Durable
Business Drives
Cash Flow and
Dividend Growth
November 14-15, 2017
Safe Harbor Language and Reconciliation of Non-GAAP Measures
2
This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor
created by such Act. Forward-looking statements include, but are not, limited to, our financial performance outlook and statements concerning our operations, economic performance, financial
condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as 2017 guidance, 2020 outlook, expected shareholder returns and cash available for
distribution. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When Iron Mountain uses words such as "believes," "expects,"
"anticipates," "estimates" or similar expressions, it is making forward-looking statements. Although Iron Mountain believes that its forward-looking statements are based on reasonable assumptions,
Iron Mountain’s expected results may not be achieved, and actual results may differ materially from its expectations. Iron Mountain’s expected results may not be achieved, and actual results may
differ materially from its expectations. In addition, important factors that could cause actual results to differ from Iron Mountain’s expectations include, among others: (i) Iron Mountain’s ability to
remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (ii) the adoption of alternative technologies and shifts by Iron Mountain’s customers to
storage of data through non-paper based technologies; (iii) changes in customer preferences and demand for Iron Mountain’s storage and information management services; (iv) the cost to comply
with current and future laws, regulations and customer demands relating to data security and privacy issues, as well as fire and safety standards; (v) the impact of litigation or disputes that may
arise in connection with incidents in which we fail to protect Iron Mountain’s customers' information; (vi) changes in the price for Iron Mountain’s storage and information management services
relative to the cost of providing such storage and information management services; (vii) changes in the political and economic environments in the countries in which Iron Mountain’s international
subsidiaries operate and changes in the global political climate; (viii) Iron Mountain’s ability or inability to complete acquisitions on satisfactory terms and to close pending acquisitions and to
integrate acquired companies efficiently; (ix) changes in the amount of Iron Mountain’s capital expenditures and our ability to invest in accordance with plan ; (x) changes in the cost of Iron
Mountain’s debt; (xi) the impact of alternative, more attractive investments on dividends; (xii) the cost or potential liabilities associated with real estate necessary for Iron Mountain’s business; (xiii)
the performance of business partners upon whom Iron Mountain depends for technical assistance or management expertise outside the United States; (xiv) other trends in competitive or economic
conditions affecting Iron Mountain’s financial condition or results of operations not presently contemplated; and (xv) other risks described more fully in our filings with the Securities and Exchange
Commission, including under the caption “Risk Factors” in our periodic reports or incorporated therein. In addition, the benefits of the Recall transaction, including potential cost synergies,
accretion and other synergies (including tax synergies), may not be fully realized or may take longer to realize than expected. You should not rely upon forward-looking statements except as
statements of Iron Mountain’s present intentions and of its present expectations, which may or may not occur. Except as required by law, Iron Mountain undertakes no obligation to release publicly
the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Reconciliation of Non-GAAP Measures:
Throughout this presentation, Iron Mountain will discuss (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO NAREIT”), (4) FFO
(Normalized) and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP
measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a
substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, income (loss) from continuing operations, net income (loss) or cash flows
from operating activities from continuing operations (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation
G under the Securities Exchange Act of 1934, as amended, and the definitions of such Non-GAAP measures and certain operational measures are included in the Supplemental Financial
Information. Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information
required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to
the disposition property, plant and equipment (including of real estate) and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be
meaningful.
Note: All financial projections and forward looking statements included herein are current as of reporting
the company’s third quarter results on October 25, 2017. Selected metrics are defined in the appendix of
our Q3 2017 Supplemental Financial Information.
