Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-13045 | ||
Entity Registrant Name | IRON MOUNTAIN INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 23-2588479 | ||
Entity Address, Address Line One | One Federal Street | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02110 | ||
City Area Code | 617 | ||
Local Phone Number | 535-4766 | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | ||
Trading Symbol | IRM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12.1 | ||
Entity Common Stock, Shares Outstanding | 289,830,119 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCECertain information required in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K (the “Annual Report”) is incorporated by reference from our definitive Proxy Statement for our 2022 Annual Meeting of Stockholders (our “Proxy Statement”) to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the close of the fiscal year ended December 31, 2021. | ||
Entity Central Index Key | 0001020569 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Boston, Massachusetts |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 255,828 | $ 205,063 |
Accounts receivable (less allowances of $62,009 and $56,981 as of December 31, 2021 and 2020, respectively) | 961,419 | 859,344 |
Prepaid expenses and other | 224,020 | 205,380 |
Total Current Assets | 1,441,267 | 1,269,787 |
Property, Plant and Equipment: | ||
Property, plant and equipment | 8,647,303 | 8,246,337 |
Less—Accumulated depreciation | (3,979,159) | (3,743,894) |
Property, Plant and Equipment, net | 4,668,144 | 4,502,443 |
Other Assets, Net: | ||
Goodwill | 4,463,531 | 4,557,609 |
Customer relationships, customer inducements and data center lease-based intangibles | 1,181,043 | 1,326,977 |
Operating lease right-of-use assets | 2,314,422 | 2,196,502 |
Other | 381,624 | 295,949 |
Total Other Assets, Net | 8,340,620 | 8,377,037 |
Total Assets | 14,450,031 | 14,149,267 |
Current Liabilities: | ||
Current portion of long-term debt | 309,428 | 193,759 |
Accounts payable | 369,145 | 359,863 |
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,032,537 | 1,146,288 |
Deferred revenue | 307,470 | 295,785 |
Total Current Liabilities | 2,018,580 | 1,995,695 |
Long-term Debt, net of current portion | 8,962,513 | 8,509,555 |
Long-term Operating Lease Liabilities, net of current portion | 2,171,472 | 2,044,598 |
Other Long-term Liabilities | 144,053 | 204,508 |
Deferred Income Taxes | 223,934 | 198,377 |
Commitments and Contingencies | ||
Redeemable Noncontrolling Interests | 72,411 | 59,805 |
Iron Mountain Incorporated Stockholders’ Equity: | ||
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) | 0 | 0 |
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 289,757,061 shares and 288,273,049 shares as of December 31, 2021 and 2020, respectively) | 2,898 | 2,883 |
Additional paid-in capital | 4,412,553 | 4,340,078 |
(Distributions in excess of earnings) Earnings in excess of distributions | (3,221,152) | (2,950,339) |
Accumulated other comprehensive items, net | (338,347) | (255,893) |
Total Iron Mountain Incorporated Stockholders’ Equity | 855,952 | 1,136,729 |
Noncontrolling Interests | 1,116 | 0 |
Total Equity | 857,068 | 1,136,729 |
Total Liabilities and Equity | $ 14,450,031 | $ 14,149,267 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 62,009 | $ 56,981 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 289,757,061 | 288,273,049 |
Common Stock, Shares, Outstanding | 289,757,061 | 288,273,049 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Storage rental | $ 2,870,119 | $ 2,754,091 | $ 2,681,087 |
Service | 1,621,412 | 1,393,179 | 1,581,497 |
Total Revenues | 4,491,531 | 4,147,270 | 4,262,584 |
Operating Expenses: | |||
Cost of sales (excluding depreciation and amortization) | 1,887,229 | 1,757,342 | 1,833,315 |
Selling, general and administrative | 1,022,559 | 949,215 | 991,664 |
Depreciation and amortization | 680,422 | 652,069 | 658,201 |
Acquisition and Integration Costs | 12,764 | 0 | 13,293 |
Restructuring Charges | 206,426 | 194,396 | 48,597 |
Intangible impairments | 0 | 23,000 | 0 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (172,041) | (363,537) | (63,824) |
Total Operating Expenses | 3,637,359 | 3,212,485 | 3,481,246 |
Operating (Loss) Income | 854,172 | 934,785 | 781,338 |
Interest Expense, Net (includes Interest Income of $7,341, $8,312 and $6,559 in 2021, 2020 and 2019, respectively) | 417,961 | 418,535 | 419,298 |
Other (Income) Expense, Net | (192,804) | 143,545 | 33,898 |
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes | 629,015 | 372,705 | 328,142 |
Provision (Benefit) for Income Taxes | 176,290 | 29,609 | 59,931 |
Income (Loss) from Continuing Operations | 452,725 | 343,096 | 268,211 |
Income (Loss) from Discontinued Operations, Net of Tax | 0 | 0 | 104 |
Net Income (Loss) | 452,725 | 343,096 | 268,315 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2,506 | 403 | 938 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ 450,219 | $ 342,693 | $ 267,377 |
Earnings (Losses) per Share: | |||
Net income (loss) per share attributable to Iron Mountain Incorporated -basic (in dollars per share) | $ 1.56 | $ 1.19 | $ 0.93 |
Net income (loss) attributable to iron mountain incorporated - dilute (in dollars per share) | $ 1.55 | $ 1.19 | $ 0.93 |
Weighted Average Common Shares Outstanding: | |||
Weighted average common shares outstanding-basic (in shares) | 289,457,000 | 288,183,000 | 286,971,000 |
Weighted average common shares outstanding-diluted (in shares) | 290,975,090 | 288,643,190 | 287,686,944 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Interest expense | $ 7,341 | $ 8,312 | $ 6,559 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 452,725 | $ 343,096 | $ 268,315 |
Other Comprehensive (Loss) Income: | |||
Foreign Currency Translation Adjustment | (136,410) | 45,779 | 11,994 |
Change in Fair Value of Derivative Instruments | 52,380 | (39,947) | (8,783) |
Total Other Comprehensive Income (Loss) | (84,030) | 5,832 | 3,211 |
Comprehensive Income (Loss) | 368,695 | 348,928 | 271,526 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 930 | (453) | 1,066 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ 367,765 | $ 349,381 | $ 270,460 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Adjustment | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | EARNINGS IN EXCESS OF DISTRIBUTIONS (DISTRIBUTIONS IN EXCESS OF EARNINGS) | EARNINGS IN EXCESS OF DISTRIBUTIONS (DISTRIBUTIONS IN EXCESS OF EARNINGS)Adjustment | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS |
Stockholders' equity, beginning balance at Dec. 31, 2018 | $ 1,862,463 | $ 5,781 | $ 2,863 | $ 4,263,348 | $ (2,139,493) | $ 5,781 | $ (265,664) | $ 1,409 | |
Balance (in shares) at Dec. 31, 2018 | 286,321,009 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 36,682 | $ 10 | 36,672 | ||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | 978,636 | ||||||||
Changes in equity related redeemable noncontrolling interests | (1,454) | (1,454) | $ (3,136) | ||||||
Parent cash dividends declared | (708,561) | (708,561) | |||||||
Foreign currency translation adjustment | 11,866 | 11,866 | 0 | ||||||
Change in fair value of derivative instruments | (8,783) | (8,783) | |||||||
Net income (loss) | 266,233 | 267,377 | (1,144) | ||||||
Stockholders' equity, ending balance at Dec. 31, 2019 | 1,464,227 | $ 2,873 | 4,298,566 | (2,574,896) | (262,581) | 265 | |||
Balance (in shares) at Dec. 31, 2019 | 287,299,645 | ||||||||
Beginning of redeemable noncontrolling interests at Dec. 31, 2018 | 70,532 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Foreign currency translation adjustment | 128 | ||||||||
Net income (loss) | 2,082 | ||||||||
Noncontrolling interests dividends | (1,924) | ||||||||
Ending of redeemable noncontrolling interests at Dec. 31, 2019 | 67,682 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 37,995 | $ 10 | 37,985 | ||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | 973,404 | ||||||||
Changes in equity related redeemable noncontrolling interests | 3,527 | 3,527 | (4,924) | ||||||
Parent cash dividends declared | (718,136) | (718,136) | |||||||
Foreign currency translation adjustment | 46,748 | 46,635 | 113 | ||||||
Change in fair value of derivative instruments | (39,947) | (39,947) | |||||||
Net income (loss) | 342,315 | 342,693 | (378) | ||||||
Stockholders' equity, ending balance at Dec. 31, 2020 | $ 1,136,729 | $ 2,883 | 4,340,078 | (2,950,339) | (255,893) | 0 | |||
Balance (in shares) at Dec. 31, 2020 | 288,273,049 | 288,273,049 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Foreign currency translation adjustment | (969) | ||||||||
Net income (loss) | 781 | ||||||||
Noncontrolling interests dividends | (2,765) | ||||||||
Ending of redeemable noncontrolling interests at Dec. 31, 2020 | $ 59,805 | 59,805 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 84,004 | $ 15 | 83,989 | ||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | 1,484,012 | ||||||||
Changes in equity related redeemable noncontrolling interests | (11,514) | (11,514) | 11,682 | ||||||
Parent cash dividends declared | (721,032) | (721,032) | |||||||
Foreign currency translation adjustment | (135,165) | (134,834) | (331) | ||||||
Change in fair value of derivative instruments | 52,380 | 52,380 | |||||||
Purchase of noncontrolling interests | 1,311 | 1,311 | |||||||
Net income (loss) | 450,355 | 450,219 | 136 | ||||||
Stockholders' equity, ending balance at Dec. 31, 2021 | $ 857,068 | $ 2,898 | $ 4,412,553 | $ (3,221,152) | $ (338,347) | $ 1,116 | |||
Balance (in shares) at Dec. 31, 2021 | 289,757,061 | 289,757,061 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Foreign currency translation adjustment | (1,245) | ||||||||
Net income (loss) | 2,370 | ||||||||
Noncontrolling interests equity contributions | 2,200 | ||||||||
Noncontrolling interests dividends | (2,450) | ||||||||
Purchase of noncontrolling interests | 2,567 | ||||||||
Redemption of noncontrolling interests | (2,518) | ||||||||
Ending of redeemable noncontrolling interests at Dec. 31, 2021 | $ 72,411 | $ 72,411 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $ 452,725 | $ 343,096 | $ 268,315 |
(Income) loss from discontinued operations | 0 | 0 | (104) |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Depreciation | 465,072 | 447,562 | 456,323 |
Amortization (includes amortization of deferred financing costs and discounts of $16,548, $17,376 and $16,740 in 2021, 2020 and 2019, respectively) | 231,898 | 221,883 | 218,618 |
Intangible impairments | 0 | 23,000 | 0 |
Revenue reduction associated with amortization of permanent withdrawal fees and data center above- and below-market leases | 8,852 | 9,878 | 13,703 |
Stock-based compensation expense | 61,001 | 37,674 | 35,654 |
Provision (benefit) for deferred income taxes | 28,703 | (12,986) | (624) |
Loss on early extinguishment of debt | 0 | 68,300 | 0 |
Gain on IPM Divestment (as defined in Note 4) | (178,983) | 0 | 0 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (172,041) | (363,537) | (63,824) |
Foreign currency transactions and other, net | (6,656) | 78,437 | 29,838 |
(Increase) decrease in assets | (174,206) | (15,443) | 5,404 |
Increase (decrease) in liabilities | 42,537 | 149,793 | 3,352 |
Cash Flows from Operating Activities-Continuing Operations | 758,902 | 987,657 | 966,655 |
Cash Flows from Operating Activities-Discontinued Operations | 0 | 0 | 0 |
Cash Flows from Operating Activities | 758,902 | 987,657 | 966,655 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (611,082) | (438,263) | (692,983) |
Cash paid for acquisitions, net of cash acquired | (203,998) | (118,581) | (58,237) |
Acquisition of customer relationships | (5,892) | (4,346) | (46,105) |
Customer inducements | (7,402) | (10,644) | (9,371) |
Contract fulfillment costs and third party commissions | (58,524) | (60,020) | (76,171) |
Net proceeds from IPM Divestment | 213,878 | 0 | 0 |
Investments in Joint Ventures and other investments | (78,623) | (18,250) | (19,222) |
Proceeds from sales of property and equipment and other, net (including real estate) | 278,330 | 564,664 | 166,143 |
Cash Flows from Investing Activities-Continuing Operations | (473,313) | (85,440) | (735,946) |
Cash Flows from Investing Activities-Discontinued Operations | 0 | 0 | 5,061 |
Cash Flows from Investing Activities | (473,313) | (85,440) | (730,885) |
Cash Flows from Financing Activities: | |||
Repayment of revolving credit facilities, term loan facilities and other debt | (5,164,483) | (8,604,394) | (14,535,115) |
Proceeds from revolving credit facilities, term loan facilities and other debt | 4,972,214 | 7,939,458 | 14,059,818 |
Early redemption of senior subordinated and senior notes, including call premiums | 0 | (2,942,554) | 0 |
Net proceeds from sales of senior notes | 737,812 | 3,465,000 | 987,500 |
Debt repayment and equity distribution to noncontrolling interests | (2,450) | (2,765) | (1,924) |
Purchase of noncontrolling interest | (75,000) | 0 | 0 |
Parent cash dividends | (718,340) | (716,290) | (704,526) |
Net proceeds (payments) associated with employee stock-based awards | 25,860 | 321 | 1,027 |
Debt financing costs and other, net | 3,581 | ||
Debt financing costs and other, net | (25,475) | (5,753) | |
Cash Flows from Financing Activities-Continuing Operations | (220,806) | (886,699) | (198,973) |
Cash Flows from Financing Activities-Discontinued Operations | 0 | 0 | 0 |
Cash Flows from Financing Activities | (220,806) | (886,699) | (198,973) |
Effect of Exchange Rates on Cash and Cash Equivalents | (14,018) | (4,010) | (8,727) |
Increase (decrease) in Cash and Cash Equivalents | 50,765 | 11,508 | 28,070 |
Cash and cash equivalents, including Restricted Cash, beginning of year | 205,063 | 193,555 | 165,485 |
Cash and cash equivalents, including Restricted Cash, end of year | 255,828 | 205,063 | 193,555 |
Supplemental Information: | |||
Cash Paid for Interest | 428,111 | 390,332 | 394,984 |
Cash Paid for Income Taxes, Net | 130,292 | 43,468 | 61,691 |
Non-Cash Investing and Financing Activities: | |||
Financing Leases | 50,552 | 55,782 | 32,742 |
Accrued Capital Expenditures | 88,210 | 91,528 | 82,345 |
Accrued Purchase Price and Other Holdbacks | 0 | 0 | 4,135 |
Dividends Payable | $ 190,559 | $ 187,867 | $ 186,021 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Deferred financing costs and discount included in Amortization | $ 16,548 | $ 17,376 | $ 16,740 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | NATURE OF BUSINESS The accompanying financial statements represent the consolidated accounts of Iron Mountain Incorporated, a Delaware corporation (“IMI”), and its subsidiaries (“we” or “us”). We help organizations around the world protect their information, reduce storage costs, comply with regulations, facilitate corporate disaster recovery, and better use their information and information technology (“IT”) infrastructure for business advantages, regardless of its format, location or life cycle stage. We do this by storing physical records and data backup media, offering information management solutions, and providing data center space for enterprise-class colocation and opportunistic hyperscale deployments. We offer comprehensive records and information management services and data management services, along with the expertise and experience to address complex storage and information management challenges such as rising storage rental costs, legal and regulatory compliance, and disaster recovery requirements. We provide secure and reliable data center facilities to protect digital information and ensure the continued operation of our customers’ IT infrastructure, with reliable and flexible deployment options. In March 2020, the World Health Organization declared a novel strain of coronavirus (“COVID-19”) a pandemic. The broader impacts of the COVID-19 pandemic on our financial position, results of operations and cash flows, including impacts to the estimates we use in the preparation of our financial statements, remain uncertain and difficult to predict as information continues to evolve, and the severity and duration of the pandemic, including new variants of COVID-19 that may emerge, remains unknown, as is our visibility of its effect on the markets we serve and our customers within those markets. In October 2019, we announced a global program designed to better position us for future growth and achievement of our strategic objectives (“Project Summit”). As of December 31, 2021, we have completed Project Summit. See Note 13. We have been organized and have operated as a real estate investment trust for United States federal income tax purposes (“REIT”) beginning with our taxable year ended December 31, 2014. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESPRINCIPLES OF CONSOLIDATIONThe accompanying financial statements reflect our financial position, results of operations, comprehensive income (loss), equity and cash flows on a consolidated basis. All intercompany transactions and account balances have been eliminated.USE OF ESTIMATESThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. C. FOREIGN CURRENCY Local currencies are the functional currencies for our operations outside the United States, with the exception of certain foreign holding companies, whose functional currency is the United States dollar. In those instances where the local currency is the functional currency, assets and liabilities are translated at period-end exchange rates, and revenues and expenses are translated at average exchange rates for the applicable period. See Note 2.q. D. CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value. E. ALLOWANCE FOR DOUBTFUL ACCOUNTS AND CREDIT MEMO RESERVES We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes how entities will measure credit losses on most financial assets. The standard eliminates the probable initial recognition of estimated losses and provides a forward-looking expected credit loss model for accounts receivable, loans and other financial instruments. On January 1, 2020 we adopted ASU 2016-13 on a modified retrospective basis for all financial assets measured at amortized cost. The adoption of ASU 2016-13 did not result in a material impact on our consolidated financial statements. Under ASU 2016-13, we calculate and monitor our allowance considering future potential economic and macroeconomic conditions and reasonable and supportable forecasts for expected future collectability of our outstanding receivables, in addition to considering our past loss experience, current and prior trends in our aged receivables and credit memo activity. Our considerations when calculating our allowance include, but are not limited to, the following: the location of our businesses, the composition of our customer base, our product and service lines, potential future economic unrest, and potential future macroeconomic factors, including natural disasters and any impacts associated with the COVID-19 pandemic. Continued adjustments will be made should there be any material change to reasonable and supportable forecasts that may impact our likelihood of collection, as it becomes evident. Our highly diverse global customer base, with no single customer accounting for more than approximately 1% of revenue during the years ended December 31, 2021, 2020 and 2019, limits our exposure to concentration of credit risk. Additionally, we write off uncollectible balances as circumstances warrant, generally, no later than one year past due. Prior to our adoption of ASU 2016-13, we maintained an allowance for doubtful accounts for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. When calculating the allowance, we considered our past loss experience, current and prior trends in our aged receivables and credit memo activity, current economic conditions, and specific circumstances of individual receivable balances. If the financial condition of our customers were to significantly change, resulting in a significant improvement or impairment of their ability to make payments, an adjustment of the allowance might have been required. A rollforward of allowance for doubtful accounts and credit memo reserves is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF THE YEAR CREDIT MEMOS CHARGED TO REVENUE ALLOWANCE FOR BAD DEBTS CHARGED TO EXPENSE DEDUCTIONS AND OTHER (1) BALANCE AT 2021 $ 56,981 $ 47,931 $ 26,896 $ (69,799) $ 62,009 2020 42,856 55,118 34,411 (75,404) 56,981 2019 43,584 51,846 19,389 (71,963) 42,856 (1) Primarily consists of the issuance of credit memos, the write-off of accounts receivable, allowances associated with businesses acquired and the impact associated with currency translation adjustments. F. CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable. The only significant concentrations of liquid investments as of December 31, 2021 and 2020 related to cash and cash equivalents. At December 31, 2021 and 2020, we had money market funds with four “Triple A” rated money market funds and time deposits with one global bank. As per our risk management investment policy, we limit exposure to concentration of credit risk by limiting the amount invested in any one mutual fund to a maximum of 1% of the fund's total assets or in any one financial institution to a maximum of $75,000. See Note 2.o. G. PREPAID EXPENSES AND ACCRUED EXPENSES There are no prepaid expenses with items greater than 5% of total current assets as of December 31, 2021 and 2020. Accrued expenses and other current liabilities, with items greater than 5% of total current liabilities are shown separately, and consist of the following: DECEMBER 31, DESCRIPTION 2021 2020 Interest $ 124,764 $ 131,448 Dividends 190,559 187,867 Operating lease liabilities 259,597 250,239 Other 457,617 576,734 Accrued expenses and other current liabilities $ 1,032,537 $ 1,146,288 H. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years): DESCRIPTION RANGE Buildings and building improvements 5 to 40 Leasehold improvements 5 to 10 or life of the lease (whichever is shorter) Racking 1 to 20 or life of the lease (whichever is shorter) Warehouse equipment/vehicles 1 to 10 Furniture and fixtures 1 to 10 Computer hardware and software 2 to 5 Property, plant and equipment (including financing leases in the respective category), at cost, consist of the following: DECEMBER 31, DESCRIPTION 2021 2020 Land $ 372,411 $ 354,395 Buildings and building improvements 3,391,143 3,040,253 Leasehold improvements 1,054,757 969,273 Racking 2,075,473 2,083,199 Warehouse equipment/vehicles 494,464 499,787 Furniture and fixtures 50,692 52,978 Computer hardware and software 823,649 746,993 Construction in progress 384,714 499,459 Property, plant and equipment $ 8,647,303 $ 8,246,337 Minor maintenance costs are expensed as incurred. Major improvements which extend the life, increase the capacity or improve the safety or the efficiency of property owned are capitalized and depreciated. Major improvements to leased buildings are capitalized as leasehold improvements and depreciated. We capitalize interest expense during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. During the years ended December 31, 2021, 2020 and 2019, capitalized interest is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Capitalized interest $ 12,673 $ 14,321 $ 15,980 We develop various software applications for internal use. Computer software costs associated with internal use software are expensed as incurred until certain capitalization criteria are met. Third party consulting costs, as well as payroll and related costs for employees directly associated with, and devoting time to, the development of internal use computer software projects (to the extent time is spent directly on the project) are capitalized. Capitalization begins when the design stage of the application has been completed and it is probable that the project will be completed and used to perform the function intended. Capitalization ends when the asset is ready for its intended use. Depreciation begins when the software is placed in service. Computer software costs that are capitalized are periodically evaluated for impairment. During the years ended December 31, 2021, 2020 and 2019, capitalized costs associated with the development of internal use computer software projects are as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Capitalized costs associated with the development of internal use computer software projects $ 48,557 $ 38,329 $ 34,650 Entities are required to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. Asset retirement obligations represent the costs to replace or remove tangible long-lived assets required by law, regulatory rule or contractual agreement. Our asset retirement obligations are primarily the result of requirements under our facility lease agreements which generally have “return to original condition” clauses which would require us to remove or restore items such as shred pits, vaults, demising walls and office build-outs, among others. The significant assumptions used in estimating our aggregate asset retirement obligations are the timing of removals, the probability of a requirement to perform, estimated cost and associated expected inflation rates that are consistent with historical rates and credit-adjusted risk-free rates that approximate our incremental borrowing rate. Our asset retirement obligations at December 31, 2021 and 2020 were $36,493 and $34,537, respectively. I. LEASES We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. The majority of our leased facilities are classified as operating leases that, on average, have initial lease terms of five one one We account for all leases, both operating and financing, in accordance with Accounting Standards Codification ("ASC") Topic 842 Leases, ("ASC 842"). Our accounting policy provides that leases with an initial term of 12 months or less will not be included within the lease right-of-use assets and lease liabilities recognized on our Consolidated Balance Sheets. We will continue to recognize the lease payments for those leases with an initial term of 12 months or less in our Consolidated Statements of Operations on a straight-line basis over the lease term. The lease right-of-use assets and related lease liabilities are classified as either operating or financing. Lease right-of-use assets are calculated as the net present value of future payments plus any capitalized initial direct costs less any tenant improvements or lease incentives. Lease liabilities are calculated as the net present value of future payments. In calculating the present value of the lease payments, we utilize the rate stated in the lease (in the limited circumstances when such rate is explicitly stated) or, if no rate is explicitly stated, we utilize a rate that reflects our securitized incremental borrowing rate by geography for the lease term. We account for nonlease components (which include common area maintenance, taxes, and insurance) with the related lease component. Any variable nonlease components are not included within the lease right-of-use asset and lease liability on our Consolidated Balance Sheets, and instead, are reflected as an expense in the period incurred. At January 1, 2019, we recognized the cumulative effect of initially applying ASC 842 as an adjustment to the opening balance of (Distributions in excess of earnings) Earnings in excess of distributions, resulting in an increase of approximately $5,800 to stockholders’ equity due to certain build to suit leases that were accounted for as financing leases under ASC 840, Leases, but are accounted for as operating leases under ASC 842. Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2021 and 2020 are as follows: DECEMBER 31, DESCRIPTION 2021 2020 Assets: Operating lease right-of-use assets (1) $ 2,314,422 $ 2,196,502 Financing lease right-of-use assets, net of accumulated depreciation (2)(3) 298,049 310,534 Liabilities: Current Operating lease liabilities $ 259,597 $ 250,239 Financing lease liabilities (3) 41,168 43,149 Long-term Operating lease liabilities $ 2,171,472 $ 2,044,598 Financing lease liabilities (3) 315,561 323,162 (1) At December 31, 2021 and 2020, these assets are comprised of approximately 99% real estate related assets (which include land, buildings and racking) and 1% non-real estate related assets (which include warehouse equipment, vehicles, furniture and fixtures and computer hardware and software). (2) At December 31, 2021, these assets are comprised of approximately 69% real estate related assets and 31% non-real estate related assets. At December 31, 2020, these assets are comprised of approximately 72% real estate related assets and 28% non-real estate related assets. (3) Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Consolidated Balance Sheets. The components of the lease expense for the years ended December 31, 2021, 2020 and 2019 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2021 2020 2019 Operating lease cost (1) $ 545,097 $ 499,464 $ 459,619 Financing lease cost: Depreciation of financing lease right-of-use assets $ 50,970 $ 51,629 $ 59,258 Interest expense for financing lease liabilities 19,808 19,942 21,031 (1) Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $111,949, $111,501 and $105,922 for the years ended December 31, 2021, 2020 and 2019, respectively. Weighted average remaining lease terms and discount rates as of December 31, 2021 and 2020 are as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 OPERATING LEASES FINANCING LEASES OPERATING LEASES FINANCING LEASES Remaining Lease Term 10.9 years 10.9 years 11.1 years 11.5 years Discount Rate 6.6 % 5.9 % 6.9 % 5.9 % The estimated minimum future lease payments as of December 31, 2021, are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2022 $ 399,242 $ 5,838 $ 55,115 2023 380,690 5,208 50,122 2024 353,617 3,631 41,150 2025 328,320 1,504 38,600 2026 296,895 1,075 34,731 Thereafter 1,706,142 2,271 235,872 Total minimum lease payments 3,464,906 $ 19,527 455,590 Less amounts representing interest or imputed interest (1,033,837) (98,861) Present value of lease obligations $ 2,431,069 $ 356,729 (1) Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes. At December 31, 2021, we had 14 leases which we have signed but which have not yet commenced and are not included in our lease obligation table above. The total undiscounted minimum lease payments for these leases are approximately $456,700 and have lease terms that range from 10 to 25 years. Each of these leases is expected to commence during 2022. The largest of these leases is for a facility in the United Kingdom that is currently under construction. The exact terms of the lease will be determined upon the completion of building construction, which is expected to occur during late 2022. We expect the rent due in the first year of the lease to be approximately $5,000, and we expect the term of the lease to be approximately 25 years. Other information: Supplemental cash flow information relating to our leases for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: 2021 2020 2019 Operating cash flows used in operating leases $ 392,987 $ 360,088 $ 338,059 Operating cash flows used in financing leases (interest) 19,808 19,942 21,031 Financing cash flows used in financing leases 46,118 47,829 58,033 NON-CASH ITEMS: Operating lease modifications and reassessments $ 144,310 $ 143,382 $ 108,023 New operating leases (including acquisitions and sale-leaseback transactions) 282,490 370,011 170,464 J. LONG-LIVED ASSETS We review long-lived assets, including all finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the sum of the forecasted undiscounted net cash flows of the operation to which the assets relate to their carrying amount. The operations are generally distinguished by the business segment and geographic region in which they operate. If it is determined that we are unable to recover the carrying amount of the assets, the long-lived assets are written down, on a pro rata basis, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. Long-lived assets, including finite-lived intangible assets, are amortized over their useful lives. Annually, or more frequently if events or circumstances warrant, we assess whether a change in the lives over which long-lived assets, including finite-lived intangible assets, are amortized is necessary. Consolidated gain on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 (1) 2020 (1) 2019 Consolidated gain on disposal/write-down of property, plant and equipment, net $ 172,041 $ 363,537 $ 63,824 The gains primarily consisted of: • Gains associated with sale and sale-leaseback transactions of approximately $164,000, of which (i) approximately $127,400 relates to the sale-leaseback transactions of five facilities in the United Kingdom during the second quarter of 2021 and (ii) approximately $36,600 relates to the sale and sale-leaseback transactions of nine facilities in the United States during the fourth quarter of 2021. • Gains associated with sale-leaseback transactions of approximately $342,100, of which (i) approximately $265,600 relates to the sale-leaseback transactions of 14 facilities in the United States during the fourth quarter of 2020 and (ii) approximately $76,400 relates to the sale-leaseback transactions of two facilities in the United States during the third quarter of 2020. • Gains of approximately $24,100 associated with the Frankfurt JV Transaction (as defined in Note 3). • Gains associated with sale and sale-leaseback transactions of approximately $67,800 in the United States. • The sale of certain land and buildings of approximately $36,000 in the United Kingdom. Partially offset by losses from: • The impairment charge on the assets associated with the select offerings within our Iron Mountain Iron Cloud portfolio and loss on the subsequent sale of certain IT infrastructure assets and rights to certain hardware and maintenance contracts used to deliver these offerings of approximately $25,000. • The write-down of certain property, plant and equipment of approximately $15,700 in the United States. (1) The gains recognized associated with the sale and sale-leaseback transactions during the years ended December 31, 2021 and 2020 are part of our program to monetize a small portion of our industrial real estate assets. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in Note 2.i. K. GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS Goodwill and intangible assets with indefinite lives are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. Other than goodwill, we currently have no intangible assets that have indefinite lives and which are not amortized. We have selected October 1 as our annual goodwill impairment review date. We have performed our annual goodwill impairment review as of October 1, 2021, 2020 and 2019. We concluded that as of October 1, 2021, 2020 and 2019, goodwill was not impaired. During the first quarter of 2020, as discussed in greater detail below, we concluded that we had a triggering event related to our Fine Arts reporting unit, requiring us to perform an interim goodwill impairment test. We concluded that the fair value of our Fine Arts reporting unit was less than its carrying value, and, therefore, we recorded a $23,000 impairment charge on the goodwill associated with this reporting unit during the first quarter of 2020. The following is a discussion regarding (i) interim goodwill impairment review for our Fine Arts reporting unit during the first quarter of 2020 and (ii) the reporting units at which level we tested goodwill for impairment as of October 1, 2021 and 2020 and the composition of these reporting units at December 31, 2021 and 2020 (including the amount of goodwill associated with each reporting unit). When changes occur in the composition of one or more reporting units, the goodwill is reassigned to the reporting units affected based upon their relative fair values. I. INTERIM GOODWILL IMPAIRMENT REVIEW - FINE ARTS, FIRST QUARTER OF 2020 During the first quarter of 2020, we concluded that we had a triggering event related to our Fine Arts reporting unit, requiring us to perform an interim goodwill impairment test. The primary factor contributing to our conclusion was the expected impact of the COVID-19 pandemic to this particular business and its customers and revenue sources, which caused us to believe it was more likely than not that the carrying value of our Fine Arts reporting unit exceeded its fair value. During the first quarter of 2020, we performed an interim goodwill impairment test for our Fine Arts reporting unit utilizing a discounted cash flow model, with updated assumptions on future revenues, operating expenditures and capital expenditures. We concluded that the fair value of our Fine Arts reporting unit was less than its carrying value, and, therefore, we recorded a $23,000 impairment charge on the goodwill associated with this reporting unit during the first quarter of 2020. Factors that may impact these assumptions include, but are not limited to: (i) our ability to maintain, or grow, storage and retail service revenues in this reporting unit in line with current expectations and (ii) our ability to manage our fixed and variable costs in this reporting unit in line with potential future revenue declines. II. REPORTING UNITS AS OF OCTOBER 1, 2021 and 2020 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2021 and 2020 were as follows: • North America Records and Information Management ("North America RIM") • Europe Records and Information Management ("Europe RIM") • Latin America Records and Information Management ("Latin America RIM") • Australia and New Zealand Records and Information Management ("ANZ RIM") • Asia Records and Information Management ("Asia RIM") • Global Data Center • Fine Arts • Entertainment Services We concluded that the goodwill associated with each of our reporting units was not impaired as of such date. There were no changes to the composition of our reporting units between October 1, 2021 and December 31, 2021 and between October 1, 2020 and December 31, 2020. GOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2021 and 2020 The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2021 and 2020 is as follows: CARRYING VALUE AS OF SEGMENT REPORTING UNIT 2021 2020 Global RIM (as defined in Note 11) Business North America RIM $ 2,720,049 $ 2,719,182 Europe RIM 624,502 641,621 Latin America RIM 107,174 117,834 ANZ RIM 284,042 301,251 Asia RIM 240,494 244,294 Global Data Center Business Global Data Center 426,074 436,987 Corporate and Other Business Fine Arts 27,905 15,176 Entertainment Services 33,291 35,159 Technology Escrow Services (1) — 46,105 Total $ 4,463,531 $ 4,557,609 (1) The Technology Escrow Services reporting unit was divested in June 2021 (see Note 4). Reporting unit valuations have generally been determined using a combined approach based on the present value of future cash flows (the “Discounted Cash Flow Model”) and market multiples (the “Market Approach”). The Discounted Cash Flow Model incorporates significant assumptions including future revenue growth rates, operating margins, discount rates and capital expenditures. The Market Approach requires us to make assumptions related to Adjusted EBITDA (as defined in Note 11) multiples. Changes in economic and operating conditions impacting these assumptions or changes in multiples could result in goodwill impairments in future periods. In conjunction with our annual goodwill impairment reviews, we reconcile the sum of the valuations of all of our reporting units to our market capitalization as of such dates. The changes in the carrying value of goodwill attributable to each reportable operating segment for the years ended December 31, 2021 and 2020 are as follows: GLOBAL RIM GLOBAL CORPORATE TOTAL Goodwill balance, net of accumulated amortization, as of December 31, 2019 $ 3,942,901 $ 424,568 $ 117,740 $ 4,485,209 Non-tax deductible goodwill acquired during the year 54,258 — — 54,258 Goodwill impairment — — (23,000) (23,000) Fair value and other adjustments (3,815) — 403 (3,412) Currency effects 30,838 12,419 1,297 44,554 Goodwill balance, net of accumulated amortization, as of December 31, 2020 4,024,182 436,987 96,440 4,557,609 Non-tax deductible goodwill acquired during the year 14,406 — 13,141 27,547 Goodwill allocated to IPM Divestment — — (46,105) (46,105) Fair value and other adjustments (6,091) — (1,268) (7,359) Currency effects (56,236) (10,913) (1,012) (68,161) Goodwill balance, net of accumulated amortization, as of December 31, 2021 $ 3,976,261 $ 426,074 $ 61,196 $ 4,463,531 Accumulated Goodwill Impairment Balance as of December 31, 2020 $ 132,409 $ — $ 26,011 $ 158,420 Accumulated Goodwill Impairment Balance as of December 31, 2021 $ 132,409 $ — $ 26,011 $ 158,420 L. FINITE-LIVED INTANGIBLE ASSETS AND LIABILITIES I. CUSTOMER RELATIONSHIP INTANGIBLE ASSETS Customer relationship intangible assets, which are acquired through either business combinations or acquisitions of customer relationships, are amortized over periods ranging from 10 to 30 years. Customer relationship intangible assets are recorded based upon estimates of their fair value. II. CUSTOMER INDUCEMENTS Payments that are made to a customer’s current records management vendor in order to terminate the customer’s existing contract with that vendor (“Permanent Withdrawal Fees”), or direct payments to a customer for which no distinct benefit is received in return, are collectively referred to as "Customer Inducements". Customer Inducements are treated as a reduction of the transaction price over periods ranging from one III. DATA CENTER INTANGIBLE ASSETS AND LIABILITIES Finite-lived intangible assets associated with our Global Data Center Business consist of the following: DATA CENTER IN-PLACE LEASE INTANGIBLE ASSETS AND DATA CENTER TENANT RELATIONSHIP INTANGIBLE ASSETS Data Center In-Place Lease Intangible Assets (“Data Center In-Place Leases”) and Data Center Tenant Relationship Intangible Assets (“Data Center Tenant Relationships”) reflect the value associated with acquiring a data center operation with active tenants as of the date of acquisition. The value of Data Center In-Place Leases is determined based upon an estimate of the economic costs (such as lost revenues, tenant improvement costs, commissions, legal expenses and other costs to acquire new data center leases) avoided by acquiring a data center operation with active tenants that would have otherwise been incurred if the data center operation was purchased vacant. Data Center In-Place Leases are amortized over the weighted average remaining term of the acquired data center leases. The value of Data Center Tenant Relationships is determined based upon an estimate of the economic costs avoided upon lease renewal of the acquired tenants, based upon expectations of lease renewal. Data Center Tenant Relationships are amortized over the weighted average remaining anticipated life of the relationship with the acquired tenant. DATA CENTER ABOVE-MARKET AND BELOW-MARKET IN-PLACE LEASE INTANGIBLE ASSETS We record Data Center Above-Market In-Place Lease Intangible Assets (“Data Center Above-Market Leases”) and Data Center Below-Market In-Place Lease Intangible Assets (“Data Center Below-Market Leases”) at the net present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of the fair market lease rates for each corresponding in-place lease. Data Center Above-Market Leases and Data Center Below-Market Leases are amortized over the remaining non-cancellable term of the acquired in-place lease to storage revenue. The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2021 and 2020, respectively, are as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 DESCRIPTION GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT Assets: Customer relationship intangible assets (1) $ 1,835,949 $ (763,943) $ 1,072,006 $ 1,852,700 $ (668,547) $ 1,184,153 Customer inducements (1) 51,403 (28,400) 23,003 49,098 (26,923) 22,175 Data center lease-based intangible assets (1)(2) 278,904 (192,870) 86,034 269,988 (149,339) 120,649 Third-party commissions asset (3) 33,947 (13,716) 20,231 34,317 (8,761) 25,556 Liabilities: Data center below-market leases (4) $ 12,782 $ (6,923) $ 5,859 $ 12,854 $ (5,943) $ 6,911 (1) Included in Customer relationships, customer inducements and data center lease-based intangibles in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. (2) Data center lease-based intangible assets includes Data Center In-Place Leases, Data Center Tenant Relationships and Data Center Above-Market Leases. (3) Included in Other (within Other Assets, Net) in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. (4) Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of Customer Inducements and net revenue reduction associated with the amortization of Data Center Above-Market Leases and Data Center Below-Market Leases for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Amortization expense included in depreciation and amortization associated with: Customer relationship intangible assets $ 117,761 $ 117,514 $ 117,972 Data center in-place leases and tenant relationships 42,333 42,637 46,696 Third-party commissions asset and other finite-lived intangible assets 6,987 7,004 7,957 Revenue reduction associated with amortization of: Customer inducements and data center above-market and below-market leases $ 8,852 $ 9,878 $ 13,703 Estimated amortization expense for existing finite-lived intangible assets (excluding Contract Fulfillment Costs, as defined and disclosed in Note 2.r.) is as follows: ESTIMATED AMORTIZATION YEAR INCLUDED IN DEPRECIATION REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMEN |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS We account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired are recorded at their estimated fair values and the results of operations for each acquisition have been included in our consolidated results from their respective acquisition dates. A. ACQUISITIONS COMPLETED DURING THE YEAR ENDED DECEMBER 31, 2021 On September 15, 2021, in order to further expand our records management operations in the Middle East and North Africa, we acquired Information Fort, LLC, a records and information management provider, for approximately $90,300. On September 23, 2021, in order to further enhance our data center operations in Germany, we completed the acquisition of assets of a Frankfurt data center for approximately 77,900 Euros (or approximately $91,300, based upon the exchange rate between the Euro and the United States dollar on the closing date of this acquisition). In addition to the transactions noted above, during the year ended December 31, 2021, in order to enhance our existing operations in the United Kingdom and Indonesia and to expand our operations into Morocco, we completed the acquisition of two records management companies and one art storage company for total cash consideration of approximately $45,100. B. ACQUISITIONS COMPLETED DURING THE YEAR ENDED DECEMBER 31, 2020 Prior to January 9, 2020, we owned a 25% equity interest in OSG Records Management (Europe) Limited ("OSG"). On January 9, 2020, we acquired the remaining 75% equity interest in OSG for cash consideration of approximately $95,500 (the "OSG Acquisition"). The OSG Acquisition enabled us to extend our Global RIM Business in Russia, Ukraine, Kazakhstan, Belarus, and Armenia. The results of OSG are fully consolidated within our consolidated financial statements from the closing date of the OSG Acquisition. In connection with the OSG Acquisition, our previously held 25% equity investment in OSG was remeasured to fair value at the closing date of the OSG Acquisition; as a result, we recorded a gain of approximately $10,000 during the first quarter of 2020, which is included as a component of Other (income) expense, net on our Consolidated Statements of Operations. The fair value of the 25% equity investment in OSG was determined based on the purchase price of the OSG Acquisition. On February 17, 2020, in order to enhance our existing operations in the United Arab Emirates, we acquired Glenbeigh Records Management DWC-LLC, a storage and records management company, for total cash consideration of approximately $29,100. C. ACQUISITIONS COMPLETED DURING THE YEAR ENDED DECEMBER 31, 2019 During the year ended December 31, 2019, in order to enhance our existing operations in the United States, Colombia, Germany, Hong Kong, Latvia, Slovakia, Switzerland, Thailand and the United Kingdom and to expand our operations into Bulgaria, we completed the acquisition of 10 storage and records management companies and one art storage company for total cash consideration of approximately $51,000. The individual purchase prices of these acquisitions ranged from approximately $700 to $12,500. D. PURCHASE PRICE ALLOCATION A summary of the cumulative consideration paid and the allocation of the purchase price paid for all of our acquisitions (including asset acquisitions) in each respective year is as follows: 2021 2020 2019 Cash Paid (gross of cash acquired) (1) $ 224,192 $ 124,614 $ 53,230 Fair Value of Noncontrolling Interests 3,878 — — Purchase Price Holdbacks and Other 2,534 — 4,135 Fair Value of Investments Applied to Acquisitions — 27,276 — Total Consideration 230,604 151,890 57,365 Fair Value of Identifiable Assets Acquired: Cash 20,194 6,545 2,260 Accounts Receivable, Prepaid Expenses and Other Assets 26,911 16,559 3,102 Property, Plant and Equipment 150,095 52,021 5,396 Customer Relationship Intangible Assets (2) 35,181 79,065 22,071 Operating Lease Right-of-Use Assets 40,848 100,040 16,956 Data Center In-Place Leases (3) 4,994 — — Data Center Tenant Relationships (4) 4,682 — — Debt Assumed (9,026) (27,363) — Accounts Payable, Accrued Expenses and Other Liabilities (22,733) (19,564) (3,233) Operating Lease Liabilities (40,848) (100,040) (16,956) Deferred Income Taxes (7,221) (9,631) (1,813) Data Center Below-Market Leases (5) (20) — — Total Fair Value of Identifiable Net Assets Acquired 203,057 97,632 27,783 Goodwill Initially Recorded $ 27,547 $ 54,258 $ 29,582 (1) Cash paid for acquisitions, net of cash acquired in our Consolidated Statement of Cash Flows includes contingent and other payments of $0, $512 and $7,267 for the years ended December 31, 2021, 2020 and 2019, respectively, related to acquisitions made in the years prior to 2021, 2020 and 2019, respectively. (2) The weighted average lives of Customer Relationship Intangible Assets associated with acquisitions in 2021, 2020 and 2019 was 11 years, 14 years and 16 years, respectively. (3) The weighted average lives of Data Center In-Place Leases associated with acquisitions in 2021 was five years. (4) The weighted average lives of Data Center Tenant Relationships associated with acquisitions in 2021 was five years. (5) The weighted average lives of Data Center Below-Market Leases associated with acquisitions in 2021 was four years. Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon the finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete the valuations within the measurement periods, which are up to one year from the respective acquisition dates. The preliminary purchase price allocations that are not finalized as of December 31, 2021 relate to the final assessment of the fair values of intangible assets (primarily customer relationship intangible assets) and property, plant and equipment associated with the acquisitions we closed in 2021. |
