Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | 85 New Hampshire Avenue | ||
Entity Address, Address Line Two | Suite 150 | ||
Entity Address, City or Town | Portsmouth | ||
Entity Address, State or Province | NH | ||
Entity Address, Postal Zip Code | 03801 | ||
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 | $ 13.9 | ||
Entity Common Stock, Shares Outstanding | 290,896,121 | ||
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 2023 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, 2022. | ||
Entity Central Index Key | 0001020569 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 141,797 | $ 255,828 |
Accounts receivable (less allowances of $54,143 and $62,009 as of December 31, 2022 and 2021, respectively) | 1,174,915 | 961,419 |
Prepaid expenses and other | 230,433 | 224,020 |
Total Current Assets | 1,547,145 | 1,441,267 |
Property, Plant and Equipment: | ||
Property, plant and equipment | 9,025,765 | 8,647,303 |
Less—Accumulated depreciation | (3,910,321) | (3,979,159) |
Property, Plant and Equipment, net | 5,115,444 | 4,668,144 |
Other Assets, Net: | ||
Goodwill | 4,882,734 | 4,463,531 |
Customer and supplier relationships and other intangible assets | 1,423,145 | 1,181,043 |
Operating lease right-of-use assets | 2,583,704 | 2,314,422 |
Other | 588,342 | 381,624 |
Total Other Assets, Net | 9,477,925 | 8,340,620 |
Total Assets | 16,140,514 | 14,450,031 |
Current Liabilities: | ||
Current portion of long-term debt | 87,546 | 309,428 |
Accounts payable | 469,198 | 369,145 |
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,031,910 | 1,032,537 |
Deferred revenue | 328,910 | 307,470 |
Total Current Liabilities | 1,917,564 | 2,018,580 |
Long-term Debt, net of current portion | 10,481,449 | 8,962,513 |
Long-term Operating Lease Liabilities, net of current portion | 2,429,167 | 2,171,472 |
Other Long-term Liabilities | 317,376 | 144,053 |
Deferred Income Taxes | 263,005 | 223,934 |
Commitments and Contingencies | ||
Redeemable Noncontrolling Interests | 95,160 | 72,411 |
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 290,830,296 shares and 289,757,061 shares as of December 31, 2022 and 2021, respectively) | 2,908 | 2,898 |
Additional paid-in capital | 4,468,035 | 4,412,553 |
(Distributions in excess of earnings) Earnings in excess of distributions | (3,392,272) | (3,221,152) |
Accumulated other comprehensive items, net | (442,003) | (338,347) |
Total Iron Mountain Incorporated Stockholders’ Equity | 636,668 | 855,952 |
Noncontrolling Interests | 125 | 1,116 |
Total Equity | 636,793 | 857,068 |
Total Liabilities and Equity | $ 16,140,514 | $ 14,450,031 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 54,143 | $ 62,009 |
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 | 290,830,296 | 289,757,061 |
Common Stock, Shares, Outstanding | 290,830,296 | 289,757,061 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Total Revenues | $ 5,103,574 | $ 4,491,531 | $ 4,147,270 |
Operating Expenses: | |||
Cost of sales (excluding depreciation and amortization) | 2,189,120 | 1,887,229 | 1,757,342 |
Selling, general and administrative | 1,140,577 | 1,022,559 | 949,215 |
Depreciation and amortization | 727,595 | 680,422 | 652,069 |
Acquisition and Integration Costs | 47,746 | 12,764 | 0 |
Restructuring and other transformation | 41,933 | 206,426 | 194,396 |
Intangible impairments | 0 | 0 | 23,000 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (93,268) | (172,041) | (363,537) |
Total Operating Expenses | 4,053,703 | 3,637,359 | 3,212,485 |
Operating (Loss) Income | 1,049,871 | 854,172 | 934,785 |
Interest Expense, Net (includes Interest Income of $8,276, $7,341 and $8,312 in 2022, 2021 and 2020, respectively) | 488,014 | 417,961 | 418,535 |
Other (Income) Expense, Net | (69,781) | (192,804) | 143,545 |
Net income (loss) before provision (benefit) for income taxes | 631,638 | 629,015 | 372,705 |
Provision (Benefit) for Income Taxes | 69,489 | 176,290 | 29,609 |
Net Income (Loss) | 562,149 | 452,725 | 343,096 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 5,168 | 2,506 | 403 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ 556,981 | $ 450,219 | $ 342,693 |
Earnings (Losses) Per Share Attributable to Iron Mountain Incorporated: | |||
Basic (in dollars per share) | $ 1.92 | $ 1.56 | $ 1.19 |
Diluted (in dollars per share) | $ 1.90 | $ 1.55 | $ 1.19 |
Weighted average common shares outstanding-basic (in shares) | 290,812,000 | 289,457,000 | 288,183,000 |
Weighted average common shares outstanding-diluted (in shares) | 292,444,177 | 290,975,090 | 288,643,190 |
Storage rental | |||
Revenues: | |||
Total Revenues | $ 3,034,023 | $ 2,870,119 | $ 2,754,091 |
Service | |||
Revenues: | |||
Total Revenues | $ 2,069,551 | $ 1,621,412 | $ 1,393,179 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Interest expense | $ 8,276 | $ 7,341 | $ 8,312 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 562,149 | $ 452,725 | $ 343,096 |
Other Comprehensive (Loss) Income: | |||
Foreign Currency Translation Adjustment | (113,966) | (136,410) | 45,779 |
Change in Fair Value of Derivative Instruments | 9,829 | 52,380 | (39,947) |
Total Other Comprehensive Income (Loss) | (104,137) | (84,030) | 5,832 |
Comprehensive Income (Loss) | 458,012 | 368,695 | 348,928 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 4,687 | 930 | (453) |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ 453,325 | $ 367,765 | $ 349,381 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS |
Stockholders' equity, beginning 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 | ||||||
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 | ||||||
Beginning of redeemable noncontrolling interests at Dec. 31, 2019 | 67,682 | ||||||
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 | ||||||
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 | |||||
Net income (loss) | 450,355 | 450,219 | 136 | ||||
Purchase of noncontrolling interests/Redemption of noncontrolling interests | 1,311 | 1,311 | |||||
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 and related costs | 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 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 52,012 | $ 10 | 52,002 | ||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | 1,073,235 | ||||||
Changes in equity related redeemable noncontrolling interests | 9,734 | 6,099 | 3,635 | (8,264) | |||
Parent cash dividends declared | (728,101) | (728,101) | |||||
Foreign currency translation adjustment | (114,079) | (113,485) | (594) | ||||
Change in fair value of derivative instruments | 9,829 | 9,829 | |||||
Net income (loss) | 557,343 | 556,981 | 362 | ||||
Purchase of noncontrolling interests/Redemption of noncontrolling interests | (4,519) | (4,519) | |||||
Noncontrolling interests equity contributions and related costs | (2,494) | (2,619) | 125 | ||||
Stockholders' equity, ending balance at Dec. 31, 2022 | $ 636,793 | $ 2,908 | $ 4,468,035 | $ (3,392,272) | $ (442,003) | $ 125 | |
Balance (in shares) at Dec. 31, 2022 | 290,830,296 | 290,830,296 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Foreign currency translation adjustment | 113 | ||||||
Net income (loss) | 4,806 | ||||||
Noncontrolling interests equity contributions and related costs | 29,047 | ||||||
Noncontrolling interests dividends | (2,953) | ||||||
Ending of redeemable noncontrolling interests at Dec. 31, 2022 | $ 95,160 | $ 95,160 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $ 562,149 | $ 452,725 | $ 343,096 |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Depreciation | 478,984 | 465,072 | 447,562 |
Amortization (includes amortization of deferred financing costs and discounts of $18,044, $16,548 and $17,376 in 2022, 2021 and 2020, respectively) | 266,655 | 231,898 | 221,883 |
Intangible impairments | 0 | 0 | 23,000 |
Revenue reduction associated with amortization of customer inducements and data center above- and below-market leases | 8,119 | 8,852 | 9,878 |
Stock-based compensation expense | 56,861 | 61,001 | 37,674 |
(Benefit) provision for deferred income taxes | (55,920) | 28,703 | (12,986) |
Loss on early extinguishment of debt | 671 | 0 | 68,300 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (93,268) | (172,041) | (363,537) |
Loss (gain) on divestments and deconsolidations | 105,825 | (178,983) | 0 |
Gain associated with the remeasurement of the Deferred Purchase Obligation | (93,600) | 0 | 0 |
Gain associated with Clutter Transaction | (35,821) | 0 | 0 |
Foreign currency transactions and other, net | (20,524) | (6,656) | 78,437 |
(Increase) decrease in assets | (224,641) | (174,206) | (15,443) |
(Decrease) increase in liabilities | (27,795) | 42,537 | 149,793 |
Cash Flows from Operating Activities | 927,695 | 758,902 | 987,657 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (875,378) | (611,082) | (438,263) |
Cash paid for acquisitions, net of cash acquired | (803,690) | (203,998) | (118,581) |
Acquisition of customer relationships | (2,143) | (5,892) | (4,346) |
Customer inducements | (6,062) | (7,402) | (10,644) |
Contract fulfillment costs | (70,336) | (58,524) | (60,020) |
Net proceeds from IPM Divestment | 0 | 213,878 | 0 |
Investments in joint ventures and other investments | (73,233) | (78,623) | (18,250) |
Proceeds from sales of property and equipment and other, net | 170,419 | 278,330 | 564,664 |
Cash Flows from Investing Activities | (1,660,423) | (473,313) | (85,440) |
Cash Flows from Financing Activities: | |||
Repayment of revolving credit facility, term loan facilities and other debt | (11,593,452) | (5,164,483) | (8,604,394) |
Proceeds from revolving credit facility, term loan facilities and other debt | 12,949,766 | 4,972,214 | 7,939,458 |
Early redemption of senior subordinated and senior notes, including call premiums | 0 | 0 | (2,942,554) |
Net proceeds from sales of senior notes | 0 | 737,812 | 3,465,000 |
Debt financing and equity contribution from noncontrolling interests | 29,172 | 0 | 0 |
Debt repayment and equity distribution to noncontrolling interests | (2,953) | (2,450) | (2,765) |
Repurchase of noncontrolling interest | (4,519) | (75,000) | 0 |
Parent cash dividends | (724,388) | (718,340) | (716,290) |
Net (payments) proceeds associated with employee stock-based awards | (4,849) | 25,860 | 321 |
Other, net | (9,570) | 3,581 | (25,475) |
Cash Flows from Financing Activities | 639,207 | (220,806) | (886,699) |
Effect of Exchange Rates on Cash and Cash Equivalents | (20,510) | (14,018) | (4,010) |
(Decrease) increase in Cash and Cash Equivalents | (114,031) | 50,765 | 11,508 |
Cash and cash equivalents, including Restricted Cash, beginning of year | 255,828 | 205,063 | 193,555 |
Cash and cash equivalents, including Restricted Cash, end of year | 141,797 | 255,828 | 205,063 |
Supplemental Information: | |||
Cash Paid for Interest | 482,673 | 428,111 | 390,332 |
Cash Paid for Income Taxes, Net | 99,631 | 130,292 | 43,468 |
Non-Cash Investing and Financing Activities: | |||
Financing Leases | 49,836 | 50,552 | 55,782 |
Accrued Capital Expenditures | 172,589 | 88,210 | 91,528 |
Deferred Purchase Obligations | 193,033 | 0 | 0 |
Dividends Payable | $ 194,272 | $ 190,559 | $ 187,867 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||
Deferred financing costs and discount included in Amortization | $ 18,044 | $ 16,548 | $ 17,376 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2022 | |
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 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. Our asset lifecycle management ("ALM") business allows us to provide end-to-end asset lifecycle services for hyperscale, corporate data center and corporate end-user device assets. In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn will focus on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers’ needs. We will be investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. 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, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. 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. The accompanying financial statements include the results of those entities over which we have a controlling financial interest and we are deemed to be the primary beneficiary. All intercompany transactions and account balances have been eliminated. B. 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. 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.r. D. CASH AND CASH EQUIVALENTS 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. 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. 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, 2022, 2021 and 2020, 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. The rollforward of the 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 2022 $ 62,009 $ 62,891 $ 13,666 $ (84,423) $ 54,143 2021 56,981 47,931 26,896 (69,799) 62,009 2020 42,856 55,118 34,411 (75,404) 56,981 (1) Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments. F. INVENTORY Inventory is stated at the lower of cost or net realizable value, based on a first-in, first-out methodology. Our inventory primarily consists of IT-related assets including memory, central processing units, hard drives, adaptors and networking. All of our inventory is considered finished goods. Inventory is included as a component of Prepaid expenses and other in our Consolidated Balance Sheets. At December 31, 2022, we have inventory of approximately $11,726, net of related reserves for obsolete, excess and slow-moving inventory, related to our ALM business. We had no inventory as of December 31, 2021. G. 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, 2022 and 2021 related to cash and cash equivalents held in money market funds. 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.p. H. PREPAID EXPENSES AND ACCRUED EXPENSES Prepaid expenses totaled $114,130 and $109,478 as of December 31, 2022 and 2021, respectively. There were no other items greater than 5% of total current assets included within Prepaid expenses and other as of December 31, 2022 and 2021. 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 2022 2021 Interest $ 128,272 $ 124,764 Dividends 194,272 190,559 Operating lease liabilities 288,738 259,597 Other 420,628 457,617 Accrued expenses and other current liabilities $ 1,031,910 $ 1,032,537 I. 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 categories), at cost, consist of the following: DECEMBER 31, DESCRIPTION 2022 2021 Land $ 486,715 $ 372,411 Buildings and building improvements 3,336,778 3,391,143 Leasehold improvements 1,079,419 1,054,757 Racking 2,058,054 2,075,473 Warehouse equipment/vehicles 493,128 494,464 Furniture and fixtures 49,610 50,692 Computer hardware and software 585,792 823,649 Construction in progress 936,269 384,714 Property, plant and equipment $ 9,025,765 $ 8,647,303 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. CAPITALIZED INTEREST 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, 2022, 2021 and 2020, capitalized interest is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Capitalized interest $ 14,078 $ 12,673 $ 14,321 INTERNAL USE SOFTWARE 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, 2022, 2021 and 2020, capitalized costs associated with the development of internal use computer software projects are as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Capitalized costs associated with the development of internal use computer software projects $ 44,152 $ 48,557 $ 38,329 ASSET RETIREMENT OBLIGATIONS 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, 2022 and 2021 were $36,119 and $36,493, respectively, and are included in Other Long-term Liabilities in our Consolidated Balance Sheets. J. 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 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. Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2022 and 2021 are as follows: DECEMBER 31, DESCRIPTION 2022 2021 Assets: Operating lease right-of-use assets (1) $ 2,583,704 $ 2,314,422 Financing lease right-of-use assets, net of accumulated depreciation (2)(3) 251,690 298,049 Liabilities: Current Operating lease liabilities $ 288,738 $ 259,597 Financing lease liabilities (3) 43,857 41,168 Long-term Operating lease liabilities $ 2,429,167 $ 2,171,472 Financing lease liabilities (3) 289,048 315,561 (1) At December 31, 2022 and 2021, 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, 2022, these assets are comprised of approximately 64% real estate related assets and 36% non-real estate related assets. At December 31, 2021, these assets are comprised of approximately 69% real estate related assets and 31% 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, 2022, 2021 and 2020 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2022 2021 2020 Operating lease cost (1) $ 574,115 $ 545,097 $ 499,464 Financing lease cost: Depreciation of financing lease right-of-use assets $ 42,708 $ 50,970 $ 51,629 Interest expense for financing lease liabilities 17,329 19,808 19,942 (1) Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $119,184, $111,949 and $111,501 for the years ended December 31, 2022, 2021 and 2020, respectively. Weighted average remaining lease terms and discount rates as of December 31, 2022 and 2021 are as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 OPERATING LEASES FINANCING LEASES OPERATING LEASES FINANCING LEASES Remaining Lease Term 11.3 years 10.6 years 10.9 years 10.9 years Discount Rate 6.4 % 5.8 % 6.6 % 5.9 % The estimated minimum future lease payments (receipts) as of December 31, 2022 are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2023 $ 435,386 $ (9,499) $ 52,340 2024 417,058 (5,766) 46,244 2025 392,117 (3,243) 119,130 2026 360,684 (2,528) 31,232 2027 335,269 (3,521) 15,778 Thereafter 1,962,941 — 144,701 Total minimum lease payments (receipts) 3,903,455 $ (24,557) 409,425 Less amounts representing interest or imputed interest 1,185,550 76,520 Present value of lease obligations $ 2,717,905 $ 332,905 (1) Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes. At December 31, 2022, we have 10 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 $270,023 and have lease terms that range from 10 to 15 years. Each of these leases is expected to commence during 2023. Other information: Supplemental cash flow information relating to our leases for the years ended December 31, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: 2022 2021 2020 Operating cash flows used in operating leases $ 409,163 $ 392,987 $ 360,088 Operating cash flows used in financing leases (interest) 17,329 19,808 19,942 Financing cash flows used in financing leases 44,869 46,118 47,829 NON-CASH ITEMS: Operating lease modifications and reassessments $ 179,094 $ 144,310 $ 143,382 New operating leases (including acquisitions and sale-leaseback transactions) 540,830 282,490 370,011 K. LONG-LIVED ASSETS We review long-lived 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. Gain on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Gain on disposal/write-down of property, plant and equipment, net $ 93,268 $ 172,041 $ 363,537 The gains primarily consist of (1) : • Gains associated with sale and sale-leaseback transactions of approximately $94,500, of which (i) approximately $49,000 relates to sale and sale-leaseback transactions of 11 facilities and parcels of land in the United States during the second quarter of 2022, (ii) approximately $17,000 relates to sale-leaseback transactions of two facilities in the United States and one in Canada during the third quarter of 2022 and (iii) approximately $28,500 relates to sale and sale-leaseback transactions of 12 facilities and one parcel of land in the United States and one facility in the United Kingdom during the fourth quarter of 2022. • Gains associated with sale and sale-leaseback transactions of approximately $164,000, of which (i) approximately $127,400 relates to sale-leaseback transactions of five facilities in the United Kingdom during the second quarter of 2021 and (ii) approximately $36,600 relates to 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 sale-leaseback transactions of 14 facilities in the United States during the fourth quarter of 2020 and (ii) approximately $76,400 relates to 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 5). (1) The gains recognized during the years ended December 31, 2022, 2021 and 2020 are the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in Note 2.j. L. 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 test goodwill annually on October 1, and more frequently if impairment indicators arise that would require an interim test. The following is a discussion regarding (i) interim goodwill impairment review for our Fine Arts reporting unit during the first quarter of 2020, (ii) the reporting units at which level we tested goodwill for impairment as of October 1, 2021 and the composition of these reporting units at December 31, 2021 (including the amount of goodwill associated with each reporting unit), (iii) interim reporting unit changes and goodwill impairment review during the second quarter of 2022 and (iv) the reporting units at which level we tested goodwill for impairment as of October 1, 2022 and the composition of these reporting units at December 31, 2022 (including the amount of goodwill associated with each reporting unit). 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 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2021 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. GOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2021 The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2021 is as follows: SEGMENT REPORTING UNIT CARRYING VALUE AS OF DECEMBER 31, 2021 Global RIM (as defined in Note 11) Business North America RIM $ 2,720,049 Europe RIM 624,502 Latin America RIM 107,174 ANZ RIM 284,042 Asia RIM 240,494 Global Data Center Business Global Data Center 426,074 Corporate and Other Fine Arts 27,905 Entertainment Services 33,291 Total $ 4,463,531 III. 2022 REPORTING UNIT CHANGES During the second quarter of 2022, as a result of the realignment of our global managerial structure, we reassessed the composition of our reportable segments (see Note 11 for a description and definition of our reportable segments) as well as our reporting units. We note the following changes to our reporting units as a result of the reassessment described above: • our former Europe RIM reporting unit is now managed as two separate reporting units: (i) our Middle East, North Africa and Turkey ("MENAT") businesses will comprise our "MENAT RIM" reporting unit and (ii) our other businesses in Europe and South Africa ("ESA") will comprise our "ESA RIM" reporting unit; • our former ANZ RIM and Asia RIM reporting units are now managed as one "APAC RIM" reporting unit; and • our ALM business, which includes our legacy secure IT asset disposition business (which was previously primarily included in our North America RIM reporting unit) and the business acquired through our acquisition of Intercept Parent, Inc. ("ITRenew"), will comprise our newly formed "ALM" reporting unit. There were no changes to our Latin America RIM, Global Data Center and Fine Arts reporting units. We have reassigned goodwill associated with the reporting units impacted by the reorganization on a relative fair value basis, where appropriate. The fair value of each of our new reporting units was determined based on the application of a combined weighted average approach of preliminary fair value multiples of revenue and earnings and discounted cash flow techniques. These fair values represent our best estimate and preliminary assessment of goodwill allocations to each of the new reporting units on a relative fair value basis. We have completed an interim goodwill impairment analysis before and after the reporting unit changes, and we have concluded that the goodwill associated with each of our reporting units was not impaired. IV. REPORTING UNITS AS OF OCTOBER 1, 2022 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2022 were as follows: • North America RIM • ESA RIM • MENAT RIM • Latin America RIM • APAC RIM • Entertainment Services • Global Data Center • Fine Arts • ALM 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, 2022 and December 31, 2022. GOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2022 The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2022 is as follows: SEGMENT REPORTING UNIT CARRYING VALUE AS OF DECEMBER 31, 2022 Global RIM Business North America RIM $ 2,667,400 ESA RIM 521,949 MENAT RIM 25,007 Latin America RIM 109,069 APAC RIM 497,792 Entertainment Services 31,729 Global Data Center Business Global Data Center 418,502 Corporate and Other Fine Arts 33,908 ALM 577,378 Total $ 4,882,734 The fair value of our reporting units has 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 segment for the years ended December 31, 2022 and 2021 are as follows: GLOBAL RIM GLOBAL CORPORATE TOTAL Goodwill balance, net of accumulated amortization, as of December 31, 2020 $ 4,022,641 $ 436,987 $ 97,981 $ 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 (58,104) (10,913) 856 (68,161) Goodwill balance, net of accumulated amortization, as of December 31, 2021 3,972,852 426,074 64,605 4,463,531 Deductible goodwill acquired during the year — — 912 912 Non-tax deductible goodwill acquired during the year 696 — 546,693 547,389 Fair value and other adjustments (1) (12,199) — 384 (11,815) Currency effects (108,403) (7,572) (1,308) (117,283) Goodwill balance, net of accumulated amortization, as of December 31, 2022 $ 3,852,946 $ 418,502 $ 611,286 $ 4,882,734 Accumulated Goodwill Impairment Balance as of December 31, 2021 $ 132,409 $ — $ 26,011 $ 158,420 Accumulated Goodwill Impairment Balance as of December 31, 2022 $ 132,409 $ — $ 26,011 $ 158,420 (1) This amount primarily represents an adjustment to goodwill as a result of the deconsolidation of certain businesses, as described in Note 4. M. FINITE-LIVED INTANGIBLE ASSETS AND LIABILITIES I. CUSTOMER AND SUPPLIER RELATIONSHIP INTANGIBLE ASSETS Customer and supplier 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 and supplier relationship intangible assets are recorded based upon estimates of their fair value. II. CUSTOMER INDUCEMENTS Payments that are made to a customer in order to terminate the customer’s storage of records with its current records management 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, 2022 and 2021, respectively, are as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 DESCRIPTION GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT Assets: Customer and supplier relationship intangible assets (1) $ 2,162,154 $ (823,392) $ 1,338,762 $ 1,835,949 $ (763,943) $ 1,072,006 Customer inducements (1) 47,794 (26,158) 21,636 51,403 (28,400) 23,003 Data center lease-based intangible assets (1)(2) 272,649 (209,902) 62,747 278,904 (192,870) 86,034 Third-party commissions asset and other (3) 83,297 (28,581) 54,716 33,947 (13,716) 20,231 Liabilities: Data center below-market leases (4) $ 12,831 $ (7,806) $ 5,025 $ 12,782 $ (6,923) $ 5,859 (1) Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets as of December 31, 2022 and 2021. (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, 2022 and 2021. (4) Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets as of December 31, 2022 and 2021. Amortization expense associated with finite-lived intangible assets, revenue reduction associated with the amortization of Customer Inducements and net revenue reduction associated with t |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