Introduction and
Strategic Plan
Meet Iron Mountain4
1 BILLION
Medical images stored
680 MILLION
Cubic feet of hardcopy
records archived
627 MILLION
Images scanned
annually
89 MILLION
Pieces of media stored
45,730
Disaster recovery
tests supported
30 MILLION
Film and sound elements
protected and preserved
99.99999%
Inventory accuracy rate
1 TRUSTED GUARDIAN
Of your most precious assets
Strong Diversified and Growing Business 5
76% 14% 10%
Records &
Information
Management(1)
Data
Management(1) Shredding(1)
Storage: 69%
Service: 31%
Storage: 69%
Service: 31%Service: 100%
• ~$3.9 billion annual revenue(1) and growing
• 230,000+ customers
• Serving 95% of Fortune
1000 including financial
services, healthcare,
energy, insurance and legal
• 24,000 employees
worldwide
(1) Based on Q3 2017 results
Global Presence and Defensible Moat6
Expansive global platform
• Compelling customer proposition
• Strong international expansion opportunity
87MM SF of real estate in 1,433 facilities
Attractive real estate characteristics
• Low turnover costs
• Low maintenance capex
• High customer retention, low volatility
Track record of enhancing shareholder value
• Share buyback, REIT conversion, dividend growth
• 28% TSR in 2016, 31.0% TSR YTD(1)
Commitment to corporate responsibility
• FTSE4Good and Dow Jones Sustainability Index
• Solar and wind power reducing costs 6 CONTINENTS53 COUNTRIES
(1) As of November 6, 2017
Durable Business Supports Cash Flow and Dividend Growth
7
Extend Business Model to
Fast-Growing Markets
Build on Customer Relationships
and Trust to Leverage Brand
Sustainable Growth in
Cash Flow and
Dividends per Share
Protect Durable, Growing
High-Margin Business Sustainable
Growth in
Cash Flow and
Dividends per Share
8Durability and Performance Will Continue to Drive Shareholder Returns
$0.3
$1.3
$1.7
$2.2
$2.8
2013 2014 2015 2016 2017
Cumulative Ordinary Dividends and
Special Distributions $in Billions
5.0%
4.0% 4.0%
2.1% 2.2% 2.1%
2018E 2019E 2020E
Targeted Growth in Ordinary Dividend/Share vs. Inflation
Growth in Div./Share CPI Index
CPI Source: FactSet, as of October 20, 2017
50% of Boxes Stored 15 Years Ago Remain in our Facilities
9
0%
20%
40%
60%
80%
100%
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
IRM Retention Rate – North America
25% of boxes that
were stored 22 years
ago still remain
Box Age (Years)
Source: Iron Mountain Propriety Safekeeper Plus Inventory Management System
We Continue to See Box Growth10
48 MM+ NEW FROM
EXISTING AND NEW
CUSTOMERS ANNUALLY
8 MM+ INTERNAL
NET VOLUME
ANNUALLY
ACHIEVING NET VOLUME
GROWTH IN ALL
MAJOR MARKETS
462 469 477 487 495 504
34 41 34 41 32 42 35 43 39 48
2011 2012 2013 2014 2015 2016
Worldwide Internal Volume CuFt in MM
Change Excludes Business Acquisitions
(1) 676MM CuFt including acquisitions
(1)
Storage Rental Stream is Key Economic Driver
11
Illustrative North America RM Storage Annual Economics(1)
(per square foot, except for ROIC)
Investment
Customer acquisition $ 42
Building and outfitting 65
Racking structures 54
Total investment $ 161
Storage Rental NOI
Storage rental revenue $ 30
Direct operating costs (4)
Allocated field overhead (3)
Stabilized Storage NOI $ 23
Storage Rental ROIC(2) ~14%
(1) Reflects average portfolio pricing and assumes an owned facility.(2) Includes maintenance CapEx, assumed at 2% of revenue.
Addressing Information Governance Challenges
12
IRON MOUNTAIN SOLUTIONS
+ =+ +Automate paper-
centric processes –Go Paperless
Securely access your information in a central
repository
Transform your physical information
to digital
Consistently index/classify both physical and digital
information
INFORMATION ECONOMICS
Document Management and
Workflow Solutions (HR, AP)
Strategic consulting for BPM, RIM/Imaging Strategy & Data
Integrity
Comprehensive Data Protection, Preservation, Restoration and Recovery
Challenges We’ve Heard
Governance & Policy Solutions in Physical &
Digital form
Internal Growth Reflects Durable Fundamentals
13
STRATEGIC PLAN
DEVELOPED MARKETS
EMERGING MARKETS(1)
ADJACENT BUSINESSES
REVENUE C$ CAGR 4% 30% 65%
TOTAL INTERNAL