Divestments
Divestments | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestments | DIVESTMENTS INTELLECTUAL PROPERTY MANAGEMENT BUSINESS On June 7, 2021, we sold our Intellectual Property Management ("IPM") business, also known as our technology escrow services business, which we predominantly operated in the United States, for total gross consideration of approximately $215,400 (the “IPM Divestment”). As a result of the IPM Divestment, we recorded a gain on sale of approximately $179,000 to Other (income) expense, net, during the year ended December 31, 2021, the substantial majority of which was recorded during the second quarter of 2021, representing the excess of the fair value of the consideration received over the sum of the carrying value of the IPM business. We have concluded that the IPM Divestment does not meet the criteria to be reported as discontinued operations in our consolidated financial statements, as our decision to divest this business does not represent a strategic shift that will have a major effect on our operations and financial results. Accordingly, the revenues and expenses associated with this business are presented as a component of operating income (loss) in our Consolidated Statements of Operations for the year ended December 31, 2021 through the closing date of the IPM Divestment and for the years ended December 31, 2020 and 2019 and the cash flows associated with this business is presented as a component of cash flows from operations in our Consolidated Statements of Cash Flows for the year ended December 31, 2021 through the closing date of the IPM Divestment and for the years ended December 31, 2020 and 2019. IRON MOUNTAIN CONSUMER STORAGE In March 2019, we contributed our customer contracts and certain intellectual property and other assets used by us to operate our consumer storage business in the United States and Canada (the “IM Consumer Storage Assets”) and approximately $20,000 in cash (gross of certain transaction expenses) (the “Cash Contribution”) to a strategic partnership (the “MakeSpace JV”) established by us and MakeSpace Labs, Inc. (“MakeSpace”) pursuant to a transaction which closed on March 19, 2019 (the "Consumer Storage Transaction"). Upon the closing of the Consumer Storage Transaction, the MakeSpace JV owned (i) the IM Consumer Storage Assets, (ii) the Cash Contribution and (iii) the customer contracts, intellectual property and certain other assets used by MakeSpace to operate its consumer storage business in the United States. As part of the Consumer Storage Transaction, we received an initial equity interest of approximately 34% in the MakeSpace JV (the "MakeSpace Investment"). In connection with the Consumer Storage Transaction and the investment in the MakeSpace JV, we also entered into a storage and service agreement with the MakeSpace JV to provide certain storage and related services to the MakeSpace JV (see Note 12). We have concluded that the divestment of the IM Consumer Storage Assets in the Consumer Storage Transaction does not meet the criteria to be reported as discontinued operations in our consolidated financial statements, as our decision to divest this business does not represent a strategic shift that will have a major effect on our operations and financial results. Accordingly, the revenues and expenses associated with this business are presented as a component of Income (loss) from continuing operations in our Consolidated Statements of Operations for the year ended December 31, 2019 through the closing date of the Consumer Storage Transaction and the cash flows associated with this business are presented as a component of cash flows from continuing operations in our Consolidated Statements of Cash Flows for the year ended December 31, 2019 through the closing date of the Consumer Storage Transaction. As a result of the Consumer Storage Transaction, we recorded a gain on sale of approximately $4,200 to Other (income) expense, net, in the first quarter of 2019, representing the excess of the fair value of the consideration received over the sum of (i) the carrying value of our consumer storage operations and (ii) the Cash Contribution. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Investments | WEB WERKS JOINT VENTURE In April 2021, we closed on an agreement to form a joint venture (the "Web Werks JV") with the shareholders of Web Werks India Private Limited ("Web Werks"), a colocation data center provider in India. In connection with the formation of the Web Werks JV, we made an initial investment of approximately 3,750,000 Indian rupees (or approximately $50,100, based upon the exchange rate between the United States dollar and Indian rupee as of the closing date of the initial investment) in exchange for a noncontrolling interest in the form of convertible preference shares in the Web Werks JV (the “Initial Web Werks JV Investment”). These shares are convertible into a to-be-determined amount of common shares based upon the achievement of EBITDA targets for the Web Werks JV's fiscal year ending March 31, 2022. Under the terms of the Web Werks JV shareholder agreement, we are required to make additional investments over a period ending May 2023 totaling approximately 7,500,000 Indian rupees (or approximately $100,000, based upon the exchange rate as of December 31, 2021 between the United States dollar and Indian rupee). FRANKFURT JOINT VENTURE In October 2020, we formed a joint venture (the “Frankfurt JV”) with AGC Equity Partners (“AGC”) to design and develop a 280,000 square foot, 27 megawatt, hyperscale data center currently under development in Frankfurt, Germany (the “Frankfurt JV Transaction”). AGC acquired an 80% equity interest in the Frankfurt JV, while we retained a 20% equity interest (the "Frankfurt JV Investment"). The total cash consideration for the 80% equity interest sold to AGC was approximately $105,000. We received approximately $93,300 (gross of certain transaction expenses) upon the closing of the Frankfurt JV, and we are entitled to receive an additional approximately $11,700 upon the completion of development of the data center, which we expect to occur in the third quarter of 2022. In connection with the Frankfurt JV Transaction, we also entered into agreements whereby we will earn various fees, including property management and construction and development fees, for services we are providing to the Frankfurt JV. As a result of the Frankfurt JV Transaction, we recognized a gain during the year ended December 31, 2020 of approximately $24,100, representing the excess of the fair value of the consideration received over the carrying value of the assets, which consisted primarily of land and land development assets which were previously included within our Global Data Center Business segment. MAKESPACE JOINT VENTURE In March 2019, we formed the MakeSpace JV. In the second quarter of 2020, we committed to participate in a round of equity funding for the MakeSpace JV whereby we contributed approximately $36,000 of the $45,000 being raised in installments between May 2020 through October 2021. JOINT VENTURE SUMMARY The joint ventures, referred to above, are accounted for as equity method investments and are presented as a component of Other within Other assets, net in our Consolidated Balance Sheets. The carrying values and equity interests in our joint ventures at December 31, 2021 and 2020 are as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 CARRYING VALUE EQUITY INTEREST CARRYING VALUE EQUITY INTEREST Web Werks JV $ 51,140 38.50 % $ — — % Frankfurt JV 26,167 20.00 % 26,500 20.00 % MakeSpace JV 30,154 49.99 % 16,924 38.86 % |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges), (ii) cross-currency swap agreements (which are designated as net investment hedges) and (iii) foreign exchange currency forward contracts (which are not designated as hedges). INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES In March 2018, we entered into interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. As of December 31, 2021 and 2020, we had $350,000 in notional value of interest rate swap agreements outstanding, which expire in March 2022. Under the interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon one-month LIBOR, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. In July 2019, we entered into forward-starting interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness once our current interest rate swap agreements expire in March 2022. The forward-starting interest rate swap agreements have $350,000 in notional value, commence in March 2022 and expire in March 2024. Under the swap agreements, we will receive variable rate interest payments based upon one-month LIBOR, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. We have designated these interest rate swap agreements, including the forward-starting interest rate swap agreements, as cash flow hedges. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities. CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT In August 2019, we entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreements we notionally exchanged approximately $110,000 at an interest rate of 6.0% for approximately 99,055 Euros at a weighted average interest rate of approximately 3.65%. These cross-currency swap agreements expire in August 2023 (“August 2023 Cross Currency Swap Agreements”). In September 2020, we entered into cross-currency swap agreements to hedge the variability of exchange rates impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreements, we notionally exchanged approximately $359,200 at an interest rate of 4.5% for approximately 300,000 Euros at a weighted average interest rate of approximately 3.4%. These cross-currency swap agreements expire in February 2026 (“February 2026 Cross Currency Swap Agreements”). We have designated these cross-currency swap agreements as hedge of net investments against certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. FOREIGN EXCHANGE CURRENCY FORWARD CONTRACTS NOT DESIGNATED AS HEDGING INSTRUMENTS On occasion, we enter into forward contracts to hedge our exposures associated with certain foreign currencies. We have not designated any of these forward contracts as hedges. Our policy is to record the fair value of each derivative instrument on a gross basis. As of December 31, 2021 and 2020, we had no outstanding forward contracts. (Liabilities) assets recognized in our Consolidated Balance Sheets as of December 31, 2021 and 2020 by derivative instrument are as follows: DERIVATIVE INSTRUMENT (1) DECEMBER 31, 2021 DECEMBER 31, 2020 Cash Flow Hedges (2) Interest Rate Swap Agreements $ (7,680) $ (21,062) Net Investment Hedges (3) August 2023 Cross Currency Swap Agreements (664) (8,229) February 2026 Cross Currency Swap Agreements 11,021 (20,412) (1) Our derivative assets are included as a component of Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2021, $11,021 is included within Other assets, $2,082 is included within Accrued expense and other current liabilities and $6,262 is included within Other long-term liabilities. As of December 31, 2020, $49,703 is included within Other long-term liabilities. (2) As of December 31, 2021, cumulative net losses of $7,680 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements. (3) As of December 31, 2021, cumulative net gains of $10,357 are recorded within Accumulated other comprehensive items, net associated with these cross currency swap agreements. Gains (losses) recognized during the years ending December 31, 2021, 2020 and 2019, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENT 2021 2020 2019 Derivative Instruments Designated as Hedging Instruments (1) Cash Flow Hedges Interest Rate Swap Agreements $ 13,382 $ (12,288) $ (7,801) Net Investment Hedges August 2023 Cross Currency Swap Agreements 7,565 (7,247) (982) February 2026 Cross Currency Swap Agreements 31,433 (20,412) — Derivative Instruments Not Designated as Hedging Instruments (2) Foreign Exchange Currency Forward Contracts — — (737) (1) These amounts are recognized as unrealized gains (losses), a component of Accumulated other comprehensive items, net. (2) These amounts are recognized as foreign exchange gains (losses), a component of Other (income) expense, net. Net cash receipts (payments) included in cash from operating activities related to settlements associated with foreign currency forward contracts for the years ended December 31, 2021, 2020 and 2019 are $0, $0 and $(737), respectively. EURO NOTES DESIGNATED AS A HEDGE OF NET INVESTMENT Prior to their redemption in August 2020, we designated a portion of our Euro Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. From January 1, 2020 through the date of redemption and for the year ended December 31, 2019 we designated, on average, 300,000 and 284,986 Euros, respectively, of our Euro Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. As a result, we recorded the following foreign exchange gains (losses) related to the change in fair value of such debt due to currency translation adjustments as a component of Accumulated other comprehensive items, net: YEAR ENDED DECEMBER 31, 2021 2020 2019 Foreign exchange gains (losses) associated with net investment hedge $ — $ (17,005) $ (6,003) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Long-term debt is as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR Revolving Credit Facility (1) $ — $ (5,174) $ (5,174) $ — $ — $ (8,620) $ (8,620) $ — Term Loan A (1) 203,125 — 203,125 203,125 215,625 — 215,625 215,625 Term Loan B (1)(2) 672,847 (4,995) 667,852 675,500 679,621 (6,244) 673,377 680,750 Australian Dollar Term Loan (the “AUD Term Loan”) (3)(4) 223,182 (656) 222,526 223,530 243,152 (1,624) 241,528 244,014 UK Bilateral Revolving Credit Facility (4) 189,168 (709) 188,459 189,168 191,101 (1,307) 189,794 191,101 3 7 / 8 % GBP Senior Notes due 2025 (the “GBP Notes “) (5)(7)(8) 540,481 (3,912) 536,569 542,508 546,003 (4,983) 541,020 553,101 4 7 / 8 % Senior Notes due 2027 (the “4 7 / 8 % Notes due 2027”) (5)(6)(7) 1,000,000 (8,176) 991,824 1,030,000 1,000,000 (9,598) 990,402 1,046,250 5 1 / 4 % Senior Notes due 2028 (the “5 1 / 4 % Notes due 2028”) (5)(6)(7) 825,000 (7,380) 817,620 862,125 825,000 (8,561) 816,439 868,313 5% Senior Notes due 2028 (the “5% Notes due 2028”) (5)(6)(7) 500,000 (4,763) 495,237 513,750 500,000 (5,486) 494,514 523,125 4 7 / 8 % Senior Notes due 2029 (the “4 7 / 8 % Notes due 2029”) (5)(6)(7) 1,000,000 (11,211) 988,789 1,022,500 1,000,000 (12,658) 987,342 1,050,000 5 1 / 4 % Senior Notes due 2030 (the “5 1 / 4 % Notes due 2030”) (5)(6)(7) 1,300,000 (12,911) 1,287,089 1,355,250 1,300,000 (14,416) 1,285,584 1,400,750 4 1 / 2 % Senior Notes due 2031 (the “4 1 / 2 % Notes”) (5)(6)(7) 1,100,000 (11,404) 1,088,596 1,094,500 1,100,000 (12,648) 1,087,352 1,138,500 5% Senior Notes due 2032 (the “5% Notes due 2032”) (5)(7)(9) 750,000 (13,782) 736,218 767,813 — — — — 5 5 / 8 % Senior Notes due 2032 (the “5 5 / 8 % Notes”) (5)(6)(7) 600,000 (6,147) 593,853 637,500 600,000 (6,727) 593,273 660,000 Real Estate Mortgages, Financing Lease Liabilities and Other (10) 460,648 (840) 459,808 460,648 511,922 (1,086) 510,836 511,922 Accounts Receivable Securitization Program (11) — (450) (450) — 85,000 (152) 84,848 85,000 Total Long-term Debt 9,364,451 (92,510) 9,271,941 8,797,424 (94,110) 8,703,314 Less Current Portion (310,084) 656 (309,428) (193,759) — (193,759) Long-term Debt, Net of Current Portion $ 9,054,367 $ (91,854) $ 8,962,513 $ 8,603,665 $ (94,110) $ 8,509,555 (1) The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of most of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (“Canada Company”) has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2021 and 2020. (2) The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $903 and $1,129 as of December 31, 2021 and 2020, respectively. (3) The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $348 and $862 as of December 31, 2021 and 2020, respectively. (4) The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate. (5) The fair values (Level 1 of fair value hierarchy described at Note 2.o.) of these debt instruments are based on quoted market prices for these notes on December 31, 2021 and 2020, respectively. (6) Collectively, the “Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI’s direct and indirect 100% owned United States subsidiaries that represent the substantial majority of our United States operations (the “Guarantors”). These guarantees are joint and several obligations of the Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. (7) Collectively, the “Unregistered Notes". The Unregistered Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the Unregistered Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction. (8) Iron Mountain (UK) PLC (“IM UK”) is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. (9) Iron Mountain Information Management Services, Inc. (“IMIM Services”) is the direct obligor on the 5% Notes due 2032, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the other Guarantors. These guarantees are joint and several obligations of IMI and such Guarantors. (10) We believe the fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt approximates its carrying value. This debt includes the following: DECEMBER 31, 2021 DECEMBER 31, 2020 Real estate mortgages (i) $ 58,933 $ 71,673 Financing lease liabilities (ii) 356,729 366,311 Other notes and other obligations (iii) 44,986 73,938 $ 460,648 $ 511,922 (i) Bear interest at approximately 3.6% and 3.3% at December 31, 2021 and 2020, respectively, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2021 and 2020. (ii) Bear a weighted average interest rate of 5.9% at both December 31, 2021 and 2020. (iii) These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 10.7% at both December 31, 2021 and 2020. (11) The Accounts Receivable Securitization Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt approximates its carrying value. A. CREDIT AGREEMENT Our credit agreement (the "Credit Agreement") consists of a revolving credit facility (the “Revolving Credit Facility”) and a term loan (the “Term Loan A”). The Revolving Credit Facility enables IMI and certain of its United States and foreign subsidiaries to borrow in United States dollars and (subject to sublimits) a variety of other currencies (including Canadian dollars, British pounds sterling and Euros, among other currencies) in an aggregate outstanding amount not to exceed $1,750,000. Under the Credit Agreement, we have the option to request additional commitments of up to $1,260,000, in the form of term loans or through increased commitments under the Revolving Credit Facility, subject to the conditions specified in the Credit Agreement. The Credit Agreement is scheduled to mature on June 3, 2023, at which point all obligations become due. The original principal amount of the Term Loan A was $250,000 and is to be paid in quarterly installments in an amount equal to $3,125 per quarter, with the remaining balance due on June 3, 2023. IMI and the Guarantors guarantee all obligations under the Credit Agreement. The interest rate on borrowings under the Credit Agreement varies depending on our choice of interest rate and currency options, plus an applicable margin, which varies based on our consolidated leverage ratio. Additionally, the Credit Agreement requires the payment of a commitment fee on the unused portion of the Revolving Credit Facility, which fee ranges from between 0.25% to 0.4% based on our consolidated leverage ratio and fees associated with outstanding letters of credit. As of December 31, 2021, we had no outstanding borrowings under the Revolving Credit Facility and $203,125 aggregate outstanding principal amount under the Term Loan A. At December 31, 2021, we had various outstanding letters of credit totaling $3,039 under the Revolving Credit Facility. The remaining amount available for borrowing under the Revolving Credit Facility as of December 31, 2021, which is based on IMI’s leverage ratio, the last 12 months' earnings before interest, taxes, depreciation and amortization and rent expense (“EBITDAR”), other adjustments as defined in the Credit Agreement and current external debt, was $1,746,961 (which amount represents the maximum availability as of such date). Available borrowings under the Revolving Credit Facility are subject to compliance with our indenture covenants as discussed below. The average interest rate in effect under the Revolving Credit Facility and Term Loan A was 1.9% as of both December 31, 2021 and 2020. IMI’s wholly owned subsidiary, Iron Mountain Information Management, LLC (“IMIM”), has an incremental term loan B with a principal amount of $700,000 (the “Term Loan B”). The Term Loan B, which matures on January 2, 2026, was issued at 99.75% of par. The Term Loan B holders benefit from the same security and guarantees as other borrowings under the Credit Agreement. The Term Loan B holders also benefit from the same affirmative and negative covenants as other borrowings under the Credit Agreement; however, the Term Loan B holders are not generally entitled to the benefits of the financial covenants under the Credit Agreement. Principal payments on the Term Loan B are to be paid in quarterly installments of $1,750 per quarter during the period June 30, 2018 through December 31, 2025, with the balance due on January 2, 2026. The Term Loan B may be prepaid without penalty at any time. The Term Loan B bears interest at a rate of LIBOR plus 1.75%. As of December 31, 2021, we had $673,750 aggregate outstanding principal amount under the Term Loan B. The interest rate in effect under Term Loan B as of December 31, 2021 and 2020 was 3.1% and 1.9%, respectively. REVOLVING CREDIT FACILITY $1,750,000 TERM LOAN A $250,000 TERM LOAN B $700,000 Outstanding borrowings $0 Aggregate outstanding principal amount $203,125 Aggregate outstanding principal amount $673,750 N/A Interest rate 1.9% Interest rate 3.1% Interest rate As of December 31, 2021 As of December 31, 2021 As of December 31, 2021 B. NOTES ISSUED UNDER INDENTURES Each series of notes shown below (i) is effectively subordinated to all of our secured indebtedness, including under the Credit Agreement, to the extent of the value of the collateral securing such indebtedness, (ii) ranks pari passu in right of payment with each other and with debt outstanding under the Credit Agreement, the senior notes shown below and other “senior debt” we incur from time to time, and (iii) is structurally subordinated to all liabilities of our subsidiaries that do not guarantee such series of notes. The key terms of our indentures are as follows: SENIOR NOTES AGGREGATE DIRECT MATURITY DATE CONTRACTUAL INTEREST RATE INTEREST PAYMENTS DUE PAR CALL DATE (1) GBP Notes £ 400,000 IM UK November 15, 2025 3 7 / 8 % May 15 and November 15 November 15, 2022 4 7 / 8 % Notes due 2027 $ 1,000,000 IMI September 15, 2027 4 7 / 8 % March 15 and September 15 September 15, 2025 5 1 / 4 % Notes due 2028 $ 825,000 IMI March 15, 2028 5 1 / 4 % March 15 and September 15 March 15, 2025 5% Notes due 2028 $ 500,000 IMI July 15, 2028 5% January 15 and July 15 July 15, 2025 4 7 / 8 % Notes due 2029 $ 1,000,000 IMI September 15, 2029 4 7 /8 % March 15 and September 15 September 15, 2027 5 1 / 4 % Notes due 2030 $ 1,300,000 IMI July 15, 2030 5 1 /4 % January 15 and July 15 July 15, 2028 4 1 / 2 % Notes $ 1,100,000 IMI February 15, 2031 4 1 / 2 % February 15 and August 15 February 15, 2029 5% Notes due 2032 $ 750,000 IMIM Services July 15, 2032 5% May 15 and November 15 July 15, 2027 5 5 / 8 % Notes $ 600,000 IMI July 15, 2032 5 5 / 8 % January 15 and July 15 July 15, 2029 (1) We may redeem the notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the notes at the redemption price or make-whole premium specified in the applicable indenture, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 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. Each of the indentures for the notes provides that we must repurchase, at the option of the holders, the notes at 101% of their principal amount, plus accrued and unpaid interest, upon the occurrence of a “Change of Control,” which is defined in each respective indenture. Except for required repurchases upon the occurrence of a Change of Control or in the event of certain asset sales, each as described in the respective indenture, we are not required to make sinking fund or redemption payments with respect to any of the notes. DECEMBER 2021 OFFERING On December 28, 2021, IMIM Services completed a private offering of: SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 5% Notes due 2032 $ 750,000 The 5% Notes due 2032 were issued at 100.000% of par. The total net proceeds of approximately $737,800 from the issuance of the 5% Notes due 2032, after deducting the initial purchasers’ commissions, were used to finance the purchase price of the ITRenew Transaction, which closed on January 25, 2022, and to pay related fees and expenses. At December 31, 2021, the net proceeds from the 5% Notes due 2032 were used to temporarily repay borrowings under our Revolving Credit Facility and Accounts Receivable Securitization Program and invest in money market funds. 2020 OFFERINGS a. JUNE 2020 OFFERINGS On June 22, 2020, IMI completed private offerings of the following series of notes in the amounts set forth below (collectively, the "June 2020 Offerings"): SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 5% Notes due 2028 $ 500,000 5 1 / 4 % Notes due 2030 1,300,000 5 5 / 8 % Notes 600,000 The 5% Notes due 2028, the 5 1 / 4 % Notes due 2030 and the 5 5 / 8 % Notes were issued at 100.000% of par. The total net proceeds of approximately $2,376,000 from the June 2020 Offerings, after deducting the initial purchasers’ commissions, were used to redeem all of the 4 3 / 8 % Notes, the 6% Notes and the 5 3 / 4 % Notes and to repay a portion of the outstanding borrowings under the Revolving Credit Facility. On June 29, 2020, we redeemed all of the $500,000 in aggregate principal outstanding of the 4 3 / 8 % Notes at 100.000% of par and all of the $600,000 in aggregate principal outstanding of the 6% Notes at 102.000% of par, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date. We recorded a charge of $17,040 to Other (income) expense, net during the second quarter of 2020 related to the early extinguishment of this debt, representing the call premium associated with the early redemption of the 6% Notes, as well as a write-off of unamortized deferred financing costs associated with the early redemption of the 4 3 / 8 % Notes and the 6% Notes. On July 2, 2020, we redeemed all of the $1,000,000 in aggregate principal outstanding of the 5 3 / 4 % Notes at 100.958% of par, plus accrued and unpaid interest to, but excluding, the redemption date. We recorded a charge of $15,310 to Other (income) expense, net during the third quarter of 2020 related to the early extinguishment of this debt, representing the call premium and write-off of unamortized deferred financing fees. b. AUGUST 2020 OFFERING On August 18, 2020, IMI completed a private offering of: SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 4 1 / 2 % Notes $ 1,100,000 The 4 1 / 2 % Notes were issued at 100.000% of par. The total net proceeds of approximately $1,089,000 from the issuance of the 4 1 / 2 % Notes, after deducting the initial purchasers’ commissions, were used to redeem all of the CAD Notes, the Euro Notes, and the 5 3 / 8 % Notes and to repay a portion of the outstanding borrowings under the Revolving Credit Facility. On August 21, 2020, we redeemed all of the 250,000 CAD in aggregate principal outstanding of the CAD Notes at 104.031% of par, 300,000 Euro in aggregate principal outstanding of the Euro Notes at 101.500% of par and $250,000 in aggregate principal outstanding of the 5 3 / 8 % Notes at 106.628% of par, plus, in each case accrued and unpaid interest to, but excluding, the redemption date. We recorded a charge of $35,950 to Other (income) expense, net during the third quarter of 2020 related to the early extinguishment of the CAD Notes, the Euro Notes and the 5 3 / 8 % Notes, representing the call premiums and write off unamortized deferred financing costs associated with the early redemption of these debt instruments. C. AUSTRALIAN DOLLAR TERM LOAN Iron Mountain Australia Group Pty, Ltd. (“IM Australia”), a wholly owned subsidiary of IMI, has an AUD term loan with an original principal balance of 350,000 Australian dollars (“AUD Term Loan”). All indebtedness associated with the AUD Term Loan was issued at 99% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 8,750 Australian dollars per year. The AUD Term Loan bears interest at BBSY (an Australian benchmark variable interest rate) plus 3.875%. The AUD Term Loan is scheduled to mature on September 22, 2022, at which point all obligations become due. The full amount of the AUD Term Loan is classified within the current portion of long-term debt in our Consolidated Balance Sheet as of December 31, 2021. As of December 31, 2021, we had 307,813 Australian dollars ($223,530 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2021) outstanding on the AUD Term Loan. As of December 31, 2020, we had 316,563 Australian dollars ($244,014 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2020) outstanding on the AUD Term Loan. The interest rate in effect under the AUD Term Loan was 4.0% and 3.9% as of December 31, 2021 and 2020, respectively. OUTSTANDING BORROWINGS AU$307,813 4.0% Interest rate As of December 31, 2021 D. UK BILATERAL REVOLVING CREDIT FACILITY IM UK and Iron Mountain (UK) Data Centre Limited has a 140,000 British pounds sterling Revolving Credit Facility (the “UK Bilateral Facility”) with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Facility is 140,000 British pounds sterling, and we have the option to request additional commitments of up to 125,000 British pounds sterling, subject to the conditions specified in the UK Bilateral Facility. The UK Bilateral Facility is fully drawn. The UK Bilateral Facility is secured by certain properties in the United Kingdom. IMI and the Guarantors guarantee all obligations under the UK Bilateral Facility. On May 25, 2021, Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") entered into an amendment to the UK Bilateral Facility with Barclays Bank PLC to (i) modify the interest rate from LIBOR plus 2.25% to LIBOR plus 2.0% (with flexibility built in for the expected transition away from LIBOR) and (ii) add an additional option to extend the maturity date by one year. After this amendment, the UK Bilateral Facility contains two one one MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 2.1% Interest rate As of December 31, 2021 E. ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM We participate in an accounts receivable securitization program (the “Accounts Receivable Securitization Program”) involving several of our wholly owned subsidiaries and certain financial institutions. Under the Accounts Receivable Securitization Program, certain of our subsidiaries sell substantially all of their United States accounts receivable balances to our wholly owned special purpose entities, Iron Mountain Receivables QRS, LLC and Iron Mountain Receivables TRS, LLC (the “Accounts Receivable Securitization Special Purpose Subsidiaries”). The Accounts Receivable Securitization Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans obtained from certain financial institutions. The Accounts Receivable Securitization Special Purpose Subsidiaries are consolidated subsidiaries of IMI. The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and borrowings are presented as liabilities on our Consolidated Balance Sheets, (ii) our Consolidated Statements of Operations reflect the associated charges for bad debt expense related to pledged accounts receivable (a component of selling, general and administrative expenses) and reductions to revenue due to billing and service related credit memos issued to customers and related reserves, as well as interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Consolidated Statements of Cash Flows. IMIM retains the responsibility of servicing the accounts receivable balances pledged as collateral for the Accounts Receivable Securitization Program and IMI provides a performance guaranty. The maximum availability allowed is limited by eligible accounts receivable, as defined under the terms of the Accounts Receivable Securitization Program. On June 28, 2021, we entered into an amendment to the Accounts Receivable Securitization Program to extend the maturity date from July 30, 2021 to July 1, 2023, at which point all obligations become due. The interest rate under the amended Accounts Receivable Securitization Program is LIBOR plus 1.0%. The full amount outstanding under the Accounts Receivable Securitization Program is classified within current portion of long-term debt at December 31, 2020 in our Condensed Consolidated Balance Sheets. There were no other changes to the terms of the Accounts Receivable Securitization Program. MAXIMUM AMOUNT $300,000 OUTSTANDING BORROWINGS $0 N/A Interest rate As of December 31, 2021 F. CASH POOLING Certain of our subsidiaries participate in cash pooling arrangements (the “Cash Pools”) to help manage global liquidity requirements. Under the Cash Pools, cash deposited by participating subsidiaries with certain financial institutions are pledged as security against the debit balances of other participating subsidiaries, and legal rights of offset are provided and, therefore, amounts are presented in our Consolidated Balance Sheets on a net basis. Each subsidiary receives interest on the cash balances held on deposit or pays interest on its debit balances based on an applicable rate as defined in the Cash Pools. We utilize two separate Cash Pools with Bank Mendes Gans (“BMG”), an independently operated wholly owned subsidiary of ING Group, one of which we utilize to manage global liquidity requirements for our qualified REIT subsidiaries (the “BMG QRS Cash Pool”) and the other for our taxable REIT subsidiaries (the “BMG TRS Cash Pool”). We have executed overdraft facility agreements for the BMG QRS Cash Pool and BMG TRS Cash Pool, each in an amount not to exceed $10,000. Each overdraft facility permits us to cover a temporary net debit position in the applicable pool. During the third quarter of 2021, certain of our subsidiaries in the Asia Pacific region began to participate in two cash pooling arrangements with JP Morgan Chase Bank, N.A. (“JPM”), one of which we utilize to manage global liquidity requirements for our QRSs in the Asia Pacific region (the “JPM QRS Cash Pool") and the other for our TRSs in the Asia Pacific region (the "JPM TRS Cash Pool") (collectively, the “JPM Cash Pools”). We have executed overdraft facility agreements for the JPM QRS Cash Pool and the JPM TRS Cash Pool in amounts not to exceed $12,000 and $10,000, respectively. Each overdraft facility permits us to cover a temporary net debit position in the applicable pool. The approximate amount of the net cash position, gross position and outstanding debit balances for each of our cash pools as of December 31, 2021 and 2020 were as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 GROSS CASH POSITION OUTSTANDING DEBIT BALANCES NET CASH POSITION GROSS CASH POSITION OUTSTANDING DEBIT BALANCES NET CASH POSITION BMG QRS Cash Pool $ 552,900 $ (552,100) $ 800 $ 448,700 $ (447,400) $ 1,300 BMG TRS Cash Pool 606,000 (603,900) 2,100 555,500 (553,500) 2,000 JPM QRS Cash Pool 9,400 (9,200) 200 — — — JPM TRS Cash Pool 12,000 (9,900) 2,100 — — — The net cash position balances as of December 31, 2021 and 2020 are reflected as Cash and cash equivalents in our Consolidated Balance Sheets. G. LETTERS OF CREDIT As of December 31, 2021, we had outstanding letters of credit totaling $36,480, of which $3,039 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between January 2022 and March 2025. H. 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 fixed charge coverage ratio, a net total lease adjusted leverage ratio and a net secured debt lease adjusted leverage 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 EBITDAR-based calculations and the bond indentures use EBITDA-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The bond indenture EBITDA-based calculations include our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in the 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 December 31, 2021 and 2020. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition. I. MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS: YEAR AMOUNT 2022 $ 310,432 2023 445,318 2024 42,716 2025 569,806 2026 717,368 Thereafter 7,280,062 9,365,702 Net Discounts (1,251) Net Deferred Financing Costs (92,510) Total Long-term Debt (including current portion) $ 9,271,941 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES A. PURCHASE COMMITMENTS We have certain contractual obligations related to purchase commitments which require minimum payments as follows: YEAR PURCHASE COMMITMENTS (1) 2022 $ 295,529 2023 70,853 2024 64,105 2025 38,567 2026 7,646 Thereafter 855 $ 477,555 (1) Purchase commitments (i) include obligations for future construction costs associated with the expansion of our Global Data Center Business, which represent a significant amount of the purchase commitments due in 2022 and (ii) exclude our operating and financing lease obligations (see Note 2.i.). B. SELF-INSURED LIABILITIES We are self-insured up to certain limits for costs associated with workers’ compensation claims, vehicle accidents, property and general business liabilities, and benefits paid under employee healthcare and short-term disability programs. At December 31, 2021 and 2020, there were $46,797 and $47,959, respectively, of self-insurance accruals reflected in Accrued expenses on our Consolidated Balance Sheets. The measurement of these costs requires the consideration of historical cost experience and judgments about the present and expected levels of cost per claim. We account for these costs primarily through actuarial methods, which develop estimates of the undiscounted liability for claims incurred, including those claims incurred but not reported. These methods provide estimates of future claim costs based on claims incurred as of the balance sheet date. |
Stockholders' Equity Matters
Stockholders' Equity Matters | 12 Months Ended |
Dec. 31, 2021 | |
