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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | DEBT Long-term debt is as follows:
|  | SEPTEMBER 30, 2025 |  |  | DECEMBER 31, 2024
|  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE |  |  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE
Revolving Credit Facility(1) |  | $ | 233,000 |  |  | $ | (8,691) |  |  | $ | 224,309 |  |  | $ | 233,000 |  |  |  | $ | 121,000 |  |  | $ | (9,253) |  |  | $ | 111,747 |  |  | $ | 121,000 |
Term Loan A(1) |  | 493,750 |  |  | — |  |  | 493,750 |  |  | 493,750 |  |  |  | 216,016 |  |  | — |  |  | 216,016 |  |  | 216,016 |
Term Loan B(1) |  | 1,827,457 |  |  | (12,864) |  |  | 1,814,593 |  |  | 1,836,678 |  |  |  | 1,840,181 |  |  | (14,690) |  |  | 1,825,491 |  |  | 1,850,698 |
Virginia 3 Term Loans(2) |  | 271,079 |  |  | (1,634) |  |  | 269,445 |  |  | 271,079 |  |  |  | 271,079 |  |  | (3,013) |  |  | 268,066 |  |  | 271,079 |
Virginia 4/5 Term Loans(2) |  | 204,987 |  |  | (277) |  |  | 204,710 |  |  | 204,987 |  |  |  | 76,535 |  |  | (2,752) |  |  | 73,783 |  |  | 76,535 |
Virginia 6 Term Loans(2) |  | 210,000 |  |  | (3,126) |  |  | 206,874 |  |  | 210,000 |  |  |  | 137,495 |  |  | (4,605) |  |  | 132,890 |  |  | 137,495 |
Virginia 7 Term Loans(2) |  | 239,595 |  |  | (5,167) |  |  | 234,428 |  |  | 239,595 |  |  |  | 32,074 |  |  | (7,591) |  |  | 24,483 |  |  | 32,074 |
Australian Dollar Term Loan(2) |  | 260,778 |  |  | (1,989) |  |  | 258,789 |  |  | 262,606 |  |  |  | 175,813 |  |  | (265) |  |  | 175,548 |  |  | 176,655 |
UK Revolving Credit Facility |  | 188,186 |  |  | (2,458) |  |  | 185,728 |  |  | 188,186 |  |  |  | 175,503 |  |  | (1,034) |  |  | 174,469 |  |  | 175,503 |
GBP Notes(2) |  | 537,674 |  |  | (85) |  |  | 537,589 |  |  | 534,986 |  |  |  | 501,437 |  |  | (789) |  |  | 500,648 |  |  | 490,155 |
4 7/8% Notes due 2027(2)(3) |  | 1,000,000 |  |  | (2,844) |  |  | 997,156 |  |  | 995,000 |  |  |  | 1,000,000 |  |  | (3,910) |  |  | 996,090 |  |  | 972,500 |
5 1/4% Notes due 2028(2)(3) |  | 825,000 |  |  | (2,952) |  |  | 822,048 |  |  | 821,906 |  |  |  | 825,000 |  |  | (3,838) |  |  | 821,162 |  |  | 804,375 |
5% Notes due 2028(2)(3) |  | 500,000 |  |  | (2,050) |  |  | 497,950 |  |  | 496,250 |  |  |  | 500,000 |  |  | (2,592) |  |  | 497,408 |  |  | 481,250 |
7% Notes due 2029(2)(3) |  | 1,000,000 |  |  | (7,091) |  |  | 992,909 |  |  | 1,028,750 |  |  |  | 1,000,000 |  |  | (8,686) |  |  | 991,314 |  |  | 1,020,000 |
4 7/8% Notes due 2029(2)(3) |  | 1,000,000 |  |  | (5,786) |  |  | 994,214 |  |  | 983,750 |  |  |  | 1,000,000 |  |  | (6,871) |  |  | 993,129 |  |  | 945,000 |
5 1/4% Notes due 2030(2)(3) |  | 1,300,000 |  |  | (7,270) |  |  | 1,292,730 |  |  | 1,283,750 |  |  |  | 1,300,000 |  |  | (8,399) |  |  | 1,291,601 |  |  | 1,235,000 |
4 1/2% Notes(2)(3) |  | 1,100,000 |  |  | (6,741) |  |  | 1,093,259 |  |  | 1,050,500 |  |  |  | 1,100,000 |  |  | (7,674) |  |  | 1,092,326 |  |  | 1,001,000 |
5% Notes due 2032(2) |  | 750,000 |  |  | (8,921) |  |  | 741,079 |  |  | 720,938 |  |  |  | 750,000 |  |  | (9,900) |  |  | 740,100 |  |  | 688,125 |
5 5/8% Notes(2)(3) |  | 600,000 |  |  | (3,969) |  |  | 596,031 |  |  | 596,250 |  |  |  | 600,000 |  |  | (4,404) |  |  | 595,596 |  |  | 570,000 |
6 1/4% Notes(2)(3) |  | 1,200,000 |  |  | (13,202) |  |  | 1,186,798 |  |  | 1,222,500 |  |  |  | 1,200,000 |  |  | (14,517) |  |  | 1,185,483 |  |  | 1,194,000 |
4 3/4% Euro Senior Notes due 2034 (the "Euro Notes")(3)(4) |  | 1,408,423 |  |  | (17,205) |  |  | 1,391,218 |  |  | 1,410,184 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Mortgages, Financing Lease Liabilities and Other |  | 760,040 |  |  | (1,624) |  |  | 758,416 |  |  | 760,040 |  |  |  | 614,231 |  |  | (1,825) |  |  | 612,406 |  |  | 614,231 |
Accounts Receivable Securitization Program |  | 400,000 |  |  | (467) |  |  | 399,533 |  |  | 400,000 |  |  |  | 400,000 |  |  | (670) |  |  | 399,330 |  |  | 400,000 |
Total Long-term Debt |  | 16,309,969 |  |  | (116,413) |  |  | 16,193,556 |  |  |  |  |  | 13,836,364 |  |  | (117,278) |  |  | 13,719,086 |  |  |
Less Current Portion |  | (699,320) |  |  | — |  |  | (699,320) |  |  |  |  |  | (715,109) |  |  | — |  |  | (715,109) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 15,610,649 |  |  | $ | (116,413) |  |  | $ | 15,494,236 |  |  |  |  |  | $ | 13,121,255 |  |  | $ | (117,278) |  |  | $ | 13,003,977 |  |  |