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, 2022 ITRENEW On January 25, 2022, in order to expand our ALM operations, we acquired an approximately 80% interest in ITRenew at an agreed upon purchase price of $725,000, subject to certain working capital adjustments at, and subsequent to, the closing (the "ITRenew Transaction"). At closing, we paid $748,846 and acquired $30,720 of cash on hand, for a net purchase price of $718,126 for the ITRenew Transaction. The acquisition agreement provides us the option to purchase, and provides the shareholders of ITRenew 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 Interests"). The total payments for the Remaining Interests, based on the achievement of certain targeted performance metrics, will be no less than $200,000 and no more than $531,000 (the "Deferred Purchase Obligation"). From January 25, 2022, we consolidate 100% of the revenues and expenses associated with this business. The Deferred Purchase Obligation is reflected as a long-term liability in our Consolidated Balance Sheet at December 31, 2022, and, accordingly, we have not reflected any non-controlling interests associated with the ITRenew Transaction as the Remaining Interests have non-substantive equity interest rights. Subsequent increases or decreases in the fair value estimate of the Deferred Purchase Obligation are included as a component of Other (income) expense, net in our Consolidated Statements of Operations until the Deferred Purchase Obligation is settled or paid. See Note 2.v. PRO FORMA FINANCIAL INFORMATION The unaudited consolidated pro forma financial information (the "Pro Forma Financial Information") below summarizes the combined results of Iron Mountain and ITRenew on a pro forma basis as if the ITRenew Transaction had occurred on January 1, 2021. The Pro Forma Financial Information is presented for informational purposes and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2021. The Pro Forma Financial Information, for the periods presented, includes purchase accounting adjustments (including amortization of acquired customer and supplier intangible assets and depreciation of acquired property, plant and equipment) and related tax effects. Through December 31, 2022, we and ITRenew collectively incurred $59,370 of operating expenditures to complete the ITRenew Transaction (including advisory and professional fees). These operating expenditures have been reflected within the results of operations in the Pro Forma Financial Information as if they were incurred on January 1, 2021. YEAR ENDED DECEMBER 31, 2022 2021 Total Revenues $ 5,121,548 $ 4,939,511 Income from Continuing Operations 571,381 391,625 In addition to our acquisition of ITRenew, we completed certain other acquisitions during the years ended December 2022, 2021 and 2020. The Pro Forma Financial Information does not reflect these acquisitions due to the insignificant impact of these acquisitions on our consolidated results of operations. XDATA PROPERTIES On October 5, 2022, in order to further expand our data center operations in Europe, we completed the acquisition of XData Properties S.L.U., a data center colocation space and solutions provider with a data center in Spain, which we accounted for as an asset acquisition, for (i) cash consideration of 78,900 Euros (or approximately $78,200, based upon the exchange rate between the Euro and the United States dollar on the closing date of this acquisition), subject to adjustments, and (ii) up to 10,000 Euros (or approximately $9,900, based upon the exchange rate between the Euro and the United States dollar on the closing date of this acquisition) of additional consideration, payable based on the achievement of certain power connection milestones through December 2024. OTHER 2022 ACQUISITIONS In addition to the transactions noted above, during the year ended December 31, 2022, in order to enhance our existing operations in Morocco and expand our fine arts operations in China - Hong Kong S.A.R. and North America, we completed the acquisition of a records management company, a fine arts company and the assets of a second fine arts company, for a total combined purchase price of approximately $11,600, including deferred purchase obligations, purchase price holdbacks and other deferred payments of approximately $4,600. B. 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. C. 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 in 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. 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: 2022 2021 2020 ITRENEW OTHER FISCAL YEAR 2022 ACQUISITIONS TOTAL TOTAL TOTAL Cash Paid (gross of cash acquired) (1) $ 749,596 $ 85,170 $ 834,766 $ 224,192 $ 124,614 Fair Value of Noncontrolling Interests — — — 3,878 — Deferred Purchase Obligation, Purchase Price Holdbacks and Other (2) 275,100 13,637 288,737 2,534 — Fair Value of Investments Applied to Acquisitions — — — — 27,276 Total Consideration 1,024,696 98,807 1,123,503 230,604 151,890 Fair Value of Identifiable Assets Acquired and Liabilities Assumed: Cash 30,694 963 31,657 20,194 6,545 Accounts Receivable, Prepaid Expenses and Other Assets 71,612 3,947 75,559 26,911 16,559 Property, Plant and Equipment 7,541 93,722 101,263 150,095 52,021 Customer and Supplier Relationship Intangible Assets (3) 487,600 3,672 491,272 35,181 79,065 Data Center Lease-Based Intangible Assets (4) — 1,442 1,442 9,656 — Other Intangible Assets (5) 47,300 — 47,300 — — Operating Lease Right-of-Use Assets 29,545 3,135 32,680 40,848 100,040 Debt Assumed — — — (9,026) (27,363) Accounts Payable, Accrued Expenses and Other Liabilities (60,157) (2,069) (62,226) (22,733) (19,564) Operating Lease Liabilities (29,545) (3,135) (32,680) (40,848) (100,040) Deferred Income Taxes (100,922) (10,143) (111,065) (7,221) (9,631) Total Fair Value of Identifiable Net Assets Acquired 483,668 91,534 575,202 203,057 97,632 Goodwill Initially Recorded $ 541,028 $ 7,273 $ 548,301 $ 27,547 $ 54,258 (1) Cash paid for acquisitions, net of cash acquired in our Consolidated Statement of Cash Flows includes contingent and other payments of $581, $0 and $512 for the years ended December 31, 2022, 2021 and 2020, respectively, related to acquisitions made in the years prior to 2022, 2021 and 2020, respectively. (2) In 2022, Deferred purchase obligation, purchase price holdbacks and other includes $275,100 related to the original fair value estimate of the Deferred Purchase Obligation for the Remaining Interests and approximately $13,600 of deferred purchase obligation, purchase price holdbacks and other associated with our other business and asset acquisitions completed in 2022. (3) The weighted average lives of customer and supplier relationship intangible assets associated with acquisitions in 2022, 2021 and 2020 was 12 years, 11 years and 14 years, respectively. (4) The weighted average lives of data center Iease-based intangible assets associated with acquisitions in 2022 and 2021 was four years and five years, respectively. (5) The weighted average lives of other intangible assets associated with acquisitions in 2022 was five 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. |
Divestments and Deconsolidation
Divestments and Deconsolidations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestments and Deconsolidations | DIVESTMENTS AND DECONSOLIDATIONS OSG RECORDS MANAGEMENT (EUROPE) LIMITED DECONSOLIDATION On March 24, 2022, as a result of our loss of control, we deconsolidated the businesses included in our acquisition of OSG, excluding Ukraine ("OSG Deconsolidation"). We recognized a loss of approximately $105,800 associated with the deconsolidation to Other (income) expense, net in the first quarter of 2022 representing the difference between the net asset value prior to the deconsolidation and the subsequent remeasurement of the retained investment to a fair value of zero. We have concluded that the deconsolidation does not meet the criteria to be reported as discontinued operations in our consolidated financial statements, as it 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 these businesses are presented as a component of Operating income (loss) in our Consolidated Statements of Operations through the date of deconsolidation and the cash flows associated with these businesses are presented as a component of Cash flows from operations in our Consolidated Statements of Cash Flows through the date of the deconsolidation. INTELLECTUAL PROPERTY MANAGEMENT BUSINESS DIVESTMENT On June 7, 2021, we sold our Intellectual Property Management ("IPM") 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, 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. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Investments | INVESTMENTS CLUTTER JOINT VENTURE In February 2022, the joint venture formed by MakeSpace Labs, Inc. and us (the "MakeSpace JV") entered into an agreement with Clutter, Inc. ("Clutter") pursuant to which the equityholders of the MakeSpace JV contributed their ownership interests in the MakeSpace JV and Clutter’s shareholders contributed their ownership interests in Clutter to create a newly formed venture (the "Clutter JV"). In exchange for our 49.99% interest in the MakeSpace JV, we received an approximate 27% interest in the Clutter JV (the "Clutter Transaction"). As a result of the Clutter Transaction, we recognized a gain related to our contributed interest in the MakeSpace JV of approximately $35,800, which was recorded to Other, net, a component of Other expense (income), net during the year ended December 31, 2022. 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 on 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"). In August 2022, we made an additional investment of approximately 3,750,000 Indian rupees (or approximately $46,100, based upon the exchange rate between the United States dollar and Indian rupee on the date of the additional investment) in exchange for an additional interest in the form of convertible preference shares in the Web Werks JV (the "Second Web Werks JV Investment"). Under the terms of the Web Werks JV shareholder agreement, we are required to make an additional investment of approximately 3,750,000 Indian rupees by May 2023. The shares we received from the Initial Web Werks JV Investment and the Second Web Werks JV Investment converted to 382,574 equity shares, representing a 53.58% ownership in the JV as of December 31, 2022, determined by a valuation based upon the earnings before interest, taxes, depreciation and amortization ("EBITDA") of the Web Werks JV for the trailing twelve months ending July 31, 2022. Subsequent to the Second Web Werks JV Investment, the shareholders of Web Werks retained control of the financial and operating decisions of the Web Werks JV through their control of Web Werks JV's board of directors. As we do not control the board of directors or the key management decisions of the Web Werks JV, we account for our interest in the Web Werks JV as an equity method investment. 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, which is 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 first quarter of 2023. 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. 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, 2022 and 2021 are as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 CARRYING VALUE EQUITY INTEREST CARRYING VALUE EQUITY INTEREST Web Werks JV $ 98,278 53.58 % $ 51,140 38.50 % Frankfurt JV 37,194 20.00 % 26,167 20.00 % MakeSpace JV — — % 30,154 49.99 % Clutter JV 54,172 26.73 % — — % |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
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) and (ii) cross-currency swap agreements (which are designated as net investment hedges). INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES In November 2022, we entered into a forward-starting interest rate swap agreement to limit our exposure to changes in interest rates on future borrowings under our Virginia Credit Agreement (as defined in Note 7). The forward-starting interest rate swap agreement commences in July 2023 and expires in October 2025 (the "October 2025 Interest Rate Swap Agreement"). The October 2025 Interest Rate Swap Agreement has an initial notional value of $4,800, which is contracted to increase in monthly increments beginning in August 2023 to June 2025 to a total notional value of $153,800. Under the October 2025 Interest Rate Swap Agreement, we will receive variable rate interest payments based upon SOFR, in exchange for the payment of a fixed interest rate as specified in the October 2025 Interest Rate Swap Agreement. 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. These swap agreements expired in March 2022. 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. These forward-starting interest rate swap agreements commenced in March 2022. As of December 31, 2022 we have $350,000 in notional value outstanding on these interest rate swap agreements, which expire in March 2024 (the "March 2024 Interest Rate Swap Agreements"). Under the March 2024 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 March 2024 Interest Rate Swap Agreements. We have designated each of the interest rate swap agreements described above as cash flow hedges. These interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate 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. 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 $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 (the "August 2023 Cross Currency Swap Agreements"). In October 2022, one of these August 2023 Cross Currency Swap Agreements was amended to increase the notional value exchanged from approximately 49,500 Euros at an interest rate of 3.6% to approximately 55,466 Euros at an interest rate of (9.5%), resulting in a total notional value exchanged under the August 2023 Cross Currency Swap Agreements of approximately 105,020 Euros at a weighted average interest rate of approximately (3.3%). In September 2020, 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 these cross-currency swap agreements, we notionally exchanged approximately $359,200 at an interest rate of 4.5% for 300,000 Euros at a weighted average interest rate of approximately 3.4%. These cross-currency swap agreements expire in February 2026 (the "February 2026 Cross Currency Swap Agreements"). In May 2022, the February 2026 Cross-Currency Swap Agreements were amended to increase the notional value exchanged to approximately 340,500 Euros at a weighted average interest rate of approximately 1.2%. In October 2022, the February 2026 Cross-Currency Swap Agreements were further amended to increase the notional value exchanged to approximately 362,083 Euros at a weighted average interest rate of approximately 0.2%. We have designated these cross-currency swap agreements as hedges of net investments in 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 the end of 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. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis. Net assets (liabilities) recognized in our Consolidated Balance Sheets as of December 31, 2022 and 2021, by derivative instrument, are as follows: DERIVATIVE INSTRUMENTS (1) DECEMBER 31, 2022 DECEMBER 31, 2021 Cash Flow Hedges (2) March 2024 Interest Rate Swap Agreements $ 12,915 $ (7,680) October 2025 Interest Rate Swap Agreement (409) — Net Investment Hedges (3) August 2023 Cross Currency Swap Agreements 2,526 (664) February 2026 Cross Currency Swap Agreements 35,875 11,021 (1) Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) 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, 2022, $2,606 is included within Prepaid expenses and other, $48,790 is included within Other assets, and $489 is included within Other long-term liabilities. 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. (2) As of December 31, 2022, cumulative net gains of $12,506 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements. (3) As of December 31, 2022, cumulative net gains of $38,401 are recorded within Accumulated other comprehensive items, net associated with these cross-currency swap agreements. These cumulative net gains are offset by $9,100 related to the excluded component of our cross-currency swap agreements. Unrealized gains (losses), a component of Accumulated other comprehensive items, net, recognized during the years ending December 31, 2022, 2021 and 2020, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENTS 2022 2021 2020 Cash Flow Hedges March 2024 Interest Rate Swap Agreements $ 20,595 $ 13,382 $ (12,288) October 2025 Interest Rate Swap Agreement (409) — — Net Investment Hedges August 2023 Cross Currency Swap Agreements 3,190 7,565 (7,247) February 2026 Cross Currency Swap Agreements 24,854 31,433 (20,412) As of December 31, 2022, $9,100 is recognized in other Accumulated other comprehensive items, net related to the excluded component of our cross-currency swap agreements, reflected as a component of Interest expense, net in our Consolidated Statements of Operations. EURO NOTES DESIGNATED AS A HEDGE OF NET INVESTMENT |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Long-term debt is as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 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) $ 1,072,200 $ (6,790) $ 1,065,410 $ 1,072,200 $ — $ (5,174) $ (5,174) $ — Term Loan A (1) 240,625 — 240,625 240,625 203,125 — 203,125 203,125 Term Loan B (1)(2) 666,073 (3,747) 662,326 666,750 672,847 (4,995) 667,852 675,500 Australian Dollar Term Loan (3)(4) 202,641 (633) 202,008 204,623 223,182 (656) 222,526 223,530 UK Bilateral Revolving Credit Facility (4) 169,361 — 169,361 169,361 189,168 (709) 188,459 189,168 3 7 / 8 % GBP Senior Notes due 2025 (the "GBP Notes") (5)(7)(8) 483,888 (2,589) 481,299 445,206 540,481 (3,912) 536,569 542,508 4 7 / 8 % Senior Notes due 2027 (the “4 7 / 8 % Notes due 2027") (5)(6)(7) 1,000,000 (6,754) 993,246 917,500 1,000,000 (8,176) 991,824 1,030,000 5 1 / 4 % Senior Notes due 2028 (the “5 1 / 4 % Notes due 2028") (5)(6)(7) 825,000 (6,200) 818,800 754,875 825,000 (7,380) 817,620 862,125 5% Senior Notes due 2028 (the “5% Notes due 2028") (5)(6)(7) 500,000 (4,039) 495,961 450,000 500,000 (4,763) 495,237 513,750 4 7 / 8 % Senior Notes due 2029 (the “4 7 / 8 % Notes due 2029") (5)(6)(7) 1,000,000 (9,764) 990,236 865,000 1,000,000 (11,211) 988,789 1,022,500 5 1 / 4 % Senior Notes due 2030 (the “5 1 / 4 % Notes due 2030") (5)(6)(7) 1,300,000 (11,407) 1,288,593 1,111,500 1,300,000 (12,911) 1,287,089 1,355,250 4 1 / 2 % Senior Notes due 2031 (the “4 1 / 2 % Notes") (5)(6)(7) 1,100,000 (10,161) 1,089,839 891,000 1,100,000 (11,404) 1,088,596 1,094,500 5% Senior Notes due 2032 (the “5% Notes due 2032") (5)(7)(9) 750,000 (12,511) 737,489 622,500 750,000 (13,782) 736,218 767,813 5 5 / 8 % Senior Notes due 2032 (the “5 5 / 8 % Notes") (5)(6)(7) 600,000 (5,566) 594,434 520,500 600,000 (6,147) 593,853 637,500 Real Estate Mortgages, Financing Lease Liabilities and Other (10) 425,777 (578) 425,199 425,777 460,648 (840) 459,808 460,648 Accounts Receivable Securitization Program (11) 314,700 (531) 314,169 314,700 — (450) (450) — Total Long-term Debt 10,650,265 (81,270) 10,568,995 9,364,451 (92,510) 9,271,941 Less Current Portion (87,546) — (87,546) (310,084) 656 (309,428) Long-term Debt, Net of Current Portion $ 10,562,719 $ (81,270) $ 10,481,449 $ 9,054,367 $ (91,854) $ 8,962,513 (1) The capital stock or other equity interests of our United States subsidiaries representing the substantial majority of our US operations, 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 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 Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.p.) 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, 2022 and 2021. (2) The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $677 and $903 as of December 31, 2022 and 2021, respectively. (3) The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,982 and $348 as of December 31, 2022 and 2021, respectively. (4) The fair value (Level 3 of fair value hierarchy described at Note 2.p.) 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.p.) of these debt instruments are based on quoted market prices for these notes on December 31, 2022 and 2021, 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 United States subsidiaries that represent the substantial majority of our United States operations (the "Note Guarantors"). These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. (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 Note Guarantors. These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the GBP Notes. (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 Note Guarantors. These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the 5% Notes due 2032. (10) We believe the fair value (Level 3 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value. This debt includes the following: DECEMBER 31, 2022 DECEMBER 31, 2021 Real estate mortgages (1) $ 58,355 $ 58,933 Financing lease liabilities (2) 332,905 356,729 Other notes and other obligations (3) 34,517 44,986 $ 425,777 $ 460,648 (1) Bear interest at approximately 3.6% at both December 31, 2022 and 2021, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2022 and 2021. (2) Bear a weighted average interest rate of 5.2% and 5.9% at December 31, 2022 and 2021. (3) These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 10.1% and 10.7% at December 31, 2022 and 2021. (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.p.) 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"), a term loan A (the "Term Loan A") and a term loan B (the "Term Loan B"). On March 18, 2022, we entered into an amendment to the Credit Agreement which included the following changes: (i) extended the maturity date of the Revolving Credit Facility and the Term Loan A from June 3, 2023 to March 18, 2027; (ii) refinanced and increased the borrowing capacity that IMI and certain of its United States and foreign subsidiaries are able to borrow under the Revolving Credit Facility from $1,750,000 to $2,250,000; (iii) refinanced the existing Term Loan A with a new $250,000 Term Loan A; and (iv) increased the net total lease adjusted leverage ratio maximum allowable from 6.5x to 7.0x and removed the net secured lease adjusted leverage ratio requirement. The Revolving Credit Facility enables IMI and certain of its subsidiaries to borrow in United States dollars and (subject to sublimits) Canadian dollars in an aggregate outstanding amount not to exceed $2,250,000. Additionally, the Credit Agreement permits us to incur incremental indebtedness thereunder by adding new term loans or revolving loans or by increasing the principal amount of any existing loans thereunder. The Revolving Credit Facility and the Term Loan A are scheduled to mature on March 18, 2027, at which point all obligations become due. On March 18, 2022, we borrowed the full amount of the Term Loan A of $250,000. The Term Loan A is to be paid in quarterly installments in an amount equal to $3,125 per quarter. IMI’s wholly owned subsidiary, Iron Mountain Information Management, LLC ("IMIM"), is the borrower under the Term Loan B, which has a principal amount of $700,000. The Term Loan B, which matures on January 2, 2026, was issued at 99.75% of par. Principal payments on the Term Loan B are to be paid in quarterly installments of $1,750. IMI and certain subsidiaries of IMI that represent the substantial majority of our operations in the United States, Canada and the United Kingdom guarantee all obligations under the Credit Agreement. The interest rate on borrowings under the Revolving Credit Facility varies depending on our choice of interest rate benchmark and currency options, plus an applicable margin, which varies based on our consolidated leverage ratio. The Term Loan A bears interest at the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.1% plus 1.75%. The Term Loan B bears interest at a rate of LIBOR plus 1.75%. Additionally, the Credit Agreement requires the payment of a commitment fee on the unused portion of the Revolving Credit Facility, which fee ranges from 0.2% to 0.3% based on our consolidated leverage ratio. As of December 31, 2022, we had $1,072,200, $240,625 and $666,073 outstanding under the Revolving Credit Facility, the Term Loan A and the Term Loan B, respectively. At December 31, 2022, we had various outstanding letters of credit totaling $3,824 under the Revolving Credit Facility. The remaining amount available for borrowing under the Revolving Credit Facility as of December 31, 2022, 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 $1,173,976 (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 weighted average interest rate in effect under the Revolving Credit Facility as of December 31, 2022 was 6.2%. The interest rate in effect under the Term Loan A as of December 31, 2022 and 2021 was 6.2% and 1.9%, respectively. The interest rate in effect under the Term Loan B as of December 31, 2022 and 2021 was 4.8% and 3.1%, respectively. REVOLVING CREDIT FACILITY $2,250,000 TERM LOAN A $250,000 TERM LOAN B $700,000 Outstanding borrowings $1,072,200 Aggregate outstanding principal amount $240,625 Aggregate outstanding principal amount $666,750 6.2% Interest rate 6.2% Interest rate 4.8% Interest rate As of December 31, 2022 As of December 31, 2022 As of December 31, 2022 B. VIRGINIA CREDIT AGREEMENT On October 31, 2022, Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC, a wholly owned subsidiary of Iron Mountain Data Centers Virginia 4/5 JV, LP, entered into a credit agreement (the "Virginia Credit Agreement") in order to finance the construction of two data center facilities in Virginia. The Virginia Credit Agreement consists of a term loan and a letter of credit facility with the first borrowing under the term loan expected to occur in the third quarter of 2023. Borrowings under the Virginia Credit Agreement are guaranteed by Iron Mountain Data Centers Virginia 4/5 JV, LP, a special purpose vehicle, and not by IMI or any other subsidiary of IMI. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed approximately $205,000. At December 31, 2022, we had approximately $6,400 in outstanding letters of credit under the Virginia Credit Agreement. The Virginia Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.4875%. We have the option to select between various base rates for any given borrowing under the Virginia Credit Agreement, and the interest rate and applicable margin on such borrowings vary depending on the chosen base rate. The Virginia Credit Agreement is scheduled to mature on October 31, 2025, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date beyond the October 31, 2025 expiration date, subject to the conditions specified in the Virginia Credit Agreement, including the lender's consent. As of December 31, 2022, we have no outstanding borrowings under the Virginia Credit Agreement. C. 