<SEC-DOCUMENT>0001104659-20-020251.txt : 20200213
<SEC-HEADER>0001104659-20-020251.hdr.sgml : 20200213
<ACCEPTANCE-DATETIME>20200213164302
ACCESSION NUMBER:		0001104659-20-020251
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20200213
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200213
DATE AS OF CHANGE:		20200213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRON MOUNTAIN INC
		CENTRAL INDEX KEY:			0001020569
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232588479
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13045
		FILM NUMBER:		20611437

	BUSINESS ADDRESS:	
		STREET 1:		ONE FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-535-4781

	MAIL ADDRESS:	
		STREET 1:		ONE FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IRON MOUNTAIN INC/PA
		DATE OF NAME CHANGE:	20000201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIERCE LEAHY CORP
		DATE OF NAME CHANGE:	19960807
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<p style="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 18pt"><b>UNITED
STATES</b></span> <span style="font-size: 10pt"><br />
</span><span style="font-size: 18pt"><b>SECURITIES AND EXCHANGE COMMISSION </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>WASHINGTON, DC
20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>CURRENT REPORT
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<b>TO SECTION&#160;13 OR 15(d)&#160;OF THE</b><br />
<b>SECURITIES EXCHANGE ACT OF 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(State or Other Jurisdiction
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<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Check the appropriate
box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font-size: 10pt; text-align: left; text-indent: -24px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif">
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<p style="font-size: 10pt; text-align: left; text-indent: -24px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif">
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<p style="font-size: 10pt; text-align: left; text-indent: -24px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities Registered Pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 42%; text-align: center"><b>Title of Each Class</b></td>
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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 48px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 48px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 10%"><b>Item 8.01.</b></td><td><b>Other Events.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Iron Mountain Incorporated, or the Company,
is filing as Exhibit 99.1 (which is incorporated by reference herein) a description of the material United States federal income
tax considerations relating to the Company&#8217;s qualification and taxation as a real estate investment trust for United States
federal income tax purposes and the acquisition, ownership and disposition of the Company&#8217;s stock. This description contained
in Exhibit 99.1 replaces and supersedes prior descriptions of the federal income tax treatment of the Company and its stockholders
to the extent they are inconsistent with the description contained in this Form 8-K and any reference to a prior description shall
be deemed to be a reference to this description.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 10%"><b>Item 9.01.</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>(d) Exhibits</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><a href="tm207629d1_ex8-1.htm">8.1</a></td><td style="text-align: justify"><a href="tm207629d1_ex8-1.htm">Opinion of Sullivan &#38; Worcester LLP as to tax matters.
(<i>Filed herewith.</i>)</a></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0.5in; text-align: left"><a href="tm207629d1_ex8-1.htm">23.1</a></td><td style="text-align: justify"><a href="tm207629d1_ex8-1.htm">Consent of Sullivan &#38; Worcester LLP (contained in
Exhibit 8.1).</a></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><a href="tm207629d1_ex99-1.htm">99.1</a></td><td style="text-align: justify"><a href="tm207629d1_ex99-1.htm">Material United States Federal Income Tax Considerations.
(<i>Filed herewith.</i>)</a></td>
</tr>               <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">104</td><td style="text-align: justify">Cover Page Interactive Data File (embedded within the Inline XBRL document)</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

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<tr style="vertical-align: bottom">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>IRON
    MOUNTAIN INCORPORATED</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 50%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font: 10pt Times New Roman, Times, Serif">By:
    </span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font: 10pt Times New Roman, Times, Serif">/s/ Deborah Marson</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Name:&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Deborah Marson</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"> <span style="font: 10pt Times New Roman, Times, Serif">Executive Vice President and General Counsel</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: February 13, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<TYPE>EX-8.1
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<DESCRIPTION>EXHIBIT 8.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5ADAFF"><B>Sullivan
        &amp; Worcester LLP</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">One
        Post Office Square</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Boston,
        MA 02109</FONT></P></TD>
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">617
        338 2800</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">sullivanlaw.com</FONT></P></TD></TR>
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<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 0">February 13, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Iron Mountain Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Federal Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, MA 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">The following
opinion is furnished to Iron Mountain Incorporated, a Delaware corporation (the &ldquo;Company&rdquo;), to be filed with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) as Exhibit 8.1 to the Company&rsquo;s Current Report on Form 8-K to be filed on
the date hereof and containing Exhibit 99.1 captioned &ldquo;Material United States Federal Income Tax Considerations&rdquo; (the
 &ldquo;Form 8-K&rdquo;) under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as tax
counsel for the Company in connection with the preparation of the Form 8-K. We have reviewed originals or copies of such corporate
records, such certificates and statements of officers of the Company and of public officials, and such other documents as we have
considered relevant and necessary in order to furnish the opinion hereinafter set forth. In doing so, we have assumed the genuineness
of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity
to original documents of all documents submitted to us as copies, and the authenticity of the originals of such documents. Specifically,
and without limiting the generality of the foregoing, we have reviewed: (i) the Company&rsquo;s Certificate of Incorporation; (ii)
the Company&rsquo;s Annual Report on Form 10-K for its fiscal year ended December 31, 2019 (the &ldquo;Form 10-K&rdquo;); and (iii)
Exhibit 99.1 to the Form 8-K. For purposes of the opinion set forth below, we have assumed that any documents (other than documents
which have been executed, delivered, adopted or filed, as applicable, by the Company prior to the date hereof) that have been provided
to us in draft form will be executed, delivered, adopted and filed, as applicable, without material modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinion set forth
below is based upon the Internal Revenue Code of 1986, as amended, the Treasury regulations issued thereunder, published administrative
interpretations thereof, and judicial decisions with respect thereto, all as of the date hereof (collectively, &ldquo;Tax Laws&rdquo;).
No assurance can be given that Tax Laws will not change. In the discussions with respect to Tax Laws matters in Exhibit 99.1 to
the Form 8-K, certain assumptions have been made therein and certain conditions and qualifications have been expressed therein,
all of which assumptions, conditions and qualifications are incorporated herein by reference. With respect to all questions of
fact on which our opinion is based, we have assumed the initial and continuing truth, accuracy and completeness of: (i) the factual
information set forth in the Form 8-K, in the Form 10-K, or in any exhibits thereto or any documents incorporated therein by reference;
and (ii) representations made to us by officers of the Company or contained in the Form 8-K, in the Form 10-K, or in any exhibits
thereto or any documents incorporated therein by reference, in each such instance without regard to qualifications such as &ldquo;to
the best knowledge of&rdquo; or &ldquo;in the belief of&rdquo;. We have not independently verified such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(90,218,255)"><B>BOSTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEW
YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEL AVIV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON, DC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Iron Mountain Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 13, 2020</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have relied upon,
but not independently verified, the foregoing assumptions. If any of the foregoing assumptions are inaccurate or incomplete for
any reason, or if the transactions described in the Form 8-K, in the Form 10-K, or in any exhibits thereto or any documents incorporated
therein by reference, have been or are consummated in a manner that is inconsistent with the manner contemplated therein, our opinion
as expressed below may be adversely affected and may not be relied upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject
to the foregoing: (i) we are of the opinion that the discussions with respect to Tax Laws matters in Exhibit 99.1 to the Form 8-K
in all material respects are, subject to the limitations set forth therein, the material Tax Laws considerations relevant to holders
of the securities of the Company discussed therein (the &ldquo;Securities&rdquo;); and (ii) we hereby confirm that the opinions
of counsel referred to in said Exhibit represent our opinions on the subject matters thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion above is
limited to the matters specifically covered hereby, and we have not been asked to address, nor have we addressed, any other matters
or any other transactions. Further, we disclaim any undertaking to advise you of any subsequent changes of the matters stated,
represented or assumed herein or any subsequent changes in Tax Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is rendered
to you in connection with the filing of the Form 8-K. Purchasers and holders of the Securities are urged to consult their own tax
advisors or counsel, particularly with respect to their particular tax consequences of acquiring, holding and disposing of the
Securities, which may vary for investors in different tax situations. We hereby consent to the filing of a copy of this opinion
as an exhibit to the Form 8-K, which is incorporated by reference in the Company&rsquo;s Registration Statement on Form S-3 (File
No. 333-229681), and to the references to our firm in the Form 8-K and such Registration Statement. In giving such consent, we
do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act
of 1933, as amended, or under the rules and regulations of the SEC promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Sullivan &amp; Worcester LLP</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SULLIVAN &amp; WORCESTER LLP</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>




<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm207629d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt; text-transform: capitalize"><B>Exhibit 99.1</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Material
UNITED STATES Federal Income Tax Considerations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of the material
United States federal income tax considerations relating to our qualification and taxation as a real estate investment trust, or
a REIT, and to the acquisition, ownership and disposition of our stock. The summary is based on existing law and is limited to
investors who acquire and own shares of our stock as investment assets rather than as inventory or as property used in a trade
or business. The summary does not describe all of the particular tax considerations that might be relevant to you if you are subject
to special rules&nbsp;under federal income tax law, for example if you are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a bank, insurance company, or other financial institution;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a regulated investment company or REIT;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a subchapter S corporation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a broker, dealer or trader in securities or foreign currencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a person who marks-to-market our stock for United States federal income tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a U.S. stockholder (as defined below) that has a functional currency other than the United States dollar;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a person who acquires or owns our stock in connection with employment or other performance of services;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a person subject to alternative minimum tax;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a person who acquires or owns our stock as part of a straddle, hedging transaction, constructive sale transaction, constructive
ownership transaction or conversion transaction, or as part of a &ldquo;synthetic security&rdquo; or other integrated financial
transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a person who owns 10% or more (by vote or value, directly or constructively under the United
States Internal Revenue Code of 1986, as amended, or the IRC) of any class of our stock;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a United States expatriate; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a non-U.S. stockholder (as defined below) whose investment in our stock is effectively connected
with the conduct of a trade or business in the United States;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a nonresident alien individual present in the United States for 183 days or more during an applicable
taxable year;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a &ldquo;qualified shareholder&rdquo; (as defined in Section 897(k)(3)(A) of the IRC)<FONT STYLE="text-transform: uppercase">;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a &ldquo;qualified foreign pension fund&rdquo; (as defined in Section 897(l)(2) of the IRC) or any entity wholly owned by one
or more qualified foreign pension funds;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a person subject to special tax accounting rules as a result of their use of applicable financial statements (within the meaning
of Section 451(b)(3) of the IRC); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>except as specifically described in the following summary, a trust, estate, tax-exempt entity or foreign person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The sections of the IRC that govern the
federal income tax qualification and treatment of a REIT and its stockholders are complex. This section contains a summary of applicable
IRC provisions, related rules and regulations, and administrative and judicial interpretations, all of which are subject to change,
possibly with retroactive effect. Future legislative, judicial or administrative actions or decisions could also affect the accuracy
of statements made in this summary. We have received private letter rulings from the United States Internal Revenue Service, or
the IRS, with respect to some but not all of the matters described in this summary, but we cannot assure you that the IRS or a
court will agree with all of the statements made in this summary. The IRS could, for example, take a different position from that
described in this summary with respect to our assets, acquisitions, operations, valuations, restructurings or other matters, including
with respect to matters similar to, but subsequent or unrelated to, those matters addressed in the IRS private letter rulings issued
to us; furthermore, while private letter rulings from the IRS generally are binding on the IRS, we and our counsel cannot rely
on the private letter rulings if applicable law has changed or if the factual representations, assumptions or undertakings made
in our letter ruling requests to the IRS are untrue or incomplete in any material respect. If successful,&nbsp;IRS challenges could
result in significant tax liabilities for applicable parties. In addition, this summary is not exhaustive of all possible tax considerations,
and does not describe any estate, gift, state, local or foreign tax considerations. For all these reasons, we urge you and any
holder of or prospective acquiror of our stock to consult with a tax advisor about the federal income tax and other tax consequences
of the acquisition, ownership and disposition of our stock. Our intentions and beliefs described in this summary are based upon
our understanding of applicable laws and regulations that are in effect as of the date of this Current Report on Form&nbsp;8-K.
