)%
|
|
7.2
|
%
|
|
6.8
|
%
|
|
(0.4
|
)%
|
|||
Information Technology
|
97,868
|
|
|
103,174
|
|
|
5,306
|
|
|
5.4
|
%
|
|
6.1
|
%
|
|
3.2
|
%
|
|
3.3
|
%
|
|
0.1
|
%
|
|||
Bad Debt Expense
|
11,321
|
|
|
14,209
|
|
|
2,888
|
|
|
25.5
|
%
|
|
27.4
|
%
|
|
0.4
|
%
|
|
0.5
|
%
|
|
0.1
|
%
|
|||
|
$
|
924,031
|
|
|
$
|
869,572
|
|
|
$
|
(54,459
|
)
|
|
(5.9
|
)%
|
|
(5.1
|
)%
|
|
30.6
|
%
|
|
27.9
|
%
|
|
(2.7
|
)%
|
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Percentage Change
|
|||||||||
|
2014
|
|
2015
|
|
||||||||||
Operating Income
|
$
|
549,277
|
|
|
$
|
524,527
|
|
|
$
|
(24,750
|
)
|
|
(4.5
|
)%
|
Operating Income as a Percentage of Consolidated Revenue
|
17.6
|
%
|
|
17.4
|
%
|
|
|
|
|
|||||
Adjusted OIBDA
|
925,797
|
|
|
920,005
|
|
|
(5,792
|
)
|
|
(0.6
|
)%
|
|||
Adjusted OIBDA Margin
|
29.7
|
%
|
|
30.6
|
%
|
|
|
|
|
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Percentage Change
|
|||||||||
|
2013
|
|
2014
|
|
||||||||||
Operating Income
|
$
|
489,247
|
|
|
$
|
549,277
|
|
|
$
|
60,030
|
|
|
12.3
|
%
|
Operating Income as a Percentage of Consolidated Revenue
|
16.2
|
%
|
|
17.6
|
%
|
|
|
|
|
|||||
Adjusted OIBDA
|
894,581
|
|
|
925,797
|
|
|
31,216
|
|
|
3.5
|
%
|
|||
Adjusted OIBDA Margin
|
29.6
|
%
|
|
29.7
|
%
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
||||||||
|
Dollar
Change
|
||||||||||
|
2014
|
|
2015
|
|
|||||||
Foreign currency transaction losses, net
|
$
|
58,316
|
|
|
$
|
70,851
|
|
|
$
|
12,535
|
|
Debt extinguishment expense, net
|
16,495
|
|
|
27,305
|
|
|
10,810
|
|
|||
Other, net
|
(9,624
|
)
|
|
434
|
|
|
10,058
|
|
|||
|
$
|
65,187
|
|
|
$
|
98,590
|
|
|
$
|
33,403
|
|
|
Year Ended
December 31,
|
|
|
||||||||
|
|
Dollar
Change
|
|||||||||
|
2013
|
|
2014
|
|
|||||||
Foreign currency transaction losses, net
|
$
|
36,201
|
|
|
$
|
58,316
|
|
|
$
|
22,115
|
|
Debt extinguishment expense, net
|
43,724
|
|
|
16,495
|
|
|
(27,229
|
)
|
|||
Other, net
|
(4,723
|
)
|
|
(9,624
|
)
|
|
(4,901
|
)
|
|||
|
$
|
75,202
|
|
|
$
|
65,187
|
|
|
$
|
(10,015
|
)
|
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Percentage Change
|
|||||||||
|
2014
|
|
2015
|
|
||||||||||
Income from Continuing Operations
|
$
|
328,955
|
|
|
$
|
125,203
|
|
|
$
|
(203,752
|
)
|
|
(61.9
|
)%
|
Income from Continuing Operations as a Percentage of Consolidated Revenue
|
10.6
|
%
|
|
4.2
|
%
|
|
|
|
|
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Percentage Change
|
|||||||||
|
2013
|
|
2014
|
|
||||||||||
Income from Continuing Operations
|
$
|
99,161
|
|
|
$
|
328,955
|
|
|
$
|
229,794
|
|
|
231.7
|
%
|
Income from Continuing Operations as a Percentage of Consolidated Revenue
|
3.3
|
%
|
|
10.6
|
%
|
|
|
|
|
•
|
North American Records and Information Management Business—storage and information management services, including Records Management, Destruction and DMS throughout the United States and Canada; as well as Fulfillment Services and Intellectual Property Management in the United States.
|
•
|
North American Data Management Business—Data Protection & Recovery; server and computer backup services; digital content repository systems to house, distribute, and archive key media assets; and storage, safeguarding and electronic or physical delivery of physical media of all types, primarily for entertainment and media industry clients, throughout the United States and Canada.
|
•
|
Western European Business—storage and information management services, including Records Management, Data Protection & Recovery and DMS throughout the United Kingdom, Ireland, Austria, Belgium, France, Germany, Netherlands, Spain and Switzerland. Until December 2014, our Western European Business segment offered Destruction in the United Kingdom and Ireland.
|
•
|
Other International Business—storage and information management services throughout the remaining European countries in which we operate, Latin America and Asia Pacific, including Records Management, Data Protection & Recovery and DMS. Our European operations included within the Other International Business segment provide Records Management, Data Protection & Recovery and DMS. Our Latin America operations provide Records Management, Data Protection & Recovery, Destruction and DMS throughout Argentina, Brazil, Chile, Colombia, Mexico and Peru. Our Asia Pacific operations provide Records Management, Data Protection & Recovery and DMS throughout Australia, with Records Management and Data Protection & Recovery also provided in certain cities in India, Singapore, Hong Kong‑SAR and China. Until December 2014, our Other International Business segment offered Destruction in Australia.
|
•
|
Corporate and Other Business—primarily consists of our data center and fine art storage businesses in the United States, the primary product offerings of our Adjacent Businesses operating segment (which was formerly referred to as our Emerging Businesses operating segment), as well as costs related to executive and staff functions, including finance, human resources and information technology, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. Our Corporate and Other Business segment also includes stock-based employee compensation expense associated with all stock options, restricted stock, restricted stock units, performance units and shares of stock issued under our employee stock purchase plan.
|
|
|
|
|
|
|
|
Percentage
Change
|
|
|
|||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
|||||||||||
|
2014
|
|
2015
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
1,080,013
|
|
|
$
|
1,077,305
|
|
|
$
|
(2,708
|
)
|
|
(0.3
|
)%
|
|
1.1
|
%
|
|
0.1
|
%
|
Service
|
715,348
|
|
|
698,060
|
|
|
(17,288
|
)
|
|
(2.4
|
)%
|
|
(0.6
|
)%
|
|
(1.6
|
)%
|
|||
Segment Revenue
|
$
|
1,795,361
|
|
|
$
|
1,775,365
|
|
|
$
|
(19,996
|
)
|
|
(1.1
|
)%
|
|
0.4
|
%
|
|
(0.6
|
)%
|
Segment Adjusted OIBDA(1)
|
$
|
698,719
|
|
|
$
|
714,639
|
|
|
$
|
15,920
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
38.9
|
%
|
|
40.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
Change
|
|
|
|||||||||||
|
Year Ended December 31,
|
|
|
|
|
|
||||||||||||||
|
|
Dollar
Change
|
|
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2013
|
|
2014
|
|
|
Actual
|
|
|
||||||||||||
Storage Rental
|
$
|
1,057,126
|
|
|
$
|
1,080,013
|
|
|
$
|
22,887
|
|
|
2.2
|
%
|
|
2.9
|
%
|
|
0.3
|
%
|
Service
|
712,107
|
|
|
715,348
|
|
|
3,241
|
|
|
0.5
|
%
|
|
1.4
|
%
|
|
(0.5
|
)%
|
|||
Segment Revenue
|
$
|
1,769,233
|
|
|
$
|
1,795,361
|
|
|
$
|
26,128
|
|
|
1.5
|
%
|
|
2.3
|
%
|
|
—
|
%
|
Segment Adjusted OIBDA(1)
|
$
|
652,575
|
|
|
$
|
698,719
|
|
|
$
|
46,144
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
36.9
|
%
|
|
38.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Note 9 to Notes to the Consolidated Financial Statements included in this Annual Report for the definition of Adjusted OIBDA and for the basis on which allocations are made and a reconciliation of Adjusted OIBDA to income (loss) from continuing operations before provision (benefit) for income taxes and gain on sale of real estate.
|
|
|
|
|
|
|
|
Percentage
Change
|
|
|
|||||||||||
|
Year Ended December 31,
|
|
|
|
|
|
||||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2014
|
|
2015
|
|
|
|||||||||||||||
Storage Rental
|
$
|
247,017
|
|
|
$
|
255,601
|
|
|
$
|
8,584
|
|
|
3.5
|
%
|
|
4.4
|
%
|
|
4.2
|
%
|
Service
|
143,190
|
|
|
134,885
|
|
|
(8,305
|
)
|
|
(5.8
|
)%
|
|
(4.9
|
)%
|
|
(5.1
|
)%
|
|||
Segment Revenue
|
$
|
390,207
|
|
|
$
|
390,486
|
|
|
$
|
279
|
|
|
0.1
|
%
|
|
1.0
|
%
|
|
0.8
|
%
|
Segment Adjusted OIBDA(1)
|
$
|
226,396
|
|
|
$
|
203,803
|
|
|
$
|
(22,593
|
)
|
|
|
|
|
|
|
|
|
|
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
58.0
|
%
|
|
52.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
Change
|
|
|
|||||||||||
|
Year Ended December 31,
|
|
|
|
|
|||||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2013
|
|
2014
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
241,772
|
|
|
$
|
247,017
|
|
|
$
|
5,245
|
|
|
2.2
|
%
|
|
2.6
|
%
|
|
2.3
|
%
|
Service
|
154,747
|
|
|
143,190
|
|
|
(11,557
|
)
|
|
(7.5
|
)%
|
|
(7.0
|
)%
|
|
(7.5
|
)%
|
|||
Segment Revenue
|
$
|
396,519
|
|
|
$
|
390,207
|
|
|
$
|
(6,312
|
)
|
|
(1.6
|
)%
|
|
(1.1
|
)%
|
|
(1.5
|
)%
|
Segment Adjusted OIBDA(1)
|
$
|
237,380
|
|
|
$
|
226,396
|
|
|
$
|
(10,984
|
)
|
|
|
|
|
|
|
|
|
|
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
59.9
|
%
|
|
58.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Note 9 to Notes to the Consolidated Financial Statements included in this Annual Report for the definition of Adjusted OIBDA and for the basis on which allocations are made and a reconciliation of Adjusted OIBDA to income (loss) from continuing operations before provision (benefit) for income taxes and gain on sale of real estate.
|
|
|
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
|||||||||||
|
2014
|
|
2015
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
257,390
|
|
|
$
|
239,257
|
|
|
$
|
(18,133
|
)
|
|
(7.0
|
)%
|
|
3.9
|
%
|
|
2.7
|
%
|
Service
|
191,841
|
|
|
158,256
|
|
|
(33,585
|
)
|
|
(17.5
|
)%
|
|
(7.8
|
)%
|
|
(0.6
|
)%
|
|||
Segment Revenue
|
$
|
449,231
|
|
|
$
|
397,513
|
|
|
$
|
(51,718
|
)
|
|
(11.5
|
)%
|
|
(1.1
|
)%
|
|
1.4
|
%
|
Segment Adjusted OIBDA(1)
|
$
|
130,423
|
|
|
$
|
120,649
|
|
|
$
|
(9,774
|
)
|
|
|
|
|
|
|
|||
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
29.0
|
%
|
|
30.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
|||||||||||
|
2013
|
|
2014
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
242,563
|
|
|
$
|
257,390
|
|
|
$
|
14,827
|
|
|
6.1
|
%
|
|
2.7
|
%
|
|
1.9
|
%
|
Service
|
192,783
|
|
|
191,841
|
|
|
(942
|
)
|
|
(0.5
|
)%
|
|
(3.8
|
)%
|
|
(4.0
|
)%
|
|||
Segment Revenue
|
$
|
435,346
|
|
|
$
|
449,231
|
|
|
$
|
13,885
|
|
|
3.2
|
%
|
|
(0.2
|
)%
|
|
(0.6
|
)%
|
Segment Adjusted OIBDA(1)
|
$
|
118,823
|
|
|
$
|
130,423
|
|
|
$
|
11,600
|
|
|
|
|
|
|
|
|||
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
27.3
|
%
|
|
29.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Note 9 to Notes to the Consolidated Financial Statements included in this Annual Report for the definition of Adjusted OIBDA and for the basis on which allocations are made and a reconciliation of Adjusted OIBDA to income (loss) from continuing operations before provision (benefit) for income taxes and gain on sale of real estate.
|
|
|
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
|||||||||||
|
2014
|
|
2015
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
263,737
|
|
|
$
|
245,154
|
|
|
$
|
(18,583
|
)
|
|
(7.0
|
)%
|
|
14.4
|
%
|
|
10.8
|
%
|
Service
|
205,577
|
|
|
176,206
|
|
|
(29,371
|
)
|
|
(14.3
|
)%
|
|
7.6
|
%
|
|
9.0
|
%
|
|||
Segment Revenue
|
$
|
469,314
|
|
|
$
|
421,360
|
|
|
$
|
(47,954
|
)
|
|
(10.2
|
)%
|
|
11.5
|
%
|
|
10.0
|
%
|
Segment Adjusted OIBDA(1)
|
$
|
84,468
|
|
|
$
|
87,341
|
|
|
$
|
2,873
|
|
|
|
|
|
|
|
|||
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
18.0
|
%
|
|
20.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change
|
|
|
|||||||||||||
|
Year Ended December 31,
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
|||||||||||
|
2013
|
|
2014
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
231,160
|
|
|
$
|
263,737
|
|
|
$
|
32,577
|
|
|
14.1
|
%
|
|
24.6
|
%
|
|
11.6
|
%
|
Service
|
179,093
|
|
|
205,577
|
|
|
26,484
|
|
|
14.8
|
%
|
|
25.7
|
%
|
|
9.4
|
%
|
|||
Segment Revenue
|
$
|
410,253
|
|
|
$
|
469,314
|
|
|
$
|
59,061
|
|
|
14.4
|
%
|
|
25.0
|
%
|
|
10.7
|
%
|
Segment Adjusted OIBDA(1)
|
$
|
87,180
|
|
|
$
|
84,468
|
|
|
$
|
(2,712
|
)
|
|
|
|
|
|
|
|||
Segment Adjusted OIBDA(1) as a Percentage of Segment Revenue
|
21.3
|
%
|
|
18.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Note 9 to Notes to the Consolidated Financial Statements included in this Annual Report for the definition of Adjusted OIBDA and for the basis on which allocations are made and a reconciliation of Adjusted OIBDA to income (loss) from continuing operations before provision (benefit) for income taxes and gain on sale of real estate.
|
|
Year Ended December 31,
|
|
|
|
Percentage
Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2014
|
|
2015
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
12,086
|
|
|
$
|
20,580
|
|
|
$
|
8,494
|
|
|
70.3
|
%
|
|
70.3
|
%
|
|
49.9
|
%
|
Service
|
1,494
|
|
|
2,672
|
|
|
1,178
|
|
|
78.8
|
%
|
|
78.8
|
%
|
|
33.4
|
%
|
|||
Segment Revenue
|
$
|
13,580
|
|
|
$
|
23,252
|
|
|
$
|
9,672
|
|
|
71.2
|
%
|
|
71.2
|
%
|
|
48.5
|
%
|
Segment Adjusted OIBDA(1)
|
$
|
(214,209
|
)
|
|
$
|
(206,427
|
)
|
|
$
|
7,782
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted OIBDA(1) as a Percentage of Consolidated Revenue
|
(6.9
|
)%
|
|
(6.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
Percentage
Change
|
|
|
|||||||||||||
|
|
Dollar
Change
|
|
Actual
|
|
Constant
Currency
|
|
Internal
Growth
|
||||||||||||
|
2013
|
|
2014
|
|
|
|
|
|||||||||||||
Storage Rental
|
$
|
12,100
|
|
|
$
|
12,086
|
|
|
$
|
(14
|
)
|
|
(0.1
|
)%
|
|
(0.1
|
)%
|
|
(0.1
|
)%
|
Service
|
1,172
|
|
|
1,494
|
|
|
322
|
|
|
27.5
|
%
|
|
27.5
|
%
|
|
27.5
|
%
|
|||
Segment Revenue
|
$
|
13,272
|
|
|
$
|
13,580
|
|
|
$
|
308
|
|
|
2.3
|
%
|
|
2.3
|
%
|
|
2.3
|
%
|
Segment Adjusted OIBDA(1)
|
$
|
(201,377
|
)
|
|
$
|
(214,209
|
)
|
|
$
|
(12,832
|
)
|
|
|
|
|
|
|
|
|
|
Segment Adjusted OIBDA(1) as a Percentage of Consolidated Revenue
|
(6.7
|
)%
|
|
(6.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Note 9 to Notes to the Consolidated Financial Statements included in this Annual Report for the definition of Adjusted OIBDA and for the basis on which allocations are made and a reconciliation of Adjusted OIBDA to income (loss) from continuing operations before provision (benefit) for income taxes and gain on sale of real estate.
|
|
|
2013
|
|
2014
|
|
2015
|
||||||
Cash flows from operating activities—continuing operations
|
|
$
|
506,593
|
|
|
$
|
472,948
|
|
|
$
|
541,760
|
|
Cash flows from investing activities—continuing operations
|
|
(632,750
|
)
|
|
(479,978
|
)
|
|
(422,786
|
)
|
|||
Cash flows from financing activities—continuing operations
|
|
18,564
|
|
|
19,857
|
|
|
(108,511
|
)
|
|||
Cash and cash equivalents at the end of year
|
|
120,526
|
|
|
125,933
|
|
|
128,381
|
|
|
Year Ended December 31,
|
||||||||||
Nature of Capital Spend (in thousands)
|
2013
|
|
2014
|
|
2015
|
||||||
Real Estate:
|
|
||||||||||
Investment
|
$
|
135,708
|
|
|
$
|
199,663
|
|
|
$
|
170,742
|
|
Maintenance
|
61,863
|
|
|
57,574
|
|
|
52,826
|
|
|||
Total Real Estate Capital Spend
|
197,571
|
|
|
257,237
|
|
|
223,568
|
|
|||
Non-Real Estate:
|
|
|
|
|
|
|
|
|
|||
Investment
|
91,792
|
|
|
55,991
|
|
|
47,964
|
|
|||
Maintenance
|
22,644
|
|
|
19,527
|
|
|
23,396
|
|
|||
Total Non-Real Estate Capital Spend
|
114,436
|
|
|
75,518
|
|
|
71,360
|
|
|||
|
|
|
|
|
|
||||||
Total Capital Spend (on accrual basis)
|
312,007
|
|
|
332,755
|
|
|
294,928
|
|
|||
Net increase/(decrease) in prepaid capital expenditures
|
3,327
|
|
|
(2,455
|
)
|
|
(362
|
)
|
|||
Net (increase)/decrease accrued capital expenditures
|
(28,039
|
)
|
|
31,624
|
|
|
(4,317
|
)
|
|||
Total Capital Spend (on cash basis)
|
$
|
287,295
|
|
|
$
|
361,924
|
|
|
$
|
290,249
|
|
|
December 31, 2015
|
|||||||||||
|
Debt (inclusive of discount and premium)
|
|
Unamortized Deferred Financing Costs
|
|
Carrying Amount
|
|
||||||
Revolving Credit Facility(1)
|
$
|
784,438
|
|
|
$
|
(9,410
|
)
|
|
$
|
775,028
|
|
|
Term Loan(1)
|
243,750
|
|
|
—
|
|
|
243,750
|
|
|
|||
6% Notes due 2020(2)(3)
|
1,000,000
|
|
|
(16,124
|
)
|
|
983,876
|
|
|
|||
CAD Notes(4)
|
144,190
|
|
|
(1,924
|
)
|
|
142,266
|
|
|
|||
GBP Notes(3)(5)
|
592,140
|
|
|
(8,757
|
)
|
|
583,383
|
|
|
|||
6% Notes due 2023(2)
|
600,000
|
|
|
(8,420
|
)
|
|
591,580
|
|
|
|||
5
3
/
4
% Senior Subordinated Notes due 2024 (2)
|
1,000,000
|
|
|
(11,902
|
)
|
|
988,098
|
|
|
|||
Real Estate Mortgages, Capital Leases and Other(6)
|
333,559
|
|
|
(1,070
|
)
|
|
332,489
|
|
|
|||
Accounts Receivable Securitization Program(7)
|
205,900
|
|
|
(692
|
)
|
|
205,208
|
|
|
|||
Total Long-term Debt
|
4,903,977
|
|
|
(58,299
|
)
|
|
4,845,678
|
|
|
|||
Less Current Portion
|
(88,068
|
)
|
|
—
|
|
|
(88,068
|
)
|
|
|||
Long-term Debt, Net of Current Portion
|
$
|
4,815,909
|
|
|
$
|
(58,299
|
)
|
|
$
|
4,757,610
|
|
|
(1)
|
The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Canada Company has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility (as defined below).
|
(2)
|
Collectively, the "Parent Notes." IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by its direct and indirect 100% owned United States subsidiaries that represent the substantial majority of our United States operations (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company, IME, the Special Purpose Subsidiaries (as defined below) and the remainder of our subsidiaries do not guarantee the Parent Notes. See Note 5 to Notes to Consolidated Financial Statements included in this Annual Report.
|
(3)
|
The 6% Notes due 2020 and the GBP Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the 6% Notes due 2020 and the GBP Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction.
|
(4)
|
Canada Company is the direct obligor on the CAD Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements included in this Annual Report.
|
(5)
|
IME is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements included in this Annual Report.
|
(6)
|
Includes (a) real estate mortgages of
$2.7 million
, (b) capital lease obligations of $235.4 million, and (c) other various notes and other obligations, which were assumed by us as a result of certain acquisitions, of
$95.5 million
.
|
(7)
|
The Special Purpose Subsidiaries are the obligors under this program.
|
|
December 31, 2014
|
|
December 31, 2015
|
|
Maximum//Minimum Allowable(1)
|
||
Net total lease adjusted leverage ratio
|
5.4
|
|
|
5.6
|
|
|
Maximum allowable of 6.5
|
Net secured debt lease adjusted leverage ratio
|
2.6
|
|
|
2.6
|
|
|
Maximum allowable of 4.0
|
Bond leverage ratio (not lease adjusted)
|
5.7
|
|
|
5.5
|
|
|
Maximum allowable of 6.5
|
Fixed charge coverage ratio
|
2.5
|
|
|
2.4
|
|
|
Minimum allowable of 1.5
|
(1)
|
The maximum and minimum allowable ratios under the Credit Agreement are substantially similar to the Former Credit Agreement.
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Commitment fees and letters of credit fees
|
$
|
3,167
|
|
|
$
|
3,322
|
|
|
$
|
3,743
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
Total
|
|
Less than
1 Year
|
|
1–3 Years
|
|
3–5 Years
|
|
More than
5 Years
|
||||||||||
Capital Lease Obligations
|
$
|
235,348
|
|
|
$
|
43,705
|
|
|
$
|
68,086
|
|
|
$
|
40,502
|
|
|
$
|
83,055
|
|
Long-Term Debt Obligations (excluding Capital Lease Obligations)
|
4,668,629
|
|
|
44,363
|
|
|
290,854
|
|
|
1,992,898
|
|
|
2,340,514
|
|
|||||
Interest Payments(1)
|
1,561,177
|
|
|
254,626
|
|
|
460,373
|
|
|
424,060
|
|
|
422,118
|
|
|||||
Operating Lease Obligations(2)
|
2,000,010
|
|
|
215,530
|
|
|
397,937
|
|
|
350,165
|
|
|
1,036,378
|
|
|||||
Purchase and Asset Retirement Obligations
|
109,890
|
|
|
54,424
|
|
|
36,339
|
|
|
3,762
|
|
|
15,365
|
|
|||||
Total(3)
|
$
|
8,575,054
|
|
|
$
|
612,648
|
|
|
$
|
1,253,589
|
|
|
$
|
2,811,387
|
|
|
$
|
3,897,430
|
|
(1)
|
Amounts include variable rate interest payments, which are calculated utilizing the applicable interest rates as of
December 31, 2015
; see Note 4 to Notes to Consolidated Financial Statements included in this Annual Report. Amounts also include interest on capital leases.
|
(2)
|
These amounts are net of sublease income of $28.6 million in total (including $4.8 million, $7.7 million, $5.8 million and $10.3 million, in less than 1 year, 1-3 years, 3-5 years and more than 5 years, respectively).
|
(3)
|
The table above excludes $47.7 million in uncertain tax positions as we are unable to make reliable estimates of the period of cash settlement, if any, with the respective taxing authorities.
|
|
|
|
|
|
Page
|
A. Iron Mountain Incorporated
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
(b)
|
Exhibits filed as part of this report: As listed in the Exhibit Index following the signature page hereof.