REVENUE CAGR 0.2% 9% 22%
STORAGE INTERNAL
REVENUE CAGR 1% 10% 22%
2013-2016
Strategic Plan Driving Strong Growth and Shift in Mix
(1) Emerging Markets is Other International, excluding Australia and New Zealand
Note: The definition of Internal Growth, a Non-GAAP measure, can be found on Page 42 in the Appendix of Q3 2017 Supplemental Financial Information
Internal Revenue Growth Shows Momentum in Underlying Business
14
0.5%0.2%
0.8%
1.2%
2013 2014 2015 2016
Internal Total Revenue GrowthRolling 3-Year Average
2.7%2.4% 2.3% 2.4%
2013 2014 2015 2016
Storage Internal GrowthRolling 3-Year Average
-2.5%-2.8%
-1.5%-0.6%
2013 2014 2015 2016
Service Internal GrowthRolling 3-Year Average
Continued Cash Flow Growth15
~5% Revenue Growth
• 60/40 Internal Growth and M&A
~8% Adjusted EBITDA Growth(1)
• Leveraging leadership and scale
~9% AFFO Growth(1)
• Disciplined capital allocation
4%+ Dividend per Share Growth
• Consistent with business growth
Expecting Steady Cash Flow Growth Beyond 2017
(1) Represents CAGRs for 2018-2020
Transformation and Integration Enabling Shareholder Return and Investment
16
• Transformation and Integration on track to deliver ~$230MM in annualized savings
• Bringing SG&A in line with industry benchmarks
• Global platforms provide foundation for continuous improvement in future years
• Savings enable investment in ongoing innovation initiatives
• Delivering improvements in cash flow and sustainable dividend growth
(1) Net synergies is gross synergies net of estimated required regulatory dispositions
$19
$80$50
$80
$230
$20
2016 2017E 2020E
Recall Net(1) Synergies and Transformation Benefits
Net Synergies Transformation Reinvested
$in mm
17Global Scale Leverages Revenue Growth to Drive Profitability
$823 $859
$896
$1,076
$1,265
2013 2014 2015 2016 2017E
Adjusted EBITDA(1)
C$ in MM (based on 2017 FX Rates)
Worldwide Revenue C$ in MM (based on 2017 FX Rates)
$2,756 $2,857 $2,913
$3,476 $3,795
2013 2014 2015 2016 2017E
Note: 2017E and growth rates based on midpoint of 2017 Guidance and reflects full year benefit from the Recall acquisition, closed May 2016
(1) Full reconciliation from Income from Continuing Operations available in Q3 2017 Supplemental Financial Information on Page 16
Shift in Mix Underpins Long-term Dividend Growth
18
80%
Developed PortfolioIncludes North America
And Western Europe
20%
Growth PortfolioEmerging Markets = 18%
Adjacent Businesses = 2%
2% 10%
~3%+ Average Internal Adj. EBITDA Growth
ROIC = 12%
Q4’16 2020
Revenue Mix
Adjusted EBITDA Growth
75%
Developed PortfolioIncludes North America
And Western Europe
25%
Growth PortfolioEmerging Markets = 20%
Adjacent Businesses = 5%
3% 10%
~4%+ Average Internal Adj. EBITDA Growth
ROIC = 13%
Revenue Mix
Adjusted EBITDA Growth
Note: Emerging Markets is Other International, excluding Australia and New Zealand
Developed Markets and Data Management Opportunity
19
1. Strong Top-line Growth 3% Total Revenue CAGR
20Durable Revenue and Profit Growth in Developed Markets
2. Enhanced Margins 100 bps Adj. EBITDA
What? Continue strong execution and take advantage of scale
Why? Drive volume, focus on revenue management and further expand margins
How? Increase penetration of verticals, mid-market and Global Accounts while
innovating to deliver new products and solutions
2018 – 2020 Target
21
720
700
480
Wholly Un-Vended
Vended
In-House with Vended Customers
Significant Opportunity for Growth from Un-vended Storage in North America
Total ~1.9 B CuFt with only ~700 M CuFt Vended(1) Excludes government and SMB (<250 employees), except Legal which includes 100+ employees. BCG analysis is as of April 2016. Source: BCG document storage survey; Avention; BCG analysis
These materials were designed for the sole use by Iron Mountain. No other party may or should rely on these materials for any purpose whatsoever. To the fullest extent permitted by law, any party accessing these materials hereby waives any rights and claims it may have at any time with regard to such party's use of and/or reliance on these materials, including the accuracy or completeness thereof.