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 2019, 2020 and 2021, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND RECORD DATE TOTAL AMOUNT PAYMENT DATE February 7, 2019 $ 0.6110 March 15, 2019 $ 175,242 April 2, 2019 May 22, 2019 0.6110 June 17, 2019 175,389 July 2, 2019 July 26, 2019 0.6110 September 16, 2019 175,434 October 2, 2019 October 31, 2019 0.6185 December 16, 2019 177,687 January 2, 2020 February 13, 2020 0.6185 March 16, 2020 178,047 April 6, 2020 May 5, 2020 0.6185 June 15, 2020 178,212 July 2, 2020 August 5, 2020 0.6185 September 15, 2020 178,224 October 2, 2020 November 4, 2020 0.6185 December 15, 2020 178,290 January 6, 2021 February 24, 2021 0.6185 March 15, 2021 178,569 April 6, 2021 May 6, 2021 0.6185 June 15, 2021 179,026 July 6, 2021 August 5, 2021 0.6185 September 15, 2021 179,080 October 6, 2021 November 4, 2021 0.6185 December 15, 2021 179,132 January 6, 2022 On February 24, 2022, we declared a dividend to our stockholders of record as of March 15, 2022 of $0.6185 per share, payable on April 6, 2022. During the years ended December 31, 2021, 2020 and 2019, 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, 2021 2020 2019 Declared distributions $ 715,807 $ 712,773 $ 703,752 Amount per share each distribution represents based on weighted average number of common shares outstanding 2.47 2.47 2.45 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, 2021, 2020, and 2019, the dividends we paid on our common shares were classified as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Nonqualified ordinary dividends 53.9 % 43.0 % 54.8 % Qualified ordinary dividends 13.0 % 0.0 % 4.5 % Capital gains 21.8 % 49.5 % 14.7 % Return of capital 11.3 % 7.5 % 26.0 % 100.0 % 100.0 % 100.0 % Dividends paid during the years ended December 31, 2021, 2020, and 2019 which were classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits related to certain acquisitions completed during the years ended December 31, 2021, 2020, and 2019 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESWe have been organized and have operated as a REIT effective beginning with our taxable year that ended on December 31, 2014. As a REIT, we are generally permitted to deduct from our federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to federal taxation at the entity level but is taxed, if at all, at the stockholder level. The income of our domestic taxable REIT subsidiaries (“TRSs”), which hold our domestic operations that may not be REIT-compliant as currently operated and structured, is subject, as applicable, to federal and state corporate income tax. In addition, we and our subsidiaries continue to be subject to foreign income taxes in other jurisdictions in which we have business operations or a taxable presence, regardless of whether assets are held or operations are conducted through subsidiaries disregarded for federal income tax purposes or TRSs. We will also be subject to a separate corporate income tax on any gains recognized on the sale or disposition of any asset previously owned by a C corporation during a five-year period after the date we first owned the asset as a REIT asset that are attributable to “built-in gains” with respect to that asset on that date. We will also be subject to a built-in gains tax on our depreciation recapture recognized into income as a result of accounting method changes in connection with our acquisition activities. If we fail to remain qualified for taxation as a REIT, we will be subject to federal income tax at regular corporate income tax rates. Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRS operations. In particular, while state income tax regimes often parallel the federal income tax regime for REITs, many states do not completely follow federal rules and some do not follow them at all. The significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are presented below: DECEMBER 31, 2021 2020 Deferred Tax Assets: Accrued liabilities and other adjustments $ 54,859 $ 52,527 Net operating loss carryforwards 90,996 96,710 Valuation allowance (51,744) (46,938) 94,111 102,299 Deferred Tax Liabilities: Other assets, principally due to differences in amortization (178,657) (186,682) Plant and equipment, principally due to differences in depreciation (76,204) (59,711) Other (46,281) (29,265) (301,142) (275,658) Net deferred tax liability $ (207,031) $ (173,359) The deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are presented below: DECEMBER 31, 2021 2020 Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) $ 16,903 $ 25,018 Deferred income taxes (223,934) (198,377) At December 31, 2021, we have federal and state net operating loss carryforwards of which we are expecting an insignificant tax benefit to be realized. We have assets for foreign net operating losses of $85,466, with various expiration dates (and in some cases no expiration date), subject to a valuation allowance of approximately 47%. Rollforward of the valuation allowance is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF CHARGED OTHER INCREASES/ (DECREASES) (1) BALANCE 2021 $ 46,938 $ 8,406 $ (3,600) $ 51,744 2020 60,003 (8,337) (4,728) 46,938 2019 55,666 6,211 (1,874) 60,003 (1) Other increases and decreases in valuation allowances are primarily related to changes in foreign currency exchange rates. The components of income (loss) from continuing operations before provision (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019 are as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 United States $ 212,460 $ 276,145 $ 203,225 Canada 78,780 52,332 48,326 Other Foreign 337,775 44,228 76,591 $ 629,015 $ 372,705 $ 328,142 The provision (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019 consist of the following components: YEAR ENDED DECEMBER 31, 2021 2020 2019 Federal—current $ 54,867 $ (10,424) $ 7,262 Federal—deferred 14,322 8,834 (3,356) State—current 9,566 2,956 3,943 State—deferred (526) (625) (1,126) Foreign—current 83,154 50,063 49,350 Foreign—deferred 14,907 (21,195) 3,858 Provision (Benefit) for Income Taxes $ 176,290 $ 29,609 $ 59,931 A reconciliation of total income tax expense and the amount computed by applying the current federal statutory tax rate of 21.0% to income (loss) from continuing operations before provision (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019, respectively, is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Computed "expected” tax provision $ 132,093 $ 78,268 $ 68,910 Changes in income taxes resulting from: Tax adjustment relating to REIT (8,203) (60,378) (40,577) State taxes (net of federal tax benefit) 8,027 2,258 2,115 Increase (decrease) in valuation allowance (net operating losses) 8,406 (8,337) 6,211 Withholding Taxes 23,654 6,835 5,281 Reserve (reversal) accrual and audit settlements (net of federal tax benefit) 3,072 (7,409) 514 Foreign tax rate differential 9,856 9,472 8,562 Disallowed foreign interest, Subpart F income, and other foreign taxes (3,437) 13,407 8,960 Other, net 2,822 (4,507) (45) Provision (Benefit) for Income Taxes $ 176,290 $ 29,609 $ 59,931 Our effective tax rates for the years ended December 31, 2021, 2020 and 2019 were 28.0%, 7.9% and 18.3%, respectively. Our effective tax rate is subject to variability in the future due to, among other items: (1) changes in the mix of income between our qualified REIT subsidiaries (“QRSs”) and our TRSs, as well as among the jurisdictions in which we operate; (2) tax law changes; (3) volatility in foreign exchange gains and losses; (4) the timing of the establishment and reversal of tax reserves; and (5) our ability to utilize net operating losses that we generate. The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were: YEAR ENDED DECEMBER 31, 2021 2020 2019 The benefit derived from the dividends paid deduction of $8,203 which was offset by (1) the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9,856, and (2) foreign withholding taxes of $23,654, which were either paid during the year or accrued, for the deferred tax liability for the U.S. tax impact of undistributed earnings of foreign TRSs that are no longer intended to be permanently reinvested outside the United States. The benefit derived from the dividends paid deduction of $60,378 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9,472. The benefit derived from the dividends paid deduction of $40,577 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $8,562. As a REIT, we are entitled to a deduction for dividends paid, resulting in a substantial reduction of federal income tax expense. As a REIT, substantially all of our income tax expense will be incurred based on the earnings generated by our foreign subsidiaries and our domestic TRSs. Following our conversion to a REIT in 2014, we concluded that it was not our intent to reinvest our current and future undistributed earnings of our foreign subsidiaries indefinitely outside the United States. As of December 31, 2016, we concluded that it is our intent to indefinitely reinvest our current and future undistributed earnings of certain of our unconverted foreign TRSs outside the United States. During 2021, as a result of the enactment of a tax law and the closing of various acquisitions, we reassessed this intention and concluded that it is no longer our intention to reinvest our undistributed earnings of our foreign TRSs indefinitely outside the United States. As a REIT, future repatriation of incremental undistributed earnings of our foreign subsidiaries will not be subject to federal or state income tax, with the exception of foreign withholding taxes. However, such future repatriations may require distributions to our stockholders in accordance with REIT distribution rules, and any such distribution may then be taxable, as appropriate, at the stockholder level. We expect to provide for foreign withholding taxes on the current and future earnings of all of our foreign subsidiaries as the result of such reassessment. The evaluation of an uncertain tax position is a two-step process. The first step is a recognition process whereby we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the provision (benefit) for income taxes in the accompanying Consolidated Statements of Operations. We recorded an increase of $823 and $1,780 for gross interest and penalties for the years ended December 31, 2021 and 2019, respectively. We recorded a decrease of $1,499 for gross interest and penalties for the year ended December 31, 2020. We had $6,805 and $6,212 accrued for the payment of interest and penalties as of December 31, 2021 and 2020, respectively. A summary of tax years that remain subject to examination by major tax jurisdictions is as follows: TAX YEARS TAX JURISDICTION See Below United States—Federal and State 2020 to present United Kingdom 2014 to present Canada The normal statute of limitations for United States federal tax purposes is three years from the date the tax return is filed; however, the statute of limitations may remain open for periods longer than three years in instances where a federal tax examination is in progress. The 2020, 2019 and 2018 tax years remain subject to examination for United States federal tax purposes as well as net operating loss carryforwards utilized in these years. The normal statute of limitations for state purposes is between three to five years. However, certain of our state statute of limitations remain open for periods longer than this when audits are in progress. We are subject to income taxes in the United States and numerous foreign jurisdictions. We are subject to examination by various tax authorities in jurisdictions in which we have business operations or a taxable presence. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. As of December 31, 2021, we had $27,772 of reserves related to uncertain tax positions, of which $24,627 and $3,145 is included in other long-term liabilities and deferred income taxes, respectively, in the accompanying Consolidated Balance Sheet. As of December 31, 2020, we had $25,969 of reserves related to uncertain tax positions, of which $23,402 and $2,567 is included in other long-term liabilities and deferred income taxes, respectively, in the accompanying Consolidated Balance Sheet. Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in changes in our estimates. A rollforward of unrecognized tax benefits is as follows: Gross tax contingencies—December 31, 2018 $ 35,320 Gross additions based on tax positions related to the current year 2,914 Gross additions for tax positions of prior years 1,271 Gross reductions for tax positions of prior years (299) Lapses of statutes (4,034) Settlements (104) Gross tax contingencies—December 31, 2019 35,068 Gross additions based on tax positions related to the current year 2,907 Gross additions for tax positions of prior years 80 Gross reductions for tax positions of prior years (5,617) Lapses of statutes (4,480) Settlements (1,989) Gross tax contingencies—December 31, 2020 25,969 Gross additions based on tax positions related to the current year 3,893 Gross additions for tax positions of prior years 344 Gross reductions for tax positions of prior years (536) Lapses of statutes (1,663) Settlements (235) Gross tax contingencies—December 31, 2021 $ 27,772 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | As of December 31, 2021, our three reportable segments are described as follows: (1) Global Records and Information Management (“Global RIM”) Business includes several distinct offerings: (i) Records Management, which stores physical records and provides healthcare information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents (collectively, “Records Management”) for customers in 63 countries around the globe. (ii) Data Management, which provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection & Recovery”); server and computer backup services; and related services offerings, (collectively, “Data Management”). (iii) Global Digital Solutions, which develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information, primarily in the United States and Canada. (iv) Secure Shredding, which includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Complementary to our shredding operations is the sale of the resultant waste paper to third-party recyclers. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers throughout the United States, Canada and South Africa. (v) Secure IT Asset Disposition ("Secure ITAD"), a component of asset life cycle management, provides secure disposition of obsolete IT assets with: industry leading secure logistics and chain of custody practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. Our service focuses on protecting and eradicating customer data while maintaining strong, audible, and transparent chain of custody practices. We are able to offer this service in over 30 countries. (vi) Consumer Storage, which provides on-demand, valet storage for consumers (“Consumer Storage”) across 31 markets in North America through a strategic partnership that utilizes data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. (2) Global Data Center Business, which provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. As of December 31, 2021, our Global Data Center Business footprint spans nine markets in the United States and seven international markets. UNITED STATES INTERNATIONAL MARKETS Denver, Colorado Amsterdam Kansas City, Missouri London Boston, Massachusetts Singapore Boyers, Pennsylvania Frankfurt (directly and through an unconsolidated joint venture) Manassas, Virginia Mumbai (through an unconsolidated joint venture) Edison, New Jersey Pune (through an unconsolidated joint venture) Columbus, Ohio Noida (through an unconsolidated joint venture) Phoenix and Scottsdale, Arizona (3) Corporate and Other Business, which consists primarily of Adjacent Businesses and other corporate items. Our Adjacent Businesses is comprised of: (i) Entertainment Services, which includes entertainment and media that helps industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets, throughout the United States, Canada, France, China - Hong Kong S.A.R., the Netherlands and the United Kingdom and (ii) Fine Arts, which provides technical expertise in the handling, installation and storing of art in the United States, Canada and Europe. Our Corporate and Other Business segment also includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL As of and for the Year Ended December 31, 2021 Total Revenues $ 3,976,163 $ 326,898 $ 188,470 $ 4,491,531 Storage Rental 2,471,894 289,592 108,633 2,870,119 Service 1,504,269 37,306 79,837 1,621,412 Depreciation and Amortization 468,527 148,023 63,872 680,422 Depreciation 313,701 93,679 57,692 465,072 Amortization 154,826 54,344 6,180 215,350 Adjusted EBITDA 1,734,227 137,349 (236,877) 1,634,699 Total Assets (1) 11,028,611 2,911,823 509,597 14,450,031 Expenditures for Segment Assets 368,271 422,274 96,353 886,898 Capital Expenditures 211,917 320,768 78,397 611,082 Cash Paid for Acquisitions, Net of Cash Acquired 97,044 88,998 17,956 203,998 Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs 59,310 12,508 — 71,818 As of and for the Year Ended December 31, 2020 Total Revenues $ 3,699,280 $ 279,312 $ 168,678 $ 4,147,270 Storage Rental 2,373,783 263,695 116,613 2,754,091 Service 1,325,497 15,617 52,065 1,393,179 Depreciation and Amortization 455,567 134,844 61,658 652,069 Depreciation 309,969 83,106 54,487 447,562 Amortization 145,598 51,738 7,171 204,507 Adjusted EBITDA 1,574,069 126,576 (224,924) 1,475,721 Total Assets (1) 10,938,359 2,727,654 483,254 14,149,267 Expenditures for Segment Assets 338,006 249,459 44,389 631,854 Capital Expenditures 150,175 243,699 44,389 438,263 Cash Paid for Acquisitions, Net of Cash Acquired 118,581 — — 118,581 Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs 69,250 5,760 — 75,010 As of and for the Year Ended December 31, 2019 Total Revenues $ 3,812,433 $ 257,151 $ 193,000 $ 4,262,584 Storage Rental 2,320,076 246,925 114,086 2,681,087 Service 1,492,357 10,226 78,914 1,581,497 Depreciation and Amortization 454,652 133,927 69,622 658,201 Depreciation 330,534 78,939 46,850 456,323 Amortization 124,118 54,988 22,772 201,878 Adjusted EBITDA 1,566,065 121,517 (218,573) 1,469,009 Total Assets (1) 10,753,218 2,535,848 527,750 13,816,816 Expenditures for Segment Assets 398,690 427,935 56,242 882,867 Capital Expenditures 248,232 392,029 52,722 692,983 Cash Paid for Acquisitions, Net of Cash Acquired 54,717 — 3,520 58,237 Acquisitions of Customer Relationships, Customer Inducements, Contract Fulfillment Costs and third-party commissions 95,741 35,906 — 131,647 (1) Excludes all intercompany receivables or payables and investment in subsidiary balances. The accounting policies of the reportable segments are the same as those described in Note 2. Adjusted EBITDA for each segment is defined as income (loss) from continuing operations before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: EXCLUDED • Acquisition and Integration Costs • Restructuring Charges • Intangible impairments • (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) • Other (income) expense, net • Stock-based compensation expense • COVID-19 Costs (as defined below) Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments. A reconciliation of Income (Loss) from Continuing Operations to Adjusted EBITDA on a consolidated basis for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Income (Loss) from Continuing Operations $ 452,725 $ 343,096 $ 268,211 Add/(Deduct): Interest expense, net 417,961 418,535 419,298 Provision (benefit) for income taxes 176,290 29,609 59,931 Depreciation and amortization 680,422 652,069 658,201 Acquisition and Integration Costs 12,764 — 13,293 Restructuring Charges 206,426 194,396 48,597 Intangible impairments — 23,000 — (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) (172,041) (363,537) (63,824) Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures (1) (205,746) 133,611 25,720 Stock-based compensation expense 61,001 34,272 36,194 COVID-19 Costs (2) — 9,285 — Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 4,897 1,385 3,388 Adjusted EBITDA $ 1,634,699 $ 1,475,721 $ 1,469,009 (1) Includes foreign currency transaction (gains) losses, net, debt extinguishment expense and other, net. (2) Costs that are incremental and directly attributable to the COVID-19 pandemic which are not expected to recur once the pandemic ends (“COVID-19 Costs”). For the year ended December 31, 2020, approximately $7,600 and $1,600 of COVID-19 Costs are included within Cost of sales and Selling, general and administrative expenses, respectively, on our Consolidated Statement of Operations. These costs include the purchase of personal protective equipment for our employees and incremental cleaning costs of our facilities, among other direct costs. Information as to our operations in different geographical areas for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Revenues: United States $ 2,713,147 $ 2,577,084 $ 2,632,586 United Kingdom 294,675 247,667 274,931 Canada 252,385 224,860 243,033 Australia 148,431 133,815 143,511 Remaining Countries 1,082,893 963,844 968,523 Long-lived Assets: United States $ 7,867,841 $ 7,818,059 $ 7,862,262 United Kingdom 914,732 838,491 755,859 Canada 562,911 556,120 556,591 Australia 528,703 575,862 530,755 Remaining Countries 3,134,577 3,090,948 2,875,010 Information as to our revenues by product and service lines by segment for the years ended December 31, 2021, 2020 and 2019 is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL For the Year Ended December 31, 2021 Records Management (1) $ 3,074,605 $ — $ 125,784 $ 3,200,389 Data Management (1) 466,517 — 62,686 529,203 Information Destruction (1)(2) 435,041 — — 435,041 Data Center (1) — 326,898 — 326,898 For the Year Ended December 31, 2020 Records Management (1) $ 2,852,296 $ — $ 102,003 $ 2,954,299 Data Management (1) 488,198 — 66,675 554,873 Information Destruction (1)(2) 358,786 — — 358,786 Data Center (1) — 279,312 — 279,312 For the Year Ended December 31, 2019 Records Management (1) $ 2,866,192 $ — $ 128,954 $ 2,995,146 Data Management (1) 520,082 — 64,046 584,128 Information Destruction (1)(2) 426,159 — — 426,159 Data Center (1) — 257,151 — 257,151 (1) Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except the destruction services offering, which does not have a storage rental component. (2) Includes Secure Shredding services. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | In October 2020, in connection with the Frankfurt JV Transaction, we entered into agreements whereby we will earn various fees, including (i) special project revenue and (ii) property management and construction and development fees for services we are providing to the Frankfurt JV (the “Frankfurt JV Agreements”). Revenues and expenses associated with the Frankfurt JV Agreements are presented as a component of our Global Data Business segment. During the years ended December 31, 2021 and 2020, we recognized revenue of approximately $19,600 and $400, respectively, associated with the Frankfurt JV Agreements. In March 2019, in connection with the Consumer Storage Transaction and the MakeSpace Investment, we entered into a storage and service agreement with the MakeSpace JV to provide certain storage and related services to the MakeSpace JV (the "MakeSpace Agreement”). Revenues and expenses associated with the MakeSpace Agreement are presented as a component of our Global RIM Business segment. During the years ended December 31, 2021, 2020 and 2019, we recognized revenue of approximately $34,700, $33,600, and $22,500, respectively, associated with the MakeSpace Agreement. During the years ended December 31, 2021, 2020 and 2019, the Company had no other related party transactions. |
Project Summit
Project Summit | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Project Summit | 13. PROJECT SUMMIT In October 2019, we announced Project Summit, our global program designed to better position us for future growth and achievement of our strategic objectives. We expanded Project Summit during the first quarter of 2020 to include additional opportunities to streamline our business and operations, as well as accelerated the timing of certain opportunities previously identified. As of December 31, 2021, we have completed Project Summit. As a result of the program we have simplified our global structure, rebalanced resources to focus on higher growth areas, realigned our management structure to create a more dynamic, agile organization, made investments to enhance the customer experience and leveraged new technology solutions that enabled us to modernize our service delivery model and more efficiently utilize our fleet, labor and real estate. The implementation of Project Summit resulted in total operating expenditures ("Restructuring Charges") of approximately $450,000 that primarily consisted of: (1) employee severance costs; (2) internal costs associated with the development and implementation of Project Summit initiatives; (3) professional fees, primarily related to third party consultants who assisted with the design and execution of various initiatives as well as project management activities and (4) system implementation and data conversion costs. Restructuring Charges included in the accompanying Consolidated Statement of Operations for the years ended December 31, 2021, 2020 and 2019, and from the inception of Project Summit through December 31, 2021, are as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 YEAR ENDED DECEMBER 31, 2019 FROM INCEPTION OF PROJECT SUMMIT THROUGH Employee severance costs $ 22,809 $ 47,349 $ 20,850 $ 91,008 Professional fees and other costs 183,617 147,047 27,747 358,411 Restructuring Charges $ 206,426 $ 194,396 $ 48,597 $ 449,419 Restructuring Charges included in the accompanying Consolidated Statement of Operations by segment for the years ended December 31, 2021, 2020 and 2019, and from inception of Project Summit through December 31, 2021, are as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 YEAR ENDED DECEMBER 31, 2019 FROM INCEPTION OF PROJECT SUMMIT THROUGH Global RIM Business $ 59,033 $ 67,140 $ 21,900 $ 148,073 Global Data Center Business 3,062 1,632 306 5,000 Corporate and Other Business 144,331 125,624 26,391 296,346 Restructuring Charges $ 206,426 $ 194,396 $ 48,597 $ 449,419 EMPLOYEE SEVERANCE COSTS PROFESSIONAL FEES AND OTHER TOTAL ACCRUED RESTRUCTURING CHARGES Inception of Project Summit $ — $ — $ — Amounts accrued 20,850 27,747 48,597 Payments (16,027) (14,793) (30,820) Balance as of December 31, 2019 4,823 12,954 17,777 Amounts accrued 47,349 147,047 194,396 Payments (32,455) (136,222) (168,677) Other, including currency translation adjustments (3,439) (4) (3,443) Balance as of December 31, 2020 $ 16,278 $ 23,775 $ 40,053 Amounts accrued 22,809 183,617 206,426 Payments (29,956) (199,664) (229,620) Other, including currency translation adjustments 2,858 — 2,858 Balance as of December 31, 2021 $ 11,989 $ 7,728 $ 19,717 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOn January 25, 2022, we acquired an approximately 80% interest in Intercept Parent, Inc. (“ITRenew”), a company with asset lifecycle management operations primarily in the United States, for approximately $725,000 (the “ITRenew Transaction”). The acquisition agreement also provides us the option to purchase, and the shareholders the option to sell, the remaining approximately 20% interest in ITRenew as follows: (i) approximately 16% on or after the second anniversary of the ITRenew Transaction and (ii) approximately 4% on or after the third anniversary of the ITRenew Transaction (collectively, the ”Remaining Interest"), each at a purchase price to be determined based upon the achievement of certain performance metrics, but for no less than $200,000 in total. |
SCHEDULE III - SCHEDULE OF REAL
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation | Schedule III - Schedule of Real Estate and Accumulated Depreciation (“Schedule III”) reflects the cost and associated accumulated depreciation for the real estate facilities that are owned. The gross cost included in Schedule III includes the cost for land, land improvements, buildings, building improvements and racking. Schedule III does not reflect the 1,184 leased facilities in our real estate portfolio. In addition, Schedule III does not include any value for financing leases for property that is classified as land, buildings and building improvements in our consolidated financial statements. The following table presents a reconciliation of the gross amount of real estate assets, as presented in Schedule III below, to the sum of the historical book value of land, buildings and building improvements, racking and construction in progress as disclosed in Note 2.h. to Notes to Consolidated Financial Statements as of December 31, 2021: Gross Amount of Real Estate Assets, As Reported on Schedule III $ 4,129,251 Add Reconciling Items: Book value of racking included in leased facilities (1) 1,483,435 Book value of financing leases (2) 385,238 Book value of construction in progress (3) 225,817 Total Reconciling Items 2,094,490 Gross Amount of Real Estate Assets, As Disclosed in Note 2.h. $ 6,223,741 (1) Represents the gross book value of racking installed in our 1,184 leased facilities, which is included in historical book value of racking in Note 2.h., but excluded from Schedule III. (2) Represents the gross book value of buildings and building improvements that are subject to financing leases, which are included in the historical book value of building and building improvements in Note 2.h., but excluded from Schedule III. (3) Represents the gross book value of non-real estate assets that are included in the historical book value of construction in progress assets in Note 2.h. The historical book value of real estate assets associated with owned buildings that were related to construction in progress as of December 31, 2021 is included in Schedule III. The following table presents a reconciliation of the accumulated depreciation of real estate assets, as presented in Schedule III below, to the total accumulated depreciation for all property, plant and equipment presented on our Consolidated Balance Sheet as of December 31, 2021: Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III $ 1,160,490 Add Reconciling Items: Accumulated Depreciation - non-real estate assets (1) 1,662,689 Accumulated Depreciation - racking in leased facilities (2) 1,032,075 Accumulated Depreciation - financing leases (3) 123,905 Total Reconciling Items 2,818,669 Accumulated Depreciation, As Reported on Consolidated Balance Sheet $ 3,979,159 (1) Represents the accumulated depreciation of non-real estate assets that is included in the total accumulated depreciation of property, plant and equipment on our Consolidated Balance Sheet, but excluded from Schedule III as the assets to which this accumulated depreciation relates are not considered real estate assets associated with owned buildings. (2) Represents the accumulated depreciation of racking as of December 31, 2021 installed in our 1,184 leased facilities, which is included in total accumulated depreciation of property, plant and equipment on our Consolidated Balance Sheet, but excluded from Schedule III, as disclosed in Footnote 1 to Schedule III. (3) Represents the accumulated depreciation of buildings and building improvements as of December 31, 2021 that are subject to financing leases, which is included in the total accumulated depreciation of property, plant and equipment on our Consolidated Balance Sheet, but excluded from Schedule III, as disclosed in Footnote 1 to Schedule III. (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America United States 140 Oxmoor Ct, Birmingham, Alabama 1 $ — $ 1,322 $ 978 $ 2,300 $ 1,252 2001 Up to 40 years 1420 North Fiesta Blvd, Gilbert, Arizona 1 — 1,637 2,777 4,414 2,291 2001 Up to 40 years 4802 East Van Buren, Phoenix, Arizona 1 — 15,599 276,487 292,086 7,309 2019 Up to 40 years 615 North 48th Street, Phoenix, Arizona 1 — 423,107 28,176 451,283 59,325 2018 (5) Up to 40 years 2955 S. 18th Place, Phoenix, Arizona 1 — 12,178 14,690 26,868 6,956 2007 Up to 40 years 4449 South 36th St, Phoenix, Arizona 1 — 7,305 1,059 8,364 5,355 2012 Up to 40 years 8521 E. Princess Drive, Scottsdale, Arizona 1 — 87,865 2,576 90,441 16,742 2018 (5) Up to 40 years 600 Burning Tree Rd, Fullerton, California 1 — 4,762 1,911 6,673 3,212 2002 Up to 40 years 21063 Forbes St, Hayward, California 1 — 13,407 378 13,785 3,158 2019 (9) Up to 40 years 1025 North Highland Ave, Los Angeles, California 1 — 10,168 27,117 37,285 16,371 1988 Up to 40 years 1010 - 1006 North Mansfield, Los Angeles, California 1 — 749 — 749 147 2014 Up to 40 years 1350 West Grand Ave, Oakland, California 1 — 15,172 7,606 22,778 15,728 1997 Up to 40 years 1760 North Saint Thomas Circle, Orange, California 1 — 4,576 510 5,086 2,098 2002 Up to 40 years 1915 South Grand Ave, Santa Ana, California 1 — 3,420 1,305 4,725 2,099 2001 Up to 40 years 2680 Sequoia Dr, South Gate, California 1 — 6,329 2,914 9,243 4,416 2002 Up to 40 years 336 Oyster Point Blvd, South San Francisco, California 1 — 15,100 233 15,333 2,717 2019 (9) Up to 40 years 25250 South Schulte Rd, Tracy, California 1 — 3,049 1,785 4,834 2,379 2001 Up to 40 years 3576 N. Moline, Aurora, Colorado 1 — 1,583 4,492 6,075 2,239 2001 Up to 40 years 5151 E. 46th Ave, Denver, Colorado 1 — 6,312 724 7,036 1,974 2014 Up to 40 years (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 11333 E 53rd Ave, Denver, Colorado 1 $ — $ 7,403 $ 10,348 $ 17,751 $ 10,571 2001 Up to 40 years 4300 Brighton Boulevard, Denver, Colorado 1 — 116,336 23,590 139,926 18,893 2017 Up to 40 years 20 Eastern Park Rd, East Hartford, Connecticut 1 — 7,417 1,905 9,322 6,549 2002 Up to 40 years Kennedy Road, Windsor, Connecticut 2 — 10,447 32,111 42,558 23,522 2001 Up to 40 years 150-200 Todds Ln, Wilmington, Delaware 1 — 7,226 1,137 8,363 5,370 2002 Up to 40 years 13280 Vantage Way, Jacksonville, Florida 1 — 1,853 590 2,443 1,085 2001 Up to 40 years 12855 Starkey Rd, Largo, Florida 1 — 3,293 3,005 6,298 3,609 2001 Up to 40 years 7801 Riviera Blvd, Miramar, Florida 1 — 8,250 264 8,514 1,247 2017 Up to 40 years 10002 Satellite Blvd, Orlando, Florida 1 — 1,927 343 2,270 993 2001 Up to 40 years 3501 Electronics Way, West Palm Beach, Florida 1 — 4,201 13,933 18,134 8,252 2001 Up to 40 years 1890 MacArthur Blvd, Atlanta, Georgia 1 — 1,786 825 2,611 1,265 2002 Up to 40 years 3881 Old Gordon Rd, Atlanta, Georgia 1 — 1,185 899 2,084 955 2001 Up to 40 years 5319 Tulane Drive SW, Atlanta, Georgia 1 — 2,808 3,963 6,771 3,975 2002 Up to 40 years 6111 Live Oak Parkway, Norcross, Georgia 1 — 3,542 2,802 6,344 683 2017 Up to 40 years 3150 Nifda Dr, Smyrna, Georgia 1 — 463 779 1,242 795 1990 Up to 40 years 2425 South Halsted St, Chicago, Illinois 1 — 7,470 1,717 9,187 4,694 2006 Up to 40 years 1301 S. Rockwell St, Chicago, Illinois 1 — 7,947 20,032 27,979 17,288 1999 Up to 40 years 2604 West 13th St, Chicago, Illinois 1 $ — 404 2,954 3,358 2,948 2001 Up to 40 years 2211 W. Pershing Rd, Chicago, Illinois 1 — 4,264 14,131 18,395 9,614 2001 Up to 40 years (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 2255 Pratt Blvd, Elk Grove, Illinois 1 $ — $ 1,989 $ 3,930 $ 5,919 $ 1,847 2000 Up to 40 years 4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois 1 — 22,048 2,909 24,957 11,051 2014 Up to 40 years 2600 Beverly Drive, Lincoln, Illinois 1 — 1,378 938 2,316 382 2015 Up to 40 years 6090 NE 14th Street, Des Moines, Iowa 1 — 622 511 1,133 478 2003 Up to 40 years South 7th St, Louisville, Kentucky 4 — 709 14,664 15,373 6,482 Various Up to 40 years 26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine 1 — 8,337 528 8,865 3,620 2015 (9) Up to 40 years 8928 McGaw Ct, Columbia, Maryland 1 — 2,198 6,529 8,727 4,220 1999 Up to 40 years 10641 Iron Bridge Rd, Jessup, Maryland 1 — 3,782 1,608 5,390 2,965 2000 Up to 40 years 96 High St, Billerica, Massachusetts 1 — 3,221 3,956 7,177 3,901 1998 Up to 40 years 120 Hampden St, Boston, Massachusetts 1 — 164 939 1,103 609 2002 Up to 40 years 32 George St, Boston, Massachusetts 1 — 1,820 5,442 7,262 5,754 1991 Up to 40 years 14500 Weston Pkwy, Cary, North Carolina 1 — 1,880 2,229 4,109 2,234 1999 Up to 40 years 3435 Sharps Lot Rd, Dighton, Massachusetts 1 — 1,911 797 2,708 2,175 1999 Up to 40 years 77 Constitution Boulevard, Franklin, Massachusetts 1 — 5,413 288 5,701 1,001 2014 Up to 40 years Bearfoot Road, Northboro, Massachusetts 2 — 55,923 15,151 71,074 44,118 Various Up to 40 years 6601 Sterling Dr South, Sterling Heights, Michigan 1 — 1,294 1,255 2,549 1,332 2002 Up to 40 years 31155 Wixom Rd, Wixom, Michigan 1 — 4,000 1,509 5,509 3,060 2001 Up to 40 years 3140 Ryder Trail South, Earth City, Missouri 1 — 3,072 3,429 6,501 2,765 2004 Up to 40 years Leavenworth St/18th St, Omaha, Nebraska 2 — 2,924 18,489 21,413 8,555 Various Up to 40 years (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 4105 North Lamb Blvd, Las Vegas, Nevada 1 $ — $ 3,430 $ 8,976 $ 12,406 $ 6,701 2002 Up to 40 years 17 Hydro Plant Rd, Milton, New Hampshire 1 — 6,179 4,499 10,678 7,269 2001 Up to 40 years 3003 Woodbridge Avenue, Edison, New Jersey 1 — 310,404 63,228 373,632 41,572 2018 (5) Up to 40 years 811 Route 33, Freehold, New Jersey 3 — 38,697 59,867 98,564 59,006 Various Up to 40 years 51-69 & 77-81 Court St, Newark, New Jersey 1 — 11,734 10,532 22,266 2,899 2015 Up to 40 years 560 Irvine Turner Blvd, Newark, New Jersey 1 — 9,522 2,875 12,397 1,350 2015 Up to 40 years 231 Johnson Ave, Newark, New Jersey 1 — 8,945 2,907 11,852 1,457 2015 Up to 40 years 650 Howard Avenue, Somerset, New Jersey 1 — 3,585 11,892 15,477 7,080 2006 Up to 40 years 100 Bailey Ave, Buffalo, New York 1 — 1,324 11,413 12,737 7,530 1998 Up to 40 years 64 Leone Ln, Chester, New York 1 — 5,086 1,450 6,536 3,740 2000 Up to 40 years 1368 County Rd 8, Farmington, New York 1 — 2,611 4,908 7,519 5,120 1998 Up to 40 years County Rd 10, Linlithgo, New York 2 — 102 3,249 3,351 1,912 2001 Up to 40 years 37 Hurds Corner Road, Pawling, New York 1 — 4,323 1,371 5,694 2,673 2005 Up to 40 years Ulster Ave/Route 9W, Port Ewen, New York 3 — 23,137 12,301 35,438 24,492 2001 Up to 40 years Binnewater Rd, Rosendale, New York 2 — 5,142 11,992 17,134 8,301 Various Up to 40 years 220 Wavel St, Syracuse, New York 1 — 2,929 2,765 5,694 3,270 1997 Up to 40 years 2235 Cessna Drive, Burlington, North Carolina 1 — 1,602 334 1,936 332 2015 Up to 40 years 826 Church Street, Morrisville, North Carolina 1 — 7,087 266 7,353 1,780 2017 Up to 40 years 1275 East 40th, Cleveland, Ohio 1 — 3,129 606 3,735 2,234 1999 Up to 40 years 7208 Euclid Avenue, Cleveland, Ohio 1 — 3,336 4,140 7,476 3,795 2001 Up to 40 years (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 4260 Tuller Ridge Rd, Dublin, Ohio 1 $ — $ 1,030 $ 1,881 $ 2,911 $ 1,641 1999 Up to 40 years 3366 South Tech Boulevard, Miamisburg, Ohio 1 — 29,092 1,291 30,383 4,165 2018 (5) Up to 40 years 7530 N. Leadbetter Road, Portland, Oregon 1 — 5,187 1,874 7,061 4,449 2002 Up to 40 years Branchton Rd, Boyers, Pennsylvania 2 — 21,166 253,496 274,662 79,855 Various Up to 40 years 800 Carpenters Crossings, Folcroft, Pennsylvania 1 — 2,457 1,055 3,512 2,257 2000 Up to 40 years Las Flores Industrial Park, Rio Grande, Puerto Rico 1 — 4,185 3,598 7,783 4,971 2001 Up to 40 years 24 Snake Hill Road, Chepachet, Rhode Island 1 — 2,659 2,254 4,913 3,308 2001 Up to 40 years 1061 Carolina Pines Road, Columbia, South Carolina 1 — 11,776 2,413 14,189 4,189 2016 (9) Up to 40 years 2301 Prosperity Way, Florence, South Carolina 1 — 2,846 1,287 4,133 1,625 2016 (9) Up to 40 years Mitchell Street, Knoxville, Tennessee 2 — 718 4,575 5,293 2,438 Various Up to 40 years 6005 Dana Way, Nashville, Tennessee 2 — 1,827 3,671 5,498 2,290 2000 Up to 40 years 6600 Metropolis Drive, Austin, Texas 1 — 4,519 454 4,973 1,700 2011 Up to 40 years Capital Parkway, Carrollton, Texas 3 — 8,299 759 9,058 2,958 2015 (9) Up to 40 years 1800 Columbian Club Dr, Carrolton, Texas 1 — 19,673 1,746 21,419 10,709 2013 Up to 40 years 1905 John Connally Dr, Carrolton, Texas 1 — 2,174 868 3,042 1,555 2000 Up to 40 years 13425 Branchview Ln, Dallas, Texas 1 — 3,518 3,693 7,211 4,470 2001 Up to 40 years 1819 S. Lamar St, Dallas, Texas 1 — 3,215 1,768 4,983 2,828 2000 Up to 40 years 2000 Robotics Place Suite B, Fort Worth, Texas 1 — 5,328 3,068 8,396 3,378 2002 Up to 40 years 1202 Ave R, Grand Prairie, Texas 1 — 8,354 2,266 10,620 6,548 2003 Up to 40 years (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 6203 Bingle Rd, Houston, Texas 1 $ — $ 3,188 $ 11,719 $ 14,907 $ 9,488 2001 Up to 40 years 3502 Bissonnet St, Houston, Texas 1 — 7,687 734 8,421 6,228 2002 Up to 40 years 2600 Center Street, Houston, Texas 1 — 2,840 2,619 5,459 2,857 2000 Up to 40 years 5707 Chimney Rock, Houston, Texas 1 — 1,032 1,211 2,243 1,198 2002 Up to 40 years 5249 Glenmont Ave, Houston, Texas 1 — 3,467 2,416 5,883 3,126 2000 Up to 40 years 15333 Hempstead Hwy, Houston, Texas 3 — 6,327 38,154 44,481 16,481 2004 Up to 40 years 5757 Royalton Dr, Houston, Texas 1 — 1,795 1,036 2,831 1,450 2000 Up to 40 years 9601 West Tidwell, Houston, Texas 1 — 1,680 2,408 4,088 1,533 2001 Up to 40 years 7800 Westpark, Houston, Texas 1 — 6,323 1,359 7,682 2,171 2015 (9) Up to 40 years 1665 S. 5350 West, Salt Lake City, Utah 1 — 6,239 4,321 10,560 6,005 2002 Up to 40 years 11052 Lakeridge Pkwy, Ashland, Virginia 1 — 1,709 1,927 3,636 2,107 1999 Up to 40 years 2301 International Parkway, Fredericksburg, Virginia 1 — 20,980 194 21,174 7,023 2015 (7) Up to 40 years 11660 Hayden Road, Manassas, Virginia 1 — 104,824 219,296 324,120 31,501 2020 Up to 40 years 4555 Progress Road, Norfolk, Virginia 1 — 6,527 1,903 8,430 3,767 2011 Up to 40 years 3725 Thirlane Rd. N.W., Roanoke, Virginia 1 — 2,577 287 2,864 1,337 2015 (9) Up to 40 years 7700-7730 Southern Dr, Springfield, Virginia 1 — 14,167 2,830 16,997 10,053 2002 Up to 40 years 22445 Randolph Dr, Sterling, Virginia 1 — 7,598 4,450 12,048 6,643 2005 Up to 40 years 307 South 140th St, Burien, Washington 1 — 2,078 2,405 4,483 2,624 1999 Up to 40 years 8908 W. Hallett Rd, Cheney, Washington 1 — 510 4,281 4,791 2,434 1999 Up to 40 years (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 6600 Hardeson Rd, Everett, Washington 1 $ — $ 5,399 $ 3,476 $ 8,875 $ 4,006 2002 Up to 40 years 1201 N. 96th St, Seattle, Washington 1 — 4,496 2,655 7,151 3,926 2001 Up to 40 years 4330 South Grove Road, Spokane, Washington 1 — 3,906 880 4,786 748 2015 Up to 40 years 12021 West Bluemound Road, Wauwatosa, Wisconsin 1 — 1,307 2,143 3,450 1,640 1999 Up to 40 years 138 $ — $ 1,761,530 $ 1,420,439 $ 3,181,969 $ 850,818 (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) Canada One Command Court, Bedford 1 $ — $ 3,847 $ 4,768 $ 8,615 $ 4,794 2000 Up to 40 years 195 Summerlea Road, Brampton 1 — 5,403 7,123 12,526 6,452 2000 Up to 40 years 10 Tilbury Court, Brampton 1 — 5,007 18,163 23,170 9,865 2000 Up to 40 years 8825 Northbrook Court, Burnaby 1 — 8,091 2,601 10,692 5,330 2001 Up to 40 years 8088 Glenwood Drive, Burnaby 1 — 4,326 7,502 11,828 5,549 2005 Up to 40 years 5811 26th Street S.E., Calgary 1 — 14,658 9,829 24,487 12,767 2000 Up to 40 years 3905-101 Street, Edmonton 1 — 2,020 1,067 3,087 1,786 2000 Up to 40 years 68 Grant Timmins Drive, Kingston 1 — 3,639 790 4,429 587 2016 Up to 40 years 3005 Boul. Jean-Baptiste Deschamps, Lachine 1 — 2,751 831 3,582 1,606 2000 Up to 40 years 1655 Fleetwood, Laval 1 — 8,196 20,519 28,715 14,996 2000 Up to 40 years 4005 Richelieu, Montreal 1 — 1,800 2,702 4,502 2,067 2000 Up to 40 years 1209 Algoma Rd, Ottawa 1 — 1,059 7,210 8,269 4,738 2000 Up to 40 years 1650 Comstock Rd, Ottawa 1 — 7,478 116 7,594 3,074 2017 Up to 40 years 235 Edson Street, Saskatoon 1 — 829 1,748 2,577 1,038 2008 Up to 40 years 640 Coronation Drive, Scarborough 1 — 1,853 1,370 3,223 1,496 2000 Up to 40 years 610 Sprucewood Ave, Windsor 1 — 1,243 742 1,985 869 2007 Up to 40 years 16 $ — $ 72,200 $ 87,081 $ 159,281 $ 77,014 154 $ — $ 1,833,730 $ 1,507,520 $ 3,341,250 $ 927,832 (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Europe Gewerbeparkstr. 3, Vienna, Austria 1 $ — $ 6,542 $ 8,234 $ 14,776 $ 4,788 2010 Up to 40 years Woluwelaan 147, Diegem, Belgium 1 — 2,541 6,410 8,951 4,922 2003 Up to 40 years Stupničke Šipkovine 62, Zagreb, Croatia 1 — 1,408 1,517 2,925 221 2003 Up to 40 years Kratitirion 9 Kokkinotrimithia Industrial District, Nicosia, Cyprus 1 — 3,136 2,723 5,859 807 2003 Up to 40 years Karyatidon 1, Agios Sylas Industrial Area (3rd), Limassol, Cyprus 1 — 1,935 (23) 1,912 260 2018 Up to 40 years G2-B, Engineering Square IDG Developer’s Area, 6th Oct City Giza, Egypt 1 — 8,984 224 9,208 86 2021 (7) Up to 40 years 65 Egerton Road, Birmingham, England 1 — 6,980 2,169 9,149 5,451 2003 Up to 40 years Otterham Quay Lane, Gillingham, England 9 — 7,418 3,762 11,180 5,951 2004 Up to 40 years Kemble Industrial Park, Kemble, England 2 — 5,277 7,343 12,620 9,213 2003 Up to 40 years Gayton Road, Kings Lynn, England 3 — 3,119 1,809 4,928 3,117 2003 Up to 40 years 17 Broadgate, Oldham, England 1 — 4,039 468 4,507 2,631 2008 Up to 40 years Harpway Lane, Sopley, England 1 — 681 1,509 2,190 1,547 2004 Up to 40 years Unit 1A Broadmoor Road, Swindom, England 1 — 2,636 555 3,191 1,405 2006 Up to 40 years Jeumont-Schneider, Champagne Sur Seine, France 3 — 1,750 2,563 4,313 2,543 2003 Up to 40 years Bat I-VII Rue de Osiers, Coignieres, France 4 — 21,318 (431) 20,887 6,003 2016 (4) Up to 40 years 26 Rue de I Industrie, Fergersheim, France 1 — 1,322 (14) 1,308 367 2016 (4) Up to 40 years Bat A, B, C1, C2, C3 Rue Imperiale, Gue de Longroi, France 1 — 3,390 754 4,144 1,322 2016 (4) Up to 40 years Le Petit Courtin Site de Dois, Gueslin, Mingieres, France 1 — 14,141 (44) 14,097 2,876 2016 (4) Up to 40 years ZI des Sables, Morangis, France 1 — 12,407 15,637 28,044 20,016 2004 Up to 40 years (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Europe (continued) 45 Rue de Savoie, Manissieux, Saint Priest, France $ 1 $ — $ 5,546 $ (103) $ 5,443 $ 1,201 2016 (4) Up to 40 years Heinrich Lanz Alee 47, Frankfurt, Germany 1 — 80,591 (2,079) 78,512 — 2021 (8) Up to 40 years Gutenbergstrabe 55, Hamburg, Germany 1 — 4,022 803 4,825 1,519 2016 (4) Up to 40 years Brommer Weg 1, Wipshausen, Germany 1 — 3,220 1,855 5,075 3,564 2006 Up to 40 years Warehouse and Offices 4 Springhill, Cork, Ireland 1 — 9,040 2,666 11,706 5,555 2014 Up to 40 years 17 Crag Terrace, Dublin, Ireland 1 — 2,818 783 3,601 1,531 2001 Up to 40 years Damastown Industrial Park, Dublin, Ireland 1 — 16,034 7,399 23,433 9,453 2012 Up to 40 years Al Qastal, Amman, Jordan 1 — 1,431 463 1,894 40 2021 (7) Up to 40 years Vareseweg 130, Rotterdam, The Netherlands 1 — 1,357 1,049 2,406 1,804 2015 (9) Up to 40 years Howemoss Drive, Aberdeen, Scotland 2 — 6,970 6,008 12,978 5,878 Various Up to 40 years Traquair Road, Innerleithen, Scotland 1 — 113 2,235 2,348 1,305 2004 Up to 40 years Nettlehill Road, Houston Industrial Estate, Livingston, Scotland 1 — 11,517 28,248 39,765 20,910 2001 Up to 40 years Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain 1 — 186 236 422 347 2014 Up to 40 years Calle Bronce, 37, Chiloeches, Spain 1 — 11,011 3,696 14,707 3,814 2010 Up to 40 years Ctra M.118 , Km.3 Parcela 3, Madrid, Spain 1 — 3,981 5,504 9,485 6,974 2001 Up to 40 years Abanto Ciervava, Spain 2 — 1,053 (68) 985 483 Various Up to 40 years Plot No. S20704, Jebel Ali Free Zone Authority, United Arab Emirates 1 — 29,300 2,194 31,494 439 2021 (7) Up to 40 years 54 $ — $ 297,214 $ 116,054 $ 413,268 $ 138,343 (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Latin America Amancio Alcorta 2396, Buenos Aires, Argentina 2 $ — $ 655 $ 872 $ 1,527 $ 410 Various Up to 40 years Azara 1245, Buenos Aires, Argentina 1 — 166 (164) 2 — 1998 Up to 40 years Spegazzini, Ezeiza Buenos Aires, Argentina 1 — 12,773 (10,726) 2,047 497 2012 Up to 40 years Av Ernest de Moraes 815, Bairro Fim do Campo, Jarinu Brazil 1 — 12,562 (5,091) 7,471 1,726 2016 (4) Up to 40 years Rua Peri 80, Jundiai, Brazil 1 — 8,894 (3,729) 5,165 1,297 2016 (4) Up to 40 years Francisco de Souza e Melo, Rio de Janerio, Brazil 3 — 1,868 7,056 8,924 3,310 Various Up to 40 years Hortolandia, Sao Paulo, Brazil 1 24,078 (5,747) 18,331 3,639 El Taqueral 99, Santiago, Chile 10 — 2,629 28,322 30,951 11,863 Various Up to 40 years Panamericana Norte 18900, Santiago, Chile 7 — 4,001 15,776 19,777 7,382 Various Up to 40 years Avenida Prolongacion 1 — 374 1,291 1,665 1,131 2002 Up to 40 years Privada Las Flores No. 25 (G3), Guadalajara, Mexico 1 — 905 1,160 2,065 1,049 2004 Up to 40 years Tula KM Parque de Las, Huehuetoca, Mexico 2 — 19,937 (298) 19,639 4,468 2016 (4) Up to 40 years Carretera Pesqueria Km2.5(M3), Monterrey, Mexico 2 — 3,537 4,400 7,937 3,889 2004 Up to 40 years Lote 2, Manzana A, (T2& T3), Toluca, Mexico 1 — 2,204 4,436 6,640 5,285 2002 Up to 40 years Prolongacion de la Calle 7 (T4), Toluca, Mexico 1 — 7,544 14,524 22,068 7,970 2007 Up to 40 years Panamericana Sur, KM 57.5, Lima, Peru 7 — 1,549 462 2,011 1,105 Various Up to 40 years Av. Elmer Faucett 3462, Lima, Peru 2 — 4,112 4,161 8,273 4,239 Various Up to 40 years Calle Los Claveles-Seccion 3, Lima, Peru 1 — 8,179 26,235 34,414 10,044 2010 Up to 40 years 45 $ — $ 115,967 $ 82,940 $ 198,907 $ 69,304 (A) (B) (C) (D) (E) (F) REGION/COUNTRY/ FACILITIES (1) ENCUMBRANCES INITIAL COST TO COMPANY (1) COST CAPITALIZED SUBSEQUENT TO ACQUISITION (1)(2) GROSS AMOUNT CARRIED AT CLOSE OF CURRENT PERIOD (1)(8) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(8) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Asia Warehouse No 4, Shanghai, China 1 $ — $ 1,530 $ 881 $ 2,411 $ 567 2013 Up to 40 years Jalan Karanggan Muda Raya No 59, Bogor Indonesia 1 — 7,897 5,142 13,039 2,999 2017 Up to 40 years Jl. Amd Projakal KM 5.5 Rt 46, Kel. Graha Indah, Kec. Balikpapan Utara, Indonesia 1 — 125 — 125 5 2021 Up to 40 years 1 Serangoon North Avenue 6, Singapore 1 — 58,637 52,044 110,681 10,931 2018 (9) Up to 40 years 2 Yung Ho Road, Singapore 1 — 10,395 1,780 12,175 2,884 2016 (4) Up to 40 years 26 Chin Bee Drive, Singapore 1 — 15,699 2,655 18,354 2,279 2016 (4) Up to 40 years IC1 69 Moo 2, Soi Wat Namdaeng, Bangkok, Thailand 2 — 13,226 1,445 14,671 4,651 2016 (4) Up to 40 years 8 $ — $ 107,509 $ 63,947 $ 171,456 $ 24,316 Australia 8 Whitestone Drive, Austins Ferry, Australia 1 — 681 2,646 3,327 559 2012 Up to 40 years 6 Norwich Street, South Launceston, Australia 1 — 1,090 (47) 1,043 136 2015 Up to 40 years 2 $ — $ 1,771 $ 2,599 $ 4,370 $ 695 Total 263 $ — $ 2,356,191 $ 1,773,060 $ 4,129,251 $ 1,160,490 (1) The above information only includes the real estate facilities that are owned. The gross cost includes the cost for land, land improvements, buildings, building improvements and racking. The listing does not reflect the 1,184 leased facilities in our real estate portfolio. In addition, the above information does not include any value for financing leases for property that is classified as land, buildings and building improvements in our consolidated financial statements. (2) Amount includes cumulative impact of foreign currency translation fluctuations. (3) Date of construction or acquired represents the date we constructed the facility or acquired the facility through purchase or acquisition. (4) Property was acquired in connection with our acquisition of Recall Holdings Limited. (5) Property was acquired in connection with our acquisition of IO Data Centers, LLC. (6) Property was acquired in connection with our acquisition of Credit Suisse International and Credit Suisse AG. (7) Property was acquired in connection with our acquisition of Information Fort, LLC. (8) Property was acquired in connection with the Frankfurt data center acquisition. (9) This date represents the date the categorization of the property was changed from a leased facility to an owned facility. (8) The following tables present the changes in gross carrying amount of real estate owned and accumulated depreciation for the years ended December 31, 2021 and 2020: YEAR ENDED DECEMBER 31, GROSS CARRYING AMOUNT OF REAL ESTATE 2021 2020 Gross amount at beginning of period $ 3,830,489 $ 3,856,515 Additions during period: Acquisitions 120,307 — Discretionary capital projects 386,752 157,239 Other adjustments (1) — 66,978 Foreign currency translation fluctuations (51,363) 10,198 455,696 234,415 Deductions during period: Cost of real estate sold, disposed or written-down (119,154) (178,869) Other adjustments (2) (37,780) (81,572) (156,934) (260,441) Gross amount at end of period $ 4,129,251 $ 3,830,489 (1) For the year ended December 31, 2020, this includes previously recorded construction in progress, not classified as owned real estate at December 31, 2019. (2) For the years ended December 31, 2021 and 2020, this includes the cost of racking associated with the facilities sold as part of the sale-leaseback transactions. YEAR ENDED DECEMBER 31, ACCUMULATED DEPRECIATION 2021 2020 Gross amount of accumulated depreciation at beginning of period $ 1,097,616 $ 1,072,013 Additions during period: Depreciation 147,134 123,447 Foreign currency translation fluctuations (15,135) 8,590 131,999 132,037 Deductions during period: Amount of accumulated depreciation for real estate assets sold, disposed or written-down (41,376) (54,978) Other adjustments (1) (27,749) (51,456) (69,125) (106,434) Gross amount of end of period $ 1,160,490 $ 1,097,616 (1) For the years ended December 31, 2021 and 2020, this includes the accumulated depreciation of racking associated with the facilities sold as part of the sale-leaseback transactions. The aggregate cost of our real estate assets for federal tax purposes at December 31, 2021 was approximately $3,910,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The accompanying financial statements reflect our financial position, results of operations, comprehensive income (loss), equity and cash flows on a consolidated basis. All intercompany transactions and account balances have been eliminated. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. |