(1)Collectively, the "Credit Agreement". The Credit Agreement consists of a revolving credit facility (the "Revolving Credit Facility"), a term loan A facility (the "Term Loan A") and a term loan B facility (the "Term Loan B"). The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2025 was $2,504,559 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 6.0% as of September 30, 2025. (2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. (3)Collectively, the "Parent Notes". Iron Mountain Incorporated ("IMI") is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by the Note Guarantors. These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. (4)The fair value (Level 2 of the fair value hierarchy described in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report) of this debt instrument is based on a quoted market price for comparable notes on September 30, 2025. See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding our long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments, which are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of September 30, 2025). CREDIT AGREEMENT On June 18, 2025, we amended the Credit Agreement, which resulted in an increase in the principal amount of the Term Loan A from $218,750 to $500,000. Quarterly principal payments of approximately $6,250 on the Term Loan A commenced in September 2025. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. AUSTRALIAN DOLLAR TERM LOAN On June 25, 2025, Iron Mountain Australia Group Pty, Ltd., a wholly owned subsidiary of IMI, amended its AUD Term Loan, which resulted in: •an extension of the maturity date from September 30, 2026 to September 30, 2030, •an increase in the original principal amount from 350,000 Australian dollars to 400,000 Australian dollars and •a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.
The amended loan was issued at 99.5% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 10,000 Australian dollars per year, with the remaining balance due September 2030. As of September 30, 2025, we had 397,500 Australian dollars (or $262,606, based upon the exchange rate between the United States dollar and the Australian dollar as of September 30, 2025) outstanding on the AUD Term Loan and the interest rate in effect under the AUD Term Loan was 7.2%. All other material terms of the AUD Term Loan remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. |  |  | OUTSTANDING BORROWINGS AU$397,500 7.2% Interest Rate As of September 30, 2025
UK REVOLVING CREDIT FACILITY
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited, wholly owned subsidiaries of IMI (collectively, the "UK Borrowers"), have a British pounds sterling Revolving Credit Facility (the "UK Revolving Credit Facility"). The maximum amount permitted to be borrowed under the UK Revolving Credit Facility is 140,000 British pounds sterling, which was fully drawn as of September 30, 2025. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Revolving Credit Facility. On July 11, 2025, the UK Borrowers amended the UK Revolving Credit Facility to extend the maturity date from September 24, 2026 to September 24, 2028. As of September 30, 2025, the interest rate in effect under the UK Revolving Credit Facility was 6.1%. All other material terms of the UK Revolving Credit Facility remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. |  |  | MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 6.1% Interest Rate As of September 30, 2025
SEPTEMBER 2025 OFFERING On September 10, 2025, IMI completed a private offering of:
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | MATURITY DATE | INTEREST PAYMENT DUE | PAR CALL DATE(1)
Euro Notes | € | 1,200,000 |  | January 15, 2034 | January 15 and July 15 | September 10, 2028
(1)We may redeem the Euro Notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the Euro Notes at the redemption price or make-whole premium specified in the indenture governing the Euro Notes, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the Euro Notes at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date. The Euro Notes were issued at par and have a contractual interest rate of 4.75%. The total net proceeds from the issuance, after deducting the initial purchasers' commissions, of approximately 1,188,000 Euros (or $1,390,651, based upon the exchange rate between the Euro and the United States dollar on September 10, 2025 (the settlement date for the Euro Notes)), were used to repay a portion of the outstanding borrowings under the Revolving Credit Facility and will be used to repay the GBP Notes in the fourth quarter of 2025. As of September 30, 2025, we had 1,200,000 Euros (or $1,408,423, based upon the exchange rate between the United States dollar and the Euro as of September 30, 2025) outstanding on the Euro Notes. LETTERS OF CREDIT As of September 30, 2025, we have outstanding letters of credit totaling $75,835, of which $12,441 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between October 2025 and May 2027. DEBT COVENANTS The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis, and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness. The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR")-based calculations and the bond indentures use earnings before interest, taxes, depreciation and amortization ("EBITDA")-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of September 30, 2025. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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