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 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. In 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. D. 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 7,695 Australian dollars per year. On March 18, 2022, IM Australia amended its AUD Term Loan to (i) extend the maturity date from September 22, 2022 to September 30, 2026 and (ii) decrease the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.875% to BBSY plus 3.625%. As of December 31, 2022, we had 300,117 Australian dollars ($204,623 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2022) outstanding on the AUD Term Loan. 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. The interest rate in effect under the AUD Term Loan was 6.9% and 4.0% as of December 31, 2022 and 2021, respectively. OUTSTANDING BORROWINGS AU$300,117 6.9% Interest rate As of December 31, 2022 E. UK BILATERAL REVOLVING CREDIT FACILITY IM UK and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") have a 140,000 British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility") with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140,000 British pounds sterling. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Bilateral Revolving Credit Facility. The UK Bilateral Revolving Credit Facility is secured by certain properties in the United Kingdom. IMI and subsidiaries of IMI that represent the substantial majority of our operations in the United States and the United Kingdom guarantee all obligations under the UK Bilateral Revolving Credit Facility. The UK Bilateral Revolving Credit Facility bears interest at the Sterling Overnight Index Average plus 2.0%. The UK Bilateral Revolving Credit Facility was previously scheduled to mature on September 24, 2023, at which point all obligations were to become due, with the option to extend the maturity date for an additional year, subject to the conditions specified in the UK Bilateral Revolving Credit Facility, including the lender’s consent. On September 22, 2022, the UK Borrowers exercised their option to extend the maturity date from September 24, 2023 to September 24, 2024. The UK Bilateral Revolving Credit Facility was fully drawn as of December 31, 2022. The interest rate in effect under the UK Bilateral Revolving Credit Facility was 5.5% and 2.1% as of December 31, 2022 and 2021, respectively. MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 5.5% Interest rate As of December 31, 2022 F. 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 29, 2022, we amended the Accounts Receivable Securitization Program to (i) increase the maximum borrowing capacity from $300,000 to $325,000, with an option to increase the borrowing capacity to $400,000, (ii) change the interest rate under Accounts Receivable Securitization Program from LIBOR plus 1.0% to SOFR plus 0.95%, with a credit spread adjustment of 0.10% and (iii) extend the maturity date from July 1, 2023 to July 1, 2025, at which point all obligations become due. As of December 31, 2022 and 2021, the amount outstanding under the Accounts Receivable Securitization Program was $314,700 and $0, respectively. The interest rate in effect under the Accounts Receivable Securitization Program was 5.4% as of December 31, 2022. Commitment fees at a rate of 35 basis points are charged on amounts made available but not borrowed under the Accounts Receivable Securitization Program. MAXIMUM AMOUNT $325,000 OUTSTANDING BORROWINGS $314,700 INTEREST RATE 5.4% As of December 31, 2022 G. CASH POOLING Certain of our subsidiaries participate in cash pooling arrangements (the "Cash Pools") to help manage global liquidity requirements. We utilize the following Cash Pools: (i) two Cash Pools with Bank Mendes Gans, an independently operated wholly owned subsidiary of ING Group, one of which we use to manage global liquidity requirements for our qualified REIT subsidiaries ("QRSs") and the other for our taxable REIT subsidiaries ("TRSs"); (ii) two Cash Pools with JP Morgan Chase Bank, N.A. ("JPM"), one of which we use to manage liquidity requirements for our QRSs in the Asia Pacific region and the other for our TRSs in the Asia Pacific region; and (iii) two Cash Pools with JPM, which we entered into in the third quarter of 2022, one of which we use to manage liquidity requirements for our QRSs in the Europe, Middle East, and Africa regions and the other for our TRSs in the Europe, Middle East, and Africa regions. Under each of the Cash Pools, cash deposited by participating subsidiaries with certain financial institutions is pledged as security against the debit balances of other participating subsidiaries with legal rights of offset provided to the financial institutions, and, therefore, such 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. The net cash position balances as of December 31, 2022 and 2021 are reflected as Cash and cash equivalents in our Consolidated Balance Sheets. H. LETTERS OF CREDIT As of December 31, 2022, we had outstanding letters of credit totaling $39,795, of which $3,824 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between January 2023 and March 2025. I. DEBT COVENANTS The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted), as a condition to taking actions such as paying dividends and incurring indebtedness. The Credit Agreement uses 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 EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of December 31, 2022. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition. J. MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS: YEAR AMOUNT 2023 $ 87,546 2024 249,423 2025 920,142 2026 923,943 2027 2,278,061 Thereafter 6,193,809 10,652,924 Net Discounts (2,659) Net Deferred Financing Costs (81,270) Total Long-term Debt (including current portion) $ 10,568,995 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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) 2023 $ 528,818 2024 222,189 2025 104,788 2026 13,760 2027 132,045 Thereafter 3,893 $ 1,005,493 (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 2023 and (ii) exclude our operating and financing lease obligations (see Note 2.j.) and our deferred purchase obligations (see Note 2.p.). 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, 2022 and 2021, there were $46,663 and $46,797, 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, 2022 | |
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 2020, 2021 and 2022, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND RECORD DATE TOTAL AMOUNT PAYMENT DATE 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 February 24, 2022 0.6185 March 15, 2022 179,661 April 6, 2022 April 28, 2022 0.6185 June 15, 2022 179,781 July 6, 2022 August 4, 2022 0.6185 September 15, 2022 179,790 October 4, 2022 November 3, 2022 0.6185 December 15, 2022 179,866 January 5, 2023 On February 23, 2023, we declared a dividend to our stockholders of record as of March 15, 2023 of $0.6185 per share, payable on April 5, 2023. During the years ended December 31, 2022, 2021 and 2020, 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, 2022 2021 2020 Declared distributions $ 719,098 $ 715,807 $ 712,773 Amount per share each distribution represents based on weighted average number of common shares outstanding 2.47 2.47 2.47 For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends (potentially eligible for the lower effective tax rates available for "qualified REIT dividends"), qualified ordinary dividends or return of capital. The United States Internal Revenue Service requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend. In addition, certain of our distributions qualify as capital gain distributions. For the years ended December 31, 2022, 2021 and 2020, the dividends we paid on our common shares were classified as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Nonqualified ordinary dividends 90.4 % 53.9 % 43.0 % Qualified ordinary dividends — % 13.0 % 0.0 % Capital gains 9.6 % 21.8 % 49.5 % Return of capital — % 11.3 % 7.5 % 100.0 % 100.0 % 100.0 % Dividends paid during the years ended December 31, 2022, 2021 and 2020 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, 2022, 2021 and 2020 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 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, 2022 and 2021 are presented below: DECEMBER 31, 2022 2021 Deferred Tax Assets: Accrued liabilities and other adjustments $ 80,159 $ 54,859 Net operating loss carryforwards 97,161 90,996 Valuation allowance (47,514) (51,744) 129,806 94,111 Deferred Tax Liabilities: Other assets, principally due to differences in amortization (243,150) (178,657) Plant and equipment, principally due to differences in depreciation (78,486) (76,204) Other (52,786) (46,281) (374,422) (301,142) Net deferred tax liability $ (244,616) $ (207,031) The deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021 are presented below: DECEMBER 31, 2022 2021 Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) $ 18,389 $ 16,903 Deferred income taxes (263,005) (223,934) At December 31, 2022, we have federal net operating loss carryforwards of $63,497, which can be carried forward indefinitely, of which $57,132 is expected to be realized to reduce future federal taxable income. We have assets for foreign net operating losses of $81,872, with various expiration dates (and in some cases no expiration date), subject to a valuation allowance of approximately 56.0%. If actual results differ unfavorably from certain of our estimates used, we may not be able to realize all or part of our net deferred income tax assets and additional valuation allowances may be required. Although we believe our estimates are reasonable, no assurance can be given that our estimates reflected in the tax provisions and accruals will equal our actual results. These differences could have a material impact on our income tax provision and operating results in the period in which such determination is made. Rollforward of the valuation allowance is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF (CREDITED) CHARGED TO OTHER (DECREASES)/ INCREASES (1) BALANCE 2022 $ 51,744 $ (1,333) $ (2,897) $ 47,514 2021 46,938 8,406 (3,600) 51,744 2020 60,003 (8,337) (4,728) 46,938 (1) Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates. The components of net income (loss) before provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020 are as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 United States $ 449,241 $ 212,460 $ 276,145 Canada 103,826 78,780 52,332 Other Foreign 78,571 337,775 44,228 Net income (loss) before provision (benefit) for income taxes $ 631,638 $ 629,015 $ 372,705 The provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020 consist of the following components: YEAR ENDED DECEMBER 31, 2022 2021 2020 Federal—current $ 24,331 $ 54,867 $ (10,424) Federal—deferred (30,581) 14,322 8,834 State—current 8,553 9,566 2,956 State—deferred (3,728) (526) (625) Foreign—current 92,525 83,154 50,063 Foreign—deferred (21,611) 14,907 (21,195) Provision (Benefit) for Income Taxes $ 69,489 $ 176,290 $ 29,609 A reconciliation of total income tax expense and the amount computed by applying the current federal statutory tax rate of 21.0% to net income (loss) before provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020, respectively, is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Computed "expected" tax provision $ 132,644 $ 132,093 $ 78,268 Changes in income taxes resulting from: Tax adjustment relating to REIT (82,620) (8,203) (60,378) State taxes (net of federal tax benefit) 4,043 8,027 2,258 (Decrease) increase in valuation allowance (net operating losses) (1,333) 8,406 (8,337) Withholding taxes 10,600 23,654 6,835 Reserve (reversal) accrual and audit settlements (net of federal tax benefit) 40 3,072 (7,409) Remeasurement of the Deferred Purchase Obligation (19,656) — — Foreign tax rate differential 22,227 9,856 9,472 Disallowed foreign interest, Subpart F income, and other foreign taxes 2,820 (3,437) 13,407 Other, net 724 2,822 (4,507) Provision (Benefit) for Income Taxes $ 69,489 $ 176,290 $ 29,609 Our effective tax rates for the years ended December 31, 2022, 2021 and 2020 were 11.0%, 28.0% and 7.9%, respectively. Our effective tax rate is subject to variability in the future due to, among other items: (i) changes in the mix of income between our QRSs and our TRSs, as well as among the jurisdictions in which we operate; (ii) tax law changes; (iii) volatility in foreign exchange gains and losses; (iv) the timing of the establishment and reversal of tax reserves; (v) our ability to utilize net operating losses that we generate and (vi) the taxability or deductibility of significant transactions. The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were: YEAR ENDED DECEMBER 31, 2022 2021 2020 The benefits derived from the dividends paid deduction of $82,620 and the differences in the tax rates to which our foreign earnings are subject of $22,227. In addition, there were gains and losses recorded in Other (income) expense, net and Gain (loss) on disposal/write-down of property, plant and equipment, net during the period for which there were insignificant tax impacts. The benefit derived from the dividends paid deduction of $8,203 which was offset by (i) 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 (ii) 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. 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. During 2021, as a result of the enactment of a tax law and the closing of various acquisitions, we 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 Organization for Economic Co-operation and Development (the "OECD"), an international association comprised of 38 countries, including the United States, has issued proposals that change long-standing tax principles including on a global minimum tax initiative. On December 12, 2022, the European Union member states agreed to implement the OECD’s Base Erosion and Profit Shifting ("BEPS") 2.0 Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least $790,000, which would go into effect in 2024. Other countries are also actively considering changes to their tax laws to adopt certain parts of the OECD’s proposals. In December 2022, South Korea enacted new global minimum tax rules to align with OECD BEPS 2.0 Pillar Two. We will continue to monitor regulatory developments to assess potential impacts of OECD proposals on us. 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 increases of $90 and $823 for gross interest and penalties for the years ended December 31, 2022 and 2021, respectively. We recorded a decrease of $1,499 for gross interest and penalties for the years ended December 31, 2020. We had $6,635 and $6,805 accrued for the payment of interest and penalties as of December 31, 2022 and 2021, 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 2019 to present United Kingdom 2015 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 2021, 2020 and 2019 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, 2022, we had $27,753 of reserves related to uncertain tax positions, of which $24,671 and $3,082 is included in other long-term liabilities and deferred income taxes, respectively, in the accompanying Consolidated Balance Sheet. 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. 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—January 1, 2020 $ 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 Gross additions based on tax positions related to the current year 2,271 Gross additions for tax positions of prior years 723 Gross reductions for tax positions of prior years (1,866) Acquired unrecognized tax benefits 1,354 Lapses of statutes (2,501) Gross tax contingencies—December 31, 2022 $ 27,753 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | As of December 31, 2022, our two 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 ("Records Management") for customers in 60 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, server and computer backup services and related services offerings ("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. (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. 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. (v) Entertainment Services, entertainment and media services which help 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. (vi) Consumer Storage, which provides on-demand, valet storage for consumers 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. The remaining activities of our business consist primarily of our Fine Arts and ALM businesses and other corporate items ("Corporate and Other"). (i) Fine Arts provides technical expertise in the handling, installation and storing of art. (ii) ALM provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure, processing and disposition or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. Our ALM services focus on protecting and eradicating customer data while maintaining strong, auditable and transparent chain of custody practices. (iii) Corporate and Other 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, 2022 Total Revenues $ 4,295,115 $ 401,125 $ 407,334 $ 5,103,574 Storage Rental 2,606,721 372,208 55,094 3,034,023 Service 1,688,394 28,917 352,240 2,069,551 Depreciation and Amortization 469,419 140,028 118,148 727,595 Depreciation 308,207 103,953 66,824 478,984 Amortization 161,212 36,075 51,324 248,611 Adjusted EBITDA 1,887,589 175,622 (236,154) 1,827,057 Total Assets (1) 10,654,650 3,752,088 1,733,776 16,140,514 Expenditures for Segment Assets 303,342 650,534 803,733 1,757,609 Capital Expenditures 246,216 551,232 77,930 875,378 Cash Paid for Acquisitions, Net of Cash Acquired (23) 78,103 725,610 803,690 Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs 57,149 21,199 193 78,541 As of and for the Year Ended December 31, 2021 Total Revenues $ 3,994,988 $ 326,898 $ 169,645 $ 4,491,531 Storage Rental 2,517,208 289,592 63,319 2,870,119 Service 1,477,780 37,306 106,326 1,621,412 Depreciation and Amortization 477,713 148,023 54,686 680,422 Depreciation 320,451 93,679 50,942 465,072 Amortization 157,262 54,344 3,744 215,350 Adjusted EBITDA 1,709,525 137,349 (212,175) 1,634,699 Total Assets (1) 11,101,557 2,911,823 436,651 14,450,031 Expenditures for Segment Assets 369,749 422,274 94,875 886,898 Capital Expenditures 213,395 320,768 76,919 611,082 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 $ 3,748,604 $ 279,312 $ 119,354 $ 4,147,270 Storage Rental 2,416,147 263,695 74,249 2,754,091 Service 1,332,457 15,617 45,105 1,393,179 Depreciation and Amortization 464,745 134,844 52,480 652,069 Depreciation 316,575 83,106 47,881 447,562 Amortization 148,170 51,738 4,599 204,507 Adjusted EBITDA 1,565,941 126,576 (216,796) 1,475,721 Total Assets (1) 11,015,684 2,727,654 405,929 14,149,267 Expenditures for Segment Assets 352,745 249,459 29,650 631,854 Capital Expenditures 164,914 243,699 29,650 438,263 Cash Paid for Acquisitions, Net of Cash Acquired 118,581 — — 118,581 Acquisitions of Customer Relationships, Customer Inducements, Contract Fulfillment Costs and third-party commissions 69,250 5,760 — 75,010 (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 net income (loss) 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 and other transformation • 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 Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the years ended December 31, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Net Income (Loss) $ 562,149 $ 452,725 $ 343,096 Add/(Deduct): Interest expense, net 488,014 417,961 418,535 Provision (benefit) for income taxes 69,489 176,290 29,609 Depreciation and amortization 727,595 680,422 652,069 Acquisition and Integration Costs 47,746 12,764 — Restructuring and other transformation 41,933 206,426 194,396 Intangible impairments — — 23,000 (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) (93,268) (172,041) (363,537) Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures (1) (83,268) (205,746) 133,611 Stock-based compensation expense 56,861 61,001 34,272 COVID-19 Costs (2) — — 9,285 Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 9,806 4,897 1,385 Adjusted EBITDA $ 1,827,057 $ 1,634,699 $ 1,475,721 (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, in 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, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Revenues: United States $ 3,262,755 $ 2,713,147 $ 2,577,084 United Kingdom 332,556 294,675 247,667 Canada 270,836 252,385 224,860 Australia 144,840 148,431 133,815 Remaining Countries 1,092,587 1,082,893 963,844 Long-lived Assets: United States $ 8,925,643 $ 7,867,841 $ 7,818,059 United Kingdom 1,062,641 914,732 838,491 Canada 514,777 562,911 556,120 Australia 490,172 528,703 575,862 Remaining Countries 3,600,136 3,134,577 3,090,948 Information as to our revenues by product and service lines by segment for the years ended December 31, 2022, 2021 and 2020 is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL For the Year Ended December 31, 2022 Records Management (1) $ 3,287,237 $ — $ 137,845 $ 3,425,082 Data Management (1) 510,107 — 185 510,292 Information Destruction (1)(2)(3) 497,771 — 269,304 767,075 Data Center (1) — 401,125 — 401,125 For the Year Ended December 31, 2021 Records Management (1) $ 3,074,605 $ — $ 125,571 $ 3,200,176 Data Management (1) 529,416 — — 529,416 Information Destruction (1)(2)(3) 390,967 — 44,074 435,041 Data Center (1) — 326,898 — 326,898 For the Year Ended December 31, 2020 Records Management (1) $ 2,852,296 $ — $ 101,975 $ 2,954,271 Data Management (1) 554,901 — — 554,901 Information Destruction (1)(2)(3) 341,407 — 17,379 358,786 Data Center (1) — 279,312 — 279,312 (1) Each of these offerings has a component of revenue that is storage rental related and a component that is service revenue, except for information destruction, which does not have a storage rental component. (2) Information destruction revenue for our Global RIM Business includes secure shredding services. (3) Information destruction revenue for Corporate and Other includes product revenue from ITRenew. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | In October 2020, in connection with the Frankfurt JV Transaction, we entered into agreements whereby we 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"). In March 2019, in connection with the formation of the MakeSpace JV, 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"). In February 2022, in connection with the formation of the Clutter JV, we terminated the MakeSpace Agreement and entered into a storage and service agreement with the Clutter JV to provide certain storage and related services to the Clutter JV (the "Clutter Agreement"). Revenue recognized in the accompanying Consolidated Statements of Operations under these agreements for the years ended December 31, 2022, 2021 and 2020 is as follows (approximately): YEAR ENDED DECEMBER 31, 2022 2021 2020 Frankfurt JV Agreements (1) $ 15,000 $ 19,600 $ 400 MakeSpace Agreement and Clutter Agreement (2) 28,500 34,700 33,600 (1) Revenues and expenses associated with the Frankfurt JV Agreements are presented as a component of our Global Data Center Business segment. (2) Revenues and expenses associated with the MakeSpace Agreement and Clutter Agreement are presented as a component of our Global RIM Business segment. During the years ended December 31, 2022, 2021 and 2020, the Company had no other related party transactions. |
Restructuring and Other Transfo
Restructuring and Other Transformation Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Transformation Charges | RESTRUCTURING AND OTHER TRANSFORMATION PROJECT MATTERHORN In September 2022, we announced Project Matterhorn, our global program designed to accelerate the growth of our business. Project Matterhorn investments will focus on transforming our operating model to a global operating model. Project Matterhorn will focus on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We will be investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We expect to incur approximately $150,000 in costs annually related to Project Matterhorn from 2023 through 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement our growth initiatives. Total costs related to Project Matterhorn during the year ended December 31, 2022 were approximately $41,933 and are included in Restructuring and other transformation in our Consolidated Statement of Operations. There were no Restructuring and other transformation costs related to Project Matterhorn for the years ended December 31, 2021 or 2020. Restructuring and other transformation related to Project Matterhorn included in the accompanying Consolidated Statement of Operations for the year ended December 31, 2022, is as follows: YEAR ENDED Restructuring $ 13,292 Other transformation 28,641 Restructuring and other transformation $ 41,933 Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statement of Operations, by segment for the year ended December 31, 2022 are as follows: YEAR ENDED Global RIM Business $ 13,083 Global Data Center Business — Corporate and Other 209 Total restructuring costs $ 13,292 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 completed Project Summit. As a result of the program, we 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 restructuring costs of approximately $450,000 that primarily consisted of: (i) employee severance costs; (ii) internal costs associated with the development and implementation of Project Summit initiatives; (iii) 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 (iv) system implementation and data conversion costs. Restructuring costs for Project Summit are included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations for the years ended December 31, 2021 and 2020, and from the inception of Project Summit through December 31, 2021 is as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 FROM INCEPTION OF PROJECT SUMMIT THROUGH Employee severance $ 22,809 $ 47,349 $ 91,008 Professional fees and other 183,617 147,047 358,411 Total restructuring costs $ 206,426 $ 194,396 $ 449,419 As Project Summit was completed as of December 31, 2021, there were no restructuring costs for Project Summit for the year ended December 31, 2022. Restructuring costs for Project Summit included in the accompanying Consolidated Statements of Operations by segment for the years ended December 31, 2021, and 2020 are as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 FROM INCEPTION OF PROJECT SUMMIT THROUGH Global RIM Business $ 59,033 $ 67,140 $ 148,073 Global Data Center Business 3,062 1,632 5,000 Corporate and Other 144,331 125,624 296,346 Total restructuring costs $ 206,426 $ 194,396 $ 449,419 A rollforward of the accrued restructuring costs, which is included as a component of Accrued expenses and other current liabilities in our Consolidated Balance Sheets for December 31, 2021 through December 31, 2022, is as follows: EMPLOYEE SEVERANCE PROFESSIONAL FEES AND OTHER TOTAL ACCRUED RESTRUCTURING COSTS 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 Payments (11,989) (7,728) (19,717) Balance as of December 31, 2022 $ — $ — $ — |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