Foreign Currency | Local currencies are the functional currencies for our operations outside the United States, with the exception of certain foreign holding companies, whose functional currency is the United States dollar. In those instances where the local currency is the functional currency, assets and liabilities are translated at period-end exchange rates, and revenues and expenses are translated at average exchange rates for the applicable period. |
Cash, Cash Equivalents and Restricted Cash | Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value. |
Allowance for Doubtful Accounts and Credit Memo Reserves | We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes how entities will measure credit losses on most financial assets. The standard eliminates the probable initial recognition of estimated losses and provides a forward-looking expected credit loss model for accounts receivable, loans and other financial instruments. On January 1, 2020 we adopted ASU 2016-13 on a modified retrospective basis for all financial assets measured at amortized cost. The adoption of ASU 2016-13 did not result in a material impact on our consolidated financial statements. Under ASU 2016-13, we calculate and monitor our allowance considering future potential economic and macroeconomic conditions and reasonable and supportable forecasts for expected future collectability of our outstanding receivables, in addition to considering our past loss experience, current and prior trends in our aged receivables and credit memo activity. Our considerations when calculating our allowance include, but are not limited to, the following: the location of our businesses, the composition of our customer base, our product and service lines, potential future economic unrest, and potential future macroeconomic factors, including natural disasters and any impacts associated with the COVID-19 pandemic. Continued adjustments will be made should there be any material change to reasonable and supportable forecasts that may impact our likelihood of collection, as it becomes evident. Our highly diverse global customer base, with no single customer accounting for more than approximately 1% of revenue during the years ended December 31, 2021, 2020 and 2019, limits our exposure to concentration of credit risk. Additionally, we write off uncollectible balances as circumstances warrant, generally, no later than one year past due. |
Concentrations of Credit Risk | Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable.As per our risk management investment policy, we limit exposure to concentration of credit risk by limiting the amount invested in any one mutual fund to a maximum of 1% of the fund's total assets or in any one financial institution to a maximum of $75,000. |
Property, Plant and Equipment | Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years): DESCRIPTION RANGE Buildings and building improvements 5 to 40 Leasehold improvements 5 to 10 or life of the lease (whichever is shorter) Racking 1 to 20 or life of the lease (whichever is shorter) Warehouse equipment/vehicles 1 to 10 Furniture and fixtures 1 to 10 Computer hardware and software 2 to 5 |
Leases | We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. The majority of our leased facilities are classified as operating leases that, on average, have initial lease terms of five one one We account for all leases, both operating and financing, in accordance with Accounting Standards Codification ("ASC") Topic 842 Leases, ("ASC 842"). Our accounting policy provides that leases with an initial term of 12 months or less will not be included within the lease right-of-use assets and lease liabilities recognized on our Consolidated Balance Sheets. We will continue to recognize the lease payments for those leases with an initial term of 12 months or less in our Consolidated Statements of Operations on a straight-line basis over the lease term. The lease right-of-use assets and related lease liabilities are classified as either operating or financing. Lease right-of-use assets are calculated as the net present value of future payments plus any capitalized initial direct costs less any tenant improvements or lease incentives. Lease liabilities are calculated as the net present value of future payments. In calculating the present value of the lease payments, we utilize the rate stated in the lease (in the limited circumstances when such rate is explicitly stated) or, if no rate is explicitly stated, we utilize a rate that reflects our securitized incremental borrowing rate by geography for the lease term. We account for nonlease components (which include common area maintenance, taxes, and insurance) with the related lease component. Any variable nonlease components are not included within the lease right-of-use asset and lease liability on our Consolidated Balance Sheets, and instead, are reflected as an expense in the period incurred. |
Long-Lived Assets | We review long-lived assets, including all finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the sum of the forecasted undiscounted net cash flows of the operation to which the assets relate to their carrying amount. The operations are generally distinguished by the business segment and geographic region in which they operate. If it is determined that we are unable to recover the carrying amount of the assets, the long-lived assets are written down, on a pro rata basis, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. Long-lived assets, including finite-lived intangible assets, are amortized over their useful lives. Annually, or more frequently if events or circumstances warrant, we assess whether a change in the lives over which long-lived assets, including finite-lived intangible assets, are amortized is necessary. |
Goodwill and Other Indefinite- Lived Intangible Assets | GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS Goodwill and intangible assets with indefinite lives are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. Other than goodwill, we currently have no intangible assets that have indefinite lives and which are not amortized. We have selected October 1 as our annual goodwill impairment review date. We have performed our annual goodwill impairment review as of October 1, 2021, 2020 and 2019. We concluded that as of October 1, 2021, 2020 and 2019, goodwill was not impaired. During the first quarter of 2020, as discussed in greater detail below, we concluded that we had a triggering event related to our Fine Arts reporting unit, requiring us to perform an interim goodwill impairment test. We concluded that the fair value of our Fine Arts reporting unit was less than its carrying value, and, therefore, we recorded a $23,000 impairment charge on the goodwill associated with this reporting unit during the first quarter of 2020. The following is a discussion regarding (i) interim goodwill impairment review for our Fine Arts reporting unit during the first quarter of 2020 and (ii) the reporting units at which level we tested goodwill for impairment as of October 1, 2021 and 2020 and the composition of these reporting units at December 31, 2021 and 2020 (including the amount of goodwill associated with each reporting unit). When changes occur in the composition of one or more reporting units, the goodwill is reassigned to the reporting units affected based upon their relative fair values. I. INTERIM GOODWILL IMPAIRMENT REVIEW - FINE ARTS, FIRST QUARTER OF 2020 During the first quarter of 2020, we concluded that we had a triggering event related to our Fine Arts reporting unit, requiring us to perform an interim goodwill impairment test. The primary factor contributing to our conclusion was the expected impact of the COVID-19 pandemic to this particular business and its customers and revenue sources, which caused us to believe it was more likely than not that the carrying value of our Fine Arts reporting unit exceeded its fair value. During the first quarter of 2020, we performed an interim goodwill impairment test for our Fine Arts reporting unit utilizing a discounted cash flow model, with updated assumptions on future revenues, operating expenditures and capital expenditures. We concluded that the fair value of our Fine Arts reporting unit was less than its carrying value, and, therefore, we recorded a $23,000 impairment charge on the goodwill associated with this reporting unit during the first quarter of 2020. Factors that may impact these assumptions include, but are not limited to: (i) our ability to maintain, or grow, storage and retail service revenues in this reporting unit in line with current expectations and (ii) our ability to manage our fixed and variable costs in this reporting unit in line with potential future revenue declines. II. REPORTING UNITS AS OF OCTOBER 1, 2021 and 2020 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2021 and 2020 were as follows: • North America Records and Information Management ("North America RIM") • Europe Records and Information Management ("Europe RIM") • Latin America Records and Information Management ("Latin America RIM") • Australia and New Zealand Records and Information Management ("ANZ RIM") • Asia Records and Information Management ("Asia RIM") • Global Data Center • Fine Arts • Entertainment Services We concluded that the goodwill associated with each of our reporting units was not impaired as of such date. There were no changes to the composition of our reporting units between October 1, 2021 and December 31, 2021 and between October 1, 2020 and December 31, 2020. Reporting unit valuations have generally been determined using a combined approach based on the present value of future cash flows (the “Discounted Cash Flow Model”) and market multiples (the “Market Approach”). The Discounted Cash Flow Model incorporates significant assumptions including future revenue growth rates, operating margins, discount rates and capital expenditures. The Market Approach requires us to make assumptions related to Adjusted EBITDA (as defined in Note 11) multiples. Changes in economic and operating conditions impacting these assumptions or changes in multiples could result in goodwill impairments in future periods. In conjunction with our annual goodwill impairment reviews, we reconcile the sum of the valuations of all of our reporting units to our market capitalization as of such dates. |
Finite-Lived Intangible Assets and Liabilities | FINITE-LIVED INTANGIBLE ASSETS AND LIABILITIES I. CUSTOMER RELATIONSHIP INTANGIBLE ASSETS Customer relationship intangible assets, which are acquired through either business combinations or acquisitions of customer relationships, are amortized over periods ranging from 10 to 30 years. Customer relationship intangible assets are recorded based upon estimates of their fair value. Finite-lived intangible assets associated with our Global Data Center Business consist of the following: DATA CENTER IN-PLACE LEASE INTANGIBLE ASSETS AND DATA CENTER TENANT RELATIONSHIP INTANGIBLE ASSETS Data Center In-Place Lease Intangible Assets (“Data Center In-Place Leases”) and Data Center Tenant Relationship Intangible Assets (“Data Center Tenant Relationships”) reflect the value associated with acquiring a data center operation with active tenants as of the date of acquisition. The value of Data Center In-Place Leases is determined based upon an estimate of the economic costs (such as lost revenues, tenant improvement costs, commissions, legal expenses and other costs to acquire new data center leases) avoided by acquiring a data center operation with active tenants that would have otherwise been incurred if the data center operation was purchased vacant. Data Center In-Place Leases are amortized over the weighted average remaining term of the acquired data center leases. The value of Data Center Tenant Relationships is determined based upon an estimate of the economic costs avoided upon lease renewal of the acquired tenants, based upon expectations of lease renewal. Data Center Tenant Relationships are amortized over the weighted average remaining anticipated life of the relationship with the acquired tenant. DATA CENTER ABOVE-MARKET AND BELOW-MARKET IN-PLACE LEASE INTANGIBLE ASSETS We record Data Center Above-Market In-Place Lease Intangible Assets (“Data Center Above-Market Leases”) and Data Center Below-Market In-Place Lease Intangible Assets (“Data Center Below-Market Leases”) at the net present value of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of the fair market lease rates for each corresponding in-place lease. Data Center Above-Market Leases and Data Center Below-Market Leases are amortized over the remaining non-cancellable term of the acquired in-place lease to storage revenue. |
Deferred Financing Costs | Deferred financing costs are amortized over the life of the related debt. If debt is retired early, the related unamortized deferred financing costs are written-off in the period the debt is retired to Other (income) expense, net. |
Derivatives Instruments and Hedging Activities | Every derivative instrument is required to be recorded in the balance sheet as either an asset or a liability measured at its fair value. Periodically, we acquire derivative instruments that are intended to hedge either cash flows or values that are subject to foreign exchange or other market price risk and not for trading purposes. We have formally documented our hedging relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking each hedge transaction. Given the recurring nature of our revenues and the long-term nature of our asset base, we have the ability and the preference to use long-term, fixed interest rate debt to finance our business, thereby preserving our long-term returns on invested capital. We may use interest rate swaps as a tool to maintain our targeted level of fixed rate debt. In addition, we may enter into cross-currency swaps to hedge the variability of exchange rates between the United States and our foreign subsidiaries, as well as interest rates. We may also use borrowings in foreign currencies, either obtained in the United States or by our foreign subsidiaries, to hedge foreign currency risk associated with our international investments. |
Fair Value Measurements | Entities are permitted under GAAP to elect to measure certain financial instruments and certain other items at either fair value or cost. We have elected the cost measurement option in all circumstances where we had an option. Our financial assets or liabilities that are carried at fair value are required to be measured using inputs from the three levels of the fair value hierarchy. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). |
Redeemable Noncontrolling Interests | REDEEMABLE NONCONTROLLING INTERESTSCertain unaffiliated third parties own noncontrolling interests in certain of our foreign consolidated subsidiaries. The underlying agreements between us and our noncontrolling interest shareholders for these subsidiaries contain provisions under which the noncontrolling interest shareholders can require us to purchase their respective interests in such subsidiaries at certain times and at a purchase price as stipulated in the underlying agreements (generally at fair value). These put options make these noncontrolling interests redeemable and, therefore, these noncontrolling interests are classified as temporary equity outside of stockholders’ equity. Redeemable noncontrolling interests are reported at the higher of their redemption value or the noncontrolling interest holders’ proportionate share of the underlying subsidiaries net carrying value. Increases or decreases in the redemption value of the noncontrolling interest are offset against Additional Paid-in Capital. |
Revenues | Payments that are made to a customer’s current records management vendor in order to terminate the customer’s existing contract with that vendor (“Permanent Withdrawal Fees”), or direct payments to a customer for which no distinct benefit is received in return, are collectively referred to as "Customer Inducements". Customer Inducements are treated as a reduction of the transaction price over periods ranging from one Our revenues consist of storage rental revenues as well as service revenues and are reflected net of sales and value-added taxes. Storage rental revenues, which are considered a key driver of financial performance for the storage and information management services industry, consist primarily of recurring periodic rental charges related to the storage of materials or data (generally on a per unit basis) that are typically retained by customers for many years and revenues associated with our data center operations. Service revenues include charges for related service activities, the most significant of which include: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records, customer termination and permanent removal fees, project revenues and courier operations, consisting primarily of the pickup and delivery of records upon customer request; (2) destruction services, consisting primarily of secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to period; (3) digital solutions, including the scanning, imaging and document conversion services of active and inactive records, and consulting services; and (4) data center services, including set up, monitoring and support of our customers' assets which are protected in our data center facilities, and special project services, including data center fitout. We account for revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Customers are generally billed monthly based on contractually agreed-upon terms, and storage rental and service revenues are recognized in the month the respective storage rental or service is provided, in line with the transfer of control to the customer. When storage rental fees or services are billed in advance, amounts related to future storage rental or prepaid service contracts are accounted for as deferred revenue and recognized upon the transfer of control to the customer, generally ratably over the contract term. Customer contracts generally include promises to provide monthly recurring storage and related services that are essentially the same over time and have the same pattern of transfer of control to the customer; therefore, most performance obligations represent a promise to deliver a series of distinct services over time (as determined for purposes of ASC 606, a “series”). For those contracts that qualify as a series, we have a right to consideration from the customer in an amount that corresponds directly with the value of the underlying performance obligation transferred to the customer to date. This concept is known as "right to invoice” and we apply the “right to invoice” practical expedient to the majority of all revenues, with the exception of storage revenues in our Global Data Center Business (which are subject to leasing guidance). Additionally, each purchasing decision is fully in the control of the customer and; therefore, consideration beyond the current reporting period is variable and allocated to the specific period to which the consideration relates, which is consistent with the practical expedient. Our Global Data Center Business features storage rental provided to the customer at contractually specified rates over a fixed contractual period. Storage rental revenue related to the storage component of our Global Data Center Business is recognized on a straight-line basis over the contract term in accordance with ASC 842. The revenue related to the service component of our Global Data Center Business is recognized in the period the related services are provided. The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to obtain or fulfill customer contracts (“Contract Fulfillment Costs”). The following describes our significant Contract Fulfillment Costs recognized under ASC 606: INTAKE COSTS (AND ASSOCIATED DEFERRED REVENUE) The costs of the initial intake of customer records into physical storage (“Intake Costs”) are deferred and amortized as a component of depreciation and amortization in our Consolidated Statements of Operations over three years, consistent with the transfer of the performance obligation to the customer to which the asset relates. In instances where such Intake Costs are billed to the customer, the associated revenue is deferred and recognized over the same three-year period. COMMISSIONS Certain commission payments that are directly associated with the fulfillment of long-term contracts are capitalized and amortized as a component of depreciation and amortization in our Consolidated Statements of Operations over three years, consistent with the transfer of the performance obligation to the customer to which the asset relates. Certain direct commission payments associated with contracts with a duration of one year or less are expensed as incurred under the practical expedient which allows an entity to expense as incurred an incremental cost of obtaining a contract if the amortization period of the asset that the entity otherwise would have recognized is one year or less. |
Stock-Based Compensation | We record stock-based compensation expense, utilizing the straight-line method, for the cost of stock options, restricted stock units (“RSUs”), performance units (“PUs”) and shares of stock issued under our employee stock purchase plan (“ESPP”) (together, "Employee Stock-Based Awards”). For our Employee Stock-Based Awards made on or after February 20, 2019, we have included the following retirement provision: • Upon an employee’s retirement on or after attaining age 58, if the sum of (i) the award recipient’s age at retirement and (ii) the award recipient’s years of service with the company totals at least 70, the award recipient is entitled to continued vesting of any outstanding Employee Stock-Based Awards, provided that, for awards granted in the year of retirement, their retirement occurs on or after July 1 (the “Retirement Criteria”). • Accordingly, (i) grants of Employee Stock-Based Awards to an employee who has met the Retirement Criteria on or before the date of grant, or will meet the Retirement Criteria before July 1 of the year of the grant, will be expensed between the date of grant and July 1 of the grant year and (ii) grants of Employee Stock-Based Awards to employees who will meet the Retirement Criteria during the award’s normal vesting period will be expensed between the date of grant and the date upon which the award recipient meets the Retirement Criteria. • Stock options and RSUs granted to recipients who meet the Retirement Criteria will continue vesting on the original vesting schedule. If an employee retires and has met the Retirement Criteria, stock options generally will remain exercisable for up to three years or the original expiration date of the stock options, if earlier. PUs granted to recipients who meet the Retirement Criteria will continue to vest and be delivered in accordance with the original vesting schedule of the applicable PU award and remain subject to the same performance conditions. The substantial majority of stock-based compensation expense for Employee Stock-Based Awards is included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. STOCK OPTIONS Options are generally granted with exercise prices equal to the market price of the stock on the date of grant; however, in certain instances, options are granted at prices greater than the market price of the stock on the date of grant. The substantial majority of options we issue become exercisable ratably over a period three years from the date of grant and have a contractual life of 10 years from the date of grant, unless the holder’s employment is terminated sooner. Our non-employee directors are considered employees for purposes of our stock option plans and stock option reporting. Our stock options outstanding at December 31, 2021 are based on the three-year vesting period (10 year contractual life) described above. Our equity compensation plans generally provide that, upon a vesting change in control (as defined in each plan), any unvested options and other awards granted thereunder shall vest immediately if an employee is terminated as a result of the change in control or terminates their own employment for good reason (as defined in each plan). On January 20, 2015, our stockholders approved the adoption of the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, as amended (the "2014 Plan”). In May 2021, our stockholders approved an amendment to the 2014 Plan to (i) increase the number of shares of our common stock authorized for issuance thereunder by 8,000,000 from 12,750,000 to 20,750,000, (ii) extend the termination date of the 2014 Plan from May 24, 2027 to May 12, 2031, (iii) provide that, other than in specified circumstances, no equity-based award will vest before the first anniversary of the date of grant and (iv) provide that dividends and dividend equivalents are not paid with respect to stock options or stock appreciation rights. (2) Risk-free interest rate is based on the United States Treasury interest rates whose term is consistent with the expected life (estimated period of time outstanding) of the stock options. (3) Expected dividend yield is considered in the option pricing model and represents our current annualized expected per share dividends over the current trade price of our common stock. (4) Expected life of the stock options granted is estimated using the historical exercise behavior of employees. All of our PUs will be settled in shares of our common stock and are subject to cliff vesting three years from the date of the original PU grant. As detailed above, PUs granted are subject to the Retirement Criteria. PUs granted to recipients who meet the Retirement Criteria will continue to vest and be delivered in accordance with the original vesting schedule of the applicable PU award and remain subject to the same performance conditions. As a result, PUs are generally expensed over the three-year performance period. All PUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of PUs in cash upon the settlement date of the associated PU and will be forfeited if the PU does not vest. |
Income Taxes | Accounting for income taxes requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the tax and financial reporting bases of assets and liabilities and for loss and credit carryforwards. Valuation allowances are provided when recovery of deferred tax assets does not meet the more likely than not standard as defined in GAAP. We have elected to recognize interest and penalties associated with uncertain tax positions as a component of the Provision (benefit) for income taxes in the accompanying Consolidated Statements of Operations.We have been organized and have operated as a REIT effective beginning with our taxable year that ended on December 31, 2014. As a REIT, we are generally permitted to deduct from our federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to federal taxation at the entity level but is taxed, if at all, at the stockholder level. The income of our domestic taxable REIT subsidiaries (“TRSs”), which hold our domestic operations that may not be REIT-compliant as currently operated and structured, is subject, as applicable, to federal and state corporate income tax. In addition, we and our subsidiaries continue to be subject to foreign income taxes in other jurisdictions in which we have business operations or a taxable presence, regardless of whether assets are held or operations are conducted through subsidiaries disregarded for federal income tax purposes or TRSs. We will also be subject to a separate corporate income tax on any gains recognized on the sale or disposition of any asset previously owned by a C corporation during a five-year period after the date we first owned the asset as a REIT asset that are attributable to “built-in gains” with respect to that asset on that date. We will also be subject to a built-in gains tax on our depreciation recapture recognized into income as a result of accounting method changes in connection with our acquisition activities. If we fail to remain qualified for taxation as a REIT, we will be subject to federal income tax at regular corporate income tax rates. Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRS operations. In particular, while state income tax regimes often parallel the federal income tax regime for REITs, many states do not completely follow federal rules and some do not follow them at all. As a REIT, we are entitled to a deduction for dividends paid, resulting in a substantial reduction of federal income tax expense. As a REIT, substantially all of our income tax expense will be incurred based on the earnings generated by our foreign subsidiaries and our domestic TRSs. Following our conversion to a REIT in 2014, we concluded that it was not our intent to reinvest our current and future undistributed earnings of our foreign subsidiaries indefinitely outside the United States. As of December 31, 2016, we concluded that it is our intent to indefinitely reinvest our current and future undistributed earnings of certain of our unconverted foreign TRSs outside the United States. During 2021, as a result of the enactment of a tax law and the closing of various acquisitions, we reassessed this intention and concluded that it is no longer our intention to reinvest our undistributed earnings of our foreign TRSs indefinitely outside the United States. As a REIT, future repatriation of incremental undistributed earnings of our foreign subsidiaries will not be subject to federal or state income tax, with the exception of foreign withholding taxes. However, such future repatriations may require distributions to our stockholders in accordance with REIT distribution rules, and any such distribution may then be taxable, as appropriate, at the stockholder level. We expect to provide for foreign withholding taxes on the current and future earnings of all of our foreign subsidiaries as the result of such reassessment. The evaluation of an uncertain tax position is a two-step process. The first step is a recognition process whereby we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
Income (Loss) Per Share-Basic and Diluted | Basic income (loss) per common share is calculated by dividing income (loss) by the weighted average number of common shares outstanding. The calculation of diluted income (loss) per share is consistent with that of basic income (loss) per share but gives effect to all potential common shares (that is, securities such as stock options, RSUs, PUs, warrants or convertible securities) that were outstanding during the period, unless the effect is antidilutive. |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In December 2019, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. ASU 2019-12 also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We adopted ASU 2019-12 on January 1, 2021. ASU 2019-12 did not have a material impact on our consolidated financial statements. OTHER AS YET ADOPTED ACCOUNTING PRONOUNCEMENTS In December 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU 2014-09 and for the related revenue contracts in accordance with ASU 2014-09 as if it had originated the contracts. ASU 2021-08 will be effective for us on January 1, 2023, with early adoption permitted. We are currently evaluating the impact ASU 2021-08 will have on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) |
Acquisitions | ACQUISITION AND INTEGRATION COSTSAcquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance, facility upgrade and system integration costs (collectively, "Acquisition and Integration Costs"). Acquisition and Integration Costs do not include costs associated with the formation of joint ventures or costs associated with the acquisition of customer relationshipsWe account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired are recorded at their estimated fair values and the results of operations for each acquisition have been included in our consolidated results from their respective acquisition dates. Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon the finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete the valuations within the measurement periods, which are up to one year from the respective acquisition dates. The preliminary purchase price allocations that are not finalized as of December 31, 2021 relate to the final assessment of the fair values of intangible assets (primarily customer relationship intangible assets) and property, plant and equipment associated with the acquisitions we closed in 2021.As the valuation of certain assets and liabilities for purposes of purchase price allocations are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances regarding these assets and liabilities that existed at the acquisition date. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. |
Commitments and Contingencies | We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us and, in limited cases, indemnification from third parties. Our policy is to establish reserves for loss contingencies when the losses are both probable and reasonably estimable. We record legal costs associated with loss contingencies as expenses in the period in which they are incurred. |
Segment Information | The accounting policies of the reportable segments are the same as those described in Note 2. Adjusted EBITDA for each segment is defined as income (loss) from continuing operations before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: EXCLUDED • Acquisition and Integration Costs • Restructuring Charges • Intangible impairments • (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) • Other (income) expense, net • Stock-based compensation expense • COVID-19 Costs (as defined below) Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocated resources to, our operating segments. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Roll forward of allowance for doubtful accounts and credit memo reserves | A rollforward of allowance for doubtful accounts and credit memo reserves is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF THE YEAR CREDIT MEMOS CHARGED TO REVENUE ALLOWANCE FOR BAD DEBTS CHARGED TO EXPENSE DEDUCTIONS AND OTHER (1) BALANCE AT 2021 $ 56,981 $ 47,931 $ 26,896 $ (69,799) $ 62,009 2020 42,856 55,118 34,411 (75,404) 56,981 2019 43,584 51,846 19,389 (71,963) 42,856 (1) Primarily consists of the issuance of credit memos, the write-off of accounts receivable, allowances associated with businesses acquired and the impact associated with currency translation adjustments. |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities, with items greater than 5% of total current liabilities are shown separately, and consist of the following: DECEMBER 31, DESCRIPTION 2021 2020 Interest $ 124,764 $ 131,448 Dividends 190,559 187,867 Operating lease liabilities 259,597 250,239 Other 457,617 576,734 Accrued expenses and other current liabilities $ 1,032,537 $ 1,146,288 |
Property, Plant and Equipment at cost | Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years): DESCRIPTION RANGE Buildings and building improvements 5 to 40 Leasehold improvements 5 to 10 or life of the lease (whichever is shorter) Racking 1 to 20 or life of the lease (whichever is shorter) Warehouse equipment/vehicles 1 to 10 Furniture and fixtures 1 to 10 Computer hardware and software 2 to 5 Property, plant and equipment (including financing leases in the respective category), at cost, consist of the following: DECEMBER 31, DESCRIPTION 2021 2020 Land $ 372,411 $ 354,395 Buildings and building improvements 3,391,143 3,040,253 Leasehold improvements 1,054,757 969,273 Racking 2,075,473 2,083,199 Warehouse equipment/vehicles 494,464 499,787 Furniture and fixtures 50,692 52,978 Computer hardware and software 823,649 746,993 Construction in progress 384,714 499,459 Property, plant and equipment $ 8,647,303 $ 8,246,337 |
Schedule of Contract Fulfillment Costs and related amortization | During the years ended December 31, 2021, 2020 and 2019, capitalized interest is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Capitalized interest $ 12,673 $ 14,321 $ 15,980 During the years ended December 31, 2021, 2020 and 2019, capitalized costs associated with the development of internal use computer software projects are as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Capitalized costs associated with the development of internal use computer software projects $ 48,557 $ 38,329 $ 34,650 Contract Fulfillment Costs, which are included as a component of Other within Other Assets, Net, as of December 31, 2021 and 2020 are as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 DESCRIPTION GROSS ACCUMULATED NET GROSS ACCUMULATED NET Intake Costs asset $ 71,336 $ (42,678) $ 28,658 $ 63,721 $ (33,352) $ 30,369 Commissions asset 114,791 (50,553) 64,238 91,069 (38,787) 52,282 Amortization expense associated with the Intake Costs and Commissions assets for the years ended December 31, 2021, 2020 and 2019 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2021 2020 2019 Intake Costs asset $ 17,530 $ 13,300 $ 10,144 Commissions asset 30,739 24,052 19,109 |
Schedule of operating and financing lease right-of-use assets and lease liabilities | Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2021 and 2020 are as follows: DECEMBER 31, DESCRIPTION 2021 2020 Assets: Operating lease right-of-use assets (1) $ 2,314,422 $ 2,196,502 Financing lease right-of-use assets, net of accumulated depreciation (2)(3) 298,049 310,534 Liabilities: Current Operating lease liabilities $ 259,597 $ 250,239 Financing lease liabilities (3) 41,168 43,149 Long-term Operating lease liabilities $ 2,171,472 $ 2,044,598 Financing lease liabilities (3) 315,561 323,162 (1) At December 31, 2021 and 2020, these assets are comprised of approximately 99% real estate related assets (which include land, buildings and racking) and 1% non-real estate related assets (which include warehouse equipment, vehicles, furniture and fixtures and computer hardware and software). (2) At December 31, 2021, these assets are comprised of approximately 69% real estate related assets and 31% non-real estate related assets. At December 31, 2020, these assets are comprised of approximately 72% real estate related assets and 28% non-real estate related assets. (3) Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, Plant and Equipment, Net, Current portion of long-term debt and Long-term Debt, net of current portion, respectively, within our Consolidated Balance Sheets. |
Schedule of lease terms and discount rates/Other lease information | The components of the lease expense for the years ended December 31, 2021, 2020 and 2019 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2021 2020 2019 Operating lease cost (1) $ 545,097 $ 499,464 $ 459,619 Financing lease cost: Depreciation of financing lease right-of-use assets $ 50,970 $ 51,629 $ 59,258 Interest expense for financing lease liabilities 19,808 19,942 21,031 Weighted average remaining lease terms and discount rates as of December 31, 2021 and 2020 are as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 OPERATING LEASES FINANCING LEASES OPERATING LEASES FINANCING LEASES Remaining Lease Term 10.9 years 10.9 years 11.1 years 11.5 years Discount Rate 6.6 % 5.9 % 6.9 % 5.9 % YEAR ENDED DECEMBER 31, CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: 2021 2020 2019 Operating cash flows used in operating leases $ 392,987 $ 360,088 $ 338,059 Operating cash flows used in financing leases (interest) 19,808 19,942 21,031 Financing cash flows used in financing leases 46,118 47,829 58,033 NON-CASH ITEMS: Operating lease modifications and reassessments $ 144,310 $ 143,382 $ 108,023 New operating leases (including acquisitions and sale-leaseback transactions) 282,490 370,011 170,464 |
Operating lease maturity table | The estimated minimum future lease payments as of December 31, 2021, are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2022 $ 399,242 $ 5,838 $ 55,115 2023 380,690 5,208 50,122 2024 353,617 3,631 41,150 2025 328,320 1,504 38,600 2026 296,895 1,075 34,731 Thereafter 1,706,142 2,271 235,872 Total minimum lease payments 3,464,906 $ 19,527 455,590 Less amounts representing interest or imputed interest (1,033,837) (98,861) Present value of lease obligations $ 2,431,069 $ 356,729 |
Finance lease maturity table | The estimated minimum future lease payments as of December 31, 2021, are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2022 $ 399,242 $ 5,838 $ 55,115 2023 380,690 5,208 50,122 2024 353,617 3,631 41,150 2025 328,320 1,504 38,600 2026 296,895 1,075 34,731 Thereafter 1,706,142 2,271 235,872 Total minimum lease payments 3,464,906 $ 19,527 455,590 Less amounts representing interest or imputed interest (1,033,837) (98,861) Present value of lease obligations $ 2,431,069 $ 356,729 |
Components of Gain/Loss on Sale/Disposal of Property, Plant and Equipment | Consolidated gain on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 (1) 2020 (1) 2019 Consolidated gain on disposal/write-down of property, plant and equipment, net $ 172,041 $ 363,537 $ 63,824 The gains primarily consisted of: • Gains associated with sale and sale-leaseback transactions of approximately $164,000, of which (i) approximately $127,400 relates to the sale-leaseback transactions of five facilities in the United Kingdom during the second quarter of 2021 and (ii) approximately $36,600 relates to the sale and sale-leaseback transactions of nine facilities in the United States during the fourth quarter of 2021. • Gains associated with sale-leaseback transactions of approximately $342,100, of which (i) approximately $265,600 relates to the sale-leaseback transactions of 14 facilities in the United States during the fourth quarter of 2020 and (ii) approximately $76,400 relates to the sale-leaseback transactions of two facilities in the United States during the third quarter of 2020. • Gains of approximately $24,100 associated with the Frankfurt JV Transaction (as defined in Note 3). • Gains associated with sale and sale-leaseback transactions of approximately $67,800 in the United States. • The sale of certain land and buildings of approximately $36,000 in the United Kingdom. Partially offset by losses from: • The impairment charge on the assets associated with the select offerings within our Iron Mountain Iron Cloud portfolio and loss on the subsequent sale of certain IT infrastructure assets and rights to certain hardware and maintenance contracts used to deliver these offerings of approximately $25,000. • The write-down of certain property, plant and equipment of approximately $15,700 in the United States. (1) The gains recognized associated with the sale and sale-leaseback transactions during the years ended December 31, 2021 and 2020 are part of our program to monetize a small portion of our industrial real estate assets. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in Note 2.i. |
Schedule of carrying value of goodwill, net for each of the reporting units | The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2021 and 2020 is as follows: CARRYING VALUE AS OF SEGMENT REPORTING UNIT 2021 2020 Global RIM (as defined in Note 11) Business North America RIM $ 2,720,049 $ 2,719,182 Europe RIM 624,502 641,621 Latin America RIM 107,174 117,834 ANZ RIM 284,042 301,251 Asia RIM 240,494 244,294 Global Data Center Business Global Data Center 426,074 436,987 Corporate and Other Business Fine Arts 27,905 15,176 Entertainment Services 33,291 35,159 Technology Escrow Services (1) — 46,105 Total $ 4,463,531 $ 4,557,609 |
Schedule of changes in the carrying value of goodwill attributable to each reportable operating segment | The changes in the carrying value of goodwill attributable to each reportable operating segment for the years ended December 31, 2021 and 2020 are as follows: GLOBAL RIM GLOBAL CORPORATE TOTAL Goodwill balance, net of accumulated amortization, as of December 31, 2019 $ 3,942,901 $ 424,568 $ 117,740 $ 4,485,209 Non-tax deductible goodwill acquired during the year 54,258 — — 54,258 Goodwill impairment — — (23,000) (23,000) Fair value and other adjustments (3,815) — 403 (3,412) Currency effects 30,838 12,419 1,297 44,554 Goodwill balance, net of accumulated amortization, as of December 31, 2020 4,024,182 436,987 96,440 4,557,609 Non-tax deductible goodwill acquired during the year 14,406 — 13,141 27,547 Goodwill allocated to IPM Divestment — — (46,105) (46,105) Fair value and other adjustments (6,091) — (1,268) (7,359) Currency effects (56,236) (10,913) (1,012) (68,161) Goodwill balance, net of accumulated amortization, as of December 31, 2021 $ 3,976,261 $ 426,074 $ 61,196 $ 4,463,531 Accumulated Goodwill Impairment Balance as of December 31, 2020 $ 132,409 $ — $ 26,011 $ 158,420 Accumulated Goodwill Impairment Balance as of December 31, 2021 $ 132,409 $ — $ 26,011 $ 158,420 |