BCG Estimates Un-vended Opportunity at ~720MM CuFt(1)
Survey of >700 existing and potential respondents, as well as 70 in-depth interviews with
large North America customers across six verticals, excluding government
Driving Service Gross Profit 22
Developed Markets Service Gross Profit (C$ in MM)
RM – Activity and Other Services
Shred
DM – Activity and Other Services
Information Governance & Digital Solutions
Other Services
47.8% 40.9%
34.2%
24.3%
17.4%
15.3%
5.6%
5.4%
9.3%
17.8%
25.8% 31.7%
4.6% 10.6% 9.5%
2014 2015 2016
$303 $283 $305
Iron Cloud Launch Addresses Customer Data Management Challenges
23
Cloud Storage, Disaster Recovery and Data Archiving Solutions global
market expected to grow 25% to 30%(1)
(1) Reflects CAGR for 2016 through 2021 estimate. Source: Markets & Markets Research Report
Fo
un
da
tio
n
Pu
rpo
se
Bu
ilt
So
luti
on
s
Va
lue
Ad
de
d S
erv
ice
s
• Geographic redundancy
• Compliant cloud framework
• Orchestration/Automation
• Compute, Storage, Virtualization
• Network Security
• Compliance
• E2E Disaster Recovery
• Data Analysis
• Data Classification
• Data Federations
• Data Indexing
• Cloud Auto Tiering
• Ransomware Preparedness
• Cloud Backup
• Cloud Archive
• Cloud Archive Surveillance Video
• Cloud Data Replication
• Deep Storage (Tape Out)
• Migration Services (Data Shuttle)
Emerging
Markets: Delivering
Strong Growth
1. Strong Organic Growth of Core Business 6%+(1) Total Revenue CAGR
25Continued Strong Execution ofEmerging Markets Strategy
2. Enhanced Margin Accretion and Returns +300 bps Adj. EBITDA
What? Build market leadership and scale in our core businesses
Why? To achieve superior returns over long term
How? Through disciplined investing and execution in markets with attractive
growth in information management outsourcing
3. Value Creating M&A 11%+ Total Revenue CAGR
(1) Includes higher mix of more mature emerging markets following Recall acquisition
2018 – 2020 Target
Progress in Achieving Leadership and Scale26
Potential New Markets
2013
2017
Romania
Slovakia
Hungary
Czech Rep
Chile
Poland
Mexico Australia
Peru
Turkey
China Singapore
ArgentinaHong Kong
BrazilSerbia
RussiaGreece
China
Finland
Hong Kong
Singapore
Argentina
Serbia
Colombia
Peru
Turkey
Romania
Slovakia
Hungary
Czech Rep
Chile
Brazil
MexicoMacau S. Korea
Building Scale
Baltics
UAE
Norway
Malaysia
Thailand
Sweden
Denmark
India
Denmark
Norway
Greece
South Africa
Australia
Russia
India
Low Scale Medium Scale High Scale
Poland
Developed Africa
Middle East
Southeast Asia
Sweden Colombia
Malaysia
Philippines
S. Korea
Uruguay
Thailand
EcuadorBaltics
Finland
Latin America
Compelling Data
Center Opportunity
Global Footprint and Unparalleled Commercial Relationships
28
• Current data center portfolio 69% leased(1)
• 15+ years of colocation experience
• ~60% of current customers are Data
Management customers
• Opportunity to cross sell with secure data
archive solutions
• ~30 MW of available capacity with 80 MW+
expansion potential(2)
• Highly secure and reliable
• Comprehensive compliance support
Trust
Recognized,
Respected Brand
Max Productivity
15+ Years Remote
Support Experience
Cost-Effective
Low PUE, Minimal Waste,
Reduced TCO
Predictable Growth
Long Term Capacity,
Agility
Mitigated Risk
Uptime & Comprehensive
Compliance Support
Transparency
DCIM, Asset Tracking,
Metered Power
Deploying Capital into Higher Growth Businesses
(1) Reflects available portfolio of 24MW as of 09/30/2017
(2) Includes Credit Suisse transaction, which is expected to close in Q1 2018
Data Center Investment Supports Business Diversification
29
(1) Existing portfolio includes legacy data center business, Northern Virginia phase 1, FORTRUST and Credit Suisse Acquisition
(2) International presence expected following the close of the Credit Suisse transaction, which is expected to close in Q1 2018
Minimum 5%
of total
Revenue by
2020
Focus on Top
US and Global
Markets
Invest in
Greenfield
Development
Execute on
Accretive
Acquisitions
• Driven by organic and external
growth
• Leverage REIT structure
• Total expected investment of
$350 million to build out and
stabilize existing portfolio(1)
• Projected 10% stabilized
cash-on-cash returns
• Conservative stabilization
assumptions
• Ability to address both