|
|
December 31,
|
||||||
|
2014
|
|
2015
|
||||
ASSETS
|
|
|
|
|
|
||
Current Assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
125,933
|
|
|
$
|
128,381
|
|
Restricted cash
|
33,860
|
|
|
—
|
|
||
Accounts receivable (less allowances of $32,141 and $31,447 as of
|
|
|
|
|
|
||
December 31, 2014 and 2015, respectively)
|
604,265
|
|
|
564,401
|
|
||
Deferred income taxes
|
14,192
|
|
|
22,179
|
|
||
Prepaid expenses and other
|
139,469
|
|
|
142,951
|
|
||
Total Current Assets
|
917,719
|
|
|
857,912
|
|
||
Property, Plant and Equipment:
|
|
|
|
|
|
||
Property, plant and equipment
|
4,668,705
|
|
|
4,744,236
|
|
||
Less—Accumulated depreciation
|
(2,117,978
|
)
|
|
(2,247,078
|
)
|
||
Property, Plant and Equipment, net
|
2,550,727
|
|
|
2,497,158
|
|
||
Other Assets, net:
|
|
|
|
|
|
||
Goodwill
|
2,423,783
|
|
|
2,360,978
|
|
||
Customer relationships and customer inducements
|
607,837
|
|
|
603,314
|
|
||
Other
|
23,199
|
|
|
31,225
|
|
||
Total Other Assets, net
|
3,054,819
|
|
|
2,995,517
|
|
||
Total Assets
|
$
|
6,523,265
|
|
|
$
|
6,350,587
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
||
Current Liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
52,095
|
|
|
$
|
88,068
|
|
Accounts payable
|
203,014
|
|
|
219,590
|
|
||
Accrued expenses
|
404,485
|
|
|
351,061
|
|
||
Deferred revenue
|
197,142
|
|
|
183,112
|
|
||
Total Current Liabilities
|
856,736
|
|
|
841,831
|
|
||
Long-term Debt, net of current portion
|
4,564,359
|
|
|
4,757,610
|
|
||
Other Long-term Liabilities
|
73,506
|
|
|
71,844
|
|
||
Deferred Rent
|
104,051
|
|
|
95,693
|
|
||
Deferred Income Taxes
|
54,658
|
|
|
55,002
|
|
||
Commitments and Contingencies (see Note 10)
|
|
|
|
|
|
||
Equity:
|
|
|
|
|
|
||
Iron Mountain Incorporated Stockholders' Equity:
|
|
|
|
|
|
||
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)
|
—
|
|
|
—
|
|
||
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 209,818,812 shares and 211,340,296 shares as of December 31, 2014 and 2015, respectively)
|
2,098
|
|
|
2,113
|
|
||
Additional paid-in capital
|
1,588,841
|
|
|
1,623,863
|
|
||
(Distributions in excess of earnings) Earnings in excess of distributions
|
(659,553
|
)
|
|
(942,218
|
)
|
||
Accumulated other comprehensive items, net
|
(75,031
|
)
|
|
(174,917
|
)
|
||
Total Iron Mountain Incorporated Stockholders' Equity
|
856,355
|
|
|
508,841
|
|
||
Noncontrolling Interests
|
13,600
|
|
|
19,766
|
|
||
Total Equity
|
869,955
|
|
|
528,607
|
|
||
Total Liabilities and Equity
|
$
|
6,523,265
|
|
|
$
|
6,350,587
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Storage rental
|
$
|
1,784,721
|
|
|
$
|
1,860,243
|
|
|
$
|
1,837,897
|
|
Service
|
1,239,902
|
|
|
1,257,450
|
|
|
1,170,079
|
|
|||
Total Revenues
|
3,024,623
|
|
|
3,117,693
|
|
|
3,007,976
|
|
|||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|||
Cost of sales (excluding depreciation and amortization)
|
1,288,878
|
|
|
1,344,636
|
|
|
1,290,025
|
|
|||
Selling, general and administrative
|
924,031
|
|
|
869,572
|
|
|
844,960
|
|
|||
Depreciation and amortization
|
322,037
|
|
|
353,143
|
|
|
345,464
|
|
|||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net
|
430
|
|
|
1,065
|
|
|
3,000
|
|
|||
Total Operating Expenses
|
2,535,376
|
|
|
2,568,416
|
|
|
2,483,449
|
|
|||
Operating Income (Loss)
|
489,247
|
|
|
549,277
|
|
|
524,527
|
|
|||
Interest Expense, Net (includes Interest Income of $4,208, $2,443 and $3,984 in 2013, 2014 and 2015, respectively)
|
254,174
|
|
|
260,717
|
|
|
263,871
|
|
|||
Other Expense (Income), Net
|
75,202
|
|
|
65,187
|
|
|
98,590
|
|
|||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
159,871
|
|
|
223,373
|
|
|
162,066
|
|
|||
Provision (Benefit) for Income Taxes
|
62,127
|
|
|
(97,275
|
)
|
|
37,713
|
|
|||
Gain on Sale of Real Estate, Net of Tax
|
(1,417
|
)
|
|
(8,307
|
)
|
|
(850
|
)
|
|||
Income (Loss) from Continuing Operations
|
99,161
|
|
|
328,955
|
|
|
125,203
|
|
|||
Income (Loss) from Discontinued Operations, Net of Tax
|
831
|
|
|
(209
|
)
|
|
—
|
|
|||
Net Income (Loss)
|
99,992
|
|
|
328,746
|
|
|
125,203
|
|
|||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
3,530
|
|
|
2,627
|
|
|
1,962
|
|
|||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
96,462
|
|
|
$
|
326,119
|
|
|
$
|
123,241
|
|
Earnings (Losses) per Share—Basic:
|
|
|
|
|
|
|
|
|
|||
Income (Loss) from Continuing Operations
|
$
|
0.52
|
|
|
$
|
1.68
|
|
|
$
|
0.59
|
|
Total Income (Loss) from Discontinued Operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
0.51
|
|
|
$
|
1.67
|
|
|
$
|
0.58
|
|
Earnings (Losses) per Share—Diluted:
|
|
|
|
|
|
|
|
|
|||
Income (Loss) from Continuing Operations
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
0.59
|
|
Total Income (Loss) from Discontinued Operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
0.50
|
|
|
$
|
1.66
|
|
|
$
|
0.58
|
|
Weighted Average Common Shares Outstanding—Basic
|
190,994
|
|
|
195,278
|
|
|
210,764
|
|
|||
Weighted Average Common Shares Outstanding—Diluted
|
192,412
|
|
|
196,749
|
|
|
212,118
|
|
|||
Dividends Declared per Common Share
|
$
|
1.0800
|
|
|
$
|
5.3713
|
|
|
$
|
1.9100
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Net Income (Loss)
|
$
|
99,992
|
|
|
$
|
328,746
|
|
|
$
|
125,203
|
|
Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
|
|
|||
Foreign Currency Translation Adjustments
|
(31,532
|
)
|
|
(66,867
|
)
|
|
(100,970
|
)
|
|||
Market Value Adjustments for Securities
|
926
|
|
|
53
|
|
|
(245
|
)
|
|||
Total Other Comprehensive (Loss) Income
|
(30,606
|
)
|
|
(66,814
|
)
|
|
(101,215
|
)
|
|||
Comprehensive Income (Loss)
|
69,386
|
|
|
261,932
|
|
|
23,988
|
|
|||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
1,898
|
|
|
2,184
|
|
|
633
|
|
|||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
67,488
|
|
|
$
|
259,748
|
|
|
$
|
23,355
|
|
|
|
|
Iron Mountain Incorporated Stockholders' Equity
|
|
|
|||||||||||||||||||||
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Earnings in
Excess of
Distributions
(Distributions in
Excess of Earnings)
|
|
Accumulated
Other
Comprehensive
Items, Net
|
|
Noncontrolling
Interests
|
|||||||||||||||
|
Total
|
|
Shares
|
|
Amounts
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, December 31, 2012
|
$
|
1,157,148
|
|
|
190,005,788
|
|
|
$
|
1,900
|
|
|
$
|
942,199
|
|
|
$
|
180,258
|
|
|
$
|
20,314
|
|
|
$
|
12,477
|
|
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax benefit of $2,389
|
50,479
|
|
|
1,421,132
|
|
|
14
|
|
|
50,465
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Parent cash dividends declared
|
(208,900
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(208,900
|
)
|
|
—
|
|
|
—
|
|
||||||
Currency translation adjustment
|
(31,532
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,900
|
)
|
|
(1,632
|
)
|
||||||
Market value adjustments for securities
|
926
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
926
|
|
|
—
|
|
||||||
Net income (loss)
|
99,992
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,462
|
|
|
—
|
|
|
3,530
|
|
||||||
Noncontrolling interests equity contributions
|
743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
743
|
|
||||||
Noncontrolling interests dividends
|
(2,270
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,270
|
)
|
||||||
Purchase of noncontrolling interests
|
(14,852
|
)
|
|
—
|
|
|
—
|
|
|
(12,500
|
)
|
|
—
|
|
|
—
|
|
|
(2,352
|
)
|
||||||
Balance, December 31, 2013
|
1,051,734
|
|
|
191,426,920
|
|
|
1,914
|
|
|
980,164
|
|
|
67,820
|
|
|
(8,660
|
)
|
|
10,496
|
|
||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax deficiency of $60
|
64,473
|
|
|
2,638,554
|
|
|
26
|
|
|
64,447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Parent cash dividends declared
|
(493,513
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(493,513
|
)
|
|
—
|
|
|
—
|
|
||||||
Special distribution in connection with conversion to REIT (see Note 13)
|
—
|
|
|
15,753,338
|
|
|
158
|
|
|
559,821
|
|
|
(559,979
|
)
|
|
—
|
|
|
—
|
|
||||||
Currency translation adjustment
|
(66,867
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66,424
|
)
|
|
(443
|
)
|
||||||
Market value adjustments for securities
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
—
|
|
||||||
Net income (loss)
|
328,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
326,119
|
|
|
—
|
|
|
2,627
|
|
||||||
Noncontrolling interests equity contributions
|
1,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,800
|
|
||||||
Noncontrolling interests dividends
|
(1,613
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,613
|
)
|
||||||
Purchase of noncontrolling interests
|
(20,416
|
)
|
|
—
|
|
|
—
|
|
|
(17,693
|
)
|
|
—
|
|
|
—
|
|
|
(2,723
|
)
|
||||||
Divestiture of noncontrolling interests
|
5,558
|
|
|
—
|
|
|
—
|
|
|
2,102
|
|
|
—
|
|
|
—
|
|
|
3,456
|
|
||||||
Balance, December 31, 2014
|
869,955
|
|
|
209,818,812
|
|
|
2,098
|
|
|
1,588,841
|
|
|
(659,553
|
)
|
|
(75,031
|
)
|
|
13,600
|
|
||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation, including tax benefit of $327
|
35,037
|
|
|
1,521,484
|
|
|
15
|
|
|
35,022
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Parent cash dividends declared
|
(405,906
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(405,906
|
)
|
|
—
|
|
|
—
|
|
||||||
Currency translation adjustment
|
(100,970
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99,641
|
)
|
|
(1,329
|
)
|
||||||
Market value adjustments for securities
|
(245
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(245
|
)
|
|
—
|
|
||||||
Net income (loss)
|
125,203
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
123,241
|
|
|
—
|
|
|
1,962
|
|
||||||
Noncontrolling interests equity contributions
|
7,590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,590
|
|
||||||
Noncontrolling interests dividends
|
(2,057
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,057
|
)
|
||||||
Balance, December 31, 2015
|
$
|
528,607
|
|
|
211,340,296
|
|
|
$
|
2,113
|
|
|
$
|
1,623,863
|
|
|
$
|
(942,218
|
)
|
|
$
|
(174,917
|
)
|
|
$
|
19,766
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
99,992
|
|
|
$
|
328,746
|
|
|
$
|
125,203
|
|
(Income) loss from discontinued operations
|
(831
|
)
|
|
209
|
|
|
—
|
|
|||
Adjustments to reconcile net income (loss) to cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
282,856
|
|
|
304,557
|
|
|
301,219
|
|
|||
Amortization (includes deferred financing costs and bond discount of $7,258, $8,009 and $9,249 in 2013, 2014 and 2015, respectively)
|
46,439
|
|
|
56,595
|
|
|
53,494
|
|
|||
Stock-based compensation expense
|
30,354
|
|
|
29,624
|
|
|
27,585
|
|
|||
(Benefit) provision for deferred income taxes
|
(99,432
|
)
|
|
(270,790
|
)
|
|
(7,473
|
)
|
|||
Loss on early extinguishment of debt, net
|
43,318
|
|
|
16,495
|
|
|
27,305
|
|
|||
(Gain) Loss on disposal/write-down of property, plant and equipment, net (including real estate)
|
(1,417
|
)
|
|
(9,447
|
)
|
|
1,941
|
|
|||
Foreign currency transactions and other, net
|
63,648
|
|
|
50,011
|
|
|
55,891
|
|
|||
Changes in Assets and Liabilities (exclusive of acquisitions):
|
|
|
|
|
|
|
|
|
|||
Accounts receivable
|
(33,181
|
)
|
|
113
|
|
|
17,984
|
|
|||
Prepaid expenses and other
|
48,302
|
|
|
48,941
|
|
|
5,171
|
|
|||
Accounts payable
|
24,168
|
|
|
16,870
|
|
|
18,017
|
|
|||
Accrued expenses and deferred revenue
|
(5,120
|
)
|
|
(101,427
|
)
|
|
(77,469
|
)
|
|||
Other assets and long-term liabilities
|
7,497
|
|
|
2,451
|
|
|
(7,108
|
)
|
|||
Cash Flows from Operating Activities-Continuing Operations
|
506,593
|
|
|
472,948
|
|
|
541,760
|
|
|||
Cash Flows from Operating Activities-Discontinued Operations
|
953
|
|
|
—
|
|
|
—
|
|
|||
Cash Flows from Operating Activities
|
507,546
|
|
|
472,948
|
|
|
541,760
|
|
|||
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(287,295
|
)
|
|
(361,924
|
)
|
|
(290,249
|
)
|
|||
Cash paid for acquisitions, net of cash acquired
|
(317,100
|
)
|
|
(128,093
|
)
|
|
(113,558
|
)
|
|||
(Increase) decrease in restricted cash
|
(248
|
)
|
|
—
|
|
|
33,860
|
|
|||
Acquisition of customer relationships
|
(11,043
|
)
|
|
(15,074
|
)
|
|
(32,611
|
)
|
|||
Customer inducements
|
(19,148
|
)
|
|
(19,373
|
)
|
|
(22,500
|
)
|
|||
Proceeds from sales of property and equipment and other, net (including real estate)
|
2,084
|
|
|
44,486
|
|
|
2,272
|
|
|||
Cash Flows from Investing Activities-Continuing Operations
|
(632,750
|
)
|
|
(479,978
|
)
|
|
(422,786
|
)
|
|||
Cash Flows from Investing Activities-Discontinued Operations
|
(4,937
|
)
|
|
—
|
|
|
—
|
|
|||
Cash Flows from Investing Activities
|
(637,687
|
)
|
|
(479,978
|
)
|
|
(422,786
|
)
|
|||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Repayment of revolving credit and term loan facilities and other debt
|
(5,526,672
|
)
|
|
(8,824,711
|
)
|
|
(10,796,873
|
)
|
|||
Proceeds from revolving credit and term loan facilities and other debt
|
5,661,750
|
|
|
9,285,187
|
|
|
10,925,709
|
|
|||
Early retirement of senior subordinated notes
|
(685,134
|
)
|
|
(566,352
|
)
|
|
(814,728
|
)
|
|||
Net proceeds from sales of senior notes
|
782,307
|
|
|
642,417
|
|
|
985,000
|
|
|||
Debt (repayment to) financing from and equity (distribution to) contribution from noncontrolling interests, net
|
(18,236
|
)
|
|
(14,770
|
)
|
|
5,574
|
|
|||
Parent cash dividends
|
(206,798
|
)
|
|
(542,298
|
)
|
|
(406,508
|
)
|
|||
Proceeds from exercise of stock options and employee stock purchase plan
|
17,664
|
|
|
44,290
|
|
|
7,149
|
|
|||
Excess tax benefits (deficiency) from stock-based compensation
|
2,389
|
|
|
(60
|
)
|
|
327
|
|
|||
Payment of debt financing and stock issuance costs
|
(8,706
|
)
|
|
(3,846
|
)
|
|
(14,161
|
)
|
|||
Cash Flows from Financing Activities-Continuing Operations
|
18,564
|
|
|
19,857
|
|
|
(108,511
|
)
|
|||
Cash Flows from Financing Activities-Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|||
Cash Flows from Financing Activities
|
18,564
|
|
|
19,857
|
|
|
(108,511
|
)
|
|||
Effect of Exchange Rates on Cash and Cash Equivalents
|
(11,312
|
)
|
|
(7,420
|
)
|
|
(8,015
|
)
|
|||
(Decrease) Increase in Cash and Cash Equivalents
|
(122,889
|
)
|
|
5,407
|
|
|
2,448
|
|
|||
Cash and Cash Equivalents, Beginning of Year
|
243,415
|
|
|
120,526
|
|
|
125,933
|
|
|||
Cash and Cash Equivalents, End of Year
|
$
|
120,526
|
|
|
$
|
125,933
|
|
|
$
|
128,381
|
|
Supplemental Information:
|
|
|
|
|
|
|
|
|
|||
Cash Paid for Interest
|
$
|
243,380
|
|
|
$
|
257,599
|
|
|
$
|
259,815
|
|
Cash Paid for Income Taxes
|
$
|
125,624
|
|
|
$
|
167,448
|
|
|
$
|
42,440
|
|
Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Capital Leases
|
$
|
48,488
|
|
|
$
|
24,106
|
|
|
$
|
50,083
|
|
Accrued Capital Expenditures
|
$
|
79,153
|
|
|
$
|
47,529
|
|
|
$
|
51,846
|
|
Dividends Payable
|
$
|
55,142
|
|
|
$
|
6,182
|
|
|
$
|
5,950
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Total loss on foreign currency transactions
|
$
|
36,201
|
|
|
$
|
58,316
|
|
|
$
|
70,851
|
|
|
|
|
Range
|
Buildings and building improvements
|
5 to 40
|
Leasehold improvements
|
5 to 10 or life of the lease (whichever is shorter)
|
Racking
|
1 to 20 or life of the lease (whichever is shorter)
|
Warehouse equipment/vehicles
|
1 to 10
|
Furniture and fixtures
|
3 to 10
|
Computer hardware and software
|
2 to 5
|
|
December 31,
|
||||||
|
2014
|
|
2015
|
||||
Land
|
$
|
205,463
|
|
|
$
|
218,174
|
|
Buildings and building improvements
|
1,409,330
|
|
|
1,507,224
|
|
||
Leasehold improvements
|
467,176
|
|
|
447,449
|
|
||
Racking
|
1,559,383
|
|
|
1,556,749
|
|
||
Warehouse equipment/vehicles
|
341,393
|
|
|
335,728
|
|
||
Furniture and fixtures
|
53,189
|
|
|
50,307
|
|
||
Computer hardware and software
|
501,882
|
|
|
515,688
|
|
||
Construction in progress
|
130,889
|
|
|
112,917
|
|
||
|
$
|
4,668,705
|
|
|
$
|
4,744,236
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
North American Records and Information Management Business
|
$
|
800
|
|
|
$
|
1,000
|
|
|
$
|
—
|
|
North American Data Management Business
|
—
|
|
|
—
|
|
|
—
|
|
|||
Western European Business
|
—
|
|
|
300
|
|
|
|
||||
Other International Business
|
—
|
|
|
—
|
|
|
—
|
|
|||
Corporate and Other Business
|
300
|
|
|
—
|
|
|
—
|
|
|||
|
$
|
1,100
|
|
|
$
|
1,300
|
|
|
$
|
—
|
|
|
December 31,
|
||||||
|
2014
|
|
2015
|
||||
Asset Retirement Obligations, beginning of the year
|
$
|
11,809
|
|
|
$
|
12,897
|
|
Liabilities Incurred
|
1,366
|
|
|
1,030
|
|
||
Liabilities Settled
|
(1,199
|
)
|
|
(966
|
)
|
||
Accretion Expense
|
1,121
|
|
|
1,241
|
|
||
Foreign Currency Exchange Movement
|
(200
|
)
|
|
(205
|
)
|
||
Asset Retirement Obligations, end of the year
|
$
|
12,897
|
|
|
$
|
13,997
|
|
|
Carrying Value
as of December 31, 2014 |
||
North American Records and Information Management(1)
|
$
|
1,397,484
|
|
Intellectual Property Management(1)
|
38,491
|
|
|
Fulfillment Services(1)
|
3,247
|
|
|
North American Data Management(2)
|
375,957
|
|
|
Adjacent Businesses(3)
|
—
|
|
|
New Western Europe(4)(6)
|
354,049
|
|
|
Emerging Markets - Eastern Europe(5)
|
87,408
|
|
|
Latin America(5)
|
107,240
|
|
|
Australia and Singapore(5)
|
55,779
|
|
|
Greater China(5)
|
3,500
|
|
|
India(5)
|
—
|
|
|
Russia, Ukraine and Denmark(5)
|
628
|
|
|
Total
|
$
|
2,423,783
|
|
(1)
|
This reporting unit is included in the North American Records and Information Management Business segment.
|
(2)
|
This reporting unit is included in the North American Data Management Business segment.
|
(3)
|
This reporting unit is included in the Corporate and Other Business segment.
|
(4)
|
This reporting unit is included in the Western European Business segment.
|
(5)
|
This reporting unit is included in the Other International Business segment.
|
(6)
|
As of December 31, 2014, the goodwill associated with our operations in Norway was included in the New Western Europe reporting unit. As of December 31, 2015, as a result of changes in the senior management of our business in Norway, which impacted both our reportable operating segments (see Note 9 for a description of our reportable operating segments) as well as our reporting units (described more fully below), the goodwill associated with our operations in Norway is included in the Emerging Markets - Europe reporting unit (defined below).
|
|
Carrying Value
as of
December 31, 2015
|
||
North American Records and Information Management(1)
|
$
|
1,342,723
|
|
North American Secure Shredding(1)
|
73,021
|
|
|
North American Data Management(2)
|
369,907
|
|
|
Adjacent Businesses - Data Centers(3)
|
—
|
|
|
Adjacent Businesses - Consumer Storage(3)
|
4,636
|
|
|
Adjacent Businesses - Fine Arts(3)
|
21,550
|
|
|
UKI(4)
|
260,202
|
|
|
Continental Western Europe(4)
|
63,442
|
|
|
Emerging Markets - Europe(5)
|
87,378
|
|
|
Latin America(5)
|
78,537
|
|
|
Australia(5)
|
47,786
|
|
|
Southeast Asia(5)
|
5,683
|
|
|
India(5)
|
6,113
|
|
|
Total
|
$
|
2,360,978
|
|
|
North American
Records and Information Management Business |
|
North American
Data Management Business |
|
Western European Business
|
|
Other International Business
|
|
Corporate and Other Business
|
|
Total
Consolidated |
||||||||||||
Gross Balance as of December 31, 2013
|
$
|
1,671,927
|
|
|
$
|
438,423
|
|
|
$
|
440,454
|
|
|
$
|
232,881
|
|
|
$
|
—
|
|
|
$
|
2,783,685
|
|
Deductible goodwill acquired during the year
|
7,745
|
|
|
1,936
|
|
|
—
|
|
|
30,117
|
|
|
—
|
|
|
39,798
|
|
||||||
Non-deductible goodwill acquired during the year
|
7,045
|
|
|
—
|
|
|
3,405
|
|
|
33,869
|
|
|
—
|
|
|
44,319
|
|
||||||
Allocated to divestiture (see Note 16)
|
—
|
|
|
—
|
|
|
(4,032
|
)
|
|
(3,718
|
)
|
|
—
|
|
|
(7,750
|
)
|
||||||
Fair value and other adjustments(1)
|
(26,898
|
)
|
|
(6,724
|
)
|
|
—
|
|
|
(386
|
)
|
|
—
|
|
|
(34,008
|
)
|
||||||
Currency effects
|
(14,610
|
)
|
|
(3,653
|
)
|
|
(34,257
|
)
|
|
(31,305
|
)
|
|
—
|
|
|
(83,825
|
)
|
||||||
Gross Balance as of December 31, 2014
|
1,645,209
|
|
|
429,982
|
|
|
405,570
|
|
|
261,458
|
|
|
—
|
|
|
2,742,219
|
|
||||||
Deductible goodwill acquired during the year
|
29
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
26,186
|
|
|
26,222
|
|
||||||
Non-deductible goodwill acquired during the year
|
2,730
|
|
|
567
|
|
|
1,936
|
|
|
9,064
|
|
|
—
|
|
|
14,297
|
|
||||||
Fair value and other adjustments(2)
|
104
|
|
|
(25
|
)
|
|
(448
|
)
|
|
(353
|
)
|
|
—
|
|
|
(722
|
)
|
||||||
Currency effects
|
(27,647
|
)
|
|
(6,925
|
)
|
|
(25,909
|
)
|
|
(44,543
|
)
|
|
—
|
|
|
(105,024
|
)
|
||||||
Gross Balance as of December 31, 2015
|
$
|
1,620,425
|
|
|
$
|
423,606
|
|
|
$
|
381,149
|
|
|
$
|
225,626
|
|
|
$
|
26,186
|
|
|
$
|
2,676,992
|
|
Accumulated Amortization Balance as of December 31, 2013
|
$
|
206,706
|
|
|
$
|
54,204
|
|
|
$
|
59,253
|
|
|
$
|
170
|
|
|
$
|
—
|
|
|
$
|
320,333
|
|
Currency effects
|
(719
|
)
|
|
(179
|
)
|
|
(980
|
)
|
|
(19
|
)
|
|
—
|
|
|
(1,897
|
)
|
||||||
Accumulated Amortization Balance as of December 31, 2014
|
205,987
|
|
|
54,025
|
|
|
58,273
|
|
|
151
|
|
|
—
|
|
|
318,436
|
|
||||||
Currency effects
|
(1,306
|
)
|
|
(326
|
)
|
|
(768
|
)
|
|
(22
|
)
|
|
—
|
|
|
(2,422
|
)
|
||||||
Accumulated Amortization Balance as of December 31, 2015
|
$
|
204,681
|
|
|
$
|
53,699
|
|
|
$
|
57,505
|
|
|
$
|
129
|
|
|
$
|
—
|
|
|
$
|
316,014
|
|
Net Balance as of December 31, 2014
|
$
|
1,439,222
|
|
|
$
|
375,957
|
|
|
$
|
347,297
|
|
|
$
|
261,307
|
|
|
$
|
—
|
|
|
$
|
2,423,783
|
|
Net Balance as of December 31, 2015
|
$
|
1,415,744
|
|
|
$
|
369,907
|
|
|
$
|
323,644
|
|
|
$
|
225,497
|
|
|
$
|
26,186
|
|
|
$
|
2,360,978
|
|
Accumulated Goodwill Impairment Balance as of December 31, 2014
|
$
|
85,909
|
|
|
$
|
—
|
|
|
$
|
46,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
132,409
|
|
Accumulated Goodwill Impairment Balance as of December 31, 2015
|
$
|
85,909
|
|
|
$
|
—
|
|
|
$
|
46,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
132,409
|
|
(1)
|
Total fair value and other adjustments primarily include
$(32,265)
in net adjustments to deferred income taxes and
$(443)
related to property, plant and equipment and other assumed liabilities, as well as
$(1,300)
of cash received related to certain 2013 acquisitions.
|
(2)
|
Total fair value and other adjustments primarily include
$622
in net adjustments to deferred income taxes and
$(5,036)
related to customer relationships and acquisition costs and other assumed liabilities (which represent adjustments within the applicable measurement period, to provisional amounts recognized in purchase accounting), as well as
$3,692
of cash paid related to certain 2014 acquisitions.
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Gain on sale of real estate
|
$
|
1,847
|
|
|
$
|
10,512
|
|
|
$
|
1,059
|
|
Tax effect on gain on sale of real estate
|
(430
|
)
|
|
(2,205
|
)
|
|
(209
|
)
|
|||
Gain on sale of real estate, net of tax
|
$
|
1,417
|
|
|
$
|
8,307
|
|
|
$
|
850
|
|
|
|
December 31,
|
||||||
Gross Carrying Amount
|
|
2014
|
|
2015
|
||||
Customer relationship intangible assets and Customer Inducements
|
|
$
|
904,866
|
|
|
$
|
937,174
|
|
Other intangible assets (included in other assets, net)
|
|
10,630
|
|
|
11,111
|
|
||
Accumulated Amortization
|
|
|
|
|
|
|
||
Customer relationship intangible assets and Customer Inducements
|
|
$
|
297,029
|
|
|
$
|
333,860
|
|
Other intangible assets (included in other assets, net)
|
|
8,608
|
|
|
8,325
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2013
|
|
2014
|
|
2015
|
||||||
Customer relationship intangible assets and Customer Inducements:
|
|
|
|
|
|
|
|
|
|
|||
Amortization expense included in depreciation and amortization
|
|
$
|
37,725
|
|
|
$
|
46,733
|
|
|
$
|
43,614
|
|
Amortization expense offsetting revenues
|
|
11,788
|
|
|
11,715
|
|
|
11,670
|
|
|||
Other intangible assets:
|
|
|
|
|
|
|
|
|
|
|||
Amortization expense included in depreciation and amortization
|
|
1,456
|
|
|
1,853
|
|
|
631
|
|
|
Estimated Amortization
|
||||||
|
Included in Depreciation
and Amortization |
|
Charged to Revenues
|
||||
2016
|
$
|
45,763
|
|
|
$
|
7,445
|
|
2017
|
45,012
|
|
|
5,526
|
|
||
2018
|
44,139
|
|
|
4,296
|
|
||
2019
|
42,666
|
|
|
2,491
|
|
||
2020
|
40,831
|
|
|
1,704
|
|
|
Estimated Amortization of
Deferred Financing Costs
|
||
2016
|
$
|
10,525
|
|
2017
|
10,525
|
|
|
2018
|
10,289
|
|
|
2019
|
9,066
|
|
|
2020
|
6,685
|
|
|
December 31,
|
||||||
|
2014
|
|
2015
|
||||
Income tax receivable
|
$
|
41,559
|
|
|
$
|
33,173
|
|
Other
|
97,910
|
|
|
109,778
|
|
||
Prepaid expenses
|
$
|
139,469
|
|
|
$
|
142,951
|
|
|
December 31,
|
||||||
|
2014
|
|
2015
|
||||
Interest
|
$
|
69,525
|
|
|
$
|
68,316
|
|
Payroll and vacation
|
75,050
|
|
|
50,143
|
|
||
Incentive compensation
|
66,552
|
|
|
61,422
|
|
||
Self-insured liabilities (Note 10.b.)
|
33,381
|
|
|
33,508
|
|
||
Other
|
159,977
|
|
|
137,672
|
|
||
Accrued expenses
|
$
|
404,485
|
|
|
$
|
351,061
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Cost of sales (excluding depreciation and amortization)
|
$
|
293
|
|
|
$
|
680
|
|
|
$
|
220
|
|
Selling, general and administrative expenses
|
30,061
|
|
|
28,944
|
|
|
27,365
|
|
|||
Total stock-based compensation
|
$
|
30,354
|
|
|
$
|
29,624
|
|
|
$
|
27,585
|
|
Weighted Average Assumptions
|
|
2013
|
|
2014
|
|
2015
|
|||
Expected volatility
|
|
33.8
|
%
|
|
34.0
|
%
|
|
28.4
|
%
|
Risk-free interest rate
|
|
1.13
|
%
|
|
2.04
|
%
|
|
1.70
|
%
|
Expected dividend yield
|
|
3
|
%
|
|
4
|
%
|
|
5
|
%
|
Expected life
|
|
6.3 years
|
|
|
6.7 years
|
|
|
5.4 years
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Aggregate intrinsic value of stock options exercised
|
$
|
11,024
|
|
|
$
|
23,178
|
|
|
$
|
9,056
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Cash dividends accrued on RSUs
|
$
|
1,854
|
|
|
$
|
3,698
|
|
|
$
|
2,508
|
|
Cash dividends paid on RSUs
|
820
|
|
|
1,377
|
|
|
2,927
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Fair value of restricted stock vested
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Fair value of RSUs vested
|
16,638
|
|
|
22,535
|
|
|
24,345
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Cash dividends accrued on PUs
|
$
|
681
|
|
|
$
|
1,341
|
|
|
$
|
874
|
|
Cash dividends paid on PUs
|
—
|
|
|
312
|
|
|
1,015
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Fair value of earned PUs that vested
|
$
|
2,962
|
|
|
$
|
1,216
|
|
|
$
|
2,107
|
|
|
Original
PU Awards
|
|
PU Adjustment(1)
|
|
Total
PU Awards
|
|
Weighted-
Average
Grant-Date
Fair Value
|
|||||
Non-vested at December 31, 2014
|
461,666
|
|
|
(82,609
|
)
|
|
379,057
|
|
|
$
|
30.80
|
|
Granted
|
159,334
|
|
|
—
|
|
|
159,334
|
|
|
39.24
|
|
|
Vested
|
(80,035
|
)
|
|
(4,350
|
)
|
|
(84,385
|
)
|
|
29.62
|
|
|
Forfeited
|
(20,201
|
)
|
|
—
|
|
|
(20,201
|
)
|
|
31.27
|
|
|
Non-vested at December 31, 2015
|
520,764
|
|
|
(86,959
|
)
|
|
433,805
|
|
|
$
|
34.11
|
|
(1)
|
Represents an increase or decrease in the number of original PUs awarded based on either (a) the final performance criteria achievement at the end of the defined performance period of such PUs or (b) a change in estimated awards based on the forecasted performance against the predefined targets.