Components of amortizable intangible assets | The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2021 and 2020, respectively, are as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 DESCRIPTION GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT Assets: Customer relationship intangible assets (1) $ 1,835,949 $ (763,943) $ 1,072,006 $ 1,852,700 $ (668,547) $ 1,184,153 Customer inducements (1) 51,403 (28,400) 23,003 49,098 (26,923) 22,175 Data center lease-based intangible assets (1)(2) 278,904 (192,870) 86,034 269,988 (149,339) 120,649 Third-party commissions asset (3) 33,947 (13,716) 20,231 34,317 (8,761) 25,556 Liabilities: Data center below-market leases (4) $ 12,782 $ (6,923) $ 5,859 $ 12,854 $ (5,943) $ 6,911 (1) Included in Customer relationships, customer inducements and data center lease-based intangibles in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. (2) Data center lease-based intangible assets includes Data Center In-Place Leases, Data Center Tenant Relationships and Data Center Above-Market Leases. (3) Included in Other (within Other Assets, Net) in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. (4) Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. |
Schedule of amortization expenses | Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of Customer Inducements and net revenue reduction associated with the amortization of Data Center Above-Market Leases and Data Center Below-Market Leases for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Amortization expense included in depreciation and amortization associated with: Customer relationship intangible assets $ 117,761 $ 117,514 $ 117,972 Data center in-place leases and tenant relationships 42,333 42,637 46,696 Third-party commissions asset and other finite-lived intangible assets 6,987 7,004 7,957 Revenue reduction associated with amortization of: Customer inducements and data center above-market and below-market leases $ 8,852 $ 9,878 $ 13,703 |
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | Estimated amortization expense for existing finite-lived intangible assets (excluding Contract Fulfillment Costs, as defined and disclosed in Note 2.r.) is as follows: ESTIMATED AMORTIZATION YEAR INCLUDED IN DEPRECIATION REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS 2022 $ 134,107 $ 6,367 2023 128,681 4,628 2024 123,412 2,599 2025 117,306 1,506 2026 115,966 1,187 Thereafter 557,040 2,616 |
Assets and liabilities carried at fair value measured on a recurring basis | The assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2021 and 2020, respectively, are as follows: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2021 USING DESCRIPTION TOTAL CARRYING QUOTED PRICES IN SIGNIFICANT OTHER SIGNIFICANT Money Market Funds (1) $ 101,022 $ — $ 101,022 $ — Time Deposits (1) 2,238 — 2,238 — Trading Securities 11,147 11,062 (2) 85 (3) — Derivative Assets (4) 11,021 — 11,021 — Derivative Liabilities (4) 8,344 — 8,344 — FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2020 USING DESCRIPTION TOTAL CARRYING QUOTED PRICES IN SIGNIFICANT OTHER SIGNIFICANT Money Market Funds (1) $ 62,657 $ — $ 62,657 $ — Time Deposits (1) 2,121 2,121 — Trading Securities 10,892 10,636 (2) 256 (3) — Derivative Liabilities (4) 49,703 — 49,703 — (1) Money market funds and time deposits are measured based on quoted prices for similar assets and/or subsequent transactions. (2) Certain trading securities are measured at fair value using quoted market prices. (3) Certain trading securities are measured based on inputs other than quoted market prices that are observable. |
Schedule of changes in accumulated other comprehensive items, net | The changes in accumulated other comprehensive items, net for the years ended December 31, 2021, 2020 and 2019 are as follows: FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS TOTAL Balance as of December 31, 2018 $ (264,691) $ (973) $ (265,664) Other comprehensive income (loss): Foreign currency translation and other adjustments 11,866 — 11,866 Change in fair value of derivative instruments — (8,783) (8,783) Total other comprehensive income (loss) 11,866 (8,783) 3,083 Balance as of December 31, 2019 (252,825) (9,756) (262,581) Other comprehensive income (loss): Foreign currency translation and other adjustments 46,635 — 46,635 Change in fair value of derivative instruments — (39,947) (39,947) Total other comprehensive income (loss) 46,635 (39,947) 6,688 Balance as of December 31, 2020 (206,190) (49,703) (255,893) Other comprehensive (loss) income: Foreign currency translation and other adjustments (134,834) — (134,834) Change in fair value of derivative instruments — 52,380 52,380 Total other comprehensive (loss) income (134,834) 52,380 (82,454) Balance as of December 31, 2021 $ (341,024) $ 2,677 $ (338,347) |
Contract with customer, future amortization expense | Estimated amortization expense for Contract Fulfillment Costs is as follows: YEAR ESTIMATED AMORTIZATION 2022 $ 47,393 2023 30,083 2024 15,420 |
Schedule of deferred revenue liabilities | Deferred revenue liabilities are reflected as follows in our Consolidated Balance Sheets: DECEMBER 31, DESCRIPTION LOCATION IN BALANCE SHEET 2021 2020 Deferred revenue - Current Deferred revenue $ 307,470 $ 295,785 Deferred revenue - Long-term Other Long-term Liabilities 33,691 35,612 |
Schedule of revenue | Storage rental revenue, including revenue associated with power and connectivity, associated with our Global Data Center Business for the years ended December 31, 2021, 2020 and 2019 are as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Storage rental revenue (1) $ 289,592 $ 263,695 $ 246,925 (1) Revenue associated with power and connectivity included within storage rental revenue was $62,185, $47,451 and $43,269 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Payments to be received | The future minimum lease payments we expect to receive under non-cancellable data center operating leases for which we are the lessor, excluding month to month leases, for the next five years are as follows: YEAR FUTURE MINIMUM LEASE PAYMENTS 2022 $ 266,109 2023 218,324 2024 179,169 2025 126,269 2026 98,440 |
Schedule of stock-based compensation expense | Stock-based compensation expense for Employee Stock-Based Awards included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Stock-based compensation expense $ 61,001 $ 37,674 $ 35,654 Stock-based compensation expense, after tax 59,243 36,584 33,103 |
Schedule of weighted average assumptions | These values were estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumptions used for grants in the years ended December 31, 2021, 2020 and 2019 are as follows: YEAR ENDED DECEMBER 31, WEIGHTED AVERAGE ASSUMPTIONS 2021 2020 2019 Expected volatility (1) 28.3 % 25.4 % 24.3 % Risk-free interest rate (2) 1.45 % 1.45 % 2.47 % Expected dividend yield (3) 7 % 7 % 7 % Expected life (4) 10.0 years 10.0 years 5.0 years (1) Expected volatility is calculated utilizing daily historical volatility over a period that equates to the expected life of the option. (2) Risk-free interest rate is based on the United States Treasury interest rates whose term is consistent with the expected life (estimated period of time outstanding) of the stock options. (3) Expected dividend yield is considered in the option pricing model and represents our current annualized expected per share dividends over the current trade price of our common stock. (4) Expected life of the stock options granted is estimated using the historical exercise behavior of employees. |
Summary of stock option activity | A summary of stock option activity for the year ended December 31, 2021 is as follows: OPTIONS WEIGHTED WEIGHTED AVERAGE AGGREGATE Outstanding at December 31, 2020 4,732,519 $ 35.83 Granted 429,618 34.73 Exercised (869,855) 34.26 Forfeited (16,304) 35.37 Expired (51,905) 34.27 Outstanding at December 31, 2021 4,224,073 $ 36.06 5.75 $ 68,747 Options exercisable at December 31, 2021 3,168,908 $ 36.60 4.90 $ 49,850 Options expected to vest 1,054,641 $ 34.42 8.34 $ 18,888 |
Summary of restricted stock and RSU activity | The fair value of RSUs vested during the years ended December 31, 2021, 2020 and 2019, are as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Fair value of RSUs vested $ 29,332 $ 26,492 $ 21,191 A summary of RSU activity for the year ended December 31, 2021 is as follows: RSUs WEIGHTED-AVERAGE Non-vested at December 31, 2020 1,294,006 $ 33.02 Granted 1,178,170 34.98 Vested (862,377) 34.01 Forfeited (206,166) 32.65 Non-vested at December 31, 2021 1,403,633 $ 34.11 |
Schedule of performance stock units | The fair value of earned PUs that vested during the years ended December 31, 2021, 2020 and 2019, is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Fair value of earned PUs that vested $ 29,701 $ 11,812 $ 6,503 |
Summary of performance unit (PU) activity | A summary of PU activity for the year ended December 31, 2021 is as follows: ORIGINAL PU ADJUSTMENT (1) TOTAL PU WEIGHTED-AVERAGE Non-vested at December 31, 2020 1,073,209 (319,508) 753,701 $ 36.98 Granted 488,953 — 488,953 54.61 Vested (630,151) — (630,151) 47.13 Forfeited/Performance or Market Conditions Not Achieved (58,776) (221,936) (280,712) 35.84 Non-vested at December 31, 2021 873,235 (541,444) 331,791 $ 44.65 (1) Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs or a change in estimated awards based on the forecasted performance against the predefined targets. |
Other expense (income), net | Consolidated other (income) expense, net for the years ended December 31, 2021, 2020 and 2019 consists of the following: YEAR ENDED DECEMBER 31, 2021 2020 2019 Foreign currency transaction (gains) losses, net (1) $ (15,753) $ 29,830 $ 24,852 Debt extinguishment expense — 68,300 — Other, net (2) (177,051) 45,415 9,046 Other (Income) Expense, Net $ (192,804) $ 143,545 $ 33,898 (1) The gain or loss on foreign currency transactions, calculated as the difference between the historical exchange rate and the exchange rate at the applicable measurement date, includes gains or losses primarily related to (i) borrowings in certain foreign currencies under our Revolving Credit Facility (as defined in Note 7), (ii) our previously outstanding 3% Euro Senior Notes due 2025 ("Euro Notes"), (iii) certain foreign currency denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested and (iv) amounts that are paid or received on the net settlement amount from forward contracts (as more fully discussed in Note 6). (2) Other, net for the year ended December 31, 2021 consists primarily of (a) a gain of approximately $179,000 associated with our IPM Divestment and (b) a gain of approximately $20,300 associated with the loss of control and related deconsolidation, as of May 18, 2021, of one of our wholly owned Netherlands subsidiaries, for which we had value-added tax liability exposure that was recorded in 2019, partially offset by (c) losses on our equity method investments. Other, net for the year ended December 31, 2020 consists primarily of (a) changes in the estimated value of our mandatorily redeemable noncontrolling interests and (b) losses on our equity method investments. |
Calculation of basic and diluted net income (loss) per share attributable to the entity | The calculation of basic and diluted income (loss) per share for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Income (loss) from continuing operations $ 452,725 $ 343,096 $ 268,211 Less: Net income (loss) attributable to noncontrolling interests 2,506 403 938 Income (loss) from continuing operations (utilized in numerator of Earnings Per Share calculation) 450,219 342,693 267,273 Income (loss) from discontinued operations, net of tax — — 104 Net income (loss) attributable to Iron Mountain Incorporated $ 450,219 $ 342,693 $ 267,377 Weighted-average shares—basic 289,457,000 288,183,000 286,971,000 Effect of dilutive potential stock options 645,886 24,903 145,509 Effect of dilutive potential RSUs and PUs 872,204 435,287 570,435 Weighted-average shares—diluted 290,975,090 288,643,190 287,686,944 Earnings (losses) per share—basic: Income (loss) from continuing operations $ 1.56 $ 1.19 $ 0.93 (Loss) income from discontinued operations, net of tax — — — Net income (loss) attributable to Iron Mountain Incorporated (1) $ 1.56 $ 1.19 $ 0.93 Earnings (losses) per share—diluted: Income (loss) from continuing operations $ 1.55 $ 1.19 $ 0.93 (Loss) income from discontinued operations, net of tax — — — Net income (loss) attributable to Iron Mountain Incorporated (1) $ 1.55 $ 1.19 $ 0.93 Antidilutive stock options, RSUs and PUs, excluded from the calculation 1,447,722 5,663,981 4,475,745 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | A summary of the cumulative consideration paid and the allocation of the purchase price paid for all of our acquisitions (including asset acquisitions) in each respective year is as follows: 2021 2020 2019 Cash Paid (gross of cash acquired) (1) $ 224,192 $ 124,614 $ 53,230 Fair Value of Noncontrolling Interests 3,878 — — Purchase Price Holdbacks and Other 2,534 — 4,135 Fair Value of Investments Applied to Acquisitions — 27,276 — Total Consideration 230,604 151,890 57,365 Fair Value of Identifiable Assets Acquired: Cash 20,194 6,545 2,260 Accounts Receivable, Prepaid Expenses and Other Assets 26,911 16,559 3,102 Property, Plant and Equipment 150,095 52,021 5,396 Customer Relationship Intangible Assets (2) 35,181 79,065 22,071 Operating Lease Right-of-Use Assets 40,848 100,040 16,956 Data Center In-Place Leases (3) 4,994 — — Data Center Tenant Relationships (4) 4,682 — — Debt Assumed (9,026) (27,363) — Accounts Payable, Accrued Expenses and Other Liabilities (22,733) (19,564) (3,233) Operating Lease Liabilities (40,848) (100,040) (16,956) Deferred Income Taxes (7,221) (9,631) (1,813) Data Center Below-Market Leases (5) (20) — — Total Fair Value of Identifiable Net Assets Acquired 203,057 97,632 27,783 Goodwill Initially Recorded $ 27,547 $ 54,258 $ 29,582 (1) Cash paid for acquisitions, net of cash acquired in our Consolidated Statement of Cash Flows includes contingent and other payments of $0, $512 and $7,267 for the years ended December 31, 2021, 2020 and 2019, respectively, related to acquisitions made in the years prior to 2021, 2020 and 2019, respectively. (2) The weighted average lives of Customer Relationship Intangible Assets associated with acquisitions in 2021, 2020 and 2019 was 11 years, 14 years and 16 years, respectively. (3) The weighted average lives of Data Center In-Place Leases associated with acquisitions in 2021 was five years. (4) The weighted average lives of Data Center Tenant Relationships associated with acquisitions in 2021 was five years. (5) The weighted average lives of Data Center Below-Market Leases associated with acquisitions in 2021 was four years. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of equity method investments | The carrying values and equity interests in our joint ventures at December 31, 2021 and 2020 are as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 CARRYING VALUE EQUITY INTEREST CARRYING VALUE EQUITY INTEREST Web Werks JV $ 51,140 38.50 % $ — — % Frankfurt JV 26,167 20.00 % 26,500 20.00 % MakeSpace JV 30,154 49.99 % 16,924 38.86 % |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | (Liabilities) assets recognized in our Consolidated Balance Sheets as of December 31, 2021 and 2020 by derivative instrument are as follows: DERIVATIVE INSTRUMENT (1) DECEMBER 31, 2021 DECEMBER 31, 2020 Cash Flow Hedges (2) Interest Rate Swap Agreements $ (7,680) $ (21,062) Net Investment Hedges (3) August 2023 Cross Currency Swap Agreements (664) (8,229) February 2026 Cross Currency Swap Agreements 11,021 (20,412) (1) Our derivative assets are included as a component of Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2021, $11,021 is included within Other assets, $2,082 is included within Accrued expense and other current liabilities and $6,262 is included within Other long-term liabilities. As of December 31, 2020, $49,703 is included within Other long-term liabilities. (2) As of December 31, 2021, cumulative net losses of $7,680 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements. (3) As of December 31, 2021, cumulative net gains of $10,357 are recorded within Accumulated other comprehensive items, net associated with these cross currency swap agreements. |
Schedule of (Gains) Losses For Derivative Instruments | Gains (losses) recognized during the years ending December 31, 2021, 2020 and 2019, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENT 2021 2020 2019 Derivative Instruments Designated as Hedging Instruments (1) Cash Flow Hedges Interest Rate Swap Agreements $ 13,382 $ (12,288) $ (7,801) Net Investment Hedges August 2023 Cross Currency Swap Agreements 7,565 (7,247) (982) February 2026 Cross Currency Swap Agreements 31,433 (20,412) — Derivative Instruments Not Designated as Hedging Instruments (2) Foreign Exchange Currency Forward Contracts — — (737) (1) These amounts are recognized as unrealized gains (losses), a component of Accumulated other comprehensive items, net. |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | As a result, we recorded the following foreign exchange gains (losses) related to the change in fair value of such debt due to currency translation adjustments as a component of Accumulated other comprehensive items, net: YEAR ENDED DECEMBER 31, 2021 2020 2019 Foreign exchange gains (losses) associated with net investment hedge $ — $ (17,005) $ (6,003) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Amount and Fair Value of Long-term Debt Instruments | Long-term debt is as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR Revolving Credit Facility (1) $ — $ (5,174) $ (5,174) $ — $ — $ (8,620) $ (8,620) $ — Term Loan A (1) 203,125 — 203,125 203,125 215,625 — 215,625 215,625 Term Loan B (1)(2) 672,847 (4,995) 667,852 675,500 679,621 (6,244) 673,377 680,750 Australian Dollar Term Loan (the “AUD Term Loan”) (3)(4) 223,182 (656) 222,526 223,530 243,152 (1,624) 241,528 244,014 UK Bilateral Revolving Credit Facility (4) 189,168 (709) 188,459 189,168 191,101 (1,307) 189,794 191,101 3 7 / 8 % GBP Senior Notes due 2025 (the “GBP Notes “) (5)(7)(8) 540,481 (3,912) 536,569 542,508 546,003 (4,983) 541,020 553,101 4 7 / 8 % Senior Notes due 2027 (the “4 7 / 8 % Notes due 2027”) (5)(6)(7) 1,000,000 (8,176) 991,824 1,030,000 1,000,000 (9,598) 990,402 1,046,250 5 1 / 4 % Senior Notes due 2028 (the “5 1 / 4 % Notes due 2028”) (5)(6)(7) 825,000 (7,380) 817,620 862,125 825,000 (8,561) 816,439 868,313 5% Senior Notes due 2028 (the “5% Notes due 2028”) (5)(6)(7) 500,000 (4,763) 495,237 513,750 500,000 (5,486) 494,514 523,125 4 7 / 8 % Senior Notes due 2029 (the “4 7 / 8 % Notes due 2029”) (5)(6)(7) 1,000,000 (11,211) 988,789 1,022,500 1,000,000 (12,658) 987,342 1,050,000 5 1 / 4 % Senior Notes due 2030 (the “5 1 / 4 % Notes due 2030”) (5)(6)(7) 1,300,000 (12,911) 1,287,089 1,355,250 1,300,000 (14,416) 1,285,584 1,400,750 4 1 / 2 % Senior Notes due 2031 (the “4 1 / 2 % Notes”) (5)(6)(7) 1,100,000 (11,404) 1,088,596 1,094,500 1,100,000 (12,648) 1,087,352 1,138,500 5% Senior Notes due 2032 (the “5% Notes due 2032”) (5)(7)(9) 750,000 (13,782) 736,218 767,813 — — — — 5 5 / 8 % Senior Notes due 2032 (the “5 5 / 8 % Notes”) (5)(6)(7) 600,000 (6,147) 593,853 637,500 600,000 (6,727) 593,273 660,000 Real Estate Mortgages, Financing Lease Liabilities and Other (10) 460,648 (840) 459,808 460,648 511,922 (1,086) 510,836 511,922 Accounts Receivable Securitization Program (11) — (450) (450) — 85,000 (152) 84,848 85,000 Total Long-term Debt 9,364,451 (92,510) 9,271,941 8,797,424 (94,110) 8,703,314 Less Current Portion (310,084) 656 (309,428) (193,759) — (193,759) Long-term Debt, Net of Current Portion $ 9,054,367 $ (91,854) $ 8,962,513 $ 8,603,665 $ (94,110) $ 8,509,555 (1) The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of most of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (“Canada Company”) has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2021 and 2020. (2) The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $903 and $1,129 as of December 31, 2021 and 2020, respectively. (3) The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $348 and $862 as of December 31, 2021 and 2020, respectively. (4) The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate. (5) The fair values (Level 1 of fair value hierarchy described at Note 2.o.) of these debt instruments are based on quoted market prices for these notes on December 31, 2021 and 2020, respectively. (6) Collectively, the “Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI’s direct and indirect 100% owned United States subsidiaries that represent the substantial majority of our United States operations (the “Guarantors”). These guarantees are joint and several obligations of the Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. (7) Collectively, the “Unregistered Notes". The Unregistered Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the Unregistered Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction. (8) Iron Mountain (UK) PLC (“IM UK”) is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. (9) Iron Mountain Information Management Services, Inc. (“IMIM Services”) is the direct obligor on the 5% Notes due 2032, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the other Guarantors. These guarantees are joint and several obligations of IMI and such Guarantors. (10) We believe the fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt approximates its carrying value. This debt includes the following: DECEMBER 31, 2021 DECEMBER 31, 2020 Real estate mortgages (i) $ 58,933 $ 71,673 Financing lease liabilities (ii) 356,729 366,311 Other notes and other obligations (iii) 44,986 73,938 $ 460,648 $ 511,922 (i) Bear interest at approximately 3.6% and 3.3% at December 31, 2021 and 2020, respectively, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2021 and 2020. (ii) Bear a weighted average interest rate of 5.9% at both December 31, 2021 and 2020. (iii) These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 10.7% at both December 31, 2021 and 2020. |
Schedule of Redemption Dates and Prices of the Senior or Senior Subordinated Notes | The key terms of our indentures are as follows: SENIOR NOTES AGGREGATE DIRECT MATURITY DATE CONTRACTUAL INTEREST RATE INTEREST PAYMENTS DUE PAR CALL DATE (1) GBP Notes £ 400,000 IM UK November 15, 2025 3 7 / 8 % May 15 and November 15 November 15, 2022 4 7 / 8 % Notes due 2027 $ 1,000,000 IMI September 15, 2027 4 7 / 8 % March 15 and September 15 September 15, 2025 5 1 / 4 % Notes due 2028 $ 825,000 IMI March 15, 2028 5 1 / 4 % March 15 and September 15 March 15, 2025 5% Notes due 2028 $ 500,000 IMI July 15, 2028 5% January 15 and July 15 July 15, 2025 4 7 / 8 % Notes due 2029 $ 1,000,000 IMI September 15, 2029 4 7 /8 % March 15 and September 15 September 15, 2027 5 1 / 4 % Notes due 2030 $ 1,300,000 IMI July 15, 2030 5 1 /4 % January 15 and July 15 July 15, 2028 4 1 / 2 % Notes $ 1,100,000 IMI February 15, 2031 4 1 / 2 % February 15 and August 15 February 15, 2029 5% Notes due 2032 $ 750,000 IMIM Services July 15, 2032 5% May 15 and November 15 July 15, 2027 5 5 / 8 % Notes $ 600,000 IMI July 15, 2032 5 5 / 8 % January 15 and July 15 July 15, 2029 (1) We may redeem the notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the notes at the redemption price or make-whole premium specified in the applicable indenture, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 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. On December 28, 2021, IMIM Services completed a private offering of: SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 5% Notes due 2032 $ 750,000 On June 22, 2020, IMI completed private offerings of the following series of notes in the amounts set forth below (collectively, the "June 2020 Offerings"): SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 5% Notes due 2028 $ 500,000 5 1 / 4 % Notes due 2030 1,300,000 5 5 / 8 % Notes 600,000 On August 18, 2020, IMI completed a private offering of: SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 4 1 / 2 % Notes $ 1,100,000 |
Schedule of Net Cash Position in Cash Pool Agreements | The approximate amount of the net cash position, gross position and outstanding debit balances for each of our cash pools as of December 31, 2021 and 2020 were as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 GROSS CASH POSITION OUTSTANDING DEBIT BALANCES NET CASH POSITION GROSS CASH POSITION OUTSTANDING DEBIT BALANCES NET CASH POSITION BMG QRS Cash Pool $ 552,900 $ (552,100) $ 800 $ 448,700 $ (447,400) $ 1,300 BMG TRS Cash Pool 606,000 (603,900) 2,100 555,500 (553,500) 2,000 JPM QRS Cash Pool 9,400 (9,200) 200 — — — JPM TRS Cash Pool 12,000 (9,900) 2,100 — — — |
Schedule of Maturities of Long-term Debt | MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS: YEAR AMOUNT 2022 $ 310,432 2023 445,318 2024 42,716 2025 569,806 2026 717,368 Thereafter 7,280,062 9,365,702 Net Discounts (1,251) Net Deferred Financing Costs (92,510) Total Long-term Debt (including current portion) $ 9,271,941 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual obligations related to purchase commitments | YEAR PURCHASE COMMITMENTS (1) 2022 $ 295,529 2023 70,853 2024 64,105 2025 38,567 2026 7,646 Thereafter 855 $ 477,555 (1) Purchase commitments (i) include obligations for future construction costs associated with the expansion of our Global Data Center Business, which represent a significant amount of the purchase commitments due in 2022 and (ii) exclude our operating and financing lease obligations (see Note 2.i.). |
Stockholders' Equity Matters (T
Stockholders' Equity Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Dividends Declared and Payments | In 2019, 2020 and 2021, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND RECORD DATE TOTAL AMOUNT PAYMENT DATE February 7, 2019 $ 0.6110 March 15, 2019 $ 175,242 April 2, 2019 May 22, 2019 0.6110 June 17, 2019 175,389 July 2, 2019 July 26, 2019 0.6110 September 16, 2019 175,434 October 2, 2019 October 31, 2019 0.6185 December 16, 2019 177,687 January 2, 2020 February 13, 2020 0.6185 March 16, 2020 178,047 April 6, 2020 May 5, 2020 0.6185 June 15, 2020 178,212 July 2, 2020 August 5, 2020 0.6185 September 15, 2020 178,224 October 2, 2020 November 4, 2020 0.6185 December 15, 2020 178,290 January 6, 2021 February 24, 2021 0.6185 March 15, 2021 178,569 April 6, 2021 May 6, 2021 0.6185 June 15, 2021 179,026 July 6, 2021 August 5, 2021 0.6185 September 15, 2021 179,080 October 6, 2021 November 4, 2021 0.6185 December 15, 2021 179,132 January 6, 2022 YEAR ENDED DECEMBER 31, 2021 2020 2019 Declared distributions $ 715,807 $ 712,773 $ 703,752 Amount per share each distribution represents based on weighted average number of common shares outstanding 2.47 2.47 2.45 |
Schedule of Classification of Dividends Paid | For the years ended December 31, 2021, 2020, and 2019, the dividends we paid on our common shares were classified as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Nonqualified ordinary dividends 53.9 % 43.0 % 54.8 % Qualified ordinary dividends 13.0 % 0.0 % 4.5 % Capital gains 21.8 % 49.5 % 14.7 % Return of capital 11.3 % 7.5 % 26.0 % 100.0 % 100.0 % 100.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of deferred tax assets and deferred tax liabilities | The significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are presented below: DECEMBER 31, 2021 2020 Deferred Tax Assets: Accrued liabilities and other adjustments $ 54,859 $ 52,527 Net operating loss carryforwards 90,996 96,710 Valuation allowance (51,744) (46,938) 94,111 102,299 Deferred Tax Liabilities: Other assets, principally due to differences in amortization (178,657) (186,682) Plant and equipment, principally due to differences in depreciation (76,204) (59,711) Other (46,281) (29,265) (301,142) (275,658) Net deferred tax liability $ (207,031) $ (173,359) The deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are presented below: DECEMBER 31, 2021 2020 Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) $ 16,903 $ 25,018 Deferred income taxes (223,934) (198,377) |
Roll forward of Valuation allowance | Rollforward of the valuation allowance is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF CHARGED OTHER INCREASES/ (DECREASES) (1) BALANCE 2021 $ 46,938 $ 8,406 $ (3,600) $ 51,744 2020 60,003 (8,337) (4,728) 46,938 2019 55,666 6,211 (1,874) 60,003 (1) Other increases and decreases in valuation allowances are primarily related to changes in foreign currency exchange rates. |
Components of income (loss) from continuing operations before provision for income taxes | The components of income (loss) from continuing operations before provision (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019 are as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 United States $ 212,460 $ 276,145 $ 203,225 Canada 78,780 52,332 48,326 Other Foreign 337,775 44,228 76,591 $ 629,015 $ 372,705 $ 328,142 |
Provision (benefit) for income taxes | The provision (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019 consist of the following components: YEAR ENDED DECEMBER 31, 2021 2020 2019 Federal—current $ 54,867 $ (10,424) $ 7,262 Federal—deferred 14,322 8,834 (3,356) State—current 9,566 2,956 3,943 State—deferred (526) (625) (1,126) Foreign—current 83,154 50,063 49,350 Foreign—deferred 14,907 (21,195) 3,858 Provision (Benefit) for Income Taxes $ 176,290 $ 29,609 $ 59,931 |
Reconciliation of total income tax expense and amount computed by applying the federal income tax rate | A reconciliation of total income tax expense and the amount computed by applying the current federal statutory tax rate of 21.0% to income (loss) from continuing operations before provision (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019, respectively, is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Computed "expected” tax provision $ 132,093 $ 78,268 $ 68,910 Changes in income taxes resulting from: Tax adjustment relating to REIT (8,203) (60,378) (40,577) State taxes (net of federal tax benefit) 8,027 2,258 2,115 Increase (decrease) in valuation allowance (net operating losses) 8,406 (8,337) 6,211 Withholding Taxes 23,654 6,835 5,281 Reserve (reversal) accrual and audit settlements (net of federal tax benefit) 3,072 (7,409) 514 Foreign tax rate differential 9,856 9,472 8,562 Disallowed foreign interest, Subpart F income, and other foreign taxes (3,437) 13,407 8,960 Other, net 2,822 (4,507) (45) Provision (Benefit) for Income Taxes $ 176,290 $ 29,609 $ 59,931 The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were: YEAR ENDED DECEMBER 31, 2021 2020 2019 The benefit derived from the dividends paid deduction of $8,203 which was offset by (1) the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9,856, and (2) foreign withholding taxes of $23,654, which were either paid during the year or accrued, for the deferred tax liability for the U.S. tax impact of undistributed earnings of foreign TRSs that are no longer intended to be permanently reinvested outside the United States. The benefit derived from the dividends paid deduction of $60,378 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9,472. The benefit derived from the dividends paid deduction of $40,577 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $8,562. |
Rollforward of unrecognized tax benefits | A rollforward of unrecognized tax benefits is as follows: Gross tax contingencies—December 31, 2018 $ 35,320 Gross additions based on tax positions related to the current year 2,914 Gross additions for tax positions of prior years 1,271 Gross reductions for tax positions of prior years (299) Lapses of statutes (4,034) Settlements (104) Gross tax contingencies—December 31, 2019 35,068 Gross additions based on tax positions related to the current year 2,907 Gross additions for tax positions of prior years 80 Gross reductions for tax positions of prior years (5,617) Lapses of statutes (4,480) Settlements (1,989) Gross tax contingencies—December 31, 2020 25,969 Gross additions based on tax positions related to the current year 3,893 Gross additions for tax positions of prior years 344 Gross reductions for tax positions of prior years (536) Lapses of statutes (1,663) Settlements (235) Gross tax contingencies—December 31, 2021 $ 27,772 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Analysis of Business Segment Information and Reconciliation | An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL As of and for the Year Ended December 31, 2021 Total Revenues $ 3,976,163 $ 326,898 $ 188,470 $ 4,491,531 Storage Rental 2,471,894 289,592 108,633 2,870,119 Service 1,504,269 37,306 79,837 1,621,412 Depreciation and Amortization 468,527 148,023 63,872 680,422 Depreciation 313,701 93,679 57,692 465,072 Amortization 154,826 54,344 6,180 215,350 Adjusted EBITDA 1,734,227 137,349 (236,877) 1,634,699 Total Assets (1) 11,028,611 2,911,823 509,597 14,450,031 Expenditures for Segment Assets 368,271 422,274 96,353 886,898 Capital Expenditures 211,917 320,768 78,397 611,082 Cash Paid for Acquisitions, Net of Cash Acquired 97,044 88,998 17,956 203,998 Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs 59,310 12,508 — 71,818 As of and for the Year Ended December 31, 2020 Total Revenues $ 3,699,280 $ 279,312 $ 168,678 $ 4,147,270 Storage Rental 2,373,783 263,695 116,613 2,754,091 Service 1,325,497 15,617 52,065 1,393,179 Depreciation and Amortization 455,567 134,844 61,658 652,069 Depreciation 309,969 83,106 54,487 447,562 Amortization 145,598 51,738 7,171 204,507 Adjusted EBITDA 1,574,069 126,576 (224,924) 1,475,721 Total Assets (1) 10,938,359 2,727,654 483,254 14,149,267 Expenditures for Segment Assets 338,006 249,459 44,389 631,854 Capital Expenditures 150,175 243,699 44,389 438,263 Cash Paid for Acquisitions, Net of Cash Acquired 118,581 — — 118,581 Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs 69,250 5,760 — 75,010 As of and for the Year Ended December 31, 2019 Total Revenues $ 3,812,433 $ 257,151 $ 193,000 $ 4,262,584 Storage Rental 2,320,076 246,925 114,086 2,681,087 Service 1,492,357 10,226 78,914 1,581,497 Depreciation and Amortization 454,652 133,927 69,622 658,201 Depreciation 330,534 78,939 46,850 456,323 Amortization 124,118 54,988 22,772 201,878 Adjusted EBITDA 1,566,065 121,517 (218,573) 1,469,009 Total Assets (1) 10,753,218 2,535,848 527,750 13,816,816 Expenditures for Segment Assets 398,690 427,935 56,242 882,867 Capital Expenditures 248,232 392,029 52,722 692,983 Cash Paid for Acquisitions, Net of Cash Acquired 54,717 — 3,520 58,237 Acquisitions of Customer Relationships, Customer Inducements, Contract Fulfillment Costs and third-party commissions 95,741 35,906 — 131,647 (1) Excludes all intercompany receivables or payables and investment in subsidiary balances. |
Schedule of Reconciliation of Adjusted EBITDA to Income (Loss) From Continuing Operations on a Consolidated Basis | A reconciliation of Income (Loss) from Continuing Operations to Adjusted EBITDA on a consolidated basis for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Income (Loss) from Continuing Operations $ 452,725 $ 343,096 $ 268,211 Add/(Deduct): Interest expense, net 417,961 418,535 419,298 Provision (benefit) for income taxes 176,290 29,609 59,931 Depreciation and amortization 680,422 652,069 658,201 Acquisition and Integration Costs 12,764 — 13,293 Restructuring Charges 206,426 194,396 48,597 Intangible impairments — 23,000 — (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) (172,041) (363,537) (63,824) Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures (1) (205,746) 133,611 25,720 Stock-based compensation expense 61,001 34,272 36,194 COVID-19 Costs (2) — 9,285 — Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 4,897 1,385 3,388 Adjusted EBITDA $ 1,634,699 $ 1,475,721 $ 1,469,009 (1) Includes foreign currency transaction (gains) losses, net, debt extinguishment expense and other, net. (2) Costs that are incremental and directly attributable to the COVID-19 pandemic which are not expected to recur once the pandemic ends (“COVID-19 Costs”). For the year ended December 31, 2020, approximately $7,600 and $1,600 of COVID-19 Costs are included within Cost of sales and Selling, general and administrative expenses, respectively, on our Consolidated Statement of Operations. These costs include the purchase of personal protective equipment for our employees and incremental cleaning costs of our facilities, among other direct costs. |
Schedule of Operations in Different Geographical Areas | Information as to our operations in different geographical areas for the years ended December 31, 2021, 2020 and 2019 is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Revenues: United States $ 2,713,147 $ 2,577,084 $ 2,632,586 United Kingdom 294,675 247,667 274,931 Canada 252,385 224,860 243,033 Australia 148,431 133,815 143,511 Remaining Countries 1,082,893 963,844 968,523 Long-lived Assets: United States $ 7,867,841 $ 7,818,059 $ 7,862,262 United Kingdom 914,732 838,491 755,859 Canada 562,911 556,120 556,591 Australia 528,703 575,862 530,755 Remaining Countries 3,134,577 3,090,948 2,875,010 |
Schedule of Revenues By Product and Service Lines | Information as to our revenues by product and service lines by segment for the years ended December 31, 2021, 2020 and 2019 is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL For the Year Ended December 31, 2021 Records Management (1) $ 3,074,605 $ — $ 125,784 $ 3,200,389 Data Management (1) 466,517 — 62,686 529,203 Information Destruction (1)(2) 435,041 — — 435,041 Data Center (1) — 326,898 — 326,898 For the Year Ended December 31, 2020 Records Management (1) $ 2,852,296 $ — $ 102,003 $ 2,954,299 Data Management (1) 488,198 — 66,675 554,873 Information Destruction (1)(2) 358,786 — — 358,786 Data Center (1) — 279,312 — 279,312 For the Year Ended December 31, 2019 Records Management (1) $ 2,866,192 $ — $ 128,954 $ 2,995,146 Data Management (1) 520,082 — 64,046 584,128 Information Destruction (1)(2) 426,159 — — 426,159 Data Center (1) — 257,151 — 257,151 (1) Each of the offerings within our product and service lines has a component of revenue that is storage rental related and a component that is service revenues, except the destruction services offering, which does not have a storage rental component. (2) Includes Secure Shredding services. |
Project Summit (Tables)
Project Summit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring | Restructuring Charges included in the accompanying Consolidated Statement of Operations for the years ended December 31, 2021, 2020 and 2019, and from the inception of Project Summit through December 31, 2021, are as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 YEAR ENDED DECEMBER 31, 2019 FROM INCEPTION OF PROJECT SUMMIT THROUGH Employee severance costs $ 22,809 $ 47,349 $ 20,850 $ 91,008 Professional fees and other costs 183,617 147,047 27,747 358,411 Restructuring Charges $ 206,426 $ 194,396 $ 48,597 $ 449,419 Restructuring Charges included in the accompanying Consolidated Statement of Operations by segment for the years ended December 31, 2021, 2020 and 2019, and from inception of Project Summit through December 31, 2021, are as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 YEAR ENDED DECEMBER 31, 2019 FROM INCEPTION OF PROJECT SUMMIT THROUGH Global RIM Business $ 59,033 $ 67,140 $ 21,900 $ 148,073 Global Data Center Business 3,062 1,632 306 5,000 Corporate and Other Business 144,331 125,624 26,391 296,346 Restructuring Charges $ 206,426 $ 194,396 $ 48,597 $ 449,419 EMPLOYEE SEVERANCE COSTS PROFESSIONAL FEES AND OTHER TOTAL ACCRUED RESTRUCTURING CHARGES Inception of Project Summit $ — $ — $ — Amounts accrued 20,850 27,747 48,597 Payments (16,027) (14,793) (30,820) Balance as of December 31, 2019 4,823 12,954 17,777 Amounts accrued 47,349 147,047 194,396 Payments (32,455) (136,222) (168,677) Other, including currency translation adjustments (3,439) (4) (3,443) Balance as of December 31, 2020 $ 16,278 $ 23,775 $ 40,053 Amounts accrued 22,809 183,617 206,426 Payments (29,956) (199,664) (229,620) Other, including currency translation adjustments 2,858 — 2,858 Balance as of December 31, 2021 $ 11,989 $ 7,728 $ 19,717 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts and Credit Memo Reserves (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF THE YEAR | $ 56,981 | $ 42,856 | $ 43,584 |
CREDIT MEMOS CHARGED TO REVENUE | 47,931 | 55,118 | 51,846 |
ALLOWANCE FOR BAD DEBTS CHARGED TO EXPENSE | 26,896 | 34,411 | 19,389 |
DEDUCTIONS AND OTHER | (69,799) | (75,404) | (71,963) |
BALANCE AT END OF THE YEAR | $ 62,009 | $ 56,981 | $ 42,856 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)fundbank | |
Cash and Cash Equivalents [Line Items] | |
Number of "Triple A" rated money market funds with cash, cash equivalent and restricted cash held on deposit | fund | 4 |
Number of global banks with cash, cash equivalent and restricted cash held on deposit | bank | 1 |
Maximum investment limit in any one financial institution | $ | $ 75,000,000 |
Investment in single mutual fund | Credit Concentration Risk | |
Cash and Cash Equivalents [Line Items] | |
Threshold percentage | 1.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Prepaid Expenses and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Interest | $ 124,764 | $ 131,448 |
Dividends | 190,559 | 187,867 |
Operating lease liabilities | 259,597 | 250,239 |
Other | 457,617 | 576,734 |
Accrued expenses and other current liabilities | $ 1,032,537 | $ 1,146,288 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 8,647,303 | $ 8,246,337 | |
Capitalized interest | 12,673 | 14,321 | $ 15,980 |
Capitalized costs associated with the development of internal use computer software projects | 48,557 | 38,329 | $ 34,650 |
Asset retirement obligations | 36,493 | 34,537 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 372,411 | 354,395 | |
Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 3,391,143 | 3,040,253 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,054,757 | 969,273 | |
Racking | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 2,075,473 | 2,083,199 | |
Warehouse equipment/vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 494,464 | 499,787 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 50,692 | 52,978 | |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 823,649 | 746,993 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 384,714 | $ 499,459 | |
Minimum | Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Minimum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Minimum | Racking | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Minimum | Warehouse equipment/vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Minimum | Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Minimum | Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 2 years | ||
Maximum | Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 40 years | ||
Maximum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Maximum | Racking | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 20 years | ||
Maximum | Warehouse equipment/vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Maximum | Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Maximum | Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Leases Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($)leaserenewal_option | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Renewal option | renewal_option | 1 | ||||
Accounting Standards Update [Extensible List] | ASU 2016-02 | ||||
Cumulative effect of new accounting principle in period of adoption | $ 1,862,463 | $ 857,068 | $ 1,136,729 | $ 1,464,227 | |
Number of leases not yet commenced | lease | 14 | ||||
Total undiscounted lease payment | $ 456,700 | ||||
United Kingdom | |||||
Lessee, Lease, Description [Line Items] | |||||
Total undiscounted lease payment | $ 5,000 | ||||
Operating leases not yet commenced, term | 25 years | ||||
Adjustment | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 5,781 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, operating lease, term | 5 years | ||||
Lessee, operating lease, renewal term | 5 years | ||||
Operating leases not yet commenced, term | 10 years | ||||
Minimum | Vehicle And Equipment | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, operating lease, term | 1 year | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, operating lease, term | 10 years | ||||
Lessee, operating lease, renewal term | 1 year | ||||
Operating leases not yet commenced, term | 25 years | ||||
Maximum | Vehicle And Equipment | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, operating lease, term | 7 years | ||||
ASU 2016-02 | Adjustment | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 5,800 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Operating lease right-of-use assets | $ 2,314,422 | $ 2,196,502 |
Financing lease right-of-use assets, net of accumulated depreciation | 298,049 | 310,534 |
Current | ||
Operating lease liabilities | 259,597 | 250,239 |
Financing lease liabilities | 41,168 | 43,149 |
Long-term | ||
Operating lease liabilities | 2,171,472 | 2,044,598 |
Financing lease liabilities | $ 315,561 | $ 323,162 |
Operating lease, right-of-use asset, real estate assets, percent | 99.00% | 99.00% |
Operating lease, right-of-use asset, non-real estate assets, percent | 1.00% | 1.00% |
Finance lease, right-of-use asset, real estate assets, percent | 69.00% | 72.00% |
Finance lease, right-of-use asset, non-real estate assets, percent | 31.00% | 28.00% |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt | Current portion of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term Debt, net of current portion | Long-term Debt, net of current portion |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Leases Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Operating lease cost | $ 545,097 | $ 499,464 | $ 459,619 |
Depreciation of financing lease right-of-use assets | 50,970 | 51,629 | 59,258 |
Interest expense for financing lease liabilities | 19,808 | 19,942 | 21,031 |
Variable lease costs | $ 111,949 | $ 111,501 | $ 105,922 |
Operating leases, Remaining Lease Term | 10 years 10 months 24 days | 11 years 1 month 6 days | |
Finance leases, Remaining Lease Term | 10 years 10 months 24 days | 11 years 6 months | |
Operating leases, Discount Rate | 6.60% | 6.90% | |
Financing leases, Discount Rate | 5.90% | 5.90% |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Estimated Future Lease Payments and Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases, Operating [Abstract] | ||
2022 | $ 399,242 | |
2023 | 380,690 | |
2024 | 353,617 | |
2025 | 328,320 | |
2026 | 296,895 | |
Thereafter | 1,706,142 | |