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 1,143 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.i. to Notes to Consolidated Financial Statements as of December 31, 2022: Gross Amount of Real Estate Assets, As Reported on Schedule III $ 4,461,195 Add (Deduct) Reconciling Items: Book value of racking included in leased facilities (1) 1,513,279 Book value of financing leases (2) 338,874 Book value of construction in progress (3) 513,297 Book value of other (8,829) Total Reconciling Items 2,356,621 Gross Amount of Real Estate Assets, As Disclosed in Note 2.i. $ 6,817,816 (1) Represents the gross book value of racking installed in our 1,143 leased facilities, which is included in historical book value of racking in Note 2.i., 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.i., 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.i. The historical book value of real estate assets associated with owned buildings that were related to construction in progress as of December 31, 2022 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, 2022: Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III $ 1,187,390 Add (Deduct) Reconciling Items: Accumulated Depreciation - non-real estate assets (1) 1,479,074 Accumulated Depreciation - racking in leased facilities (2) 1,119,364 Accumulated Depreciation - financing leases (3) 129,311 Accumulated Depreciation - other (4,818) Total Reconciling Items 2,722,931 Accumulated Depreciation, As Reported on Consolidated Balance Sheet $ 3,910,321 (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, 2022 installed in our 1,143 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, 2022 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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America United States 1420 North Fiesta Blvd, Gilbert, Arizona 1 $ — $ 1,637 $ 2,833 $ 4,470 $ 2,470 2001 Up to 40 years 4802 East Van Buren, Phoenix, Arizona 1 — 15,599 416,451 432,050 10,662 2019 Up to 40 years 615 North 48th Street, Phoenix, Arizona 1 — 423,107 36,832 459,939 75,026 2018 (5) Up to 40 years 2955 S. 18th Place, Phoenix, Arizona 1 — 12,178 14,819 26,997 7,900 2007 Up to 40 years 4449 South 36th St, Phoenix, Arizona 1 — 7,305 1,146 8,451 5,527 2012 Up to 40 years 8521 E. Princess Drive, Scottsdale, Arizona 1 — 87,865 3,222 91,087 21,085 2018 (5) Up to 40 years 600 Burning Tree Rd, Fullerton, California 1 — 4,762 3,211 7,973 3,334 2002 Up to 40 years 21063 Forbes St, Hayward, California 1 — 13,407 530 13,937 3,421 2019 (10) Up to 40 years 1025 North Highland Ave, Los Angeles, California 1 — 10,168 28,266 38,434 17,640 1988 Up to 40 years 1010 - 1006 North Mansfield, Los Angeles, California 1 — 749 6 755 165 2014 Up to 40 years 1350 West Grand Ave, Oakland, California 1 — 15,172 7,630 22,802 16,199 1997 Up to 40 years 1760 North Saint Thomas Circle, Orange, California 1 — 4,576 900 5,476 2,205 2002 Up to 40 years 1915 South Grand Ave, Santa Ana, California 1 — 3,420 1,864 5,284 2,190 2001 Up to 40 years 2680 Sequoia Dr, South Gate, California 1 — 6,329 3,286 9,615 4,563 2002 Up to 40 years 336 Oyster Point Blvd, South San Francisco, California 1 — 15,100 253 15,353 2,954 2019 (10) Up to 40 years 3576 N. Moline, Aurora, Colorado 1 — 1,583 4,532 6,115 2,444 2001 Up to 40 years 5151 E. 46th Ave, Denver, Colorado 1 — 6,312 724 7,036 2,189 2014 Up to 40 years 11333 E 53rd Ave, Denver, Colorado 1 — 7,403 10,349 17,752 11,186 2001 Up to 40 years 4300 Brighton Boulevard, Denver, Colorado 1 — 116,336 26,321 142,657 23,693 2017 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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 20 Eastern Park Rd, East Hartford, Connecticut 1 $ — $ 7,417 $ 2,103 $ 9,520 $ 6,731 2002 Up to 40 years Kennedy Road, Windsor, Connecticut 2 — 10,447 32,187 42,634 24,976 2001 Up to 40 years 150-200 Todds Ln, Wilmington, Delaware 1 — 7,226 1,210 8,436 5,538 2002 Up to 40 years 3501 Electronics Way, West Palm Beach, Florida 1 — 4,201 14,624 18,825 8,899 2001 Up to 40 years 5319 Tulane Drive SW, Atlanta, Georgia 1 — 2,808 3,972 6,780 4,392 2002 Up to 40 years 6111 Live Oak Parkway, Norcross, Georgia 1 — 3,542 2,910 6,452 876 2017 Up to 40 years 2425 South Halsted St, Chicago, Illinois 1 — 7,470 1,856 9,326 4,849 2006 Up to 40 years 1301 S. Rockwell St, Chicago, Illinois 1 — 7,947 23,792 31,739 17,946 1999 Up to 40 years 2604 West 13th St, Chicago, Illinois 1 — 404 2,973 3,377 3,008 2001 Up to 40 years 2211 W. Pershing Rd, Chicago, Illinois 1 — 4,264 14,273 18,537 10,210 2001 Up to 40 years 2255 Pratt Blvd, Elk Grove, Illinois 1 — 1,989 4,057 6,046 2,016 2000 Up to 40 years 4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois 1 — 22,048 4,272 26,320 11,712 2014 Up to 40 years 2600 Beverly Drive, Lincoln, Illinois 1 — 1,378 949 2,327 446 2015 Up to 40 years 6090 NE 14th Street, Des Moines, Iowa 1 — 622 545 1,167 513 2003 Up to 40 years South 7th St, Louisville, Kentucky 4 — 709 14,978 15,687 7,086 Various Up to 40 years 26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine 1 — 8,337 603 8,940 3,846 2015 (10) Up to 40 years 8928 McGaw Ct, Columbia, Maryland 1 — 2,198 6,636 8,834 4,530 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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 120 Hampden St, Boston, Massachusetts 1 $ — $ 164 $ 945 $ 1,109 $ 643 2002 Up to 40 years 32 George St, Boston, Massachusetts 1 — 1,820 5,535 7,355 5,890 1991 Up to 40 years 3435 Sharps Lot Rd, Dighton, Massachusetts 1 — 1,911 854 2,765 2,220 1999 Up to 40 years 77 Constitution Boulevard, Franklin, Massachusetts 1 — 5,413 395 5,808 1,156 2014 Up to 40 years Bearfoot Road, Northboro, Massachusetts 2 — 55,923 15,622 71,545 45,994 Various Up to 40 years 6601 Sterling Dr South, Sterling Heights, Michigan 1 — 1,294 1,255 2,549 1,387 2002 Up to 40 years 3140 Ryder Trail South, Earth City, Missouri 1 — 3,072 3,497 6,569 2,969 2004 Up to 40 years Leavenworth St/18th St, Omaha, Nebraska 2 — 2,924 19,623 22,547 9,292 Various Up to 40 years 4105 North Lamb Blvd, Las Vegas, Nevada 1 — 3,430 9,926 13,356 7,127 2002 Up to 40 years 17 Hydro Plant Rd, Milton, New Hampshire 1 — 6,179 4,587 10,766 7,639 2001 Up to 40 years 3003 Woodbridge Avenue, Edison, New Jersey 1 — 310,404 83,246 393,650 50,472 2018 (5) Up to 40 years 811 Route 33, Freehold, New Jersey 3 — 38,697 61,427 100,124 61,889 Various Up to 40 years 51-69 & 77-81 Court St, Newark, New Jersey 1 — 11,734 11,884 23,618 3,620 2015 Up to 40 years 560 Irvine Turner Blvd, Newark, New Jersey 1 — 9,522 4,624 14,146 1,632 2015 Up to 40 years 231 Johnson Ave, Newark, New Jersey 1 — 8,945 3,229 12,174 1,774 2015 Up to 40 years 650 Howard Avenue, Somerset, New Jersey 1 — 3,585 11,948 15,533 7,612 2006 Up to 40 years 100 Bailey Ave, Buffalo, New York 1 — 1,324 11,456 12,780 8,000 1998 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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 1368 County Rd 8, Farmington, New York 1 $ — $ 2,611 $ 5,336 $ 7,947 $ 5,378 1998 Up to 40 years County Rd 10, Linlithgo, New York 2 — 102 3,255 3,357 2,042 2001 Up to 40 years Ulster Ave/Route 9W, Port Ewen, New York 3 — 23,137 12,371 35,508 25,530 2001 Up to 40 years Binnewater Rd, Rosendale, New York 2 — 5,142 12,029 17,171 8,899 Various Up to 40 years 220 Wavel St, Syracuse, New York 1 — 2,929 2,847 5,776 3,433 1997 Up to 40 years 826 Church Street, Morrisville, North Carolina 1 — 7,087 332 7,419 2,010 2017 Up to 40 years 1275 East 40th, Cleveland, Ohio 1 — 3,129 606 3,735 2,330 1999 Up to 40 years 7208 Euclid Avenue, Cleveland, Ohio 1 — 3,336 4,144 7,480 4,066 2001 Up to 40 years 4260 Tuller Ridge Rd, Dublin, Ohio 1 — 1,030 1,901 2,931 1,720 1999 Up to 40 years 3366 South Tech Boulevard, Miamisburg, Ohio 1 — 29,092 1,409 30,501 5,298 2018 (5) Up to 40 years Branchton Rd, Boyers, Pennsylvania 2 — 21,166 267,940 289,106 88,962 Various Up to 40 years 800 Carpenters Crossings, Folcroft, Pennsylvania 1 — 2,457 1,055 3,512 2,341 2000 Up to 40 years Las Flores Industrial Park, Rio Grande, Puerto Rico 1 — 4,185 3,811 7,996 5,209 2001 Up to 40 years 24 Snake Hill Road, Chepachet, Rhode Island 1 — 2,659 2,254 4,913 3,464 2001 Up to 40 years 1061 Carolina Pines Road, Columbia, South Carolina 1 — 11,776 2,643 14,419 4,715 2016 (10) Up to 40 years 2301 Prosperity Way, Florence, South Carolina 1 — 2,846 1,356 4,202 1,768 2016 (10) Up to 40 years Mitchell Street, Knoxville, Tennessee 2 — 718 4,598 5,316 2,647 Various Up to 40 years 6005 Dana Way, Nashville, Tennessee 2 — 1,827 10,383 12,210 2,478 2000 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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States Capital Parkway, Carrollton, Texas 3 $ — $ 8,299 $ 1,518 $ 9,817 $ 3,130 2015 (10) Up to 40 years 1800 Columbian Club Dr, Carrolton, Texas 1 — 19,673 2,162 21,835 11,303 2013 Up to 40 years 1905 John Connally Dr, Carrolton, Texas 1 — 2,174 997 3,171 1,635 2000 Up to 40 years 13425 Branchview Ln, Dallas, Texas 1 — 3,518 3,708 7,226 4,605 2001 Up to 40 years 1819 S. Lamar St, Dallas, Texas 1 — 3,215 2,198 5,413 2,962 2000 Up to 40 years 2000 Robotics Place Suite B, Fort Worth, Texas 1 — 5,328 3,180 8,508 3,595 2002 Up to 40 years 1202 Ave R, Grand Prairie, Texas 1 — 8,354 2,270 10,624 6,783 2003 Up to 40 years 6203 Bingle Rd, Houston, Texas 1 — 3,188 12,308 15,496 9,798 2001 Up to 40 years 2600 Center Street, Houston, Texas 1 — 2,840 2,743 5,583 2,995 2000 Up to 40 years 5707 Chimney Rock, Houston, Texas 1 — 1,032 1,251 2,283 1,252 2002 Up to 40 years 5249 Glenmont Ave, Houston, Texas 1 — 3,467 2,486 5,953 3,302 2000 Up to 40 years 15333 Hempstead Hwy, Houston, Texas 3 — 6,327 38,415 44,742 18,226 2004 Up to 40 years 5757 Royalton Dr, Houston, Texas 1 — 1,795 1,067 2,862 1,528 2000 Up to 40 years 9601 West Tidwell, Houston, Texas 1 — 1,680 2,536 4,216 1,644 2001 Up to 40 years 7800 Westpark, Houston, Texas 1 — 6,323 1,360 7,683 2,335 2015 (10) Up to 40 years 1665 S. 5350 West, Salt Lake City, Utah 1 — 6,239 5,262 11,501 6,333 2002 Up to 40 years 11052 Lakeridge Pkwy, Ashland, Virginia 1 — 1,709 1,962 3,671 2,238 1999 Up to 40 years 11660 Hayden Road, Manassas, Virginia 1 — 104,824 424,462 529,286 34,901 2020 Up to 40 years 3725 Thirlane Rd. N.W., Roanoke, Virginia 1 — 2,577 287 2,864 1,393 2015 (10) Up to 40 years 22445 Randolph Dr, Sterling, Virginia 1 — 7,598 4,463 12,061 6,935 2005 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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) United States 307 South 140th St, Burien, Washington 1 $ — $ 2,078 $ 2,869 $ 4,947 $ 2,776 1999 Up to 40 years 6600 Hardeson Rd, Everett, Washington 1 — 5,399 4,252 9,651 4,247 2002 Up to 40 years 1201 N. 96th St, Seattle, Washington 1 — 4,496 2,655 7,151 4,109 2001 Up to 40 years 4330 South Grove Road, Spokane, Washington 1 — 3,906 888 4,794 886 2015 Up to 40 years 12021 West Bluemound Road, Wauwatosa, Wisconsin 1 — 1,307 2,143 3,450 1,737 1999 Up to 40 years 115 $ — $ 1,654,931 $ 1,810,880 $ 3,465,811 $ 864,681 (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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH North America (continued) Canada One Command Court, Bedford 1 $ — $ 3,847 $ 4,424 $ 8,271 $ 4,739 2000 Up to 40 years 195 Summerlea Road, Brampton 1 — 5,403 6,530 11,933 6,480 2000 Up to 40 years 10 Tilbury Court, Brampton 1 — 5,007 17,510 22,517 10,069 2000 Up to 40 years 8825 Northbrook Court, Burnaby 1 — 8,091 2,176 10,267 5,212 2001 Up to 40 years 8088 Glenwood Drive, Burnaby 1 — 4,326 6,834 11,160 5,572 2005 Up to 40 years 5811 26th Street S.E., Calgary 1 — 14,658 9,009 23,667 12,540 2000 Up to 40 years 3905-101 Street, Edmonton 1 — 2,020 975 2,995 1,751 2000 Up to 40 years 68 Grant Timmins Drive, Kingston 1 — 3,639 516 4,155 664 2016 Up to 40 years 3005 Boul. Jean-Baptiste Deschamps, Lachine 1 — 2,751 705 3,456 1,592 2000 Up to 40 years 1655 Fleetwood, Laval 1 — 8,196 19,092 27,288 14,990 2000 Up to 40 years 4005 Richelieu, Montreal 1 — 1,800 2,516 4,316 2,076 2000 Up to 40 years 1209 Algoma Rd, Ottawa 1 — 1,059 7,132 8,191 4,713 2000 Up to 40 years 1650 Comstock Rd, Ottawa 1 — 7,478 (359) 7,119 3,051 2017 Up to 40 years 235 Edson Street, Saskatoon 1 — 829 1,596 2,425 1,047 2008 Up to 40 years 610 Sprucewood Ave, Windsor 1 — 1,243 659 1,902 897 2007 Up to 40 years 15 $ — $ 70,347 $ 79,315 $ 149,662 $ 75,393 130 $ — $ 1,725,278 $ 1,890,195 $ 3,615,473 $ 940,074 (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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Europe Gewerbeparkstr. 3, Vienna, Austria 1 $ — $ 6,542 $ 12,010 $ 18,552 $ 5,988 2010 Up to 40 years Woluwelaan 147, Diegem, Belgium 1 — 2,541 5,852 8,393 4,897 2003 Up to 40 years Stupničke Šipkovine 62, Zagreb, Croatia 1 — 1,408 1,451 2,859 364 2003 Up to 40 years Kratitirion 9 Kokkinotrimithia Industrial District, Nicosia, Cyprus 1 — 3,136 2,602 5,738 972 2003 Up to 40 years Karyatidon 1, Agios Sylas Industrial Area (3rd), Limassol, Cyprus 1 — 1,935 (131) 1,804 292 2018 Up to 40 years G2-B, Engineering Square IDG Developer’s Area, 6th Oct City Giza, Egypt 1 — 8,984 (2,736) 6,248 225 2021 (7) Up to 40 years 65 Egerton Road, Birmingham, England 1 — 6,980 1,787 8,767 5,143 2003 Up to 40 years Otterham Quay Lane, Gillingham, England 9 — 7,418 2,591 10,009 5,328 2004 Up to 40 years Kemble Industrial Park, Kemble, England 2 — 5,277 6,022 11,299 8,248 2003 Up to 40 years Gayton Road, Kings Lynn, England 3 — 3,119 1,293 4,412 2,791 2003 Up to 40 years 17 Broadgate, Oldham, England 1 — 4,039 (4) 4,035 2,355 2008 Up to 40 years Harpway Lane, Sopley, England 1 — 681 1,280 1,961 1,385 2004 Up to 40 years Unit 1A Broadmoor Road, Swindon, England 1 — 2,636 221 2,857 1,258 2006 Up to 40 years Jeumont-Schneider, Champagne Sur Seine, France 3 — 1,750 2,312 4,062 2,532 2003 Up to 40 years Bat I-VII Rue de Osiers, Coignieres, France 4 — 21,318 (1,314) 20,004 6,718 2016 (4) Up to 40 years 26 Rue de I Industrie, Fergersheim, France 1 — 1,322 (75) 1,247 408 2016 (4) Up to 40 years Bat A, B, C1, C2, C3 Rue Imperiale, Gue de Longroi, France 1 — 3,390 569 3,959 1,440 2016 (4) Up to 40 years Le Petit Courtin Site de Dois, Gueslin, Mingieres, France 1 — 14,141 (777) 13,364 3,199 2016 (4) Up to 40 years ZI des Sables, Morangis, France 1 — 12,407 14,281 26,688 19,182 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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Europe (continued) 45 Rue de Savoie, Manissieux, Saint Priest, France 1 $ — $ 5,546 $ (410) $ 5,136 $ 1,330 2016 (4) Up to 40 years Heinrich Lanz Alee 47, Frankfurt, Germany 1 — 80,951 3,330 84,281 4,257 2021 (8) Up to 40 years Gutenbergstrabe 55, Hamburg, Germany 1 — 4,022 538 4,560 1,623 2016 (4) Up to 40 years Brommer Weg 1, Wipshausen, Germany 1 — 3,220 1,602 4,822 3,490 2006 Up to 40 years Warehouse and Offices 4 Springhill, Cork, Ireland 1 — 9,040 2,222 11,262 5,680 2014 Up to 40 years 17 Crag Terrace, Dublin, Ireland 1 — 2,818 638 3,456 1,533 2001 Up to 40 years Damastown Industrial Park, Dublin, Ireland 1 — 16,034 6,367 22,401 9,732 2012 Up to 40 years Vareseweg 130, Rotterdam, The Netherlands 1 — 1,357 893 2,250 1,730 2015 (10) Up to 40 years Howemoss Drive, Aberdeen, Scotland 2 — 6,970 4,649 11,619 5,263 Various Up to 40 years Nettlehill Road, Houston Industrial Estate, Livingston, Scotland 1 — 11,517 24,085 35,602 18,720 2001 Up to 40 years Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain 1 — 186 212 398 337 2014 Up to 40 years Calle Bronce, 37, Chiloeches, Spain 1 — 11,011 3,679 14,690 4,083 2010 Up to 40 years Calle del Mar Egeo, 4, 28830, San Fernando de Hanares, Madrid, Spain 1 — 93,370 (14,100) 79,270 78 2022 (9) Up to 40 years Ctra M.118 , Km.3 Parcela 3, Madrid, Spain 1 — 3,981 5,476 9,457 6,879 2001 Up to 40 years Plot No. S10501 & S10506 Jebel Ali Free Zone Authority, United Arab Emirates 1 — 17,000 (3,775) 13,225 808 2021 (7) Up to 40 years Abanto Ciervava, Spain 2 — 1,053 (124) 929 528 Various Up to 40 years 53 $ — $ 377,100 $ 82,516 $ 459,616 $ 138,796 (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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Latin America Amancio Alcorta 2396, Buenos Aires, Argentina 2 $ — $ 655 $ 318 $ 973 $ 288 Various Up to 40 years Azara 1245, Buenos Aires, Argentina 1 — 166 (166) — — 1998 Up to 40 years Spegazzini, Ezeiza Buenos Aires, Argentina 1 — 12,773 (11,583) 1,190 347 2012 Up to 40 years Av Ernest de Moraes 815, Bairro Fim do Campo, Jarinu Brazil 1 — 12,562 (4,582) 7,980 2,109 2016 (4) Up to 40 years Rua Peri 80, Jundiai, Brazil 1 — 8,894 (3,405) 5,489 1,606 2016 (4) Up to 40 years Francisco de Souza e Melo, Rio de Janerio, Brazil 3 — 1,868 8,081 9,949 3,941 Various Up to 40 years Hortolandia, Sao Paulo, Brazil 1 24,078 (4,714) 19,364 4,403 2014 Up to 40 years El Taqueral 99, Santiago, Chile 10 — 2,629 28,743 31,372 12,767 Various Up to 40 years Panamericana Norte 18900, Santiago, Chile 7 — 4,001 15,430 19,431 8,089 Various Up to 40 years Avenida Prolongacion 1 — 374 1,654 2,028 1,514 2002 Up to 40 years Privada Las Flores No. 25 (G3), Guadalajara, Mexico 1 — 905 1,299 2,204 1,154 2004 Up to 40 years Tula KM Parque de Las, Huehuetoca, Mexico 2 — 19,937 1,383 21,320 5,763 2016 (4) Up to 40 years Carretera Pesqueria Km2.5(M3), Monterrey, Mexico 2 — 3,537 4,867 8,404 4,307 2004 Up to 40 years Lote 2, Manzana A, (T2& T3), Toluca, Mexico 1 — 2,204 6,696 8,900 6,175 2002 Up to 40 years Prolongacion de la Calle 7 (T4), Toluca, Mexico 1 — 7,544 14,356 21,900 8,561 2007 Up to 40 years Panamericana Sur, KM 57.5, Lima, Peru 7 — 1,549 584 2,133 1,215 Various Up to 40 years Av. Elmer Faucett 3462, Lima, Peru 2 — 4,112 4,657 8,769 7,338 Various Up to 40 years Calle Los Claveles-Seccion 3, Lima, Peru 1 — 8,179 28,401 36,580 9,095 2010 Up to 40 years 45 $ — $ 115,967 $ 92,019 $ 207,986 $ 78,672 (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)(11) ACCUMULATED DEPRECIATION AT CLOSE OF CURRENT PERIOD (1)(2)(11) DATE OF CONSTRUCTION OR ACQUIRED (3) LIFE ON WHICH Asia Warehouse No 4, Shanghai, China 1 $ — $ 1,530 $ 693 $ 2,223 $ 593 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 55,773 114,410 15,847 2018 (6) 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 $ 67,488 $ 174,997 $ 29,258 Australia 8 Whitestone Drive, Austins Ferry, Australia 1 — 681 2,442 3,123 590 2012 Up to 40 years 1 $ — $ 681 $ 2,442 $ 3,123 $ 590 Total 237 $ — $ 2,326,535 $ 2,134,660 $ 4,461,195 $ 1,187,390 (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 1,143 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) Property was acquired in connection with our acquisition of XData Properties, S.L.U. (10) This date represents the date the categorization of the property was changed from a leased facility to an owned facility. (11) The following tables present the changes in gross carrying amount of real estate owned and accumulated depreciation for the years ended December 31, 2022 and 2021: YEAR ENDED DECEMBER 31, GROSS CARRYING AMOUNT OF REAL ESTATE 2022 2021 Gross amount at beginning of period $ 4,129,251 $ 3,830,489 Additions during period: Acquisitions 93,370 120,307 Discretionary capital projects 434,395 386,752 Foreign currency translation fluctuations (28,295) (51,363) 499,470 455,696 Deductions during period: Cost of real estate sold, disposed or written-down (123,633) (119,154) Other adjustments (1) (43,893) (37,780) (167,526) (156,934) Gross amount at end of period $ 4,461,195 $ 4,129,251 (1) For the years ended December 31, 2022 and 2021, this includes the cost of racking associated with the facilities sold as part of the sale-leaseback transactions. YEAR ENDED DECEMBER 31, ACCUMULATED DEPRECIATION 2022 2021 Gross amount of accumulated depreciation at beginning of period $ 1,160,490 $ 1,097,616 Additions during period: Depreciation 121,428 147,134 Foreign currency translation fluctuations (14,664) (15,135) 106,764 131,999 Deductions during period: Amount of accumulated depreciation for real estate assets sold, disposed or written-down (41,674) (41,376) Other adjustments (1) (38,190) (27,749) (79,864) (69,125) Gross amount of end of period $ 1,187,390 $ 1,160,490 (1) For the years ended December 31, 2022 and 2021, 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, 2022 was approximately $4,191,073. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. The accompanying financial statements include the results of those entities over which we have a controlling financial interest and we are deemed to be the primary beneficiary. 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 and Cash Equivalents | 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. 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. 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, 2022, 2021 and 2020, 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. |
Inventory | Inventory is stated at the lower of cost or net realizable value, based on a first-in, first-out methodology. Our inventory primarily consists of IT-related assets including memory, central processing units, hard drives, adaptors and networking. All of our inventory is considered finished goods. Inventory is included as a component of Prepaid expenses and other in our Consolidated Balance Sheets. |
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 |
Internal Use Software | 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. |
Asset Retirement Obligation | 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. |
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 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 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 test goodwill annually on October 1, and more frequently if impairment indicators arise that would require an interim test. The following is a discussion regarding (i) interim goodwill impairment review for our Fine Arts reporting unit during the first quarter of 2020, (ii) the reporting units at which level we tested goodwill for impairment as of October 1, 2021 and the composition of these reporting units at December 31, 2021 (including the amount of goodwill associated with each reporting unit), (iii) interim reporting unit changes and goodwill impairment review during the second quarter of 2022 and (iv) the reporting units at which level we tested goodwill for impairment as of October 1, 2022 and the composition of these reporting units at December 31, 2022 (including the amount of goodwill associated with each reporting unit). 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 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2021 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. GOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2021 The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2021 is as follows: SEGMENT REPORTING UNIT CARRYING VALUE AS OF DECEMBER 31, 2021 Global RIM (as defined in Note 11) Business North America RIM $ 2,720,049 Europe RIM 624,502 Latin America RIM 107,174 ANZ RIM 284,042 Asia RIM 240,494 Global Data Center Business Global Data Center 426,074 Corporate and Other Fine Arts 27,905 Entertainment Services 33,291 Total $ 4,463,531 III. 2022 REPORTING UNIT CHANGES During the second quarter of 2022, as a result of the realignment of our global managerial structure, we reassessed the composition of our reportable segments (see Note 11 for a description and definition of our reportable segments) as well as our reporting units. We note the following changes to our reporting units as a result of the reassessment described above: • our former Europe RIM reporting unit is now managed as two separate reporting units: (i) our Middle East, North Africa and Turkey ("MENAT") businesses will comprise our "MENAT RIM" reporting unit and (ii) our other businesses in Europe and South Africa ("ESA") will comprise our "ESA RIM" reporting unit; • our former ANZ RIM and Asia RIM reporting units are now managed as one "APAC RIM" reporting unit; and • our ALM business, which includes our legacy secure IT asset disposition business (which was previously primarily included in our North America RIM reporting unit) and the business acquired through our acquisition of Intercept Parent, Inc. ("ITRenew"), will comprise our newly formed "ALM" reporting unit. There were no changes to our Latin America RIM, Global Data Center and Fine Arts reporting units. We have reassigned goodwill associated with the reporting units impacted by the reorganization on a relative fair value basis, where appropriate. The fair value of each of our new reporting units was determined based on the application of a combined weighted average approach of preliminary fair value multiples of revenue and earnings and discounted cash flow techniques. These fair values represent our best estimate and preliminary assessment of goodwill allocations to each of the new reporting units on a relative fair value basis. We have completed an interim goodwill impairment analysis before and after the reporting unit changes, and we have concluded that the goodwill associated with each of our reporting units was not impaired. IV. REPORTING UNITS AS OF OCTOBER 1, 2022 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2022 were as follows: • North America RIM • ESA RIM • MENAT RIM • Latin America RIM • APAC RIM • Entertainment Services • Global Data Center • Fine Arts • ALM 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, 2022 and December 31, 2022. The fair value of our reporting units has 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 AND SUPPLIER RELATIONSHIP INTANGIBLE ASSETS Customer and supplier 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 and supplier 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 dollar and the currencies of 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 | Certain unaffiliated third parties own noncontrolling interests in certain of our 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 in order to terminate the customer’s storage of records with its current records management 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 withdrawal fees, project revenues and courier operations, consisting primarily of the pickup and delivery of records upon customer request; (2) destruction services, consisting primarily of (i) secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to period, and (ii) the decommissioning, data erasure, processing and disposition or sale of IT hardware and component assets; (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 our revenue in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"), with the exception of our data center revenue, as described below. 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 apply the "right to invoice" practical expedient as 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. Additionally, each purchasing decision is fully in the control of the customer; 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. Revenue from product sales, the significant majority of which are shred paper and IT asset sales, is recognized at the point in time at which control transfers to the customer, which is generally upon shipment. 