co-location and hyper scale
requirements
• Focused on markets with high
absorption
• Targeting top 10 U.S. and top
10 global markets
• Presence in 5 U.S. and 2
international markets(1)
• Acquisition of pre-stabilized
properties with expansion capacity
• Tenant sale-lease-back deals
provide day 1 income and lower
expansion costs
• Value-add redevelopment
opportunities
• Double digit stabilized projected
cash-on-cash returns
Multi-pronged
Approach to
Scaling
Data Center
Platform
Data Center Portfolio and Expected Returns
30
IRM Data Center Capacity in MW
(1) Planned expansion indicates shell/infrastructure in place
(2) Future expansion indicates ground breaking/new construction required
(3) Legacy portfolio includes Boston, Boyers, PA and Kansas City
(4) Greenfield development includes Northern Virginia Campus
(5) Includes FORTRUST and Credit Suisse, which is expected to close in Q1 2018
Existing Data
Center Capacity
Under Construction
(12-18 months)
Planned
Expansion(1)
Future
Expansion(2)
Total Potential
Capacity
Legacy Portfolio(3) 12.1 2.3 3.8 4.4 22.6
Greenfield Development(4) 3.0 7.5 - 49.5 60.0
Acquisition Properties(5) 13.3 1.6 15.6 - 30.5
Total 28.4 11.4 19.4 53.9 113.1
IRM Data Center Expectations
Annualized P&L Contribution$ in mm
Stabilized
Existing Data
Center Capacity
2020 - Including Under
Construction and Planned
Expansion (Pre-Stabilized)
Revenue $95 to $100 $130 to $140
Adjusted EBITDA $25 to $30 $65 to $75
Investment Capital (through 2020) $325 - $350
New Northern Virginia Site Offers Upside to Plan
31
• 83-acre site purchased in Manassas, VA
• Total campus can support more than 900,000 SF of purpose-
built data center space with 60 MW of IT capacity
• Phase I Live September 2017
• 165,000 square foot shell
• 10.5 MW of IT capacity
• Initial data hall of 3 MW more than 50% pre-leased
• Development costs in line with industry and market
• $700 - $800 per rentable square foot
• $10M - $11M per MW
• Conservative lease-up assumptions
• Expect to meet 3 MW of demand annually
• Reflects new entrant status in a well-established market
• Rental rates consistent with major providers; $135 -
$145/kW/month; pricing has been stable for last 2-3 years
• Projected double digit stabilized cash-on-cash returns
FORTRUST Acquisition Supports Growth and Solid Returns
32
• Acquired Denver-based data center business for ~$130 million
• New capacity significantly expands existing business
• Top 10 US market; 30%+ local share, 250 customers and 15-year operating history
• Tier 3 Gold owned facility with 9.1 MW existing capacity, 75% leased
• 7.1 MW of expansion potential allows for future growth and return enhancement
• Purchase price multiple of approximately 13.0x synergized EBITDA, post integration
• Acquisition funded with ~$75mm private placement stock and $55mm cash
• Transaction expected to be $(0.01) - $(0.02) dilutive to EPS in 2017 due to
integration costs and AFFO neutral in 2017
• No expected impact to EPS in 2018, modestly accretive in 2019
Strategic Sale-leaseback Data Center Transaction
• Announced acquisition of two Credit Suisse data centers in Singapore and UK(1)
• Expanding geographic footprint in leading non-US data center markets
• Access to power and fiber to support additional capacity development
• Enable reach to a larger pool of enterprise customers
• Strong anchor customer with 10-year lease
• Sale-leaseback: enable corporate data center users to refine IT infrastructure and increase efficiencies
• Double digit cash on cash returns, following build-out and lease-up of expansion capacity
• With integration and deal-related operating costs, expect modest EPS dilution in 2018
• Expected to be neutral to EPS in 2019 and accretive in 2020, or Year 3 following integration
33
(1) Acquisition is expected to close in Q1 2018
(2) Planned expansion indicates shell/infrastructure in place
Metropolitan Area Total Leased Planned Expansion(2)
London 3.2 5.6
Singapore 1.0 4.5
Total 4.2 10.1
Disciplined Capital
Allocation and Long-
term Outlook
Developed And
Emerging Markets
Business Acquisitions
2018-2020 Investment
• $450 to $600 million
• Projected 11-15% IRR
• 1- 3 Years to Stabilize
2018-2020 Investment(1)
• ~$500 million
• Projected 13-15+% IRR
• 3 - 5 Years to Stabilize