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Income (loss) from continuing operations
|
$
|
99,161
|
|
|
$
|
328,955
|
|
|
$
|
125,203
|
|
Total income (loss) from discontinued operations (see Note 14)
|
$
|
831
|
|
|
$
|
(209
|
)
|
|
$
|
—
|
|
Net income (loss) attributable to Iron Mountain Incorporated
|
$
|
96,462
|
|
|
$
|
326,119
|
|
|
$
|
123,241
|
|
Weighted-average shares—basic
|
190,994,000
|
|
|
195,278,000
|
|
|
210,764,000
|
|
|||
Effect of dilutive potential stock options
|
995,836
|
|
|
913,926
|
|
|
834,659
|
|
|||
Effect of dilutive potential restricted stock, RSUs and PUs
|
422,045
|
|
|
557,269
|
|
|
519,426
|
|
|||
Weighted-average shares—diluted
|
192,411,881
|
|
|
196,749,195
|
|
|
212,118,085
|
|
|||
Earnings (losses) per share—basic:
|
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations
|
$
|
0.52
|
|
|
$
|
1.68
|
|
|
$
|
0.59
|
|
Total income (loss) from discontinued operations (see Note 14)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to Iron Mountain Incorporated—basic
|
$
|
0.51
|
|
|
$
|
1.67
|
|
|
$
|
0.58
|
|
Earnings (losses) per share—diluted:
|
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
0.59
|
|
Total income (loss) from discontinued operations (see Note 14)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to Iron Mountain Incorporated—diluted
|
$
|
0.50
|
|
|
$
|
1.66
|
|
|
$
|
0.58
|
|
Antidilutive stock options, RSUs and PUs, excluded from the calculation
|
903,416
|
|
|
872,039
|
|
|
1,435,297
|
|
Year Ended December 31,
|
|
Balance at
Beginning of
the Year
|
|
Credit Memos
Charged to
Revenue
|
|
Allowance for
Bad Debts
Charged to
Expense
|
|
Other(1)
|
|
Deductions(2)
|
|
Balance at
End of
the Year
|
||||||||||||
2013
|
|
$
|
25,209
|
|
|
$
|
49,483
|
|
|
$
|
11,321
|
|
|
$
|
3,612
|
|
|
$
|
(54,980
|
)
|
|
$
|
34,645
|
|
2014
|
|
34,645
|
|
|
47,137
|
|
|
14,209
|
|
|
(572
|
)
|
|
(63,278
|
)
|
|
32,141
|
|
||||||
2015
|
|
32,141
|
|
|
42,497
|
|
|
15,326
|
|
|
(4,511
|
)
|
|
(54,006
|
)
|
|
31,447
|
|
(1)
|
Primarily consists of recoveries of previously written-off accounts receivable, allowances of businesses acquired and the impact associated with currency translation adjustments.
|
(2)
|
Primarily consists of the issuance of credit memos and the write-off of accounts receivable.
|
|
|
|
Fair Value Measurements at
December 31, 2014 Using
|
||||||||||||
Description
|
Total Carrying
Value at December 31, 2014 |
|
Quoted prices
in active
markets
(Level 1)
|
|
Significant other
observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
Money Market Funds(1)
|
$
|
36,828
|
|
|
$
|
—
|
|
|
$
|
36,828
|
|
|
$
|
—
|
|
Time Deposits(1)
|
16,204
|
|
|
—
|
|
|
16,204
|
|
|
—
|
|
||||
Trading Securities
|
13,172
|
|
|
12,428
|
|
(2)
|
744
|
|
(1)
|
—
|
|
||||
Available-for-Sale Securities
|
1,457
|
|
|
1,457
|
|
(2)
|
—
|
|
|
—
|
|
||||
Derivative Liabilities(3)
|
2,411
|
|
|
—
|
|
|
2,411
|
|
|
—
|
|
|
|
|
Fair Value Measurements at
December 31, 2015 Using
|
|||||||||||||
Description
|
Total Carrying
Value at December 31, 2015 |
|
Quoted prices
in active
markets
(Level 1)
|
|
Significant other
observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
|
|||||||||
Time Deposits(1)
|
$
|
18,645
|
|
|
$
|
—
|
|
|
$
|
18,645
|
|
|
$
|
—
|
|
|
Trading Securities
|
10,371
|
|
|
9,514
|
|
(2
|
)
|
857
|
|
(1)
|
—
|
|
||||
Available-for-Sale Securities
|
624
|
|
|
624
|
|
(2
|
)
|
—
|
|
|
—
|
|
(1)
|
Money market funds, time deposits and certain trading securities are measured based on quoted prices for similar assets and/or subsequent transactions.
|
(2)
|
Available-for-sale securities and certain trading securities are measured at fair value using quoted market prices.
|
(3)
|
Our derivative liabilities primarily relate to short-term (
six months
or less) foreign currency contracts that we have entered into to hedge certain of our intercompany exposures, as more fully disclosed at Note 3. We calculate the fair value of such forward contracts by adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets.
|
|
Foreign Currency
Translation
Adjustments
|
|
Market Value
Adjustments
for Securities
|
|
Total
|
||||||
Balance as of December 31, 2012
|
$
|
20,314
|
|
|
$
|
—
|
|
|
$
|
20,314
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
(29,900
|
)
|
|
—
|
|
|
(29,900
|
)
|
|||
Market value adjustments for securities
|
—
|
|
|
926
|
|
|
926
|
|
|||
Total other comprehensive (loss) income
|
(29,900
|
)
|
|
926
|
|
|
(28,974
|
)
|
|||
Balance as of December 31, 2013
|
$
|
(9,586
|
)
|
|
$
|
926
|
|
|
$
|
(8,660
|
)
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustments
|
(66,424
|
)
|
|
—
|
|
|
(66,424
|
)
|
|||
Market value adjustments for securities
|
—
|
|
|
53
|
|
|
53
|
|
|||
Total other comprehensive (loss) income
|
(66,424
|
)
|
|
53
|
|
|
(66,371
|
)
|
|||
Balance as of December 31, 2014
|
$
|
(76,010
|
)
|
|
$
|
979
|
|
|
$
|
(75,031
|
)
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustments
|
(99,641
|
)
|
|
—
|
|
|
(99,641
|
)
|
|||
Market value adjustments for securities
|
—
|
|
|
(245
|
)
|
|
(245
|
)
|
|||
Total other comprehensive (loss) income
|
(99,641
|
)
|
|
(245
|
)
|
|
(99,886
|
)
|
|||
Balance as of December 31, 2015
|
$
|
(175,651
|
)
|
|
$
|
734
|
|
|
$
|
(174,917
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Foreign currency transaction losses (gains), net
|
$
|
36,201
|
|
|
$
|
58,316
|
|
|
$
|
70,851
|
|
Debt extinguishment expense, net
|
43,724
|
|
|
16,495
|
|
|
27,305
|
|
|||
Other, net
|
(4,723
|
)
|
|
(9,624
|
)
|
|
434
|
|
|||
|
$
|
75,202
|
|
|
$
|
65,187
|
|
|
$
|
98,590
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Net (receipts) payments
|
$
|
(6,954
|
)
|
|
$
|
21,125
|
|
|
$
|
22,705
|
|
|
|
Liability Derivatives
|
||||||||||
|
|
December 31,
|
||||||||||
|
|
2014
|
|
2015
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
Foreign exchange contracts
|
|
Accrued expenses
|
|
$
|
2,411
|
|
|
Accrued expenses
|
|
$
|
—
|
|
Total
|
|
|
|
$
|
2,411
|
|
|
|
|
$
|
—
|
|
|
|
|
|
Amount of (Gain) Loss
Recognized in Income
on Derivatives
|
||||||||||
|
|
|
|
December 31,
|
||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
Location of (Gain) Loss
Recognized in Income on
Derivative
|
|
2013
|
|
2014
|
|
2015
|
||||||
Foreign exchange contracts
|
|
Other expense (income), net
|
|
$
|
(2,955
|
)
|
|
$
|
18,016
|
|
|
$
|
20,294
|
|
Total
|
|
|
|
$
|
(2,955
|
)
|
|
$
|
18,016
|
|
|
$
|
20,294
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Foreign exchange (losses) gains
|
$
|
(5,311
|
)
|
|
$
|
6,385
|
|
|
$
|
3,284
|
|
Less: Tax benefit (expense) on foreign exchange (losses) gains
|
2,073
|
|
|
(57
|
)
|
|
—
|
|
|||
Foreign exchange (losses) gains, net of tax
|
$
|
(3,238
|
)
|
|
$
|
6,328
|
|
|
$
|
3,284
|
|
|
December 31, 2014
|
||||||||||||||
|
Debt (inclusive of discount and premium)
|
|
Unamortized Deferred Financing Costs
|
|
Carrying Amount
|
|
Fair
Value
|
||||||||
Former Revolving Credit Facility(1)
|
$
|
883,428
|
|
|
$
|
(3,170
|
)
|
|
$
|
880,258
|
|
|
$
|
883,428
|
|
Former Term Loan(1)
|
249,375
|
|
|
—
|
|
|
249,375
|
|
|
249,375
|
|
||||
6
3
/
4
% Euro Senior Subordinated Notes due 2018 (the "6
3
/
4
% Notes")(2)(3)(4)
|
308,616
|
|
|
(1,817
|
)
|
|
306,799
|
|
|
309,634
|
|
||||
7
3
/
4
% Senior Subordinated Notes due 2019 (the "7
3
/
4
% Notes")(2)(3)
|
400,000
|
|
|
(3,982
|
)
|
|
396,018
|
|
|
429,000
|
|
||||
8
3
/
8
% Senior Subordinated Notes due 2021 (the "8
3
/
8
% Notes")(2)(3)(4)
|
106,030
|
|
|
(1,055
|
)
|
|
104,975
|
|
|
110,500
|
|
||||
6
1
/
8
% CAD Senior Notes due 2021 (the "CAD Notes")(2)(5)
|
172,420
|
|
|
(2,707
|
)
|
|
169,713
|
|
|
175,437
|
|
||||
6
1
/
8
% GBP Senior Notes due 2022 (the "GBP Notes")(2)(6)(7)
|
622,960
|
|
|
(10,438
|
)
|
|
612,522
|
|
|
639,282
|
|
||||
6% Senior Notes due 2023 (the "6% Notes due 2023")(2)(3)
|
600,000
|
|
|
(9,519
|
)
|
|
590,481
|
|
|
625,500
|
|
||||
5
3
/
4
% Senior Subordinated Notes due 2024 (the "5
3
/
4
% Notes")(2)(3)
|
1,000,000
|
|
|
(13,275
|
)
|
|
986,725
|
|
|
1,005,000
|
|
||||
Real Estate Mortgages, Capital Leases and Other(8)
|
320,702
|
|
|
(1,114
|
)
|
|
319,588
|
|
|
320,702
|
|
||||
Total Long-term Debt
|
4,663,531
|
|
|
(47,077
|
)
|
|
4,616,454
|
|
|
|
|
||||
Less Current Portion
|
(52,095
|
)
|
|
—
|
|
|
(52,095
|
)
|
|
|
|
||||
Long-term Debt, Net of Current Portion
|
$
|
4,611,436
|
|
|
$
|
(47,077
|
)
|
|
$
|
4,564,359
|
|
|
|
|
|
December 31, 2015
|
||||||||||||||
|
Debt (inclusive of discount and premium)
|
|
Unamortized Deferred Financing Costs
|
|
Carrying Amount
|
|
Fair
Value |
||||||||
Revolving Credit Facility(1)
|
$
|
784,438
|
|
|
$
|
(9,410
|
)
|
|
$
|
775,028
|
|
|
$
|
784,438
|
|
Term Loan(1)
|
243,750
|
|
|
—
|
|
|
243,750
|
|
|
243,750
|
|
||||
6% Senior Notes due 2020 (the "6% Notes due 2020")(2)(3)(6)
|
1,000,000
|
|
|
(16,124
|
)
|
|
983,876
|
|
|
1,052,500
|
|
||||
CAD Notes(2)(5)
|
144,190
|
|
|
(1,924
|
)
|
|
142,266
|
|
|
147,074
|
|
||||
GBP Notes(2)(6)(7)
|
592,140
|
|
|
(8,757
|
)
|
|
583,383
|
|
|
606,944
|
|
||||
6% Notes due 2023(2)(3)
|
600,000
|
|
|
(8,420
|
)
|
|
591,580
|
|
|
618,000
|
|
||||
5
3
/
4
% Notes(2)(3)
|
1,000,000
|
|
|
(11,902
|
)
|
|
988,098
|
|
|
961,200
|
|
||||
Real Estate Mortgages, Capital Leases and Other(8)
|
333,559
|
|
|
(1,070
|
)
|
|
332,489
|
|
|
333,559
|
|
||||
Accounts Receivable Securitization Program(9)
|
205,900
|
|
|
(692
|
)
|
|
205,208
|
|
|
205,900
|
|
||||
Total Long-term Debt
|
4,903,977
|
|
|
(58,299
|
)
|
|
4,845,678
|
|
|
|
|
||||
Less Current Portion
|
(88,068
|
)
|
|
—
|
|
|
(88,068
|
)
|
|
|
|
||||
Long-term Debt, Net of Current Portion
|
$
|
4,815,909
|
|
|
$
|
(58,299
|
)
|
|
$
|
4,757,610
|
|
|
|
|
(1)
|
The capital stock or other equity interests of most of our United States subsidiaries, and up to
66%
of the capital stock or other equity interests of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC ("Canada Company") has pledged
66%
of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under both the Former Revolving Credit Facility and the Revolving Credit Facility (each of which is defined below). The fair value (Level 3 of fair value hierarchy described at Note 2.s) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of both
December 31, 2014
and 2015.
|
(2)
|
The fair values (Level 1 of fair value hierarchy described at Note 2.s.) of these debt instruments are based on quoted market prices for these notes on December 31,
2014
and
2015
, respectively.
|
(3)
|
Collectively, the "Parent Notes." IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by its direct and indirect
100%
owned United States subsidiaries that represent the substantial majority of our United States operations (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company, Iron Mountain Europe PLC ("IME") and the remainder of our subsidiaries do not guarantee the Parent Notes. See Note 5 to Notes to Consolidated Financial Statements.
|
(4)
|
As of December 31, 2014, the amount of debt for the 6
3
/
4
% Notes and the 8
3
/
8
% Notes reflect an unamortized original issue discount of
$1,018
and
$220
, respectively.
|
(5)
|
Canada Company is the direct obligor on the CAD Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements.
|
(6)
|
The 6% Notes due 2020 and the GBP Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the 6% Notes due 2020 and the GBP Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction.
|
(7)
|
IME is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements.
|
(8)
|
Includes (a) real estate mortgages of
$5,107
and
$2,713
as of December 31,
2014
and
2015
, respectively, which bear interest at approximately
4.9%
and are payable in various installments through 2021, (b) capital lease obligations of
$241,866
and
$235,348
as of December 31,
2014
and
2015
, respectively, which bear a weighted average interest rate of
5.8%
at December 31,
2014
and
7.2%
at December 31,
2015
, and (c) other notes and other obligations, which were assumed by us as a result of certain acquisitions, of
$73,729
and
$95,498
as of December 31,
2014
and
2015
, respectively, and bear a weighted average interest rate of
11.5%
and
12.6%
as of December 31,
2014
and
2015
, respectively. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
|
(9)
|
The Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
|
|
December 31, 2014
|
|
December 31, 2015
|
|
Maximum/Minimum Allowable(1)
|
||
Net total lease adjusted leverage ratio
|
5.4
|
|
|
5.6
|
|
|
Maximum allowable of 6.5
|
Net secured debt lease adjusted leverage ratio
|
2.6
|
|
|
2.6
|
|
|
Maximum allowable of 4.0
|
Bond leverage ratio (not lease adjusted)
|
5.7
|
|
|
5.5
|
|
|
Maximum allowable of 6.5
|
Fixed charge coverage ratio
|
2.5
|
|
|
2.4
|
|
|
Minimum allowable of 1.5
|
(1)
|
The maximum and minimum allowable ratios under the Credit Agreement are substantially similar to the Former Credit Agreement.
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Commitment fees and letters of credit fees
|
$
|
3,167
|
|
|
$
|
3,322
|
|
|
$
|
3,743
|
|
•
|
$1,000,000
principal amount of senior notes maturing on October 1, 2020 and bearing interest at a rate of
6%
per annum, payable semi-annually in arrears on April 1 and October 1;
|
•
|
200,000
CAD principal amount of senior notes maturing on August 15, 2021 and bearing interest at a rate of 6
1
/
8
% per annum, payable semi-annually in arrears on February 15 and August 15;
|
•
|
400,000
British pounds sterling principal amount of senior notes maturing on September 15, 2022 and bearing interest at a rate of 6
1
/
8
% per annum, payable semi-annually in arrears on March 15 and September 15;
|
•
|
$600,000
principal amount of senior notes maturing on August 15, 2023 and bearing interest at a rate of
6%
per annum, payable semi-annually in arrears on February 15 and August 15; and
|
•
|
$1,000,000
principal amount of senior subordinated notes maturing on August 15, 2024 and bearing interest at a rate of 5
3
/
4
% per annum, payable semi-annually in arrears on February 15 and August 15.
|
Redemption Date
|
|
6% Notes due 2020
October 1,
|
|
CAD Notes
August 15,
|
|
GBP Notes
September 15,
|
|
6% Notes due 2023
August 15,
|
|
5
3
/
4
% Notes
August 15,
|
|
|||||
2015
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2017
|
|
103.000
|
%
|
(1)
|
103.063
|
%
|
(1)
|
104.594
|
%
|
(1)
|
—
|
|
|
102.875
|
%
|
(1)
|
2018
|
|
101.500
|
%
|
|
101.531
|
%
|
|
103.063
|
%
|
|
103.000
|
%
|
(1)
|
101.917
|
%
|
|
2019
|
|
100.000
|
%
|
|
100.000
|
%
|
|
101.531
|
%
|
|
102.000
|
%
|
|
100.958
|
%
|
|
2020
|
|
100.000
|
|
|
100.000
|
%
|
|
100.000
|
%
|
|
101.000
|
%
|
|
100.000
|
%
|
|
2021
|
|
—
|
|
|
100.000
|
%
|
|
100.000
|
%
|
|
100.000
|
%
|
|
100.000
|
%
|
|
2022
|
|
—
|
|
|
—
|
|
|
100.000
|
%
|
|
100.000
|
%
|
|
100.000
|
%
|
|
2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.000
|
%
|
|
100.000
|
%
|
|
2024
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.000
|
%
|
|
(1)
|
Prior to this date, the relevant notes are redeemable, at our option, in whole or in part, at a specified make-whole price.
|
Year
|
|
Amount
|
||
2016
|
|
$
|
88,068
|
|
2017
|
|
98,093
|
|
|
2018
|
|
260,847
|
|
|
2019
|
|
1,015,626
|
|
|
2020
|
|
1,017,774
|
|
|
Thereafter
|
|
2,423,569
|
|
|
|
|
4,903,977
|
|
|
Net Deferred Financing Costs
|
|
(58,299
|
)
|
|
Total Long-term Debt (including current portion)
|
|
$
|
4,845,678
|
|
|
December 31, 2014
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and Cash Equivalents
|
$
|
2,399
|
|
|
$
|
4,713
|
|
|
$
|
4,979
|
|
|
$
|
113,842
|
|
|
$
|
—
|
|
|
$
|
125,933
|
|
Restricted Cash
|
33,860
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,860
|
|
||||||
Accounts Receivable
|
—
|
|
|
361,330
|
|
|
37,137
|
|
|
205,798
|
|
|
—
|
|
|
604,265
|
|
||||||
Intercompany Receivable
|
—
|
|
|
586,725
|
|
|
—
|
|
|
—
|
|
|
(586,725
|
)
|
|
—
|
|
||||||
Other Current Assets
|
153
|
|
|
88,709
|
|
|
2,925
|
|
|
61,908
|
|
|
(34
|
)
|
|
153,661
|
|
||||||
Total Current Assets
|
36,412
|
|
|
1,041,477
|
|
|
45,041
|
|
|
381,548
|
|
|
(586,759
|
)
|
|
917,719
|
|
||||||
Property, Plant and Equipment, Net
|
840
|
|
|
1,580,337
|
|
|
160,977
|
|
|
808,573
|
|
|
—
|
|
|
2,550,727
|
|
||||||
Other Assets, Net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable
|
2,851,651
|
|
|
245
|
|
|
2,448
|
|
|
—
|
|
|
(2,854,344
|
)
|
|
—
|
|
||||||
Investment in Subsidiaries
|
917,170
|
|
|
656,877
|
|
|
30,751
|
|
|
93,355
|
|
|
(1,698,153
|
)
|
|
—
|
|
||||||
Goodwill
|
—
|
|
|
1,611,957
|
|
|
180,342
|
|
|
631,484
|
|
|
—
|
|
|
2,423,783
|
|
||||||
Other
|
1,459
|
|
|
371,912
|
|
|
23,965
|
|
|
233,700
|
|
|
—
|
|
|
631,036
|
|
||||||
Total Other Assets, Net
|
3,770,280
|
|
|
2,640,991
|
|
|
237,506
|
|
|
958,539
|
|
|
(4,552,497
|
)
|
|
3,054,819
|
|
||||||
Total Assets
|
$
|
3,807,532
|
|
|
$
|
5,262,805
|
|
|
$
|
443,524
|
|
|
$
|
2,148,660
|
|
|
$
|
(5,139,256
|
)
|
|
$
|
6,523,265
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Intercompany Payable
|
$
|
505,083
|
|
|
$
|
—
|
|
|
$
|
3,564
|
|
|
$
|
78,078
|
|
|
$
|
(586,725
|
)
|
|
$
|
—
|
|
Current Portion of Long-term Debt
|
—
|
|
|
24,955
|
|
|
—
|
|
|
27,174
|
|
|
(34
|
)
|
|
52,095
|
|
||||||
Total Other Current Liabilities
|
60,097
|
|
|
470,122
|
|
|
35,142
|
|
|
239,280
|
|
|
—
|
|
|
804,641
|
|
||||||
Long-term Debt, Net of Current Portion
|
2,384,997
|
|
|
905,261
|
|
|
243,154
|
|
|
1,030,947
|
|
|
—
|
|
|
4,564,359
|
|
||||||
Long-term Notes Payable to Affiliates and Intercompany Payable
|
1,000
|
|
|
2,851,384
|
|
|
—
|
|
|
1,960
|
|
|
(2,854,344
|
)
|
|
—
|
|
||||||
Other Long-term Liabilities
|
—
|
|
|
115,789
|
|
|
37,558
|
|
|
78,868
|
|
|
—
|
|
|
232,215
|
|
||||||
Commitments and Contingencies (See Note 10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Iron Mountain Incorporated Stockholders' Equity
|
856,355
|
|
|
895,294
|
|
|
124,106
|
|
|
678,753
|
|
|
(1,698,153
|
)
|
|
856,355
|
|
||||||
Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
13,600
|
|
|
—
|
|
|
13,600
|
|
||||||
Total Equity
|
856,355
|
|
|
895,294
|
|
|
124,106
|
|
|
692,353
|
|
|
(1,698,153
|
)
|
|
869,955
|
|
||||||
Total Liabilities and Equity
|
$
|
3,807,532
|
|
|
$
|
5,262,805
|
|
|
$
|
443,524
|
|
|
$
|
2,148,660
|
|
|
$
|
(5,139,256
|
)
|
|
$
|
6,523,265
|
|
|
December 31, 2015
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and Cash Equivalents
|
$
|
151
|
|
|
$
|
6,472
|
|
|
$
|
13,182
|
|
|
$
|
108,576
|
|
|
$
|
—
|
|
|
$
|
128,381
|
|
Accounts Receivable
|
—
|
|
|
14,069
|
|
|
30,428
|
|
|
519,904
|
|
|
—
|
|
|
564,401
|
|
||||||
Intercompany Receivable
|
—
|
|
|
1,038,141
|
|
|
—
|
|
|
—
|
|
|
(1,038,141
|
)
|
|
—
|
|
||||||
Other Current Assets
|
898
|
|
|
106,670
|
|
|
2,305
|
|
|
55,286
|
|
|
(29
|
)
|
|
165,130
|
|
||||||
Total Current Assets
|
1,049
|
|
|
1,165,352
|
|
|
45,915
|
|
|
683,766
|
|
|
(1,038,170
|
)
|
|
857,912
|
|
||||||
Property, Plant and Equipment, Net
|
661
|
|
|
1,600,886
|
|
|
137,100
|
|
|
758,511
|
|
|
—
|
|
|
2,497,158
|
|
||||||
Other Assets, Net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term Notes Receivable from Affiliates and Intercompany Receivable
|
3,255,049
|
|
|
1,869
|
|
|
—
|
|
|
—
|
|
|
(3,256,918
|
)
|
|
—
|
|
||||||
Investment in Subsidiaries
|
797,666
|
|
|
459,429
|
|
|
27,731
|
|
|
2,862
|
|
|
(1,287,688
|
)
|
|
—
|
|
||||||
Goodwill
|
—
|
|
|
1,618,593
|
|
|
152,975
|
|
|
589,410
|
|
|
—
|
|
|
2,360,978
|
|
||||||
Other
|
623
|
|
|
392,987
|
|
|
22,637
|
|
|
218,292
|
|
|
—
|
|
|
634,539
|
|
||||||
Total Other Assets, Net
|
4,053,338
|
|
|
2,472,878
|
|
|
203,343
|
|
|
810,564
|
|
|
(4,544,606
|
)
|
|
2,995,517
|
|
||||||
Total Assets
|
$
|
4,055,048
|
|
|
$
|
5,239,116
|
|
|
$
|
386,358
|
|
|
$
|
2,252,841
|
|
|
$
|
(5,582,776
|
)
|
|
$
|
6,350,587
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Intercompany Payable
|
$
|
879,649
|
|
|
$
|
—
|
|
|
$
|
5,892
|
|
|
$
|
152,600
|
|
|
$
|
(1,038,141
|
)
|
|
$
|
—
|
|
Current Portion of Long-term Debt
|
—
|
|
|
41,159
|
|
|
—
|
|
|
46,938
|
|
|
(29
|
)
|
|
88,068
|
|
||||||
Total Other Current Liabilities
|
56,740
|
|
|
454,924
|
|
|
26,804
|
|
|
215,295
|
|
|
—
|
|
|
753,763
|
|
||||||
Long-term Debt, Net of Current Portion
|
2,608,818
|
|
|
674,190
|
|
|
284,798
|
|
|
1,189,804
|
|
|
—
|
|
|
4,757,610
|
|
||||||
Long-term Notes Payable to Affiliates and Intercompany Payable
|
1,000
|
|
|
3,255,049
|
|
|
869
|
|
|
—
|
|
|
(3,256,918
|
)
|
|
—
|
|
||||||
Other Long-term Liabilities
|
—
|
|
|
115,950
|
|
|
37,402
|
|
|
69,187
|
|
|
—
|
|
|
222,539
|
|
||||||
Commitments and Contingencies (See Note 10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Iron Mountain Incorporated Stockholders' Equity
|
508,841
|
|
|
697,844
|
|
|
30,593
|
|
|
559,251
|
|
|
(1,287,688
|
)
|
|
508,841
|
|
||||||
Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
19,766
|
|
|
—
|
|
|
19,766
|
|
||||||
Total Equity
|
508,841
|
|
|
697,844
|
|
|
30,593
|
|
|
579,017
|
|
|
(1,287,688
|
)
|
|
528,607
|
|
||||||
Total Liabilities and Equity
|
$
|
4,055,048
|
|
|
$
|
5,239,116
|
|
|
$
|
386,358
|
|
|
$
|
2,252,841
|
|
|
$
|
(5,582,776
|
)
|
|
$
|
6,350,587
|
|
|
Year Ended December 31, 2013
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Storage Rental
|
$
|
—
|
|
|
$
|
1,174,978
|
|
|
$
|
129,987
|
|
|
$
|
479,756
|
|
|
$
|
—
|
|
|
$
|
1,784,721
|
|
Service
|
—
|
|
|
754,090
|
|
|
35,119
|
|
|
450,693
|
|
|
—
|
|
|
1,239,902
|
|
||||||
Intercompany service
|
—
|
|
|
—
|
|
|
—
|
|
|
32,810
|
|
|
(32,810
|
)
|
|
—
|
|
||||||
Total Revenues
|
—
|
|
|
1,929,068
|
|
|
165,106
|
|
|
963,259
|
|
|
(32,810
|
)
|
|
3,024,623
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales (excluding depreciation and amortization)
|
—
|
|
|
771,271
|
|
|
27,354
|
|
|
490,253
|
|
|
—
|
|
|
1,288,878
|
|
||||||
Intercompany service charges
|
—
|
|
|
—
|
|
|
32,810
|
|
|
—
|
|
|
(32,810
|
)
|
|
—
|
|
||||||
Selling, general and administrative
|
227
|
|
|
655,052
|
|
|
15,792
|
|
|
252,960
|
|
|
—
|
|
|
924,031
|
|
||||||
Depreciation and amortization
|
319
|
|
|
195,794
|
|
|
12,383
|
|
|
113,541
|
|
|
—
|
|
|
322,037
|
|
||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net
|
5
|
|
|
(100
|
)
|
|
21
|
|
|
504
|
|
|
—
|
|
|
430
|
|
||||||
Total Operating Expenses
|
551
|
|
|
1,622,017
|
|
|
88,360
|
|
|
857,258
|
|
|
(32,810
|
)
|
|
2,535,376
|
|
||||||
Operating (Loss) Income
|
(551
|
)
|
|
307,051
|
|
|
76,746
|
|
|
106,001
|
|
|
—
|
|
|
489,247
|
|
||||||
Interest Expense (Income), Net
|
206,682
|
|
|
(19,731
|
)
|
|
40,537
|
|
|
26,686
|
|
|
—
|
|
|
254,174
|
|
||||||
Other Expense (Income), Net
|
54,144
|
|
|
1,283
|
|
|
5,410
|
|
|
14,365
|
|
|
—
|
|
|
75,202
|
|
||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
(261,377
|
)
|
|
325,499
|
|
|
30,799
|
|
|
64,950
|
|
|
—
|
|
|
159,871
|
|
||||||
(Benefit) Provision for Income Taxes
|
(16
|
)
|
|
33,767
|
|
|
12,361
|
|
|
16,015
|
|
|
—
|
|
|
62,127
|
|
||||||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,417
|
)
|
|
—
|
|
|
(1,417
|
)
|
||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
|
(357,823
|
)
|
|
(63,775
|
)
|
|
(5,681
|
)
|
|
(18,438
|
)
|
|
445,717
|
|
|
—
|
|
||||||
Income (Loss) from Continuing Operations
|
96,462
|
|
|
355,507
|
|
|
24,119
|
|
|
68,790
|
|
|
(445,717
|
)
|
|
99,161
|
|
||||||
(Loss) Income from Discontinued Operations, Net of Tax
|
—
|
|
|
(529
|
)
|
|
—
|
|
|
1,360
|
|
|
—
|
|
|
831
|
|
||||||
Net Income (Loss)
|
96,462
|
|
|
354,978
|
|
|
24,119
|
|
|
70,150
|
|
|
(445,717
|
)
|
|
99,992
|
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
3,530
|
|
|
—
|
|
|
3,530
|
|
||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
96,462
|
|
|
$
|
354,978
|
|
|
$
|
24,119
|
|
|
$
|
66,620
|
|
|
$
|
(445,717
|
)
|
|
$
|
96,462
|
|
Net Income (Loss)
|
$
|
96,462
|
|
|
$
|
354,978
|
|
|
$
|
24,119
|
|
|
$
|
70,150
|
|
|
$
|
(445,717
|
)
|
|
$
|
99,992
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign Currency Translation Adjustments
|
(3,237
|
)
|
|
1,177
|
|
|
(11,096
|
)
|
|
(18,376
|
)
|
|
—
|
|
|
(31,532
|
)
|
||||||
Market Value Adjustments for Securities
|
—
|
|
|
926
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
926
|
|
||||||
Equity in Other Comprehensive (Loss) Income of Subsidiaries
|
(25,737
|
)
|
|
(26,862
|
)
|
|
(4,037
|
)
|
|
(11,096
|
)
|
|
67,732
|
|
|
—
|
|
||||||
Total Other Comprehensive (Loss) Income
|
(28,974
|
)
|
|
(24,759
|
)
|
|
(15,133
|
)
|
|
(29,472
|
)
|
|
67,732
|
|
|
(30,606
|
)
|
||||||
Comprehensive Income (Loss)
|
67,488
|
|
|
330,219
|
|
|
8,986
|
|
|
40,678
|
|
|
(377,985
|
)
|
|
69,386
|
|
||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
1,898
|
|
|
—
|
|
|
1,898
|
|
||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
67,488
|
|
|
$
|
330,219
|
|
|
$
|
8,986
|
|
|
$
|
38,780
|
|
|
$
|
(377,985
|
)
|
|
$
|
67,488
|
|
|
Year Ended December 31, 2014
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Storage Rental
|
$
|
—
|
|
|
$
|
1,208,380
|
|
|
$
|
124,551
|
|
|
$
|
527,312
|
|
|
$
|
—
|
|
|
$
|
1,860,243
|
|
Service
|
—
|
|
|
749,711
|
|
|
68,669
|
|
|
439,070
|
|
|
—
|
|
|
1,257,450
|
|
||||||
Intercompany service
|
—
|
|
|
—
|
|
|
—
|
|
|
64,794
|
|
|
(64,794
|
)
|
|
—
|
|
||||||
Total Revenues
|
—
|
|
|
1,958,091
|
|
|
193,220
|
|
|
1,031,176
|
|
|
(64,794
|
)
|
|
3,117,693
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales (excluding depreciation and amortization)
|
—
|
|
|
793,274
|
|
|
23,040
|
|
|
528,322
|
|
|
—
|
|
|
1,344,636
|
|
||||||
Intercompany service charges
|
—
|
|
|
—
|
|
|
64,794
|
|
|
—
|
|
|
(64,794
|
)
|
|
—
|
|
||||||
Selling, general and administrative
|
1,182
|
|
|
580,568
|
|
|
13,304
|
|
|
274,518
|
|
|
—
|
|
|
869,572
|
|
||||||
Depreciation and amortization
|
225
|
|
|
214,341
|
|
|
11,797
|
|
|
126,780
|
|
|
—
|
|
|
353,143
|
|
||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net
|
—
|
|
|
829
|
|
|
173
|
|
|
63
|
|
|
—
|
|
|
1,065
|
|
||||||
Total Operating Expenses
|
1,407
|
|
|
1,589,012
|
|
|
113,108
|
|
|
929,683
|
|
|
(64,794
|
)
|
|
2,568,416
|
|
||||||
Operating (Loss) Income
|
(1,407
|
)
|
|
369,079
|
|
|
80,112
|
|
|
101,493
|
|
|
—
|
|
|
549,277
|
|
||||||
Interest Expense (Income), Net
|
187,650
|
|
|
(23,295
|
)
|
|
36,946
|
|
|
59,416
|
|
|
—
|
|
|
260,717
|
|
||||||
Other Expense (Income), Net
|
78
|
|
|
(203,380
|
)
|
|
(91
|
)
|
|
268,580
|
|
|
—
|
|
|
65,187
|
|
||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
(189,135
|
)
|
|
595,754
|
|
|
43,257
|
|
|
(226,503
|
)
|
|
—
|
|
|
223,373
|
|
||||||
(Benefit) Provision for Income Taxes
|
—
|
|
|
(114,947
|
)
|
|
12,876
|
|
|
4,796
|
|
|
—
|
|
|
(97,275
|
)
|
||||||
Gain on Sale of Real Estate, Net of Tax
|
—
|
|
|
(196
|
)
|
|
(832
|
)
|
|
(7,279
|
)
|
|
—
|
|
|
(8,307
|
)
|
||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
|
(515,254
|
)
|
|
196,310
|
|
|
(992
|
)
|
|
(31,215
|
)
|
|
351,151
|
|
|
—
|
|
||||||
Income (Loss) from Continuing Operations
|
326,119
|
|
|
514,587
|
|
|
32,205
|
|
|
(192,805
|
)
|
|
(351,151
|
)
|
|
328,955
|
|
||||||