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: 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 generally 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 generally 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"), and performance units ("PUs") (together, "Employee Stock-Based Awards"). 2022 RETIREMENT ELIGIBLE CRITERIA For our Employee Stock-Based Awards made on or after March 1, 2022, we have included the following retirement provision: • Upon an employee’s retirement on or after attaining age 55 with at least five years of service, if the sum of (i) the award recipient’s age at retirement and (ii) the award recipient’s years of service with us totals at least 65, the award recipient is entitled to continued vesting of any outstanding Employee Stock-Based Awards, provided that their retirement occurs on or after a minimum of six months from the grant date (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 the six month anniversary in the year of the grant, will be expensed over six months from the date of grant 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 award recipients who meet the Retirement Criteria will be delivered to the award recipient based upon the original vesting schedule. If an award recipient retires and has met the Retirement Criteria, stock options will remain exercisable until the original expiration date of the stock options. PUs granted to award recipients who meet the Retirement Criteria will 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, 2022 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. The PUs we issue vest based on our performance against predefined operational and share based targets. The vesting is subject to a minimum level of return on invested capital in the third year of the performance period, and thereafter the number of PUs earned is based on (i) the revenue performance for each year averaged at the end of the three-year performance period, (ii) the total return on our common stock in relation to the MSCI United States REIT Index and (iii) for grants issued in 2021 and 2020, the revenue exit rate of new products in the last quarter of the three-year performance period. The number of PUs earned may range from 0% to approximately 238% of the initial award. 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. PUs are generally expensed over the three-year performance period. 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. 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 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. During 2021, as a result of the enactment of a tax law and the closing of various acquisitions, we 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 Organization for Economic Co-operation and Development (the "OECD"), an international association comprised of 38 countries, including the United States, has issued proposals that change long-standing tax principles including on a global minimum tax initiative. On December 12, 2022, the European Union member states agreed to implement the OECD’s Base Erosion and Profit Shifting ("BEPS") 2.0 Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least $790,000, which would go into effect in 2024. Other countries are also actively considering changes to their tax laws to adopt certain parts of the OECD’s proposals. In December 2022, South Korea enacted new global minimum tax rules to align with OECD BEPS 2.0 Pillar Two. We will continue to monitor regulatory developments to assess potential impacts of OECD proposals on us. 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 | NOT YET ADOPTED ACCOUNTING PRONOUNCEMENTS In December 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 do not expect ASU 2021-08 to have a material impact on our consolidated financial statements upon its adoption. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions, for a limited period of time, to ease the potential burden of recognizing the effects of reference rate reform on financial reporting. The amendments in ASU 2020-04 apply to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to the global transition away from LIBOR and certain other interbank offered rates. Under ASU 2020-04, an entity could elect to apply the amendments beginning March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of 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 and system integration costs (collectively, "Acquisition and Integration Costs").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. 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.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 net income (loss) 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 and other transformation • 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, 2022 | |
Accounting Policies [Abstract] | |
Roll forward of allowance for doubtful accounts and credit memo reserves | The rollforward of the 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 2022 $ 62,009 $ 62,891 $ 13,666 $ (84,423) $ 54,143 2021 56,981 47,931 26,896 (69,799) 62,009 2020 42,856 55,118 34,411 (75,404) 56,981 (1) Primarily consists of the issuance of credit memos, the write-off of accounts receivable 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 2022 2021 Interest $ 128,272 $ 124,764 Dividends 194,272 190,559 Operating lease liabilities 288,738 259,597 Other 420,628 457,617 Accrued expenses and other current liabilities $ 1,031,910 $ 1,032,537 |
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 categories), at cost, consist of the following: DECEMBER 31, DESCRIPTION 2022 2021 Land $ 486,715 $ 372,411 Buildings and building improvements 3,336,778 3,391,143 Leasehold improvements 1,079,419 1,054,757 Racking 2,058,054 2,075,473 Warehouse equipment/vehicles 493,128 494,464 Furniture and fixtures 49,610 50,692 Computer hardware and software 585,792 823,649 Construction in progress 936,269 384,714 Property, plant and equipment $ 9,025,765 $ 8,647,303 |
Schedule of Contract Fulfillment Costs and related amortization | During the years ended December 31, 2022, 2021 and 2020, capitalized interest is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Capitalized interest $ 14,078 $ 12,673 $ 14,321 During the years ended December 31, 2022, 2021 and 2020, capitalized costs associated with the development of internal use computer software projects are as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Capitalized costs associated with the development of internal use computer software projects $ 44,152 $ 48,557 $ 38,329 Contract Fulfillment Costs, which are included as a component of Other within Other Assets, Net, as of December 31, 2022 and 2021 are as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 DESCRIPTION GROSS ACCUMULATED NET GROSS ACCUMULATED NET Intake Costs asset $ 68,345 $ (42,132) $ 26,213 $ 71,336 $ (42,678) $ 28,658 Commissions asset 133,145 (58,949) 74,196 114,791 (50,553) 64,238 Amortization expense associated with the Intake Costs and Commissions assets for the years ended December 31, 2022, 2021 and 2020 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2022 2021 2020 Intake Costs asset $ 18,117 $ 17,530 $ 13,300 Commissions asset 40,612 30,739 24,052 |
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, 2022 and 2021 are as follows: DECEMBER 31, DESCRIPTION 2022 2021 Assets: Operating lease right-of-use assets (1) $ 2,583,704 $ 2,314,422 Financing lease right-of-use assets, net of accumulated depreciation (2)(3) 251,690 298,049 Liabilities: Current Operating lease liabilities $ 288,738 $ 259,597 Financing lease liabilities (3) 43,857 41,168 Long-term Operating lease liabilities $ 2,429,167 $ 2,171,472 Financing lease liabilities (3) 289,048 315,561 (1) At December 31, 2022 and 2021, 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, 2022, these assets are comprised of approximately 64% real estate related assets and 36% non-real estate related assets. At December 31, 2021, these assets are comprised of approximately 69% real estate related assets and 31% 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, 2022, 2021 and 2020 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2022 2021 2020 Operating lease cost (1) $ 574,115 $ 545,097 $ 499,464 Financing lease cost: Depreciation of financing lease right-of-use assets $ 42,708 $ 50,970 $ 51,629 Interest expense for financing lease liabilities 17,329 19,808 19,942 Weighted average remaining lease terms and discount rates as of December 31, 2022 and 2021 are as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 OPERATING LEASES FINANCING LEASES OPERATING LEASES FINANCING LEASES Remaining Lease Term 11.3 years 10.6 years 10.9 years 10.9 years Discount Rate 6.4 % 5.8 % 6.6 % 5.9 % YEAR ENDED DECEMBER 31, CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: 2022 2021 2020 Operating cash flows used in operating leases $ 409,163 $ 392,987 $ 360,088 Operating cash flows used in financing leases (interest) 17,329 19,808 19,942 Financing cash flows used in financing leases 44,869 46,118 47,829 NON-CASH ITEMS: Operating lease modifications and reassessments $ 179,094 $ 144,310 $ 143,382 New operating leases (including acquisitions and sale-leaseback transactions) 540,830 282,490 370,011 |
Operating lease maturity table | The estimated minimum future lease payments (receipts) as of December 31, 2022 are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2023 $ 435,386 $ (9,499) $ 52,340 2024 417,058 (5,766) 46,244 2025 392,117 (3,243) 119,130 2026 360,684 (2,528) 31,232 2027 335,269 (3,521) 15,778 Thereafter 1,962,941 — 144,701 Total minimum lease payments (receipts) 3,903,455 $ (24,557) 409,425 Less amounts representing interest or imputed interest 1,185,550 76,520 Present value of lease obligations $ 2,717,905 $ 332,905 |
Finance lease maturity table | The estimated minimum future lease payments (receipts) as of December 31, 2022 are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2023 $ 435,386 $ (9,499) $ 52,340 2024 417,058 (5,766) 46,244 2025 392,117 (3,243) 119,130 2026 360,684 (2,528) 31,232 2027 335,269 (3,521) 15,778 Thereafter 1,962,941 — 144,701 Total minimum lease payments (receipts) 3,903,455 $ (24,557) 409,425 Less amounts representing interest or imputed interest 1,185,550 76,520 Present value of lease obligations $ 2,717,905 $ 332,905 |
Disclosure of Long-Lived Assets Held-for-sale | Gain on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Gain on disposal/write-down of property, plant and equipment, net $ 93,268 $ 172,041 $ 363,537 The gains primarily consist of (1) : • Gains associated with sale and sale-leaseback transactions of approximately $94,500, of which (i) approximately $49,000 relates to sale and sale-leaseback transactions of 11 facilities and parcels of land in the United States during the second quarter of 2022, (ii) approximately $17,000 relates to sale-leaseback transactions of two facilities in the United States and one in Canada during the third quarter of 2022 and (iii) approximately $28,500 relates to sale and sale-leaseback transactions of 12 facilities and one parcel of land in the United States and one facility in the United Kingdom during the fourth quarter of 2022. • Gains associated with sale and sale-leaseback transactions of approximately $164,000, of which (i) approximately $127,400 relates to sale-leaseback transactions of five facilities in the United Kingdom during the second quarter of 2021 and (ii) approximately $36,600 relates to 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 sale-leaseback transactions of 14 facilities in the United States during the fourth quarter of 2020 and (ii) approximately $76,400 relates to 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 5). (1) The gains recognized during the years ended December 31, 2022, 2021 and 2020 are the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in Note 2.j. |
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 is as follows: SEGMENT REPORTING UNIT CARRYING VALUE AS OF DECEMBER 31, 2021 Global RIM (as defined in Note 11) Business North America RIM $ 2,720,049 Europe RIM 624,502 Latin America RIM 107,174 ANZ RIM 284,042 Asia RIM 240,494 Global Data Center Business Global Data Center 426,074 Corporate and Other Fine Arts 27,905 Entertainment Services 33,291 Total $ 4,463,531 The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2022 is as follows: SEGMENT REPORTING UNIT CARRYING VALUE AS OF DECEMBER 31, 2022 Global RIM Business North America RIM $ 2,667,400 ESA RIM 521,949 MENAT RIM 25,007 Latin America RIM 109,069 APAC RIM 497,792 Entertainment Services 31,729 Global Data Center Business Global Data Center 418,502 Corporate and Other Fine Arts 33,908 ALM 577,378 Total $ 4,882,734 |
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 segment for the years ended December 31, 2022 and 2021 are as follows: GLOBAL RIM GLOBAL CORPORATE TOTAL Goodwill balance, net of accumulated amortization, as of December 31, 2020 $ 4,022,641 $ 436,987 $ 97,981 $ 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 (58,104) (10,913) 856 (68,161) Goodwill balance, net of accumulated amortization, as of December 31, 2021 3,972,852 426,074 64,605 4,463,531 Deductible goodwill acquired during the year — — 912 912 Non-tax deductible goodwill acquired during the year 696 — 546,693 547,389 Fair value and other adjustments (1) (12,199) — 384 (11,815) Currency effects (108,403) (7,572) (1,308) (117,283) Goodwill balance, net of accumulated amortization, as of December 31, 2022 $ 3,852,946 $ 418,502 $ 611,286 $ 4,882,734 Accumulated Goodwill Impairment Balance as of December 31, 2021 $ 132,409 $ — $ 26,011 $ 158,420 Accumulated Goodwill Impairment Balance as of December 31, 2022 $ 132,409 $ — $ 26,011 $ 158,420 (1) This amount primarily represents an adjustment to goodwill as a result of the deconsolidation of certain businesses, as described in Note 4. |
Components of amortizable intangible assets | The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2022 and 2021, respectively, are as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 DESCRIPTION GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT GROSS CARRYING AMOUNT ACCUMULATED AMORTIZATION NET CARRYING AMOUNT Assets: Customer and supplier relationship intangible assets (1) $ 2,162,154 $ (823,392) $ 1,338,762 $ 1,835,949 $ (763,943) $ 1,072,006 Customer inducements (1) 47,794 (26,158) 21,636 51,403 (28,400) 23,003 Data center lease-based intangible assets (1)(2) 272,649 (209,902) 62,747 278,904 (192,870) 86,034 Third-party commissions asset and other (3) 83,297 (28,581) 54,716 33,947 (13,716) 20,231 Liabilities: Data center below-market leases (4) $ 12,831 $ (7,806) $ 5,025 $ 12,782 $ (6,923) $ 5,859 (1) Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets as of December 31, 2022 and 2021. (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, 2022 and 2021. (4) Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets as of December 31, 2022 and 2021. |
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, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Amortization expense included in depreciation and amortization associated with: Customer and supplier relationship intangible assets $ 156,779 $ 117,761 $ 117,514 Data center in-place leases and tenant relationships 16,955 42,333 42,637 Third-party commissions asset and other finite-lived intangible assets 16,148 6,987 7,004 Revenue reduction associated with amortization of: Customer inducements and data center above-market and below-market leases $ 8,119 $ 8,852 $ 9,878 |
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.s.) is as follows: ESTIMATED AMORTIZATION YEAR INCLUDED IN DEPRECIATION REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS 2023 $ 181,866 $ 6,198 2024 177,512 3,997 2025 175,963 2,504 2026 146,812 1,909 2027 124,434 1,299 Thereafter 648,895 1,447 |
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, 2022 and 2021, respectively, are as follows: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2022 USING DESCRIPTION TOTAL CARRYING VALUE AT DECEMBER 31, 2022 QUOTED PRICES IN SIGNIFICANT OTHER SIGNIFICANT Money Market Funds (1) $ 11,311 $ — $ 11,311 $ — Time Deposits (1) 1,102 — 1,102 — Trading Securities 9,462 9,426 (2) 36 (3) — Derivative Assets (4) 51,396 — 51,396 — Derivative Liabilities (4) 489 — 489 — Deferred Purchase Obligations (5) 193,033 — — 193,033 FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2021 USING DESCRIPTION TOTAL CARRYING VALUE AT DECEMBER 31, 2021 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 — (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. (4) Derivative assets and liabilities include (i) interest rate swap agreements, including our forward-starting interest rate swap agreement, to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness and on future borrowings from our Virginia Credit Agreement (as defined in Note 7) and (ii) cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro and certain of our Euro denominated subsidiaries. Our derivative financial instruments are measured using industry standard valuation models using market-based observable inputs, including interest rate curves, forward and spot prices for currencies and implied volatilities. Credit risk is also factored into the determination of the fair value of our derivative financial instruments. See Note 6 for additional information on our derivative financial instruments. (5) Primarily relates to the fair value of the Deferred Purchase Obligation associated with the ITRenew Transaction (each as defined in Note 3), which was determined utilizing a Monte-Carlo model and takes into account our forecasted projections as it relates to the underlying performance of the business. The Monte-Carlo simulation model incorporates assumptions as to expected gross profits over the applicable achievement period, including adjustments for the volatility of timing and amount of the associated revenue and costs, as well as discount rates that account for the risk of the underlying arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the Deferred Purchase Obligation. During the fourth quarter of 2022, we recorded a change in the estimated fair value of the Deferred Purchase Obligation as described in Note 2.v. |
Schedule of changes in accumulated other comprehensive items, net | The changes in Accumulated other comprehensive items, net for the years ended December 31, 2022, 2021 and 2020 are as follows: FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS TOTAL 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) Other comprehensive (loss) income: Foreign currency translation and other adjustments (113,485) — (113,485) Change in fair value of derivative instruments — 9,829 9,829 Total other comprehensive (loss) income (113,485) 9,829 (103,656) Balance as of December 31, 2022 $ (454,509) $ 12,506 $ (442,003) |
Contract with customer, future amortization expense | Estimated amortization expense for Contract Fulfillment Costs is as follows: YEAR ESTIMATED AMORTIZATION 2023 $ 51,785 2024 33,731 2025 14,893 |
Schedule of deferred revenue liabilities | Deferred revenue liabilities are reflected as follows in our Consolidated Balance Sheets: DECEMBER 31, DESCRIPTION LOCATION IN BALANCE SHEET 2022 2021 Deferred revenue - Current Deferred revenue $ 328,910 $ 307,470 Deferred revenue - Long-term Other Long-term Liabilities 32,960 33,691 |
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, 2022, 2021 and 2020 are as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Storage rental revenue (1) $ 372,208 $ 289,592 $ 263,695 (1) Revenue associated with power and connectivity included within storage rental revenue was $130,101, $62,185 and $47,451 for the years ended December 31, 2022, 2021 and 2020, 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 2023 $ 295,489 2024 269,438 2025 220,528 2026 185,368 2027 162,032 |
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, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Stock-based compensation expense $ 56,861 $ 61,001 $ 37,674 Stock-based compensation expense, after tax 52,600 59,243 36,584 |
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, 2022, 2021 and 2020 are as follows: YEAR ENDED DECEMBER 31, WEIGHTED AVERAGE ASSUMPTIONS 2022 2021 2020 Expected volatility (1) 28.0 % 28.3 % 25.4 % Risk-free interest rate (2) 1.72 % 1.45 % 1.45 % Expected dividend yield (3) 5 % 7 % 7 % Expected life (4) 10.0 years 10.0 years 10.0 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, 2022 is as follows: OPTIONS WEIGHTED WEIGHTED AVERAGE AGGREGATE Outstanding at December 31, 2021 4,224,073 $ 36.06 Granted 211,455 49.67 Exercised (208,093) 33.00 Forfeited (1,116) 35.72 Expired — — Outstanding at December 31, 2022 4,226,319 $ 36.89 5.03 $ 54,788 Options exercisable at December 31, 2022 3,531,786 $ 36.49 4.41 $ 47,169 Options expected to vest 694,533 $ 38.88 8.19 $ 7,619 |
Summary of restricted stock and RSU activity | The fair value of RSUs vested during the years ended December 31, 2022, 2021 and 2020, are as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Fair value of RSUs vested $ 27,078 $ 29,332 $ 26,492 A summary of RSU activity for the year ended December 31, 2022 is as follows: RSUs WEIGHTED-AVERAGE Non-vested at December 31, 2021 1,403,633 $ 34.11 Granted 949,413 50.26 Vested (802,454) 33.74 Forfeited (244,477) 38.63 Non-vested at December 31, 2022 1,306,115 $ 43.43 |
Schedule of performance stock units | The fair value of earned PUs that vested during the years ended December 31, 2022, 2021 and 2020, is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Fair value of earned PUs that vested $ 20,059 $ 29,701 $ 11,812 |
Summary of performance unit (PU) activity | A summary of PU activity for the year ended December 31, 2022 is as follows: ORIGINAL PU ADJUSTMENT (1) TOTAL PU WEIGHTED-AVERAGE Non-vested at December 31, 2021 873,235 (541,444) 331,791 $ 44.65 Granted 435,675 — 435,675 52.27 Prior year grant adjustments for performance (1) — 56,894 56,894 36.78 Vested (386,627) — (386,627) 51.88 Forfeited (92,110) — (92,110) 49.61 Non-vested at December 31, 2022 830,173 (484,550) 345,623 $ 45.65 (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 (income) expense, net | Other (income) expense, net for the years ended December 31, 2022, 2021 and 2020 consists of the following: YEAR ENDED DECEMBER 31, 2022 2021 2020 Foreign currency transaction (gains) losses, net (1) $ (61,684) $ (15,753) $ 29,830 Debt extinguishment expense 671 — 68,300 Other, net (2)(3) (8,768) (177,051) 45,415 Other (Income) Expense, Net $ (69,781) $ (192,804) $ 143,545 (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, which were redeemed in 2020, and (iii) certain foreign currency denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested. (2) Other, net for the year ended December 31, 2022 consists primarily of (i) a gain of approximately $93,600 associated with the remeasurement of the Deferred Purchase Obligation to the present value of our best estimate of fair value and (ii) a gain of approximately $35,800 associated with the Clutter Transaction (as defined in Note 5), partially offset by (iii) a loss of approximately $105,800 associated with the OSG Deconsolidation (as defined in Note 4) and (iv) losses on our equity method investments. (3) Other, net for the year ended December 31, 2021 consists primarily of (i) a gain of approximately $179,000 associated with our IPM Divestment (as defined in Note 4) and (ii) 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 (iii) 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, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Net Income (Loss) $ 562,149 $ 452,725 $ 343,096 Less: Net Income (Loss) Attributable to Noncontrolling Interests 5,168 2,506 403 Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) $ 556,981 $ 450,219 $ 342,693 Weighted-average shares—basic 290,812,000 289,457,000 288,183,000 Effect of dilutive potential stock options 1,125,068 645,886 24,903 Effect of dilutive potential RSUs and PUs 507,109 872,204 435,287 Weighted-average shares—diluted 292,444,177 290,975,090 288,643,190 Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $ 1.92 $ 1.56 $ 1.19 Diluted $ 1.90 $ 1.55 $ 1.19 Antidilutive stock options, RSUs and PUs, excluded from the calculation 305,527 1,447,722 5,663,981 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of business acquisition pro forma information | These operating expenditures have been reflected within the results of operations in the Pro Forma Financial Information as if they were incurred on January 1, 2021. YEAR ENDED DECEMBER 31, 2022 2021 Total Revenues $ 5,121,548 $ 4,939,511 Income from Continuing Operations 571,381 391,625 |
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: 2022 2021 2020 ITRENEW OTHER FISCAL YEAR 2022 ACQUISITIONS TOTAL TOTAL TOTAL Cash Paid (gross of cash acquired) (1) $ 749,596 $ 85,170 $ 834,766 $ 224,192 $ 124,614 Fair Value of Noncontrolling Interests — — — 3,878 — Deferred Purchase Obligation, Purchase Price Holdbacks and Other (2) 275,100 13,637 288,737 2,534 — Fair Value of Investments Applied to Acquisitions — — — — 27,276 Total Consideration 1,024,696 98,807 1,123,503 230,604 151,890 Fair Value of Identifiable Assets Acquired and Liabilities Assumed: Cash 30,694 963 31,657 20,194 6,545 Accounts Receivable, Prepaid Expenses and Other Assets 71,612 3,947 75,559 26,911 16,559 Property, Plant and Equipment 7,541 93,722 101,263 150,095 52,021 Customer and Supplier Relationship Intangible Assets (3) 487,600 3,672 491,272 35,181 79,065 Data Center Lease-Based Intangible Assets (4) — 1,442 1,442 9,656 — Other Intangible Assets (5) 47,300 — 47,300 — — Operating Lease Right-of-Use Assets 29,545 3,135 32,680 40,848 100,040 Debt Assumed — — — (9,026) (27,363) Accounts Payable, Accrued Expenses and Other Liabilities (60,157) (2,069) (62,226) (22,733) (19,564) Operating Lease Liabilities (29,545) (3,135) (32,680) (40,848) (100,040) Deferred Income Taxes (100,922) (10,143) (111,065) (7,221) (9,631) Total Fair Value of Identifiable Net Assets Acquired 483,668 91,534 575,202 203,057 97,632 Goodwill Initially Recorded $ 541,028 $ 7,273 $ 548,301 $ 27,547 $ 54,258 (1) Cash paid for acquisitions, net of cash acquired in our Consolidated Statement of Cash Flows includes contingent and other payments of $581, $0 and $512 for the years ended December 31, 2022, 2021 and 2020, respectively, related to acquisitions made in the years prior to 2022, 2021 and 2020, respectively. (2) In 2022, Deferred purchase obligation, purchase price holdbacks and other includes $275,100 related to the original fair value estimate of the Deferred Purchase Obligation for the Remaining Interests and approximately $13,600 of deferred purchase obligation, purchase price holdbacks and other associated with our other business and asset acquisitions completed in 2022. (3) The weighted average lives of customer and supplier relationship intangible assets associated with acquisitions in 2022, 2021 and 2020 was 12 years, 11 years and 14 years, respectively. (4) The weighted average lives of data center Iease-based intangible assets associated with acquisitions in 2022 and 2021 was four years and five years, respectively. (5) The weighted average lives of other intangible assets associated with acquisitions in 2022 was five years. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Schedule of equity method investments | The carrying values and equity interests in our joint ventures at December 31, 2022 and 2021 are as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 CARRYING VALUE EQUITY INTEREST CARRYING VALUE EQUITY INTEREST Web Werks JV $ 98,278 53.58 % $ 51,140 38.50 % Frankfurt JV 37,194 20.00 % 26,167 20.00 % MakeSpace JV — — % 30,154 49.99 % Clutter JV 54,172 26.73 % — — % |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | Net assets (liabilities) recognized in our Consolidated Balance Sheets as of December 31, 2022 and 2021, by derivative instrument, are as follows: DERIVATIVE INSTRUMENTS (1) DECEMBER 31, 2022 DECEMBER 31, 2021 Cash Flow Hedges (2) March 2024 Interest Rate Swap Agreements $ 12,915 $ (7,680) October 2025 Interest Rate Swap Agreement (409) — Net Investment Hedges (3) August 2023 Cross Currency Swap Agreements 2,526 (664) February 2026 Cross Currency Swap Agreements 35,875 11,021 (1) Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) 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, 2022, $2,606 is included within Prepaid expenses and other, $48,790 is included within Other assets, and $489 is included within Other long-term liabilities. 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. (2) As of December 31, 2022, cumulative net gains of $12,506 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements. (3) As of December 31, 2022, cumulative net gains of $38,401 are recorded within Accumulated other comprehensive items, net associated with these cross-currency swap agreements. These cumulative net gains are offset by $9,100 related to the excluded component of our cross-currency swap agreements. |