2018-2020 Investment
• $50 to $100 million
• Projected 10-14% IRR
• Project Specific Stabilization
Discretionary Investments Yield Compelling Returns
35
Core Racking, Data Center Development
and Real Estate Consolidation
Adjacent Businesses
(1) Excludes Data Center acquisitions
M&A in Emerging and Developed Markets Deliver Solid Growth and Returns
36
Acquisition Spend/Yr. $100 MM to $150 MM
Topline Growth 5% to 10% Storage Rental
Projected IRR 13% – 14%
Emerging Markets
Acquisition Spend/Yr. $50 MM
Topline Growth Consistent Storage Rental
Projected IRR 11% – 13%
Developed Markets
Tuck-in deals have
predictable returns and
quickly synergize
Data reflects assumptions for 2017 – 2020
Strong returns;
increases exposure to
higher growth markets
Investing in Faster Growing and Value Creating Businesses
37
ADJACENT BUSINESSES INNOVATION
• 2020 Target = 5% of total Revenue
• Data Center continued organic
growth offering good returns and
evaluating M&A opportunities
• Art storage growth through organic
and acquisitions
• Leveraging brand, capabilities and
relationships to help customers solve
problems
• Iron Cloud, library moves, valet self-
storage, entertainment services
offerings and policy center
Sizable Real Estate Portfolio38
Storage
87M total square feet as of September 30, 2017
• Owned: 28MM SF/307 buildings
• Average size: 91,000 SF
• 32% of real estate by SF owned
• Leased: 59MM SF/1,126 buildings
• Average size: 52,000 SF
• 54% of portfolio expires after 2027, assuming
extension of options
Real Estate Value Creation Opportunities
39
Lease
Consolidation
• Scope: 5 –10 markets in NA
• Return Range: 10 – 15 %
• Example: Philadelphia, PA; Phoenix, AZ
Development
and Expansion
• Scope: Control land, development JVs
• Return Range: low teens IRR, competitive BTS rents
• Example: Manassas, VA (Data Center); Seattle, WA (Shred)
Optimizing
Portfolio
• Scope: Optimizing portfolio through capital recycling
• Selling in non-strategic locations (low cap rates), using proceeds to
acquire properties in strategic locations and/or with growth/expansion potential
Higher better use• Scope: Maximizing value of existing asset base through sale or conversion (~ 10 potential conversion assets)
• Return Range: 15 – 20 % +
• Example: Sale of infill property for redevelopment - Deanston Wharf, London UK
Racking• Scope: Growth racking
• Return Range: 25 % +
• Example: Grove Rd, Spokane, WA
Note: Return Ranges represent targeted IRRs with stabilization period for racking, lease consolidation and development ranging 2 to 5 years.
Real Estate Quality Underpins Balance Sheet
40
Owned Real Estate Concentrated in Major Markets
NY0086JT / 645841_1.wor
Denver-Boulder
San Francisco
Los Angeles
Phoenix-Mesa-Scottsdale
Dallas-Fort Worth-Arlington
Chicago
Washington
D.C.
Philadelphia
Boston
New York
Seattle
San Diego
Metro
Source: Company filings, based on 12/31/2016.
(1) Gross book value including leasehold improvements and racking
$5 to $20mm
>$20mm
<$5mm
Major MSA
61%39%
Owned
SFLeased
SF
$1.7bn(1) United States
Owned Real Estate
Top Owned International Markets by Gross Book
ValueGross Book Value Total %
Country ($MM) Int. Gross BV
1. Canada 128 18%
2. United Kingdom 111 15%
3. Brazil 67 9%
4. France 65 9%
5. Chile 59 8%
6. Mexico 48 7%
7. Scotland 46 6%
8. Peru 43 6%
9. Ireland 35 5%
10. Spain 26 4%
Total $628 87%Source: Company Filings, based on 12/31/16
78%
22%
Owned SF
Leased SF
$0.7bn(1) International
Owned Real Estate
Capital Allocation Framework Designed to Maximize Returns
Lease Adjusted Net Debt to EBITDAR
41
Dividend as % of AFFO
6.0X 4.0X5.5X
4.5X
5.0X
85% 65%78%
70%75%
2020 TargetFY 2017 Guidance
Optimal Range(1)
• Sources of capital:
• Growth in operating cash flow
• Secured and unsecured borrowings
• Real estate capital recycling
• Co-investment JVs
• ATM program or other equity
• Data center acquisitions neutral or
incrementally positive to 2020 targets
• Grow dividend per share at 4%+
• ROIC hurdle rate above WACC
5.0X
Optimal Range
73%80%
4.5X
70%
(1) Most restrictive covenant with lease adjusted net debt/EBITDAR of 6.5X
Recent Refinancing Activity
• Leverage ratio 5.5x with most restrictive covenant at 6.5x
• 71% fixed rate debt and 29% floating
42
ActionAmount
USD
Rate Interest
Savings p.a.