If new laws or regulations are enacted which impact us directly or indirectly, we may change our intentions or beliefs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Your federal income tax consequences generally
will differ depending on whether or not you are a &ldquo;U.S. stockholder.&rdquo; For purposes of this summary, a &ldquo;U.S. stockholder&rdquo;
is a beneficial owner of our stock that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>an individual who is a citizen or resident of the United States, including an alien individual who is a lawful permanent resident
of the United States or meets the substantial presence residency test under the federal income tax laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>an entity treated as a corporation for federal income tax purposes that is created or organized in or under the laws of the
United States, any state thereof or the District of Columbia;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>an estate the income of which is subject to federal income taxation regardless of its source; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and
one or more United States persons have the authority to control all substantial decisions of the trust, or, to the extent provided
in Treasury regulations, a trust in existence on August&nbsp;20, 1996 that has elected to be treated as a domestic trust;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">whose status as a U.S. stockholder is not overridden by an applicable
tax treaty. Conversely, a &ldquo;non-U.S. stockholder&rdquo; is a beneficial owner of our stock that is not an entity (or other
arrangement) treated as a partnership for federal income tax purposes and is not a U.S. stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any entity (or other arrangement) treated
as a partnership for federal income tax purposes holds our stock, the tax treatment of a partner in the partnership generally will
depend upon the tax status of the partner and the activities of the partnership. Any entity (or other arrangement) treated as a
partnership for federal income tax purposes that is a holder of our stock and the partners in such a partnership (as determined
for federal income tax purposes) are urged to consult their own tax advisors about the federal income tax consequences and other
tax consequences of the acquisition, ownership and disposition of our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investors considering acquiring our stock
are urged to consult with their own tax advisors concerning the application of United States federal income tax laws to their particular
situation as well as any consequences of the acquisition, ownership and disposition of our stock arising under the laws of any
state, local or non-United States taxing jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation as a REIT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have elected to be taxed as a REIT under
Sections&nbsp;856 through 860 of the IRC, commencing with our 2014 taxable year. Our REIT election, assuming continuing compliance
with the then applicable qualification tests, has continued and will continue in effect for subsequent taxable years. Although
no assurance can be given, we believe that from and after our 2014 taxable year we have been organized and have operated, and will
continue to be organized and to operate, in a manner that qualified us and will continue to qualify us to be taxed as a REIT under
the IRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our counsel, Sullivan&nbsp;&amp; Worcester
LLP, is of the opinion that, subject to the discussion below, we have been organized and have qualified for taxation as a REIT
under the IRC for our 2014 through 2019 taxable years, and that our current and anticipated investments and plan of operation will
enable us to continue to meet the requirements for qualification and taxation as a REIT under the IRC. Our counsel&rsquo;s opinions
are conditioned upon the assumption that our certificate of incorporation, our storage contracts, our colocation agreements, and
all other legal documents to which we have been or are a party have been and will be complied with by all parties to those documents,
upon the accuracy and completeness of the factual matters described in this Current Report on Form 8-K, upon the accuracy and completeness
of the factual matters provided to us and to our counsel by accountants and appraisers, upon private letter rulings issued to us
by the IRS as to certain federal income tax matters, upon representations made by us to the IRS in connection with those rulings,
and upon other representations made by us to our counsel as to certain factual matters relating to our organization and operations
and our expected manner of operation. If this assumption or a description or representation is inaccurate or incomplete, our counsel&rsquo;s
opinions may be adversely affected and may not be relied upon. The opinions of our counsel are based upon the law as it exists
today, but the law may change in the future, possibly with retroactive effect. Given the highly complex nature of the rules&nbsp;governing
REITs, the ongoing importance of factual determinations, and the possibility of future changes in our circumstances, no assurance
can be given by Sullivan&nbsp;&amp; Worcester LLP or us that we will qualify as or be taxed as a REIT for any particular year.
Any opinion of Sullivan&nbsp;&amp; Worcester LLP as to our qualification or taxation as a REIT will be expressed as of the date
issued. Our counsel will have no obligation to advise us or our stockholders of any subsequent change in the matters stated, represented
or assumed, or of any subsequent change in the applicable law. Also, the opinions of our counsel are not binding on either the
IRS or a court, and either could take a position different from that expressed by our counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our continued qualification and taxation
as a REIT will depend upon our compliance with various qualification tests imposed under the IRC and summarized below. Our ability
to satisfy the REIT asset tests will depend in part upon our board of directors&rsquo; good faith analysis of the fair market values
of our assets, some of which are not susceptible to a precise determination. Our compliance with the REIT income and quarterly
asset requirements also depends upon our ability to successfully manage the composition of our income and assets on an ongoing
basis. In particular, we periodically explore and occasionally consummate merger and acquisition opportunities, and any consummated
transaction (such as our January 2018 acquisition of IO Data Centers, LLC, or IODC) would have to be structured to manage successfully
the REIT income, asset, and distribution tests given the particular size, timing, and type of transaction. While we believe that
we have satisfied and will satisfy these tests, our counsel does not review compliance with these tests on a continuing basis.
If we fail to qualify for taxation as a REIT in any year, we will be subject to federal income taxation as if we were a corporation
taxed under subchapter C of the IRC, or a C corporation, and our stockholders will be taxed like stockholders of regular C corporations,
meaning that federal income tax generally will be applied at both the corporate and stockholder levels. In this event, we could
be subject to significant tax liabilities, and the amount of cash available for distribution to our stockholders could be reduced
or eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a REIT, we generally are not subject
to federal income tax on our net income distributed as dividends to our stockholders. Distributions to our stockholders generally
are included in our stockholders&rsquo; income as dividends to the extent of our available current or accumulated earnings and
profits. Our dividends generally are not entitled to the preferential tax rates on qualified dividend income, but a portion of
our dividends may be treated as capital gain dividends or as qualified dividend income, all as explained below. In addition, for
taxable years beginning before 2026 and pursuant to the deduction-without-outlay mechanism of Section 199A of the IRC, our noncorporate
U.S. stockholders are generally eligible for preferential effective tax rates on our dividends that are not treated as capital
gain dividends or as qualified dividend income. No portion of any of our dividends is eligible for the dividends received deduction
for corporate stockholders. Distributions in excess of our current or accumulated earnings and profits generally are treated for
federal income tax purposes as returns of capital to the extent of a recipient stockholder&rsquo;s basis in our stock, and will
reduce this basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our current or accumulated earnings and
profits generally are allocated first to distributions made on our outstanding preferred stock, if any, and thereafter to distributions
made on our common stock. For all these purposes, our distributions include cash distributions, any in kind distributions of property
that we might make, and deemed or constructive distributions resulting from capital market activities (such as some redemptions),
as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding our qualification for taxation
as a REIT and the fact that we generally will not pay federal income tax on amounts we distribute to our stockholders, we may still
be subject to federal tax in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We will be taxed at regular corporate income tax rates on any undistributed &ldquo;real estate investment trust taxable income,&rdquo;
determined by including our undistributed ordinary income and net capital gains, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we have net income from the disposition of &ldquo;foreclosure property,&rdquo; as described in Section 856(e) of the IRC,
that is held primarily for sale to customers in the ordinary course of a trade or business or other nonqualifying income from foreclosure
property, we will be subject to tax on this income at the highest regular corporate income tax rate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we have net income from &ldquo;prohibited transactions&rdquo; &mdash; that is, dispositions at a gain of inventory or property
held primarily for sale to customers in the ordinary course of a trade or business other than dispositions of foreclosure property
and other than dispositions excepted by statutory safe harbors &mdash; we will be subject to tax on this income at a 100% rate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we fail to satisfy the 75% gross income test or the 95% gross income test described below, due to reasonable cause and not
due to willful neglect, but nonetheless maintain our qualification for taxation as a REIT because of specified cure provisions,
we will be subject to tax at a 100% rate on the greater of the amount by which we fail the 75% gross income test or the 95% gross
income test, with adjustments, multiplied by a fraction intended to reflect our profitability for the taxable year;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we fail to satisfy any of the REIT asset tests described below (other than a de minimis failure of the 5% or 10% asset tests)
due to reasonable cause and not due to willful neglect, but nonetheless maintain our qualification for taxation as a REIT because
of specified cure provisions, we will be subject to a tax equal to the greater of $50,000 or the highest regular corporate income
tax rate multiplied by the net income generated by the nonqualifying assets that caused us to fail the test;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we fail to satisfy any provision of the IRC that would result in our failure to qualify for taxation as a REIT (other than
violations of the REIT gross income tests or violations of the REIT asset tests described below) due to reasonable cause and not
due to willful neglect, we may retain our qualification for taxation as a REIT but will be subject to a penalty of $50,000 for
each failure;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we fail to distribute for any calendar year at least the sum of 85% of our REIT ordinary income for that year, 95% of our
REIT capital gain net income for that year and any undistributed taxable income from prior periods, we will be subject to a 4%
nondeductible excise tax on the excess of the required distribution over the amounts actually distributed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we acquire a REIT asset where our adjusted tax basis in the asset is determined by reference to the adjusted tax basis of
the asset in the hands of a C corporation (such as an asset that we hold in a QRS (as defined below) following the liquidation
or other conversion of a former &ldquo;taxable REIT subsidiary&rdquo; as defined in Section&nbsp;856(l)&nbsp;of the IRC, or a TRS),
under specified circumstances we may be subject to federal income taxation on all or part of the built-in gain (calculated as of
the date the property ceased being owned by the C corporation) on such asset. In addition, any depreciation recapture income that
we have recognized or will recognize from and after our 2014 taxable year as a result of accounting method changes that reflect
prior C corporation items has been and will be fully subject to this built-in gains tax. We generally do not expect our occasional
sale of assets to result in the imposition of a material built-in gains tax liability. If and when we sell assets that may have
associated built-in gains tax exposure, then we make appropriate provision for the associated tax liabilities on our financial
statements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we acquire a corporation in a transaction where we succeed to its tax attributes or if we liquidate a domestic TRS, to preserve
our qualification for taxation as a REIT we must generally distribute all of the C corporation earnings and profits inherited in
that acquisition or liquidation, if any, no later than the end of our taxable year in which the acquisition or liquidation occurs.
However, if we fail to do so, relief provisions would allow us to maintain our qualification for taxation as a REIT provided we
distribute any subsequently discovered C corporation earnings and profits and pay an interest charge in respect of the period of
delayed distribution; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our subsidiaries that are C corporations, including our TRSs, generally will be required to pay federal corporate income tax
on their earnings, and a 100% tax may be imposed on any transaction between us and one of our TRSs that does not reflect arm&rsquo;s
length terms.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other countries may impose taxes on our and our subsidiaries&rsquo;
and partnerships&rsquo; assets and operations within their jurisdictions. As a REIT, neither we nor our stockholders are expected
to benefit from foreign tax credits arising from those taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we fail to qualify for taxation as a
REIT in any year, then we will be subject to federal income tax in the same manner as a regular C corporation. Further, as a regular
C corporation, distributions to our stockholders will not be deductible by us, nor will distributions be required under the IRC.
Also, to the extent of our current and accumulated earnings and profits, all distributions to our stockholders will generally be
taxable as ordinary dividends potentially eligible for the preferential tax rates described below under the heading &ldquo;&mdash;Taxation
of Taxable U.S. Stockholders&rdquo; and, subject to limitations in the IRC, will be potentially eligible for the dividends received
deduction for corporate stockholders. Finally, we will generally be disqualified from taxation as a REIT for the four taxable years
following the taxable year in which the termination of our REIT status is effective. Our failure to qualify for taxation as a REIT
for even one year could result in us reducing or eliminating distributions to our stockholders or in us incurring substantial indebtedness
or liquidating substantial investments in order to pay the resulting corporate-level income taxes. Relief provisions under the
IRC may allow us to continue to qualify for taxation as a REIT even if we fail to comply with various REIT requirements, all as
described in more detail below. However, it is impossible to state whether in any particular circumstance we would be entitled
to the benefit of these relief provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REIT Qualification Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>General Requirements</I>. Section&nbsp;856(a)&nbsp;of
the IRC defines a REIT as a corporation, trust or association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>that is managed by one or more trustees or directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>that would be taxable, but for Sections&nbsp;856 through 859 of the IRC, as a domestic C corporation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>that is not a financial institution or an insurance company subject to special provisions of the IRC;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>the beneficial ownership of which is held by 100 or more persons;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>that is not &ldquo;closely held,&rdquo; meaning that during the last half of each taxable year, not more than 50% in value
of the outstanding stock is owned, directly or indirectly, by five or fewer &ldquo;individuals&rdquo; (as defined in the IRC to
include specified tax-exempt entities); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>that meets other tests regarding the nature of its income and assets and the amount of its distributions, all as described
below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;856(b)&nbsp;of the IRC provides
that conditions&nbsp;(1)&nbsp;through (4)&nbsp;must be met during the entire taxable year and that condition&nbsp;(5)&nbsp;must
be met during at least 335&nbsp;days of a taxable year of 12&nbsp;months, or during a proportionate part of a taxable year of less
than 12&nbsp;months. Although we cannot be sure, we believe that we have met conditions&nbsp;(1)&nbsp;through (7)&nbsp;during each
of the requisite periods ending on or before the close of our most recently completed taxable year, and that we will continue to
meet these conditions in our current and future taxable years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To help comply with condition&nbsp;(6),
our certificate of incorporation restricts transfers of our stock that would otherwise result in concentrated ownership positions.