(Loss) Income from Discontinued Operations, Net of Tax
|
—
|
|
|
(937
|
)
|
|
—
|
|
|
728
|
|
|
—
|
|
|
(209
|
)
|
||||||
Net Income (Loss)
|
326,119
|
|
|
513,650
|
|
|
32,205
|
|
|
(192,077
|
)
|
|
(351,151
|
)
|
|
328,746
|
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
2,627
|
|
|
—
|
|
|
2,627
|
|
||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
326,119
|
|
|
$
|
513,650
|
|
|
$
|
32,205
|
|
|
$
|
(194,704
|
)
|
|
$
|
(351,151
|
)
|
|
$
|
326,119
|
|
Net Income (Loss)
|
$
|
326,119
|
|
|
$
|
513,650
|
|
|
$
|
32,205
|
|
|
$
|
(192,077
|
)
|
|
$
|
(351,151
|
)
|
|
$
|
328,746
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign Currency Translation Adjustments
|
6,328
|
|
|
47
|
|
|
(10,306
|
)
|
|
(62,936
|
)
|
|
—
|
|
|
(66,867
|
)
|
||||||
Market Value Adjustments for Securities
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||||
Equity in Other Comprehensive (Loss) Income of Subsidiaries
|
(72,662
|
)
|
|
(73,696
|
)
|
|
288
|
|
|
(10,306
|
)
|
|
156,376
|
|
|
—
|
|
||||||
Total Other Comprehensive (Loss) Income
|
(66,334
|
)
|
|
(73,596
|
)
|
|
(10,018
|
)
|
|
(73,242
|
)
|
|
156,376
|
|
|
(66,814
|
)
|
||||||
Comprehensive Income (Loss)
|
259,785
|
|
|
440,054
|
|
|
22,187
|
|
|
(265,319
|
)
|
|
(194,775
|
)
|
|
261,932
|
|
||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
2,184
|
|
|
—
|
|
|
2,184
|
|
||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
259,785
|
|
|
$
|
440,054
|
|
|
$
|
22,187
|
|
|
$
|
(267,503
|
)
|
|
$
|
(194,775
|
)
|
|
$
|
259,748
|
|
|
Year Ended December 31, 2015
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Storage Rental
|
$
|
—
|
|
|
$
|
1,226,299
|
|
|
$
|
118,908
|
|
|
$
|
492,690
|
|
|
$
|
—
|
|
|
$
|
1,837,897
|
|
Service
|
—
|
|
|
734,883
|
|
|
61,717
|
|
|
373,479
|
|
|
—
|
|
|
1,170,079
|
|
||||||
Intercompany service
|
—
|
|
|
3,476
|
|
|
—
|
|
|
71,516
|
|
|
(74,992
|
)
|
|
—
|
|
||||||
Total Revenues
|
—
|
|
|
1,964,658
|
|
|
180,625
|
|
|
937,685
|
|
|
(74,992
|
)
|
|
3,007,976
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales (excluding depreciation and amortization)
|
—
|
|
|
788,278
|
|
|
25,213
|
|
|
476,534
|
|
|
—
|
|
|
1,290,025
|
|
||||||
Intercompany service cost of sales
|
—
|
|
|
13,384
|
|
|
58,132
|
|
|
3,476
|
|
|
(74,992
|
)
|
|
—
|
|
||||||
Selling, general and administrative
|
117
|
|
|
594,994
|
|
|
14,734
|
|
|
235,115
|
|
|
—
|
|
|
844,960
|
|
||||||
Depreciation and amortization
|
181
|
|
|
224,214
|
|
|
12,427
|
|
|
108,642
|
|
|
—
|
|
|
345,464
|
|
||||||
Loss (Gain) on disposal/write-down of property, plant and equipment (excluding real estate), net
|
—
|
|
|
962
|
|
|
41
|
|
|
1,997
|
|
|
—
|
|
|
3,000
|
|
||||||
Total Operating Expenses
|
298
|
|
|
1,621,832
|
|
|
110,547
|
|
|
825,764
|
|
|
(74,992
|
)
|
|
2,483,449
|
|
||||||
Operating (Loss) Income
|
(298
|
)
|
|
342,826
|
|
|
70,078
|
|
|
111,921
|
|
|
—
|
|
|
524,527
|
|
||||||
Interest Expense (Income), Net
|
159,848
|
|
|
(30,559
|
)
|
|
36,521
|
|
|
98,061
|
|
|
—
|
|
|
263,871
|
|
||||||
Other Expense (Income), Net
|
23,675
|
|
|
(82,820
|
)
|
|
55,230
|
|
|
102,505
|
|
|
—
|
|
|
98,590
|
|
||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
(183,821
|
)
|
|
456,205
|
|
|
(21,673
|
)
|
|
(88,645
|
)
|
|
—
|
|
|
162,066
|
|
||||||
Provision (Benefit) for Income Taxes
|
—
|
|
|
13,632
|
|
|
12,787
|
|
|
11,294
|
|
|
—
|
|
|
37,713
|
|
||||||
Gain on Sale of Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
(850
|
)
|
|
—
|
|
|
(850
|
)
|
||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax
|
(307,062
|
)
|
|
135,720
|
|
|
(2,552
|
)
|
|
34,462
|
|
|
139,432
|
|
|
—
|
|
||||||
Net Income (Loss)
|
123,241
|
|
|
306,853
|
|
|
(31,908
|
)
|
|
(133,551
|
)
|
|
(139,432
|
)
|
|
125,203
|
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
1,962
|
|
|
—
|
|
|
1,962
|
|
||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
123,241
|
|
|
$
|
306,853
|
|
|
$
|
(31,908
|
)
|
|
$
|
(135,513
|
)
|
|
$
|
(139,432
|
)
|
|
$
|
123,241
|
|
Net Income (Loss)
|
$
|
123,241
|
|
|
$
|
306,853
|
|
|
$
|
(31,908
|
)
|
|
$
|
(133,551
|
)
|
|
$
|
(139,432
|
)
|
|
$
|
125,203
|
|
Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign Currency Translation Adjustments
|
3,284
|
|
|
—
|
|
|
(19,003
|
)
|
|
(85,251
|
)
|
|
—
|
|
|
(100,970
|
)
|
||||||
Market Value Adjustments for Securities
|
—
|
|
|
(245
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(245
|
)
|
||||||
Equity in Other Comprehensive (Loss) Income of Subsidiaries
|
(103,170
|
)
|
|
(103,521
|
)
|
|
(3,176
|
)
|
|
(19,003
|
)
|
|
228,870
|
|
|
—
|
|
||||||
Total Other Comprehensive (Loss) Income
|
(99,886
|
)
|
|
(103,766
|
)
|
|
(22,179
|
)
|
|
(104,254
|
)
|
|
228,870
|
|
|
(101,215
|
)
|
||||||
Comprehensive Income (Loss)
|
23,355
|
|
|
203,087
|
|
|
(54,087
|
)
|
|
(237,805
|
)
|
|
89,438
|
|
|
23,988
|
|
||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
|
—
|
|
|
—
|
|
|
—
|
|
|
633
|
|
|
—
|
|
|
633
|
|
||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated
|
$
|
23,355
|
|
|
$
|
203,087
|
|
|
$
|
(54,087
|
)
|
|
$
|
(238,438
|
)
|
|
$
|
89,438
|
|
|
$
|
23,355
|
|
|
Year Ended December 31, 2013
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash Flows from Operating Activities-Continuing Operations
|
$
|
(195,786
|
)
|
|
$
|
528,011
|
|
|
$
|
28,580
|
|
|
$
|
145,788
|
|
|
$
|
—
|
|
|
$
|
506,593
|
|
Cash Flows from Operating Activities-Discontinued Operations
|
—
|
|
|
(129
|
)
|
|
—
|
|
|
1,082
|
|
|
—
|
|
|
953
|
|
||||||
Cash Flows from Operating Activities
|
(195,786
|
)
|
|
527,882
|
|
|
28,580
|
|
|
146,870
|
|
|
—
|
|
|
507,546
|
|
||||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(180,047
|
)
|
|
(6,534
|
)
|
|
(100,714
|
)
|
|
—
|
|
|
(287,295
|
)
|
||||||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(212,042
|
)
|
|
—
|
|
|
(105,058
|
)
|
|
—
|
|
|
(317,100
|
)
|
||||||
Intercompany loans to subsidiaries
|
387,299
|
|
|
398,299
|
|
|
—
|
|
|
—
|
|
|
(785,598
|
)
|
|
—
|
|
||||||
Investment in subsidiaries
|
(63,149
|
)
|
|
(63,149
|
)
|
|
—
|
|
|
—
|
|
|
126,298
|
|
|
—
|
|
||||||
Investment in restricted cash
|
(248
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(248
|
)
|
||||||
Acquisitions of customer relationships and customer inducements
|
—
|
|
|
(18,083
|
)
|
|
(498
|
)
|
|
(11,610
|
)
|
|
—
|
|
|
(30,191
|
)
|
||||||
Proceeds from sales of property and equipment and other, net (including real estate)
|
—
|
|
|
54
|
|
|
(3,175
|
)
|
|
5,205
|
|
|
—
|
|
|
2,084
|
|
||||||
Cash Flows from Investing Activities-Continuing Operations
|
323,902
|
|
|
(74,968
|
)
|
|
(10,207
|
)
|
|
(212,177
|
)
|
|
(659,300
|
)
|
|
(632,750
|
)
|
||||||
Cash Flows from Investing Activities-Discontinued Operations
|
—
|
|
|
(4,937
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,937
|
)
|
||||||
Cash Flows from Investing Activities
|
323,902
|
|
|
(79,905
|
)
|
|
(10,207
|
)
|
|
(212,177
|
)
|
|
(659,300
|
)
|
|
(637,687
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repayment of revolving credit and term loan facilities and other debt
|
—
|
|
|
(5,077,356
|
)
|
|
(341,336
|
)
|
|
(107,980
|
)
|
|
—
|
|
|
(5,526,672
|
)
|
||||||
Proceeds from revolving credit and term loan facilities and other debt
|
—
|
|
|
4,948,691
|
|
|
438,188
|
|
|
274,871
|
|
|
—
|
|
|
5,661,750
|
|
||||||
Early retirement of senior subordinated notes
|
(514,239
|
)
|
|
—
|
|
|
(170,895
|
)
|
|
—
|
|
|
—
|
|
|
(685,134
|
)
|
||||||
Net proceeds from sales of senior notes
|
591,000
|
|
|
—
|
|
|
191,307
|
|
|
—
|
|
|
—
|
|
|
782,307
|
|
||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net
|
(14,852
|
)
|
|
—
|
|
|
—
|
|
|
(3,384
|
)
|
|
—
|
|
|
(18,236
|
)
|
||||||
Intercompany loans from parent
|
—
|
|
|
(379,910
|
)
|
|
(232,436
|
)
|
|
(173,252
|
)
|
|
785,598
|
|
|
—
|
|
||||||
Equity contribution from parent
|
—
|
|
|
63,149
|
|
|
—
|
|
|
63,149
|
|
|
(126,298
|
)
|
|
—
|
|
||||||
Parent cash dividends
|
(206,798
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(206,798
|
)
|
||||||
Proceeds from exercise of stock options and employee stock purchase plan
|
17,664
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,664
|
|
||||||
Excess tax benefits from stock-based compensation
|
2,389
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,389
|
|
||||||
Payment of debt financing and stock issuance costs
|
(2,037
|
)
|
|
(5,657
|
)
|
|
(750
|
)
|
|
(262
|
)
|
|
—
|
|
|
(8,706
|
)
|
||||||
Cash Flows from Financing Activities-Continuing Operations
|
(126,873
|
)
|
|
(451,083
|
)
|
|
(115,922
|
)
|
|
53,142
|
|
|
659,300
|
|
|
18,564
|
|
||||||
Cash Flows from Financing Activities-Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cash Flows from Financing Activities
|
(126,873
|
)
|
|
(451,083
|
)
|
|
(115,922
|
)
|
|
53,142
|
|
|
659,300
|
|
|
18,564
|
|
||||||
Effect of exchange rates on cash and cash equivalents
|
—
|
|
|
—
|
|
|
(4,703
|
)
|
|
(6,609
|
)
|
|
—
|
|
|
(11,312
|
)
|
||||||
Increase (Decrease) in cash and cash equivalents
|
1,243
|
|
|
(3,106
|
)
|
|
(102,252
|
)
|
|
(18,774
|
)
|
|
—
|
|
|
(122,889
|
)
|
||||||
Cash and cash equivalents, beginning of year
|
—
|
|
|
13,472
|
|
|
103,346
|
|
|
126,597
|
|
|
—
|
|
|
243,415
|
|
||||||
Cash and cash equivalents, end of year
|
$
|
1,243
|
|
|
$
|
10,366
|
|
|
$
|
1,094
|
|
|
$
|
107,823
|
|
|
$
|
—
|
|
|
$
|
120,526
|
|
|
Year Ended December 31, 2014
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash Flows from Operating Activities-Continuing Operations
|
$
|
(192,058
|
)
|
|
$
|
452,577
|
|
|
$
|
55,538
|
|
|
$
|
156,891
|
|
|
$
|
—
|
|
|
$
|
472,948
|
|
Cash Flows from Operating Activities-Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cash Flows from Operating Activities
|
(192,058
|
)
|
|
452,577
|
|
|
55,538
|
|
|
156,891
|
|
|
—
|
|
|
472,948
|
|
||||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(217,924
|
)
|
|
(6,877
|
)
|
|
(137,123
|
)
|
|
—
|
|
|
(361,924
|
)
|
||||||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(3,371
|
)
|
|
(29,016
|
)
|
|
(95,706
|
)
|
|
—
|
|
|
(128,093
|
)
|
||||||
Intercompany loans to subsidiaries
|
1,307,133
|
|
|
112,845
|
|
|
—
|
|
|
—
|
|
|
(1,419,978
|
)
|
|
—
|
|
||||||
Investment in subsidiaries
|
(48,203
|
)
|
|
(48,203
|
)
|
|
—
|
|
|
—
|
|
|
96,406
|
|
|
—
|
|
||||||
Acquisitions of customer relationships and customer inducements
|
—
|
|
|
(26,788
|
)
|
|
(2,140
|
)
|
|
(5,519
|
)
|
|
—
|
|
|
(34,447
|
)
|
||||||
Proceeds from sales of property and equipment and other, net (including real estate)
|
—
|
|
|
2,641
|
|
|
1,871
|
|
|
39,974
|
|
|
—
|
|
|
44,486
|
|
||||||
Cash Flows from Investing Activities-Continuing Operations
|
1,258,930
|
|
|
(180,800
|
)
|
|
(36,162
|
)
|
|
(198,374
|
)
|
|
(1,323,572
|
)
|
|
(479,978
|
)
|
||||||
Cash Flows from Investing Activities-Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cash Flows from Investing Activities
|
1,258,930
|
|
|
(180,800
|
)
|
|
(36,162
|
)
|
|
(198,374
|
)
|
|
(1,323,572
|
)
|
|
(479,978
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repayment of revolving credit and term loan facilities and other debt
|
—
|
|
|
(7,949,523
|
)
|
|
(667,505
|
)
|
|
(207,683
|
)
|
|
—
|
|
|
(8,824,711
|
)
|
||||||
Proceeds from revolving credit and term loan facilities and other debt
|
—
|
|
|
8,327,608
|
|
|
645,848
|
|
|
311,731
|
|
|
—
|
|
|
9,285,187
|
|
||||||
Early retirement of senior subordinated notes
|
(566,352
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(566,352
|
)
|
||||||
Net proceeds from sales of senior notes
|
—
|
|
|
—
|
|
|
—
|
|
|
642,417
|
|
|
—
|
|
|
642,417
|
|
||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net
|
—
|
|
|
5,716
|
|
|
—
|
|
|
(20,486
|
)
|
|
—
|
|
|
(14,770
|
)
|
||||||
Intercompany loans from parent
|
—
|
|
|
(708,935
|
)
|
|
5,866
|
|
|
(716,909
|
)
|
|
1,419,978
|
|
|
—
|
|
||||||
Equity contribution from parent
|
—
|
|
|
48,203
|
|
|
—
|
|
|
48,203
|
|
|
(96,406
|
)
|
|
—
|
|
||||||
Parent cash dividends
|
(542,298
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(542,298
|
)
|
||||||
Proceeds from exercise of stock options and employee stock purchase plan
|
44,290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,290
|
|
||||||
Excess tax deficiency from stock-based compensation
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
||||||
Payment of debt financing and stock issuance costs
|
(1,296
|
)
|
|
(499
|
)
|
|
(12
|
)
|
|
(2,039
|
)
|
|
—
|
|
|
(3,846
|
)
|
||||||
Cash Flows from Financing Activities-Continuing Operations
|
(1,065,716
|
)
|
|
(277,430
|
)
|
|
(15,803
|
)
|
|
55,234
|
|
|
1,323,572
|
|
|
19,857
|
|
||||||
Cash Flows from Financing Activities-Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cash Flows from Financing Activities
|
(1,065,716
|
)
|
|
(277,430
|
)
|
|
(15,803
|
)
|
|
55,234
|
|
|
1,323,572
|
|
|
19,857
|
|
||||||
Effect of exchange rates on cash and cash equivalents
|
—
|
|
|
—
|
|
|
312
|
|
|
(7,732
|
)
|
|
—
|
|
|
(7,420
|
)
|
||||||
Increase (Decrease) in cash and cash equivalents
|
1,156
|
|
|
(5,653
|
)
|
|
3,885
|
|
|
6,019
|
|
|
—
|
|
|
5,407
|
|
||||||
Cash and cash equivalents, beginning of year
|
1,243
|
|
|
10,366
|
|
|
1,094
|
|
|
107,823
|
|
|
—
|
|
|
120,526
|
|
||||||
Cash and cash equivalents, end of year
|
$
|
2,399
|
|
|
$
|
4,713
|
|
|
$
|
4,979
|
|
|
$
|
113,842
|
|
|
$
|
—
|
|
|
$
|
125,933
|
|
|
Year Ended December 31, 2015
|
||||||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Canada
Company
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash Flows from Operating Activities
|
$
|
(161,287
|
)
|
|
$
|
568,360
|
|
|
$
|
39,181
|
|
|
$
|
95,506
|
|
|
$
|
—
|
|
|
$
|
541,760
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
—
|
|
|
(189,213
|
)
|
|
(15,128
|
)
|
|
(85,908
|
)
|
|
—
|
|
|
(290,249
|
)
|
||||||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(9,902
|
)
|
|
(5,260
|
)
|
|
(98,396
|
)
|
|
—
|
|
|
(113,558
|
)
|
||||||
Intercompany loans to subsidiaries
|
334,019
|
|
|
320,932
|
|
|
—
|
|
|
—
|
|
|
(654,951
|
)
|
|
—
|
|
||||||
Investment in subsidiaries
|
(25,276
|
)
|
|
(25,276
|
)
|
|
—
|
|
|
—
|
|
|
50,552
|
|
|
—
|
|
||||||
Decrease in restricted cash
|
33,860
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,860
|
|
||||||
Acquisitions of customer relationships and customer inducements
|
—
|
|
|
(44,024
|
)
|
|
(576
|
)
|
|
(10,511
|
)
|
|
—
|
|
|
(55,111
|
)
|
||||||
Proceeds from sales of property and equipment and other, net (including real estate)
|
—
|
|
|
586
|
|
|
49
|
|
|
1,637
|
|
|
—
|
|
|
2,272
|
|
||||||
Cash Flows from Investing Activities
|
342,603
|
|
|
53,103
|
|
|
(20,915
|
)
|
|
(193,178
|
)
|
|
(604,399
|
)
|
|
(422,786
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repayment of revolving credit and term loan facilities and other debt
|
—
|
|
|
(8,456,062
|
)
|
|
(754,703
|
)
|
|
(1,586,108
|
)
|
|
—
|
|
|
(10,796,873
|
)
|
||||||
Proceeds from revolving credit and term loan facilities and other debt
|
47,198
|
|
|
8,220,200
|
|
|
835,101
|
|
|
1,823,210
|
|
|
—
|
|
|
10,925,709
|
|
||||||
Early retirement of senior subordinated notes
|
(814,728
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(814,728
|
)
|
||||||
Net proceeds from sales of senior notes
|
985,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
985,000
|
|
||||||
Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
5,574
|
|
|
—
|
|
|
5,574
|
|
||||||
Intercompany loans from parent
|
—
|
|
|
(398,514
|
)
|
|
(94,038
|
)
|
|
(162,399
|
)
|
|
654,951
|
|
|
—
|
|
||||||
Equity contribution from parent
|
—
|
|
|
25,276
|
|
|
—
|
|
|
25,276
|
|
|
(50,552
|
)
|
|
—
|
|
||||||
Parent cash dividends
|
(406,508
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(406,508
|
)
|
||||||
Proceeds from exercise of stock options and employee stock purchase plan
|
7,149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,149
|
|
||||||
Excess tax benefit from stock-based compensation
|
327
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327
|
|
||||||
Payment of debt financing costs and stock issuance costs
|
(2,002
|
)
|
|
(10,604
|
)
|
|
—
|
|
|
(1,555
|
)
|
|
—
|
|
|
(14,161
|
)
|
||||||
Cash Flows from Financing Activities
|
(183,564
|
)
|
|
(619,704
|
)
|
|
(13,640
|
)
|
|
103,998
|
|
|
604,399
|
|
|
(108,511
|
)
|
||||||
Effect of exchange rates on cash and cash equivalents
|
—
|
|
|
—
|
|
|
3,577
|
|
|
(11,592
|
)
|
|
—
|
|
|
(8,015
|
)
|
||||||
(Decrease) Increase in cash and cash equivalents
|
(2,248
|
)
|
|
1,759
|
|
|
8,203
|
|
|
(5,266
|
)
|
|
—
|
|
|
2,448
|
|
||||||
Cash and cash equivalents, beginning of year
|
2,399
|
|
|
4,713
|
|
|
4,979
|
|
|
113,842
|
|
|
—
|
|
|
125,933
|
|
||||||
Cash and cash equivalents, end of year
|
$
|
151
|
|
|
$
|
6,472
|
|
|
$
|
13,182
|
|
|
$
|
108,576
|
|
|
$
|
—
|
|
|
$
|
128,381
|
|
|
2013
|
|
2014
|
|
2015
|
|
||||||
Cash Paid (gross of cash acquired)(1)
|
$
|
321,121
|
|
|
$
|
134,301
|
|
|
$
|
111,907
|
|
|
Fair Value of Previously Held Equity Interest
|
—
|
|
|
794
|
|
|
—
|
|
|
|||
Total Consideration
|
321,121
|
|
|
135,095
|
|
|
111,907
|
|
|
|||
Fair Value of Identifiable Assets Acquired:
|
|
|
|
|
|
|
|
|
|
|||
Cash, Accounts Receivable, Prepaid Expenses,
|
|
|
|
|
|
|
|
|
|
|||
Deferred Income Taxes and Other
|
28,532
|
|
|
15,098
|
|
|
12,670
|
|
|
|||
Property, Plant and Equipment(2)
|
44,681
|
|
|
23,269
|
|
|
43,505
|
|
|
|||
Customer Relationship Intangible Assets(3)
|
173,733
|
|
|
60,172
|
|
|
34,988
|
|
|
|||
Other Assets
|
68
|
|
|
3,342
|
|
|
7,032
|
|
|
|||
Liabilities Assumed and Deferred Income Taxes(4)
|
(67,645
|
)
|
|
(50,903
|
)
|
|
(26,807
|
)
|
|
|||
Total Fair Value of Identifiable Net Assets Acquired
|
179,369
|
|
|
50,978
|
|
|
71,388
|
|
|
|||
Goodwill Initially Recorded
|
$
|
141,752
|
|
|
$
|
84,117
|
|
|
$
|
40,519
|
|
|
(1)
|
Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the year ended December 31, 2013 is net of cash acquired of $(
3,945
) and contingent and other payments of
$(76)
. Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the year ended December 31, 2014 is net cash acquired of
$(4,704)
and contingent and other payments of
$(1,504)
related to acquisitions made in previous years. Included in cash paid for acquisitions in the Consolidated Statements of Cash Flows for the year ended December 31, 2015 is net cash acquired of
$(2,041)
and contingent and other payments of
$3,692
related to acquisitions made in previous years.
|
(2)
|
Consists primarily of buildings, racking structures, leasehold improvements and computer hardware and software.
|
(3)
|
The weighted average lives of customer relationship intangible assets associated with acquisitions in
2013
,
2014
and
2015
was
22
years,
17
years and
16
years, respectively.
|
(4)
|
Consists primarily of accounts payable, accrued expenses, notes payable, deferred revenue and deferred income taxes.
|
|
December 31,
|
||||||
|
2014
|
|
2015
|
||||
Deferred Tax Assets:
|
|
|
|
|
|
||
Accrued liabilities
|
$
|
22,236
|
|
|
$
|
22,107
|
|
Deferred rent
|
3,144
|
|
|
4,426
|
|
||
Net operating loss carryforwards
|
64,718
|
|
|
69,290
|
|
||
Federal benefit of unrecognized tax benefits
|
14,859
|
|
|
12,327
|
|
||
Foreign deferred tax assets and other adjustments
|
8,620
|
|
|
8,698
|
|
||
Valuation allowance
|
(40,182
|
)
|
|
(60,009
|
)
|
||
|
73,395
|
|
|
56,839
|
|
||
Deferred Tax Liabilities:
|
|
|
|
|
|
||
Other assets, principally due to differences in amortization
|
(74,782
|
)
|
|
(66,254
|
)
|
||
Plant and equipment, principally due to differences in depreciation
|
(39,079
|
)
|
|
(23,408
|
)
|
||
|
(113,861
|
)
|
|
(89,662
|
)
|
||
Net deferred tax liability
|
$
|
(40,466
|
)
|
|
$
|
(32,823
|
)
|
|
December 31,
|
||||||
|
2014
|
|
2015
|
||||
Deferred tax assets
|
$
|
16,655
|
|
|
$
|
26,668
|
|
Deferred tax liabilities
|
(2,463
|
)
|
|
(4,489
|
)
|
||
Current deferred tax assets, net
|
$
|
14,192
|
|
|
$
|
22,179
|
|
Deferred tax assets
|
$
|
56,740
|
|
|
$
|
30,171
|
|
Deferred tax liabilities
|
(111,398
|
)
|
|
(85,173
|
)
|
||
Noncurrent deferred tax liabilities, net
|
$
|
(54,658
|
)
|
|
$
|
(55,002
|
)
|
Year Ended December 31,
|
|
Balance at
Beginning of
the Year
|
|
Charged
(Credited) to
Expense
|
|
Other
Additions
|
|
Other
Deductions(1)
|
|
Balance at
End of
the Year
|
||||||||||
2013
|
|
$
|
76,050
|
|
|
$
|
(27,186
|
)
|
|
$
|
—
|
|
|
$
|
(8,586
|
)
|
|
$
|
40,278
|
|
2014
|
|
40,278
|
|
|
9,404
|
|
|
—
|
|
|
(9,500
|
)
|
|
40,182
|
|
|||||
2015
|
|
40,182
|
|
|
33,509
|
|
|
—
|
|
|
(13,682
|
)
|
|
60,009
|
|
(1)
|
Primarily due to fluctuations in currency exchange
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
United States
|
$
|
63,930
|
|
|
$
|
202,067
|
|
|
$
|
179,928
|
|
Canada
|
39,038
|
|
|
46,191
|
|
|
37,131
|
|
|||
Other Foreign
|
56,903
|
|
|
(24,885
|
)
|
|
(54,993
|
)
|
|||
|
$
|
159,871
|
|
|
$
|
223,373
|
|
|
$
|
162,066
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Computed "expected" tax provision
|
$
|
55,955
|
|
|
$
|
78,181
|
|
|
$
|
56,723
|
|
Changes in income taxes resulting from:
|
|
|
|
|
|
|
|
|
|||
Tax adjustment relating to REIT
|
—
|
|
|
(63,333
|
)
|
|
(51,625
|
)
|
|||
Deferred tax adjustment and other taxes due to REIT conversion
|
—
|
|
|
(182,853
|
)
|
|
(9,067
|
)
|
|||
State taxes (net of federal tax benefit)
|
4,384
|
|
|
2,207
|
|
|
2,017
|
|
|||
Increase in valuation allowance (net operating losses)
|
2,832
|
|
|
9,404
|
|
|
33,509
|
|
|||
Decrease in valuation allowance (foreign tax credits)
|
(30,018
|
)
|
|
—
|
|
|
—
|
|
|||
Foreign repatriation
|
44,751
|
|
|
46,356
|
|
|
4,030
|
|
|||
Foreign restructuring
|
17,691
|
|
|
—
|
|
|
—
|
|
|||
Impairment of assets and other transaction costs
|
6,576
|
|
|
2,869
|
|
|
—
|
|
|||
Reserve accrual (reversal) and audit settlements (net of federal tax benefit)
|
(16,322
|
)
|
|
3,175
|
|
|
(2,874
|
)
|
|||
Foreign tax rate differential
|
(33,852
|
)
|
|
(9,496
|
)
|
|
(8,915
|
)
|
|||
Disallowed foreign interest, Subpart F income, and other foreign taxes
|
9,708
|
|
|
12,502
|
|
|
18,022
|
|
|||
Other, net
|
422
|
|
|
3,713
|
|
|
(4,107
|
)
|
|||
Provision (Benefit) for Income Taxes
|
$
|
62,127
|
|
|
$
|
(97,275
|
)
|
|
$
|
37,713
|
|
|
|
|
Tax Years
|
|
Tax Jurisdiction
|
See Below
|
|
United States—Federal and State
|
2006 to present
|
|
Canada
|
2010 to present
|
|
United Kingdom
|
Gross tax contingencies—December 31, 2012
|
$
|
37,563
|
|
Gross additions based on tax positions related to the current year
|
5,985
|
|
|
Gross additions for tax positions of prior years
|
20,275
|
|
|
Gross reductions for tax positions of prior years
|
(1,370
|
)
|
|
Lapses of statutes
|
(1,312
|
)
|
|
Settlements
|
(9,995
|
)
|
|
Gross tax contingencies—December 31, 2013
|
$
|
51,146
|
|
Gross additions based on tax positions related to the current year
|
3,984
|
|
|
Gross additions for tax positions of prior years
|
13,717
|
|
|
Gross reductions for tax positions of prior years
|
(2,699
|
)
|
|
Lapses of statutes
|
(5,350
|
)
|
|
Settlements
|
(4,847
|
)
|
|
Gross tax contingencies—December 31, 2014
|
$
|
55,951
|
|
Gross additions based on tax positions related to the current year
|
3,484
|
|
|
Gross additions for tax positions of prior years
|
979
|
|
|
Gross reductions for tax positions of prior years
|
(3,588
|
)
|
|
Lapses of statutes
|
(9,141
|
)
|
|
Settlements
|
—
|
|
|
Gross tax contingencies—December 31, 2015
|
$
|
47,685
|
|
Quarter Ended
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues
|
|
$
|
770,126
|
|
|
$
|
786,892
|
|
|
$
|
782,697
|
|
|
$
|
777,978
|
|
|
Operating income (loss)
|
|
132,616
|
|
|
147,290
|
|
|
141,476
|
|
|
127,895
|
|
|
||||
Income (loss) from continuing operations
|
|
42,721
|
|
|
272,702
|
|
|
858
|
|
|
12,674
|
|
|
||||
Total (loss) income from discontinued operations
|
|
(612
|
)
|
|
(326
|
)
|
|
—
|
|
|
729
|
|
|
||||
Net income (loss)
|
|
42,109
|
|
|
272,376
|
|
|
858
|
|
|
13,403
|
|
|
||||
Net income (loss) attributable to Iron Mountain Incorporated
|
|
41,667
|
|
|
271,637
|
|
|
66
|
|
|
12,749
|
|
(1)
|
||||
Earnings (losses) per Share-Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) per share from continuing operations
|
|
0.22
|
|
|
1.42
|
|
|
—
|
|
|
0.06
|
|
|
||||
Total (loss) income per share from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Net income (loss) per share attributable to Iron Mountain Incorporated
|
|
0.22
|
|
|
1.41
|
|
|
—
|
|
|
0.06
|
|
|
||||
Earnings (losses) per Share-Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) per share from continuing operations
|
|
0.22
|
|
|
1.41
|
|
|
—
|
|
|
0.06
|
|
|
||||
Total (loss) income per share from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Net income (loss) per share attributable to Iron Mountain Incorporated
|
|
0.22
|
|
|
1.40
|
|
|
—
|
|
|
0.06
|
|
|
||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues
|
|
$
|
749,286
|
|
|
$
|
759,734
|
|
|
$
|
746,529
|
|
|
$
|
752,427
|
|
|
Operating income (loss)
|
|
144,934
|
|
|
129,502
|
|
|
126,822
|
|
|
123,269
|
|
|
||||
Income (loss) from continuing operations
|
|
41,739
|
|
|
54,007
|
|
|
23,517
|
|
|
5,940
|
|
|
||||
Total (loss) income from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Net income (loss)
|
|
41,739
|
|
|
54,007
|
|
|
23,517
|
|
|
5,940
|
|
|
||||
Net income (loss) attributable to Iron Mountain Incorporated
|
|
41,096
|
|
|
53,330
|
|
|
23,110
|
|
|
5,705
|
|
(2)
|
||||
Earnings (losses) per Share-Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) per share from continuing operations
|
|
0.20
|
|
|
0.26
|
|
|
0.11
|
|
|
0.03
|
|
|
||||
Total (loss) income per share from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Net income (loss) per share attributable to Iron Mountain Incorporated
|
|
0.20
|
|
|
0.25
|
|
|
0.11
|
|
|
0.03
|
|
|
||||
Earnings (losses) per Share-Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) per share from continuing operations
|
|
0.20
|
|
|
0.25
|
|
|
0.11
|
|
|
0.03
|
|
|
||||
Total (loss) income per share from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Net income (loss) per share attributable to Iron Mountain Incorporated
|
|
0.19
|
|
|
0.25
|
|
|
0.11
|
|
|
0.03
|
|
|
(1)
|
The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2014 compared to the third quarter of 2014 is primarily attributable to a decrease in the provision for income taxes recorded in the fourth quarter of 2014 compared to the third quarter of 2014 of approximately
$54,000
. The decrease in the income tax provision was offset by a decrease in operating income of approximately
$13,600
, a debt extinguishment charge recorded in the fourth quarter of 2014 of approximately
$16,500
and an increase in interest expense of
$9,800
. The decrease in operating income is attributable to a
$8,300
increase in selling, general and administrative expenses, primarily due to higher professional fees and charitable contributions, as well as a
$4,700
decrease in revenue, primarily due to unfavorable changes in foreign exchange rates, in the fourth quarter compared to the third quarter.