Total minimum lease payments | 3,464,906 | |
Less amounts representing interest or imputed interest | (1,033,837) | |
Present value of lease obligations | 2,431,069 | |
Lessee, Finance Sublease, Description [Abstract] | ||
2022 | 5,838 | |
2023 | 5,208 | |
2024 | 3,631 | |
2025 | 1,504 | |
2026 | 1,075 | |
Thereafter | 2,271 | |
Total minimum lease payments | 19,527 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2022 | 55,115 | |
2023 | 50,122 | |
2024 | 41,150 | |
2025 | 38,600 | |
2026 | 34,731 | |
Thereafter | 235,872 | |
Total minimum lease payments | 455,590 | |
Less amounts representing interest or imputed interest | (98,861) | |
Present value of lease obligations | $ 356,729 | $ 366,311 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Operating cash flows used in operating leases | $ 392,987 | $ 360,088 | $ 338,059 |
Operating cash flows used in financing leases (interest) | 19,808 | 19,942 | 21,031 |
Financing cash flows used in financing leases | 46,118 | 47,829 | 58,033 |
Operating lease modifications and reassessments | 144,310 | 143,382 | 108,023 |
New operating leases (including acquisitions and sale-leaseback transactions) | $ 282,490 | $ 370,011 | $ 170,464 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Long Lived Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021USD ($)unit | Jun. 30, 2021USD ($)unit | Dec. 31, 2020USD ($)facility | Sep. 30, 2020USD ($)facility | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consolidated gain on disposal/write-down of property, plant and equipment, net | $ 172,041 | $ 363,537 | $ 63,824 | ||||
Sale and sale-leaseback transactions | 164,000 | 342,100 | 67,800 | ||||
(Gain) Loss on disposal/write-down of property, plant and equipment, net | 36,000 | ||||||
Intangible impairments | $ 0 | 23,000 | 0 | ||||
5 Facilities In The United States | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sale and sale-leaseback transactions | $ 127,400 | ||||||
Number of facilities | unit | 5 | ||||||
9 Facilities In The United States | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sale and sale-leaseback transactions | $ 36,600 | ||||||
Number of facilities | unit | 9 | ||||||
14 Facilities In The United States | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sale and sale-leaseback transactions | $ 265,600 | ||||||
Number of facilities | facility | 14 | ||||||
2 Facilities In The Unites States | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sale and sale-leaseback transactions | $ 76,400 | ||||||
Number of facilities | facility | 2 | ||||||
Iron Mountain Iron Cloud | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consolidated gain on disposal/write-down of property, plant and equipment, net | 25,000 | ||||||
Intangible impairments | $ 15,700 | ||||||
Frankfurt JV | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on equity investment | $ 24,100 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Goodwill and Other Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||||
Goodwill impairment loss | $ 23,000 | $ 23,000 | ||
Intangible impairments | $ 23,000 | $ 0 | $ 23,000 | $ 0 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Schedule of Carrying Value of Goodwill, by Reporting Unit (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | |||
Goodwill | $ 4,463,531 | $ 4,557,609 | $ 4,485,209 |
GLOBAL RIM BUSINESS | |||
Goodwill | |||
Goodwill | 3,976,261 | 4,024,182 | 3,942,901 |
GLOBAL RIM BUSINESS | North America RIM | |||
Goodwill | |||
Goodwill | 2,720,049 | 2,719,182 | |
GLOBAL RIM BUSINESS | Europe RIM | |||
Goodwill | |||
Goodwill | 624,502 | 641,621 | |
GLOBAL RIM BUSINESS | Latin America RIM | |||
Goodwill | |||
Goodwill | 107,174 | 117,834 | |
GLOBAL RIM BUSINESS | ANZ RIM | |||
Goodwill | |||
Goodwill | 284,042 | 301,251 | |
GLOBAL RIM BUSINESS | Asia RIM | |||
Goodwill | |||
Goodwill | 240,494 | 244,294 | |
GLOBAL DATA CENTER BUSINESS | |||
Goodwill | |||
Goodwill | 426,074 | 436,987 | 424,568 |
GLOBAL DATA CENTER BUSINESS | Global Data Center | |||
Goodwill | |||
Goodwill | 426,074 | 436,987 | |
CORPORATE AND OTHER BUSINESS | |||
Goodwill | |||
Goodwill | 61,196 | 96,440 | $ 117,740 |
CORPORATE AND OTHER BUSINESS | Fine Arts | |||
Goodwill | |||
Goodwill | 27,905 | 15,176 | |
CORPORATE AND OTHER BUSINESS | Entertainment Services | |||
Goodwill | |||
Goodwill | 33,291 | 35,159 | |
CORPORATE AND OTHER BUSINESS | Technology Escrow Services(1) | |||
Goodwill | |||
Goodwill | $ 0 | $ 46,105 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - Schedule of Changes in Carrying Value of Goodwill, by Reportable Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gross amount of goodwill [Roll Forward] | |||
Beginning balance | $ 4,485,209 | $ 4,557,609 | $ 4,485,209 |
Non-tax deductible goodwill acquired during the year | 27,547 | 54,258 | |
Goodwill impairment | (23,000) | (23,000) | |
Fair value and other adjustments | (7,359) | (3,412) | |
Goodwill allocated to IPM Divestment | (46,105) | ||
Currency effects | (68,161) | 44,554 | |
Ending balance | 4,463,531 | 4,557,609 | |
Accumulated goodwill impairment | 158,420 | 158,420 | |
GLOBAL RIM BUSINESS | |||
Gross amount of goodwill [Roll Forward] | |||
Beginning balance | 3,942,901 | 4,024,182 | 3,942,901 |
Non-tax deductible goodwill acquired during the year | 14,406 | 54,258 | |
Goodwill impairment | 0 | ||
Fair value and other adjustments | (6,091) | (3,815) | |
Goodwill allocated to IPM Divestment | 0 | ||
Currency effects | (56,236) | 30,838 | |
Ending balance | 3,976,261 | 4,024,182 | |
Accumulated goodwill impairment | 132,409 | 132,409 | |
GLOBAL DATA CENTER BUSINESS | |||
Gross amount of goodwill [Roll Forward] | |||
Beginning balance | 424,568 | 436,987 | 424,568 |
Non-tax deductible goodwill acquired during the year | 0 | 0 | |
Goodwill impairment | 0 | ||
Fair value and other adjustments | 0 | 0 | |
Goodwill allocated to IPM Divestment | 0 | ||
Currency effects | (10,913) | 12,419 | |
Ending balance | 426,074 | 436,987 | |
Accumulated goodwill impairment | 0 | 0 | |
CORPORATE AND OTHER BUSINESS | |||
Gross amount of goodwill [Roll Forward] | |||
Beginning balance | $ 117,740 | 96,440 | 117,740 |
Non-tax deductible goodwill acquired during the year | 13,141 | 0 | |
Goodwill impairment | (23,000) | ||
Fair value and other adjustments | (1,268) | 403 | |
Goodwill allocated to IPM Divestment | (46,105) | ||
Currency effects | (1,012) | 1,297 | |
Ending balance | 61,196 | 96,440 | |
Accumulated goodwill impairment | $ 26,011 | $ 26,011 |
Summary of Significant Accou_17
Summary of Significant Accounting Policies - Customer Relationships and Acquisition Costs and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortizable intangible assets | |||
NET CARRYING AMOUNT | $ 1,181,043 | $ 1,326,977 | |
Amortization | 215,350 | 204,507 | $ 201,878 |
Included in Depreciation and Amortization | |||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | |||
2022 | 134,107 | ||
2023 | 128,681 | ||
2024 | 123,412 | ||
2025 | 117,306 | ||
2026 | 115,966 | ||
Thereafter | 557,040 | ||
Customer relationship intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 1,835,949 | 1,852,700 | |
ACCUMULATED AMORTIZATION | (763,943) | (668,547) | |
NET CARRYING AMOUNT | $ 1,072,006 | 1,184,153 | |
Customer relationship intangible assets | Minimum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 10 years | ||
Customer relationship intangible assets | Maximum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 30 years | ||
Customer Inducements | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | $ 51,403 | 49,098 | |
ACCUMULATED AMORTIZATION | (28,400) | (26,923) | |
NET CARRYING AMOUNT | $ 23,003 | 22,175 | |
Customer Inducements, Current Record Management Vendor Or Payments To Customers | Minimum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 1 year | ||
Customer Inducements, Current Record Management Vendor Or Payments To Customers | Maximum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 10 years | ||
Customer relationship intangible assets | |||
Amortizable intangible assets | |||
Amortization | $ 117,761 | 117,514 | 117,972 |
Data center in-place leases and tenant relationships | |||
Amortizable intangible assets | |||
Amortization | 42,333 | 42,637 | 46,696 |
Data center lease-based intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 278,904 | 269,988 | |
ACCUMULATED AMORTIZATION | (192,870) | (149,339) | |
NET CARRYING AMOUNT | 86,034 | 120,649 | |
GROSS CARRYING AMOUNT | 12,782 | 12,854 | |
ACCUMULATED AMORTIZATION | (6,923) | (5,943) | |
NET CARRYING AMOUNT | 5,859 | 6,911 | |
Third-party commissions asset and other finite-lived intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 33,947 | 34,317 | |
ACCUMULATED AMORTIZATION | (13,716) | (8,761) | |
NET CARRYING AMOUNT | 20,231 | 25,556 | |
Amortization | 6,987 | 7,004 | 7,957 |
Customer inducements and data center above-market and below-market leases | |||
Amortizable intangible assets | |||
Amortization | 8,852 | $ 9,878 | $ 13,703 |
Customer inducements and data center above-market and below-market leases | Amortization Expense Charged To Revenues | |||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | |||
2022 | 6,367 | ||
2023 | 4,628 | ||
2024 | 2,599 | ||
2025 | 1,506 | ||
2026 | 1,187 | ||
Thereafter | $ 2,616 |
Summary of Significant Accou_18
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Trading Securities | $ 11,062 | $ 10,636 |
Derivative asset | 0 | |
Derivative liability | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | Money Market Funds | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Trading Securities | 85 | 256 |
Derivative asset | 11,021 | |
Derivative liability | 8,344 | 49,703 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Money Market Funds | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 101,022 | 62,657 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 2,238 | 2,121 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Trading Securities | 0 | 0 |
Derivative asset | 0 | |
Derivative liability | 0 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Money Market Funds | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | 0 |
Estimated Fair Value | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Trading Securities | 11,147 | 10,892 |
Derivative asset | 11,021 | |
Derivative liability | 8,344 | 49,703 |
Estimated Fair Value | Money Market Funds | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 101,022 | 62,657 |
Estimated Fair Value | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | $ 2,238 | $ 2,121 |
Summary of Significant Accou_19
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income, Other Expenses, and Change in Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | $ 1,136,729 | $ 1,464,227 | $ 1,862,463 |
Other comprehensive income (loss): | |||
Foreign currency translation and other adjustments | (134,834) | 46,635 | 11,866 |
Change in fair value of derivative instruments | 52,380 | (39,947) | (8,783) |
Total other comprehensive income (loss) | (82,454) | 6,688 | 3,083 |
Stockholders' equity, ending balance | 857,068 | 1,136,729 | 1,464,227 |
FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | (206,190) | (252,825) | (264,691) |
Other comprehensive income (loss): | |||
Foreign currency translation and other adjustments | (134,834) | 46,635 | 11,866 |
Change in fair value of derivative instruments | 0 | 0 | 0 |
Total other comprehensive income (loss) | (134,834) | 46,635 | 11,866 |
Stockholders' equity, ending balance | (341,024) | (206,190) | (252,825) |
CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | (49,703) | (9,756) | (973) |
Other comprehensive income (loss): | |||
Foreign currency translation and other adjustments | 0 | 0 | 0 |
Change in fair value of derivative instruments | 52,380 | (39,947) | (8,783) |
Total other comprehensive income (loss) | 52,380 | (39,947) | (8,783) |
Stockholders' equity, ending balance | 2,677 | (49,703) | (9,756) |
TOTAL | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | (255,893) | (262,581) | (265,664) |
Other comprehensive income (loss): | |||
Stockholders' equity, ending balance | $ (338,347) | $ (255,893) | $ (262,581) |
Summary of Significant Accou_20
Summary of Significant Accounting Policies - Revenue - Contract Fulfillment Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intake Costs asset | ||
Capitalized Contract Cost [Line Items] | ||
GROSS CARRYING AMOUNT | $ 71,336 | $ 63,721 |
ACCUMULATED AMORTIZATION | (42,678) | (33,352) |
NET CARRYING AMOUNT | 28,658 | 30,369 |
Commissions asset | ||
Capitalized Contract Cost [Line Items] | ||
GROSS CARRYING AMOUNT | 114,791 | 91,069 |
ACCUMULATED AMORTIZATION | (50,553) | (38,787) |
NET CARRYING AMOUNT | $ 64,238 | $ 52,282 |
Summary of Significant Accou_21
Summary of Significant Accounting Policies - Revenue - Amortization Expense Associated with Commissions Asset and Intake Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intake Costs asset | |||
Capitalized Contract Cost [Line Items] | |||
Amortization expense | $ 17,530 | $ 13,300 | $ 10,144 |
Commissions asset | |||
Capitalized Contract Cost [Line Items] | |||
Amortization expense | $ 30,739 | $ 24,052 | $ 19,109 |
Summary of Significant Accou_22
Summary of Significant Accounting Policies - Revenue - Estimated Amortization Expense for Contract Fulfillment Costs (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
2022 | $ 47,393 |
2023 | 30,083 |
2024 | $ 15,420 |
Summary of Significant Accou_23
Summary of Significant Accounting Policies - Revenue - Summary of Deferred Revenue Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Deferred revenue - Current | $ 307,470 | $ 295,785 |
Deferred revenue - Long-term | $ 33,691 | $ 35,612 |
Summary of Significant Accou_24
Summary of Significant Accounting Policies - Revenue - Data Center (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Lessor, Lease, Description [Line Items] | |
2022 | $ 5,838 |
2023 | 5,208 |
2024 | 3,631 |
2025 | 1,504 |
2026 | 1,075 |
Data center lease-based intangible assets | |
Lessor, Lease, Description [Line Items] | |
2022 | 266,109 |
2023 | 218,324 |
2024 | 179,169 |
2025 | 126,269 |
2026 | $ 98,440 |
Summary of Significant Accou_25
Summary of Significant Accounting Policies - Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capitalized Contract Cost [Line Items] | |||
Storage rental | $ 2,870,119 | $ 2,754,091 | $ 2,681,087 |
Service | $ 1,621,412 | 1,393,179 | 1,581,497 |
Commissions asset | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization period | 3 years | ||
Intake Costs asset | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization period | 3 years | ||
GLOBAL DATA CENTER BUSINESS | |||
Capitalized Contract Cost [Line Items] | |||
Storage rental | $ 289,592 | 263,695 | 246,925 |
Service | 37,306 | 15,617 | 10,226 |
GLOBAL DATA CENTER BUSINESS | Power and connectivity | |||
Capitalized Contract Cost [Line Items] | |||
Storage rental | $ 62,185 | $ 47,451 | $ 43,269 |
Summary of Significant Accou_26
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2021shares | Dec. 31, 2021USD ($)offering_period$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Employee stock-based awards | ||||
Contractual term of awards | 3 years | |||
Stock-based compensation | $ | $ 61,001 | $ 37,674 | $ 35,654 | |
Stock-based compensation expense (income), net of tax | $ | $ 59,243 | $ 36,584 | 33,103 | |
Award vesting period | 3 years | |||
Total amount of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan (in shares) | 20,750,000 | |||
Employee Stock Purchase Plan | ||||
Employee stock purchase plan, shares available for grant (in shares) | 9,055,756 | |||
Employee stock-based awards, unrecognized compensation costs on nonvested awards | $ | $ 42,559 | |||
Employee stock-based awards, weighted average recognition period | 1 year 10 months 24 days | |||
Performance Units Original Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ||||
Non-vested at the beginning of the period (in shares) | 1,073,209 | |||
Granted (in shares) | 488,953 | |||
Vested (in shares) | (630,151) | |||
Forfeited (in shares) | (58,776) | |||
Non-vested at the end of the period (in shares) | 873,235 | 1,073,209 | ||
Restricted Stock Units (RSUs) | ||||
Aggregate intrinsic value | ||||
Total fair value of shares or units vested | $ | $ 29,332 | $ 26,492 | 21,191 | |
PUs Adjustment | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ||||
Non-vested at the beginning of the period (in shares) | (319,508) | |||
Granted (in shares) | 0 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (221,936) | |||
Non-vested at the end of the period (in shares) | (541,444) | (319,508) | ||
Performance Units | ||||
Employee stock-based awards | ||||
Award vesting period | 3 years | |||
Aggregate intrinsic value | ||||
Total fair value of shares or units vested | $ | $ 29,701 | $ 11,812 | $ 6,503 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ||||
Non-vested at the beginning of the period (in shares) | 753,701 | |||
Granted (in shares) | 488,953 | |||
Vested (in shares) | (630,151) | |||
Forfeited (in shares) | (280,712) | |||
Non-vested at the end of the period (in shares) | 331,791 | 753,701 | ||
Weighted average grant date fair value | ||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $ / shares | $ 36.98 | |||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 54.61 | |||
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 47.13 | |||
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 35.84 | |||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $ / shares | $ 44.65 | $ 36.98 | ||
Performance units disclosure | ||||
Period of anniversary from the date of grant | 3 years | |||
Qualifying service period | 3 years | |||
Performance Units | Revenue or revenue growth and return on invested capital | ||||
Performance units disclosure | ||||
Performance period | 3 years | |||
Performance Units | Minimum | Market condition associated with shareholder return of common stock | ||||
Performance units disclosure | ||||
Percentage payout rate | 0.00% | |||
Performance Units | Maximum | Market condition associated with shareholder return of common stock | ||||
Performance units disclosure | ||||
Percentage payout rate | 238.00% | |||
Employee Stock Purchase Plan | ||||
Employee Stock Purchase Plan | ||||
Employee stock purchase plan, number of offering periods | offering_period | 2 | |||
Employee stock purchase plan, offering periods | 6 months | |||
Employee stock purchase plan, maximum employee subscription rate percent | 15.00% | |||
Percentage of market price for the purchase of shares | 95.00% | |||
Employee stock purchase plan, shares issued in period (in shares) | 112,297 | 159,853 | 129,505 | |
Employee stock purchase plan, shares available for grant (in shares) | 1,103,990 | |||
Employee stock purchase plan, duration of offering periods | 6 months | |||
Three Year Vesting Option | ||||
Employee stock-based awards | ||||
Contractual term of awards | 10 years | |||
Award vesting period | 3 years | |||
Employee And Non Employees Stock Option | ||||
Employee stock-based awards | ||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 3.23 | $ 2.35 | $ 3.58 | |
Weighted average assumptions used for grants | ||||
Expected volatility (as a percent) | 28.30% | 25.40% | 24.30% | |
Risk-free interest rate (as a percent) | 1.45% | 1.45% | 2.47% | |
Expected dividend yield (as a percent) | 7.00% | 7.00% | 7.00% | |
Expected life of the option | 10 years | 10 years | 5 years | |
Summary of option activity | ||||
Options outstanding balance, beginning of period (in shares) | 4,732,519 | |||
Options granted (in shares) | 429,618 | |||
Options exercised (in shares) | (869,855) | |||
Options forfeited (in shares) | (16,304) | |||
Options expired (in shares) | (51,905) | |||
Options outstanding balance, end of period (in shares) | 4,224,073 | 4,732,519 | ||
Options exercisable balance (in shares) | 3,168,908 | |||
Options expected to vest (in shares) | 1,054,641 | |||
Weighted Average Exercise Price | ||||
Weighted average exercise price, options outstanding balance beginning of period (in dollars per share) | $ / shares | $ 35.83 | |||
Weighted average exercise price, options granted (in dollars per share) | $ / shares | 34.73 | |||
Weighted average exercise price, options exercised (in dollars per share) | $ / shares | 34.26 | |||
Weighted average exercise price, options forfeited (in dollars per share) | $ / shares | 35.37 | |||
Weighted average exercise price, options expired (in dollars per share) | $ / shares | 34.27 | |||
Weighted average exercise price, options outstanding balance end of period (in dollars per share) | $ / shares | 36.06 | $ 35.83 | ||
Weighted average exercise price, options exercisable (in dollars per share) | $ / shares | 36.60 | |||
Weighted average exercise price, options expected to vest (in dollars per share) | $ / shares | $ 34.42 | |||
Weighted average remaining contractual term | ||||
Weighted average remaining contractual term, options outstanding | 5 years 9 months | |||
Weighted average remaining contractual term, options exercisable | 4 years 10 months 24 days | |||
Weighted average remaining contractual term, options expected to vest | 8 years 4 months 2 days | |||
Aggregate intrinsic value | ||||
Aggregate intrinsic value, options outstanding | $ | $ 68,747 | |||
Aggregate intrinsic value, options exercisable | $ | 49,850 | |||
Aggregate intrinsic value, options expected to vest | $ | $ 18,888 | |||
Restricted Stock And Restricted Stock Units | ||||
Employee stock-based awards | ||||
Award vesting period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ||||
Non-vested at the beginning of the period (in shares) | 1,294,006 | |||
Granted (in shares) | 1,178,170 | |||
Vested (in shares) | (862,377) | |||
Forfeited (in shares) | (206,166) | |||
Non-vested at the end of the period (in shares) | 1,403,633 | 1,294,006 | ||
Weighted average grant date fair value | ||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $ / shares | $ 33.02 | |||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 34.98 | |||
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 34.01 | |||
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 32.65 | |||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $ / shares | $ 34.11 | $ 33.02 | ||
Performance Units Original Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | ||||
Granted (in shares) | 425,777 | 380,856 | ||
2014 Plan | ||||
Employee stock-based awards | ||||
Total amount of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan (in shares) | 20,750,000 | 12,750,000 | ||
Employee Stock Purchase Plan | ||||
Shares of our common stock authorized for issuance (in shares) | 8,000,000 | |||
2013 Employee Stock Purchase Plan | Employee Stock Purchase Plan | ||||
Employee stock-based awards | ||||
Total amount of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan (in shares) | 1,000,000 | 2,000,000 | ||
Employee Stock Purchase Plan | ||||
Shares of our common stock authorized for issuance (in shares) | 1,000,000 |
Summary of Significant Accou_27
Summary of Significant Accounting Policies - Acquisition and Integration costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Acquisition and Integration Costs | $ 12,764 | $ 0 | $ 13,293 |
Summary of Significant Accou_28
Summary of Significant Accounting Policies - Other Expense (Income), Net (Details) - USD ($) $ in Thousands | May 18, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Foreign currency transaction losses (gains), net | $ (15,753) | $ 29,830 | $ 24,852 | |
Debt extinguishment expense | 0 | 68,300 | 0 | |
Other, net(2) | (177,051) | 45,415 | 9,046 | |
Other (Income) Expense, Net | (192,804) | 143,545 | 33,898 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on divestiture | $ 20,300 | 178,983 | $ 0 | $ 0 |
IPM Divestment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on divestiture | $ 179,000 |
Summary of Significant Accou_29
Summary of Significant Accounting Policies - Income (Loss) Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) Per Share-Basic and Diluted | |||
Income (Loss) from Continuing Operations | $ 452,725 | $ 343,096 | $ 268,211 |
Less: Net income (loss) attributable to noncontrolling interests | 2,506 | 403 | 938 |
Income (loss) from continuing operations (utilized in numerator of Earnings Per Share calculation) | 450,219 | 342,693 | 267,273 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 104 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ 450,219 | $ 342,693 | $ 267,377 |
Weighted-average shares—basic (in shares) | 289,457,000 | 288,183,000 | 286,971,000 |
Effect of dilutive potential stock options (in shares) | 645,886 | 24,903 | 145,509 |
Effect of dilutive potential RSUs and PUs (in shares) | 872,204 | 435,287 | 570,435 |
Weighted-average shares—diluted (in shares) | 290,975,090 | 288,643,190 | 287,686,944 |
Earnings (losses) per share—basic: | |||
Income (loss) from continuing operations (in dollars per share) | $ 1.56 | $ 1.19 | $ 0.93 |
(Loss) income from discontinued operations, net of tax (in dollars per share) | 0 | 0 | 0 |
Net income (loss) attributable to iron mountain incorporated (in dollars per share) | 1.56 | 1.19 | 0.93 |
Earnings (losses) per share—diluted: | |||
Income (loss) from continuing operations (in dollars per share) | 1.55 | 1.19 | 0.93 |
(Loss) income from discontinued operations, net of tax (in dollars per share) | 0 | 0 | 0 |
Net income (loss) attributable to iron mountain incorporated - dilute (in dollars per share) | $ 1.55 | $ 1.19 | $ 0.93 |
Antidilutive stock options, RSUs and PUs, excluded from the calculation (in shares) | 1,447,722 | 5,663,981 | 4,475,745 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) € in Thousands | Sep. 23, 2021USD ($) | Sep. 23, 2021EUR (€) | Sep. 15, 2021USD ($) | Feb. 17, 2020USD ($) | Jan. 09, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($)company | Jan. 08, 2020 |
OSG Investment | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage | 25.00% | ||||||||
Gain on equity investment | $ 10,000,000 | ||||||||
InfoFort | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 90,300,000 | ||||||||
Frankfurt Data Center | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 91,300,000 | € 77,900 | |||||||
Records Management Company | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of companies acquired | 2 | ||||||||
Art Storage Company | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of companies acquired | 1 | 1 | |||||||
Records Management Companies And Art Storage Company | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 45,100,000 | ||||||||
OSG Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 95,500,000 | ||||||||
Ownership acquired | 75.00% | ||||||||
Storage, Records Management And Art Storage Companies | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 29,100,000 | $ 51,000,000 | |||||||
Storage, Records Management And Art Storage Companies | Minimum | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price | 700,000 | ||||||||
Storage, Records Management And Art Storage Companies | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price | $ 12,500,000 | ||||||||
Storage and Data Management Company | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of companies acquired | company | 10 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consideration paid for acquisitions | |||
Accrued Purchase Price and Other Holdbacks | $ 0 | $ 0 | $ 4,135 |
Fair Value of Identifiable Assets Acquired: | |||
Goodwill Initially Recorded | 4,463,531 | 4,557,609 | 4,485,209 |
All acquisitions | |||
Consideration paid for acquisitions | |||
Cash Paid (gross of cash acquired) | 224,192 | 124,614 | 53,230 |
Fair Value of Noncontrolling Interests | 3,878 | 0 | 0 |
Accrued Purchase Price and Other Holdbacks | 2,534 | 0 | 4,135 |
Fair Value of Investments Applied to Acquisitions | 0 | 27,276 | 0 |
Total Consideration | 230,604 | 151,890 | 57,365 |
Fair Value of Identifiable Assets Acquired: | |||
Cash | 20,194 | 6,545 | 2,260 |
Accounts Receivable, Prepaid Expenses and Other Assets | 26,911 | 16,559 | 3,102 |
Property, Plant and Equipment | 150,095 | 52,021 | 5,396 |
Customer Relationship Intangible Assets | 35,181 | 79,065 | 22,071 |
Operating lease right-of-use assets | 40,848 | 100,040 | 16,956 |
Data Center In-Place Leases | 4,994 | 0 | 0 |
Data Center Tenant Relationships | 4,682 | 0 | 0 |
Debt Assumed | (9,026) | (27,363) | 0 |
Accounts Payable, Accrued Expenses and Other Liabilities | (22,733) | (19,564) | (3,233) |
Operating Lease Liabilities | (40,848) | (100,040) | (16,956) |
Deferred Income Taxes | (7,221) | (9,631) | (1,813) |
Data Center Below-Market Leases | (20) | 0 | 0 |
Total Fair Value of Identifiable Net Assets Acquired | 203,057 | 97,632 | 27,783 |
Goodwill Initially Recorded | 27,547 | 54,258 | 29,582 |
Cash paid for previous acquisition | $ 0 | $ 512 | $ 7,267 |
Customer relationship intangible assets | |||
Fair Value of Identifiable Assets Acquired: | |||
Acquired finite-lived intangible assets, weighted average useful life | 11 years | 14 years | 16 years |
Data center in-place leases | |||
Fair Value of Identifiable Assets Acquired: | |||
Acquired finite-lived intangible assets, weighted average useful life | 5 years | ||
Data center tenant relationships | |||
Fair Value of Identifiable Assets Acquired: | |||
Acquired finite-lived intangible assets, weighted average useful life | 5 years | ||
Data center below-market leases | |||
Fair Value of Identifiable Assets Acquired: | |||
Acquired finite-lived intangible assets, weighted average useful life | 4 years |
Divestments - Additional Inform
Divestments - Additional Information (Details) - USD ($) $ in Thousands | May 18, 2021 | Mar. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 07, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on divestiture | $ 20,300 | $ 178,983 | $ 0 | $ 0 | |||
Investments in joint ventures | 78,623 | $ 18,250 | $ 19,222 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Iron Mountain Intellectual Property Divestiture | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal consideration | $ 215,400 | ||||||
Gain on divestiture | $ 179,000 | ||||||
Disposal Group, Not Discontinued Operations | Consumer Storage | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on divestiture | $ 4,200 | ||||||
Corporate Joint Venture | Makespace | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Investments in joint ventures | $ 20,000 | ||||||
Equity interest | 34.00% | 34.00% |
Investments -Narrative (Details
Investments -Narrative (Details) ₨ in Thousands, ft² in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 18 Months Ended | |||||||
Oct. 31, 2021USD ($) | Oct. 31, 2020USD ($)ft²MW | Sep. 30, 2022USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 31, 2021USD ($) | Dec. 31, 2021INR (₨) | Apr. 30, 2021USD ($) | Apr. 30, 2021INR (₨) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Proceeds from sale of assets | $ 278,330 | $ 564,664 | $ 166,143 | ||||||||
MakeSpace JV | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity funding | $ 36,000 | $ 45,000 | |||||||||
Web Werks JV | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Fair value of investment | $ 50,100 | ₨ 3,750,000 | |||||||||
Additional equity method investments, fair value disclosure | $ 100,000 | ₨ 7,500,000 | |||||||||
Equity interest | 38.50% | 0.00% | 38.50% | ||||||||
Frankfurt JV | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity interest | 20.00% | 20.00% | 20.00% | 20.00% | |||||||
Proceeds from sale of assets | $ 93,300 | $ 105,000 | |||||||||
Gain on sale of assets | $ 24,100 | ||||||||||
Frankfurt JV | Forecast | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Proceeds from sale of assets | $ 11,700 | ||||||||||
A G C Equity Partners | Frankfurt JV | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Area of real estate property | ft² | 280 | ||||||||||
Power of building | MW | 27 | ||||||||||
Equity interest | 80.00% |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2020 |
Web Werks JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 51,140 | $ 0 | |
Equity interest | 38.50% | 0.00% | |
Frankfurt JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 26,167 | $ 26,500 | |
Equity interest | 20.00% | 20.00% | 20.00% |
MakeSpace JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 30,154 | $ 16,924 | |
Equity interest | 49.99% | 38.86% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2019 |
Interest Rate Swap Agreements | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Cross-Currency Swap Agreements Designated as a Hedge of Net Investment (Details) - Net Investment Hedging - Cross-currency swap agreements € in Thousands, $ in Thousands | Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Aug. 31, 2019USD ($) | Aug. 31, 2019EUR (€) |
Derivative [Line Items] | ||||
Notional amount | $ 359,200 | € 300,000 | $ 110,000 | € 99,055 |
Interest rate | 4.50% | 4.50% | 6.00% | 6.00% |
Weighted average interest rate | 3.40% | 3.40% | 3.65% | 3.65% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Foreign Exchange Currency Forward Contracts Not Designated as Hedging Instruments (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | |
Derivative [Line Items] | ||||
Cash flow hedge, interest rate swap agreements | $ 52,380,000 | $ (39,947,000) | $ (8,783,000) | |
Foreign Exchange Currency Forward Contracts | 0 | (17,005,000) | (6,003,000) | |
Accrued Expenses And Other Current Liabilities | ||||
Derivative [Line Items] | ||||
Derivative liability | (2,082,000) | |||
Other Noncurrent Liabilities | ||||
Derivative [Line Items] | ||||
Derivative liability | (6,262,000) | (49,703,000) | ||
Other Assets | ||||
Derivative [Line Items] | ||||
Derivative asset | 11,021,000 | |||
Net Investment Hedging | ||||
Derivative [Line Items] | ||||
Cumulative net losses | 10,357,000 | |||
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Net payments | 0 | 0 | (737,000) | |
Foreign exchange contracts | Derivatives Not Designated as Hedging Instruments | ||||
Derivative [Line Items] | ||||
Notional amount of derivatives | 0 | 0 | ||
Foreign Exchange Currency Forward Contracts | 0 | 0 | (737,000) | |
Interest Rate Swap Agreements | ||||
Derivative [Line Items] | ||||
Notional amount of derivatives | 350,000,000 | 350,000,000 | $ 350,000,000 | |
Cumulative net losses | 7,680,000 | |||
Interest Rate Swap Agreements | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Derivative liability | (7,680,000) | (21,062,000) | ||
Interest Rate Swap Agreements | Designated Hedging Instruments | ||||
Derivative [Line Items] | ||||
Cash flow hedge, interest rate swap agreements | 13,382,000 | (12,288,000) | (7,801,000) | |
August 2023 Cross Currency Swap Agreements | Net Investment Hedging | ||||
Derivative [Line Items] | ||||
Derivative liability | (664,000) | (8,229,000) | ||
August 2023 Cross Currency Swap Agreements | Designated Hedging Instruments | Net Investment Hedging | ||||
Derivative [Line Items] | ||||
Net investment hedge, currency swap agreements | 7,565,000 | (7,247,000) | (982,000) | |
February 2026 Cross Currency Swap Agreements | Net Investment Hedging | ||||
Derivative [Line Items] | ||||
Derivative liability | (20,412,000) | |||
Derivative asset | 11,021,000 | |||
February 2026 Cross Currency Swap Agreements | Designated Hedging Instruments | Net Investment Hedging | ||||
Derivative [Line Items] | ||||
Net investment hedge, currency swap agreements | $ 31,433,000 | $ (20,412,000) | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Euro Notes Designated as a Hedge of Net Investment (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Derivative [Line Items] | |||||
Foreign exchange gains (losses) associated with net investment hedge | $ 0 | $ (17,005) | $ (6,003) | ||
Cumulative net gains | (134,834) | $ 46,635 | $ 11,866 | ||
Euro Notes | Designated Hedging Instruments | Net Investment Hedging | |||||
Derivative [Line Items] | |||||
Hedged notes | € | € 300,000 | € 284,986 | |||
Cumulative net gains | $ 3,256 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 9,364,451,000 | $ 8,797,424,000 | |
Net Deferred Financing Costs | (92,510,000) | (94,110,000) | |
Total Long-term Debt (including current portion) | 9,271,941,000 | 8,703,314,000 | |
Debt, current portion | (310,084,000) | (193,759,000) | |
Carrying amount, current portion | (309,428,000) | (193,759,000) | |
Long-term debt, net of current portion | 9,054,367,000 | 8,603,665,000 | |
Unamortized deferred financing costs | (91,854,000) | (94,110,000) | |
Long-term debt, net of current portion | $ 8,962,513,000 | 8,509,555,000 | |
Capital stock of subsidiaries pledged to secure debt (as a percent) | 66.00% | 66.00% | |
Unamortized original issue discount | $ 1,251,000 | ||
Capital lease obligations | 356,729,000 | 366,311,000 | |
Unamortized debt issuance expense, net of current portion | 656,000 | 0 | |
Australian Dollar Term Loan | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 223,182,000 | $ 350,000 | 243,152,000 |
Net Deferred Financing Costs | (656,000) | (1,624,000) | |
Total Long-term Debt (including current portion) | 222,526,000 | 241,528,000 | |
Fair value | 223,530,000 | 244,014,000 | |
Unamortized original issue discount | $ 348,000 | 862,000 | |
GBP Senior Notes 3.875 Percent due 2025 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 3.875% | 3.875% | |
Debt (inclusive of discount) | $ 540,481,000 | 546,003,000 | |
Net Deferred Financing Costs | (3,912,000) | (4,983,000) | |
Total Long-term Debt (including current portion) | 536,569,000 | 541,020,000 | |
Fair value | $ 542,508,000 | 553,101,000 | |
47/8% Notes due 2027 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.875% | 4.875% | |
Debt (inclusive of discount) | $ 1,000,000,000 | 1,000,000,000 | |
Net Deferred Financing Costs | (8,176,000) | (9,598,000) | |
Total Long-term Debt (including current portion) | 991,824,000 | 990,402,000 | |
Fair value | $ 1,030,000,000 | 1,046,250,000 | |
Senior Notes 4.875 Percent due 2028 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.25% | 5.25% | |
Debt (inclusive of discount) | $ 825,000,000 | 825,000,000 | |
Net Deferred Financing Costs | (7,380,000) | (8,561,000) | |
Total Long-term Debt (including current portion) | 817,620,000 | 816,439,000 | |
Fair value | $ 862,125,000 | 868,313,000 | |
5% Notes due 2028 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.00% | 5.00% | |
Debt (inclusive of discount) | $ 500,000,000 | 500,000,000 | |
Net Deferred Financing Costs | (4,763,000) | (5,486,000) | |
Total Long-term Debt (including current portion) | 495,237,000 | 494,514,000 | |
Fair value | $ 513,750,000 | 523,125,000 | |
47/8% Notes due 2029 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.875% | 4.875% | |
Debt (inclusive of discount) | $ 1,000,000,000 | 1,000,000,000 | |
Net Deferred Financing Costs | (11,211,000) | (12,658,000) | |
Total Long-term Debt (including current portion) | 988,789,000 | 987,342,000 | |
Fair value | $ 1,022,500,000 | 1,050,000,000 | |
51/4% Notes due 2030 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.25% | 5.25% | |
Debt (inclusive of discount) | $ 1,300,000,000 | 1,300,000,000 | |
Net Deferred Financing Costs | (12,911,000) | (14,416,000) | |
Total Long-term Debt (including current portion) | 1,287,089,000 | 1,285,584,000 | |
Fair value | $ 1,355,250,000 | 1,400,750,000 | |
41/2% Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.50% | 4.50% | |
Debt (inclusive of discount) | $ 1,100,000,000 | 1,100,000,000 | |
Net Deferred Financing Costs | (11,404,000) | (12,648,000) | |
Total Long-term Debt (including current portion) | 1,088,596,000 | 1,087,352,000 | |
Fair value | 1,094,500,000 | 1,138,500,000 | |
5% Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 750,000,000 | 0 | |
Net Deferred Financing Costs | (13,782,000) | 0 | |
Total Long-term Debt (including current portion) | 736,218,000 | 0 | |
Fair value | $ 767,813,000 | 0 | |
55/8% Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.625% | 5.625% | |
Debt (inclusive of discount) | $ 600,000,000 | 600,000,000 | |
Net Deferred Financing Costs | (6,147,000) | (6,727,000) | |
Total Long-term Debt (including current portion) | 593,853,000 | 593,273,000 | |
Fair value | 637,500,000 | 660,000,000 | |
Accounts Receivable Securitization Program | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 0 | 85,000,000 | |
Net Deferred Financing Costs | (450,000) | (152,000) | |
Total Long-term Debt (including current portion) | (450,000) | 84,848,000 | |
Fair value | $ 0 | $ 85,000,000 | |
Mortgages | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 3.60% | 3.60% | 3.30% |
Long term debt fair value | $ 58,933,000 | $ 71,673,000 | |
Other Notes And Obligations | |||
Debt Instrument [Line Items] | |||
Long term debt fair value | $ 44,986,000 | $ 73,938,000 | |
Weighted average interest rate (as a percent) | 10.70% | 10.70% | 10.70% |
Mortgage Securitization Program | |||
Debt Instrument [Line Items] | |||
Fair value | $ 50,000,000 | $ 50,000,000 | |
Capital Lease Obligations | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.90% | 5.90% | 5.90% |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Capital stock of subsidiaries pledged to secure debt (as a percent) | 66.00% | 66.00% | |
Real Estate Mortgages, Finance Lease Liabilities And Other | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 460,648,000 | $ 511,922,000 | |
Net Deferred Financing Costs | (840,000) | (1,086,000) | |
Total Long-term Debt (including current portion) | 459,808,000 | 510,836,000 | |
Fair value | 460,648,000 | 511,922,000 | |
Long term debt fair value | 460,648,000 | 511,922,000 | |
New Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 0 | 0 | |
Net Deferred Financing Costs | (5,174,000) | (8,620,000) | |
Total Long-term Debt (including current portion) | (5,174,000) | (8,620,000) | |
Fair value | 0 | 0 | |
Term Loan A | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 203,125,000 | 215,625,000 | |
Net Deferred Financing Costs | 0 | 0 | |
Total Long-term Debt (including current portion) | 203,125,000 | 215,625,000 | |
Fair value | 203,125,000 | 215,625,000 | |
Term Loan B | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 672,847,000 | 679,621,000 | |
Net Deferred Financing Costs | (4,995,000) | (6,244,000) | |
Total Long-term Debt (including current portion) | 667,852,000 | 673,377,000 | |
Fair value | 675,500,000 | 680,750,000 | |
Unamortized original issue discount | 903,000 | 1,129,000 | |
UK Bilateral Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 189,168,000 | 191,101,000 | |
Net Deferred Financing Costs | (709,000) | (1,307,000) | |
Total Long-term Debt (including current portion) | 188,459,000 | 189,794,000 | |
Fair value | $ 189,168,000 | $ 191,101,000 |
Debt - Credit Agreement Narrati
Debt - Credit Agreement Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt | $ 9,364,451,000 | $ 8,797,424,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 3,039,000 | |
Period of earnings before interest, taxes, depreciation, amortization and rent expense (EBITDAR) for calculation of remaining borrowing capacity | 12 months | |
Remaining amount available for borrowing under credit facility | $ 1,746,961,000 | |
Revolving Credit Facility | New Credit Agreement | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 1,750,000,000 | |
Optional additional commitments | 1,260,000,000 | |
Debt | $ 0 | $ 0 |
Average interest rate | 1.90% | 1.90% |
Term Loan Facility | New Credit Agreement | ||
Debt Instrument [Line Items] | ||
Amount of quarterly installments based on the original principal | $ 3,125,000 | |
Term Loan Facility | Term Loan A | ||
Debt Instrument [Line Items] | ||
Debt | $ 203,125,000 | $ 215,625,000 |
Average interest rate | 1.90% | 1.90% |
Principal Amount | $ 250,000,000 | |
Term Loan Facility | Term Loan B | ||
Debt Instrument [Line Items] | ||
Debt | $ 672,847,000 | $ 679,621,000 |
Minimum | New Credit Agreement | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.25% | |
Maximum | New Credit Agreement | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.40% | |
Term Loan Facility | Loans Payable | Term Loan B | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 700,000,000 | |
Debt | $ 673,750,000 | |
Par | 99.75% | |
Quarterly payment amount | $ 1,750,000 | |
Stated interest rate (as a percent) | 3.10% | 1.90% |
Term Loan Facility | Loans Payable | Term Loan B | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.75% |
Debt - Notes Issued Under Inden
Debt - Notes Issued Under Indentures Narrative (Details) € in Thousands, £ in Thousands, $ in Thousands | Dec. 28, 2021USD ($) | Aug. 21, 2020USD ($) | Aug. 21, 2020CAD ($) | Aug. 21, 2020EUR (€) | Aug. 18, 2020USD ($) | Jul. 02, 2020USD ($) | Jun. 29, 2020USD ($) | Jun. 22, 2020USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021GBP (£) |
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | $ 9,364,451,000 | $ 8,797,424,000 | ||||||||||||
Repurchase price in the event of change of control, percentage of principal plus accrued and unpaid interest | 101.00% | 101.00% | ||||||||||||
Net proceeds from sales of senior notes | $ 737,812,000 | 3,465,000,000 | $ 987,500,000 | |||||||||||
Loss on early extinguishment of debt | $ 0 | $ 68,300,000 | $ 0 | |||||||||||
Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price, percentage | 100.00% | 100.00% | ||||||||||||
Net proceeds from sales of senior notes | $ 2,376,000,000 | |||||||||||||
Loss on early extinguishment of debt | $ 35,950,000 | $ 17,040,000 | ||||||||||||
Senior Notes | GBP Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | £ | £ 400,000 | |||||||||||||
Senior Notes | 47/8% Notes due 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | $ 1,000,000,000 | |||||||||||||
Senior Notes | 51/4% Notes due 2028 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | 825,000,000 | |||||||||||||
Principal Amount | 1,300,000,000 | |||||||||||||
Senior Notes | 5% Notes due 2028 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | $ 500,000,000 | |||||||||||||
Principal Amount | 500,000,000 | |||||||||||||
Stated interest rate (as a percent) | 5.00% | 5.00% | ||||||||||||
Senior Notes | 47/8% Notes due 2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | $ 1,000,000,000 | |||||||||||||
Senior Notes | 51/4% Notes due 2030 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | 1,300,000,000 | |||||||||||||
Senior Notes | 41/2% Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | 1,100,000,000 | |||||||||||||
Principal Amount | $ 1,100,000,000 | |||||||||||||
Net proceeds from sales of senior notes | $ 1,089,000,000 | |||||||||||||
Senior Notes | 5% Notes due 2032 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | $ 750,000,000 | |||||||||||||
Redemption price, percentage | 100.00% | |||||||||||||
Principal Amount | $ 750,000,000 | |||||||||||||
Stated interest rate (as a percent) | 5.00% | 5.00% | ||||||||||||
Net proceeds from sales of senior notes | $ 737,800,000 | |||||||||||||
Senior Notes | 55/8% Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt (inclusive of discount) | $ 600,000,000 | |||||||||||||
Principal Amount | $ 600,000,000 | |||||||||||||