Tenor /
ExtensionPre Post
Amended and extended senior credit facility $2B 2.25% 2.0% $2mm - $4mm5 years /
+3.1 years
Called CAD $200mm bond using revolver capacity ~$165mm 6.125% 3.25% $3.3mm5 years /
+1 year
Issued USD bond and called an outstanding USD Notes $1B 6% 4.875% $11.3mm10 years /
+7 years
Refinanced AR Securitization $250mm .9% 1% ($250K)3 years /
+2.3 years
Issued £400mm GBP bond and called an outstanding GBP Notes ~$530mm 6.125% 3.875% $11.9mm8 years /
+3 years
Portfolio Weighted Average (excl. credit facility) 5.4% 4.8% ~$30mm +2.0 years
2020 Plan: Profitable, Sustainable Growth43
(1) Assumes Maintenance CapEx of 4.1% and 3.8% of Total Revenue for 2017 and 2020, respectively
(2) Assumes 266 million shares outstanding for 2017 increasing ratably to 269 million shares outstanding in 2020.
Lease Adjusted Leverage Ratio
5.5x5.0x
2017E 2020E
$1,265
$1,535 –$1,615
2017E - Midpoint ofGuidance
2020E
$3,795
$4,350 –$4,500
2017E - Midpoint ofGuidance
2020E
Worldwide Revenue (C$ in MM)
Adjusted EBITDA (C$ in MM)$2.24 $2.35
$2.54
2017 2018 2020
Projected Minimum Dividend per Share(2)
$738$910 - $960
2017E - Midpoint of Guidance 2020E
AFFO Growth(1) (C$ in MM)
“Enterprise Storage” Compares Favorably
44
Iron Mountain
ActualSelf-Storage Industrial
North America annual rental
revenue/SF(1)$29.7 $13.8 $5.5
Tenant Improvements/SF 0 0 $1.96
Maintenance CapEx(2) 3% 5% 12%
Average lease term
Large customers: 3 Yrs.
Small customers: 1 Yr.
Average Box Age : 15 Yrs.
Month-to-Month ~4-6 yrs.
Customer retention 98% ~85% ~75%
Customer type Business Consumer Business
Storage Net Operating Margin(3) Storage: 82% 68% 70%
Largest Public REITs
NOI Annualized ($ in MM)(4)IRM Storage: $1,996 PSA: $1,892 PLD: $1,880
Source: Self-Storage and Industrial benchmark data provided by Green Street Advisors and J.P. Morgan.
(1) Annualized rental revenue / SF is based on 3Q17 results.
(2) IRM CapEx represents real estate maintenance CapEx as a percentage of storage revenue based on FY 2016 results. CapEx for Self-Storage and Industrial comps represent recurring CapEx as a percentage of storage revenue. Excludes leasing commissions.
(3) Excludes rent expense for Iron Mountain.
(4) Represents annualized 3Q17 storage net operating income for IRM, 3Q17 self-storage net operating income for Public Storage (PSA), and 3Q-17 net operating income for Prologis (PLD) source from those companies’ supplemental disclosures.
IRM Compares Favorably to Broader REIT Universe
45
DIVIDEND
YIELD
2017E
AFFO
PAYOUT
2017E
AFFO
GROWTH
P/AFFO
YTD
TOTAL
RETURN
Iron Mountain(1) 5.8% 79% 11.5% 14.7X 31.0%
Overall U.S. Equity REITs(2) 4.1% 78% 5.7% 21.6X 3.7%
(1) Based on IRM stock price of $40.64 (11//6/2017) and midpoint of 2017 Guidance
(2) Based on 11/6/17 JPMorgan’s REIT Weekly U.S. Real Estate Stock Tools database which includes 129 REITs
Key Takeaways 46
Durable records management growth: internal and acquisitions
High return investments enhance shareholder returns
Strong cash flow generation with increasing margins
Adjacent Businesses provide upside potential
Strategic plan drives sustainable dividend growth and future investments
Attractive valuation with superior business fundamentals
Appendix: Q3 2017 Results
Q3-17 on Track with Financial Objectives 48
Q3 performance supported by storage rental durability, Recall synergies and Transformation• 8% C$ Adjusted EBITDA growth and 19% AFFO growth
• 230 basis point YoY improvement in Adjusted EBITDA margins
• Leverage ratio improved to 5.5x, following amendment and extension of senior credit facility
• Q4 dividend increase reflects expectation of continued strength of fundamentals
Maintaining 2017 Guidance • Business fundamentals remain consistent; C$ and R$ expectations within same range
• No change to Adjusted EBITDA range despite timing of M&A with related integration costs, disposition of Russia/Ukraine businesses and costs related to natural disasters
Continued strength in operating metrics • Strong internal storage rental growth of 3.5% in Q3
• Continued worldwide internal volume growth of 1.3% on TTM basis and improved pricing
• Net volume gain of 8.2 mm CuFt in TTM, reflects strong organic adds of 48.6 mm and 40.4 mm of outgoing CuFt
Note: Definition of Non-GAAP and other measures and reconciliations of Non-GAAP to GAAP measures can be found in the Q3 2017 Supplemental Financial Information