These restrictions, however, do not ensure that we have previously satisfied, and may not ensure that we will in all cases be able
to continue to satisfy, the stock ownership requirements described in condition (6). If we comply with applicable Treasury regulations
to ascertain the ownership of our outstanding stock and do not know, or by exercising reasonable diligence would not have known,
that we failed condition&nbsp;(6), then we will be treated as having met condition&nbsp;(6). Accordingly, we have complied and
will continue to comply with these regulations, including by requesting annually from holders of significant percentages of our
stock information regarding the ownership of our stock. Under our certificate of incorporation, our stockholders are required to
respond to these requests for information. A stockholder that fails or refuses to comply with the request is required by Treasury
regulations to submit a statement with its federal income tax return disclosing its actual ownership of our stock and other information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of condition&nbsp;(6), an &ldquo;individual&rdquo;
generally includes a natural person, a supplemental unemployment compensation benefit plan, a private foundation, or a portion
of a trust permanently set aside or used exclusively for charitable purposes, but does not include a qualified pension plan or
profit-sharing trust. As a result, REIT shares owned by an entity that is not an &ldquo;individual&rdquo; are considered to be
owned by the direct and indirect owners of the entity that are individuals (as so defined), rather than to be owned by the entity
itself. Similarly, REIT shares held by a qualified pension plan or profit-sharing trust are treated as held directly by the individual
beneficiaries in proportion to their actuarial interests in such plan or trust. Consequently, five or fewer such trusts could own
more than 50% of the interests in an entity without jeopardizing that entity&rsquo;s qualification for taxation as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The IRC provides that we will not automatically
fail to qualify for taxation as a REIT if we do not meet conditions&nbsp;(1)&nbsp;through (6), provided we can establish that such
failure was due to reasonable cause and not due to willful neglect. Each such excused failure will result in the imposition of
a $50,000 penalty instead of REIT disqualification. This relief provision may apply to a failure of the applicable conditions even
if the failure first occurred in a year prior to the taxable year in which the failure was discovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Our Wholly Owned Subsidiaries and Our
Investments Through Partnerships</I>. Except in respect of TRSs as described below, Section&nbsp;856(i)&nbsp;of the IRC provides
that any corporation, 100% of whose stock is held by a REIT and its disregarded subsidiaries, is a qualified REIT subsidiary and
shall not be treated as a separate corporation for United States federal income tax purposes. The assets, liabilities and items
of income, deduction and credit of a qualified REIT subsidiary are treated as the REIT&rsquo;s. We believe that each of our direct
and indirect wholly owned subsidiaries, other than the TRSs described below (and entities owned in whole or in part by the TRSs),
will be either a qualified REIT subsidiary within the meaning of Section&nbsp;856(i)(2)&nbsp;of the IRC or a noncorporate entity
that for federal income tax purposes is not treated as separate from its owner under Treasury regulations issued under Section&nbsp;7701
of the IRC, each such entity referred to as a QRS. Thus, in applying all of the REIT qualification requirements described in this
summary, all assets, liabilities and items of income, deduction and credit of our QRSs are treated as ours, and our investment
in the stock and other securities of such QRSs will be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have invested and may in the future invest
in real estate through one or more entities that are treated as partnerships for federal income tax purposes. In the case of a
REIT that is a partner in a partnership, Treasury regulations under the IRC provide that, for purposes of the REIT qualification
requirements regarding income and assets described below, the REIT is generally deemed to own its proportionate share, based on
respective capital interests, of the income and assets of the partnership (except that for purposes of the 10% value test, described
below, the REIT&rsquo;s proportionate share of the partnership&rsquo;s assets is based on its proportionate interest in the equity
and specified debt securities issued by the partnership). In addition, for these purposes, the character of the assets and items
of gross income of the partnership generally remains the same in the hands of the REIT. In contrast, for purposes of the distribution
requirements described below, a REIT must take into account as a partner its share of the partnership&rsquo;s income as determined
under the general federal income tax rules governing partners and partnerships under Subchapter K of the IRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Subsidiary REITs. </I>We may in the future
form or acquire an entity that is intended to qualify for taxation as a REIT, and we expect that any such subsidiary would so qualify
at all times during which we intend for its REIT election to remain in effect. When a subsidiary qualifies for taxation as a REIT
separate and apart from its REIT parent, the subsidiary&rsquo;s shares are qualifying real estate assets for purposes of the REIT
parent&rsquo;s 75% asset test described below. However, failure of the subsidiary to separately satisfy the various REIT qualification
requirements described in this summary or that are otherwise applicable (and failure to qualify for the applicable relief provisions)
would generally result in (a) the subsidiary being subject to regular United States corporate income tax, as described above, and
(b) the REIT parent&rsquo;s ownership in the subsidiary (i) ceasing to be qualifying real estate assets for purposes of the 75%
asset test, (ii) becoming subject to the 5% asset test, the 10% vote test and the 10% value test generally applicable to a REIT&rsquo;s
ownership in corporations other than REITs and TRSs, and (iii) thereby jeopardizing the REIT parent&rsquo;s own REIT qualification
and taxation on account of the subsidiary&rsquo;s failure cascading up to the REIT parent, all as described under the heading &ldquo;&mdash;Asset
Tests&rdquo; below. We may make protective TRS elections with respect to any subsidiary REIT that we form or acquire and may implement
other protective arrangements intended to avoid a cascading REIT failure if any of our subsidiary REITs were not to qualify for
taxation as a REIT, but we cannot be sure that such protective elections and other arrangements will be effective to avoid or mitigate
the resulting adverse consequences to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Taxable REIT Subsidiaries</I>. As a REIT,
we are permitted to own any or all of the securities of a TRS, provided that no more than 20% (25% before our 2018 taxable year)
of the total value of our assets, at the close of each quarter, is comprised of our investments in the stock or other securities
of our TRSs. We have received a private letter ruling from the IRS that a loan to a TRS of ours that is adequately secured by the
TRS&rsquo;s real estate or interests in real property will not be treated as a security of the TRS for purposes of this TRS ownership
limitation. Very generally, a TRS is a subsidiary corporation other than a REIT in which a REIT directly or indirectly holds stock
and that has made a joint election with its affiliated REIT to be treated as a TRS. Our ownership of stock and other securities
in our TRSs is exempt from the 5% asset test, the 10% vote test and the 10% value test described below. In addition, any corporation
(other than a REIT) in which a TRS directly or indirectly owns more than 35% of the voting power or value of the outstanding securities
is automatically a TRS. Subject to the discussion below, we believe that we and each of our TRSs have complied with, and will continue
to comply with, the requirements for TRS status at all times during which we intend for the subsidiary&rsquo;s TRS election to
be in effect, and we believe that the same will be true for any TRS that we later form or acquire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As described below, TRSs can perform services
for our tenants without disqualifying the rents and services fees that we receive from those tenants under the 75% gross income
test or the 95% gross income test described below. Moreover, because our TRSs are taxed as C corporations that are separate from
us, their assets, liabilities and items of income, deduction and credit generally are not imputed to us for purposes of the REIT
qualification requirements described in this summary. Therefore, our TRSs may generally conduct activities that would be treated
as prohibited transactions or would give rise to nonqualified income if conducted by us directly. As regular C corporations, TRSs
may generally utilize net operating losses and other tax attribute carryforwards to reduce or otherwise eliminate federal income
tax liability in a given taxable year. Net operating losses and other carryforwards are subject to limitations, however, including
limitations imposed under Section 382 of the IRC following an &ldquo;ownership change&rdquo; (as defined in applicable Treasury
regulations) and a limitation providing that carryforwards of net operating losses arising in taxable years beginning after 2017
generally cannot offset more than 80% of the current year&rsquo;s taxable income. Moreover, net operating losses arising in taxable
years beginning after 2017 may not be carried back, but may be carried forward indefinitely. As a result, there can be no assurance
that our TRSs will be able to utilize, in full or in part, any net operating losses or other carryforwards that they have generated
or may generate in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Restrictions and sanctions are imposed on
TRSs and their affiliated REITs to ensure that the TRSs will be subject to an appropriate level of federal income taxation. For
example, if a TRS pays interest, rent or other amounts to its affiliated REIT in an amount that exceeds what an unrelated third
party would have paid in an arm&rsquo;s length transaction, then the REIT generally will be subject to an excise tax equal to 100%
of the excessive portion of the payment. Further, if in comparison to an arm&rsquo;s length transaction, a third-party tenant has
overpaid rent to the REIT in exchange for underpaying the TRS for services rendered, and if the REIT has not adequately compensated
the TRS for services provided to or on behalf of the third-party tenant, then the REIT may be subject to an excise tax equal to
100% of the undercompensation to the TRS. A safe harbor exception to this excise tax applies if the TRS has been compensated at
a rate at least equal to 150% of its direct cost in furnishing or rendering the service. Finally, the 100% excise tax also applies
to the underpricing of services provided by a TRS to its affiliated REIT in contexts where the services are unrelated to services
for REIT tenants. Based on our transfer pricing analyses, we believe that our TRSs have received and will continue to receive at
least arm&rsquo;s length compensation from our tenants or from us for the services they provide to our tenants or us. There can
be no assurance that arrangements involving our TRSs will not result in the imposition of one or more of these restrictions or
sanctions, but we do not believe that we or our TRSs are or will be subject to these impositions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Our Assets as Real Property</I>. Treasury
regulations define &ldquo;real property&rdquo; for purposes of Section&nbsp;856 of the IRC to mean land or improvements thereon,
such as buildings or other inherently permanent structures, including items which are structural components of such buildings or
structures. The term &ldquo;real property&rdquo; includes both property located within and outside of the United States. Local
law definitions are not controlling as to what constitutes &ldquo;real property.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We received a private letter ruling from
the IRS that our steel racking structures are real property for purposes of Section&nbsp;856 of the IRC. In addition, the IRS has
previously issued private letter rulings to other taxpayers in which it concluded that facilities similar to the data centers that
we own, including the integrated core systems of those facilities (i.e., electrical distribution, HVAC, humidification, security,
fire protection, and telecommunications systems), are real property for purposes of Section 856 of the IRC. The ruling that we
received regarding our steel racking structures and the rulings issued to other taxpayers relating to integrated core systems of
data centers are consistent with prior administrative and judicial precedent involving building structures and building systems,
as well as subsequently finalized Treasury regulations defining real property. Accordingly, we believe that substantially all of
our facilities and improvements, including our steel racking structures and the integrated core systems of our data centers, are
properly treated as real property for purposes of Section&nbsp;856 of the IRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In administrative pronouncements spanning
several decades, including in the Treasury regulations, the IRS has concluded that &ldquo;interests in real property&rdquo; properly
include intangibles such as voting rights and goodwill that derive their value from and are inseparable from real property and
real property rental revenues. Consistent with this prior administrative practice, we received a private letter ruling from the
IRS that the portions of our intangible assets that are derived from and inseparable from our real property and our storage rental
business, as opposed to our TRSs&rsquo; service businesses, are &ldquo;interests in real property&rdquo; for purposes of Section
856 of the IRC. This ruling is consistent with subsequently finalized Treasury regulations defining real property. Similarly, under
these Treasury regulations, the portions of our intangible assets that are derived from and inseparable from our colocation and
other real property rental businesses, as opposed to our TRSs&rsquo; service businesses, also constitute &ldquo;interests in real
property&rdquo; or &ldquo;real property&rdquo; for purposes of Section 856 of the IRC. Accordingly, we believe that the portions
of our intangible assets determined by our board of directors to be derived from and inseparable from our real property and our
storage rental, colocation, and other real property rental businesses generally are and will remain &ldquo;interests in real property&rdquo;
or &ldquo;real property&rdquo; for purposes of Section 856 of the IRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, although there can be no assurance
in this regard, we believe that our loans that are intended to be mortgages on real property for purposes of the REIT income and
asset tests described below have in fact so qualified and will continue to qualify, to the extent that those loans are directly
secured by real property or are indirectly and ultimately secured by real property pursuant to IRS guidance articulated in Revenue
Ruling 80-280.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Income Tests</I>. We must satisfy two
gross income tests annually to maintain our qualification for taxation as a REIT. First, at least 75% of our gross income for each
taxable year must be derived from investments relating to real property, including &ldquo;rents from real property&rdquo; within
the meaning of Section 856(d) of the IRC, interest and gain from mortgages on real property or on interests in real property, income
and gain from foreclosure property, gain from the sale or other disposition of real property (including specified ancillary personal
property treated as real property under the IRC), dividends on and gain from the sale or disposition of shares in other REITs,