Senior Notes | Senior Notes 4.375 Percent due 2021 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price, percentage | 100.00% | |||||||||||||
Aggregate principal amount outstanding | $ 500,000,000 | |||||||||||||
Senior Notes | Senior Notes 6 Percent Due 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price, percentage | 102.00% | |||||||||||||
Stated interest rate (as a percent) | 6.00% | 6.00% | 6.00% | 6.00% | ||||||||||
Aggregate principal amount outstanding | $ 600,000,000 | |||||||||||||
Senior Notes | Senior Subordinated Notes 5.75 Percent due 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price, percentage | 100.958% | |||||||||||||
Aggregate principal amount outstanding | $ 1,000,000 | |||||||||||||
Loss on early extinguishment of debt | $ 15,310,000 | |||||||||||||
Senior Notes | Senior CAD Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price, percentage | 104.031% | 104.031% | 104.031% | |||||||||||
Aggregate principal amount outstanding | $ 250,000 | |||||||||||||
Senior Notes | CAD 5.375 Percent Senior Notes due 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price, percentage | 106.628% | 106.628% | 106.628% | |||||||||||
Aggregate principal amount outstanding | $ 250,000,000 | |||||||||||||
Senior Notes | Senior Euro Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price, percentage | 101.50% | 101.50% | 101.50% | |||||||||||
Aggregate principal amount outstanding | € | € 300,000 |
Debt - Australian Dollar Term L
Debt - Australian Dollar Term Loan (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021AUD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020AUD ($) | |
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 9,364,451 | $ 8,797,424 | |||
Australian Dollar Term Loan | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 223,182 | $ 350,000 | 243,152 | ||
Par | 99.00% | 99.00% | |||
Amount of quarterly installments based on the original principal | $ 8,750 | ||||
Australian Dollar Term Loan | BBSY | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 223,530 | $ 307,813 | $ 244,014 | $ 316,563 | |
Debt instrument, basis spread on variable rate | 3.875% | ||||
Effective interest rate (as a percent) | 4.00% | 4.00% | 3.90% | 3.90% |
Debt - UK Bilateral Revolving C
Debt - UK Bilateral Revolving Credit Facility (Details) - Revolving Credit Facility - UK Bilateral Revolving Credit Facility | May 25, 2021extension | May 24, 2021 | Dec. 31, 2021GBP (£) | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | £ 140,000,000 | |||
Optional additional commitments | £ 125,000,000 | |||
Number of extensions | extension | 2 | |||
Period of extension | 1 year | |||
Interest rate | 2.10% | 2.30% | ||
LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.00% | 2.25% |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Program Narrative (Details) | Jun. 28, 2021 |
Accounts Receivable Securitization Program | LIBOR | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 1.00% |
Debt - Cash Pooling (Details)
Debt - Cash Pooling (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)cash_pool | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Number of cash pools | cash_pool | 2 | |
JP Morgan Chase Bank | ||
Debt Instrument [Line Items] | ||
Number of cash pools | cash_pool | 2 | |
Credit Agreement | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 36,480,000 | |
Credit Agreement | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 3,039,000 | |
BMG QRS Cash Pool | ||
Debt Instrument [Line Items] | ||
Number of cash pools | cash_pool | 1 | |
Cash Pool Agreement, Borrowings, Maximum | $ 10,000,000 | |
BMG QRS Cash Pool | Bank Mendes Gans | ||
Debt Instrument [Line Items] | ||
GROSS CASH POSITION | 552,900,000 | $ 448,700,000 |
OUTSTANDING DEBIT BALANCES | (552,100,000) | (447,400,000) |
NET CASH POSITION | $ 800,000 | 1,300,000 |
BMG QRS Cash Pool | JP Morgan Chase Bank | ||
Debt Instrument [Line Items] | ||
Number of cash pools | cash_pool | 1 | |
Cash Pool Agreement, Borrowings, Maximum | $ 12,000,000 | |
GROSS CASH POSITION | 9,400,000 | 0 |
OUTSTANDING DEBIT BALANCES | (9,200,000) | 0 |
NET CASH POSITION | $ 200,000 | 0 |
BMG TRS Cash Pool | ||
Debt Instrument [Line Items] | ||
Number of cash pools | cash_pool | 1 | |
BMG TRS Cash Pool | Bank Mendes Gans | ||
Debt Instrument [Line Items] | ||
GROSS CASH POSITION | $ 606,000,000 | 555,500,000 |
OUTSTANDING DEBIT BALANCES | (603,900,000) | (553,500,000) |
NET CASH POSITION | $ 2,100,000 | 2,000,000 |
BMG TRS Cash Pool | JP Morgan Chase Bank | ||
Debt Instrument [Line Items] | ||
Number of cash pools | cash_pool | 1 | |
Cash Pool Agreement, Borrowings, Maximum | $ 10,000,000 | |
GROSS CASH POSITION | 12,000,000 | 0 |
OUTSTANDING DEBIT BALANCES | (9,900,000) | 0 |
NET CASH POSITION | $ 2,100,000 | $ 0 |
Debt - Maturities of Long Term
Debt - Maturities of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 310,432 | |
2023 | 445,318 | |
2024 | 42,716 | |
2025 | 569,806 | |
2026 | 717,368 | |
Thereafter | 7,280,062 | |
Long-term Debt, Excluding Unamortized (Discount) Premium and Debt Issuance Costs, and Current Maturities | 9,365,702 | |
Net Discounts | (1,251) | |
Net Deferred Financing Costs | (92,510) | $ (94,110) |
Total Long-term Debt (including current portion) | $ 9,271,941 | $ 8,703,314 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 295,529 |
2023 | 70,853 |
2024 | 64,105 |
2025 | 38,567 |
2026 | 7,646 |
Thereafter | 855 |
Total | $ 477,555 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies | ||
Self-insured accrual | $ 46,797 | $ 47,959 |
Insurance Settlement | ||
Commitments and Contingencies | ||
Loss contingency, range of possible loss, portion not accrued | $ 25,000 |
Stockholders' Equity Matters -
Stockholders' Equity Matters - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2021 | Nov. 04, 2021 | Sep. 15, 2021 | Aug. 05, 2021 | Jun. 15, 2021 | May 06, 2021 | Mar. 15, 2021 | Feb. 24, 2021 | Dec. 15, 2020 | Nov. 04, 2020 | Sep. 15, 2020 | Aug. 05, 2020 | Jun. 15, 2020 | May 05, 2020 | Mar. 16, 2020 | Feb. 13, 2020 | Dec. 16, 2019 | Oct. 31, 2019 | Sep. 16, 2019 | Jul. 26, 2019 | Jun. 17, 2019 | May 22, 2019 | Mar. 15, 2019 | Feb. 07, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | |||||||||||||||||||||||||||
Dividends per share (in dollars per share) | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6110 | $ 0.6110 | $ 0.6110 | $ 2.47 | $ 2.47 | $ 2.45 | ||||||||||||
Dividends declared | $ 179,132 | $ 179,080 | $ 179,026 | $ 178,569 | $ 178,290 | $ 178,224 | $ 178,212 | $ 178,047 | $ 177,687 | $ 175,434 | $ 175,389 | $ 175,242 | $ 721,032 | $ 718,136 | $ 708,561 | ||||||||||||
Amount of declared distributions | $ 715,807 | $ 712,773 | $ 703,752 |
Stockholders' Equity Matters _2
Stockholders' Equity Matters - Additional Information (Details) - $ / shares | Feb. 24, 2022 | Nov. 04, 2021 | Aug. 05, 2021 | May 06, 2021 | Feb. 24, 2021 | Nov. 04, 2020 | Aug. 05, 2020 | May 05, 2020 | Feb. 13, 2020 | Oct. 31, 2019 | Jul. 26, 2019 | May 22, 2019 | Feb. 07, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||||||||||||||
Dividends per share (in dollars per share) | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6110 | $ 0.6110 | $ 0.6110 | $ 2.47 | $ 2.47 | $ 2.45 | |
Percent of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||||||
Capital gains | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Percent of dividends paid | 21.80% | 49.50% | 14.70% | |||||||||||||
Subsequent Event | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends per share (in dollars per share) | $ 0.6185 |
Stockholders' Equity Matters _3
Stockholders' Equity Matters - Classification of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Percent of dividends paid | 100.00% | 100.00% | 100.00% |
Nonqualified ordinary dividends | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 53.90% | 43.00% | 54.80% |
Qualified ordinary dividends | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 13.00% | 0.00% | 4.50% |
Capital gains | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 21.80% | 49.50% | 14.70% |
Return of capital | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 11.30% | 7.50% | 26.00% |
Income Taxes - Significant Comp
Income Taxes - Significant Components To Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets: | ||
Accrued liabilities and other adjustments | $ 54,859 | $ 52,527 |
Net operating loss carryforwards | 90,996 | 96,710 |
Valuation allowance | (51,744) | (46,938) |
Deferred tax assets | 94,111 | 102,299 |
Deferred Tax Liabilities: | ||
Other assets, principally due to differences in amortization | (178,657) | (186,682) |
Plant and equipment, principally due to differences in depreciation | (76,204) | (59,711) |
Other | (46,281) | (29,265) |
Deferred tax liabilities | (301,142) | (275,658) |
Net deferred tax liability | $ (207,031) | $ (173,359) |
Income Taxes - Current and Nonc
Income Taxes - Current and Noncurrent Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Contingency [Line Items] | ||
Deferred income taxes | $ (223,934) | $ (198,377) |
Other assets, net | ||
Income Tax Contingency [Line Items] | ||
Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) | $ 16,903 | $ 25,018 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax carryforwards | ||||
Net operating loss carryforwards, tax effected | $ 90,996 | $ 96,710 | ||
Effective tax rate | 28.00% | 7.90% | 18.30% | |
Federal tax rate | 21.00% | 21.00% | 21.00% | |
Tax adjustment relating to REIT | $ 8,203 | $ 60,378 | $ 40,577 | |
Foreign tax rate differential provision (benefit) | 9,856 | 9,472 | 8,562 | |
Foreign withholding taxes | 23,654 | |||
Increase in valuation allowance (net operating losses) | (8,406) | 8,337 | (6,211) | |
Increase (decrease) in gross interest and penalties recorded | 823 | (1,499) | 1,780 | |
Accrued interest and penalties recorded | 6,805 | 6,212 | ||
Unrecognized tax benefits | 27,772 | 25,969 | $ 35,068 | $ 35,320 |
Unrecognized tax benefits included in other long-term liabilities | 24,627 | 23,402 | ||
Deferred income taxes including unrecognized tax benefits | 3,145 | $ 2,567 | ||
Unrecognized tax benefits that would impact tax rate | 5,364 | |||
Foreign | ||||
Tax carryforwards | ||||
Net operating loss carryforwards, tax effected | $ 85,466 | |||
Net operating loss carryforwards subject to valuation allowance (as a percent) | 47.00% |
Income Taxes - Rollforward of V
Income Taxes - Rollforward of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Roll forward of valuation allowance: | |||
BALANCE AT BEGINNING OF THE YEAR | $ 46,938 | ||
BALANCE AT END OF THE YEAR | 51,744 | $ 46,938 | |
Valuation Allowance of Deferred Tax Assets | |||
Roll forward of valuation allowance: | |||
BALANCE AT BEGINNING OF THE YEAR | 46,938 | 60,003 | $ 55,666 |
CHARGED (CREDITED) TO EXPENSE | 8,406 | (8,337) | 6,211 |
OTHER INCREASES/ (DECREASES) | (3,600) | (4,728) | (1,874) |
BALANCE AT END OF THE YEAR | $ 51,744 | $ 46,938 | $ 60,003 |
Income Taxes - Components Of In
Income Taxes - Components Of Income (Loss) From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 212,460 | $ 276,145 | $ 203,225 |
Canada | 78,780 | 52,332 | 48,326 |
Other Foreign | 337,775 | 44,228 | 76,591 |
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes | $ 629,015 | $ 372,705 | $ 328,142 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Provision (benefit) for income taxes: | |||
Federal—current | $ 54,867 | $ (10,424) | $ 7,262 |
Federal—deferred | 14,322 | 8,834 | (3,356) |
State—current | 9,566 | 2,956 | 3,943 |
State—deferred | (526) | (625) | (1,126) |
Foreign—current | 83,154 | 50,063 | 49,350 |
Foreign—deferred | 14,907 | (21,195) | 3,858 |
Provision (Benefit) for Income Taxes | 176,290 | 29,609 | 59,931 |
Changes in income taxes resulting from: | |||
Computed "expected” tax provision | 132,093 | 78,268 | 68,910 |
Tax adjustment relating to REIT | (8,203) | (60,378) | (40,577) |
State taxes (net of federal tax benefit) | 8,027 | 2,258 | 2,115 |
Increase (decrease) in valuation allowance (net operating losses) | 8,406 | (8,337) | 6,211 |
Withholding Taxes | 23,654 | 6,835 | 5,281 |
Reserve (reversal) accrual and audit settlements (net of federal tax benefit) | 3,072 | (7,409) | 514 |
Foreign tax rate differential | 9,856 | 9,472 | 8,562 |
Disallowed foreign interest, Subpart F income, and other foreign taxes | (3,437) | 13,407 | 8,960 |
Other, net | 2,822 | (4,507) | (45) |
Provision (Benefit) for Income Taxes | $ 176,290 | $ 29,609 | $ 59,931 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of unrecognized tax benefits: | |||
Gross tax contingencies - beginning of the period | $ 25,969 | $ 35,068 | $ 35,320 |
Gross additions based on tax positions related to the current year | 3,893 | 2,907 | 2,914 |
Gross additions for tax positions of prior years | 344 | 80 | 1,271 |
Gross reductions for tax positions of prior years | (536) | (5,617) | (299) |
Lapses of statutes | (1,663) | (4,480) | (4,034) |
Settlements | (235) | (1,989) | (104) |
Gross tax contingencies - end of the period | $ 27,772 | $ 25,969 | $ 35,068 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021marketsegmentcountry | |
Segment information | |
Number of operating segments | segment | 3 |
Records management | |
Segment information | |
Number of countries | country | 63 |
Consumer Storage | |
Segment information | |
Number of markets | 31 |
GLOBAL DATA CENTER BUSINESS | United States | |
Segment information | |
Number of markets | 9 |
GLOBAL DATA CENTER BUSINESS | Non-US | |
Segment information | |
Number of markets | 7 |
Segment Information - Revenue a
Segment Information - Revenue and Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment information | |||
Total Revenues | $ 4,491,531 | $ 4,147,270 | $ 4,262,584 |
Storage rental | 2,870,119 | 2,754,091 | 2,681,087 |
Service | 1,621,412 | 1,393,179 | 1,581,497 |
Depreciation and Amortization | 680,422 | 652,069 | 658,201 |
Depreciation | 465,072 | 447,562 | 456,323 |
Amortization | 215,350 | 204,507 | 201,878 |
Adjusted EBITDA | 1,634,699 | 1,475,721 | 1,469,009 |
Total Assets | 14,450,031 | 14,149,267 | 13,816,816 |
Expenditures for Segment Assets | 886,898 | 631,854 | 882,867 |
Capital Expenditures | 611,082 | 438,263 | 692,983 |
Cash Paid for Acquisitions, Net of Cash Acquired | 203,998 | 118,581 | 58,237 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 71,818 | 75,010 | 131,647 |
GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 3,976,163 | 3,699,280 | 3,812,433 |
Storage rental | 2,471,894 | 2,373,783 | 2,320,076 |
Service | 1,504,269 | 1,325,497 | 1,492,357 |
Depreciation and Amortization | 468,527 | 455,567 | 454,652 |
Depreciation | 313,701 | 309,969 | 330,534 |
Amortization | 154,826 | 145,598 | 124,118 |
Adjusted EBITDA | 1,734,227 | 1,574,069 | 1,566,065 |
Total Assets | 11,028,611 | 10,938,359 | 10,753,218 |
Expenditures for Segment Assets | 368,271 | 338,006 | 398,690 |
Capital Expenditures | 211,917 | 150,175 | 248,232 |
Cash Paid for Acquisitions, Net of Cash Acquired | 97,044 | 118,581 | 54,717 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 59,310 | 69,250 | 95,741 |
GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 326,898 | 279,312 | 257,151 |
Storage rental | 289,592 | 263,695 | 246,925 |
Service | 37,306 | 15,617 | 10,226 |
Depreciation and Amortization | 148,023 | 134,844 | 133,927 |
Depreciation | 93,679 | 83,106 | 78,939 |
Amortization | 54,344 | 51,738 | 54,988 |
Adjusted EBITDA | 137,349 | 126,576 | 121,517 |
Total Assets | 2,911,823 | 2,727,654 | 2,535,848 |
Expenditures for Segment Assets | 422,274 | 249,459 | 427,935 |
Capital Expenditures | 320,768 | 243,699 | 392,029 |
Cash Paid for Acquisitions, Net of Cash Acquired | 88,998 | 0 | 0 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 12,508 | 5,760 | 35,906 |
CORPORATE AND OTHER BUSINESS | |||
Segment information | |||
Total Revenues | 188,470 | 168,678 | 193,000 |
Storage rental | 108,633 | 116,613 | 114,086 |
Service | 79,837 | 52,065 | 78,914 |
Depreciation and Amortization | 63,872 | 61,658 | 69,622 |
Depreciation | 57,692 | 54,487 | 46,850 |
Amortization | 6,180 | 7,171 | 22,772 |
Adjusted EBITDA | (236,877) | (224,924) | (218,573) |
Total Assets | 509,597 | 483,254 | 527,750 |
Expenditures for Segment Assets | 96,353 | 44,389 | 56,242 |
Capital Expenditures | 78,397 | 44,389 | 52,722 |
Cash Paid for Acquisitions, Net of Cash Acquired | 17,956 | 0 | 3,520 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | $ 0 | $ 0 | $ 0 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA to Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | 27 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Reconciliation of Adjusted EBITDA to income from continuing operations | ||||
Income (Loss) from Continuing Operations | $ 452,725 | $ 343,096 | $ 268,211 | |
Interest expense, net | 417,961 | 418,535 | 419,298 | |
Provision (Benefit) for Income Taxes | 176,290 | 29,609 | 59,931 | |
Depreciation and amortization | 680,422 | 652,069 | 658,201 | |
Acquisition and Integration Costs | 12,764 | 0 | 13,293 | |
Restructuring charges | 206,426 | 194,396 | 48,597 | $ 449,419 |
Intangible impairments | 0 | 23,000 | 0 | |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (172,041) | (363,537) | (63,824) | |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | (205,746) | 133,611 | 25,720 | |
Stock-based compensation expense | 61,001 | 34,272 | 36,194 | |
COVID-19 Costs | 0 | 9,285 | 0 | |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 4,897 | 1,385 | 3,388 | |
Adjusted EBITDA | $ 1,634,699 | 1,475,721 | $ 1,469,009 | |
Cost of Sales | ||||
Reconciliation of Adjusted EBITDA to income from continuing operations | ||||
COVID-19 Costs | 7,600 | |||
Selling, general and administrative expenses | ||||
Reconciliation of Adjusted EBITDA to income from continuing operations | ||||
COVID-19 Costs | $ 1,600 |
Segment Information - Geographi
Segment Information - Geographical and Long Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ 4,491,531 | $ 4,147,270 | $ 4,262,584 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 2,713,147 | 2,577,084 | 2,632,586 |
Long-Lived Assets | 7,867,841 | 7,818,059 | 7,862,262 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 294,675 | 247,667 | 274,931 |
Long-Lived Assets | 914,732 | 838,491 | 755,859 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 252,385 | 224,860 | 243,033 |
Long-Lived Assets | 562,911 | 556,120 | 556,591 |
Australia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 148,431 | 133,815 | 143,511 |
Long-Lived Assets | 528,703 | 575,862 | 530,755 |
Remaining Countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 1,082,893 | 963,844 | 968,523 |
Long-Lived Assets | $ 3,134,577 | $ 3,090,948 | $ 2,875,010 |
Segment Information - Revenues
Segment Information - Revenues by Product and Service Lines by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment information | |||
Total Revenues | $ 4,491,531 | $ 4,147,270 | $ 4,262,584 |
GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 3,976,163 | 3,699,280 | 3,812,433 |
GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 326,898 | 279,312 | 257,151 |
CORPORATE AND OTHER BUSINESS | |||
Segment information | |||
Total Revenues | 188,470 | 168,678 | 193,000 |
Records management | |||
Segment information | |||
Total Revenues | 3,200,389 | 2,954,299 | 2,995,146 |
Records management | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 3,074,605 | 2,852,296 | 2,866,192 |
Records management | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Records management | CORPORATE AND OTHER BUSINESS | |||
Segment information | |||
Total Revenues | 125,784 | 102,003 | 128,954 |
Data management | |||
Segment information | |||
Total Revenues | 529,203 | 554,873 | 584,128 |
Data management | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 466,517 | 488,198 | 520,082 |
Data management | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Data management | CORPORATE AND OTHER BUSINESS | |||
Segment information | |||
Total Revenues | 62,686 | 66,675 | 64,046 |
Information destruction | |||
Segment information | |||
Total Revenues | 435,041 | 358,786 | 426,159 |
Information destruction | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 435,041 | 358,786 | 426,159 |
Information destruction | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Information destruction | CORPORATE AND OTHER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Data center lease-based intangible assets | |||
Segment information | |||
Total Revenues | 326,898 | 279,312 | 257,151 |
Data center lease-based intangible assets | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Data center lease-based intangible assets | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 326,898 | 279,312 | 257,151 |
Data center lease-based intangible assets | CORPORATE AND OTHER BUSINESS | |||
Segment information | |||
Total Revenues | $ 0 | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Frankfurt JV | |||
Related Party Transaction [Line Items] | |||
Revenue from related party | $ 19,600 | $ 400 | |
Makespace | |||
Related Party Transaction [Line Items] | |||
Revenue from related party | $ 34,700 | $ 33,600 | $ 22,500 |
Project Summit - Additional Inf
Project Summit - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 27 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 206,426 | $ 194,396 | $ 48,597 | $ 449,419 | ||
Project Summit Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 450,000 | $ 48,597 | $ 206,426 | $ 194,396 |
Project Summit - Restructuring
Project Summit - Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | 27 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 206,426 | $ 194,396 | $ 48,597 | $ 449,419 |
GLOBAL RIM BUSINESS | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 59,033 | 67,140 | 21,900 | 148,073 |
GLOBAL DATA CENTER BUSINESS | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3,062 | 1,632 | 306 | 5,000 |
CORPORATE AND OTHER BUSINESS | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 144,331 | 125,624 | 26,391 | 296,346 |
EMPLOYEE SEVERANCE COSTS | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 22,809 | 47,349 | 20,850 | 91,008 |
PROFESSIONAL FEES AND OTHER | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 183,617 | $ 147,047 | $ 27,747 | $ 358,411 |
Project Summit - Restructurin_2
Project Summit - Restructuring Rollforward (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 27 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||||||
Amounts accrued | $ 206,426 | $ 194,396 | $ 48,597 | $ 449,419 | ||
Project Summit Costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | $ 0 | $ 0 | 40,053 | 17,777 | 0 | |
Amounts accrued | 450,000 | 48,597 | 206,426 | 194,396 | ||
Payments | (30,820) | (229,620) | (168,677) | |||
Other, including currency translation adjustments | 2,858 | (3,443) | ||||
Ending balance | 17,777 | 19,717 | 40,053 | 17,777 | 19,717 | |
EMPLOYEE SEVERANCE COSTS | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts accrued | 22,809 | 47,349 | 20,850 | 91,008 | ||
EMPLOYEE SEVERANCE COSTS | Project Summit Costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 0 | 0 | 16,278 | 4,823 | 0 | |
Amounts accrued | 20,850 | 22,809 | 47,349 | |||
Payments | (16,027) | (29,956) | (32,455) | |||
Other, including currency translation adjustments | 2,858 | (3,439) | ||||
Ending balance | 4,823 | 11,989 | 16,278 | 4,823 | 11,989 | |
PROFESSIONAL FEES AND OTHER | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Amounts accrued | 183,617 | 147,047 | 27,747 | 358,411 | ||
PROFESSIONAL FEES AND OTHER | Project Summit Costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | $ 0 | 0 | 23,775 | 12,954 | 0 | |
Amounts accrued | 27,747 | 183,617 | 147,047 | |||
Payments | (14,793) | (199,664) | (136,222) | |||
Other, including currency translation adjustments | 0 | (4) | ||||
Ending balance | $ 12,954 | $ 7,728 | $ 23,775 | $ 12,954 | $ 7,728 |
Subsequent Events (Details)
Subsequent Events (Details) - ITRenew - USD ($) $ in Thousands | Jan. 25, 2022 | Jan. 25, 2025 | Jan. 25, 2024 |
Second Anniversary | Forecast | |||
Subsequent Event [Line Items] | |||
Possible subsequent percentage acquired | 16.00% | ||
Third Anniversary | Forecast | |||
Subsequent Event [Line Items] | |||
Possible subsequent percentage acquired | 4.00% | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Equity interest acquired | 80.00% | ||
Total Consideration | $ 725,000 | ||
Possible subsequent percentage acquired | 20.00% | ||
Value of possible subsequent acquisition | $ 200,000 |
SCHEDULE III - SCHEDULE OF RE_2
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION - Gross Real Estate (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)facility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Number of facilities leased | facility | 1,184 | ||
Gross amount carried at close of current period | $ 4,129,251 | $ 3,830,489 | $ 3,856,515 |
Acquisitions | 120,307 | $ 0 | |
Add Reconciling Items: | |||
Book value of racking included in leased facilities | 1,483,435 | ||
Book value of financing leases | 385,238 | ||
Book value of construction in progress | 225,817 | ||
Total Reconciling Items | 2,094,490 | ||
Gross Amount of Real Estate Assets, As Disclosed in Note 2.h. | $ 6,223,741 |
SCHEDULE III - SCHEDULE OF RE_3
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION - Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,160,490 | $ 1,097,616 | $ 1,072,013 |
Add Reconciling Items: | |||
Accumulated Depreciation - non-real estate assets | 1,662,689 | ||
Accumulated Depreciation - racking in leased facilities | 1,032,075 | ||
Accumulated Depreciation - financing leases | 123,905 | ||
Total Reconciling Items | 2,818,669 | ||
Accumulated Depreciation, As Reported on Consolidated Balance Sheet | $ 3,979,159 |
SCHEDULE III - SCHEDULE OF RE_4
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)facility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 263 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,356,191 | ||
Cost capitalized subsequent to acquisition | 1,773,060 | ||
Gross amount carried at close of current period | 4,129,251 | $ 3,830,489 | $ 3,856,515 |
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,160,490 | $ 1,097,616 | $ 1,072,013 |
Number of facilities leased | facility | 1,184 | ||
United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 138 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,761,530 | ||
Cost capitalized subsequent to acquisition | 1,420,439 | ||
Gross amount carried at close of current period | 3,181,969 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 850,818 | ||
Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 16 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 72,200 | ||
Cost capitalized subsequent to acquisition | 87,081 | ||
Gross amount carried at close of current period | 159,281 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 77,014 | ||
Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 54 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 297,214 | ||
Cost capitalized subsequent to acquisition | 116,054 | ||
Gross amount carried at close of current period | 413,268 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 138,343 | ||
Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 45 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 115,967 | ||
Cost capitalized subsequent to acquisition | 82,940 | ||
Gross amount carried at close of current period | 198,907 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 69,304 | ||
Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 8 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 107,509 | ||
Cost capitalized subsequent to acquisition | 63,947 | ||
Gross amount carried at close of current period | 171,456 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 24,316 | ||
Australia | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,771 | ||
Cost capitalized subsequent to acquisition | 2,599 | ||
Gross amount carried at close of current period | 4,370 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 695 | ||
North America | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 154 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,833,730 | ||
Cost capitalized subsequent to acquisition | 1,507,520 | ||
Gross amount carried at close of current period | 3,341,250 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 927,832 | ||
140 Oxmoor Ct, Birmingham, Alabama | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,322 | ||
Cost capitalized subsequent to acquisition | 978 | ||
Gross amount carried at close of current period | 2,300 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,252 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1420 North Fiesta Blvd, Gilbert, Arizona | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,637 | ||
Cost capitalized subsequent to acquisition | 2,777 | ||
Gross amount carried at close of current period | 4,414 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,291 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4802 East Van Buren, Phoenix, Arizona | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 15,599 | ||
Cost capitalized subsequent to acquisition | 276,487 | ||
Gross amount carried at close of current period | 292,086 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,309 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
615 North 48th Street, Phoenix, Arizona | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 423,107 | ||
Cost capitalized subsequent to acquisition | 28,176 | ||
Gross amount carried at close of current period | 451,283 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 59,325 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2955 S. 18th Place, Phoenix, Arizona | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 12,178 | ||
Cost capitalized subsequent to acquisition | 14,690 | ||
Gross amount carried at close of current period | 26,868 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,956 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4449 South 36th St, Phoenix, Arizona | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,305 | ||
Cost capitalized subsequent to acquisition | 1,059 | ||
Gross amount carried at close of current period | 8,364 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,355 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8521 E. Princess Drive, Scottsdale, Arizona | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 87,865 | ||
Cost capitalized subsequent to acquisition | 2,576 | ||
Gross amount carried at close of current period | 90,441 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 16,742 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
600 Burning Tree Rd, Fullerton, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,762 | ||
Cost capitalized subsequent to acquisition | 1,911 | ||
Gross amount carried at close of current period | 6,673 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,212 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
21063 Forbes St, Hayward, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 13,407 | ||
Cost capitalized subsequent to acquisition | 378 | ||
Gross amount carried at close of current period | 13,785 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,158 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1025 North Highland Ave, Los Angeles, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 10,168 | ||
Cost capitalized subsequent to acquisition | 27,117 | ||
Gross amount carried at close of current period | 37,285 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 16,371 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1010 - 1006 North Mansfield, Los Angeles, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 749 | ||
Cost capitalized subsequent to acquisition | 0 | ||
Gross amount carried at close of current period | 749 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 147 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1350 West Grand Ave, Oakland, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 15,172 | ||
Cost capitalized subsequent to acquisition | 7,606 | ||
Gross amount carried at close of current period | 22,778 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 15,728 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1760 North Saint Thomas Circle, Orange, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,576 | ||
Cost capitalized subsequent to acquisition | 510 | ||
Gross amount carried at close of current period | 5,086 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,098 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1915 South Grand Ave, Santa Ana, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,420 | ||
Cost capitalized subsequent to acquisition | 1,305 | ||
Gross amount carried at close of current period | 4,725 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,099 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2680 Sequoia Dr, South Gate, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,329 | ||
Cost capitalized subsequent to acquisition | 2,914 | ||
Gross amount carried at close of current period | 9,243 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,416 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
336 Oyster Point Blvd, South San Francisco, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 15,100 | ||
Cost capitalized subsequent to acquisition | 233 | ||
Gross amount carried at close of current period | 15,333 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,717 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
25250 South Schulte Rd, Tracy, California | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,049 | ||
Cost capitalized subsequent to acquisition | 1,785 | ||
Gross amount carried at close of current period | 4,834 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,379 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3576 N. Moline, Aurora, Colorado | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,583 | ||
Cost capitalized subsequent to acquisition | 4,492 | ||
Gross amount carried at close of current period | 6,075 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,239 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5151 E. 46th Ave, Denver, Colorado | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,312 | ||
Cost capitalized subsequent to acquisition | 724 | ||
Gross amount carried at close of current period | 7,036 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,974 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
11333 E 53rd Ave, Denver, Colorado | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,403 | ||
Cost capitalized subsequent to acquisition | 10,348 | ||
Gross amount carried at close of current period | 17,751 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,571 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4300 Brighton Boulevard, Denver, Colorado | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 116,336 | ||
Cost capitalized subsequent to acquisition | 23,590 | ||
Gross amount carried at close of current period | 139,926 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 18,893 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
20 Eastern Park Rd, East Hartford, Connecticut | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,417 | ||
Cost capitalized subsequent to acquisition | 1,905 | ||
Gross amount carried at close of current period | 9,322 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,549 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Kennedy Road, Windsor, Connecticut | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 10,447 | ||
Cost capitalized subsequent to acquisition | 32,111 | ||
Gross amount carried at close of current period | 42,558 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 23,522 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
150-200 Todds Ln, Wilmington, Delaware | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,226 | ||
Cost capitalized subsequent to acquisition | 1,137 | ||
Gross amount carried at close of current period | 8,363 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,370 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
13280 Vantage Way, Jacksonville, Florida | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,853 | ||
Cost capitalized subsequent to acquisition | 590 | ||
Gross amount carried at close of current period | 2,443 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,085 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
12855 Starkey Rd, Largo, Florida | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,293 | ||
Cost capitalized subsequent to acquisition | 3,005 | ||
Gross amount carried at close of current period | 6,298 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,609 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
7801 Riviera Blvd, Miramar, Florida | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,250 | ||
Cost capitalized subsequent to acquisition | 264 | ||
Gross amount carried at close of current period | 8,514 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,247 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
10002 Satellite Blvd, Orlando, Florida | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,927 | ||
Cost capitalized subsequent to acquisition | 343 | ||
Gross amount carried at close of current period | 2,270 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 993 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3501 Electronics Way, West Palm Beach, Florida | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,201 | ||
Cost capitalized subsequent to acquisition | 13,933 | ||
Gross amount carried at close of current period | 18,134 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,252 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1890 MacArthur Blvd, Atlanta, Georgia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,786 | ||
Cost capitalized subsequent to acquisition | 825 | ||
Gross amount carried at close of current period | 2,611 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,265 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3881 Old Gordon Rd, Atlanta, Georgia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,185 | ||
Cost capitalized subsequent to acquisition | 899 | ||
Gross amount carried at close of current period | 2,084 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 955 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5319 Tulane Drive SW, Atlanta, Georgia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,808 | ||
Cost capitalized subsequent to acquisition | 3,963 | ||
Gross amount carried at close of current period | 6,771 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,975 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6111 Live Oak Parkway, Norcross, Georgia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,542 | ||
Cost capitalized subsequent to acquisition | 2,802 | ||
Gross amount carried at close of current period | 6,344 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 683 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3150 Nifda Dr, Smyrna, Georgia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 463 | ||
Cost capitalized subsequent to acquisition | 779 | ||
Gross amount carried at close of current period | 1,242 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 795 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2425 South Halsted St, Chicago, Illinois | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,470 | ||
Cost capitalized subsequent to acquisition | 1,717 | ||
Gross amount carried at close of current period | 9,187 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,694 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1301 S. Rockwell St, Chicago, Illinois | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,947 | ||
Cost capitalized subsequent to acquisition | 20,032 | ||
Gross amount carried at close of current period | 27,979 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 17,288 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2604 West 13th St, Chicago, Illinois | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 404 | ||
Cost capitalized subsequent to acquisition | 2,954 | ||
Gross amount carried at close of current period | 3,358 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,948 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2211 W. Pershing Rd, Chicago, Illinois | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,264 | ||
Cost capitalized subsequent to acquisition | 14,131 | ||
Gross amount carried at close of current period | 18,395 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,614 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2255 Pratt Blvd, Elk Grove, Illinois | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,989 | ||
Cost capitalized subsequent to acquisition | 3,930 | ||
Gross amount carried at close of current period | 5,919 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,847 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 22,048 | ||
Cost capitalized subsequent to acquisition | 2,909 | ||
Gross amount carried at close of current period | 24,957 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,051 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2600 Beverly Drive, Lincoln, Illinois | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,378 | ||
Cost capitalized subsequent to acquisition | 938 | ||
Gross amount carried at close of current period | 2,316 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 382 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6090 NE 14th Street, Des Moines, Iowa | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 622 | ||
Cost capitalized subsequent to acquisition | 511 | ||
Gross amount carried at close of current period | 1,133 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 478 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
South 7th St, Louisville, Kentucky | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 4 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 709 | ||
Cost capitalized subsequent to acquisition | 14,664 | ||
Gross amount carried at close of current period | 15,373 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,482 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,337 | ||
Cost capitalized subsequent to acquisition | 528 | ||
Gross amount carried at close of current period | 8,865 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,620 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8928 McGaw Ct, Columbia, Maryland | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,198 | ||
Cost capitalized subsequent to acquisition | 6,529 | ||
Gross amount carried at close of current period | 8,727 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,220 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
10641 Iron Bridge Rd, Jessup, Maryland | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,782 | ||
Cost capitalized subsequent to acquisition | 1,608 | ||
Gross amount carried at close of current period | 5,390 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,965 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
96 High St, Billerica, Massachusetts | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,221 | ||
Cost capitalized subsequent to acquisition | 3,956 | ||
Gross amount carried at close of current period | 7,177 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,901 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
120 Hampden St, Boston, Massachusetts | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 164 | ||
Cost capitalized subsequent to acquisition | 939 | ||
Gross amount carried at close of current period | 1,103 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 609 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
32 George St, Boston, Massachusetts | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,820 | ||
Cost capitalized subsequent to acquisition | 5,442 | ||
Gross amount carried at close of current period | 7,262 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,754 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
14500 Weston Pkwy, Cary, North Carolina | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,880 | ||
Cost capitalized subsequent to acquisition | 2,229 | ||
Gross amount carried at close of current period | 4,109 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,234 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3435 Sharps Lot Rd, Dighton, Massachusetts | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,911 | ||
Cost capitalized subsequent to acquisition | 797 | ||
Gross amount carried at close of current period | 2,708 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,175 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
77 Constitution Boulevard, Franklin, Massachusetts | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,413 | ||
Cost capitalized subsequent to acquisition | 288 | ||
Gross amount carried at close of current period | 5,701 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,001 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Bearfoot Road, Northboro, Massachusetts | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 55,923 | ||
Cost capitalized subsequent to acquisition | 15,151 | ||
Gross amount carried at close of current period | 71,074 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 44,118 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6601 Sterling Dr South, Sterling Heights, Michigan | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,294 | ||
Cost capitalized subsequent to acquisition | 1,255 | ||
Gross amount carried at close of current period | 2,549 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,332 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
31155 Wixom Rd, Wixom, Michigan | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,000 | ||
Cost capitalized subsequent to acquisition | 1,509 | ||
Gross amount carried at close of current period | 5,509 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,060 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3140 Ryder Trail South, Earth City, Missouri | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,072 | ||
Cost capitalized subsequent to acquisition | 3,429 | ||
Gross amount carried at close of current period | 6,501 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,765 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Leavenworth St/18th St, Omaha, Nebraska | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,924 | ||
Cost capitalized subsequent to acquisition | 18,489 | ||
Gross amount carried at close of current period | 21,413 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,555 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4105 North Lamb Blvd, Las Vegas, Nevada | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,430 | ||
Cost capitalized subsequent to acquisition | 8,976 | ||
Gross amount carried at close of current period | 12,406 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,701 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
17 Hydro Plant Rd, Milton, New Hampshire | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,179 | ||
Cost capitalized subsequent to acquisition | 4,499 | ||