Schedule of gains (losses) for derivative instruments | Unrealized gains (losses), a component of Accumulated other comprehensive items, net, recognized during the years ending December 31, 2022, 2021 and 2020, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENTS 2022 2021 2020 Cash Flow Hedges March 2024 Interest Rate Swap Agreements $ 20,595 $ 13,382 $ (12,288) October 2025 Interest Rate Swap Agreement (409) — — Net Investment Hedges August 2023 Cross Currency Swap Agreements 3,190 7,565 (7,247) February 2026 Cross Currency Swap Agreements 24,854 31,433 (20,412) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Amount and Fair Value of Long-term Debt Instruments | Long-term debt is as follows: DECEMBER 31, 2022 DECEMBER 31, 2021 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) $ 1,072,200 $ (6,790) $ 1,065,410 $ 1,072,200 $ — $ (5,174) $ (5,174) $ — Term Loan A (1) 240,625 — 240,625 240,625 203,125 — 203,125 203,125 Term Loan B (1)(2) 666,073 (3,747) 662,326 666,750 672,847 (4,995) 667,852 675,500 Australian Dollar Term Loan (3)(4) 202,641 (633) 202,008 204,623 223,182 (656) 222,526 223,530 UK Bilateral Revolving Credit Facility (4) 169,361 — 169,361 169,361 189,168 (709) 188,459 189,168 3 7 / 8 % GBP Senior Notes due 2025 (the "GBP Notes") (5)(7)(8) 483,888 (2,589) 481,299 445,206 540,481 (3,912) 536,569 542,508 4 7 / 8 % Senior Notes due 2027 (the “4 7 / 8 % Notes due 2027") (5)(6)(7) 1,000,000 (6,754) 993,246 917,500 1,000,000 (8,176) 991,824 1,030,000 5 1 / 4 % Senior Notes due 2028 (the “5 1 / 4 % Notes due 2028") (5)(6)(7) 825,000 (6,200) 818,800 754,875 825,000 (7,380) 817,620 862,125 5% Senior Notes due 2028 (the “5% Notes due 2028") (5)(6)(7) 500,000 (4,039) 495,961 450,000 500,000 (4,763) 495,237 513,750 4 7 / 8 % Senior Notes due 2029 (the “4 7 / 8 % Notes due 2029") (5)(6)(7) 1,000,000 (9,764) 990,236 865,000 1,000,000 (11,211) 988,789 1,022,500 5 1 / 4 % Senior Notes due 2030 (the “5 1 / 4 % Notes due 2030") (5)(6)(7) 1,300,000 (11,407) 1,288,593 1,111,500 1,300,000 (12,911) 1,287,089 1,355,250 4 1 / 2 % Senior Notes due 2031 (the “4 1 / 2 % Notes") (5)(6)(7) 1,100,000 (10,161) 1,089,839 891,000 1,100,000 (11,404) 1,088,596 1,094,500 5% Senior Notes due 2032 (the “5% Notes due 2032") (5)(7)(9) 750,000 (12,511) 737,489 622,500 750,000 (13,782) 736,218 767,813 5 5 / 8 % Senior Notes due 2032 (the “5 5 / 8 % Notes") (5)(6)(7) 600,000 (5,566) 594,434 520,500 600,000 (6,147) 593,853 637,500 Real Estate Mortgages, Financing Lease Liabilities and Other (10) 425,777 (578) 425,199 425,777 460,648 (840) 459,808 460,648 Accounts Receivable Securitization Program (11) 314,700 (531) 314,169 314,700 — (450) (450) — Total Long-term Debt 10,650,265 (81,270) 10,568,995 9,364,451 (92,510) 9,271,941 Less Current Portion (87,546) — (87,546) (310,084) 656 (309,428) Long-term Debt, Net of Current Portion $ 10,562,719 $ (81,270) $ 10,481,449 $ 9,054,367 $ (91,854) $ 8,962,513 (1) The capital stock or other equity interests of our United States subsidiaries representing the substantial majority of our US operations, 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 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 Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.p.) 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, 2022 and 2021. (2) The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $677 and $903 as of December 31, 2022 and 2021, respectively. (3) The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,982 and $348 as of December 31, 2022 and 2021, respectively. (4) The fair value (Level 3 of fair value hierarchy described at Note 2.p.) 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.p.) of these debt instruments are based on quoted market prices for these notes on December 31, 2022 and 2021, 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 United States subsidiaries that represent the substantial majority of our United States operations (the "Note Guarantors"). These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. (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 Note Guarantors. These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the GBP Notes. (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 Note Guarantors. These guarantees are joint and several obligations of IMI and the Note Guarantors. The remainder of our subsidiaries do not guarantee the 5% Notes due 2032. (10) We believe the fair value (Level 3 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value. This debt includes the following: DECEMBER 31, 2022 DECEMBER 31, 2021 Real estate mortgages (1) $ 58,355 $ 58,933 Financing lease liabilities (2) 332,905 356,729 Other notes and other obligations (3) 34,517 44,986 $ 425,777 $ 460,648 (1) Bear interest at approximately 3.6% at both December 31, 2022 and 2021, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2022 and 2021. (2) Bear a weighted average interest rate of 5.2% and 5.9% at December 31, 2022 and 2021. (3) These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 10.1% and 10.7% at December 31, 2022 and 2021. |
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 |
Schedule of Maturities of Long-term Debt | MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS: YEAR AMOUNT 2023 $ 87,546 2024 249,423 2025 920,142 2026 923,943 2027 2,278,061 Thereafter 6,193,809 10,652,924 Net Discounts (2,659) Net Deferred Financing Costs (81,270) Total Long-term Debt (including current portion) $ 10,568,995 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual obligations related to purchase commitments | We have certain contractual obligations related to purchase commitments which require minimum payments as follows: YEAR PURCHASE COMMITMENTS (1) 2023 $ 528,818 2024 222,189 2025 104,788 2026 13,760 2027 132,045 Thereafter 3,893 $ 1,005,493 (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 2023 and (ii) exclude our operating and financing lease obligations (see Note 2.j.) and our deferred purchase obligations (see Note 2.p.). |
Stockholders' Equity Matters (T
Stockholders' Equity Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Dividends Declared and Payments | In 2020, 2021 and 2022, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND RECORD DATE TOTAL AMOUNT PAYMENT DATE 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 February 24, 2022 0.6185 March 15, 2022 179,661 April 6, 2022 April 28, 2022 0.6185 June 15, 2022 179,781 July 6, 2022 August 4, 2022 0.6185 September 15, 2022 179,790 October 4, 2022 November 3, 2022 0.6185 December 15, 2022 179,866 January 5, 2023 During the years ended December 31, 2022, 2021 and 2020, 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, 2022 2021 2020 Declared distributions $ 719,098 $ 715,807 $ 712,773 Amount per share each distribution represents based on weighted average number of common shares outstanding 2.47 2.47 2.47 |
Schedule of Classification of Dividends Paid | For the years ended December 31, 2022, 2021 and 2020, the dividends we paid on our common shares were classified as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Nonqualified ordinary dividends 90.4 % 53.9 % 43.0 % Qualified ordinary dividends — % 13.0 % 0.0 % Capital gains 9.6 % 21.8 % 49.5 % Return of capital — % 11.3 % 7.5 % 100.0 % 100.0 % 100.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 are presented below: DECEMBER 31, 2022 2021 Deferred Tax Assets: Accrued liabilities and other adjustments $ 80,159 $ 54,859 Net operating loss carryforwards 97,161 90,996 Valuation allowance (47,514) (51,744) 129,806 94,111 Deferred Tax Liabilities: Other assets, principally due to differences in amortization (243,150) (178,657) Plant and equipment, principally due to differences in depreciation (78,486) (76,204) Other (52,786) (46,281) (374,422) (301,142) Net deferred tax liability $ (244,616) $ (207,031) The deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021 are presented below: DECEMBER 31, 2022 2021 Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) $ 18,389 $ 16,903 Deferred income taxes (263,005) (223,934) |
Roll forward of Valuation allowance | Rollforward of the valuation allowance is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF (CREDITED) CHARGED TO OTHER (DECREASES)/ INCREASES (1) BALANCE 2022 $ 51,744 $ (1,333) $ (2,897) $ 47,514 2021 46,938 8,406 (3,600) 51,744 2020 60,003 (8,337) (4,728) 46,938 (1) Other decreases and increases 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 net income (loss) before provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020 are as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 United States $ 449,241 $ 212,460 $ 276,145 Canada 103,826 78,780 52,332 Other Foreign 78,571 337,775 44,228 Net income (loss) before provision (benefit) for income taxes $ 631,638 $ 629,015 $ 372,705 |
Provision (benefit) for income taxes | The provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020 consist of the following components: YEAR ENDED DECEMBER 31, 2022 2021 2020 Federal—current $ 24,331 $ 54,867 $ (10,424) Federal—deferred (30,581) 14,322 8,834 State—current 8,553 9,566 2,956 State—deferred (3,728) (526) (625) Foreign—current 92,525 83,154 50,063 Foreign—deferred (21,611) 14,907 (21,195) Provision (Benefit) for Income Taxes $ 69,489 $ 176,290 $ 29,609 |
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 net income (loss) before provision (benefit) for income taxes for the years ended December 31, 2022, 2021 and 2020, respectively, is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Computed "expected" tax provision $ 132,644 $ 132,093 $ 78,268 Changes in income taxes resulting from: Tax adjustment relating to REIT (82,620) (8,203) (60,378) State taxes (net of federal tax benefit) 4,043 8,027 2,258 (Decrease) increase in valuation allowance (net operating losses) (1,333) 8,406 (8,337) Withholding taxes 10,600 23,654 6,835 Reserve (reversal) accrual and audit settlements (net of federal tax benefit) 40 3,072 (7,409) Remeasurement of the Deferred Purchase Obligation (19,656) — — Foreign tax rate differential 22,227 9,856 9,472 Disallowed foreign interest, Subpart F income, and other foreign taxes 2,820 (3,437) 13,407 Other, net 724 2,822 (4,507) Provision (Benefit) for Income Taxes $ 69,489 $ 176,290 $ 29,609 The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were: YEAR ENDED DECEMBER 31, 2022 2021 2020 The benefits derived from the dividends paid deduction of $82,620 and the differences in the tax rates to which our foreign earnings are subject of $22,227. In addition, there were gains and losses recorded in Other (income) expense, net and Gain (loss) on disposal/write-down of property, plant and equipment, net during the period for which there were insignificant tax impacts. The benefit derived from the dividends paid deduction of $8,203 which was offset by (i) 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 (ii) 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. |
Rollforward of unrecognized tax benefits | A rollforward of unrecognized tax benefits is as follows: Gross tax contingencies—January 1, 2020 $ 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 Gross additions based on tax positions related to the current year 2,271 Gross additions for tax positions of prior years 723 Gross reductions for tax positions of prior years (1,866) Acquired unrecognized tax benefits 1,354 Lapses of statutes (2,501) Gross tax contingencies—December 31, 2022 $ 27,753 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Total Revenues $ 4,295,115 $ 401,125 $ 407,334 $ 5,103,574 Storage Rental 2,606,721 372,208 55,094 3,034,023 Service 1,688,394 28,917 352,240 2,069,551 Depreciation and Amortization 469,419 140,028 118,148 727,595 Depreciation 308,207 103,953 66,824 478,984 Amortization 161,212 36,075 51,324 248,611 Adjusted EBITDA 1,887,589 175,622 (236,154) 1,827,057 Total Assets (1) 10,654,650 3,752,088 1,733,776 16,140,514 Expenditures for Segment Assets 303,342 650,534 803,733 1,757,609 Capital Expenditures 246,216 551,232 77,930 875,378 Cash Paid for Acquisitions, Net of Cash Acquired (23) 78,103 725,610 803,690 Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs 57,149 21,199 193 78,541 As of and for the Year Ended December 31, 2021 Total Revenues $ 3,994,988 $ 326,898 $ 169,645 $ 4,491,531 Storage Rental 2,517,208 289,592 63,319 2,870,119 Service 1,477,780 37,306 106,326 1,621,412 Depreciation and Amortization 477,713 148,023 54,686 680,422 Depreciation 320,451 93,679 50,942 465,072 Amortization 157,262 54,344 3,744 215,350 Adjusted EBITDA 1,709,525 137,349 (212,175) 1,634,699 Total Assets (1) 11,101,557 2,911,823 436,651 14,450,031 Expenditures for Segment Assets 369,749 422,274 94,875 886,898 Capital Expenditures 213,395 320,768 76,919 611,082 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 $ 3,748,604 $ 279,312 $ 119,354 $ 4,147,270 Storage Rental 2,416,147 263,695 74,249 2,754,091 Service 1,332,457 15,617 45,105 1,393,179 Depreciation and Amortization 464,745 134,844 52,480 652,069 Depreciation 316,575 83,106 47,881 447,562 Amortization 148,170 51,738 4,599 204,507 Adjusted EBITDA 1,565,941 126,576 (216,796) 1,475,721 Total Assets (1) 11,015,684 2,727,654 405,929 14,149,267 Expenditures for Segment Assets 352,745 249,459 29,650 631,854 Capital Expenditures 164,914 243,699 29,650 438,263 Cash Paid for Acquisitions, Net of Cash Acquired 118,581 — — 118,581 Acquisitions of Customer Relationships, Customer Inducements, Contract Fulfillment Costs and third-party commissions 69,250 5,760 — 75,010 (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 Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the years ended December 31, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Net Income (Loss) $ 562,149 $ 452,725 $ 343,096 Add/(Deduct): Interest expense, net 488,014 417,961 418,535 Provision (benefit) for income taxes 69,489 176,290 29,609 Depreciation and amortization 727,595 680,422 652,069 Acquisition and Integration Costs 47,746 12,764 — Restructuring and other transformation 41,933 206,426 194,396 Intangible impairments — — 23,000 (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) (93,268) (172,041) (363,537) Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures (1) (83,268) (205,746) 133,611 Stock-based compensation expense 56,861 61,001 34,272 COVID-19 Costs (2) — — 9,285 Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 9,806 4,897 1,385 Adjusted EBITDA $ 1,827,057 $ 1,634,699 $ 1,475,721 (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, in 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, 2022, 2021 and 2020 is as follows: YEAR ENDED DECEMBER 31, 2022 2021 2020 Revenues: United States $ 3,262,755 $ 2,713,147 $ 2,577,084 United Kingdom 332,556 294,675 247,667 Canada 270,836 252,385 224,860 Australia 144,840 148,431 133,815 Remaining Countries 1,092,587 1,082,893 963,844 Long-lived Assets: United States $ 8,925,643 $ 7,867,841 $ 7,818,059 United Kingdom 1,062,641 914,732 838,491 Canada 514,777 562,911 556,120 Australia 490,172 528,703 575,862 Remaining Countries 3,600,136 3,134,577 3,090,948 |
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, 2022, 2021 and 2020 is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL For the Year Ended December 31, 2022 Records Management (1) $ 3,287,237 $ — $ 137,845 $ 3,425,082 Data Management (1) 510,107 — 185 510,292 Information Destruction (1)(2)(3) 497,771 — 269,304 767,075 Data Center (1) — 401,125 — 401,125 For the Year Ended December 31, 2021 Records Management (1) $ 3,074,605 $ — $ 125,571 $ 3,200,176 Data Management (1) 529,416 — — 529,416 Information Destruction (1)(2)(3) 390,967 — 44,074 435,041 Data Center (1) — 326,898 — 326,898 For the Year Ended December 31, 2020 Records Management (1) $ 2,852,296 $ — $ 101,975 $ 2,954,271 Data Management (1) 554,901 — — 554,901 Information Destruction (1)(2)(3) 341,407 — 17,379 358,786 Data Center (1) — 279,312 — 279,312 (1) Each of these offerings has a component of revenue that is storage rental related and a component that is service revenue, except for information destruction, which does not have a storage rental component. (2) Information destruction revenue for our Global RIM Business includes secure shredding services. (3) Information destruction revenue for Corporate and Other includes product revenue from ITRenew. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Revenue Recognized | Revenue recognized in the accompanying Consolidated Statements of Operations under these agreements for the years ended December 31, 2022, 2021 and 2020 is as follows (approximately): YEAR ENDED DECEMBER 31, 2022 2021 2020 Frankfurt JV Agreements (1) $ 15,000 $ 19,600 $ 400 MakeSpace Agreement and Clutter Agreement (2) 28,500 34,700 33,600 (1) Revenues and expenses associated with the Frankfurt JV Agreements are presented as a component of our Global Data Center Business segment. |
Restructuring and Other Trans_2
Restructuring and Other Transformation Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring | Restructuring and other transformation related to Project Matterhorn included in the accompanying Consolidated Statement of Operations for the year ended December 31, 2022, is as follows: YEAR ENDED Restructuring $ 13,292 Other transformation 28,641 Restructuring and other transformation $ 41,933 Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statement of Operations, by segment for the year ended December 31, 2022 are as follows: YEAR ENDED Global RIM Business $ 13,083 Global Data Center Business — Corporate and Other 209 Total restructuring costs $ 13,292 Restructuring costs for Project Summit are included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations for the years ended December 31, 2021 and 2020, and from the inception of Project Summit through December 31, 2021 is as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 FROM INCEPTION OF PROJECT SUMMIT THROUGH Employee severance $ 22,809 $ 47,349 $ 91,008 Professional fees and other 183,617 147,047 358,411 Total restructuring costs $ 206,426 $ 194,396 $ 449,419 As Project Summit was completed as of December 31, 2021, there were no restructuring costs for Project Summit for the year ended December 31, 2022. Restructuring costs for Project Summit included in the accompanying Consolidated Statements of Operations by segment for the years ended December 31, 2021, and 2020 are as follows: YEAR ENDED DECEMBER 31, 2021 YEAR ENDED DECEMBER 31, 2020 FROM INCEPTION OF PROJECT SUMMIT THROUGH Global RIM Business $ 59,033 $ 67,140 $ 148,073 Global Data Center Business 3,062 1,632 5,000 Corporate and Other 144,331 125,624 296,346 Total restructuring costs $ 206,426 $ 194,396 $ 449,419 A rollforward of the accrued restructuring costs, which is included as a component of Accrued expenses and other current liabilities in our Consolidated Balance Sheets for December 31, 2021 through December 31, 2022, is as follows: EMPLOYEE SEVERANCE PROFESSIONAL FEES AND OTHER TOTAL ACCRUED RESTRUCTURING COSTS 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 Payments (11,989) (7,728) (19,717) Balance as of December 31, 2022 $ — $ — $ — |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF THE YEAR | $ 62,009 | $ 56,981 | $ 42,856 |
CREDIT MEMOS CHARGED TO REVENUE | 62,891 | 47,931 | 55,118 |
ALLOWANCE FOR BAD DEBTS CHARGED TO EXPENSE | 13,666 | 26,896 | 34,411 |
DEDUCTIONS AND OTHER | (84,423) | (69,799) | (75,404) |
BALANCE AT END OF THE YEAR | $ 54,143 | $ 62,009 | $ 56,981 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Inventory (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Inventory | $ 11,726,000 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Cash and Cash Equivalents [Line Items] | |
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% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Prepaid Expenses and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | |||
Prepaid expenses | $ 114,130 | $ 109,478 | |
Interest | 128,272 | 124,764 | |
Dividends Payable | 194,272 | 190,559 | $ 187,867 |
Operating lease liabilities | 288,738 | 259,597 | |
Other | 420,628 | 457,617 | |
Accrued expenses | $ 1,031,910 | $ 1,032,537 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 9,025,765 | $ 8,647,303 | |
Capitalized interest | 14,078 | 12,673 | $ 14,321 |
Capitalized costs associated with the development of internal use computer software projects | 44,152 | 48,557 | $ 38,329 |
Asset retirement obligations | 36,119 | 36,493 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 486,715 | 372,411 | |
Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 3,336,778 | 3,391,143 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,079,419 | 1,054,757 | |
Racking | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 2,058,054 | 2,075,473 | |
Warehouse equipment/vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 493,128 | 494,464 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 49,610 | 50,692 | |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 585,792 | 823,649 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 936,269 | $ 384,714 | |
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_9
Summary of Significant Accounting Policies - Leases Narrative (Details) | Dec. 31, 2022 USD ($) lease renewal_option |
Lessee, Lease, Description [Line Items] | |
Renewal option | renewal_option | 1 |
Number of leases not yet commenced | lease | 10 |
Total undiscounted lease payment | $ | $ 270,023 |
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 | 15 years |
Maximum | Vehicle And Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term | 7 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Operating lease right-of-use assets | $ 2,583,704 | $ 2,314,422 |
Financing lease right-of-use assets, net of accumulated depreciation | 251,690 | 298,049 |
Current | ||
Operating lease liabilities | 288,738 | 259,597 |
Financing lease liabilities | 43,857 | 41,168 |
Long-term | ||
Operating lease liabilities | 2,429,167 | 2,171,472 |
Financing lease liabilities | $ 289,048 | $ 315,561 |
Operating lease, right-of-use asset, real estate assets, percent | 99% | 99% |
Operating lease, right-of-use asset, non-real estate assets, percent | 1% | 1% |
Finance lease, right-of-use asset, real estate assets, percent | 64% | 69% |
Finance lease, right-of-use asset, non-real estate assets, percent | 36% | 31% |
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_11
Summary of Significant Accounting Policies - Leases Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Operating lease cost | $ 574,115 | $ 545,097 | $ 499,464 |
Depreciation of financing lease right-of-use assets | 42,708 | 50,970 | 51,629 |
Interest expense for financing lease liabilities | 17,329 | 19,808 | 19,942 |
Variable lease costs | $ 119,184 | $ 111,949 | $ 111,501 |
Operating leases, Remaining Lease Term | 11 years 3 months 18 days | 10 years 10 months 24 days | |
Finance leases, Remaining Lease Term | 10 years 7 months 6 days | 10 years 10 months 24 days | |
Operating leases, Discount Rate | 6.40% | 6.60% | |
Financing leases, Discount Rate | 5.80% | 5.90% |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Estimated Future Lease Payments and Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases, Operating [Abstract] | ||
2023 | $ 435,386 | |
2024 | 417,058 | |
2025 | 392,117 | |
2026 | 360,684 | |
2027 | 335,269 | |
Thereafter | 1,962,941 | |
Total minimum lease payments (receipts) | 3,903,455 | |
Less amounts representing interest or imputed interest | 1,185,550 | |
Present value of lease obligations | 2,717,905 | |
Lessee, Finance Sublease, Description [Abstract] | ||
2023 | (9,499) | |
2024 | (5,766) | |
2025 | (3,243) | |
2026 | (2,528) | |
2027 | (3,521) | |
Thereafter | 0 | |
Total minimum lease payments (receipts) | (24,557) | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2023 | 52,340 | |
2024 | 46,244 | |
2025 | 119,130 | |
2026 | 31,232 | |
2027 | 15,778 | |
Thereafter | 144,701 | |
Total minimum lease payments (receipts) | 409,425 | |
Less amounts representing interest or imputed interest | 76,520 | |
Present value of lease obligations | $ 332,905 | $ 356,729 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Operating cash flows used in operating leases | $ 409,163 | $ 392,987 | $ 360,088 |
Operating cash flows used in financing leases (interest) | 17,329 | 19,808 | 19,942 |
Financing cash flows used in financing leases | 44,869 | 46,118 | 47,829 |
Operating lease modifications and reassessments | 179,094 | 144,310 | 143,382 |
New operating leases (including acquisitions and sale-leaseback transactions) | $ 540,830 | $ 282,490 | $ 370,011 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Long Lived Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) parcelOfLand facility | Sep. 30, 2022 USD ($) facility | Jun. 30, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Jun. 30, 2021 USD ($) facility | Dec. 31, 2020 USD ($) facility | Sep. 30, 2020 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on disposal/write-down of property, plant and equipment, net | $ 93,268 | $ 172,041 | $ 363,537 | |||||||