or amounts described under Section 856(c)(5)(J)(ii) of the IRC as producing income described in Section 856(c)(3) of the IRC on
account of an IRS private letter ruling issued to us (but excluding in all cases any gains subject to the 100% tax on prohibited
transactions). When we receive new capital in exchange for our stock or in a public offering of our five-year or longer debt instruments,
income attributable to the temporary investment of this new capital in stock or a debt instrument, if received or accrued within
one year of our receipt of the new capital, is generally also qualifying income under the 75% gross income test. Second, at least
95% of our gross income for each taxable year must consist of income that is qualifying income for purposes of the 75% gross income
test, other types of interest and dividends, gain from the sale or disposition of shares or securities, amounts described under
Section 856(c)(5)(J)(ii) of the IRC as producing income described in Section 856(c)(2) of the IRC on account of either an IRS private
letter ruling issued to us or administrative guidance, or any combination of these. Gross income from our sale of property that
we hold primarily for sale to customers in the ordinary course of business, income and gain from specified &ldquo;hedging transactions&rdquo;
that are clearly and timely identified as such, and income from the repurchase or discharge of indebtedness is excluded from both
the numerator and the denominator in both gross income tests. In addition, specified foreign currency gains and gross income, including
applicable adjustments under Section 481(a) of the IRC (as described below), excludable under Section 856(c)(5)(J)(i) of the IRC
on account of IRS private letter rulings issued to us will be excluded from gross income for purposes of one or both of the gross
income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to qualify as &ldquo;rents from
real property&rdquo; within the meaning of Section&nbsp;856(d) of the IRC, several requirements must be met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The amount of rent received generally must not be based on the income or profits of any person, but may be based on a fixed
percentage or percentages of receipts or sales.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Rents generally do not qualify if the REIT owns 10% or more by vote or value of stock of the tenant (or 10% or more of the
interests in the assets or net profits of the tenant, if the tenant is not a corporation), whether directly or after application
of attribution rules. We generally do not intend to lease property to any party if rents from that property would not qualify as
 &ldquo;rents from real property,&rdquo; but application of the 10% ownership rule&nbsp;is dependent upon complex attribution rules
and circumstances that may be beyond our control. Our certificate of incorporation generally disallows transfers or purported acquisitions,
directly or by attribution, of our stock to the extent necessary to maintain our qualification for taxation as a REIT under the
IRC. Nevertheless, there can be no assurance that these restrictions will be effective to prevent our qualification for taxation
as a REIT from being jeopardized under the 10% affiliated tenant rule. Furthermore, there can be no assurance that we will be able
to monitor and enforce these restrictions, nor will our stockholders necessarily be aware of ownership of our stock attributed
to them under the IRC&rsquo;s attribution rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>There is a limited exception to the above prohibition on earning &ldquo;rents from real property&rdquo; from a 10% affiliated
tenant where the tenant is a TRS. If at least 90% of the leased space of a property is leased to tenants other than TRSs and 10%
affiliated tenants, and if the TRS&rsquo;s rent to us for space at that property is substantially comparable to the rents paid
by nonaffiliated tenants for comparable space at the property (or, based on a private letter ruling that we received from the IRS,
substantially comparable to the rents paid by nonaffiliated tenants for comparable space in the geographic area if there is no
comparable space at that property), then otherwise qualifying rents paid by the TRS to us will not be disqualified on account of
the rule prohibiting 10% affiliated tenants. At some of our facilities, we may lease space to a TRS so that, for example, the TRS
can provide on-site services. In any such instance, we cannot be sure that the rental relationship has qualified and will continue
to qualify under the limited exception for leasing space to a TRS, and in some instances we expect that the rental relationship
has not qualified and will not qualify on account of not meeting the applicable 90% test. Whether rents paid by a TRS are substantially
comparable to rents paid by other tenants is generally determined at the time the lease with the TRS is entered into, extended,
and modified, if the modification increases the rents due under the lease. However, if a lease with a &ldquo;controlled TRS&rdquo;
is modified and the modification results in an increase in the rents payable by the TRS, any increase will not qualify as &ldquo;rents
from real property.&rdquo; For purposes of this rule, a &ldquo;controlled TRS&rdquo; is a TRS in which we own stock possessing
more than 50% of the voting power or more than 50% of the total value of the outstanding stock, and we believe that most or all
of our TRSs have been and will remain controlled TRSs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In order for rents to qualify, we generally must not manage the property or furnish or render services to the tenants of the
property, except through an independent contractor from whom we derive no income or through one of our TRSs. There is an exception
to this rule&nbsp;permitting a REIT to perform customary management and tenant services of the sort that a tax-exempt organization
could perform without being considered in receipt of &ldquo;unrelated business taxable income&rdquo; as defined in Section&nbsp;512(b)(3)&nbsp;of
the IRC, or UBTI. In addition, a de minimis amount of noncustomary services provided to tenants will not disqualify income as &ldquo;rents
from real property&rdquo; as long as the value of the impermissible tenant services does not exceed 1% of the gross income from
the property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If rent attributable to personal property leased in connection with a lease of real property is 15% or less of the total rent
received under the lease, then the rent attributable to personal property will qualify as &ldquo;rents from real property&rdquo;;
if this 15% threshold is exceeded, then the rent attributable to personal property will not so qualify. The portion of rental income
treated as attributable to personal property is determined according to the ratio of the fair market value of the personal property
to the total fair market value of the real and personal property that is rented. While this 15% test generally is applied separately
to each lease of real property, Treasury regulations provide that the test may be applied on an aggregate basis at a multi-tenanted
facility with substantially similar leases, such that the aggregate rents received or accrued at the facility under substantially
similar leases are tested by reference to the ratio of the fair market value of all rented personal property under such leases
to the total fair market value of all rented real and personal property under such leases.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In addition, &ldquo;rents from real property&rdquo; includes both charges we receive for services customarily rendered in connection
with the rental of comparable real property in the same geographic area, even if the charges are separately stated, as well as
charges we receive for services provided by our TRSs when the charges are not separately stated. Whether separately stated charges
received by a REIT for services that are not geographically customary and provided by a TRS are included in &ldquo;rents from real
property&rdquo; has not been addressed clearly by the IRS in published authorities; however, our counsel, Sullivan &amp; Worcester
LLP, is of the opinion that, although the matter is not free from doubt, &ldquo;rents from real property&rdquo; also includes charges
we receive for services provided by our TRSs when the charges are separately stated, even if the services are not geographically
customary. Accordingly, we believe that our revenues from TRS-provided services, whether the charges are separately stated or not,
qualify as &ldquo;rents from real property&rdquo; because the services satisfy the geographically customary standard, because the
services have been provided by a TRS, or for both reasons. Further, we have received a private letter ruling from the IRS concluding
that fees we receive for storage-related services constitute &ldquo;rents from real property,&rdquo; and we expect our storage-related
service fees to continue to so qualify.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the reasons set forth below, we believe
that, since January&nbsp;1, 2014, all or substantially all of our rents and related service fees have qualified and will continue
to qualify as &ldquo;rents from real property&rdquo; for purposes of Section&nbsp;856 of the IRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to many of the services we
render at our facilities, we believe that these services have been and are of the type that are usually or customarily performed
in connection with the rental of storage space, colocation space, and other real property in the relevant geographic areas and
that can be performed by a tax-exempt organization without generating UBTI, and that these services thus satisfy both customary
standards above so that we may provide them without utilizing a TRS. Therefore, we believe that our provision of these customary
services has not and will not cause rents and customary services revenues received with respect to our properties to fail to qualify
as &ldquo;rents from real property.&rdquo; Impermissible tenant services at a facility generally have been and are expected to
be provided by one or more independent contractors or TRSs under appropriate arrangements in order to avoid jeopardizing the qualification
of our rental and related services revenues as &ldquo;rents from real property.&rdquo; We may provide de minimis levels of impermissible
tenant services directly where the consideration we receive or accrue from such services does not materially adversely affect our
ability to satisfy both the 75% and 95% gross income tests. If, contrary to our expectation, the IRS or a court were to determine
that one or more services we provide to our tenants directly (and not through an independent contractor or a TRS) constitute impermissible
tenant services, and that the amount of gross receipts we receive that is attributable to the provision of such services during
a taxable year at a facility exceeds 1% of all gross receipts we received or accrued during such taxable year with respect to that
facility, then all of the rents from that facility for such taxable year will be nonqualifying income for purposes of the 75% and
95% gross income tests. Although rents at any one facility are generally immaterial to our compliance with the 75% and 95% gross
income tests, a finding by the IRS or a court of sufficient impermissible tenant services at our largest facilities or a large
number of facilities could possibly jeopardize our ability to comply with the 95% gross income test, and in an extreme case possibly
even with our ability to comply with the 75% gross income test. Under those circumstances, however, we expect that we would qualify
for the gross income tests&rsquo; relief provision described below, and thereby would preserve our qualification for taxation as
a REIT; however, the penalty taxes associated with this relief could be material. In applying the above criteria, each lease of
space is evaluated separately from each other lease, except that the 1% threshold for impermissible tenant services is applied
on a facility-by-facility basis, as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any foreign properties,
we have maintained, and will continue to maintain, appropriate books and records for our foreign properties in applicable local
currencies. Accordingly, for United States federal income tax purposes, including presumably the 75% and 95% gross income tests
summarized above, our income, gains and losses from our foreign operations that are not held in TRSs will generally be calculated
first in the applicable local currency, and then translated into United States dollars at appropriate exchange rates as necessary.
On the periodic repatriation of monies from such foreign operations to the United States, we will be required to recognize foreign
exchange gains or losses; however, we believe that the foreign exchange gains we recognize from repatriation generally will constitute
 &ldquo;real estate foreign exchange gains&rdquo; under Section&nbsp;856(n)(2)&nbsp;of the IRC, and will thus be excluded from the
75% and 95% gross income tests summarized above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, when we own interests in entities
that are &ldquo;controlled foreign corporations&rdquo; for federal income tax purposes, or CFCs, we are deemed to receive our allocable
share of certain income, referred to as Subpart F Income, earned by such CFCs whether or not that income is actually distributed
to us. Numerous exceptions apply in determining whether an item of income is Subpart F Income, including exceptions for rent received
from an unrelated person and derived in the active conduct of a trade or business. Rents from real property are generally treated
as earned in an active trade or business if the lessor regularly performs active and substantial management and operational functions
with respect to the property while it is leased, but only if such activities are performed through the lessor&rsquo;s own officers
or staff of employees. We believe that our CFCs generally satisfy this active rental exception, and accordingly we have not recognized
and do not expect to recognize material amounts of Subpart F Income. Further, beginning with our 2018 taxable year we must include
in gross income the &ldquo;global intangible low-taxed income&rdquo; in respect of our CFCs. Pursuant to administrative guidance
from the IRS, our &ldquo;global intangible low-taxed income&rdquo; and any Subpart F Income we recognize qualifies under the 95%
gross income test. However, we do not believe that our &ldquo;global intangible low-taxed income&rdquo; or our Subpart F Income
qualifies under the 75% gross income test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than sales of foreclosure property,
any gain that we realize on the sale of property held as inventory or other property held primarily for sale to customers in the
ordinary course of a trade or business, together known as dealer gains, may be treated as income from a prohibited transaction
that is subject to a penalty tax at a 100% rate. The 100% tax does not apply to gains from the sale of property that is held through
a TRS, although such income will be subject to tax in the hands of the TRS at regular corporate income tax rates; we may therefore
utilize our TRSs in transactions in which we might otherwise recognize dealer gains. Whether property is held as inventory or primarily
for sale to customers in the ordinary course of a trade or business is a question of fact that depends on all the facts and circumstances
surrounding each particular transaction. Sections 857(b)(6)(C) and (E) of the IRC provide safe harbors pursuant to which limited
sales of real property held for at least two years and meeting specified additional requirements will not be treated as prohibited
transactions. However, compliance with the safe harbors is not always achievable in practice. We attempt to structure our activities
to avoid transactions that are prohibited transactions, or otherwise conduct such activities through TRSs; but, there can be no
assurance as to whether the IRS might successfully assert that one or more of our dispositions is subject to the 100% penalty tax.