49
Continued Execution of Strategic Plan
Developed Markets – North America and Western Europe • Achieved 3.2% internal storage rental growth in Q3
• 1 million CuFt of net volume(1) before business acquisitions/Recall dispositions
• Enhanced revenue management efforts yielding higher margin
Emerging Markets(2)
• Achieved 6.6% internal storage rental growth in Q3
• ~18% of total revenue(2) in Q3; expanded presence through organic growth and acquisitions
• Completed deals in Cyprus and South Africa in Q3
Adjacent Businesses• Data center transactions expand existing platform
• Expanding entertainment services and art storage through Bonded acquisition
(1) Net volume on a trailing twelve months basis represents incoming cubic volume of 31.5mm from new and existing customers less outgoing
cubic volume of 30.5mm from destructions and customer terminations
(2) Emerging Markets is Other International, excluding Australia and New Zealand. Percentage of total revenue is based on 2014C$ foreign
currency rates at time goal was established
Solid Progress in Adjacent Businesses
Data Center(1)
• Northern Virginia expansion on-time and on budget - completed building 1, first data hall of 3 MW 50% leased
• Closed acquisition of FORTRUST in Denver, 75% of existing capacity leased
• Announced acquisition of two Credit Suisse data centers in Singapore and UK, 4.2 MW leased with expansion opportunity of 10 MW(2)
50
Bonded – Entertainment Services and Art Storage
• Provides storage, logistics and distribution, and digital services to roughly 2,000 customers
• Transaction more than doubles existing Entertainment Services business and expands presence in Europe
• Purchase price of £57MM ($74MM); low-teens IRR
(1) Data Center capacity chart is in the appendix on Page 54
(2) Acquisition is expected to close in Q1 2018
51
(34.9) (35.6) (36.3) (37.9) (39.2) (40.3) (40.7) (40.4)
43.0 43.0 45.4 47.4 48.2 50.8 49.8 48.6
Q1 ’17
9.0 10.5
Q4 ’16
9.5
Q3 ’16 Q2 ’17
9.1
Q3 ’17Q1 ’16
7.4
Q4 ’15
8.18.2
Q2 ’16
9.1
Worldwide Consistent Inbound/Outbound Volume
CuFt in mm Net Volume before Acquisitions/Dispositions(1)
(1) Net volume is defined in the appendix of the Q3 2017 Supplemental Financial Information on Page 42
(2) Q2-2017 cube growth has been adjusted to reflect required regulatory divestments in IRM’s legacy Australian business
(2)
Steady Internal Growth in Q3
Developed
Markets(1)
Other
International(2)
Corporate
& Other Total
Internal Growth
Storage 3.2% 5.0% 1.5% 3.5%
Service (0.1)% (0.1)% (16.0)% (0.2)%
Total 1.9% 3.0% (3.1)% 2.0%
% of Revenue by Segment
Storage 47.8% 13.0% 1.4% 62.2%
Service 29.8% 7.6% 0.4% 37.8%
52
(1) Represents North America Records and Information Management, North America Data Management and Western Europe reporting segments
(2) Other International includes emerging markets, Australia and New Zealand
Quarterly segment operating performance can be found on Page 10 of the Q3 2017 Supplemental Financial Information
Increasing Cash Available for Dividends and Discretionary Investments
53
(1) Customer inducements and acquisitions of customer relationships are not deducted from AFFO as they represent discretionary growth investment
(2) Includes core growth racking and excludes Northern Virginia Data Center development under capital lease
Note: Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information
required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain
related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.
$ in mm2017E Guidance
Adjusted EBITDA $ 1,250 1,280
Non-cash stock compensation / other (including non-cash permanent withdrawal fees) 50 50
Adjusted EBITDA plus non-cash expenses $ 1,300 1,330
Less: Cash interest and normalized cash taxes 420 420
Total maintenance CapEx and non-real estate investment 150 150
Customer inducements and acquisition of customer relationships(1) 60 60
Cash available for dividends and investments $ 670 700
Expected common dividend (based on record date) 595 595
Cash available for core and discretionary investments $ 75 105
Less discretionary investments:
Acquisitions 150 150
FORTRUST cash consideration 55 55
Growth real estate, data center and innovation capital(2) 160 160
Incremental capital needed to fund discretionary investments $ (290) (260)
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