Sale and sale-leaseback transactions | 94,500 | 164,000 | 342,100 | |||||||
Intangible impairments | $ 0 | $ 0 | 23,000 | |||||||
Frankfurt JV | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain associated with Clutter Transaction | $ 24,100 | |||||||||
11 Facilities and Parcels of Land In The United States | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Sale and sale-leaseback transactions | $ 49,000 | |||||||||
Number of facilities | facility | 11 | |||||||||
2 Facilities In The US and 1 In Canada | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Sale and sale-leaseback transactions | $ 17,000 | |||||||||
2 Facilities In The US and 1 In Canada | United States | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of facilities | facility | 2 | |||||||||
2 Facilities In The US and 1 In Canada | Canada | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of facilities | facility | 1 | |||||||||
12 Facilities In The US, 1 Parcel Of Land In The US And 1 Facility In The UK | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Sale and sale-leaseback transactions | $ 28,500 | |||||||||
12 Facilities In The US, 1 Parcel Of Land In The US And 1 Facility In The UK | United States | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of facilities | facility | 12 | |||||||||
Number of parcel of land | parcelOfLand | 1 | |||||||||
12 Facilities In The US, 1 Parcel Of Land In The US And 1 Facility In The UK | United Kingdom | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of facilities | facility | 1 | |||||||||
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 | |||||||||
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 | facility | 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 | facility | 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 |
Summary of Significant Accou_15
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||||
Intangible impairments | $ 23,000 | $ 0 | $ 0 | $ 23,000 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - Schedule of Carrying Value of Goodwill, by Reporting Unit (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill | |||
Goodwill | $ 4,882,734 | $ 4,463,531 | $ 4,557,609 |
GLOBAL RIM BUSINESS | |||
Goodwill | |||
Goodwill | 3,852,946 | 3,972,852 | 4,022,641 |
GLOBAL RIM BUSINESS | North America RIM | |||
Goodwill | |||
Goodwill | 2,667,400 | 2,720,049 | |
GLOBAL RIM BUSINESS | Europe RIM | |||
Goodwill | |||
Goodwill | 624,502 | ||
GLOBAL RIM BUSINESS | ESA RIM | |||
Goodwill | |||
Goodwill | 521,949 | ||
GLOBAL RIM BUSINESS | MENAT RIM | |||
Goodwill | |||
Goodwill | 25,007 | ||
GLOBAL RIM BUSINESS | Latin America RIM | |||
Goodwill | |||
Goodwill | 109,069 | 107,174 | |
GLOBAL RIM BUSINESS | APAC RIM | |||
Goodwill | |||
Goodwill | 497,792 | ||
GLOBAL RIM BUSINESS | ANZ RIM | |||
Goodwill | |||
Goodwill | 284,042 | ||
GLOBAL RIM BUSINESS | Asia RIM | |||
Goodwill | |||
Goodwill | 240,494 | ||
GLOBAL RIM BUSINESS | Entertainment Services | |||
Goodwill | |||
Goodwill | 31,729 | ||
GLOBAL DATA CENTER BUSINESS | |||
Goodwill | |||
Goodwill | 418,502 | 426,074 | 436,987 |
GLOBAL DATA CENTER BUSINESS | Global Data Center | |||
Goodwill | |||
Goodwill | 418,502 | 426,074 | |
CORPORATE AND OTHER | |||
Goodwill | |||
Goodwill | 611,286 | 64,605 | $ 97,981 |
CORPORATE AND OTHER | Fine Arts | |||
Goodwill | |||
Goodwill | 33,908 | 27,905 | |
CORPORATE AND OTHER | Entertainment Services | |||
Goodwill | |||
Goodwill | $ 33,291 | ||
CORPORATE AND OTHER | ALM | |||
Goodwill | |||
Goodwill | $ 577,378 |
Summary of Significant Accou_17
Summary of Significant Accounting Policies - Schedule of Changes in Carrying Value of Goodwill, by Reportable Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | $ 4,463,531 | $ 4,557,609 |
Deductible goodwill acquired during the year | 912 | |
Non-tax deductible goodwill acquired during the year | 547,389 | 27,547 |
Goodwill allocated to IPM Divestment | (46,105) | |
Fair value and other adjustments | (11,815) | (7,359) |
Currency effects | (117,283) | (68,161) |
Ending balance | 4,882,734 | 4,463,531 |
Accumulated goodwill impairment | 158,420 | 158,420 |
GLOBAL RIM BUSINESS | ||
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | 3,972,852 | 4,022,641 |
Deductible goodwill acquired during the year | 0 | |
Non-tax deductible goodwill acquired during the year | 696 | 14,406 |
Goodwill allocated to IPM Divestment | 0 | |
Fair value and other adjustments | (12,199) | (6,091) |
Currency effects | (108,403) | (58,104) |
Ending balance | 3,852,946 | 3,972,852 |
Accumulated goodwill impairment | 132,409 | 132,409 |
GLOBAL DATA CENTER BUSINESS | ||
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | 426,074 | 436,987 |
Deductible goodwill acquired during the year | 0 | |
Non-tax deductible goodwill acquired during the year | 0 | 0 |
Goodwill allocated to IPM Divestment | 0 | |
Fair value and other adjustments | 0 | 0 |
Currency effects | (7,572) | (10,913) |
Ending balance | 418,502 | 426,074 |
Accumulated goodwill impairment | 0 | 0 |
CORPORATE AND OTHER | ||
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | 64,605 | 97,981 |
Deductible goodwill acquired during the year | 912 | |
Non-tax deductible goodwill acquired during the year | 546,693 | 13,141 |
Goodwill allocated to IPM Divestment | (46,105) | |
Fair value and other adjustments | 384 | (1,268) |
Currency effects | (1,308) | 856 |
Ending balance | 611,286 | 64,605 |
Accumulated goodwill impairment | $ 26,011 | $ 26,011 |
Summary of Significant Accou_18
Summary of Significant Accounting Policies - Customer Relationships and Acquisition Costs and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortizable intangible assets | |||
Amortization | $ 248,611 | $ 215,350 | $ 204,507 |
Included in Depreciation and Amortization | |||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | |||
2023 | 181,866 | ||
2024 | 177,512 | ||
2025 | 175,963 | ||
2026 | 146,812 | ||
2027 | 124,434 | ||
Thereafter | 648,895 | ||
Customer and supplier relationship intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 2,162,154 | 1,835,949 | |
ACCUMULATED AMORTIZATION | (823,392) | (763,943) | |
NET CARRYING AMOUNT | 1,338,762 | 1,072,006 | |
Amortization | $ 156,779 | 117,761 | 117,514 |
Customer and supplier relationship intangible assets | Minimum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 10 years | ||
Customer and supplier relationship intangible assets | Maximum | |||
Amortizable intangible assets | |||
Useful life of finite-lived intangible assets | 30 years | ||
Customer Inducements | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | $ 47,794 | 51,403 | |
ACCUMULATED AMORTIZATION | (26,158) | (28,400) | |
NET CARRYING AMOUNT | $ 21,636 | 23,003 | |
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 | ||
Data center in-place leases and tenant relationships | |||
Amortizable intangible assets | |||
Amortization | $ 16,955 | 42,333 | 42,637 |
Data center lease-based intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 272,649 | 278,904 | |
ACCUMULATED AMORTIZATION | (209,902) | (192,870) | |
NET CARRYING AMOUNT | 62,747 | 86,034 | |
GROSS CARRYING AMOUNT | 12,831 | 12,782 | |
ACCUMULATED AMORTIZATION | (7,806) | (6,923) | |
NET CARRYING AMOUNT | 5,025 | 5,859 | |
Third-party commissions asset and other finite-lived intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 83,297 | 33,947 | |
ACCUMULATED AMORTIZATION | (28,581) | (13,716) | |
NET CARRYING AMOUNT | 54,716 | 20,231 | |
Amortization | 16,148 | 6,987 | 7,004 |
Customer inducements and data center above-market and below-market leases | |||
Amortizable intangible assets | |||
Amortization | 8,119 | $ 8,852 | $ 9,878 |
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 | |||
2023 | 6,198 | ||
2024 | 3,997 | ||
2025 | 2,504 | ||
2026 | 1,909 | ||
2027 | 1,299 | ||
Thereafter | $ 1,447 |
Summary of Significant Accou_19
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets and liabilities carried at fair value measured on a recurring basis | |||
Deferred purchase obligation | $ 193,033 | $ 0 | $ 0 |
Fair Value, Measurements, Recurring | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Trading Securities | 9,426 | 11,062 | |
Derivative asset | 0 | 0 | |
Derivative liability | 0 | 0 | |
Deferred purchase obligation | 0 | ||
Fair Value, Measurements, Recurring | 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 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Trading Securities | 36 | 85 | |
Derivative asset | 51,396 | 11,021 | |
Derivative liability | 489 | 8,344 | |
Deferred purchase obligation | 0 | ||
Fair Value, Measurements, Recurring | 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 | 11,311 | 101,022 | |
Fair Value, Measurements, Recurring | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Time Deposits | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Cash and cash equivalents | 1,102 | 2,238 | |
Fair Value, Measurements, Recurring | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Trading Securities | 0 | 0 | |
Derivative asset | 0 | 0 | |
Derivative liability | 0 | 0 | |
Deferred purchase obligation | 193,033 | ||
Fair Value, Measurements, Recurring | 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 | |
Fair Value, Measurements, Recurring | 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 | |
Fair Value, Measurements, Recurring | Estimated Fair Value | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Trading Securities | 9,462 | 11,147 | |
Derivative asset | 51,396 | 11,021 | |
Derivative liability | 489 | 8,344 | |
Deferred purchase obligation | 193,033 | ||
Fair Value, Measurements, Recurring | Estimated Fair Value | Money Market Funds | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Cash and cash equivalents | 11,311 | 101,022 | |
Fair Value, Measurements, Recurring | Estimated Fair Value | Time Deposits | |||
Assets and liabilities carried at fair value measured on a recurring basis | |||
Cash and cash equivalents | $ 1,102 | $ 2,238 |
Summary of Significant Accou_20
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | $ 857,068 | $ 1,136,729 | $ 1,464,227 |
Other comprehensive (loss) income: | |||
Foreign currency translation and other adjustments | (113,485) | (134,834) | 46,635 |
Change in fair value of derivative instruments | 9,829 | 52,380 | (39,947) |
Total other comprehensive income (loss) | (103,656) | (82,454) | 6,688 |
Stockholders' equity, ending balance | 636,793 | 857,068 | 1,136,729 |
FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | (341,024) | (206,190) | (252,825) |
Other comprehensive (loss) income: | |||
Foreign currency translation and other adjustments | (113,485) | (134,834) | 46,635 |
Change in fair value of derivative instruments | 0 | 0 | 0 |
Total other comprehensive income (loss) | (113,485) | (134,834) | 46,635 |
Stockholders' equity, ending balance | (454,509) | (341,024) | (206,190) |
CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | 2,677 | (49,703) | (9,756) |
Other comprehensive (loss) income: | |||
Foreign currency translation and other adjustments | 0 | 0 | 0 |
Change in fair value of derivative instruments | 9,829 | 52,380 | (39,947) |
Total other comprehensive income (loss) | 9,829 | 52,380 | (39,947) |
Stockholders' equity, ending balance | 12,506 | 2,677 | (49,703) |
TOTAL | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | (338,347) | (255,893) | (262,581) |
Other comprehensive (loss) income: | |||
Stockholders' equity, ending balance | $ (442,003) | $ (338,347) | $ (255,893) |
Summary of Significant Accou_21
Summary of Significant Accounting Policies - Revenue - Contract Fulfillment Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intake Costs asset | ||
Capitalized Contract Cost [Line Items] | ||
GROSS CARRYING AMOUNT | $ 68,345 | $ 71,336 |
ACCUMULATED AMORTIZATION | (42,132) | (42,678) |
NET CARRYING AMOUNT | 26,213 | 28,658 |
Commissions asset | ||
Capitalized Contract Cost [Line Items] | ||
GROSS CARRYING AMOUNT | 133,145 | 114,791 |
ACCUMULATED AMORTIZATION | (58,949) | (50,553) |
NET CARRYING AMOUNT | $ 74,196 | $ 64,238 |
Summary of Significant Accou_22
Summary of Significant Accounting Policies - Revenue - Amortization Expense Associated with Commissions Asset and Intake Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intake Costs asset | |||
Capitalized Contract Cost [Line Items] | |||
Amortization expense | $ 18,117 | $ 17,530 | $ 13,300 |
Commissions asset | |||
Capitalized Contract Cost [Line Items] | |||
Amortization expense | $ 40,612 | $ 30,739 | $ 24,052 |
Summary of Significant Accou_23
Summary of Significant Accounting Policies - Revenue - Estimated Amortization Expense for Contract Fulfillment Costs (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Accounting Policies [Abstract] | |
2023 | $ 51,785 |
2024 | 33,731 |
2025 | $ 14,893 |
Summary of Significant Accou_24
Summary of Significant Accounting Policies - Revenue - Summary of Deferred Revenue Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Deferred revenue - Current | $ 328,910 | $ 307,470 |
Deferred revenue - Long-term | $ 32,960 | $ 33,691 |
Summary of Significant Accou_25
Summary of Significant Accounting Policies - Revenue - Data Center (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessor, Lease, Description [Line Items] | |
2023 | $ 9,499 |
2024 | 5,766 |
2025 | 3,243 |
2026 | 2,528 |
2027 | 3,521 |
Data center lease-based intangible assets | |
Lessor, Lease, Description [Line Items] | |
2023 | 295,489 |
2024 | 269,438 |
2025 | 220,528 |
2026 | 185,368 |
2027 | $ 162,032 |
Summary of Significant Accou_26
Summary of Significant Accounting Policies - Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized Contract Cost [Line Items] | |||
Total Revenues | $ 5,103,574 | $ 4,491,531 | $ 4,147,270 |
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 | ||
Storage rental | |||
Capitalized Contract Cost [Line Items] | |||
Total Revenues | $ 3,034,023 | 2,870,119 | 2,754,091 |
GLOBAL DATA CENTER BUSINESS | |||
Capitalized Contract Cost [Line Items] | |||
Total Revenues | 401,125 | 326,898 | 279,312 |
GLOBAL DATA CENTER BUSINESS | Storage rental | |||
Capitalized Contract Cost [Line Items] | |||
Total Revenues | 372,208 | 289,592 | 263,695 |
GLOBAL DATA CENTER BUSINESS | Power and connectivity | |||
Capitalized Contract Cost [Line Items] | |||
Total Revenues | $ 130,101 | $ 62,185 | $ 47,451 |
Summary of Significant Accou_27
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2021 shares | Dec. 31, 2022 USD ($) yr $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Apr. 30, 2021 shares | |
Employee stock-based awards | |||||
Age of recipient | yr | 55 | ||||
Stock-based compensation | $ | $ 56,861 | $ 61,001 | $ 37,674 | ||
Stock-based compensation expense (income), net of tax | $ | $ 52,600 | $ 59,243 | 36,584 | ||
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 | ||||
Performance units disclosure | |||||
Qualifying service period | 5 years | ||||
Employee Stock Purchase Plan | |||||
Employee stock purchase plan, shares available for grant (in shares) | 7,981,518 | ||||
Employee stock-based awards, unrecognized compensation costs on nonvested awards | $ | $ 49,455 | ||||
Employee stock-based awards, weighted average recognition period | 2 years | ||||
Minimum | |||||
Employee stock-based awards | |||||
Age of recipient | yr | 65 | ||||
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) | 873,235 | ||||
Granted (in shares) | 435,675 | ||||
Prior year grant adjustments for performance above target (in shares) | 0 | ||||
Vested (in shares) | (386,627) | ||||
Forfeited (in shares) | (92,110) | ||||
Non-vested at the end of the period (in shares) | 830,173 | 873,235 | |||
Restricted Stock Units (RSUs) | |||||
Employee stock-based awards | |||||
Award vesting period | 3 years | ||||
Aggregate intrinsic value | |||||
Total fair value of shares or units vested | $ | $ 27,078 | $ 29,332 | 26,492 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | |||||
Non-vested at the beginning of the period (in shares) | 1,403,633 | ||||
Granted (in shares) | 949,413 | ||||
Vested (in shares) | (802,454) | ||||
Forfeited (in shares) | (244,477) | ||||
Non-vested at the end of the period (in shares) | 1,306,115 | 1,403,633 | |||
Weighted average grant date fair value | |||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $ / shares | $ 34.11 | ||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 50.26 | ||||
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 33.74 | ||||
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 38.63 | ||||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $ / shares | $ 43.43 | $ 34.11 | |||
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) | (541,444) | ||||
Granted (in shares) | 0 | ||||
Prior year grant adjustments for performance above target (in shares) | 56,894 | ||||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | 0 | ||||
Non-vested at the end of the period (in shares) | (484,550) | (541,444) | |||
Performance Units | |||||
Employee stock-based awards | |||||
Award vesting period | 3 years | ||||
Aggregate intrinsic value | |||||
Total fair value of shares or units vested | $ | $ 20,059 | $ 29,701 | $ 11,812 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | |||||
Non-vested at the beginning of the period (in shares) | 331,791 | ||||
Granted (in shares) | 435,675 | ||||
Prior year grant adjustments for performance above target (in shares) | 56,894 | ||||
Vested (in shares) | (386,627) | ||||
Forfeited (in shares) | (92,110) | ||||
Non-vested at the end of the period (in shares) | 345,623 | 331,791 | |||
Weighted average grant date fair value | |||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $ / shares | $ 44.65 | ||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 52.27 | ||||
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 51.88 | ||||
Prior year grant adjustments for performance above target (in dollars per share) | $ / shares | 36.78 | ||||
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 49.61 | ||||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $ / shares | $ 45.65 | $ 44.65 | |||
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% | ||||
Performance Units | Maximum | Market condition associated with shareholder return of common stock | |||||
Performance units disclosure | |||||
Percentage payout rate | 238% | ||||
Employee Stock Purchase Plan | |||||
Employee Stock Purchase Plan | |||||
Percentage of market price for the purchase of shares | 95% | ||||
Employee stock purchase plan, offering periods | 6 months | ||||
Employee stock purchase plan, maximum employee subscription rate percent | 15% | ||||
Employee stock purchase plan, shares issued in period (in shares) | 112,486 | 112,297 | 159,853 | ||
Employee stock purchase plan, shares available for grant (in shares) | 991,504 | ||||
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 | $ 7.44 | $ 3.23 | $ 2.35 | ||
Weighted average assumptions used for grants | |||||
Expected volatility (as a percent) | 28% | 28.30% | 25.40% | ||
Risk-free interest rate (as a percent) | 1.72% | 1.45% | 1.45% | ||
Expected dividend yield (as a percent) | 5% | 7% | 7% | ||
Expected life of the option | 10 years | 10 years | 10 years | ||
Summary of option activity | |||||
Options outstanding balance, beginning of period (in shares) | 4,224,073 | ||||
Options granted (in shares) | 211,455 | ||||
Options exercised (in shares) | (208,093) | ||||
Options forfeited (in shares) | (1,116) | ||||
Options expired (in shares) | 0 | ||||
Options outstanding balance, end of period (in shares) | 4,226,319 | 4,224,073 | |||
Options exercisable balance (in shares) | 3,531,786 | ||||
Options expected to vest (in shares) | 694,533 | ||||
Weighted Average Exercise Price | |||||
Weighted average exercise price, options outstanding balance beginning of period (in dollars per share) | $ / shares | $ 36.06 | ||||
Weighted average exercise price, options granted (in dollars per share) | $ / shares | 49.67 | ||||
Weighted average exercise price, options exercised (in dollars per share) | $ / shares | 33 | ||||
Weighted average exercise price, options forfeited (in dollars per share) | $ / shares | 35.72 | ||||
Weighted average exercise price, options expired (in dollars per share) | $ / shares | 0 | ||||
Weighted average exercise price, options outstanding balance end of period (in dollars per share) | $ / shares | 36.89 | $ 36.06 | |||
Weighted average exercise price, options exercisable (in dollars per share) | $ / shares | 36.49 | ||||
Weighted average exercise price, options expected to vest (in dollars per share) | $ / shares | $ 38.88 | ||||
Weighted average remaining contractual term | |||||
Weighted average remaining contractual term, options outstanding | 5 years 10 days | ||||
Weighted average remaining contractual term, options exercisable | 4 years 4 months 28 days | ||||
Weighted average remaining contractual term, options expected to vest | 8 years 2 months 8 days | ||||
Aggregate intrinsic value | |||||
Aggregate intrinsic value, options outstanding | $ | $ 54,788 | ||||
Aggregate intrinsic value, options exercisable | $ | 47,169 | ||||
Aggregate intrinsic value, options expected to vest | $ | $ 7,619 | ||||
Performance Units Original Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | |||||
Granted (in shares) | 488,953 | 425,777 | |||
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 |
Summary of Significant Accou_28
Summary of Significant Accounting Policies - Acquisition and Integration costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Acquisition and Integration Costs | $ 47,746 | $ 12,764 | $ 0 |
Summary of Significant Accou_29
Summary of Significant Accounting Policies - Other (income) Expense, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 18, 2021 | Feb. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||||||
Foreign currency transaction losses (gains), net | $ (61,684) | $ (15,753) | $ 29,830 | |||
Debt extinguishment expense | 671 | 0 | 68,300 | |||
Other, net | (8,768) | (177,051) | 45,415 | |||
Other (Income) Expense, Net | (69,781) | (192,804) | 143,545 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain associated with the remeasurement of the Deferred Purchase Obligation | 93,600 | 0 | 0 | |||
Gain (loss) on disposal | 35,821 | 0 | 0 | |||
Loss (gain) on divestments and deconsolidations | $ 20,300 | $ (105,825) | $ 178,983 | $ 0 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other (Income) Expense, Net | |||||
Euro Senior Notes 3 Percent due 2025 | Senior Notes | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Stated interest rate (as a percent) | 3% | |||||
O S G Records Management Europe Limited | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on disposal | $ (105,800) | |||||
Clutter JV | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on disposal | $ 35,800 | |||||
IPM Divestment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss (gain) on divestments and deconsolidations | $ 179,000 |
Summary of Significant Accou_30
Summary of Significant Accounting Policies - Income (Loss) Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (Loss) Per Share-Basic and Diluted | |||
Net Income (Loss) | $ 562,149 | $ 452,725 | $ 343,096 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 5,168 | 2,506 | 403 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ 556,981 | $ 450,219 | $ 342,693 |
Weighted-average shares—basic (in shares) | 290,812,000 | 289,457,000 | 288,183,000 |
Effect of dilutive potential stock options (in shares) | 1,125,068 | 645,886 | 24,903 |
Effect of dilutive potential RSUs and PUs (in shares) | 507,109 | 872,204 | 435,287 |
Weighted-average shares—diluted (in shares) | 292,444,177 | 290,975,090 | 288,643,190 |
Earnings (Losses) Per Share Attributable to Iron Mountain Incorporated: | |||
Basic (in dollars per share) | $ 1.92 | $ 1.56 | $ 1.19 |
Diluted (in dollars per share) | $ 1.90 | $ 1.55 | $ 1.19 |
Antidilutive stock options, RSUs and PUs, excluded from the calculation (in shares) | 305,527 | 1,447,722 | 5,663,981 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) € in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 05, 2022 USD ($) | Oct. 05, 2022 EUR (€) | Jan. 25, 2022 USD ($) | Sep. 23, 2021 USD ($) | Sep. 23, 2021 EUR (€) | Sep. 15, 2021 USD ($) | Feb. 17, 2020 USD ($) | Jan. 09, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) business | Dec. 31, 2020 USD ($) | Jan. 25, 2025 | Jan. 25, 2024 | Oct. 05, 2022 EUR (€) | Jan. 08, 2020 | |
Business Acquisition [Line Items] | ||||||||||||||||
Purchase price | $ 11,600 | |||||||||||||||
Cash paid for acquisitions, net of cash acquired | 803,690 | $ 203,998 | $ 118,581 | |||||||||||||
Deferred Purchase Obligations | 193,033 | 0 | 0 | |||||||||||||
Payments to acquire assets | 1,757,609 | $ 886,898 | $ 631,854 | |||||||||||||
Deferred purchase obligation, purchase price holdbacks and other | 4,600 | |||||||||||||||
XData Properties | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to acquire assets | $ 78,200 | € 78,900 | ||||||||||||||
Contingent consideration | $ 9,900 | € 10,000 | ||||||||||||||
OSG Investment | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Ownership percentage | 25% | |||||||||||||||
Gain associated with Clutter Transaction | $ 10,000 | |||||||||||||||
ITRenew | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Ownership acquired | 80% | |||||||||||||||
Purchase price | 1,024,696 | |||||||||||||||
Cash consideration | $ 748,846 | 749,596 | ||||||||||||||
Net cash acquired | 30,720 | |||||||||||||||
Cash paid for acquisitions, net of cash acquired | $ 718,126 | |||||||||||||||
Possible subsequent percentage acquired | 20% | |||||||||||||||
Value of possible subsequent acquisition, low | $ 200,000 | |||||||||||||||
Value of possible subsequent acquisition, high | $ 531,000 | |||||||||||||||
Deferred Purchase Obligations | 275,100 | |||||||||||||||
Consolidation percentage | 100% | |||||||||||||||
Operating expenditures | 59,370 | |||||||||||||||
Deferred purchase obligation, purchase price holdbacks and other | $ 275,100 | |||||||||||||||
Business Combination, Price of Acquisition, Expected | $ 725,000 | |||||||||||||||
ITRenew | Second Anniversary | Forecast | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Possible subsequent percentage acquired | 16% | |||||||||||||||
ITRenew | Third Anniversary | Forecast | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Possible subsequent percentage acquired | 4% | |||||||||||||||
InfoFort | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash consideration | $ 90,300 | |||||||||||||||
Frankfurt Data Center | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash consideration | $ 91,300 | € 77,900 | ||||||||||||||
Records Management Company | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of companies acquired | business | 2 | |||||||||||||||
Art Storage Company | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of companies acquired | business | 1 | |||||||||||||||
Records Management Companies and Art Storage Company | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash consideration | $ 45,100 | |||||||||||||||
