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Stockholders' Equity Matters | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Stockholders' Equity Matters | STOCKHOLDERS' EQUITY MATTERS Our board of directors has adopted a dividend policy under which we have paid, and in the future intend to pay, quarterly cash dividends on our common stock. The amount and timing of future dividends will continue to be subject to the approval of our board of directors, in its sole discretion, and to applicable legal requirements. In 2022, 2023 and 2024, our board of directors declared the following dividends:
DECLARATION DATE | DIVIDEND PER SHARE |  | RECORD DATE |  | TOTAL AMOUNT |  | PAYMENT DATE
February 24, 2022 | $ | 0.6185 |  |  | March 15, 2022 |  | $ | 179,661 |  |  | April 6, 2022
April 28, 2022 | 0.6185 |  |  | June 15, 2022 |  | 179,781 |  |  | July 6, 2022
August 4, 2022 | 0.6185 |  |  | September 15, 2022 |  | 179,790 |  |  | October 4, 2022
November 3, 2022 | 0.6185 |  |  | December 15, 2022 |  | 179,866 |  |  | January 5, 2023
February 23, 2023 | 0.6185 |  |  | March 15, 2023 |  | 180,339 |  |  | April 5, 2023
May 4, 2023 | 0.6185 |  |  | June 15, 2023 |  | 180,493 |  |  | July 6, 2023
August 3, 2023 | 0.6500 |  |  | September 15, 2023 |  | 189,730 |  |  | October 5, 2023
November 2, 2023 | 0.6500 |  |  | December 15, 2023 |  | 189,886 |  |  | January 4, 2024
February 22, 2024 | 0.6500 |  |  | March 15, 2024 |  | 190,506 |  |  | April 4, 2024
May 2, 2024 | 0.6500 |  |  | June 17, 2024 |  | 190,643 |  |  | July 5, 2024
August 1, 2024 | 0.7150 |  |  | September 16, 2024 |  | 209,776 |  |  | October 3, 2024
November 6, 2024 | 0.7150 |  |  | December 16, 2024 |  | 209,913 |  |  | January 7, 2025
On February 13, 2025, we declared a dividend to our stockholders of record as of March 17, 2025 of $0.7850 per share, payable on April 4, 2025. During the years ended December 31, 2024, 2023 and 2022, we declared dividends in an aggregate and per share amount, based on the weighted average number of common shares outstanding during each respective year, as follows:
| YEAR ENDED DECEMBER 31,
| 2024 |  | 2023 |  | 2022
Declared distributions | $ | 800,838 |  |  | $ | 740,448 |  |  | $ | 719,098 |
Amount per share each distribution represents based on weighted average number of common shares outstanding | 2.73 |  |  | 2.54 |  |  | 2.47 |
For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends (potentially eligible for the lower effective tax rates available for "qualified REIT dividends"), qualified ordinary dividends or return of capital. The United States Internal Revenue Service requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend. In addition, certain of our distributions qualify as capital gain distributions. For the years ended December 31, 2024, 2023 and 2022, the dividends we paid on our common shares were classified as follows:
| YEAR ENDED DECEMBER 31,
| 2024 |  | 2023 |  | 2022
Nonqualified ordinary dividends | 82.6 | % |  | 98.2 | % |  | 90.4 | %
Qualified ordinary dividends(1) | — | % |  | 0.8 | % |  | — | %
Capital gains(2) | — | % |  | — | % |  | 9.6 | %
Return of capital | 17.4 | % |  | 1.0 | % |  | — | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
(1)During the year ended December 31, 2023, the percentage of our dividends that was classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits during the year ended December 31, 2023. (2)During the year ended December 31, 2022, the percentage of our dividends that was classified as capital gains primarily related to the sale of land and buildings in the United States and Canada. NONCONTROLLING INTERESTS During the quarter ended September 30, 2024, a put option available to our partner in our Iron Mountain Data Centers Virginia 4/5 JV, LP joint venture expired, triggering a change in the presentation of the related noncontrolling interest. Prior to September 30, 2024, the noncontrolling interest of approximately $53,400 was presented as Redeemable noncontrolling interests in our Consolidated Balance Sheets. Our partner's interest is now presented as Noncontrolling interests in our Consolidated Balance Sheet. During the quarter ended September 30, 2024, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 6/7 JV, LLC joint venture, which resulted in an initial Noncontrolling interest of approximately $103,100 recorded in our Consolidated Balance Sheet at September 30, 2024.

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