Gains subject to the 100% penalty tax are excluded from the 75% and 95% gross income tests, whereas real property gains that are
not dealer gains or that are exempted from the 100% penalty tax on account of the safe harbors are considered qualifying gross
income for purposes of the 75% and 95% gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that any gain from dispositions
of assets that we have made, or that we might make in the future, including through any partnerships, will generally qualify as
income that satisfies the 75% and 95% gross income tests, and will not be dealer gains or subject to the 100% penalty tax. This
is because our general intent has been and is to: (a) engage in the business of developing, owning, leasing and managing our existing
properties; (b) engage in the business of acquiring, developing, owning, leasing and managing new properties; and (c) own and use
our assets for the long-term, with only occasional dispositions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we fail to satisfy one or both of the
75% gross income test or the 95% gross income test in any taxable year, we may nevertheless qualify for taxation as a REIT for
that year if we satisfy the following requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our failure to meet the test is due to reasonable cause and not due to willful neglect; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>after we identify the failure, we file&nbsp;a schedule describing each item of our gross income included in the 75% gross income
test or the 95% gross income test for that taxable year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if this relief provision does apply, a 100% tax is imposed
upon the greater of the amount by which we failed the 75% gross income test or the amount by which we failed the 95% gross income
test, with adjustments, multiplied by a fraction intended to reflect our profitability for the taxable year. This relief provision
may apply to a failure of the applicable income tests even if the failure first occurred in a year prior to the taxable year in
which the failure was discovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the discussion above, we believe
that we have satisfied, and will continue to satisfy, the 75% and 95% gross income tests outlined above on a continuing basis beginning
with our first taxable year as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Asset Tests. </I>At the close of each
calendar quarter of each taxable year, we must also satisfy the following asset percentage tests in order to qualify for taxation
as a REIT for federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>At least 75% of the value of our total assets must consist of &ldquo;real estate assets,&rdquo; defined as real property (including
interests in real property and interests in mortgages on real property or on interests in real property), ancillary personal property
to the extent that rents attributable to such personal property are treated as rents from real property in accordance with the
rules described above, cash and cash items, shares in other REITs, debt instruments issued by &ldquo;publicly offered REITs&rdquo;
as defined in Section 562(c)(2) of the IRC, government securities and temporary investments of new capital (that is, any stock
or debt instrument that we hold that is attributable to any amount received by us (a) in exchange for our stock or (b) in a public
offering of our five-year or longer debt instruments, but in each case only for the one-year period commencing with our receipt
of the new capital).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Not more than 25% of the value of our total assets may be represented by securities other than those securities that count
favorably toward the preceding 75% asset test.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Of the investments included in the preceding 25% asset class, the value of any one non-REIT issuer&rsquo;s securities that
we own may not exceed 5% of the value of our total assets. In addition, we may not own more than 10% of the vote or value of any
one non-REIT issuer&rsquo;s outstanding securities, unless the securities are &ldquo;straight debt&rdquo; securities or otherwise
excepted as described below. Our stock and other securities in a TRS are exempted from these 5% and 10% asset tests.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Not more than 20% (25% before our 2018 taxable year) of the value of our total assets may be represented by stock or other
securities of our TRSs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Not more than 25% of the value of our total assets may be represented by &ldquo;nonqualified publicly offered REIT debt instruments&rdquo;
as defined in Section 856(c)(5)(L)(ii) of the IRC.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our counsel, Sullivan &amp; Worcester LLP,
is of the opinion that, although the matter is not free from doubt, our investments in the equity or debt of a TRS of ours, to
the extent that and during the period in which they qualify as temporary investments of new capital, will be treated as real estate
assets, and not as securities, for purposes of the above REIT asset tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Consistent with our private letter ruling
described above as well as applicable Treasury regulations, we have developed, and our board of directors has adopted and utilized,
a valuation model that determines the portions of our intangible assets that are derived from and inseparable from our real property
and our storage rental, colocation, and other real property rental businesses (as opposed to our TRSs&rsquo; service businesses)
and that are attributable to present and future &ldquo;rents from real property&rdquo; as discussed above. Accordingly, we believe
that the portions of our intangible assets ultimately determined by our board of directors to be so derived and attributable are
and will remain &ldquo;interests in real property&rdquo; or &ldquo;real property&rdquo; for purposes of Section 856 of the IRC.
Because all or substantially all of our intangible assets (including goodwill) recorded on our financial statements, other than
those allocated to our TRSs&rsquo; service businesses, relate to current and future cash flows that are generally expected to derive
from, be inseparable from, and qualify as &ldquo;rents from real property&rdquo; as discussed above, we believe that such intangibles
are and will remain &ldquo;interests in real property&rdquo; or &ldquo;real property&rdquo; for purposes of Section 856 of the
IRC. Following the close of each calendar quarter beginning with the first quarter of our first REIT taxable year, our board of
directors has reviewed, and is expected to continue to review, internally prepared valuation presentations, prepared in accordance
with the adopted valuation model, which have assisted and will assist it in determining the nature and value of the assets shown
on our financial statements for purposes of the various REIT asset and income tests under Section&nbsp;856 of the IRC. Upon review
and due consideration of each completed quarter&rsquo;s valuation presentation, our board of directors has determined, and is expected
to continue to determine, to the maximum extent it is authorized and afforded discretion to determine such matters under applicable
federal income tax laws (including in particular Section&nbsp;856(c)(5)(A)&nbsp;of the IRC), whether for the completed calendar
quarter (a)&nbsp;the portion of our intangible assets (including goodwill) that were derived and inseparable from our real property
and our storage rental, colocation, and other real property rental businesses, as opposed to our TRSs&rsquo; service businesses,
and (b)&nbsp;the value of our assets, including the value of our facilities, improvements (including steel racking structures,
integrated core systems of our data center facilities, and other building systems), intangibles and other assets, were such that
we satisfied all of the above REIT asset tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The above REIT asset tests must be satisfied
at the close of each calendar quarter of each taxable year as a REIT. After a REIT meets the asset tests at the close of any quarter,
it will not lose its qualification for taxation as a REIT in any subsequent quarter solely because of fluctuations in the values
of its assets, including if the fluctuations are caused by changes in the foreign currency exchange rate used to value any foreign
assets. This grandfathering rule&nbsp;may be of limited benefit to a REIT such as us that makes periodic acquisitions of both qualifying
and nonqualifying REIT assets. When a failure to satisfy the above asset tests results from an acquisition of securities or other
property during a quarter, the failure can be cured by disposition of sufficient nonqualifying assets within thirty days after
the close of that quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if we fail the 5% asset test,
the 10% vote test or the 10% value test at the close of any quarter and we do not cure such failure within thirty days after the
close of that quarter, that failure will nevertheless be excused if (a)&nbsp;the failure is de minimis and (b)&nbsp;within six
months after the last day of the quarter in which we identify the failure, we either dispose of the assets causing the failure
or otherwise satisfy the 5% asset test, the 10% vote test and the 10% value test. For purposes of this relief provision, the failure
will be de minimis if the value of the assets causing the failure does not exceed $10,000,000. If our failure is not de minimis,
or if any of the other REIT asset tests have been violated, we may nevertheless qualify for taxation as a REIT if (a)&nbsp;we provide
the IRS with a description of each asset causing the failure, (b)&nbsp;the failure was due to reasonable cause and not willful
neglect, (c)&nbsp;we pay a tax equal to the greater of (1)&nbsp;$50,000 or (2)&nbsp;the highest regular corporate income tax rate
imposed on the net income generated by the assets causing the failure during the period of the failure, and (d)&nbsp;within six
months after the last day of the quarter in which we identify the failure, we either dispose of the assets causing the failure
or otherwise satisfy all of the REIT asset tests. These relief provisions may apply to a failure of the applicable asset tests
even if the failure first occurred in a year prior to the taxable year in which the failure was discovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The IRC also provides an excepted securities
safe harbor to the 10% value test that includes among other items (a)&nbsp;&ldquo;straight debt&rdquo; securities, (b) specified
rental agreements in which payment is to be made in subsequent years, (c)&nbsp;any obligation to pay &ldquo;rents from real property,&rdquo;
(d)&nbsp;securities issued by governmental entities that are not dependent in whole or in part on the profits of or payments from
a nongovernmental entity, and (e)&nbsp;any security issued by another REIT. In addition, any debt instrument issued by an entity
classified as a partnership for federal income tax purposes, and not otherwise excepted from the definition of a security for purposes
of the above safe harbor, will not be treated as a security for purposes of the 10% value test if at least 75% of the partnership&rsquo;s
gross income, excluding income from prohibited transactions, is qualifying income for purposes of the 75% gross income test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have maintained and will continue to
maintain records of the value of our assets to document our compliance with the above asset tests and intend to take actions as
may be required to cure any failure to satisfy the tests within thirty days after the close of any quarter or within the six-month
periods described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the discussion above, we believe
that we have satisfied, and will continue to satisfy, the REIT asset tests outlined above on a continuing basis beginning with
our first taxable year as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Annual Distribution Requirements</I>.