|
(2)
|
The change in net income (loss) attributable to Iron Mountain Incorporated in the fourth quarter of 2015 compared to the third quarter of 2015 is primarily attributable to a debt extinguishment charge recorded in the fourth quarter of 2015 of approximately $
25,100
, an increase in the provision for income taxes recorded in the fourth quarter of 2015 compared to the third quarter of 2015 of approximately $
6,800
, as well as a decrease in operating income of approximately
$3,600
, primarily associated with a
$1,800
write-off of certain property in our Western European Business segment. The debt extinguishment charge, the increase in the provision for income taxes and the decrease in operating income during the fourth quarter of 2015 was offset by a decrease in loss on foreign currency transaction losses recorded in the fourth quarter of 2015 compared to the third quarter of 2015 of approximately $
18,100
.
|
•
|
North American Records and Information Management Business—storage and information management services, including the storage of physical records, including other media such as microfilm and microfiche, master audio and videotapes, film, X‑rays and blueprints, including healthcare information services, vital records services, service and courier operations, and the collection, handling and disposal of sensitive documents for corporate customers (“Records Management”); information destruction services (“Destruction”); and DMS throughout the United States and Canada; as well as Fulfillment Services and Intellectual Property Management in the United States.
|
•
|
North American Data Management Business—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; digital content repository systems to house, distribute, and archive key media assets; and storage, safeguarding and electronic or physical delivery of physical media of all types, primarily for entertainment and media industry clients, throughout the United States and Canada.
|
•
|
Western European Business—storage and information management services, including Records Management, Data Protection & Recovery and DMS throughout the United Kingdom, Ireland, Austria, Belgium, France, Germany, Netherlands, Spain and Switzerland. Until December 2014, our Western European Business segment offered Destruction in the United Kingdom and Ireland.
|
•
|
Other International Business—storage and information management services throughout the remaining European countries in which we operate, Latin America and Asia Pacific, including Records Management, Data Protection & Recovery and DMS. Our European operations included within the Other International Business segment provide Records Management, Data Protection & Recovery and DMS. Our Latin America operations provide Records Management, Data Protection & Recovery, Destruction and DMS throughout Argentina, Brazil, Chile, Colombia, Mexico and Peru. Our Asia Pacific operations provide Records Management, Data Protection & Recovery and DMS throughout Australia, with Records Management and Data Protection & Recovery also provided in certain cities in India, Singapore, Hong Kong‑SAR and China. Until December 2014, our Other International Business segment offered Destruction in Australia.
|
•
|
Corporate and Other Business—primarily consists of our data center and fine art storage businesses in the United States, the primary product offerings of our Adjacent Businesses operating segment (which was formerly referred to as our Emerging Business operating segment), as well as costs related to executive and staff functions, including finance, human resources and information technology, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. Our Corporate and Other Business segment also includes stock‑based employee compensation expense associated with all Employee Stock‑Based Awards.
|
|
|
North
American
Records & Information Management Business
|
|
North
American Data Management Business |
|
Western European Business
|
|
Other International Business
|
|
Corporate and
Other Business |
|
Total
Consolidated
|
||||||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Revenues
|
|
$
|
1,769,233
|
|
|
$
|
396,519
|
|
|
$
|
435,346
|
|
|
$
|
410,253
|
|
|
$
|
13,272
|
|
|
$
|
3,024,623
|
|
Depreciation and Amortization
|
|
165,097
|
|
|
19,956
|
|
|
54,756
|
|
|
50,729
|
|
|
31,499
|
|
|
322,037
|
|
||||||
Depreciation
|
|
150,557
|
|
|
19,652
|
|
|
45,368
|
|
|
35,911
|
|
|
31,368
|
|
|
282,856
|
|
||||||
Amortization
|
|
14,540
|
|
|
304
|
|
|
9,388
|
|
|
14,818
|
|
|
131
|
|
|
39,181
|
|
||||||
Adjusted OIBDA
|
|
652,575
|
|
|
237,380
|
|
|
118,823
|
|
|
87,180
|
|
|
(201,377
|
)
|
|
894,581
|
|
||||||
Total Assets(1)
|
|
3,687,865
|
|
|
690,507
|
|
|
1,068,853
|
|
|
946,249
|
|
|
213,924
|
|
|
6,607,398
|
|
||||||
Expenditures for Segment Assets
|
|
319,419
|
|
|
20,678
|
|
|
41,869
|
|
|
177,034
|
|
|
75,586
|
|
|
634,586
|
|
||||||
Capital Expenditures
|
|
96,545
|
|
|
12,929
|
|
|
32,156
|
|
|
70,079
|
|
|
75,586
|
|
|
287,295
|
|
||||||
Cash Paid for Acquisitions, Net of Cash Acquired
|
|
205,251
|
|
|
6,791
|
|
|
3,028
|
|
|
102,030
|
|
|
—
|
|
|
317,100
|
|
||||||
Acquisitions of Customer Relationships and Customer Inducements
|
|
17,623
|
|
|
958
|
|
|
6,685
|
|
|
4,925
|
|
|
—
|
|
|
30,191
|
|
||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Revenues
|
|
1,795,361
|
|
|
390,207
|
|
|
449,231
|
|
|
469,314
|
|
|
13,580
|
|
|
3,117,693
|
|
||||||
Depreciation and Amortization
|
|
177,097
|
|
|
21,770
|
|
|
54,582
|
|
|
65,103
|
|
|
34,591
|
|
|
353,143
|
|
||||||
Depreciation
|
|
158,122
|
|
|
21,458
|
|
|
45,895
|
|
|
44,509
|
|
|
34,573
|
|
|
304,557
|
|
||||||
Amortization
|
|
18,975
|
|
|
312
|
|
|
8,687
|
|
|
20,594
|
|
|
18
|
|
|
48,586
|
|
||||||
Adjusted OIBDA
|
|
698,719
|
|
|
226,396
|
|
|
130,423
|
|
|
84,468
|
|
|
(214,209
|
)
|
|
925,797
|
|
||||||
Total Assets(1)
|
|
3,657,366
|
|
|
653,275
|
|
|
952,924
|
|
|
1,025,167
|
|
|
234,533
|
|
|
6,523,265
|
|
||||||
Expenditures for Segment Assets
|
|
198,651
|
|
|
24,387
|
|
|
47,236
|
|
|
186,531
|
|
|
67,659
|
|
|
524,464
|
|
||||||
Capital Expenditures
|
|
145,199
|
|
|
18,076
|
|
|
38,587
|
|
|
93,881
|
|
|
66,181
|
|
|
361,924
|
|
||||||
Cash Paid for Acquisitions, Net of Cash Acquired
|
|
26,450
|
|
|
5,863
|
|
|
4,864
|
|
|
90,916
|
|
|
—
|
|
|
128,093
|
|
||||||
Acquisitions of Customer Relationships and Customer Inducements
|
|
27,002
|
|
|
448
|
|
|
3,785
|
|
|
1,734
|
|
|
1,478
|
|
|
34,447
|
|
||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Revenues
|
|
1,775,365
|
|
|
390,486
|
|
|
397,513
|
|
|
421,360
|
|
|
23,252
|
|
|
3,007,976
|
|
||||||
Depreciation and Amortization
|
|
183,507
|
|
|
21,591
|
|
|
44,691
|
|
|
57,025
|
|
|
38,650
|
|
|
345,464
|
|
||||||
Depreciation
|
|
163,647
|
|
|
20,838
|
|
|
38,710
|
|
|
39,439
|
|
|
38,585
|
|
|
301,219
|
|
||||||
Amortization
|
|
19,860
|
|
|
753
|
|
|
5,981
|
|
|
17,586
|
|
|
65
|
|
|
44,245
|
|
||||||
Adjusted OIBDA
|
|
714,639
|
|
|
203,803
|
|
|
120,649
|
|
|
87,341
|
|
|
(206,427
|
)
|
|
920,005
|
|
||||||
Total Assets(1)
|
|
3,627,843
|
|
|
641,845
|
|
|
871,571
|
|
|
893,530
|
|
|
315,798
|
|
|
6,350,587
|
|
||||||
Expenditures for Segment Assets
|
|
192,935
|
|
|
23,826
|
|
|
27,278
|
|
|
94,483
|
|
|
120,396
|
|
|
458,918
|
|
||||||
Capital Expenditures
|
|
141,964
|
|
|
16,784
|
|
|
17,378
|
|
|
64,227
|
|
|
49,896
|
|
|
290,249
|
|
||||||
Cash Paid for Acquisitions, Net of Cash Acquired
|
|
12,795
|
|
|
(21
|
)
|
|
2,596
|
|
|
27,688
|
|
|
70,500
|
|
|
113,558
|
|
||||||
Acquisitions of Customer Relationships and Customer Inducements
|
|
38,176
|
|
|
7,063
|
|
|
7,304
|
|
|
2,568
|
|
|
—
|
|
|
55,111
|
|
(1)
|
Excludes all intercompany receivables or payables and investment in subsidiary balances.
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Adjusted OIBDA
|
$
|
894,581
|
|
|
$
|
925,797
|
|
|
$
|
920,005
|
|
Less: Depreciation and Amortization
|
322,037
|
|
|
353,143
|
|
|
345,464
|
|
|||
Loss on Disposal/Write-down of Property, Plant and Equipment (Excluding Real Estate), Net
|
430
|
|
|
1,065
|
|
|
3,000
|
|
|||
Recall Costs(1)
|
—
|
|
|
—
|
|
|
47,014
|
|
|||
REIT Costs(2)
|
82,867
|
|
|
22,312
|
|
|
—
|
|
|||
Interest Expense, Net
|
254,174
|
|
|
260,717
|
|
|
263,871
|
|
|||
Other Expense, Net
|
75,202
|
|
|
65,187
|
|
|
98,590
|
|
|||
Income (Loss) from Continuing Operations before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate
|
$
|
159,871
|
|
|
$
|
223,373
|
|
|
$
|
162,066
|
|
(1)
|
Includes operating expenditures associated with our proposed acquisition of Recall, including costs to complete the Recall Transaction, including advisory and professional fees, as well as costs to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs ("Recall Costs").
|
(2)
|
Includes costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to recur in future periods ("REIT Costs").
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
United States
|
$
|
1,938,307
|
|
|
$
|
1,967,169
|
|
|
$
|
1,973,872
|
|
United Kingdom
|
275,343
|
|
|
280,020
|
|
|
250,123
|
|
|||
Canada
|
240,716
|
|
|
231,979
|
|
|
215,232
|
|
|||
Other International
|
570,257
|
|
|
638,525
|
|
|
568,749
|
|
|||
Total Revenues
|
$
|
3,024,623
|
|
|
$
|
3,117,693
|
|
|
$
|
3,007,976
|
|
Long-lived Assets:
|
|
|
|
|
|
|
|
|
|||
United States
|
$
|
3,603,320
|
|
|
$
|
3,586,577
|
|
|
$
|
3,710,301
|
|
United Kingdom
|
520,255
|
|
|
464,311
|
|
|
434,461
|
|
|||
Canada
|
410,415
|
|
|
406,571
|
|
|
345,783
|
|
|||
Other International
|
1,139,801
|
|
|
1,148,087
|
|
|
1,002,130
|
|
|||
Total Long-lived Assets
|
$
|
5,673,791
|
|
|
$
|
5,605,546
|
|
|
$
|
5,492,675
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Records Management(1)(2)
|
$
|
2,244,494
|
|
|
$
|
2,329,546
|
|
|
$
|
2,255,206
|
|
Data Management(1)(3)
|
527,091
|
|
|
531,516
|
|
|
509,261
|
|
|||
Information Destruction(1)(4)
|
253,038
|
|
|
256,631
|
|
|
243,509
|
|
|||
Total Revenues
|
$
|
3,024,623
|
|
|
$
|
3,117,693
|
|
|
$
|
3,007,976
|
|
(1)
|
Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except the Destruction service offering, which does not have a storage component.
|
(2)
|
Includes Business Records Management, Compliant Records Management and Consulting Services, DMS, Fulfillment Services, Health Information Management Solutions, Energy Data Services, Dedicated Facilities Management and Technology Escrow Services.
|
(3)
|
Includes Data Protection & Recovery Services and Entertainment Services.
|
(4)
|
Includes Secure Shredding and Compliant Information Destruction.
|
Year
|
|
Operating Lease
Payment
|
|
Sublease
Income
|
|
Capital
Leases
|
||||||
2016
|
|
$
|
220,357
|
|
|
$
|
(4,827
|
)
|
|
$
|
56,543
|
|
2017
|
|
208,975
|
|
|
(4,354
|
)
|
|
49,217
|
|
|||
2018
|
|
196,632
|
|
|
(3,316
|
)
|
|
39,696
|
|
|||
2019
|
|
184,157
|
|
|
(2,864
|
)
|
|
31,909
|
|
|||
2020
|
|
171,794
|
|
|
(2,922
|
)
|
|
24,418
|
|
|||
Thereafter
|
|
1,046,705
|
|
|
(10,327
|
)
|
|
134,532
|
|
|||
Total minimum lease payments
|
|
$
|
2,028,620
|
|
|
$
|
(28,610
|
)
|
|
336,315
|
|
|
Less amounts representing interest
|
|
|
|
|
|
|
|
(100,967
|
)
|
|||
Present value of capital lease obligations
|
|
|
|
|
|
|
|
$
|
235,348
|
|
Year
|
|
Purchase
Commitments
|
||
2016
|
|
$
|
53,494
|
|
2017
|
|
25,114
|
|
|
2018
|
|
8,172
|
|
|
2019
|
|
2,505
|
|
|
2020
|
|
1,258
|
|
|
Thereafter
|
|
1,368
|
|
|
|
|
$
|
91,911
|
|
Declaration Date
|
|
Dividend
Per Share
|
|
Record Date
|
|
Total
Amount
|
|
Payment
Date
|
||||
March 14, 2014
|
|
$
|
0.2700
|
|
|
March 25, 2014
|
|
$
|
51,812
|
|
|
April 15, 2014
|
May 28, 2014
|
|
0.2700
|
|
|
June 25, 2014
|
|
52,033
|
|
|
July 15, 2014
|
||
September 15, 2014
|
|
0.4750
|
|
|
September 25, 2014
|
|
91,993
|
|
|
October 15, 2014
|
||
September 15, 2014(1)
|
|
3.6144
|
|
|
September 30, 2014
|
|
700,000
|
|
|
November 4, 2014
|
||
November 17, 2014(2)
|
|
0.2550
|
|
|
November 28, 2014
|
|
53,450
|
|
|
December 15, 2014
|
||
November 17, 2014
|
|
0.4750
|
|
|
December 5, 2014
|
|
99,617
|
|
|
December 22, 2014
|
||
February 19, 2015
|
|
0.4750
|
|
|
March 6, 2015
|
|
99,795
|
|
|
March 20, 2015
|
||
May 28, 2015
|
|
0.4750
|
|
|
June 12, 2015
|
|
100,119
|
|
|
June 26, 2015
|
||
August 27, 2015
|
|
0.4750
|
|
|
September 11, 2015
|
|
100,213
|
|
|
September 30, 2015
|
||
October 29, 2015
|
|
0.4850
|
|
|
December 1, 2015
|
|
102,438
|
|
|
December 15, 2015
|
(1)
|
Represents Special Distribution.
|
(2)
|
Represents Catch-Up Distribution.
|
|
Year Ended December 31,
|
|||||||
|
2013
|
|
2014
|
|
2015
|
|||
Nonqualified ordinary dividends
|
0.0
|
%
|
|
26.4
|
%
|
|
49.3
|
%
|
Qualified ordinary dividends
|
100.0
|
%
|
|
56.4
|
%
|
|
39.1
|
%
|
Return of capital
|
0.0
|
%
|
|
17.2
|
%
|
|
11.6
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
(Loss) Income Before (Benefit) Provision for Income Taxes of Discontinued Operations
|
$
|
(958
|
)
|
|
$
|
(960
|
)
|
|
$
|
—
|
|
(Benefit) Provision for Income Taxes
|
(429
|
)
|
|
—
|
|
|
—
|
|
|||
(Loss) Income from Discontinued Operations, Net of Tax
|
$
|
(529
|
)
|
|
$
|
(960
|
)
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||||||
|
2013(1)
|
|
2014(1)
|
|
2015
|
||||||
Income (Loss) Before Provision (Benefit) for Income Taxes of Discontinued Operations
|
$
|
2,290
|
|
|
$
|
751
|
|
|
$
|
—
|
|
Provision (Benefit) for Income Taxes
|
930
|
|
|
—
|
|
|
—
|
|
|||
Income (Loss) from Discontinued Operations, Net of Tax
|
$
|
1,360
|
|
|
$
|
751
|
|
|
$
|
—
|
|
(1)
|
During the years ended December 31, 2013 and 2014, we recognized income before provision of income taxes of discontinued operations primarily related to the recovery of insurance proceeds in excess of carrying value.
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Cost of sales (excluding depreciation and amortization)
|
$
|
3,400
|
|
|
$
|
1,228
|
|
|
$
|
—
|
|
Selling, general and administrative expenses
|
20,000
|
|
|
2,247
|
|
|
—
|
|
|||
Total
|
$
|
23,400
|
|
|
$
|
3,475
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
North American Records and Information Management Business
|
$
|
12,600
|
|
|
$
|
1,560
|
|
|
$
|
—
|
|
North American Data Management Business
|
2,100
|
|
|
340
|
|
|
—
|
|
|||
Western European Business
|
2,300
|
|
|
33
|
|
|
—
|
|
|||
Other International Business
|
1,400
|
|
|
—
|
|
|
—
|
|
|||
Corporate and Other Business
|
5,000
|
|
|
1,542
|
|
|
—
|
|
|||
Total
|
$
|
23,400
|
|
|
$
|
3,475
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
Cost of sales (excluding depreciation and amortization)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Selling, general and administrative expenses
|
—
|
|
|
—
|
|
|
10,167
|
|
|||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,167
|
|
|
Year Ended December 31,
|
||||||||||
|
2013
|
|
2014
|
|
2015
|
||||||
North American Records and Information Management Business
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,403
|
|
North American Data Management Business
|
—
|
|
|
—
|
|
|
241
|
|
|||
Western European Business
|
—
|
|
|
—
|
|
|
1,537
|
|
|||
Other International Business
|
—
|
|
|
—
|
|
|
—
|
|
|||
Corporate and Other Business
|
—
|
|
|
—
|
|
|
2,986
|
|
|||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,167
|
|
(A)
|
|
|
|
(B)
|
|
(C)
|
|
(D)
|
|
(E)
|
|
(F)
|
|
|
|
|
|||||||||||
Region/Country/State/Campus Address
|
|
Facilities(1)
|
|
Encumbrances
|
|
Initial cost
to Company
|
|
Cost capitalized
subsequent to
acquisition
|
|
Gross amount
carried at close
of current
period(1)(2)
|
|
Accumulated
depreciation at
close of current
period(1)(2)
|
|
Date of
construction or
acquired(3)
|
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
United States (Including Puerto Rico)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
140 Oxmoor Ct, Birmingham, Alabama
|
|
1
|
|
|
$
|
—
|
|
|
$
|
1,322
|
|
|
$
|
823
|
|
|
$
|
2,145
|
|
|
$
|
809
|
|
|
2001
|
|
Up to 40 years
|
1420 North Fiesta Blvd, Gilbert, Arizona
|
|
1
|
|
|
—
|
|
|
1,637
|
|
|
2,583
|
|
|
4,220
|
|
|
1,247
|
|
|
2001
|
|
Up to 40 years
|
|||||
2955 S. 18th Place, Phoenix, Arizona
|
|
1
|
|
|
—
|
|
|
12,178
|
|
|
2,578
|
|
|
14,756
|
|
|
3,202
|
|
|
2007
|
|
Up to 40 years
|
|||||
4449 South 36th St, Phoenix, Arizona
|
|
1
|
|
|
—
|
|
|
7,305
|
|
|
812
|
|
|
8,117
|
|
|
3,975
|
|
|
2012
|
|
Up to 40 years
|
|||||
3381 East Global Loop, Tucson, Arizona
|
|
1
|
|
|
—
|
|
|
1,622
|
|
|
3,639
|
|
|
5,261
|
|
|
2,097
|
|
|
2000
|
|
Up to 40 years
|
|||||
200 Madrone Way, Felton, California
|
|
1
|
|
|
—
|
|
|
760
|
|
|
633
|
|
|
1,393
|
|
|
515
|
|
|
1997
|
|
Up to 40 years
|
|||||
13379 Jurupa Ave, Fontana, California
|
|
1
|
|
|
—
|
|
|
10,472
|
|
|
7,423
|
|
|
17,895
|
|
|
7,227
|
|
|
2002
|
|
Up to 40 years
|
|||||
600 Burning Tree Rd, Fullerton, California
|
|
1
|
|
|
—
|
|
|
4,762
|
|
|
1,564
|
|
|
6,326
|
|
|
2,416
|
|
|
2002
|
|
Up to 40 years
|
|||||
5086 4th St, Irwindale, California
|
|
1
|
|
|
—
|
|
|
6,800
|
|
|
2,110
|
|
|
8,910
|
|
|
2,686
|
|
|
2002
|
|
Up to 40 years
|
|||||
6933 Preston Ave, Livermore, California
|
|
1
|
|
|
—
|
|
|
14,585
|
|
|
12,536
|
|
|
27,121
|
|
|
6,448
|
|
|
2002
|
|
Up to 40 years
|
|||||
1006 North Mansfield, Los Angeles, California
|
|
1
|
|
|
—
|
|
|
749
|
|
|
—
|
|
|
749
|
|
|
34
|
|
|
2014
|
|
Up to 40 years
|
|||||
1025 North Highland Ave, Los Angeles, California
|
|
1
|
|
|
—
|
|
|
10,168
|
|
|
18,906
|
|
|
29,074
|
|
|
9,989
|
|
|
1988
|
|
Up to 40 years
|
|||||
1350 West Grand Ave, Oakland, California
|
|
1
|
|
|
—
|
|
|
15,172
|
|
|
5,776
|
|
|
20,948
|
|
|
12,912
|
|
|
1997
|
|
Up to 40 years
|
|||||
1760 North Saint Thomas Circle, Orange, California
|
|
1
|
|
|
—
|
|
|
4,576
|
|
|
15
|
|
|
4,591
|
|
|
1,343
|
|
|
2002
|
|
Up to 40 years
|
|||||
8700 Mercury Lane, Pico Rivera, California
|
|
1
|
|
|
—
|
|
|
27,957
|
|
|
124
|
|
|
28,081
|
|
|
6,577
|
|
|
2012
|
|
Up to 40 years
|
|||||
8661 Kerns St, San Diego, California
|
|
1
|
|
|
—
|
|
|
10,512
|
|
|
6,703
|
|
|
17,215
|
|
|
5,263
|
|
|
2002
|
|
Up to 40 years
|
|||||
1915 South Grand Ave, Santa Ana, California
|
|
1
|
|
|
—
|
|
|
3,420
|
|
|
1,110
|
|
|
4,530
|
|
|
1,613
|
|
|
2001
|
|
Up to 40 years
|
|||||
2680 Sequoia Dr, South Gate, California
|
|
1
|
|
|
—
|
|
|
6,329
|
|
|
2,108
|
|
|
8,437
|
|
|
3,525
|
|
|
2002
|
|
Up to 40 years
|
|||||
111 Uranium Drive, Sunnyvale, California
|
|
1
|
|
|
—
|
|
|
9,645
|
|
|
4,957
|
|
|
14,602
|
|
|
3,398
|
|
|
2002
|
|
Up to 40 years
|
|||||
25250 South Schulte Rd, Tracy, California
|
|
1
|
|
|
—
|
|
|
3,049
|
|
|
1,617
|
|
|
4,666
|
|
|
1,494
|
|
|
2001
|
|
Up to 40 years
|
|||||
3576 N. Moline, Aurora, Colorado
|
|
1
|
|
|
—
|
|
|
1,583
|
|
|
1,827
|
|
|
3,410
|
|
|
1,160
|
|
|
2001
|
|
Up to 40 years
|
|||||
North Stone Ave, Colorado Springs, Colorado
|
|
2
|
|
|
—
|
|
|
761
|
|
|
2,671
|
|
|
3,432
|
|
|
1,284
|
|
|
2001
|
|
Up to 40 years
|
|||||
11333 E 53rd Ave, Denver, Colorado
|
|
1
|
|
|
—
|
|
|
7,403
|
|
|
9,827
|
|
|
17,230
|
|
|
6,812
|
|
|
2001
|
|
Up to 40 years
|
|||||
5151 E. 46th Ave, Denver, Colorado
|
|
1
|
|
|
—
|
|
|
6,312
|
|
|
17
|
|
|
6,329
|
|
|
756
|
|
|
2014
|
|
Up to 40 years
|
|||||
20 Eastern Park Rd, East Hartford, Connecticut
|
|
1
|
|
|
—
|
|
|
7,417
|
|
|
1,454
|
|
|
8,871
|
|
|
5,262
|
|
|
2002
|
|
Up to 40 years
|
|||||
Bennett Rd, Suffield, Connecticut
|
|
2
|
|
|
—
|
|
|
1,768
|
|
|
719
|
|
|
2,487
|
|
|
1,050
|
|
|
2000
|
|
Up to 40 years
|
|||||
Kennedy Road, Windsor, Connecticut
|
|
2
|
|
|
—
|
|
|
10,447
|
|
|
29,145
|
|
|
39,592
|
|
|
14,271
|
|
|
2001
|
|
Up to 40 years
|
|||||
293 Ella Grasso Rd, Windsor Locks, Connecticut
|
|
1
|
|
|
—
|
|
|
4,021
|
|
|
1,295
|
|
|
5,316
|
|
|
2,300
|
|
|
2002
|
|
Up to 40 years
|
|||||
150-200 Todds Ln, Wilmington, Delaware
|
|
1
|
|
|
—
|
|
|
7,226
|
|
|
864
|
|
|
8,090
|
|
|
4,331
|
|
|
2002
|
|
Up to 40 years
|
|||||
13280 Vantage Way, Jacksonville, Florida
|
|
1
|
|
|
—
|
|
|
1,853
|
|
|
308
|
|
|
2,161
|
|
|
677
|
|
|
2001
|
|
Up to 40 years
|
|||||
12855 Starkey Rd, Largo, Florida
|
|
1
|
|
|
—
|
|
|
3,293
|
|
|
2,451
|
|
|
5,744
|
|
|
2,373
|
|
|
2001
|
|
Up to 40 years
|
|||||
10002 Satellite Blvd, Orlando, Florida
|
|
1
|
|
|
—
|
|
|
1,927
|
|
|
245
|
|
|
2,172
|
|
|
681
|
|
|
2001
|
|
Up to 40 years
|
|||||
3501 Electronics Way, West Palm Beach, Florida
|
|
1
|
|
|
—
|
|
|
4,201
|
|
|
12,973
|
|
|
17,174
|
|
|
4,544
|
|
|
2001
|
|
Up to 40 years
|
|||||
1890 MacArthur Blvd, Atlanta Georgia
|
|
1
|
|
|
—
|
|
|
1,786
|
|
|
625
|
|
|
2,411
|
|
|
844
|
|
|
2002
|
|
Up to 40 years
|
|||||
3881 Old Gordon Rd, Atlanta, Georgia
|
|
1
|
|
|
—
|
|
|
1,185
|
|
|
293
|
|
|
1,478
|
|
|
713
|
|
|
2001
|
|
Up to 40 years
|
|||||
5319 Tulane Drive SW, Atlanta, Georgia
|
|
1
|
|
|
—
|
|
|
2,808
|
|
|
3,149
|
|
|
5,957
|
|
|
1,966
|
|
|
2002
|
|
Up to 40 years
|
(A)
|
|
|
|
(B)
|
|
(C)
|
|
(D)
|
|
(E)
|
|
(F)
|
|
|
|
|
|||||||||||
Region/Country/State/Campus Address
|
|
Facilities(1)
|
|
Encumbrances
|
|
Initial cost
to Company
|
|
Cost capitalized
subsequent to
acquisition
|
|
Gross amount
carried at close
of current
period(1)(2)
|
|
Accumulated
depreciation at
close of current
period(1)(2)
|
|
Date of
construction or
acquired(3)
|
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||
3150 Nifda Dr, Smyrna, Georgia
|
|
1
|
|
|
$
|
—
|
|
|
$
|
463
|
|
|
$
|
635
|
|
|
$
|
1,098
|
|
|
$
|
597
|
|
|
1990
|
|
Up to 40 years
|
1301 S. Rockwell St, Chicago, Illinois
|
|
1
|
|
|
—
|
|
|
7,947
|
|
|
18,728
|
|
|
26,675
|
|
|
12,362
|
|
|
1999
|
|
Up to 40 years
|
|||||
2211 W. Pershing Rd, Chicago, Illinois
|
|
1
|
|
|
—
|
|
|
4,264
|
|
|
12,859
|
|
|
17,123
|
|
|
6,221
|
|
|
2001
|
|
Up to 40 years
|
|||||
2425 South Halsted St, Chicago, Illinois
|
|
1
|
|
|
—
|
|
|
7,470
|
|
|
1,132
|
|
|
8,602
|
|
|
3,335
|
|
|
2006
|
|
Up to 40 years
|
|||||
2604 West 13th St, Chicago, Illinois
|
|
1
|
|
|
—
|
|
|
404
|
|
|
2,671
|
|
|
3,075
|
|
|
2,355
|
|
|
2001
|
|
Up to 40 years
|
|||||
2255 Pratt Blvd, Elk Grove, Illinois
|
|
1
|
|
|
—
|
|
|
1,989
|
|
|
3,676
|
|
|
5,665
|
|
|
887
|
|
|
2000
|
|
Up to 40 years
|
|||||
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois
|
|
1
|
|
|
—
|
|
|
22,048
|
|
|
51
|
|
|
22,099
|
|
|
6,566
|
|
|
2014
|
|
Up to 40 years
|
|||||
2600 Beverly Drive, Lincoln, Illinois
|
|
1
|
|
|
—
|
|
|
1,378
|
|
|
443
|
|
|
1,821
|
|
|
18
|
|
|
2015
|
|
Up to 40 years
|
|||||
6120 Churchman Bypass, Indianapolis, Indiana
|
|
1
|
|
|
—
|
|
|
4,827
|
|
|
7,823
|
|
|
12,650
|
|
|
4,478
|
|
|
2002
|
|
Up to 40 years
|
|||||
6090 NE 14th Street, Des Moines, Iowa
|
|
1
|
|
|
—
|
|
|
622
|
|
|
316
|
|
|
938
|
|
|
276
|
|
|
2003
|
|
Up to 40 years
|
|||||
South 7th St, Louisville, Kentucky
|
|
4
|
|
|
—
|
|
|
709
|
|
|
8,622
|
|
|
9,331
|
|
|
3,169
|
|
|
Various
|
|
Up to 40 years
|
|||||
900 Distributors Row, New Orleans, Louisiana
|
|
1
|
|
|
—
|
|
|
7,607
|
|
|
938
|
|
|
8,545
|
|
|
5,027
|
|
|
2002
|
|
Up to 40 years
|
|||||
1274 Commercial Drive, Port Allen, Louisiana
|
|
1
|
|
|
—
|
|
|
2,680
|
|
|
3,712
|
|
|
6,392
|
|
|
2,073
|
|
|
2003
|
|
Up to 40 years
|
|||||
26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine
|
|
1
|
|
|
—
|
|
|
8,337
|
|
|
1
|
|
|
8,338
|
|
|
2,223
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
8928 McGaw Ct, Columbia, Maryland
|
|
1
|
|
|
—
|
|
|
2,198
|
|
|
5,616
|
|
|
7,814
|
|
|
2,408
|
|
|
1999
|
|
Up to 40 years
|
|||||
10641 Iron Bridge Rd, Jessup, Maryland
|
|
1
|
|
|
—
|
|
|
3,782
|
|
|
873
|
|
|
4,655
|
|
|
1,977
|
|
|
2000
|
|
Up to 40 years
|
|||||
8275 Patuxent Range Rd, Jessup, Maryland
|
|
1
|
|
|
—
|
|
|
10,105
|
|
|
7,228
|
|
|
17,333
|
|
|
7,594
|
|
|
2001
|
|
Up to 40 years
|
|||||
96 High St, Billerica, Massachusetts
|
|
1
|
|
|
—
|
|
|
3,221
|
|
|
3,780
|
|
|
7,001
|
|
|
2,898
|
|
|
1998
|
|
Up to 40 years
|
|||||
120 Hampden St, Boston, Massachusetts
|
|
1
|
|
|
—
|
|
|
164
|
|
|
468
|
|
|
632
|
|
|
430
|
|
|
2002
|
|
Up to 40 years
|
|||||
32 George St, Boston, Massachusetts
|
|
1
|
|
|
—
|
|
|
1,820
|
|
|
5,273
|
|
|
7,093
|
|
|
4,510
|
|
|
1991
|
|
Up to 40 years
|
|||||
3435 Sharps Lot Rd, Dighton, Massachusetts
|
|
1
|
|
|
—
|
|
|
1,911
|
|
|
575
|
|
|
2,486
|
|
|
1,802
|
|
|
1999
|
|
Up to 40 years
|
|||||
77 Constitution Boulevard, Franklin, Massachusetts
|
|
1
|
|
|
—
|
|
|
5,413
|
|
|
48
|
|
|
5,461
|
|
|
174
|
|
|
2014
|
|
Up to 40 years
|
|||||
216 Canal St, Lawrence, Massachusetts
|
|
1
|
|
|
—
|
|
|
1,298
|
|
|
975
|
|
|
2,273
|
|
|
973
|
|
|
2001
|
|
Up to 40 years
|
|||||
Bearfoot Road, Northboro, Massachusetts
|
|
2
|
|
|
—
|
|
|
55,923
|
|
|
18,988
|
|
|
74,911
|
|
|
31,382
|
|
|
Various
|
|
Up to 40 years
|
|||||
38300 Plymouth Road, Livonia, Michigan
|
|
1
|
|
|
|
|
10,285
|
|
|
45
|
|
|
10,330
|
|
|
2,485
|
|
|
2015
|
(4)
|
Up to 40 years
|
||||||
6601 Sterling Dr South, Sterling Heights, Michigan
|
|
1
|
|
|
—
|
|
|
1,294
|
|
|
1,049
|
|
|
2,343
|
|
|
1,032
|
|
|
2002
|
|
Up to 40 years
|
|||||
1985 Bart Ave, Warren, Michigan
|
|
1
|
|
|
—
|
|
|
1,802
|
|
|
382
|
|
|