Gross amount carried at close of current period | 10,678 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,269 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3003 Woodbridge Avenue, Edison, New Jersey | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 310,404 | ||
Cost capitalized subsequent to acquisition | 63,228 | ||
Gross amount carried at close of current period | 373,632 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 41,572 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
811 Route 33, Freehold, New Jersey | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 3 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 38,697 | ||
Cost capitalized subsequent to acquisition | 59,867 | ||
Gross amount carried at close of current period | 98,564 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 59,006 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
51-69 & 77-81 Court St, Newark, New Jersey | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 11,734 | ||
Cost capitalized subsequent to acquisition | 10,532 | ||
Gross amount carried at close of current period | 22,266 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,899 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
560 Irvine Turner Blvd, Newark, New Jersey | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 9,522 | ||
Cost capitalized subsequent to acquisition | 2,875 | ||
Gross amount carried at close of current period | 12,397 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,350 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
231 Johnson Ave, Newark, New Jersey | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,945 | ||
Cost capitalized subsequent to acquisition | 2,907 | ||
Gross amount carried at close of current period | 11,852 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,457 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
650 Howard Avenue, Somerset, New Jersey | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,585 | ||
Cost capitalized subsequent to acquisition | 11,892 | ||
Gross amount carried at close of current period | 15,477 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,080 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
100 Bailey Ave, Buffalo, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,324 | ||
Cost capitalized subsequent to acquisition | 11,413 | ||
Gross amount carried at close of current period | 12,737 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,530 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
64 Leone Ln, Chester, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,086 | ||
Cost capitalized subsequent to acquisition | 1,450 | ||
Gross amount carried at close of current period | 6,536 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,740 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1368 County Rd 8, Farmington, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,611 | ||
Cost capitalized subsequent to acquisition | 4,908 | ||
Gross amount carried at close of current period | 7,519 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,120 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
County Rd 10, Linlithgo, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 102 | ||
Cost capitalized subsequent to acquisition | 3,249 | ||
Gross amount carried at close of current period | 3,351 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,912 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
37 Hurds Corner Road, Pawling, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,323 | ||
Cost capitalized subsequent to acquisition | 1,371 | ||
Gross amount carried at close of current period | 5,694 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,673 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Ulster Ave/Route 9W, Port Ewen, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 3 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 23,137 | ||
Cost capitalized subsequent to acquisition | 12,301 | ||
Gross amount carried at close of current period | 35,438 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 24,492 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Binnewater Rd, Rosendale, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,142 | ||
Cost capitalized subsequent to acquisition | 11,992 | ||
Gross amount carried at close of current period | 17,134 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,301 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
220 Wavel St, Syracuse, New York | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,929 | ||
Cost capitalized subsequent to acquisition | 2,765 | ||
Gross amount carried at close of current period | 5,694 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,270 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2235 Cessna Drive, Burlington, North Carolina | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,602 | ||
Cost capitalized subsequent to acquisition | 334 | ||
Gross amount carried at close of current period | 1,936 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 332 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
826 Church Street, Morrisville, North Carolina | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,087 | ||
Cost capitalized subsequent to acquisition | 266 | ||
Gross amount carried at close of current period | 7,353 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,780 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1275 East 40th, Cleveland, Ohio | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,129 | ||
Cost capitalized subsequent to acquisition | 606 | ||
Gross amount carried at close of current period | 3,735 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,234 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
7208 Euclid Avenue, Cleveland, Ohio | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,336 | ||
Cost capitalized subsequent to acquisition | 4,140 | ||
Gross amount carried at close of current period | 7,476 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,795 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4260 Tuller Ridge Rd, Dublin, Ohio | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,030 | ||
Cost capitalized subsequent to acquisition | 1,881 | ||
Gross amount carried at close of current period | 2,911 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,641 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3366 South Tech Boulevard, Miamisburg, Ohio | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 29,092 | ||
Cost capitalized subsequent to acquisition | 1,291 | ||
Gross amount carried at close of current period | 30,383 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,165 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
7530 N. Leadbetter Road, Portland, Oregon | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,187 | ||
Cost capitalized subsequent to acquisition | 1,874 | ||
Gross amount carried at close of current period | 7,061 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,449 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Branchton Rd, Boyers, Pennsylvania | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 21,166 | ||
Cost capitalized subsequent to acquisition | 253,496 | ||
Gross amount carried at close of current period | 274,662 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 79,855 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
800 Carpenters Crossings, Folcroft, Pennsylvania | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,457 | ||
Cost capitalized subsequent to acquisition | 1,055 | ||
Gross amount carried at close of current period | 3,512 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,257 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Las Flores Industrial Park, Rio Grande, Puerto Rico | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,185 | ||
Cost capitalized subsequent to acquisition | 3,598 | ||
Gross amount carried at close of current period | 7,783 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,971 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
24 Snake Hill Road, Chepachet, Rhode Island | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,659 | ||
Cost capitalized subsequent to acquisition | 2,254 | ||
Gross amount carried at close of current period | 4,913 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,308 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1061 Carolina Pines Road, Columbia, South Carolina | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 11,776 | ||
Cost capitalized subsequent to acquisition | 2,413 | ||
Gross amount carried at close of current period | 14,189 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,189 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2301 Prosperity Way, Florence, South Carolina | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,846 | ||
Cost capitalized subsequent to acquisition | 1,287 | ||
Gross amount carried at close of current period | 4,133 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,625 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Mitchell Street, Knoxville, Tennessee | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 718 | ||
Cost capitalized subsequent to acquisition | 4,575 | ||
Gross amount carried at close of current period | 5,293 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,438 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6005 Dana Way, Nashville, Tennessee | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,827 | ||
Cost capitalized subsequent to acquisition | 3,671 | ||
Gross amount carried at close of current period | 5,498 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,290 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6600 Metropolis Drive, Austin, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,519 | ||
Cost capitalized subsequent to acquisition | 454 | ||
Gross amount carried at close of current period | 4,973 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,700 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Capital Parkway, Carrollton, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 3 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,299 | ||
Cost capitalized subsequent to acquisition | 759 | ||
Gross amount carried at close of current period | 9,058 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,958 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1800 Columbian Club Dr, Carrolton, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 19,673 | ||
Cost capitalized subsequent to acquisition | 1,746 | ||
Gross amount carried at close of current period | 21,419 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,709 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1905 John Connally Dr, Carrolton, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,174 | ||
Cost capitalized subsequent to acquisition | 868 | ||
Gross amount carried at close of current period | 3,042 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,555 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
13425 Branchview Ln, Dallas, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,518 | ||
Cost capitalized subsequent to acquisition | 3,693 | ||
Gross amount carried at close of current period | 7,211 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,470 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1819 S. Lamar St, Dallas, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,215 | ||
Cost capitalized subsequent to acquisition | 1,768 | ||
Gross amount carried at close of current period | 4,983 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,828 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2000 Robotics Place Suite B, Fort Worth, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,328 | ||
Cost capitalized subsequent to acquisition | 3,068 | ||
Gross amount carried at close of current period | 8,396 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,378 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1202 Ave R, Grand Prairie, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,354 | ||
Cost capitalized subsequent to acquisition | 2,266 | ||
Gross amount carried at close of current period | 10,620 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,548 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6203 Bingle Rd, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,188 | ||
Cost capitalized subsequent to acquisition | 11,719 | ||
Gross amount carried at close of current period | 14,907 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,488 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3502 Bissonnet St, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,687 | ||
Cost capitalized subsequent to acquisition | 734 | ||
Gross amount carried at close of current period | 8,421 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,228 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2600 Center Street, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,840 | ||
Cost capitalized subsequent to acquisition | 2,619 | ||
Gross amount carried at close of current period | 5,459 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,857 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5707 Chimney Rock, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,032 | ||
Cost capitalized subsequent to acquisition | 1,211 | ||
Gross amount carried at close of current period | 2,243 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,198 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5249 Glenmont Ave, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,467 | ||
Cost capitalized subsequent to acquisition | 2,416 | ||
Gross amount carried at close of current period | 5,883 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,126 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
15333 Hempstead Hwy, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 3 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,327 | ||
Cost capitalized subsequent to acquisition | 38,154 | ||
Gross amount carried at close of current period | 44,481 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 16,481 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5757 Royalton Dr, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,795 | ||
Cost capitalized subsequent to acquisition | 1,036 | ||
Gross amount carried at close of current period | 2,831 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,450 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
9601 West Tidwell, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,680 | ||
Cost capitalized subsequent to acquisition | 2,408 | ||
Gross amount carried at close of current period | 4,088 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,533 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
7800 Westpark, Houston, Texas | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,323 | ||
Cost capitalized subsequent to acquisition | 1,359 | ||
Gross amount carried at close of current period | 7,682 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,171 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1665 S. 5350 West, Salt Lake City, Utah | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,239 | ||
Cost capitalized subsequent to acquisition | 4,321 | ||
Gross amount carried at close of current period | 10,560 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,005 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
11052 Lakeridge Pkwy, Ashland, Virginia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,709 | ||
Cost capitalized subsequent to acquisition | 1,927 | ||
Gross amount carried at close of current period | 3,636 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,107 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2301 International Parkway, Fredericksburg, Virginia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 20,980 | ||
Cost capitalized subsequent to acquisition | 194 | ||
Gross amount carried at close of current period | 21,174 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,023 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
11660 Hayden Road, Manassas, Virginia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 104,824 | ||
Cost capitalized subsequent to acquisition | 219,296 | ||
Gross amount carried at close of current period | 324,120 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 31,501 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4555 Progress Road, Norfolk, Virginia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,527 | ||
Cost capitalized subsequent to acquisition | 1,903 | ||
Gross amount carried at close of current period | 8,430 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,767 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3725 Thirlane Rd. N.W., Roanoke, Virginia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,577 | ||
Cost capitalized subsequent to acquisition | 287 | ||
Gross amount carried at close of current period | 2,864 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,337 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
7700-7730 Southern Dr, Springfield, Virginia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 14,167 | ||
Cost capitalized subsequent to acquisition | 2,830 | ||
Gross amount carried at close of current period | 16,997 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,053 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
22445 Randolph Dr, Sterling, Virginia | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,598 | ||
Cost capitalized subsequent to acquisition | 4,450 | ||
Gross amount carried at close of current period | 12,048 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,643 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
307 South 140th St, Burien, Washington | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,078 | ||
Cost capitalized subsequent to acquisition | 2,405 | ||
Gross amount carried at close of current period | 4,483 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,624 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8908 W. Hallett Rd, Cheney, Washington | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 510 | ||
Cost capitalized subsequent to acquisition | 4,281 | ||
Gross amount carried at close of current period | 4,791 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,434 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6600 Hardeson Rd, Everett, Washington | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,399 | ||
Cost capitalized subsequent to acquisition | 3,476 | ||
Gross amount carried at close of current period | 8,875 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,006 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1201 N. 96th St, Seattle, Washington | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,496 | ||
Cost capitalized subsequent to acquisition | 2,655 | ||
Gross amount carried at close of current period | 7,151 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,926 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4330 South Grove Road, Spokane, Washington | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,906 | ||
Cost capitalized subsequent to acquisition | 880 | ||
Gross amount carried at close of current period | 4,786 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 748 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
12021 West Bluemound Road, Wauwatosa, Wisconsin | United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,307 | ||
Cost capitalized subsequent to acquisition | 2,143 | ||
Gross amount carried at close of current period | 3,450 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,640 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
One Command Court, Bedford | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,847 | ||
Cost capitalized subsequent to acquisition | 4,768 | ||
Gross amount carried at close of current period | 8,615 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,794 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
195 Summerlea Road, Brampton | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,403 | ||
Cost capitalized subsequent to acquisition | 7,123 | ||
Gross amount carried at close of current period | 12,526 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,452 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
10 Tilbury Court, Brampton | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,007 | ||
Cost capitalized subsequent to acquisition | 18,163 | ||
Gross amount carried at close of current period | 23,170 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,865 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8825 Northbrook Court, Burnaby | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,091 | ||
Cost capitalized subsequent to acquisition | 2,601 | ||
Gross amount carried at close of current period | 10,692 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,330 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8088 Glenwood Drive, Burnaby | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,326 | ||
Cost capitalized subsequent to acquisition | 7,502 | ||
Gross amount carried at close of current period | 11,828 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,549 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5811 26th Street S.E., Calgary | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 14,658 | ||
Cost capitalized subsequent to acquisition | 9,829 | ||
Gross amount carried at close of current period | 24,487 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 12,767 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3905-101 Street, Edmonton | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,020 | ||
Cost capitalized subsequent to acquisition | 1,067 | ||
Gross amount carried at close of current period | 3,087 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,786 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
68 Grant Timmins Drive, Kingston | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,639 | ||
Cost capitalized subsequent to acquisition | 790 | ||
Gross amount carried at close of current period | 4,429 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 587 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3005 Boul. Jean-Baptiste Deschamps, Lachine | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,751 | ||
Cost capitalized subsequent to acquisition | 831 | ||
Gross amount carried at close of current period | 3,582 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,606 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1655 Fleetwood, Laval | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,196 | ||
Cost capitalized subsequent to acquisition | 20,519 | ||
Gross amount carried at close of current period | 28,715 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 14,996 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4005 Richelieu, Montreal | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,800 | ||
Cost capitalized subsequent to acquisition | 2,702 | ||
Gross amount carried at close of current period | 4,502 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,067 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1209 Algoma Rd, Ottawa | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,059 | ||
Cost capitalized subsequent to acquisition | 7,210 | ||
Gross amount carried at close of current period | 8,269 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,738 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1650 Comstock Rd, Ottawa | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,478 | ||
Cost capitalized subsequent to acquisition | 116 | ||
Gross amount carried at close of current period | 7,594 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,074 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
235 Edson Street, Saskatoon | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 829 | ||
Cost capitalized subsequent to acquisition | 1,748 | ||
Gross amount carried at close of current period | 2,577 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,038 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
640 Coronation Drive, Scarborough | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,853 | ||
Cost capitalized subsequent to acquisition | 1,370 | ||
Gross amount carried at close of current period | 3,223 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,496 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
610 Sprucewood Ave, Windsor | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,243 | ||
Cost capitalized subsequent to acquisition | 742 | ||
Gross amount carried at close of current period | 1,985 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 869 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Gewerbeparkstr. 3, Vienna, Austria | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,542 | ||
Cost capitalized subsequent to acquisition | 8,234 | ||
Gross amount carried at close of current period | 14,776 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,788 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Woluwelaan 147, Diegem, Belgium | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,541 | ||
Cost capitalized subsequent to acquisition | 6,410 | ||
Gross amount carried at close of current period | 8,951 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,922 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Stupničke Šipkovine 62, Zagreb, Croatia | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,408 | ||
Cost capitalized subsequent to acquisition | 1,517 | ||
Gross amount carried at close of current period | 2,925 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 221 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Kratitirion 9 Kokkinotrimithia Industrial District, Nicosia, Cyprus | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,136 | ||
Cost capitalized subsequent to acquisition | 2,723 | ||
Gross amount carried at close of current period | 5,859 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 807 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Karyatidon 1, Agios Sylas Industrial Area (3rd), Limassol, Cyprus | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,935 | ||
Cost capitalized subsequent to acquisition | (23) | ||
Gross amount carried at close of current period | 1,912 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 260 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
G2-B, Engineering Square IDG Developer’s Area, 6th Oct City Giza, Egypt | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,984 | ||
Cost capitalized subsequent to acquisition | 224 | ||
Gross amount carried at close of current period | 9,208 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 86 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
65 Egerton Road, Birmingham, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,980 | ||
Cost capitalized subsequent to acquisition | 2,169 | ||
Gross amount carried at close of current period | 9,149 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,451 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Otterham Quay Lane, Gillingham, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 9 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,418 | ||
Cost capitalized subsequent to acquisition | 3,762 | ||
Gross amount carried at close of current period | 11,180 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,951 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Kemble Industrial Park, Kemble, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,277 | ||
Cost capitalized subsequent to acquisition | 7,343 | ||
Gross amount carried at close of current period | 12,620 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,213 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Gayton Road, Kings Lynn, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 3 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,119 | ||
Cost capitalized subsequent to acquisition | 1,809 | ||
Gross amount carried at close of current period | 4,928 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,117 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
17 Broadgate, Oldham, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,039 | ||
Cost capitalized subsequent to acquisition | 468 | ||
Gross amount carried at close of current period | 4,507 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,631 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Harpway Lane, Sopley, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 681 | ||
Cost capitalized subsequent to acquisition | 1,509 | ||
Gross amount carried at close of current period | 2,190 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,547 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Unit 1A Broadmoor Road, Swindom, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,636 | ||
Cost capitalized subsequent to acquisition | 555 | ||
Gross amount carried at close of current period | 3,191 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,405 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Jeumont-Schneider, Champagne Sur Seine, France | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 3 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,750 | ||
Cost capitalized subsequent to acquisition | 2,563 | ||
Gross amount carried at close of current period | 4,313 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,543 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Bat I-VII Rue de Osiers, Coignieres, France | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 4 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 21,318 | ||
Cost capitalized subsequent to acquisition | (431) | ||
Gross amount carried at close of current period | 20,887 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,003 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
26 Rue de I Industrie, Fergersheim, France | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,322 | ||
Cost capitalized subsequent to acquisition | (14) | ||
Gross amount carried at close of current period | 1,308 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 367 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Bat A, B, C1, C2, C3 Rue Imperiale, Gue de Longroi, France | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,390 | ||
Cost capitalized subsequent to acquisition | 754 | ||
Gross amount carried at close of current period | 4,144 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,322 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Le Petit Courtin Site de Dois, Gueslin, Mingieres, France | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 14,141 | ||
Cost capitalized subsequent to acquisition | (44) | ||
Gross amount carried at close of current period | 14,097 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,876 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
ZI des Sables, Morangis, France | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 12,407 | ||
Cost capitalized subsequent to acquisition | 15,637 | ||
Gross amount carried at close of current period | 28,044 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 20,016 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
45 Rue de Savoie, Manissieux, Saint Priest, France | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 5,546 | ||
Cost capitalized subsequent to acquisition | (103) | ||
Gross amount carried at close of current period | 5,443 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,201 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Heinrich Lanz Alee 47, Frankfurt, Germany | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 80,591 | ||
Cost capitalized subsequent to acquisition | (2,079) | ||
Gross amount carried at close of current period | 78,512 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 0 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Gutenbergstrabe 55, Hamburg, Germany | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,022 | ||
Cost capitalized subsequent to acquisition | 803 | ||
Gross amount carried at close of current period | 4,825 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,519 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Brommer Weg 1, Wipshausen, Germany | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,220 | ||
Cost capitalized subsequent to acquisition | 1,855 | ||
Gross amount carried at close of current period | 5,075 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,564 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Warehouse and Offices 4 Springhill, Cork, Ireland | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 9,040 | ||
Cost capitalized subsequent to acquisition | 2,666 | ||
Gross amount carried at close of current period | 11,706 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,555 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
17 Crag Terrace, Dublin, Ireland | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,818 | ||
Cost capitalized subsequent to acquisition | 783 | ||
Gross amount carried at close of current period | 3,601 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,531 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Damastown Industrial Park, Dublin, Ireland | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 16,034 | ||
Cost capitalized subsequent to acquisition | 7,399 | ||
Gross amount carried at close of current period | 23,433 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,453 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Al Qastal, Amman, Jordan | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,431 | ||
Cost capitalized subsequent to acquisition | 463 | ||
Gross amount carried at close of current period | 1,894 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 40 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Vareseweg 130, Rotterdam, The Netherlands | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,357 | ||
Cost capitalized subsequent to acquisition | 1,049 | ||
Gross amount carried at close of current period | 2,406 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,804 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Howemoss Drive, Aberdeen, Scotland | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,970 | ||
Cost capitalized subsequent to acquisition | 6,008 | ||
Gross amount carried at close of current period | 12,978 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,878 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Traquair Road, Innerleithen, Scotland | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 113 | ||
Cost capitalized subsequent to acquisition | 2,235 | ||
Gross amount carried at close of current period | 2,348 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,305 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Nettlehill Road, Houston Industrial Estate, Livingston, Scotland | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 11,517 | ||
Cost capitalized subsequent to acquisition | 28,248 | ||
Gross amount carried at close of current period | 39,765 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 20,910 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 186 | ||
Cost capitalized subsequent to acquisition | 236 | ||
Gross amount carried at close of current period | 422 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 347 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Calle Bronce, 37, Chiloeches, Spain | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 11,011 | ||
Cost capitalized subsequent to acquisition | 3,696 | ||
Gross amount carried at close of current period | 14,707 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,814 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Ctra M.118 , Km.3 Parcela 3, Madrid, Spain | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,981 | ||
Cost capitalized subsequent to acquisition | 5,504 | ||
Gross amount carried at close of current period | 9,485 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,974 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Abanto Ciervava, Spain | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,053 | ||
Cost capitalized subsequent to acquisition | (68) | ||
Gross amount carried at close of current period | 985 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 483 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Plot No. S20704, Jebel Ali Free Zone Authority, United Arab Emirates | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 29,300 | ||
Cost capitalized subsequent to acquisition | 2,194 | ||
Gross amount carried at close of current period | 31,494 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 439 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Amancio Alcorta 2396, Buenos Aires, Argentina | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 655 | ||
Cost capitalized subsequent to acquisition | 872 | ||
Gross amount carried at close of current period | 1,527 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 410 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Azara 1245, Buenos Aires, Argentina | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 166 | ||
Cost capitalized subsequent to acquisition | (164) | ||
Gross amount carried at close of current period | 2 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 0 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Spegazzini, Ezeiza Buenos Aires, Argentina | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 12,773 | ||
Cost capitalized subsequent to acquisition | (10,726) | ||
Gross amount carried at close of current period | 2,047 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 497 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Av Ernest de Moraes 815, Bairro Fim do Campo, Jarinu Brazil | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 12,562 | ||
Cost capitalized subsequent to acquisition | (5,091) | ||
Gross amount carried at close of current period | 7,471 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,726 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Rua Peri 80, Jundiai, Brazil | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,894 | ||
Cost capitalized subsequent to acquisition | (3,729) | ||
Gross amount carried at close of current period | 5,165 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,297 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Francisco de Souza e Melo, Rio de Janerio, Brazil | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 3 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,868 | ||
Cost capitalized subsequent to acquisition | 7,056 | ||
Gross amount carried at close of current period | 8,924 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,310 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Hortolandia, Sao Paulo, Brazil | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | |||
Initial cost to company | 24,078 | ||
Cost capitalized subsequent to acquisition | (5,747) | ||
Gross amount carried at close of current period | 18,331 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,639 | ||
El Taqueral 99, Santiago, Chile | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 10 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,629 | ||
Cost capitalized subsequent to acquisition | 28,322 | ||
Gross amount carried at close of current period | 30,951 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,863 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Panamericana Norte 18900, Santiago, Chile | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 7 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,001 | ||
Cost capitalized subsequent to acquisition | 15,776 | ||
Gross amount carried at close of current period | 19,777 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,382 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Avenida Prolongacion del Colli 1104, Guadalajara, Mexico | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 374 | ||
Cost capitalized subsequent to acquisition | 1,291 | ||
Gross amount carried at close of current period | 1,665 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,131 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Privada Las Flores No. 25 (G3), Guadalajara, Mexico | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 905 | ||
Cost capitalized subsequent to acquisition | 1,160 | ||
Gross amount carried at close of current period | 2,065 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,049 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Tula KM Parque de Las, Huehuetoca, Mexico | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 19,937 | ||
Cost capitalized subsequent to acquisition | (298) | ||
Gross amount carried at close of current period | 19,639 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,468 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 3,537 | ||
Cost capitalized subsequent to acquisition | 4,400 | ||
Gross amount carried at close of current period | 7,937 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,889 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Lote 2, Manzana A, (T2& T3), Toluca, Mexico | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,204 | ||
Cost capitalized subsequent to acquisition | 4,436 | ||
Gross amount carried at close of current period | 6,640 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,285 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Prolongacion de la Calle 7 (T4), Toluca, Mexico | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,544 | ||
Cost capitalized subsequent to acquisition | 14,524 | ||
Gross amount carried at close of current period | 22,068 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,970 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Panamericana Sur, KM 57.5, Lima, Peru | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 7 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,549 | ||
Cost capitalized subsequent to acquisition | 462 | ||
Gross amount carried at close of current period | 2,011 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,105 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Av. Elmer Faucett 3462, Lima, Peru | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,112 | ||
Cost capitalized subsequent to acquisition | 4,161 | ||
Gross amount carried at close of current period | 8,273 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,239 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Calle Los Claveles-Seccion 3, Lima, Peru | Latin America RIM | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 8,179 | ||
Cost capitalized subsequent to acquisition | 26,235 | ||
Gross amount carried at close of current period | 34,414 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,044 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Warehouse No 4, Shanghai, China | Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,530 | ||
Cost capitalized subsequent to acquisition | 881 | ||
Gross amount carried at close of current period | 2,411 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 567 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Jalan Karanggan Muda Raya No 59, Bogor Indonesia | Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,897 | ||
Cost capitalized subsequent to acquisition | 5,142 | ||
Gross amount carried at close of current period | 13,039 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,999 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Jl. Amd Projakal KM 5.5 Rt 46, Kel. Graha Indah, Kec. Balikpapan Utara, Indonesia | Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 125 | ||
Cost capitalized subsequent to acquisition | 0 | ||
Gross amount carried at close of current period | 125 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1 Serangoon North Avenue 6, Singapore | Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 58,637 | ||
Cost capitalized subsequent to acquisition | 52,044 | ||
Gross amount carried at close of current period | 110,681 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,931 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2 Yung Ho Road, Singapore | Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 10,395 | ||
Cost capitalized subsequent to acquisition | 1,780 | ||
Gross amount carried at close of current period | 12,175 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,884 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
26 Chin Bee Drive, Singapore | Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 15,699 | ||
Cost capitalized subsequent to acquisition | 2,655 | ||
Gross amount carried at close of current period | 18,354 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,279 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
IC1 69 Moo 2, Soi Wat Namdaeng, Bangkok, Thailand | Asia Pacific | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 2 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 13,226 | ||
Cost capitalized subsequent to acquisition | 1,445 | ||
Gross amount carried at close of current period | 14,671 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,651 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8 Whitestone Drive, Austins Ferry, Australia | Australia | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 681 | ||
Cost capitalized subsequent to acquisition | 2,646 | ||
Gross amount carried at close of current period | 3,327 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 559 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
6 Norwich Street, South Launceston, Australia | Australia | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,090 | ||
Cost capitalized subsequent to acquisition | (47) | ||
Gross amount carried at close of current period | 1,043 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 136 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years |
SCHEDULE III - SCHEDULE OF RE_5
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward Gross Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Activity in Real Estate | ||
Gross amount at beginning of period | $ 3,830,489 | $ 3,856,515 |
Additions during period: | ||
Acquisitions | 120,307 | 0 |
Discretionary capital projects | 386,752 | 157,239 |
Other adjustments | 0 | 66,978 |
Foreign currency translation fluctuations | (51,363) | 10,198 |
Total additions | 455,696 | 234,415 |
Deductions during period: | ||
Cost of real estate sold, disposed or written-down | (119,154) | (178,869) |
Other adjustments | (37,780) | (81,572) |
Total additions | (156,934) | (260,441) |
Gross amount at end of period | $ 4,129,251 | $ 3,830,489 |
SCHEDULE III - SCHEDULE OF RE_6
SCHEDULE III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in accumulated depreciation | ||
Gross amount of accumulation depreciation at beginning of year: | $ 1,097,616 | $ 1,072,013 |
Additions during period: | ||
Depreciation | 147,134 | 123,447 |
Foreign currency translation fluctuations | (15,135) | 8,590 |
Total additions | 131,999 | 132,037 |
Deductions during period | ||
Amount of accumulated depreciation for real estate assets sold, disposed or written-down | (41,376) | (54,978) |
Other adjustments | (27,749) | (51,456) |
Accumulated depreciation, gross | (69,125) | (106,434) |
Gross amount of end of period | 1,160,490 | $ 1,097,616 |
Aggregate Cost of Real Estate Assets | $ 3,910,000 |