In order to qualify for taxation as a REIT under the IRC, we are required to make annual distributions other than capital gain
dividends to our stockholders in an amount at least equal to the excess of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>the sum of 90% of our &ldquo;real estate investment trust taxable income&rdquo; and 90% of our net income after tax, if any,
from property received in foreclosure, over</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the amount by which our noncash income (e.g.,&nbsp;imputed rental income or income from transactions inadvertently failing
to qualify as like-kind exchanges) exceeds 5% of our &ldquo;real estate investment trust taxable income.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For these purposes, our &ldquo;real estate investment trust
taxable income&rdquo; is as defined under Section&nbsp;857 of the IRC and is computed without regard to the dividends paid deduction
and our net capital gain and will generally be reduced by specified corporate-level income taxes that we pay (e.g., taxes on built-in
gains or depreciation recapture income).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The IRC generally limits the deductibility
of net interest expense paid or accrued on debt properly allocable to a trade or business to 30% of &ldquo;adjusted taxable income,&rdquo;
subject to specified exceptions. Any deduction in excess of the limitation is carried forward and may be used in a subsequent year,
subject to that year&rsquo;s 30% limitation. Provided a taxpayer makes an election (which is irrevocable), the 30% limitation does
not apply to a trade or business involving real property development, redevelopment, construction, reconstruction, acquisition,
conversion, rental, operation, management, leasing, or brokerage, within the meaning of Section 469(c)(7)(C) of the IRC. When this
election is made, depreciable real property (including specified improvements) held by the electing real property trade or business
must be depreciated under the alternative depreciation system under the IRC, which generally imposes a class life for depreciable
real property as long as forty years. In addition, favorable expensing provisions that were expanded by the December 2017 amendments
to the IRC are not available to taxpayers that make the election. Legislative history and proposed Treasury regulations indicate
that a real property trade or business includes a trade or business conducted by a corporation or a REIT. We have made an election
to be treated as a real property trade or business and accordingly do not expect the foregoing interest deduction limitations to
apply to us or to the calculation of our real estate investment trust taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions must be paid in the taxable
year to which they relate, or in the following taxable year if declared before we timely file our federal income tax return for
the earlier taxable year and if paid on or before the first regular distribution payment after that declaration. If a dividend
is declared in October, November&nbsp;or December&nbsp;to stockholders of record during one of those months and is paid during
the following January, then for federal income tax purposes such dividend will be treated as having been both paid and received
on December&nbsp;31 of the prior taxable year to the extent of any undistributed earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 90% distribution requirements may be
waived by the IRS if a REIT establishes that it failed to meet them by reason of distributions previously made to meet the requirements
of the 4% excise tax described below. To the extent that we do not distribute all of our net capital gain and all of our &ldquo;real
estate investment trust taxable income,&rdquo; as adjusted, we will be subject to federal income tax at regular corporate income
tax rates on undistributed amounts. In addition, we will be subject to a 4% nondeductible excise tax to the extent we fail within
a calendar year to make required distributions to our stockholders of 85% of our ordinary income and 95% of our capital gain net
income plus the excess, if any, of the &ldquo;grossed up required distribution&rdquo; for the preceding calendar year over the
amount treated as distributed for that preceding calendar year. For this purpose, the term &ldquo;grossed up required distribution&rdquo;
for any calendar year is the sum of our taxable income for the calendar year without regard to the deduction for dividends paid
and all amounts from earlier years that are not treated as having been distributed under the provision. We will be treated as having
sufficient earnings and profits to treat as a dividend any distribution by us up to the amount required to be distributed in order
to avoid imposition of the 4% excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we do not have enough cash or other liquid
assets to meet the 90% distribution requirements, or if we so choose, we may find it necessary or desirable to arrange for a taxable
distribution paid in a mix of cash and our common stock, or to arrange for new debt or equity financing to provide funds for required
distributions, in order to maintain our qualification for taxation as a REIT. We can provide no assurance that financing would
be available for these purposes on favorable terms, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be able to rectify a failure to pay
sufficient dividends for any year by paying &ldquo;deficiency dividends&rdquo; to stockholders in a later year. These deficiency
dividends may be included in our deduction for dividends paid for the earlier year, but an interest charge would be imposed upon
us for the delay in distribution. While the payment of a deficiency dividend will apply to a prior year for purposes of our REIT
distribution requirements and our dividends paid deduction, it will be treated as an additional distribution to the stockholders
receiving it in the year such dividend is paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the other distribution requirements
above, to preserve our qualification for taxation as a REIT we are required to timely distribute all C corporation earnings and
profits that relate to our pre-REIT period or that we inherit from acquired corporations, both as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acquisition Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Acquisitions of C Corporations</I>. We
have engaged and may in the future engage in transactions where we acquire all of the outstanding stock of a C corporation. From
and after our first taxable year as a REIT, except to the extent we have made or do make an applicable TRS election, each of our
acquired entities and their various wholly-owned corporate and noncorporate subsidiaries generally became or will become our QRSs.
Thus, after such acquisitions, all assets, liabilities and items of income, deduction and credit of the acquired and then disregarded
entities have been and will be treated as ours for purposes of the various REIT qualification tests described above. In addition,
we generally have been and will be treated as the successor to the acquired (and then disregarded) entities&rsquo; federal income
tax attributes, such as those entities&rsquo; (a) adjusted tax bases in their assets and their depreciation schedules; and (b)
earnings and profits for federal income tax purposes, if any. The carryover of these attributes creates REIT implications such
as built-in gains tax exposure and additional distribution requirements, as described below. However, when we make an election
under Section 338(g) of the IRC, or a Section&nbsp;338(g)&nbsp;Election, with respect to corporations that we acquire, we generally
will not be subject to such attribute carryovers in respect of attributes existing prior to such election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, when we liquidate a TRS, convert
a TRS to a QRS, or combine a TRS with an existing QRS, this generally constitutes a tax-free liquidation of the TRS into us, and
we generally succeed to the former TRS&rsquo;s tax attributes such as adjusted tax bases, depreciation schedules, and earnings
and profits. The carryover of these attributes creates REIT implications such as built-in gains tax exposure and additional distribution
requirements, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Built-in Gains from C Corporations. </I>Notwithstanding
our qualification and taxation as a REIT, under specified circumstances we may be subject to corporate income taxation if we acquire
a REIT asset where our adjusted tax basis in the asset is determined by reference to the adjusted tax basis of the asset as owned
by a C corporation (such as an asset that we hold in a QRS following the liquidation or other conversion of a former TRS). For
instance, we may be subject to federal income taxation on all or part of the built-in gain that was present on the last date an
asset was owned by a C corporation, if we succeed to a carryover tax basis in that asset directly or indirectly from such C corporation
and if we sell the asset during the five-year period beginning on the day the asset ceased being owned by such C corporation. In
addition, if any assets so acquired are depreciated as personal property rather than real property, we may file appropriate accounting
method changes in order that applicable assets will be depreciated in a fashion more commensurate with their status as real property
under Section 856 of the IRC. The depreciation recapture resulting under Section 481(a) of the IRC from these accounting method
changes will be subject to applicable federal corporate income tax liability, including under Sections 337(d) and 1374 of the IRC.
To the extent of our income and gains in a taxable year that are subject to the built-in gains tax, net of any taxes paid on such
income and gains with respect to that taxable year, our taxable dividends paid in the following year will be potentially eligible
for taxation to noncorporate U.S. stockholders at the preferential tax rates for &ldquo;qualified dividends&rdquo; as described
below under the heading &ldquo;&mdash;Taxation of Taxable U.S. Stockholders.&rdquo; We generally do not expect our occasional sale
of assets to result in the imposition of a material built-in gains tax liability. If and when we do sell assets that may have associated
built-in gains tax exposure, then we make appropriate provision for the associated tax liabilities on our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Earnings and Profits</I>. Following a
corporate acquisition or a liquidation of a TRS, we must generally distribute all of the C corporation earnings and profits inherited
in that transaction, if any, no later than the end of our taxable year in which the transaction occurs, in order to preserve our
qualification for taxation as a REIT. However, if we fail to do so, relief provisions would allow us to maintain our qualification
for taxation as a REIT provided we distribute any subsequently discovered C corporation earnings and profits and pay an interest
charge in respect of the period of delayed distribution. C corporation earnings and profits that we inherit are, in general, specially
allocated under a priority rule to the earliest possible distributions following the event causing the inheritance, and only then
is the balance of our earnings and profits for the taxable year allocated among our distributions to the extent not already treated
as a distribution of C corporation earnings and profits under the priority rule. The distribution of these C corporation earnings
and profits is potentially eligible for taxation to noncorporate U.S. stockholders at the preferential tax rates for &ldquo;qualified
dividends&rdquo; as described below under the heading &ldquo;&mdash;Taxation of Taxable U.S. Stockholders.&rdquo; Special rules
apply if we liquidate a foreign TRS, including as to the United States federal income tax bases in the assets that carry over to
us, and as to the foreign earnings and profits which we must generally include as additional, recognized dividend income that counts
favorably toward the 95% gross income test but not the 75% gross income test. In general, we will be required to distribute to
our stockholders as additional dividend income, by the end of our taxable year in which the liquidation or conversion occurs, the
accumulated earnings and profits of the liquidated foreign TRS. The distribution of these foreign earnings and profits from qualifying
TRSs is potentially eligible for taxation to noncorporate U.S. stockholders at the preferential tax rates for &ldquo;qualified
dividends&rdquo; as described below under the heading &ldquo;&mdash;Taxation of Taxable U.S. Stockholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Our Acquisition of IO Data Centers, LLC
and its Blocker. </I>We acquired all of the outstanding equity of IODC in January 2018. A significant portion of the IODC equity
that we acquired was indirectly acquired through our acquisition of a C corporation that owned a significant share of IODC&rsquo;s
outstanding equity, or the Blocker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As we do with our other mergers and acquisitions,
we developed a REIT compliance strategy for the IODC acquisition in order to manage the above REIT income, asset and distribution
tests given the size, timing and structure of the acquisition. The integration of Blocker, IODC and IODC&rsquo;s subsidiaries into
our QRSs and TRSs, or the IODC Restructuring, is described below and is now complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As described above, when we acquire the
equity of a C corporation that becomes our QRS or combines with an existing QRS, we are generally treated as the successor to the
acquired corporation&rsquo;s federal income tax attributes, such as its adjusted tax bases in its assets and its depreciation schedules;
moreover, we succeed to the acquired corporation&rsquo;s C corporation earnings and profits in the case of a United States corporation,
and we generally realize additional dividend income in the case of the earnings and profits of a non-United States acquired corporation.
Our acquisition of the Blocker constituted a qualified stock purchase under Section 338 of the IRC, but we did not make a Section
338(g) Election in respect of the Blocker due to the United States federal income tax liability that would have resulted from such
an election. As such, we are subject to the attendant C corporation carryover issues described below with respect to the Blocker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Immediately following the closing, the Blocker
became our QRS and we undertook the IODC Restructuring, which involved transferring various service assets to an IODC subsidiary
that has elected to be treated as one of our TRSs and the eventual rationalization of the IODC structure through various state
law mergers that were disregarded for United States federal income tax purposes. Relevant intercompany arrangements with the acquired
TRS were also immediately implemented such that the overall arrangement became REIT compliant as described above under &ldquo;&mdash;REIT
Qualification Requirements,&rdquo; immediately after the closing. As a result of the foregoing, we succeeded to the Blocker&rsquo;s,
IODC&rsquo;s and IODC&rsquo;s subsidiaries&rsquo; federal income tax attributes, such as their adjusted tax bases in assets and
their remaining depreciation and amortization schedules, in each case as suitably adjusted for a step-up in tax basis on our direct
acquisition of IODC, and we also succeeded to the Blocker&rsquo;s C corporation earnings and profits and its net operating losses.
Inheriting carryovers from the Blocker means that we also have the attendant REIT issues that accompany C corporation carryover
transactions, including both built-in gains tax exposure and C corporation earnings and profits that we succeeded to and were required
to distribute prior to the close of our 2018 taxable year. We believe that we inherited no C corporation earnings and profits from
Blocker. In addition, some of IODC&rsquo;s and its subsidiaries&rsquo; assets had been historically depreciated and amortized as
personal property rather than real property, and thus appropriate accounting method changes have been filed such that applicable
assets will be depreciated and amortized in a fashion more commensurate with their status as real property under Section 856 of
the IRC. The depreciation and amortization recapture resulting under Section 481(a) of the IRC from these accounting method changes
is subject to applicable corporate federal income tax liability, including under Sections 337(d) and 1374 of the IRC, subject to
offset by available net operating losses inherited from the Blocker. The foregoing restructuring has not materially impacted our
compliance with the 75% and 95% gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Asset Acquisitions</I>. From time to
time, we have engaged and may in the future engage in acquisitions where we acquire storage facilities, data centers, and other
assets from third parties in transactions treated as asset acquisitions for federal income tax purposes. With respect to such asset
acquisitions, our general intent is to undertake structuring such that we may include the majority of acquired assets and operations
in a QRS from and after the closing, though other appropriate structuring involving greater use of TRSs may also be used. In general,
we believe that such asset acquisitions have not and will not materially impact our qualification for taxation as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Distributions to our Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As described above,
we expect to make distributions to our stockholders from time to time. These distributions may include cash distributions, in kind
distributions of property, and deemed or constructive distributions resulting from capital market activities. The United States
federal income tax treatment of our distributions will vary based on the status of the recipient stockholder as more fully described
below under the headings &ldquo;&mdash;Taxation of Taxable U.S. Stockholders,&rdquo; &ldquo;&mdash;Taxation of Tax-Exempt U.S.