2,184
|
|
|
844
|
|
|
2000
|
|
Up to 40 years
|
|||||
Wahl Court, Warren, Michigan
|
|
2
|
|
|
—
|
|
|
3,426
|
|
|
2,266
|
|
|
5,692
|
|
|
3,035
|
|
|
Various
|
|
Up to 40 years
|
|||||
31155 Wixom Rd, Wixom, Michigan
|
|
1
|
|
|
—
|
|
|
4,000
|
|
|
1,145
|
|
|
5,145
|
|
|
2,051
|
|
|
2001
|
|
Up to 40 years
|
|||||
3140 Ryder Trail South, Earth City, Missouri
|
|
1
|
|
|
—
|
|
|
3,072
|
|
|
2,909
|
|
|
5,981
|
|
|
1,592
|
|
|
2004
|
|
Up to 40 years
|
|||||
Leavenworth St/18th St, Omaha, Nebraska
|
|
3
|
|
|
—
|
|
|
2,924
|
|
|
12,148
|
|
|
15,072
|
|
|
4,451
|
|
|
Various
|
|
Up to 40 years
|
|||||
4105 North Lamb Blvd, Las Vegas, Nevada
|
|
1
|
|
|
—
|
|
|
3,430
|
|
|
8,649
|
|
|
12,079
|
|
|
4,176
|
|
|
2002
|
|
Up to 40 years
|
|||||
17 Hydro Plant Rd, Milton, New Hampshire
|
|
1
|
|
|
—
|
|
|
6,179
|
|
|
4,053
|
|
|
10,232
|
|
|
5,090
|
|
|
2001
|
|
Up to 40 years
|
|||||
Kimberly Rd, East Brunsick, New Jersey
|
|
3
|
|
|
—
|
|
|
22,105
|
|
|
5,132
|
|
|
27,237
|
|
|
10,996
|
|
|
Various
|
|
Up to 40 years
|
|||||
1189 Magnolia Ave, Elizabeth, New Jersey
|
|
1
|
|
|
—
|
|
|
1,278
|
|
|
2,102
|
|
|
3,380
|
|
|
1,434
|
|
|
2000
|
|
Up to 40 years
|
|||||
811 Route 33, Freehold, New Jersey
|
|
3
|
|
|
—
|
|
|
38,697
|
|
|
50,233
|
|
|
88,930
|
|
|
38,166
|
|
|
Various
|
|
Up to 40 years
|
|||||
51-69 & 77-81 Court St, Newark, New Jersey
|
|
1
|
|
|
—
|
|
|
11,734
|
|
|
—
|
|
|
11,734
|
|
|
—
|
|
|
2015
|
|
Up to 40 years
|
(A)
|
|
|
|
(B)
|
|
(C)
|
|
(D)
|
|
(E)
|
|
(F)
|
|
|
|
|
|||||||||||
Region/Country/State/Campus Address
|
|
Facilities(1)
|
|
Encumbrances
|
|
Initial cost
to Company
|
|
Cost capitalized
subsequent to
acquisition
|
|
Gross amount
carried at close
of current
period(1)(2)
|
|
Accumulated
depreciation at
close of current
period(1)(2)
|
|
Date of
construction or
acquired(3)
|
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||
560 Irvine Turner Blvd, Newark, New Jersey
|
|
1
|
|
|
$
|
—
|
|
|
$
|
9,522
|
|
|
$
|
—
|
|
|
$
|
9,522
|
|
|
$
|
—
|
|
|
2015
|
|
Up to 40 years
|
231 Johnson Ave, Newark, New Jersey
|
|
1
|
|
|
—
|
|
|
8,945
|
|
|
—
|
|
|
8,945
|
|
|
—
|
|
|
2015
|
|
Up to 40 years
|
|||||
650 Howard Avenue, Somerset, New Jersey
|
|
1
|
|
|
—
|
|
|
3,585
|
|
|
11,363
|
|
|
14,948
|
|
|
3,833
|
|
|
2006
|
|
Up to 40 years
|
|||||
555 Gallatin Place, Albuquerque, New Mexico
|
|
1
|
|
|
—
|
|
|
4,083
|
|
|
654
|
|
|
4,737
|
|
|
1,935
|
|
|
2001
|
|
Up to 40 years
|
|||||
7500 Los Volcanes Rd NW, Albuquerque, New Mexico
|
|
1
|
|
|
—
|
|
|
2,801
|
|
|
1,871
|
|
|
4,672
|
|
|
2,105
|
|
|
1999
|
|
Up to 40 years
|
|||||
100 Bailey Ave, Buffalo, New York
|
|
1
|
|
|
—
|
|
|
1,324
|
|
|
10,205
|
|
|
11,529
|
|
|
4,673
|
|
|
1998
|
|
Up to 40 years
|
|||||
64 Leone Ln, Chester, New York
|
|
1
|
|
|
—
|
|
|
5,086
|
|
|
1,110
|
|
|
6,196
|
|
|
2,966
|
|
|
2000
|
|
Up to 40 years
|
|||||
1368 County Rd 8, Farmington, New York
|
|
1
|
|
|
—
|
|
|
2,611
|
|
|
4,413
|
|
|
7,024
|
|
|
3,533
|
|
|
1998
|
|
Up to 40 years
|
|||||
County Rd 10, Linlithgo, New York
|
|
2
|
|
|
—
|
|
|
102
|
|
|
2,903
|
|
|
3,005
|
|
|
1,067
|
|
|
2001
|
|
Up to 40 years
|
|||||
77 Seaview Blvd, N. Hempstead New York
|
|
1
|
|
|
—
|
|
|
5,719
|
|
|
1,401
|
|
|
7,120
|
|
|
1,868
|
|
|
2006
|
|
Up to 40 years
|
|||||
37 Hurds Corner Road, Pawling, New York
|
|
1
|
|
|
—
|
|
|
4,323
|
|
|
510
|
|
|
4,833
|
|
|
1,542
|
|
|
2005
|
|
Up to 40 years
|
|||||
Ulster Ave/Route 9W, Port Ewen, New York
|
|
3
|
|
|
—
|
|
|
23,137
|
|
|
7,370
|
|
|
30,507
|
|
|
18,470
|
|
|
2001
|
|
Up to 40 years
|
|||||
Binnewater Rd, Rosendale, New York
|
|
2
|
|
|
—
|
|
|
5,142
|
|
|
9,539
|
|
|
14,681
|
|
|
4,433
|
|
|
Various
|
|
Up to 40 years
|
|||||
220 Wavel St, Syracuse, New York
|
|
1
|
|
|
—
|
|
|
2,929
|
|
|
1,983
|
|
|
4,912
|
|
|
2,294
|
|
|
1997
|
|
Up to 40 years
|
|||||
2235 Cessna Drive, Burlington, North Carolina
|
|
1
|
|
|
—
|
|
|
1,602
|
|
|
—
|
|
|
1,602
|
|
|
16
|
|
|
2015
|
|
Up to 40 years
|
|||||
14500 Weston Pkwy, Cary, North Carolina
|
|
1
|
|
|
—
|
|
|
1,880
|
|
|
1,657
|
|
|
3,537
|
|
|
1,331
|
|
|
1999
|
|
Up to 40 years
|
|||||
11350 Deerfield Rd, Cincinnati, Ohio
|
|
1
|
|
|
—
|
|
|
4,259
|
|
|
55
|
|
|
4,314
|
|
|
2,468
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
1034 Hulbert Ave, Cincinnati, Ohio
|
|
1
|
|
|
—
|
|
|
786
|
|
|
794
|
|
|
1,580
|
|
|
696
|
|
|
2000
|
|
Up to 40 years
|
|||||
1275 East 40th, Cleveland, Ohio
|
|
1
|
|
|
—
|
|
|
3,129
|
|
|
440
|
|
|
3,569
|
|
|
1,592
|
|
|
1999
|
|
Up to 40 years
|
|||||
7208 Euclid Avenue, Cleveland, Ohio
|
|
1
|
|
|
—
|
|
|
3,336
|
|
|
2,634
|
|
|
5,970
|
|
|
2,197
|
|
|
2001
|
|
Up to 40 years
|
|||||
4260 Tuller Ridge Rd, Dublin, Ohio
|
|
1
|
|
|
—
|
|
|
1,030
|
|
|
1,544
|
|
|
2,574
|
|
|
1,204
|
|
|
1999
|
|
Up to 40 years
|
|||||
2120 Buzick Drive, Obetz, Ohio
|
|
1
|
|
|
—
|
|
|
4,317
|
|
|
13,326
|
|
|
17,643
|
|
|
5,180
|
|
|
2003
|
|
Up to 40 years
|
|||||
302 South Byrne Rd, Toledo, Ohio
|
|
1
|
|
|
—
|
|
|
602
|
|
|
918
|
|
|
1,520
|
|
|
488
|
|
|
2001
|
|
Up to 40 years
|
|||||
Partnership Drive, Oklahoma City, Oklahoma
|
|
3
|
|
|
—
|
|
|
11,437
|
|
|
14
|
|
|
11,451
|
|
|
1,823
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
7530 N. Leadbetter Road, Portland, Oregon
|
|
1
|
|
|
—
|
|
|
5,187
|
|
|
1,827
|
|
|
7,014
|
|
|
3,414
|
|
|
2002
|
|
Up to 40 years
|
|||||
Branchton Rd, Boyers, Pennsylvania
|
|
2
|
|
|
—
|
|
|
21,166
|
|
|
148,748
|
|
|
169,914
|
|
|
31,659
|
|
|
Various
|
|
Up to 40 years
|
|||||
1201 Freedom Rd, Cranberry Township, Pennsylvania
|
|
1
|
|
|
—
|
|
|
1,057
|
|
|
12,253
|
|
|
13,310
|
|
|
5,160
|
|
|
2001
|
|
Up to 40 years
|
|||||
800 Carpenters Crossings, Folcroft, Pennsylvania
|
|
1
|
|
|
—
|
|
|
2,457
|
|
|
889
|
|
|
3,346
|
|
|
1,621
|
|
|
2000
|
|
Up to 40 years
|
|||||
36 Great Valley Pkwy, Malvern, Pennsylvania
|
|
1
|
|
|
—
|
|
|
2,397
|
|
|
6,466
|
|
|
8,863
|
|
|
2,983
|
|
|
1999
|
|
Up to 40 years
|
|||||
Henderson Dr/Elmwood Ave, Sharon Hill, Pennsylvania
|
|
3
|
|
|
—
|
|
|
24,153
|
|
|
9,797
|
|
|
33,950
|
|
|
13,849
|
|
|
Various
|
|
Up to 40 years
|
|||||
Las Flores Industrial Park, Rio Grande, Puerto Rico
|
|
1
|
|
|
—
|
|
|
4,185
|
|
|
3,240
|
|
|
7,425
|
|
|
3,270
|
|
|
2001
|
|
Up to 40 years
|
|||||
24 Snake Hill Road, Chepachet, Rhode Island
|
|
1
|
|
|
—
|
|
|
2,659
|
|
|
1,997
|
|
|
4,656
|
|
|
2,143
|
|
|
2001
|
|
Up to 40 years
|
|||||
Mitchell Street, Knoxville, Tennessee
|
|
2
|
|
|
—
|
|
|
718
|
|
|
4,404
|
|
|
5,122
|
|
|
1,228
|
|
|
Various
|
|
Up to 40 years
|
|||||
415 Brick Church Park Dr, Nashville, Tennessee
|
|
1
|
|
|
—
|
|
|
2,312
|
|
|
3,681
|
|
|
5,993
|
|
|
2,912
|
|
|
2000
|
|
Up to 40 years
|
|||||
6005 Dana Way, Nashville, Tennessee
|
|
2
|
|
|
—
|
|
|
1,827
|
|
|
2,270
|
|
|
4,097
|
|
|
1,256
|
|
|
2000
|
|
Up to 40 years
|
|||||
11406 Metric Blvd, Austin, Texas
|
|
1
|
|
|
—
|
|
|
5,489
|
|
|
1,909
|
|
|
7,398
|
|
|
3,287
|
|
|
2002
|
|
Up to 40 years
|
|||||
6600 Metropolis Drive, Austin, Texas
|
|
1
|
|
|
—
|
|
|
4,519
|
|
|
251
|
|
|
4,770
|
|
|
692
|
|
|
2011
|
|
Up to 40 years
|
|||||
Capital Parkway, Carrollton, Texas
|
|
3
|
|
|
—
|
|
|
8,299
|
|
|
10
|
|
|
8,309
|
|
|
2,141
|
|
|
2015
|
(4)
|
Up to 40 years
|
(A)
|
|
|
|
(B)
|
|
(C)
|
|
(D)
|
|
(E)
|
|
(F)
|
|
|
|
|
|||||||||||
Region/Country/State/Campus Address
|
|
Facilities(1)
|
|
Encumbrances
|
|
Initial cost
to Company
|
|
Cost capitalized
subsequent to
acquisition
|
|
Gross amount
carried at close
of current
period(1)(2)
|
|
Accumulated
depreciation at
close of current
period(1)(2)
|
|
Date of
construction or
acquired(3)
|
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||
1800 Columbian Club Dr, Carrolton, Texas
|
|
1
|
|
|
$
|
—
|
|
|
$
|
19,673
|
|
|
$
|
99
|
|
|
$
|
19,772
|
|
|
$
|
6,679
|
|
|
2013
|
|
Up to 40 years
|
1905 John Connally Dr, Carrolton, Texas
|
|
1
|
|
|
—
|
|
|
2,174
|
|
|
570
|
|
|
2,744
|
|
|
1,033
|
|
|
2000
|
|
Up to 40 years
|
|||||
Alma St, Dallas, Texas
|
|
2
|
|
|
—
|
|
|
3,431
|
|
|
978
|
|
|
4,409
|
|
|
2,063
|
|
|
2000
|
|
Up to 40 years
|
|||||
13425 Branchview Ln, Dallas, Texas
|
|
1
|
|
|
—
|
|
|
3,518
|
|
|
3,290
|
|
|
6,808
|
|
|
3,449
|
|
|
2001
|
|
Up to 40 years
|
|||||
Cockrell Ave, Dallas, Texas
|
|
2
|
|
|
—
|
|
|
3,950
|
|
|
1,930
|
|
|
5,880
|
|
|
3,083
|
|
|
2000
|
|
Up to 40 years
|
|||||
1819 S. Lamar St, Dallas, Texas
|
|
1
|
|
|
—
|
|
|
3,215
|
|
|
617
|
|
|
3,832
|
|
|
1,987
|
|
|
2000
|
|
Up to 40 years
|
|||||
2000 Robotics Place Suite B, Fort Worth, Texas
|
|
1
|
|
|
—
|
|
|
5,328
|
|
|
478
|
|
|
5,806
|
|
|
2,228
|
|
|
2002
|
|
Up to 40 years
|
|||||
1202 Ave R, Grand Prairie, Texas
|
|
1
|
|
|
—
|
|
|
8,354
|
|
|
1,666
|
|
|
10,020
|
|
|
4,569
|
|
|
2003
|
|
Up to 40 years
|
|||||
15333 Hempstead Hwy, Houston, Texas
|
|
3
|
|
|
—
|
|
|
6,327
|
|
|
35,026
|
|
|
41,353
|
|
|
6,806
|
|
|
2004
|
|
Up to 40 years
|
|||||
2600 Center Street, Houston, Texas
|
|
1
|
|
|
—
|
|
|
2,840
|
|
|
1,356
|
|
|
4,196
|
|
|
2,005
|
|
|
2000
|
|
Up to 40 years
|
|||||
3502 Bissonnet St, Houston, Texas
|
|
1
|
|
|
—
|
|
|
7,687
|
|
|
242
|
|
|
7,929
|
|
|
5,093
|
|
|
2002
|
|
Up to 40 years
|
|||||
5249 Glenmont Ave, Houston, Texas
|
|
1
|
|
|
—
|
|
|
3,467
|
|
|
1,887
|
|
|
5,354
|
|
|
1,973
|
|
|
2000
|
|
Up to 40 years
|
|||||
5707 Chimney Rock, Houston, Texas
|
|
1
|
|
|
—
|
|
|
1,032
|
|
|
1,024
|
|
|
2,056
|
|
|
840
|
|
|
2002
|
|
Up to 40 years
|
|||||
5757 Royalton Dr, Houston, Texas
|
|
1
|
|
|
—
|
|
|
1,795
|
|
|
952
|
|
|
2,747
|
|
|
961
|
|
|
2000
|
|
Up to 40 years
|
|||||
6203 Bingle Rd, Houston, Texas
|
|
1
|
|
|
—
|
|
|
3,188
|
|
|
10,856
|
|
|
14,044
|
|
|
7,000
|
|
|
2001
|
|
Up to 40 years
|
|||||
7800 Westpark, Houston, Texas
|
|
1
|
|
|
—
|
|
|
6,323
|
|
|
—
|
|
|
6,323
|
|
|
1,158
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
9601 West Tidwell, Houston, Texas
|
|
1
|
|
|
—
|
|
|
1,680
|
|
|
1,953
|
|
|
3,633
|
|
|
851
|
|
|
2001
|
|
Up to 40 years
|
|||||
1235 North Union Bower, Irving, Texas
|
|
1
|
|
|
—
|
|
|
1,574
|
|
|
988
|
|
|
2,562
|
|
|
1,032
|
|
|
2001
|
|
Up to 40 years
|
|||||
15300 FM 1825, Pflugerville, Texas
|
|
2
|
|
|
—
|
|
|
3,811
|
|
|
7,495
|
|
|
11,306
|
|
|
3,326
|
|
|
2001
|
|
Up to 40 years
|
|||||
929 South Medina St, San Antonio, Texas
|
|
1
|
|
|
—
|
|
|
3,883
|
|
|
1,137
|
|
|
5,020
|
|
|
2,062
|
|
|
2002
|
|
Up to 40 years
|
|||||
930 Avenue B, San Antonio, Texas
|
|
1
|
|
|
—
|
|
|
393
|
|
|
227
|
|
|
620
|
|
|
172
|
|
|
1998
|
|
Up to 40 years
|
|||||
931 North Broadway, San Antonio, Texas
|
|
1
|
|
|
—
|
|
|
3,526
|
|
|
846
|
|
|
4,372
|
|
|
2,284
|
|
|
1999
|
|
Up to 40 years
|
|||||
1665 S. 5350 West, Salt Lake City, Utah
|
|
1
|
|
|
—
|
|
|
6,239
|
|
|
2,379
|
|
|
8,618
|
|
|
3,817
|
|
|
2002
|
|
Up to 40 years
|
|||||
11052 Lakeridge Pkwy, Ashland, Virginia
|
|
1
|
|
|
—
|
|
|
1,709
|
|
|
1,818
|
|
|
3,527
|
|
|
1,326
|
|
|
1999
|
|
Up to 40 years
|
|||||
2301 International Parkway, Fredericksburg, Virginia
|
|
1
|
|
|
—
|
|
|
20,980
|
|
|
—
|
|
|
20,980
|
|
|
3,297
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
4555 Progress Road, Norfolk, Virginia
|
|
1
|
|
|
—
|
|
|
6,527
|
|
|
266
|
|
|
6,793
|
|
|
2,178
|
|
|
2011
|
|
Up to 40 years
|
|||||
3725 Thirlane Rd. N.W., Roanoke, Virginia
|
|
1
|
|
|
—
|
|
|
2,577
|
|
|
9
|
|
|
2,586
|
|
|
539
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
7700-7730 Southern Dr, Springfield, Virginia
|
|
1
|
|
|
—
|
|
|
14,167
|
|
|
2,332
|
|
|
16,499
|
|
|
8,156
|
|
|
2002
|
|
Up to 40 years
|
|||||
8001 Research Way, Springfield, Virginia
|
|
1
|
|
|
—
|
|
|
5,230
|
|
|
2,401
|
|
|
7,631
|
|
|
2,360
|
|
|
2002
|
|
Up to 40 years
|
|||||
22445 Randolph Dr, Sterling, Virginia
|
|
1
|
|
|
—
|
|
|
7,598
|
|
|
3,661
|
|
|
11,259
|
|
|
4,674
|
|
|
2005
|
|
Up to 40 years
|
|||||
307 South 140th St, Burien, Washington
|
|
1
|
|
|
—
|
|
|
2,078
|
|
|
2,079
|
|
|
4,157
|
|
|
1,784
|
|
|
1999
|
|
Up to 40 years
|
|||||
8908 W. Hallett Rd, Cheney, Washington
|
|
1
|
|
|
—
|
|
|
510
|
|
|
3,924
|
|
|
4,434
|
|
|
1,345
|
|
|
1999
|
|
Up to 40 years
|
|||||
6600 Hardeson Rd, Everett, Washington
|
|
1
|
|
|
—
|
|
|
5,399
|
|
|
3,190
|
|
|
8,589
|
|
|
2,648
|
|
|
2002
|
|
Up to 40 years
|
|||||
19826 Russell Rd South, Kent, Washington
|
|
1
|
|
|
—
|
|
|
14,793
|
|
|
8,427
|
|
|
23,220
|
|
|
7,939
|
|
|
2002
|
|
Up to 40 years
|
|||||
1201 N. 96th St, Seattle, Washington
|
|
1
|
|
|
—
|
|
|
4,496
|
|
|
1,125
|
|
|
5,621
|
|
|
2,743
|
|
|
2001
|
|
Up to 40 years
|
|||||
4330 South Grove Road, Spokane, Washington
|
|
1
|
|
|
—
|
|
|
3,906
|
|
|
—
|
|
|
3,906
|
|
|
11
|
|
|
2015
|
|
Up to 40 years
|
|||||
12021 West Bluemound Rd, Wauwatosa, Wisconsin
|
|
1
|
|
|
—
|
|
|
1,307
|
|
|
2,078
|
|
|
3,385
|
|
|
1,039
|
|
|
1999
|
|
Up to 40 years
|
|||||
|
|
180
|
|
|
—
|
|
|
876,614
|
|
|
719,176
|
|
|
1,595,790
|
|
|
550,720
|
|
|
|
|
|
(A)
|
|
|
|
(B)
|
|
(C)
|
|
(D)
|
|
(E)
|
|
(F)
|
|
|
|
|
||||||||||||
Region/Country/State/Campus Address
|
|
Facilities(1)
|
|
Encumbrances
|
|
Initial cost
to Company
|
|
Cost capitalized
subsequent to
acquisition
|
|
Gross amount
carried at close
of current
period(1)(2)
|
|
Accumulated
depreciation at
close of current
period(1)(2)
|
|
Date of
construction or
acquired(3)
|
|
Life on which
depreciation in
latest income
statement is
computed
|
||||||||||||
Canada
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
One Command Court, Bedford
|
|
1
|
|
|
$
|
—
|
|
|
$
|
3,847
|
|
|
$
|
3,684
|
|
|
$
|
7,531
|
|
—
|
|
$
|
2,724
|
|
|
2000
|
|
Up to 40 years
|
195 Summerlea Road, Brampton
|
|
1
|
|
|
—
|
|
|
5,403
|
|
|
3,982
|
|
|
9,385
|
|
|
3,513
|
|
|
2000
|
|
Up to 40 years
|
||||||
10 Tilbury Court, Brampton
|
|
1
|
|
|
—
|
|
|
5,007
|
|
|
14,452
|
|
|
19,459
|
|
|
4,207
|
|
|
2000
|
|
Up to 40 years
|
||||||
8825 Northbrook Court, Burnaby
|
|
1
|
|
|
—
|
|
|
8,091
|
|
|
435
|
|
|
8,526
|
|
|
3,227
|
|
|
2001
|
|
Up to 40 years
|
||||||
8088 Glenwood Drive, Burnaby
|
|
1
|
|
|
—
|
|
|
4,326
|
|
|
6,134
|
|
|
10,460
|
|
|
2,984
|
|
|
2005
|
|
Up to 40 years
|
||||||
5811 26th Street S.E., Calgary
|
|
1
|
|
|
—
|
|
|
14,658
|
|
|
6,377
|
|
|
21,035
|
|
|
7,684
|
|
|
2000
|
|
Up to 40 years
|
||||||
3905-101 Street, Edmonton
|
|
1
|
|
|
—
|
|
|
2,020
|
|
|
363
|
|
|
2,383
|
|
|
1,115
|
|
|
2000
|
|
Up to 40 years
|
||||||
3005 Boul. Jean-Baptiste Deschamps, Lachine
|
|
1
|
|
|
—
|
|
|
2,751
|
|
|
(69
|
)
|
|
2,682
|
|
|
994
|
|
|
2000
|
|
Up to 40 years
|
||||||
1655 Fleetwood, Laval
|
|
1
|
|
|
—
|
|
|
8,196
|
|
|
12,638
|
|
|
20,834
|
|
|
8,363
|
|
|
2000
|
|
Up to 40 years
|
||||||
4005 Richelieu, Montreal
|
|
1
|
|
|
—
|
|
|
1,800
|
|
|
940
|
|
|
2,740
|
|
|
1,092
|
|
|
2000
|
|
Up to 40 years
|
||||||
1209 Algoma Rd, Ottawa
|
|
1
|
|
|
—
|
|
|
1,059
|
|
|
5,515
|
|
|
6,574
|
|
|
2,652
|
|
|
2000
|
|
Up to 40 years
|
||||||
1650 Comstock Rd, Ottawa
|
|
1
|
|
|
—
|
|
|
7,691
|
|
|
1,189
|
|
|
8,880
|
|
|
2,033
|
|
|
2003
|
|
Up to 40 years
|
||||||
235 Edson Street, Saskatoon
|
|
1
|
|
|
—
|
|
|
829
|
|
|
1,210
|
|
|
2,039
|
|
|
522
|
|
|
2008
|
|
Up to 40 years
|
||||||
640 Coronation Drive, Scarborough
|
|
1
|
|
|
—
|
|
|
1,853
|
|
|
618
|
|
|
2,471
|
|
|
878
|
|
|
2000
|
|
Up to 40 years
|
||||||
610 Sprucewood Ave, Windsor
|
|
1
|
|
|
—
|
|
|
1,243
|
|
|
255
|
|
|
1,498
|
|
|
397
|
|
|
2007
|
|
Up to 40 years
|
||||||
|
|
15
|
|
|
—
|
|
|
68,774
|
|
|
57,723
|
|
|
126,497
|
|
|
42,385
|
|
|
|
|
|
||||||
|
|
195
|
|
|
—
|
|
|
945,388
|
|
|
776,899
|
|
|
1,722,287
|
|
|
593,105
|
|
|
|
|
|
(A)
|
|
|
|
(B)
|
|
(C)
|
|
(D)
|
|
(E)
|
|
(F)
|
|
|
|
|
|||||||||||
Region/Country/State/Campus Address
|
|
Facilities(1)
|
|
Encumbrances
|
|
Initial cost to
Company
|
|
Cost capitalized
subsequent to
acquisition
|
|
Gross amount
carried at close
of current
period(1)(2)
|
|
Accumulated
depreciation at
close of current
period(1)(2)
|
|
Date of
construction or
acquired(3)
|
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Up to 40 years
|
|||||
Gewerbeparkstr. 3, Vienna, Austria
|
|
1
|
|
|
$
|
—
|
|
|
$
|
6,542
|
|
|
$
|
1,634
|
|
|
$
|
8,176
|
|
|
$
|
1,399
|
|
|
2010
|
|
Up to 40 years
|
Woluwelaan 147, Diegem, Belgium
|
|
1
|
|
|
—
|
|
|
2,541
|
|
|
4,715
|
|
|
7,256
|
|
|
2,935
|
|
|
2003
|
|
Up to 40 years
|
|||||
Jeumont-Schneider, Champagne Sur Seine, France
|
|
3
|
|
|
—
|
|
|
1,750
|
|
|
2,157
|
|
|
3,907
|
|
|
1,624
|
|
|
2003
|
|
Up to 40 years
|
|||||
ZI des Sables, Morangis, France
|
|
1
|
|
|
1,739
|
|
|
12,407
|
|
|
3,262
|
|
|
15,669
|
|
|
13,716
|
|
|
2004
|
|
Up to 40 years
|
|||||
Brommer Weg 1, Wipshausen, Germany
|
|
1
|
|
|
—
|
|
|
3,220
|
|
|
1,724
|
|
|
4,944
|
|
|
2,431
|
|
|
2006
|
|
Up to 40 years
|
|||||
Warehouse and Offices 4 Springhill, Cork, Ireland
|
|
1
|
|
|
—
|
|
|
9,040
|
|
|
1,391
|
|
|
10,431
|
|
|
2,828
|
|
|
2014
|
|
Up to 40 years
|
|||||
17 Crag Terrace, Dublin, Ireland
|
|
1
|
|
|
—
|
|
|
2,818
|
|
|
620
|
|
|
3,438
|
|
|
947
|
|
|
2001
|
|
Up to 40 years
|
|||||
Damastown Industrial Park, Dublin, Ireland
|
|
1
|
|
|
—
|
|
|
16,034
|
|
|
3,745
|
|
|
19,779
|
|
|
4,458
|
|
|
2012
|
|
Up to 40 years
|
|||||
Portsmuiden 46, Amsterdam, The Netherlands
|
|
1
|
|
|
—
|
|
|
1,852
|
|
|
1,732
|
|
|
3,584
|
|
|
1,380
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
Schepenbergweg 1, Amsterdam, The Netherlands
|
|
1
|
|
|
—
|
|
|
1,258
|
|
|
491
|
|
|
1,749
|
|
|
1,368
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
Vareseweg 130, Rotterdam, The Netherlands
|
|
1
|
|
|
—
|
|
|
1,357
|
|
|
1,284
|
|
|
2,641
|
|
|
1,825
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
Howemoss Drive, Aberdeen, Scotland
|
|
2
|
|
|
—
|
|
|
6,970
|
|
|
6,881
|
|
|
13,851
|
|
|
3,443
|
|
|
Various
|
|
Up to 40 years
|
|||||
Traquair Road, Innerleithen, Scotland
|
|
1
|
|
|
—
|
|
|
113
|
|
|
2,429
|
|
|
2,542
|
|
|
848
|
|
|
2004
|
|
Up to 40 years
|
|||||
Nettlehill Road, Houston Industrial Estate, Livingston, Scotland
|
|
1
|
|
|
—
|
|
|
11,517
|
|
|
27,595
|
|
|
39,112
|
|
|
15,127
|
|
|
2001
|
|
Up to 40 years
|
|||||
Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain
|
|
1
|
|
|
—
|
|
|
186
|
|
|
(14
|
)
|
|
172
|
|
|
24
|
|
|
2014
|
|
Up to 40 years
|
|||||
Calle Bronce, 37, Chiloeches, Spain
|
|
1
|
|
|
—
|
|
|
11,011
|
|
|
1,454
|
|
|
12,465
|
|
|
1,738
|
|
|
2010
|
|
Up to 40 years
|
|||||
Ctra M.118 , Km.3 Parcela 3, Madrid, Spain
|
|
1
|
|
|
—
|
|
|
3,981
|
|
|
5,047
|
|
|
9,028
|
|
|
4,605
|
|
|
2001
|
|
Up to 40 years
|
|||||
Fundicion 8, Rivas-Vaciamadrid, Spain
|
|
1
|
|
|
—
|
|
|
1,022
|
|
|
2,228
|
|
|
3,250
|
|
|
1,231
|
|
|
2002
|
|
Up to 40 years
|
|||||
Abanto Ciervava, Spain
|
|
2
|
|
|
—
|
|
|
1,053
|
|
|
(107
|
)
|
|
946
|
|
|
369
|
|
|
Various
|
|
Up to 40 years
|
|||||
628 Western Avenue, Acton, United Kingdom
|
|
1
|
|
|
—
|
|
|
2,070
|
|
|
(19
|
)
|
|
2,051
|
|
|
765
|
|
|
2003
|
|
Up to 40 years
|
|||||
65 Egerton Road, Birmingham, United Kingdom
|
|
1
|
|
|
—
|
|
|
6,980
|
|
|
2,463
|
|
|
9,443
|
|
|
4,454
|
|
|
2003
|
|
Up to 40 years
|
|||||
Otterham Quay Lane, Gillingham, United Kingdom
|
|
9
|
|
|
—
|
|
|
7,418
|
|
|
4,300
|
|
|
11,718
|
|
|
4,788
|
|
|
2003
|
|
Up to 40 years
|
|||||
Pennine Way, Hemel Hempstead, United Kingdom
|
|
1
|
|
|
—
|
|
|
10,847
|
|
|
6,585
|
|
|
17,432
|
|
|
6,372
|
|
|
2004
|
|
Up to 40 years
|
|||||
Kemble Industrial Park, Kemble, United Kingdom
|
|
2
|
|
|
—
|
|
|
5,277
|
|
|
8,235
|
|
|
13,512
|
|
|
8,144
|
|
|
2004
|
|
Up to 40 years
|
|||||
Gayton Road, Kings Lynn, United Kingdom
|
|
3
|
|
|
—
|
|
|
3,119
|
|
|
1,630
|
|
|
4,749
|
|
|
2,778
|
|
|
2003
|
|
Up to 40 years
|
|||||
24/26 Gillender Street, London, United Kingdom
|
|
1
|
|
|
—
|
|
|
4,666
|
|
|
2,636
|
|
|
7,302
|
|
|
2,496
|
|
|
2003
|
|
Up to 40 years
|
|||||
Cody Road, London, United Kingdom
|
|
2
|
|
|
—
|
|
|
20,307
|
|
|
7,904
|
|
|
28,211
|
|
|
9,571
|
|
|
2003
|
|
Up to 40 years
|
|||||
Deanston Wharf, London, United Kingdom
|
|
1
|
|
|
—
|
|
|
15,824
|
|
|
—
|
|
|
15,824
|
|
|
3,085
|
|
|
2015
|
(4)
|
Up to 40 years
|
|||||
Unit 10 High Cross Centre, London, United Kingdom
|
|
1
|
|
|
—
|
|
|
3,598
|
|
|
887
|
|
|
4,485
|
|
|
1,170
|
|
|
2003
|
|
Up to 40 years
|
|||||
Old Poplar Bus Garage, London, United Kingdom
|
|
1
|
|
|
—
|
|
|
4,639
|
|
|
2,569
|
|
|
7,208
|
|
|
3,330
|
|
|
2003
|
|
Up to 40 years
|
|||||
17 Broadgate, Oldham, United Kingdom
|
|
1
|
|
|
—
|
|
|
4,039
|
|
|
838
|
|
|
4,877
|
|
|
2,105
|
|
|
2008
|
|
Up to 40 years
|
|||||
Harpway Lane, Sopley, United Kingdom
|
|
1
|
|
|
—
|
|
|
681
|
|
|
1,670
|
|
|
2,351
|
|
|
1,267
|
|
|
2004
|
|
Up to 40 years
|
|||||
Unit 1A Broadmoor Road, Swindom, United Kingdom
|
|
1
|
|
|
—
|
|
|
2,636
|
|
|
860
|
|
|
3,496
|
|
|
922
|
|
|
2006
|
|
Up to 40 years
|
|||||
|
|
49
|
|
|
1,739
|
|
|
186,773
|
|
|
108,826
|
|
|
295,599
|
|
|
113,543
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
(C)
|
|
(D)
|
|
(E)
|
|
(F)
|
|
|
|
|
|||||||||||
Region/Country/State/Campus Address
|
Facilities(1)
|
|
Encumbrances
|
|
Initial cost
to Company
|
|
Cost
capitalized
subsequent to
acquisition
|
|
Gross amount
carried at close
of current
period(1)(2)
|
|
Accumulated
depreciation at
close
of current
period(1)(2)
|
|
Date of
construction or
acquired(3)
|
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||
Latin America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amancio Alcorta 2396, Buenos Aires, Argentina
|
2
|
|
|
$
|
—
|
|
|
$
|
655
|
|
|
$
|
5,533
|
|
|
$
|
6,188
|
|
|
$
|
1,339
|
|
|
Various
|
|
Up to 40 years
|
Azara 1245, Buenos Aires, Argentina
|
1
|
|
|
—
|
|
|
166
|
|
|
336
|
|
|
502
|
|
|
202
|
|
|
1998
|
|
Up to 40 years
|
|||||
Saraza 6135, Buenos Aires, Argentina
|
1
|
|
|
—
|
|
|
144
|
|
|
757
|
|
|
901
|
|
|
302
|
|
|
1995
|
|
Up to 40 years
|
|||||
Spegazzini, Ezeiza Buenos Aires, Argentina
|
1
|
|
|
—
|
|
|
12,773
|
|
|
884
|
|
|
13,657
|
|
|
516
|
|
|
2012
|
|
Up to 40 years
|
|||||
Francisco de Souza e Melo, Rio de Janerio, Brazil
|
3
|
|
|
—
|
|
|
1,868
|
|
|
7,563
|
|
|
9,431
|
|
|
1,308
|
|
|
Various
|
|
Up to 40 years
|
|||||
Hortolandia, Sao Paulo, Brazil
|
1
|
|
|
—
|
|
|
24,078
|
|
|
(3,495
|
)
|
|
20,583
|
|
|
601
|
|
|
2014
|
|
Up to 40 years
|
|||||
El Taqueral 99, Santiago, Chile
|
2
|
|
|
—
|
|
|
2,629
|
|
|
32,746
|
|
|
35,375
|
|
|
6,738
|
|
|
2006
|
|
Up to 40 years
|
|||||
Panamericana Norte 18900, Santiago, Chile
|
4
|
|
|
—
|
|
|
4,001
|
|
|
14,874
|
|
|
18,875
|
|
|
5,161
|
|
|
2004
|
|
Up to 40 years
|
|||||
Avenida Prolongacion del Colli 1104, Guadalajara, Mexico
|
1
|
|
|
—
|
|
|
374
|
|
|
1,034
|
|
|
1,408
|
|
|
807
|
|
|
2002
|
|
Up to 40 years
|
|||||
Privada Las Flores No. 25 (G3), Guadalajara, Mexico
|
1
|
|
|
—
|
|
|
905
|
|
|
907
|
|
|
1,812
|
|
|
756
|
|
|
2004
|
|
Up to 40 years
|
|||||
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico
|
2
|
|
|
—
|
|
|
3,537
|
|
|
3,217
|
|
|
6,754
|
|
|
1,692
|
|
|
2004
|
|
Up to 40 years
|
|||||
Lote 2, Manzana A, (T2& T3), Toluca, Mexico
|
1
|
|
|
—
|
|
|
2,204
|
|
|
3,906
|
|
|
6,110
|
|
|
4,099
|
|
|
2002
|
|
Up to 40 years
|
|||||
Prolongacion de la Calle 7 (T4), Toluca, Mexico
|
1
|
|
|
—
|
|
|
7,544
|
|
|
11,825
|
|
|
19,369
|
|
|
4,940
|
|
|
2007
|
|
Up to 40 years
|
|||||
Panamericana Sur, KM 57.5, Lima, Peru
|
5
|
|
|
1,502
|
|
|
1,549
|
|
|
3,641
|
|
|
5,190
|
|
|
1,080
|
|
|
2013
|
|
Up to 40 years
|
|||||
Av. Elmer Faucett 3462, Lima, Peru
|
2
|
|
|
—
|
|
|
4,112
|
|
|
5,814
|
|
|
9,926
|
|
|
4,148
|
|
|
Various
|
|
Up to 40 years
|
|||||
Calle Los Claveles-Seccion 3, Lima, Peru
|
1
|
|
|
—
|
|
|
8,179
|
|
|
15,747
|
|
|
23,926
|
|
|
4,132
|
|
|
2010
|
|
Up to 40 years
|
|||||
|
29
|
|
|
1,502
|
|
|
74,718
|
|
|
105,289
|
|
|
180,007
|
|
|
37,821
|
|
|
|
|
|
|||||
Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
8-12 Whitestone Drive, Austins Ferry, Australia
|
2
|
|
|
—
|
|
|
681
|
|
|
3,001
|
|
|
3,682
|
|
|
579
|
|
|
Various
|
|
Up to 40 years
|
|||||
6 Norwich Street, South Launceston, Australia
|
1
|
|
|
—
|
|
|
1,090
|
|
|
77
|
|
|
1,167
|
|
|
20
|
|
|
2015
|
|
Up to 40 years
|
|||||
Warehouse No 4, Shanghai, China
|
1
|
|
|
—
|
|
|
1,530
|
|
|
716
|
|
|
2,246
|
|
|
118
|
|
|
2013
|
|
Up to 40 years
|
|||||
|
4
|
|
|
—
|
|
|
3,301
|
|
|
3,794
|
|
|
7,095
|
|
|
717
|
|
|
|
|
|
|||||
Total
|
277
|
|
|
$
|
3,241
|
|
|
$
|
1,210,180
|
|
|
$
|
994,808
|
|
|
$
|
2,204,988
|
|
|
$
|
745,186
|
|
|
|
|
|
(1)
|
The above information only includes the real estate facilities that are owned. The gross cost includes the cost for land, land improvements, buildings, building improvements and racking. The listing does not reflect the
860
leased facilities in our real estate portfolio. In addition, the above information does not include any value for capital leases for property that is classified as land, buildings and building improvements in our consolidated financial statements.
|
(2)
|
No
single site exceeds
5%
of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above.
|
(3)
|
Date of construction or acquired represents the date we constructed the facility, acquired the facility through purchase or acquisition.