Stockholders,&rdquo; and &ldquo;&mdash;Taxation of Non-U.S. Stockholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 302 of the IRC treats a redemption
of our stock for cash only as a distribution under Section 301 of the IRC, and hence taxable as a dividend to the extent of our
available current or accumulated earnings and profits, unless the redemption satisfies one of the tests set forth in Section 302(b)
of the IRC enabling the redemption to be treated as a sale or exchange of the shares of our stock. The redemption for cash only
will be treated as a sale or exchange if it (a) is &ldquo;substantially disproportionate&rdquo; with respect to the surrendering
stockholder&rsquo;s ownership in us, (b) results in a &ldquo;complete termination&rdquo; of the surrendering stockholder&rsquo;s
entire share interest in us, or (c) is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to the surrendering
stockholder, all within the meaning of Section 302(b) of the IRC. In determining whether any of these tests have been met, a stockholder
must generally take into account shares of our stock considered to be owned by such stockholder by reason of constructive ownership
rules set forth in the IRC, as well as shares of our stock actually owned by such stockholder. In addition, if a redemption is
treated as a distribution under the preceding tests, then a stockholder&rsquo;s tax basis in the redeemed shares of our stock generally
will be transferred to the stockholder&rsquo;s remaining shares of our stock, if any, and if such stockholder owns no other shares
of our stock, such basis generally may be transferred to a related person or may be lost entirely. Because the determination as
to whether a stockholder will satisfy any of the tests of Section 302(b) of the IRC depends upon the facts and circumstances at
the time that shares of our stock are redeemed, we urge you to consult your own tax advisor to determine the particular tax treatment
of any redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Taxable U.S. Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For noncorporate U.S. stockholders, to the
extent that their total adjusted income does not exceed applicable thresholds, the maximum federal income tax rate for long-term
capital gains and most corporate dividends is generally 15%. For those noncorporate U.S. stockholders whose total adjusted income
exceeds the applicable thresholds, the maximum federal income tax rate for long-term capital gains and most corporate dividends
is generally 20%. However, because we generally are not subject to federal income tax on the portion of our &ldquo;real estate
investment trust taxable income&rdquo; distributed to our stockholders, dividends on our stock generally are not eligible for these
preferential tax rates, except that any distribution of C corporation earnings and profits, taxed built-in gain items (including
our depreciation recapture income that is subject to this tax), and recognized dividend income in respect of foreign earnings and
profits from qualifying TRSs will potentially be eligible for these preferential tax rates for qualified dividend income. These
exceptions have been and are expected to be operative from time to time, including on account of our integration of acquired subsidiaries
into our QRSs and TRSs, such that some portion of our dividends from time to time have been and are expected to be eligible for
the preferential tax rates for qualified dividend income. Our ordinary dividends generally are taxed at the higher federal income
tax rates applicable to ordinary income (subject to the lower effective tax rates applicable to qualified REIT dividends via the
deduction-without-outlay mechanism of Section 199A of the IRC, which is generally available to our noncorporate U.S. stockholders
for taxable years before 2026). To summarize, the preferential federal income tax rates for long-term capital gains and for qualified
dividends generally apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>long-term capital gains, if any, recognized on the disposition of shares of our stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>our distributions designated as long-term capital gain dividends (except to the extent attributable to real estate depreciation
recapture, in which case the distributions are subject to a maximum 25% federal income tax rate);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>our dividends attributable to dividend income, if any, received by us from C corporations such as domestic TRSs and qualifying
foreign TRSs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>our dividends attributable to earnings and profits that we inherit from C corporations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: left">our dividends to the extent attributable to income upon which we have paid federal corporate income tax (such as depreciation
recapture income or sale gains subject to taxes on built-in gains), net of the corporate income taxes thereon.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As long as we qualify for taxation as a
REIT, a distribution to our U.S. stockholders that we do not designate as a capital gain dividend generally will be treated as
an ordinary income dividend to the extent of our available current or accumulated earnings and profits (subject to the lower effective
tax rates applicable to qualified REIT dividends via the deduction-without-outlay mechanism of Section 199A of the IRC, which is
generally available to our noncorporate U.S. stockholders for taxable years before 2026). Distributions made out of our current
or accumulated earnings and profits that we properly designate as capital gain dividends generally will be taxed as long-term capital
gains, as described below, to the extent they do not exceed our actual net capital gain for the taxable year. However, corporate
stockholders may be required to treat up to 20% of any capital gain dividend as ordinary income under Section&nbsp;291 of the IRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we may elect to retain net
capital gain income and treat it as constructively distributed. In that case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>we will be taxed at regular corporate capital gains tax rates on retained amounts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>each of our U.S. stockholders will be taxed on its designated proportionate share of our retained net capital gains as though
that amount was distributed and designated as a capital gain dividend;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>each of our U.S. stockholders will receive a credit or refund for its designated proportionate share of the tax that we pay;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>each of our U.S. stockholders will increase its adjusted basis in our stock by the excess of the amount of its proportionate
share of these retained net capital gains over the U.S. stockholder&rsquo;s proportionate share of the tax that we pay; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>both we and our corporate stockholders will make commensurate adjustments in our respective earnings and profits for federal
income tax purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we elect to retain our net capital gains in this fashion,
we will notify our U.S. stockholders of the relevant tax information within sixty days after the close of the affected taxable
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If for any taxable year we designate capital
gain dividends for our stockholders, then a portion of the capital gain dividends we designate will be allocated to the holders
of a particular class of stock on a percentage basis equal to the ratio of the amount of the total dividends paid or made available
for the year to the holders of that class of stock to the total dividends paid or made available for the year to holders of all
outstanding classes of our stock. We will similarly designate the portion of any dividend that is to be taxed to noncorporate U.S.
stockholders at preferential maximum rates (including any qualified dividend income and any capital gains attributable to real
estate depreciation recapture that are subject to a maximum 25% federal income tax rate) so that the designations will be proportionate
among all outstanding classes of our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions in excess of our current or
accumulated earnings and profits will not be taxable to a U.S. stockholder to the extent that they do not exceed the stockholder&rsquo;s
adjusted tax basis in our stock, but will reduce the stockholder&rsquo;s basis in such stock. To the extent that these excess distributions
exceed a U.S. stockholder&rsquo;s adjusted basis in such stock, they will be included in income as capital gain, with long-term
gain generally taxed to noncorporate U.S. stockholders at preferential maximum rates. No U.S. stockholder may include on its federal
income tax return any of our net operating losses or any of our capital losses. In addition, no portion of any of our dividends
is eligible for the dividends received deduction for corporate stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a dividend is declared in October, November&nbsp;or
December&nbsp;to stockholders of record during one of those months and is paid during the following January, then for federal income
tax purposes the dividend will be treated as having been both paid and received on December&nbsp;31 of the prior taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The preferential tax rates available to
noncorporate U.S. stockholders for qualified dividend income are not available unless the stock on which an otherwise qualifying
dividend is paid has been held for 61 days or more during the 121-day period beginning 60 days before the date on which the stock
becomes ex-dividend. For purposes of calculating this 61-day holding period, any period in which the stockholder has an option
to sell, is under a contractual obligation to sell or has made and not closed a short sale of our stock, has granted certain options
to buy substantially identical stock or securities, or holds one or more other positions in substantially similar or related property
that diminishes the risk of loss from holding our stock, will not be counted toward the required holding period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A U.S. stockholder will generally recognize
gain or loss equal to the difference between the amount realized and the stockholder&rsquo;s adjusted basis in our stock that is
sold or exchanged. This gain or loss will be capital gain or loss, and will be long-term capital gain or loss if the stockholder&rsquo;s
holding period in the stock exceeds one year. In addition, any loss upon a sale or exchange of our stock held for six months or
less will generally be treated as a long-term capital loss to the extent of any long-term capital gain dividends we paid on such
stock during the holding period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">U.S. stockholders who are individuals, estates
or trusts are generally required to pay a 3.8% Medicare tax on their net investment income (including dividends on our stock (without
regard to any deduction allowed by Section 199A of the IRC) and gains from the sale or other disposition of our stock), or in the
case of estates and trusts on their net investment income that is not distributed, in each case to the extent that their total
adjusted income exceeds applicable thresholds. U.S. stockholders are urged to consult their tax advisors regarding the application
of the 3.8% Medicare tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a U.S. stockholder recognizes a loss
upon a disposition of our stock in an amount that exceeds a prescribed threshold, it is possible that the provisions of Treasury
regulations involving &ldquo;reportable transactions&rdquo; could apply, with a resulting requirement to separately disclose the
loss-generating transaction to the IRS. These Treasury regulations are written quite broadly, and apply to many routine and simple
transactions. A reportable transaction currently includes, among other things, a sale or exchange of stock resulting in a tax loss
in excess of (a)&nbsp;$10&nbsp;million in any single year or $20&nbsp;million in a prescribed combination of taxable years in the
case of stock held by a C corporation or by a partnership with only C corporation partners or (b)&nbsp;$2 million in any single
year or $4&nbsp;million in a prescribed combination of taxable years in the case of stock held by any other partnership or an S
corporation, trust or individual, including losses that flow through pass through entities to individuals. A taxpayer discloses
a reportable transaction by filing IRS Form&nbsp;8886 with its federal income tax return and, in the first year of filing, a copy
of Form&nbsp;8886 must be sent to the IRS&rsquo;s Office of Tax Shelter Analysis. The annual maximum penalty for failing to disclose
a reportable transaction is generally $10,000 in the case of a natural person and $50,000 in any other case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Noncorporate U.S. stockholders who borrow
funds to finance their acquisition of our stock could be limited in the amount of deductions allowed for the interest paid on the
indebtedness incurred. Under Section&nbsp;163(d)&nbsp;of the IRC, interest paid or accrued on indebtedness incurred or continued
to purchase or carry property held for investment is generally deductible only to the extent of the investor&rsquo;s net investment
income. A U.S. stockholder&rsquo;s net investment income will include ordinary income dividend distributions received from us and,
only if an appropriate election is made by the stockholder, capital gain dividend distributions and qualified dividends received
from us; however, distributions treated as a nontaxable return of the stockholder&rsquo;s basis will not enter into the computation
of net investment income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Tax-Exempt U.S. Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rules&nbsp;governing the federal income
taxation of tax-exempt entities are complex, and the following discussion is intended only as a summary of material considerations
of an investment in our stock relevant to such investors. If you are a tax-exempt stockholder, we urge you to consult with your
own tax advisor to determine the impact of federal, state, local and foreign tax laws, including any tax return filing and other
reporting requirements, with respect to your acquisition of or investment in our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our distributions made to stockholders that
are tax-exempt pension plans, individual retirement accounts or other qualifying tax-exempt entities should not constitute UBTI,
provided that the stockholder has not financed its acquisition of our stock with &ldquo;acquisition indebtedness&rdquo; within
the meaning of the IRC, that the stock is not otherwise used in an unrelated trade or business of the tax-exempt entity, and that,
consistent with our present intent, we do not hold a residual interest in a real estate mortgage investment conduit or otherwise
hold mortgage assets or conduct mortgage securitization activities that generate &ldquo;excess inclusion&rdquo; income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Non-U.S. Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rules&nbsp;governing the United States
federal income taxation of non-U.S. stockholders are complex, and the following discussion is intended only as a summary of material
considerations of an investment in our stock relevant to such investors. If you are a non-U.S. stockholder, we urge you to consult
with your own tax advisor to determine the impact of United States federal, state, local and foreign tax laws, including any tax
return filing and other reporting requirements, with respect to your acquisition of or investment in our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect that a non-U.S. stockholder&rsquo;s
receipt of (a) distributions from us, and (b) proceeds from the sale of our stock, will not be treated as income effectively connected
with a United States trade or business and a non-U.S. stockholder will therefore not be subject to the often higher federal tax
and withholding rates, branch profits taxes and increased reporting and filing requirements that apply to income effectively connected
with a United States trade or business. This expectation and a number of the determinations below are predicated on our stock (including
our common stock) being listed on a United States national securities exchange, such as the New York Stock Exchange, or the NYSE.