|
(4)
|
This date represents the date the categorization of the property was changed from a leased facility to an owned facility.
|
|
Year Ended December 31,
|
|
||||||
|
2014
|
|
2015
|
|
||||
|
|
|
|
|
||||
Gross amount at beginning of period
|
$
|
1,949,073
|
|
|
$
|
2,019,585
|
|
|
Additions during period:
|
|
|
|
|
|
|||
Acquisitions(1)
|
—
|
|
|
33,180
|
|
|
||
Discretionary capital projects
|
119,654
|
|
|
136,398
|
|
|
||
Other adjustments(2)
|
—
|
|
|
101,386
|
|
|
||
Foreign currency translation fluctuations
|
(36,324
|
)
|
|
(85,092
|
)
|
|
||
|
83,330
|
|
|
185,872
|
|
|
||
Deductions during period:
|
|
|
|
|
|
|||
Cost of real estate sold or disposed
|
(12,818
|
)
|
|
(469
|
)
|
|
||
Gross amount at end of period
|
$
|
2,019,585
|
|
|
$
|
2,204,988
|
|
|
(1)
|
Includes acquisition of sites through business combinations and purchase accounting adjustments.
|
|
Year Ended December 31,
|
|
||||||
|
2014
|
|
2015
|
|
||||
|
|
|
|
|
||||
Gross amount of accumulated depreciation at beginning of period
|
$
|
592,329
|
|
|
$
|
648,734
|
|
|
Additions during period:
|
|
|
|
|
|
|||
Depreciation
|
66,617
|
|
|
77,976
|
|
|
||
Other adjustments(1)
|
—
|
|
|
39,937
|
|
|
||
Foreign currency translation fluctuations
|
(6,547
|
)
|
|
(21,310
|
)
|
|
||
|
60,070
|
|
|
96,603
|
|
|
||
Deductions during period:
|
|
|
|
|
|
|||
Amount of accumulated depreciation for real estate assets sold or disposed
|
(3,665
|
)
|
|
(151
|
)
|
|
||
Gross amount of end of period
|
$
|
648,734
|
|
|
$
|
745,186
|
|
|
(1)
|
Includes accumulated depreciation associated with building improvements and racking, which were previously subject to leases.
|
|
|
IRON MOUNTAIN INCORPORATED
|
||
|
|
By:
|
|
/s/ RODERICK DAY
|
|
|
|
|
Roderick Day
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
Name
|
|
Title
|
|
Date
|
|
/s/ WILLIAM L. MEANEY
|
|
President and Chief Executive Officer and Director (Principal Executive Officer)
|
|
February 26, 2016
|
|
William L. Meaney
|
|
|
|
|
|
|
|
|
|
|
|
/s/ RODERICK DAY
|
|
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)
|
|
February 26, 2016
|
|
Roderick Day
|
|
|
|
|
|
|
|
|
|
|
|
/s/ JENNIFER M. ALLERTON
|
|
Director
|
|
February 26, 2016
|
|
Jennifer M. Allerton
|
|
|
|
|
|
|
|
|
|
|
|
/s/ TED R. ANTENUCCI
|
|
Director
|
|
February 26, 2016
|
|
Ted R. Antenucci
|
|
|
|
|
|
|
|
|
|
|
|
/s/ PAMELA M. ARWAY
|
|
Director
|
|
February 26, 2016
|
|
Pamela M. Arway
|
|
|
|
|
|
|
|
|
|
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/s/ CLARKE H. BAILEY
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Director
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February 26, 2016
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Clarke H. Bailey
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/s/ KENT P. DAUTEN
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Director
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February 26, 2016
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Kent P. Dauten
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/s/ PAUL F. DENINGER
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Director
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February 26, 2016
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Paul F. Deninger
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Name
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Title
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Date
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/s/ PER-KRISTIAN HALVORSEN
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Director
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February 26, 2016
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Per-Kristian Halvorsen
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/s/ WALTER C. RAKOWICH
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Director
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February 26, 2016
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Walter. C. Rakowich
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/s/ ALFRED J. VERRECCHIA
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Director
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February 26, 2016
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Alfred J. Verrecchia
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Exhibit
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Item
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2.1
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Scheme Implementation Deed, dated as of June 8, 2015, between the Company and Recall Holdings Limited.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated June 8, 2015.)
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2.2
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Amendment to Scheme Implementation Deed, dated as of October 13, 2015, between the Company and Recall Holdings Limited.
(Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015.)
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3.1
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Certificate of Incorporation of the Company, as filed with the Secretary of State of the State of Delaware on June 26, 2014, as corrected by the Certificate of Correction of the Company filed with the Secretary of State of the State of Delaware on June 30, 2014.
(Incorporated by reference to Annex B-1 to the Iron Mountain Incorporated Proxy Statement for the Special Meeting of Stockholders, filed with the SEC on December 23, 2014, File No. 001-13045.)
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3.2
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Certificate of Merger, filed by the Company, effective as of January 20, 2015.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated January 21, 2015.)
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3.3
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Bylaws of the Company.
(Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.)
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4.1
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Senior Subordinated Indenture, dated as of September 23, 2011, among the Company, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated September 29, 2011.)
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4.2
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Second Supplemental Indenture, dated as of August 10, 2012, among the Company, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to the 5
3
/
4
% Senior Subordinated Notes due 2024.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated August 10, 2012.)
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4.3
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Third Supplemental Indenture, dated as of January 20, 2015, to Senior Subordinated Indenture, dated as of September 23, 2011, among the Company, the Company’s predecessor immediately prior to its conversion to a REIT (the “Predecessor Registrant”), the Guarantors named therein and The Bank of New York Trust Company, N.A., as trustee.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated January 21, 2015.)
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4.4
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Senior Indenture, dated as of August 13, 2013, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated August 13, 2013.)
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4.5
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First Supplemental Indenture, dated as of August 13, 2013, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 6% Senior Notes due 2023.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated August 13, 2013.)
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4.6
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Second Supplemental Indenture, dated as of January 20, 2015, to Senior Indenture, dated as of August 13, 2013, among the Company, the Predecessor Registrant, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated January 21, 2015.)
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4.7
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Senior Indenture, dated as of August 13, 2013, among Iron Mountain Canada Operations ULC, the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated August 13, 2013.)
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4.8
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First Supplemental Indenture, dated as of August 13, 2013, among Iron Mountain Canada Operations ULC, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 6.125% CAD Senior Notes due 2021.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated August 13, 2013.)
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4.9
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Second Supplemental Indenture, dated as of January 20, 2015, to Senior Indenture, dated as of August 13, 2013, among the Company, the Predecessor Registrant, Iron Mountain Canada Operations ULC, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated January 21, 2015.)
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Exhibit
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Item
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4.10
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Senior Indenture, dated as of September 18, 2014, among Iron Mountain Europe PLC, the Company, the Guarantors named therein, Wells Fargo Bank, National Association, as trustee, and Société Générale Bank & Trust, as paying agent, registrar and transfer agent.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated September 22, 2014.)
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4.11
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First Supplemental Indenture, dated as of January 20, 2015, to Senior Indenture, dated as of September 18, 2014, among the Company, the Predecessor Registrant, Iron Mountain Europe PLC, the Guarantors named therein, Wells Fargo Bank, National Association, as trustee, and Société Générale Bank & Trust, as Paying Agent, Registrar and Transfer Agent.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated January 21, 2015.)
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4.12
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Senior Indenture, dated as of September 29, 2015, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated September 29, 2015.)
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4.13
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Form of Stock Certificate representing shares of Common Stock, $0.01 par value per share, of the Company.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated January 21, 2015.)
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10.1
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2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2007, File Number 001-13045.)
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10.2
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First Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2008, File Number 001-13045.)
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10.3
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Third Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan. (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2012.)
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10.4
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Fourth Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2012.)
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10.5
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Iron Mountain Incorporated 1997 Stock Option Plan, as amended. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2000, File Number 001-13045.)
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10.6
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Amendment to Iron Mountain Incorporated 1997 Stock Option Plan, as amended. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 10, 2008, File Number 001-13045.)
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10.7
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Iron Mountain Incorporated 1995 Stock Incentive Plan, as amended. (#)
(Incorporated by reference to Iron Mountain /DE’s Current Report on Form 8‑K dated April 16, 1999, File Number 001-13045.)
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10.8
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Iron Mountain Incorporated 2002 Stock Incentive Plan. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2002, File Number 001-13045.)
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10.9
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Third Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan. (#)
(Incorporated by reference to Appendix A of the Company’s Proxy Statement for the 2008 Annual Meeting of Stockholders, filed with the SEC on April 21, 2008, File Number 001-13045.)
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10.10
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Fourth Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 10, 2008, File Number 001-13045.)
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10.11
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Fifth Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated June 4, 2010, File Number 001-13045.)
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10.12
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Sixth Amendment to the Iron Mountain Incorporated 2002 Stock Incentive Plan. (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2011.)
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10.13
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Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan. (#)
(Incorporated by reference to Annex C to the Iron Mountain REIT, Inc. Registration Statement on Form S-4, filed with the SEC on November 12, 2014, File No. 333-197819.)
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10.14
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Form of Iron Mountain Incorporated Amended and Restated Non‑Qualified Stock Option Agreement. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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10.15
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Form of Iron Mountain Incorporated Incentive Stock Option Agreement. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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Exhibit
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Item
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10.16
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Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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10.17
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Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Amended and Restated Iron Mountain Non‑Qualified Stock Option Agreement. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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10.18
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Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Incentive Stock Option Agreement. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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10.19
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Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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10.20
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Form of Iron Mountain Incorporated 1997 Stock Option Plan Stock Option Agreement (version 1). (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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10.21
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Form of Iron Mountain Incorporated 1997 Stock Option Plan Stock Option Agreement (version 2). (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004, File Number 001-13045.)
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10.22
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Form of Iron Mountain Incorporated 2002 Stock Incentive Plan Stock Option Agreement (version 2B). (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2013.)
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10.23
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Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 3). (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2013.)
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10.24
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Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 20). (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2013.)
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10.25
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Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 21). (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated March 19, 2014.)
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10.26
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Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 3). (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2012.)
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10.27
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Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1). (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2014.)
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10.28
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Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1). (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2014.)
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10.29
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Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1). (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2014.)
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10.30
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Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 2). (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2014.)
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10.31
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Change in Control Agreement, dated September 8, 2008, between the Company and Ernest W. Cloutier.
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2014.)
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10.32
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Iron Mountain Incorporated 2003 Senior Executive Incentive Program. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated April 5, 2005, File Number 001-13045.)
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10.33
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Amendment to the Iron Mountain Incorporated 2003 Senior Executive Incentive Program. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated June 4, 2010, File Number 001-13045.)
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10.34
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Iron Mountain Incorporated 2006 Senior Executive Incentive Program. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated June 1, 2006, File Number 001-13045.)
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10.35
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Amendment to the Iron Mountain Incorporated 2006 Senior Executive Incentive Program. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated June 4, 2010, File Number 001-13045.)
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10.36
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Contract of Employment with Iron Mountain, between Iron Mountain Belgium NV and Marc Duale. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 30, 2009, File Number 001-13045.)
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Exhibit
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Item
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10.37
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Addendum, dated March 19, 2012, to the Contract of Employment between Iron Mountain BPM International Sarl and Marc Duale, dated September 29, 2011, together with the Contract of Employment between Iron Mountain BPM International Sarl and Marc Duale, dated September 29, 2011, the Agreement Regarding the Suspension of the Employment Contract, effective September 30, 2011, and the Terms and Conditions for the Office of Director (Gerant) between Iron Mountain BPM SPRL and Marc Duale, dated October 1, 2011. (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2012.)
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10.38
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Addendum, dated February 27, 2015, to the Contract of Employment between Iron Mountain BPM International Sarl and Marc Duale, dated September 29, 2011, as amended March 19, 2012, together with the Contract of Employment between Iron Mountain BPM International Sarl and Marc Duale, dated September 29, 2011, the Agreement Regarding the Suspension of the Employment Contract, effective September 30, 2011, and the Terms and Conditions for the Office of Director (Gerant) between Iron Mountain BPM SPRL and Marc Duale, dated October 1, 2011. (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2015.)
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10.39
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Third Amended and Restated Employment Contract between Iron Mountain BPM International Sarl and Marc Duale, dated February 24, 2016. (#)
(Filed herewith.)
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10.40
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Employment Offer Letter, dated November 30, 2012, from the Company to William L. Meaney. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 3, 2012.)
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10.41
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Employment Offer Letter, dated April 10, 2014, from the Company to Roderick Day. (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2014.)
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10.42
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Contract of Employment with Iron Mountain, between Roderick Day and Iron Mountain (UK) Ltd., dated as of November 1, 2009. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.)
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10.43
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Contract of Employment with Iron Mountain, between Patrick Keddy and Iron Mountain (UK) Ltd., effective as of April 2, 2015. (#)
(Filed herewith.)
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10.44
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Restated Compensation Plan for Non-Employee Directors. (#)
(Filed herewith.)
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10.45
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Iron Mountain Incorporated Director Deferred Compensation Plan. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2007, File Number 001-13045.)
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10.46
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The Iron Mountain Companies Severance Plan. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K, dated March 13, 2012.)
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10.47
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Amended and Restated Severance Plan Severance Program No. 1. (#)
(Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2012.)
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10.48
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First Amendment to Amended and Restated Severance Plan Severance Program No. 1. (#)
(Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2012.)
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10.49
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Second Amendment to The Iron Mountain Companies Severance Plan Severance Program No. 1. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 19, 2014.)
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10.50
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Severance Program No. 2. (#)
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated December 3, 2012.)
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10.51
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Credit Agreement, dated as of June 27, 2011, as amended and restated as of July 2, 2015, among the Company, Iron Mountain Information Management, LLC, certain other subsidiaries of the Company party thereto, the lenders and other financial institutions party thereto, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Administrative Agent, and JPMorgan Chase Bank, N.A., as Administrative Agent.
(Incorporated by reference to the Company’s Current Report on Form 8‑K dated July 2, 2015.)
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12
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Statement re: Computation of Ratios.
(Filed herewith.)
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21.1
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Subsidiaries of the Company.
(Filed herewith.)
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23.1
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Consent of Deloitte & Touche LLP (Iron Mountain Incorporated, Delaware).
(Filed herewith.)
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Exhibit
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Item
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31.1
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Rule 13a‑14(a) Certification of Chief Executive Officer.
(Filed herewith.)
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31.2
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Rule 13a‑14(a) Certification of Chief Financial Officer.
(Filed herewith.)
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32.1
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Section 1350 Certification of Chief Executive Officer.
(Furnished herewith.)
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32.2
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Section 1350 Certification of Chief Financial Officer.
(Furnished herewith.)
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101.1
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The following materials from Iron Mountain Incorporated’s Annual Report on Form 10‑K for the year ended December 31, 2015 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Equity, (iv) Consolidated Statements of Comprehensive Income (Loss), (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.
(Filed herewith.)
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(a)
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When any "person", as such term is used in Sections 13(d) and 14(d) of the U.S. Securities Exchange Act of 1934 (“Exchange Act”), other than (i) Iron Mountain Incorporated, (ii) a subsidiary of Iron Mountain Incorporated, (iii) an Iron Mountain employee benefit plan, including any trustee of such plan acting as a trustee, or (iv) the Employee, or a "group" (as such term is used in Section 13(d)(3) of the Exchange Act) which includes the Employee, is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Iron Mountain Incorporated representing fifty percent or more of the combined voting power of Iron Mountain Incorporated’s then outstanding securities entitled to vote generally in the election of directors; or
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(b)
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The effective date: (i) of a merger or consolidation of Iron Mountain Incorporated with any other third party, other than a merger or consolidation that would result in the voting securities of Iron Mountain Incorporated outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the entity that controls such surviving entity) at least fifty percent of the total voting power represented by the voting securities of Iron Mountain Incorporated, such surviving entity or the entity that controls such surviving entity outstanding immediately after such merger or consolidation; or (ii) of the sale or disposition of Iron Mountain Incorporated of all or substantially all or of Iron Mountain Incorporated’s assets; or
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(c)
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Individuals who on the effective date mentioned in paragraph (b) above constituted the Board of Directors of Iron Mountain Incorporated (together with any new directors whose election to the Board of Directors, or whose nomination for election by the stockholders, was approved by a vote of two-thirds of the directors then in office who were either directors at the beginning of such period or whose election or nomination was previously so approved) cease to constitute a majority of the Board of Directors of Iron Mountain Incorporated then in office.
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•
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1 month, if the Employee’s seniority is less than 5 years;
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•
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2 months, if the Employee’s continued seniority is equal to or more than 5 and less than 10 years;
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•
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3 months, if the Employee’s continued seniority is equal to or more than 10 years.
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13.1
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Conditions relating to the granting of Severance Benefits
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13.1.1
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The Employee must not have notified Iron Mountain (whether orally or in writing) of his intention to terminate employment with Iron Mountain for any reason (including, by way of illustration and not limitation, voluntary resignation, normal retirement or early retirement) prior to Iron Mountain’s announcement of the proposed Qualifying Termination and effective as of a date within three months of the proposed Qualifying Termination (other than a notice provided by the Employee in the case of a termination for Good Reason).
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13.1.2.
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The Employee must not be on any statutorily protected leave of absence or otherwise absent from work and must be regularly performing services for Iron Mountain as of the date of the Qualifying Termination.
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13.1.3.
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No Severance Benefits will be paid or provided under this Agreement unless the Employee has signed and timely returned, and not revoked, if applicable, a "Separation and Release Agreement" and an "Employee Confidentiality and Non-Competition Agreement", each in a form satisfactory to Iron Mountain.
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13.1.4.
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Unless required otherwise under applicable Luxembourg law, Severance Pay will be paid in equal instalments over the Severance Period in accordance with the Employee’s regular payroll intervals prior to the Qualifying Termination and will be subject to applicable withholding. Payments will commence as of the first regular payroll date following the Qualifying Termination; provided, however, that no payment will be made earlier than the sixtieth day following a Qualifying Termination; and provided, further, that any applicable revocation period under a Separation and Release Agreement will have expired before any payment. Iron Mountain may also deduct any amounts owed by the Employee to the extent permitted by applicable law.
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13.1.5.
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Severance Pay will be reduced by any other severance or termination payments due to the Employee in connection with the termination of this Agreement and amounts paid to the Employee placed in a temporary layoff status (often referred to as a furlough), but will not be reduced by any amounts owed the Employee pursuant to any other contract that may be concluded between the Employee and Iron Mountain. Severance Pay will also be reduced to the extent any law provides for payments related to accrued wages, bonuses, commissions, reimbursements, vacation pay or other benefits in an amount or manner greater than Iron Mountain’s policies and programs, including the Severance Plan.
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13.1.6.
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If the Employee is later rehired by Iron Mountain, he may keep whatever Severance Pay has been paid prior to being rehired, but will lose any right to unpaid Severance Pay.
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13.1.7.
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It may be necessary to delay one or more of the payments otherwise due hereunder to avoid adverse income tax consequences. The Administrator will notify the Employee in the event this is necessary.
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13.2.1.
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Severance Pay
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13.2.2.
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Other Benefits
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(a)
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As long as the Employee who experiences a Qualifying Termination has not breached the "Separation and Release Agreement" and the "Employment Confidentiality and Non-Competition Agreement" and provided the Employee elects to continue the “Company's International Medical Insurance Plan", Iron Mountain will continue to pay the employer share of the cost of coverage in accordance with standard payment practices until the end of the applicable Severance Period. The Employee must continue to pay the employee share of the cost of coverage during the Severance Period. However, Iron Mountain may decide, in its sole discretion to replace the continuation of the Company's International Medical Insurance Plan and Iron Mountain’s obligations thereunder in relation to the payment of the Employer’s share of the cost of coverage during the Severance Period by the payment to the Employee, on the Effective Date, of a lump sum indemnity equivalent to the aggregate amount of the Employer’s share of the cost of coverage during the Severance Period.
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(b)
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If the Employee experiences a Qualifying Termination, he is eligible for
outplacement services
through a provider selected by Iron Mountain for a period of nine months, which will start at a date to be set by Iron Mountain and which shall not be later than the Effective Date.
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(a)
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In the case of outstanding stock options, restricted stock and restricted stock units, the award shall be credited with an additional twelve months of vesting service as of the date of the Qualifying Termination.
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(b)
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In the case of outstanding performance units that are earned based on the performance criteria applicable to the award, the Employee shall be credited with an additional twelve months of service solely for purposes of applying the following schedule:
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Date Relationship Terminates
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Vesting Percentage
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On or after first anniversary of Grant Date
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33.3%
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On or after second anniversary of Grant Date
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66.6%
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On or after third anniversary of Grant Date
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100%
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(c)
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In the event of any acceleration of vesting under this Section 13.2.3 as well as upon a change in control (including a Vesting Change in Control) under any of Iron Mountain’s equity compensation plans, duplicative vesting service shall not be credited (but the most generous of any multiple vesting service crediting provisions shall apply).
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13.3.
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Time and Manner of Payment
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13.3.1.
|
Payments of Severance Pay will be made in equal instalments over the Severance Period in accordance with Iron Mountain’s regular payroll intervals applicable to the Employee immediately prior to the Qualifying Termination. Such payments will commence as of the first regular payroll date following the Qualifying Termination; provided, however, that no payment will be made earlier than the sixtieth day following a Qualifying Termination and provided, further, that any applicable revocation period will have expired before any payment.
|
13.3.2.
|
All Severance Benefits shall be subject to applicable federal, state, local and other tax withholding as required by law.
|
13.3.3.
|
Any payments due hereunder for Severance Pay shall be reduced by any other severance or termination payment due to the Employee in connection with the termination of this Agreement, including, by way of illustration and not limitation, any amounts paid pursuant to federal, state or local government worker notification or office closing requirements, any amounts paid pursuant to a SUB Pay Plan and amounts paid to the Employee when placed in a temporary layoff status (often referred to as a furlough), which immediately precedes the commencement of Severance Benefits hereunder, but will not be reduced by any amounts owed the Employee pursuant to any contract other than this Agreement that may be concluded between the Employee and Iron Mountain. In addition, to the extent any federal, state or local government regulation provides for payments related to accrued wages, bonuses, commissions, reimbursements, vacation pay or other benefits in an amount or manner different from Iron Mountain’s policies and programs, including this Plan, any payments hereunder for Severance Pay shall be offset by such amounts.
|
13.3.4.
|
If the Employee is reinstated, he will not be required to reimburse Iron Mountain or an Acquirer for any payments received hereunder prior to being rehired. Any unpaid Severance Pay will be forfeited upon the Employee's rehire by Iron Mountain or an Acquirer.
Note, however, that any vesting acceleration is not "recouped."
|
13.3.5.
|
If the Employee receives payments hereunder for Severance Pay he shall not be required to mitigate the amount of any such payments by seeking other employment or otherwise, and subject to rehire, no such payment shall be offset or reduced by the amount of any compensation provided to the Employee in any subsequent employment.
|
13.3.6.
|
In addition to the Severance Benefits under this Plan, the Employee who experiences a Qualifying Termination shall be entitled to: (a) accrued wages due through the date of the Qualifying Termination in accordance with Iron Mountain’s normal payroll practices; (b) any accrued but unused vacation pay; and (c) reimbursement for any unreimbursed business expenses properly incurred by the Employee prior to the date of the Qualifying Termination in accordance with Iron Mountain’s policy (and for which the Participant has submitted any required documentation). In addition, when the Employee is subject to a commission plan or arrangement, he shall receive all commissions properly earned, but not yet paid, in accordance with the terms of such plan or arrangement. All payments shall be subject to proper tax withholding.
|
13.3.7.
|
Iron Mountain may deduct (after all applicable tax withholdings have been deducted) from payments hereunder any indebtedness, obligation or liability owed by the Employee as of his date of termination, as permitted under applicable law.
|
13.4.
|
Administrator's rights
|
1)
|
is applicable to activities similar to those exercised by the Employee with the Employer; this includes amongst other activities of the following entities: Brambles Limited, Cintas Corporation, Dell Inc, Fujitsu, Hewlett Packard Company, International Business Machines, Canon, Oce Business Services, Oracle Crop, Pitney Bowes Inc, Recall Corporation, Xerox Corporation. This list is however not limitative;
|
2)
|
relates to the following countries; Australia, Belgium, Brazil, Canada, Chile, China, France, Germany, Hong Kong, India, Luxemburg, Mexico, Netherlands, Russia, Spain, the United Kingdom and the United States.
|
(read and approved)
|
|
(read and approved)
|
For the Company,
|
|
For the Employee,
|
/s/ Anne Best
|
|
Read and Approved
/s/ Marc Duale
|
Anne Best
|
|
Marc Duale
|
Manager
|
|
|
/s/ Roderick Day
|
|
|
Roderick Day
|
|
|
Manager
|
|
|
|
|
|
/s/ Manfred Schneider
|
|
|
Manfred Schneider
|
|
|
Manager
|
|
|
|
|
|
1.
|
Details of your position
|
Date of Commencement:
|
Your new position with the Company commenced on 2 April 2015. Your original employment with the Company, which commenced on 1 November 2011, counts towards your period of continuous employment with the Company.
|
Job Title:
|
Executive Vice President and General Manager, North America and Western Europe, but you may be required to carry out any other duties as determined by the management from time to time.
|
Place of work:
|
Your normal place of work in the UK will be The Cottons Centre, Tooley Street, however you may be required to work at any other locations as directed by the company. You will be required to spend up to fifty per cent of your working time in the United States. Whilst in the United States, your normal place of work will be One Federal Street, Boston, MA.
|
Hours of Work:
|
Your normal working hours will be 37.5 hours per week on Mondays to Fridays and such additional hours as are necessary for the proper performance of your duties as determined by the needs of the business. You acknowledge that you shall not receive further remuneration in respect of such additional hours.
|
2.
|
Employee Warranties
|
3.
|
Remuneration
|
Salary:
|
£300,000.00 per annum, effective 2 April 2015
|
•
|
The Company shall pay the cost of two return flights between the UK and US per year for your spouse gross-ed up for taxes
|
•
|
A tax gross-up with respect to any taxable income arising from typical expenses (e.g., flights hotels) associated with business trips between the US and UK
|
•
|
Iron Mountain will engage an accounting firm and will be invoiced directly to provide tax reporting support for you. For clarity, this will be a taxable benefit
|
4.
|
Holidays
|
5.
|
Sickness
|
6.
|
Discretionary Benefits
|
7.
|
Termination and Severance Benefits
|
8.
|
Conflict of Interest
|
9.
|
Disclosure of Information
|
10.
|
Post-termination restrictions
|
11.
|
Use of Data
|
(i)
|
staff administration;
|
(ii)
|
administration of pensions and other employee benefits;
|
(iii)
|
internal accounts and records, marketing and business transactions;
|
(iv)
|
the provision of management information for business purposes such as marketing activities and corporate and staff planning; and
|
(v)
|
to ensure fair treatment and to otherwise permit the Company to comply with its legal responsibilities.
|
(i)
|
a Group Company;
|
(ii)
|
third parties who provide services to the Company or any Group Company;
|
(iii)
|
business partners or third parties of the Company or any Group Company;
|
(iv)
|
the Company's advisers or any relevant regulatory authorities; and/or
|
12.
|
Use of Company Facilities
|
13.
|
Policies and Procedures
|
14.
|
Collective Agreements
|
15.
|
Variation of Contractual Terms and Conditions.
|
16.
|
Governing law and Jurisdiction
|
17.
|
Acceptance of Offer
|
Restatement Date
|
As of January 1, 2016
|
Eligibility
|
All non-employee Directors
|
Annual Board Retainer
|
$75,000 per year; paid in advance in quarterly installments
|
Annual Committee Retainers
|
In addition to the Annual Board Retainer, a $10,000 per year retainer for members of the Audit Committee, a $9,000 per year retainer for members of the Compensation Committee, Finance, Nominating and Governance or Risk and Safety Committees; in each case paid in advance in quarterly installments.
|
Annual Chair Retainers
|
In addition to the Annual Board Retainer and any Annual Committee Retainers, a $15,000 per year retainer for acting as Chair of the Audit Committee or Compensation Committee; an $10,000 per year retainer for acting as the Chair of the Finance, Nominating and Governance or Risk and Safety Committees; and a $25,000 per year retainer for acting as the Lead Independent Director or a $100,000 per year retainer for acting as the Independent Chairman of the Board, as the case may be; in each case paid in advance in quarterly installments
|
Pro Rata
Portion of Retainers
|
A non-employee Director shall be entitled to retain the portion of the Annual, Committee and Chair Retainers (as applicable) paid with respect to the quarter in which he or she ceases to be a non-employee Director or serve on a Committee or as a Committee Chair or Lead Independent Director or Independent Chairman, but shall not be entitled to any further portion of the Retainer(s)
|
Meeting Expenses
|
Reimbursement for all normal travel expenses to attend meetings; reimbursements due shall be paid promptly after the end of each quarter, subject to timely receipt of each director’s expense documentation
|
Group Insurance Benefits
|
Iron Mountain’s group medical and dental benefits (single or family) are available to non-employee Directors, but they must pay the current employee contribution rate in effect for such coverage; group life, AD&D, STD and LTD coverage are not available to non-employee Directors
|
Amount of Stock Grant
|
A stock grant in the form of restricted stock units will be made of that number of whole shares of Iron Mountain Incorporated common stock determined by dividing $135,000 by the stock’s “fair market value” (as determined under the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, or any successor plan) on the date of grant
|
Timing of Stock Grants
|
To be made annually to all non-employee Directors as of the first Board meeting following the annual meeting of stockholders; newly elected non-
|
Vesting of Stock Grants
|
100% on the date of grant
|
Purchase Price of Stock Grants
|
$0.01
|
Restrictions on Transfer of
|
None once vested; prior to vesting transfer is subject to
|
Common Stock
|
restrictions set forth in the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan
|
SEC Considerations
|
Grants will generally be made under the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, the shares of each of which are registered on Form S-8; insider trading restrictions and short-swing profit rules of the Securities Exchange Act of 1934 apply
|
Taxation of Stock Grants
|
Non-employee Directors pay ordinary income tax (and SECA tax) at time of vesting, which (except as described below) will also coincide with the delivery of shares, based on the fair market value of the shares on date of vesting; Iron Mountain receives a corresponding tax deduction at that time
|
Election to Defer Retainers
|
Non-employee Directors may elect to defer some or all of their Retainer fees paid in cash under the Iron Mountain Incorporated Directors Deferred Compensation Plan; deferrals will be invested in phantom shares equal in value to Iron Mountain common stock; deferral elections must be made by December 31 of the year prior to the year in which the fees are earned (or within 30 days of becoming eligible for the Plan); amounts will be subject to ordinary income tax when distributed (at a time elected by the non-employee Director)
|
Election to Defer Stock Grants
|
Non-employee Directors may elect to defer some or all of their stock grant under the Iron Mountain Incorporated Directors Deferred Compensation Plan; at vesting, the Director’s account will be credited with a number of phantom shares equal to the number of shares that would otherwise have been delivered; deferral elections must be made by December 31 of the year prior to the year in which the grant is made (or within 30 days of becoming eligible for the Plan); amounts will be subject to ordinary income tax when distributed (at a time elected by the non-employee Director)
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from Continuing Operations before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Provision (Benefit) for Income Taxes and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on Sale of Real Estate
|
$
|
348,519
|
|
|
$
|
296,805
|
|
|
$
|
159,871
|
|
|
$
|
223,373
|
|
|
$
|
162,066
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on Sale of Real Estate(1)
|
3,281
|
|
|
261
|
|
|
1,847
|
|
|
10,512
|
|
|
1,059
|
|
|||||
Fixed Charges
|
286,241
|
|
|
326,261
|
|
|
335,637
|
|
|
345,781
|
|
|
344,606
|
|
|||||
|
$
|
638,041
|
|
|
$
|
623,327
|
|
|
$
|
497,355
|
|
|
$
|
579,666
|
|
|
$
|
507,731
|
|
Fixed Charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest Expense, Net
|
$
|
205,256
|
|
|
$
|
242,599
|
|
|
$
|
254,174
|
|
|
$
|
260,717
|
|
|
$
|
263,871
|
|
Interest Portion of Rent Expense
|
80,985
|
|
|
83,662
|
|
|
81,463
|
|
|
85,064
|
|
|
80,735
|
|
|||||
|
$
|
286,241
|
|
|
$
|
326,261
|
|
|
$
|
335,637
|
|
|
$
|
345,781
|
|
|
$
|
344,606
|
|
Ratio of Earnings to Fixed Charges
|
2.2x
|
|
|
1.9x
|
|
|
1.5x
|
|
|
1.7x
|
|
|
1.5x
|
|
(1)
|
Gain on sale of real estate reported above are pre-tax. The tax associated with the gain on the sale of real estate for the years ended December 31, 2011, 2012, 2013, 2014 and 2015 are $920, $55, $430, $2,205 and $209, respectively.
|
|
|
|
|
|
Name
|
|
Jurisdiction
|
|
Names under which Entity
does business
|
Iron Mountain Argentina S.A.
|
|
Argentina
|
|
Iron Mountain
|
Fine Paper Recyclers Sydney Pty Ltd
|
|
Australia
|
|
Iron Mountain Shredding
|
Iron Mountain Acquisition Holdings Pty Ltd
|
|
Australia
|
|
|
Iron Mountain Australia Holdings Pty Ltd.
|
|
Australia
|
|
|
Iron Mountain Australia Property Holdings Pty Ltd
|
|
Australia
|
|
|
Iron Mountain Australia Pty Ltd
|
|
Australia
|
|
Iron Mountain
|
Iron Mountain Australia Services Pty Ltd
|
|
Australia
|
|
|
Secure Paper Services Pty Ltd
|
|
Australia
|
|
|
Tape Mangement Services Pty Limited
|
|
Australia
|
|
|
The Imaging Centre Pty Ltd
|
|
Australia
|
|
|
Venues Australia Pty Ltd
|
|
Australia
|
|
|
Iron Mountain Austria Archivierung Gmbh
|
|
Austria
|
|
Iron Mountain
|
Iron Mountain Belgium NV
|
|
Belgium
|
|
Iron Mountain
|
Iron Mountain BPM BVBA
|
|
Belgium
|
|
|
Keepers Brasil Ltda
|
|
Brazil
|
|
|
Iron Mountain do Brasil Ltda
|
|
Brazil
|
|
Iron Mountain
|
Iron Mountain Canada Operations ULC
|
|
British Columbia
|
|
Iron Mountain
|
Iron Mountain Information Management Services Canada, Inc.
|
|
British Columbia
|
|
|
Iron Mountain Secure Shredding Canada, Inc.
|
|
British Columbia
|
|
|
Administradora de Informacion Ltda
|
|
Chile
|
|
|
Custodia de Documentos Limitada
|
|
Chile
|
|
|
Custodia S.O.S. SA
|
|
Chile
|
|
|
Iron Mountain Chile S.A.
|
|
Chile
|
|
Iron Mountain
|
Iron Mountain Chile Servicios S.A.
|
|
Chile
|
|
Iron Mountain
|
Pipax-Security S.A.
|
|
Chile
|
|
|
Storbox SA
|
|
Chile
|
|
Iron Mountain
|
Iron Mountain Records Management (Shanghai) Co Limited f/k/a Databox Records Management (Shanghai) Co., Ltd.
|
|
China
|
|
|
Iron Mountain Shanghai Co Ltd
|
|
China
|
|
|
Iron Mountain Colombia, S.A.S.
|
|
Colombia
|
|
|
Iron Mountain Services S.A.S. f/k/a Iron Mountain Colombia Services S.A.S.
|
|
Colombia
|
|
|
Docu Guard Holding Limited
|
|
Cyprus
|
|
|
Iron Mountain EES Holdings Limited
|
|
Cyprus
|
|
|
Iron Mountain Poland Holdings Limited
|
|
Cyprus
|
|
|
Iron Mountain Ceska Republika S.R.O.
|
|
Czech Republic
|
|
Iron Mountain
|
Fontis International, Inc.
|
|
Delaware
|
|
|
Iron Mountain Fine Arts Holdings, Inc.
|
|
Delaware
|
|
|
Iron Mountain Fulfillment Services, Inc.
|
|
Delaware
|
|
Iron Mountain Fulfillment Services
|
|
|
|
|
|
Name
|
|
Jurisdiction
|
|
Names under which Entity
does business
|
Iron Mountain Global Holdings, Inc.
|
|
Delaware
|
|
|
Iron Mountain Global LLC
|
|
Delaware
|
|
|
Iron Mountain Information Management Services, Inc.
|
|
Delaware
|
|
|
Iron Mountain Information Management, LLC
|
|
Delaware
|
|
|
Iron Mountain Intellectual Property Management, Inc.
|
|
Delaware
|
|
|
Iron Mountain Receivables QRS, LLC
|
|
Delaware
|
|
|
Iron Mountain Receivables TRS, LLC
|
|
Delaware
|
|
|
Iron Mountain Secure Shredding, Inc.
|
|
Delaware
|
|
|
Iron Mountain US Holdings, Inc.
|
|
Delaware
|
|
|
Nettlebed Acquisition Corp.
|
|
Delaware
|
|
|
Iron Mountain A/S
|
|
Denmark
|
|
|
Britannia Data Management Limited
|
|
England & Wales
|
|
|
File Express Limited
|
|
England & Wales
|
|
|
Iron Mountain (UK) EES Holdings Limited
|
|
England & Wales
|
|
|
Iron Mountain (UK) Limited
|
|
England & Wales
|
|
|
Iron Mountain (UK) Services Limited
|
|
England & Wales
|
|
|
Iron Mountain DIMS Limited
|
|
England & Wales
|
|
|
Iron Mountain Europe (Group) Limited
|
|
England & Wales
|
|
|
Iron Mountain Europe PLC
|
|
England & Wales
|
|
|
Iron Mountain Group (Europe) Limited
|
|
England & Wales
|
|
|
Iron Mountain Holdings (Europe) Limited
|
|
England & Wales
|
|
|
Iron Mountain International (Holdings) Limited
|
|
England & Wales
|
|
|
Iron Mountain Mayflower Limited
|
|
England & Wales
|
|
Iron Mountain
|
Iron Mountain MDM Limited
|
|
England & Wales
|
|
|
Iron Mountain Secure Shredding Limited
|
|
England & Wales
|
|
|
Iron Mountain UK Services (Holdings) Limited
|
|
England & Wales
|
|
|
Kestrel Data Services Limited
|
|
England & Wales
|
|
|
Iron Mountain Finland Oy
|
|
Finland
|
|
|
Iron Mountain Anamnis GDM S.A.S.
|
|
France
|
|
|
Iron Mountain France S.A.S.
|
|
France
|
|
Iron Mountain
|
Iron Mountain Holdings (France) SNC
|
|
France
|
|
|
Iron Mountain Participations S.A.
|
|
France
|
|
Iron Mountain
|
Iron Mountain (Deutschland) Service GmbH
|
|
Germany
|
|
|
Iron Mountain Deutschland GmbH
|
|
Germany
|
|
Iron Mountain
|
Iron Mountain (Gibraltar) Holdings Limited
|
|
Gibraltar
|
|
|
|
|
|
|
|
Name
|
|
Jurisdiction
|
|
Names under which Entity
does business
|
Iron Mountain BPM International S.a.r.l.
|
|
Grand Duchy of Luxembourg
|
|
|
Iron Mountain Global Luxembourg S.a.r.l.
|
|
Grand Duchy of Luxembourg
|
|
|
Iron Mountain Luxembourg S.a.r.l
|
|
Grand Duchy of Luxembourg
|
|
|
Iron Mountain Luxembourg Services S.a.r.l.
|
|
Grand Duchy of Luxembourg
|
|
|
Marshgate Morangis S.a.r.l.
|
|
Grand Duchy of Luxembourg
|
|
|
Iron Mountain Hellas SA
|
|
Greece
|
|
|
Iron Mountain Asia Pacific Holdings Limited
|
|
Hong Kong
|
|
|
Iron Mountain Hong Kong Limited
|
|
Hong Kong
|
|
|
Iron Mountain Southeast Asia Holdings Limited
|
|
Hong Kong
|
|
|
Jin Shan Limited
|
|
Hong Kong
|
|
|
AKTATRADE Iratkezelő, Selejtező és Megsemmisítő Betéti Társaság
|
|
Hungary
|
|
|
DOCUGROUP PAPÍR Szolgáltató Korlátolt Felelősségű Társaság
|
|
Hungary
|
|
|
DocuTár Iratrendező és Tároló Szolgáltató Kft.
|
|
Hungary
|
|
|
Iron Mountain Magyarország Kereskedelmi és Szolgáltató Kft.
|
|
Hungary
|
|
|
Iron Mountain India Private Limited
|
|
India
|
|
|
Iron Mountain Services Private Limited
|
|
India
|
|
|
Navbharat Archive Xpress Private Limited
|
|
India
|
|
|
Safe House Information Management Solutions Private Limited
|
|
India
|
|
|
Horanross Limited
|
|
Ireland
|
|
Iron Mountain
|
Iron Mountain (Ireland) Services Limited
|
|
Ireland
|
|
|
Iron Mountain Ireland Holdings Limited
|
|
Ireland
|
|
|
Iron Mountain Ireland Limited
|
|
Ireland
|
|
|
Record Data Limited
|
|
Ireland
|
|
|
Silver Sky Limited
|
|
Jersey
|
|
|
Iron Mountain South America S.à r.l. f/k/a Iron Mountain South America Ltd.
|
|
Grand Duchy of Luxembourg
|
|
Iron Mountain
|
Iron Mountain Mexico Holding S de RL de CV
|
|
Mexico
|
|
|
Iron Mountain Mexico Servicios, S. de R.L. de C.V.
|
|
Mexico
|
|
|
Iron Mountain Mexico, S. de R.L. de C.V.
|
|
Mexico
|
|
|
Iron Mountain (Nederland) Services BV
|
|
Netherlands
|
|
|
Iron Mountain International Holdings B.V.
|
|
Netherlands
|
|
|
Iron Mountain Nederland B.V.
|
|
Netherlands
|
|
|
Iron Mountain Nederland Holdings B.V.
|
|
Netherlands
|
|
Iron Mountain
|
Crozier Fine Arts, Inc.
|
|
New York
|
|
|
Iron Mountain Norge AS
|
|
Norway
|
|
Iron Mountain
|
Iron Mountain Panama, S.A.
|
|
Panama
|
|
|
Crozier Philladelphia, LLC
|
|
Pennsylvania
|
|
|
Upper Providence Venture I, L.P.
|
|
Pennsylvania
|
|
Iron Mountain
|
IMSA Peru SRL
|
|
Peru
|
|
Iron Mountain
|
Iron Mountain Peru S.A.
|
|
Peru
|
|
|
|
|
|
|
|
Name
|
|
Jurisdiction
|
|
Names under which Entity
does business |
IM EES Sp. z.o.o.
|
|
Poland
|
|
Iron Mountain
|
Iron Mountain Polska Services Sp. Z.o.o. f/k/a Berylis Investments Sp z.o.o.
|
|
Poland
|
|
|
Iron Mountain Polska Sp. z.o.o.
|
|
Poland
|
|
|
Iron Mountain Records Management (Puerto Rico), Inc.
|
|
Puerto Rico
|
|
|
Iron Mountain SRL
|
|
Romania
|
|
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Iron Mountain CIS LLC
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Russian Federation
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Iron Mountain
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Iron Mountain d.o.o. Beograd
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Serbia
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Iron Trust doo Beograd
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Serbia
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Iron Mountain Singapore Pte. Limited
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Singapore
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Iron Mountain Slovakia, s.r.o.
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Slovakia
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Iron Mountain (España) Services, S.L
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Spain
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Iron Mountain Espana SA
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Spain
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Iron Mountain
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Iron Mountain Latin America Holdings, Sociedad Limitada
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Spain
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Fontis International GmbH
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Switzerland
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Iron Mountain Management Services GmbH
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Switzerland
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Iron Mountain Switzerland GmbH
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Switzerland
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Sispace AG
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Switzerland
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Iron Mountain
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Iron Mountain International Information Management Co Ltd
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Taiwan
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Iron Mountain Arsivleme Hizmetleri AS
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Turkey
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Iron Mountain
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Iron Mountain Ukraine LLC
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Ukraine
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1.
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I have reviewed this Annual Report on Form 10-K of Iron Mountain Incorporated;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed |
(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: February 26, 2016
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/s/ WILLIAM L. MEANEY
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William L. Meaney
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President and Chief Executive Officer
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1.
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I have reviewed this Annual Report on Form 10-K of Iron Mountain Incorporated;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed |
(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting |
(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: February 26, 2016
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/s/ RODERICK DAY
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Roderick Day
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Executive Vice President and Chief Financial Officer
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Date: February 26, 2016
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/s/ WILLIAM L. MEANEY
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William L. Meaney
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President and Chief Executive Officer
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Date: February 26, 2016
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/s/ RODERICK DAY
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Roderick Day
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Executive Vice President and Chief Financial Officer
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