Each class of our stock has been listed on a United States national securities exchange; however, we can provide no assurance that
our common stock will continue to be so listed in future taxable years or that any class of our stock that we may issue in the
future will be so listed. Moreover, although there is no definitive guidance on this issue, for purposes of the determinations
below during relevant periods prior to their delisting from the Australian Securities Exchange, we believe that our CHESS Depository
Interests that represented shares of our common stock are treated the same as our common stock because they were part of a class
of stock that is and was traded on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Distributions. </I>A distribution by
us to a non-U.S. stockholder that is not designated as a capital gain dividend will be treated as an ordinary income dividend to
the extent that it is made out of our current or accumulated earnings and profits. A distribution of this type will generally be
subject to United States federal income tax and withholding at the rate of 30%, or at a lower rate if the non-U.S. stockholder
has in the manner prescribed by the IRS demonstrated to the applicable withholding agent its entitlement to benefits under a tax
treaty. Because we cannot determine our current and accumulated earnings and profits until the end of the taxable year, withholding
at the statutory rate of 30% or applicable lower treaty rate will generally be imposed on the gross amount of any distribution
to a non-U.S. stockholder that we make and do not designate as a capital gain dividend. Notwithstanding this potential withholding
on distributions in excess of our current and accumulated earnings and profits, these excess portions of distributions are a nontaxable
return of capital to the extent that they do not exceed the non-U.S. stockholder&rsquo;s adjusted basis in our stock, and the nontaxable
return of capital will reduce the adjusted basis in such stock. To the extent that distributions in excess of our current and accumulated
earnings and profits exceed the non-U.S. stockholder&rsquo;s adjusted basis in our stock, the distributions will give rise to United
States federal income tax liability only in the unlikely event that the non-U.S. stockholder would otherwise be subject to tax
on any gain from the sale or exchange of such stock, as described below under the heading &ldquo;&mdash;Dispositions of Our Stock.&rdquo;
A non-U.S. stockholder may seek a refund from the IRS of amounts withheld on distributions to it in excess of such stockholder&rsquo;s
allocable share of our current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For so long as a class of our stock is listed
on a United States national securities exchange, capital gain dividends that we declare and pay to a non-U.S. stockholder on shares
of that class of stock, as well as dividends to a non-U.S. stockholder on shares of that class of stock attributable to our sale
or exchange of &ldquo;United States real property interests&rdquo; within the meaning of Section 897 of the IRC, or USRPIs, will
not be subject to withholding as though those amounts were effectively connected with a United States trade or business, and non-U.S.
stockholders will not be required to file United States federal income tax returns or pay branch profits tax in respect of these
dividends. Instead, these dividends will generally be treated as ordinary dividends and subject to withholding in the manner described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tax treaties may reduce the withholding
obligations on our distributions. Under some treaties, however, rates below 30% that are applicable to ordinary income dividends
from United States corporations may not apply to ordinary income dividends from a REIT or may apply only if the REIT meets specified
additional conditions. A non-U.S. stockholder must generally use an applicable IRS Form&nbsp;W-8, or substantially similar form,
to claim tax treaty benefits. If the amount of tax withheld with respect to a distribution to a non-U.S. stockholder exceeds the
stockholder&rsquo;s United States federal income tax liability with respect to the distribution, the non-U.S. stockholder may file
for a refund of the excess from the IRS. Treasury regulations also provide special rules&nbsp;to determine whether, for purposes
of determining the applicability of a tax treaty, our distributions to a non-U.S. stockholder that is an entity should be treated
as paid to the entity or to those owning an interest in that entity, and whether the entity or its owners are entitled to benefits
under the tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, contrary to our expectation, a class
of our stock was not listed on a United States national securities exchange and we made a distribution on that stock that was attributable
to gain from the sale or exchange of a USRPI, then a non-U.S. stockholder holding that stock would be taxed as if the distribution
was gain effectively connected with a trade or business in the United States conducted by the non-U.S. stockholder. In addition,
the applicable withholding agent would be required to withhold from a distribution to such a non-U.S. stockholder, and remit to
the IRS, up to 21% of the maximum amount of any distribution that was or could have been designated as a capital gain dividend.
The non-U.S. stockholder also would generally be subject to the same treatment as a U.S. stockholder with respect to the distribution
(subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of a nonresident alien individual),
would be subject to fulsome United States federal income tax return reporting requirements, and, in the case of a corporate non-U.S.
stockholder, may owe the up to 30% branch profits tax under Section 884 of the IRC (or lower applicable tax treaty rate) in respect
of these amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Dispositions of Our Stock</I>. If, as
expected, our stock is not a USRPI, then a non-U.S. stockholder&rsquo;s gain on the sale of our stock generally will not be subject
to United States federal income taxation or withholding. We expect that our stock will not be a USRPI because one or both of the
following exemptions will be available at all times. First, for so long as a class of our stock is listed on a United States national
securities exchange, a non-U.S. stockholder&rsquo;s gain on the sale of that stock will not be subject to United States federal
income taxation as a sale of a USRPI. Second, shares of our stock will not constitute USRPIs if we are a &ldquo;domestically controlled&rdquo;
REIT. We will be a &ldquo;domestically controlled&rdquo; REIT if less than 50% of the value of our stock (including any future
class of stock that we may issue) is held, directly or indirectly, by non-U.S. stockholders at all times during the preceding five
years, after applying specified presumptions regarding ownership of shares of our stock as described in Section 897(h)(4)(E) of
the IRC. For these purposes, we believe that the statutory ownership presumptions apply to validate our status as a &ldquo;domestically
controlled&rdquo; REIT. Accordingly, we believe that we are and will remain a &ldquo;domestically controlled&rdquo; REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, contrary to our expectation, a gain
on the sale of our stock is subject to United States federal income taxation (for example, because neither of the above exemptions
were then available, i.e., that class of our stock was not then listed on a United States national securities exchange and we were
not a &ldquo;domestically controlled&rdquo; REIT), then (a) a non-U.S. stockholder would generally be subject to the same treatment
as a U.S. stockholder with respect to its gain (subject to any applicable alternative minimum tax and a special alternative minimum
tax in the case of nonresident alien individuals), (b) the non-U.S. stockholder would also be subject to fulsome United States
federal income tax return reporting requirements, and (c) a purchaser of that class of our stock from the non-U.S. stockholder
may be required to withhold 15% of the purchase price paid to the non-U.S. stockholder and to remit the withheld amount to the
IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Reporting, Backup Withholding, and Foreign Account
Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information reporting, backup withholding,
and foreign account withholding may apply to distributions or proceeds paid to our stockholders under the circumstances described
below. If a stockholder is subject to backup or other United States federal income tax withholding, then the applicable withholding
agent will be required to withhold the appropriate amount with respect to a deemed or constructive distribution or a distribution
in kind even though there is insufficient cash from which to satisfy the withholding obligation. To satisfy this withholding obligation,
the applicable withholding agent may collect the amount of United States federal income tax required to be withheld by reducing
to cash for remittance to the IRS a sufficient portion of the property that the stockholder would otherwise receive or own, and
the stockholder may bear brokerage or other costs for this withholding procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amounts withheld under backup withholding
are generally not an additional tax and may be refunded by the IRS or credited against the stockholder&rsquo;s federal income tax
liability, provided that such stockholder timely files for a refund or credit with the IRS. A U.S. stockholder may be subject to
backup withholding when it receives distributions on our stock or proceeds upon the sale, exchange, redemption, retirement or other
disposition of our stock, unless the U.S. stockholder properly executes, or has previously properly executed, under penalties of
perjury an IRS Form&nbsp;W-9 or substantially similar form that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>provides the U.S. stockholder&rsquo;s correct taxpayer identification number;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>certifies that the U.S. stockholder is exempt from backup withholding because (a) it comes within an enumerated exempt category,
(b) it has not been notified by the IRS that it is subject to backup withholding, or (c) it has been notified by the IRS that it
is no longer subject to backup withholding; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>certifies that it is a United States citizen or other United States person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the U.S. stockholder has not provided and does not provide
its correct taxpayer identification number and appropriate certifications on an IRS Form&nbsp;W-9 or substantially similar form,
it may be subject to penalties imposed by the IRS, and the applicable withholding agent may have to withhold a portion of any distributions
or proceeds paid to such U.S. stockholder. Unless the U.S. stockholder has established on a properly executed IRS Form&nbsp;W-9
or substantially similar form that it comes within an enumerated exempt category, distributions or proceeds on our stock paid to
it during the calendar year, and the amount of tax withheld, if any, will be reported to it and to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions on our stock to a non-U.S.
stockholder during each calendar year and the amount of tax withheld, if any, will generally be reported to the non-U.S. stockholder
and to the IRS. This information reporting requirement applies regardless of whether the non-U.S. stockholder is subject to withholding
on distributions on our stock or whether the withholding was reduced or eliminated by an applicable tax treaty. Also, distributions
paid to a non-U.S. stockholder on our stock generally will be subject to backup withholding, unless the non-U.S. stockholder properly
certifies to the applicable withholding agent its non-U.S. stockholder status on an applicable IRS Form&nbsp;W-8 or substantially
similar form. Information reporting and backup withholding will not apply to proceeds a non-U.S. stockholder receives upon the
sale, exchange, redemption, retirement or other disposition of our stock, if the non-U.S. stockholder properly certifies to the
applicable withholding agent its non-U.S. stockholder status on an applicable IRS Form&nbsp;W-8 or substantially similar form.
Even without having executed an applicable IRS Form&nbsp;W-8 or substantially similar form, however, in some cases information
reporting and backup withholding will not apply to proceeds that a non-U.S. stockholder receives upon the sale, exchange, redemption,
retirement or other disposition of our stock if the non-U.S. stockholder receives those proceeds through a broker&rsquo;s foreign
office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Non-United States financial institutions
and other non-United States entities are subject to diligence and reporting requirements for purposes of identifying accounts and
investments held directly or indirectly by United States persons. The failure to comply with these additional information reporting,
certification and other requirements could result in a 30% United States withholding tax on applicable payments to non-United States
persons, notwithstanding any otherwise applicable provisions of an income tax treaty. In particular, a payee that is a foreign
financial institution that is subject to the diligence and reporting requirements described above must enter into an agreement
with the United States Department of the Treasury requiring, among other things, that it undertake to identify accounts held by
 &ldquo;specified United States persons&rdquo; or &ldquo;United States owned foreign entities&rdquo; (each as defined in the IRC
and administrative guidance thereunder), annually report information about such accounts, and withhold 30% on applicable payments
to noncompliant foreign financial institutions and account holders. Foreign financial institutions located in jurisdictions that
have an intergovernmental agreement with the United States with respect to these requirements may be subject to different rules.
The foregoing withholding regime generally applies to payments of dividends on our stock. In general, to avoid withholding, any
non-United States intermediary through which a stockholder owns our stock must establish its compliance with the foregoing regime,
and a non-U.S. stockholder must provide specified documentation (usually an applicable IRS Form W-8) containing information about
its identity, its status, and if required, its direct and indirect United States owners. Non-U.S. stockholders and stockholders
who hold our stock through a non-United States intermediary are encouraged to consult with their own tax advisors regarding foreign
account tax compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our tax treatment and that of our stockholders
may be modified by legislative, judicial or administrative actions at any time, which actions may have retroactive effect. The
rules&nbsp;dealing with federal income taxation are constantly under review by the United States Congress, the IRS and the United
States Department of the Treasury, and statutory changes, new regulations, revisions to existing regulations and revised interpretations
of established concepts are issued frequently. In general, changes in law or interpretation could have a more significant impact
on us as compared to other REITs due to the nature of our business and our substantial use of TRSs, particularly foreign TRSs.
Likewise, the rules&nbsp;regarding taxes other than United States federal income taxes may also be modified. No prediction can
be made as to the likelihood of passage of new tax legislation or other provisions, or the direct or indirect effect on us and
our stockholders. Revisions to tax laws and interpretations of these laws could adversely affect our ability to qualify and be
taxed as a REIT, as well as the tax or other consequences of an investment in our stock. We and our stockholders may also be subject
to taxation by state, local or other jurisdictions, including those in which we or our stockholders transact business or reside.
These tax consequences may not be comparable to the United States federal income tax consequences described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>4
<FILENAME>irm-20200213.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.2a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +K85w7xRiXgen8uNbXAsWaOMybPtzp5xKekhuWh3bUmq3yQrQVAYFyHrVHqGMawL -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2019-01-31" xmlns:srt="http://fasb.org/srt/2019-01-31" xmlns:srt-types="http://fasb.org/srt-types/2019-01-31" xmlns:irm="http://ironmountain.com/20200213" elementFormDefault="qualified" targetNamespace="http://ironmountain.com/20200213">
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	<link:roleType roleURI="http://ironmountain.com/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:linkbaseRef xlink:type="simple" xlink:href="irm-20200213_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
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    <import namespace="http://xbrl.sec.gov/dei/2019-01-31" schemaLocation="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2019-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2017-01-31" schemaLocation="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd" />
    <import namespace="http://fasb.org/srt/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd" />
</schema>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>irm-20200213_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.2a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>irm-20200213_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<TYPE>XML
<SEQUENCE>13
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.3.a.u2</span><table class="report" border="0" cellspacing="2" id="idp6631690816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 13, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 13,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-13045<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">IRON MOUNTAIN INCORPORATED<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001020569<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">23-2588479<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One Federal Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Boston<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">02110<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">617<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">535-4766<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $.01 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">IRM<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  },
  "r8": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r9": {
   "Name": "Form 10-Q",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-13"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