OSG Acquisition | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Ownership acquired | 75% | |||||||||||||||
Cash consideration | $ 95,500 | |||||||||||||||
Glenbeigh Records Management DWC-LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash consideration | $ 29,100 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - ITRenew - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Total Revenues | $ 5,121,548 | $ 4,939,511 |
Income from Continuing Operations | $ 571,381 | $ 391,625 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 25, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consideration paid for acquisitions | ||||
Deferred purchase obligation, purchase price holdbacks and other | $ 4,600 | |||
Total Consideration | 11,600 | |||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Goodwill Initially Recorded | 4,882,734 | $ 4,463,531 | $ 4,557,609 | |
Deferred purchase obligation, purchase price holdbacks and other | 4,600 | |||
Deferred Purchase Obligations | 193,033 | 0 | 0 | |
All acquisitions | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | 224,192 | 124,614 | ||
Fair Value of Noncontrolling Interests | 3,878 | 0 | ||
Deferred purchase obligation, purchase price holdbacks and other | 2,534 | 0 | ||
Fair Value of Investments Applied to Acquisitions | 0 | 27,276 | ||
Total Consideration | 230,604 | 151,890 | ||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash | 20,194 | 6,545 | ||
Accounts Receivable, Prepaid Expenses and Other Assets | 26,911 | 16,559 | ||
Property, Plant and Equipment | 150,095 | 52,021 | ||
Data Center Lease-Based Intangible Assets | 9,656 | 0 | ||
Operating lease right-of-use assets | 40,848 | 100,040 | ||
Debt Assumed | (9,026) | (27,363) | ||
Accounts Payable, Accrued Expenses and Other Liabilities | (22,733) | (19,564) | ||
Operating Lease Liabilities | (40,848) | (100,040) | ||
Deferred Income Taxes | (7,221) | (9,631) | ||
Total Fair Value of Identifiable Net Assets Acquired | 203,057 | 97,632 | ||
Goodwill Initially Recorded | 27,547 | 54,258 | ||
Cash paid for previous acquisition | 581 | 0 | 512 | |
Deferred purchase obligation, purchase price holdbacks and other | $ 2,534 | $ 0 | ||
ITRenew And Other 2022 Acquisitions | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | 834,766 | |||
Fair Value of Noncontrolling Interests | 0 | |||
Deferred purchase obligation, purchase price holdbacks and other | 288,737 | |||
Fair Value of Investments Applied to Acquisitions | 0 | |||
Total Consideration | 1,123,503 | |||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash | 31,657 | |||
Accounts Receivable, Prepaid Expenses and Other Assets | 75,559 | |||
Property, Plant and Equipment | 101,263 | |||
Data Center Lease-Based Intangible Assets | 1,442 | |||
Operating lease right-of-use assets | 32,680 | |||
Debt Assumed | 0 | |||
Accounts Payable, Accrued Expenses and Other Liabilities | (62,226) | |||
Operating Lease Liabilities | (32,680) | |||
Deferred Income Taxes | (111,065) | |||
Total Fair Value of Identifiable Net Assets Acquired | 575,202 | |||
Goodwill Initially Recorded | 548,301 | |||
Deferred purchase obligation, purchase price holdbacks and other | 288,737 | |||
ITRenew | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | $ 748,846 | 749,596 | ||
Fair Value of Noncontrolling Interests | 0 | |||
Deferred purchase obligation, purchase price holdbacks and other | 275,100 | |||
Fair Value of Investments Applied to Acquisitions | 0 | |||
Total Consideration | 1,024,696 | |||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash | 30,694 | |||
Accounts Receivable, Prepaid Expenses and Other Assets | 71,612 | |||
Property, Plant and Equipment | 7,541 | |||
Data Center Lease-Based Intangible Assets | 0 | |||
Operating lease right-of-use assets | 29,545 | |||
Debt Assumed | 0 | |||
Accounts Payable, Accrued Expenses and Other Liabilities | (60,157) | |||
Operating Lease Liabilities | (29,545) | |||
Deferred Income Taxes | (100,922) | |||
Total Fair Value of Identifiable Net Assets Acquired | 483,668 | |||
Goodwill Initially Recorded | 541,028 | |||
Deferred purchase obligation, purchase price holdbacks and other | 275,100 | |||
Deferred Purchase Obligations | 275,100 | |||
Other 2022 Acquisitions | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | 85,170 | |||
Fair Value of Noncontrolling Interests | 0 | |||
Deferred purchase obligation, purchase price holdbacks and other | 13,637 | |||
Fair Value of Investments Applied to Acquisitions | 0 | |||
Total Consideration | 98,807 | |||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash | 963 | |||
Accounts Receivable, Prepaid Expenses and Other Assets | 3,947 | |||
Property, Plant and Equipment | 93,722 | |||
Data Center Lease-Based Intangible Assets | 1,442 | |||
Operating lease right-of-use assets | 3,135 | |||
Debt Assumed | 0 | |||
Accounts Payable, Accrued Expenses and Other Liabilities | (2,069) | |||
Operating Lease Liabilities | (3,135) | |||
Deferred Income Taxes | (10,143) | |||
Total Fair Value of Identifiable Net Assets Acquired | 91,534 | |||
Goodwill Initially Recorded | 7,273 | |||
Deferred purchase obligation, purchase price holdbacks and other | 13,637 | |||
Deferred Purchase Obligations | $ 13,600 | |||
Customer relationship intangible assets | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Acquired finite-lived intangible assets, weighted average useful life | 12 years | 11 years | 14 years | |
Customer relationship intangible assets | All acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | $ 35,181 | $ 79,065 | ||
Customer relationship intangible assets | ITRenew And Other 2022 Acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | $ 491,272 | |||
Customer relationship intangible assets | ITRenew | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | 487,600 | |||
Customer relationship intangible assets | Other 2022 Acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | 3,672 | |||
Other Intangible Assets | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Acquired finite-lived intangible assets, weighted average useful life | 5 years | |||
Other Intangible Assets | All acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | $ 0 | $ 0 | ||
Other Intangible Assets | ITRenew And Other 2022 Acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | 47,300 | |||
Other Intangible Assets | ITRenew | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | 47,300 | |||
Other Intangible Assets | Other 2022 Acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | $ 0 | |||
Data center in-place leases | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Acquired finite-lived intangible assets, weighted average useful life | 4 years | 5 years |
Divestments and Deconsolidati_2
Divestments and Deconsolidations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
May 18, 2021 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 07, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on disposal | $ (35,821) | $ 0 | $ 0 | |||
Loss (gain) on divestments and deconsolidations | $ 20,300 | (105,825) | $ 178,983 | $ 0 | ||
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 | |||||
Loss (gain) on divestments and deconsolidations | $ 179,000 | |||||
O S G Records Management Europe Limited | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on disposal | $ 105,800 |
Investments - Narrative (Detail
Investments - Narrative (Details) ₨ in Thousands, ft² in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2021 USD ($) | Oct. 31, 2020 USD ($) ft² MW | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 INR (₨) shares | Aug. 31, 2022 USD ($) | Aug. 31, 2022 INR (₨) | Feb. 28, 2022 | Apr. 30, 2021 USD ($) | Apr. 30, 2021 INR (₨) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Proceeds from sale of assets | $ 170,419 | $ 278,330 | $ 564,664 | |||||||||
Web Werks JV | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity interest | 38.50% | 53.58% | ||||||||||
Equity method investments, fair value disclosure | $ 46,100 | ₨ 3,750,000 | $ 50,100 | ₨ 3,750,000 | ||||||||
Additional equity method investments, fair value disclosure | ₨ | ₨ 3,750,000 | |||||||||||
Shares owned (in shares) | shares | 382,574 | |||||||||||
Frankfurt JV | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity interest | 20% | 20% | 20% | |||||||||
Gain related to our contributed interest | 24,100 | |||||||||||
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 | |||||||||||
Frankfurt JV | A G C Equity Partners | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity interest | 80% | |||||||||||
Area of real estate property | ft² | 280 | |||||||||||
Power of building | MW | 27 | |||||||||||
MakeSpace JV | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity interest | 49.99% | 0% | 49.99% | |||||||||
Gain related to our contributed interest | $ 35,800 | |||||||||||
Clutter JV | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity interest | 0% | 26.73% | 27% |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Oct. 31, 2020 |
Web Werks JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 98,278 | $ 51,140 | ||
Equity interest | 53.58% | 38.50% | ||
Frankfurt JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 37,194 | $ 26,167 | ||
Equity interest | 20% | 20% | 20% | |
MakeSpace JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 0 | $ 30,154 | ||
Equity interest | 0% | 49.99% | 49.99% | |
Clutter JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 54,172 | $ 0 | ||
Equity interest | 26.73% | 27% | 0% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Details) - Interest Rate Swap - USD ($) | Jun. 30, 2025 | Dec. 31, 2022 | Nov. 30, 2022 |
Derivative [Line Items] | |||
Notional amount of derivatives | $ 350,000,000 | $ 4,800,000 | |
Forecast | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 153,800,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Cross-Currency Swap Agreements Designated as a Hedge of Net Investment (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Oct. 31, 2022 EUR (€) | Sep. 30, 2022 EUR (€) | May 31, 2022 EUR (€) | Sep. 30, 2020 USD ($) | Sep. 30, 2020 EUR (€) | Aug. 31, 2019 USD ($) | Aug. 31, 2019 EUR (€) | |
Derivative [Line Items] | ||||||||
Amount recognized in accumulated other comprehensive items for excluded component of derivative | $ | $ 9,100 | |||||||
Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Amount recognized in accumulated other comprehensive items for excluded component of derivative | $ | $ 9,100 | |||||||
Net Investment Hedging | Cross-currency swap agreements | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | € 105,020 | $ 359,200 | € 300,000 | $ 110,000 | € 99,055 | |||
Interest rate | 4.50% | 4.50% | 6% | 6% | ||||
Weighted average interest rate | 3.30% | 3.40% | 3.40% | 3.65% | 3.65% | |||
Net Investment Hedging | August 2023 Cross Currency Swap Agreements | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | € | € 55,466 | € 49,500 | ||||||
Interest rate | 9.50% | 3.60% | ||||||
Net Investment Hedging | February 2026 Cross Currency Swap Agreements | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | € | € 362,083 | € 340,500 | ||||||
Weighted average interest rate | 0.20% | 1.20% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Foreign Exchange Currency Forward Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Derivative asset, current | $ 2,606 | $ 11,021 | |
Derivative asset, noncurrent | 48,790 | 2,082 | |
Derivative liability, noncurrent | 489 | 6,262 | |
Amount recognized in accumulated other comprehensive items for excluded component of derivative | 9,100 | ||
Cash flow hedge, interest rate swap agreements | $ 9,829 | 52,380 | $ (39,947) |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other, Assets, Noncurrent, Excluding Property, Plant and Equipment, Net | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities), Other Long-term Liabilities | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other | ||
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Long-term Liabilities | ||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Assets, Noncurrent, Excluding Property, Plant and Equipment, Net | ||
Net Investment Hedging | |||
Derivative [Line Items] | |||
Cumulative net gain in cross-currency swaps | $ 38,401 | ||
Amount recognized in accumulated other comprehensive items for excluded component of derivative | 9,100 | ||
March 2024 Interest Rate Swap Agreements | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative liability | 12,915 | (7,680) | |
March 2024 Interest Rate Swap Agreements | Designated Hedging Instruments | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Cash flow hedge, interest rate swap agreements | 20,595 | 13,382 | (12,288) |
October 2025 Interest Rate Swap Agreement | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative liability | (409) | 0 | |
October 2025 Interest Rate Swap Agreement | Designated Hedging Instruments | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Cash flow hedge, interest rate swap agreements | (409) | 0 | 0 |
August 2023 Cross Currency Swap Agreements | Net Investment Hedging | |||
Derivative [Line Items] | |||
Derivative liability | (664) | ||
Derivative asset | 2,526 | ||
August 2023 Cross Currency Swap Agreements | Designated Hedging Instruments | Net Investment Hedging | |||
Derivative [Line Items] | |||
Net investment hedge, currency swap agreements | 3,190 | 7,565 | (7,247) |
February 2026 Cross Currency Swap Agreements | Net Investment Hedging | |||
Derivative [Line Items] | |||
Derivative asset | 35,875 | 11,021 | |
February 2026 Cross Currency Swap Agreements | Designated Hedging Instruments | Net Investment Hedging | |||
Derivative [Line Items] | |||
Net investment hedge, currency swap agreements | 24,854 | $ 31,433 | $ (20,412) |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Cumulative net gain in AOCI | $ 12,506 |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 EUR (€) | Aug. 31, 2020 EUR (€) | |
Derivative [Line Items] | |||||
Foreign exchange gains (losses) associated with net investment hedge | € | € 17,005 | ||||
Cumulative net gains | $ | $ (113,485) | $ (134,834) | $ 46,635 | ||
Euro Notes | Designated Hedging Instruments | Net Investment Hedging | |||||
Derivative [Line Items] | |||||
Hedged notes | € | € 300,000 | ||||
Cumulative net gains | $ | $ 3,256 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 28, 2021 |
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 10,650,265 | $ 9,364,451 | |
Net Deferred Financing Costs | (81,270) | (92,510) | |
Total Long-term Debt (including current portion) | 10,568,995 | 9,271,941 | |
Debt, current portion | (87,546) | (310,084) | |
Carrying amount, current portion | (87,546) | (309,428) | |
Long-term debt, net of current portion | 10,562,719 | 9,054,367 | |
Unamortized deferred financing costs | (81,270) | (91,854) | |
Long-term debt, net of current portion | $ 10,481,449 | 8,962,513 | |
Capital stock of subsidiaries pledged to secure debt (as a percent) | 66% | ||
Unamortized original issue discount | $ 2,659 | ||
Capital lease obligations | 332,905 | 356,729 | |
Unamortized debt issuance expense, net of current portion | $ 0 | 656 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Capital stock of subsidiaries pledged to secure debt (as a percent) | 66% | ||
Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 1,072,200 | 0 | |
Net Deferred Financing Costs | (6,790) | (5,174) | |
Total Long-term Debt (including current portion) | 1,065,410 | (5,174) | |
Fair value | 1,072,200 | 0 | |
Credit Agreement | UK Bilateral Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 169,361 | 189,168 | |
Net Deferred Financing Costs | 0 | (709) | |
Total Long-term Debt (including current portion) | 169,361 | 188,459 | |
Fair value | 169,361 | 189,168 | |
Australian Dollar Term Loan | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 202,641 | 223,182 | |
Net Deferred Financing Costs | (633) | (656) | |
Total Long-term Debt (including current portion) | 202,008 | 222,526 | |
Fair value | 204,623 | 223,530 | |
Unamortized original issue discount | 1,982 | 348 | |
Accounts Receivable Securitization Program | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 314,700 | 0 | |
Net Deferred Financing Costs | (531) | (450) | |
Total Long-term Debt (including current portion) | 314,169 | (450) | |
Fair value | $ 314,700 | $ 0 | |
Mortgages | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 3.60% | 3.60% | |
Long term debt fair value | $ 58,355 | $ 58,933 | |
Other Notes And Obligations | |||
Debt Instrument [Line Items] | |||
Long term debt fair value | $ 34,517 | $ 44,986 | |
Weighted average interest rate (as a percent) | 10.10% | 10.70% | |
Mortgage Securitization Program | |||
Debt Instrument [Line Items] | |||
Fair value | $ 50,000 | $ 50,000 | |
Finance Lease Obligations | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.20% | 5.90% | |
Real Estate Mortgages, Finance Lease Liabilities And Other | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 425,777 | $ 460,648 | |
Net Deferred Financing Costs | (578) | (840) | |
Total Long-term Debt (including current portion) | 425,199 | 459,808 | |
Fair value | 425,777 | 460,648 | |
Long term debt fair value | 425,777 | 460,648 | |
Term Loan A | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 240,625 | 203,125 | |
Net Deferred Financing Costs | 0 | 0 | |
Total Long-term Debt (including current portion) | 240,625 | 203,125 | |
Fair value | 240,625 | 203,125 | |
Term Loan B | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 666,073 | 672,847 | |
Net Deferred Financing Costs | (3,747) | (4,995) | |
Total Long-term Debt (including current portion) | 662,326 | 667,852 | |
Fair value | 666,750 | 675,500 | |
Unamortized original issue discount | $ 677 | 903 | |
GBP Senior Notes 3.875 Percent due 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 3.875% | ||
Debt (inclusive of discount) | $ 483,888 | 540,481 | |
Net Deferred Financing Costs | (2,589) | (3,912) | |
Total Long-term Debt (including current portion) | 481,299 | 536,569 | |
Fair value | $ 445,206 | 542,508 | |
47/8% Notes due 2027 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.875% | ||
Debt (inclusive of discount) | $ 1,000,000 | 1,000,000 | |
Net Deferred Financing Costs | (6,754) | (8,176) | |
Total Long-term Debt (including current portion) | 993,246 | 991,824 | |
Fair value | $ 917,500 | 1,030,000 | |
Senior Notes 4.875 Percent due 2028 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.25% | ||
Debt (inclusive of discount) | $ 825,000 | 825,000 | |
Net Deferred Financing Costs | (6,200) | (7,380) | |
Total Long-term Debt (including current portion) | 818,800 | 817,620 | |
Fair value | $ 754,875 | 862,125 | |
5% Notes due 2028 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5% | ||
Debt (inclusive of discount) | $ 500,000 | 500,000 | |
Net Deferred Financing Costs | (4,039) | (4,763) | |
Total Long-term Debt (including current portion) | 495,961 | 495,237 | |
Fair value | $ 450,000 | 513,750 | |
47/8% Notes due 2029 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.875% | ||
Debt (inclusive of discount) | $ 1,000,000 | 1,000,000 | |
Net Deferred Financing Costs | (9,764) | (11,211) | |
Total Long-term Debt (including current portion) | 990,236 | 988,789 | |
Fair value | $ 865,000 | 1,022,500 | |
51/4% Notes due 2030 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.25% | ||
Debt (inclusive of discount) | $ 1,300,000 | 1,300,000 | |
Net Deferred Financing Costs | (11,407) | (12,911) | |
Total Long-term Debt (including current portion) | 1,288,593 | 1,287,089 | |
Fair value | $ 1,111,500 | 1,355,250 | |
41/2% Notes | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.50% | ||
Debt (inclusive of discount) | $ 1,100,000 | 1,100,000 | |
Net Deferred Financing Costs | (10,161) | (11,404) | |
Total Long-term Debt (including current portion) | 1,089,839 | 1,088,596 | |
Fair value | $ 891,000 | 1,094,500 | |
5% Notes due 2032 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5% | 5% | |
Debt (inclusive of discount) | $ 750,000 | 750,000 | |
Net Deferred Financing Costs | (12,511) | (13,782) | |
Total Long-term Debt (including current portion) | 737,489 | 736,218 | |
Fair value | $ 622,500 | 767,813 | |
55/8% Notes | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.625% | ||
Debt (inclusive of discount) | $ 600,000 | 600,000 | |
Net Deferred Financing Costs | (5,566) | (6,147) | |
Total Long-term Debt (including current portion) | 594,434 | 593,853 | |
Fair value | $ 520,500 | $ 637,500 |
Debt - Credit Agreement Narrati
Debt - Credit Agreement Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Mar. 18, 2022 measurement | Mar. 17, 2022 USD ($) measurement | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Leveraged leases, adjusted covenant ratio | measurement | 7 | 6.5 | ||
Debt (inclusive of discount) | $ 10,650,265,000 | $ 9,364,451,000 | ||
Term Loan Facility | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Principal amount | 250,000,000 | |||
Amount of quarterly installments based on the original principal | $ 3,125,000 | |||
Average interest rate | 6.20% | 1.90% | ||
Debt (inclusive of discount) | $ 240,625,000 | $ 203,125,000 | ||
Term Loan Facility | Term Loan A | SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.75% | |||
Term Loan Facility | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 700,000,000 | |||
Par | 99.75% | |||
Quarterly payment amount | $ 1,750,000 | |||
Average interest rate | 4.80% | 3.10% | ||
Debt (inclusive of discount) | $ 666,073,000 | $ 672,847,000 | ||
Term Loan Facility | Term Loan B | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.75% | |||
Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | $ 39,795,000 | |||
Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 2,250,000,000 | $ 1,750,000,000 | ||
Letters of credit outstanding | $ 3,824,000 | |||
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 | $ 1,173,976,000 | |||
Average interest rate | 6.20% | |||
Debt (inclusive of discount) | $ 1,072,200,000 | $ 0 | ||
Credit Agreement | SOFR | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.10% | |||
Minimum | Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.20% | |||
Maximum | Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.30% |
Debt - Virginia Credit Agreemen
Debt - Virginia Credit Agreement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Oct. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 10,650,265,000 | $ 9,364,451,000 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | 39,795,000 | ||
Credit Agreement | Virginia Credit Agreement | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 205,000,000 | ||
Letters of credit outstanding | $ 6,400,000 | ||
Unused commitment fee percentage | 0.4875% | ||
Debt (inclusive of discount) | $ 0 |
Debt - Notes Issued Under Inden
Debt - Notes Issued Under Indentures Narrative (Details) £ in Thousands | 12 Months Ended | ||||
Dec. 28, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 GBP (£) | |
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 10,650,265,000 | $ 9,364,451,000 | |||
Repurchase price in the event of change of control, percentage of principal plus accrued and unpaid interest | 101% | 101% | |||
Net proceeds from sales of senior notes | $ 0 | 737,812,000 | $ 3,465,000,000 | ||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption price, percentage | 100% | ||||
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 | 1,000,000,000 | |||
Stated interest rate (as a percent) | 4.875% | 4.875% | |||
Senior Notes | 51/4% Notes due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 825,000,000 | ||||
Senior Notes | 5% Notes due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 500,000,000 | 500,000,000 | |||
Stated interest rate (as a percent) | 5% | 5% | |||
Senior Notes | 47/8% Notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 1,000,000,000 | 1,000,000,000 | |||
Stated interest rate (as a percent) | 4.875% | 4.875% | |||
Senior Notes | 51/4% Notes due 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 1,300,000,000 | 1,300,000,000 | |||
Stated interest rate (as a percent) | 5.25% | 5.25% | |||
Senior Notes | 41/2% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 1,100,000,000 | 1,100,000,000 | |||
Stated interest rate (as a percent) | 4.50% | 4.50% | |||
Senior Notes | 5% Notes due 2032 | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 750,000,000 | 750,000,000 | |||
Principal amount | $ 750,000,000 | ||||
Stated interest rate (as a percent) | 5% | 5% | 5% | ||
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 | $ 600,000,000 | |||
Stated interest rate (as a percent) | 5.625% | 5.625% |
Debt - Australian Dollar Term L
Debt - Australian Dollar Term Loan (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 18, 2022 | Dec. 31, 2022 AUD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 AUD ($) | Dec. 31, 2021 AUD ($) | |
Debt Instrument [Line Items] | ||||||
Debt (inclusive of discount) | $ 9,364,451 | $ 10,650,265 | ||||
Australian Dollar Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 350,000 | |||||
Par | 99% | 99% | ||||
Amount of quarterly installments based on the original principal | $ 7,695 | |||||
Debt (inclusive of discount) | $ 223,182 | $ 202,641 | ||||
Australian Dollar Term Loan | BBSY | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.625% | 3.875% | ||||
Debt (inclusive of discount) | $ 223,530 | $ 204,623 | $ 300,117 | $ 307,813 | ||
Effective interest rate (as a percent) | 4% | 6.90% | 6.90% | 4% |
Debt - UK Bilateral Revolving C
Debt - UK Bilateral Revolving Credit Facility (Details) - Revolving Credit Facility - UK Bilateral Revolving Credit Facility - GBP (£) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | £ 140,000,000 | |
Optional additional commitments | £ 125,000,000 | |
Interest rate | 5.50% | 2.10% |
LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2% |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Program Narrative (Details) - Accounts Receivable Securitization Program - USD ($) | 12 Months Ended | |||
Jun. 29, 2022 | Dec. 31, 2022 | Jun. 28, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.10% | |||
Maximum borrowing capacity | $ 325,000,000 | $ 314,700,000 | $ 300,000,000 | $ 0 |
Effective interest rate (as a percent) | 5.40% | |||
Commitment fee percentage | 0.35% | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 400,000,000 | |||
LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1% | |||
SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.95% |
Debt - Cash Pooling (Details)
Debt - Cash Pooling (Details) - cash_pool | Dec. 31, 2022 | Sep. 30, 2022 |
Bank Mendes Gans | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 2 | |
JP Morgan Chase Bank | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 2 | 2 |
QRS Cash Pool | Bank Mendes Gans | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 1 | |
QRS Cash Pool | JP Morgan Chase Bank | Asia Pacific | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 1 | |
QRS Cash Pool | JP Morgan Chase Bank | EMEA | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 1 | |
TRS Cash Pool | Bank Mendes Gans | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 1 | |
TRS Cash Pool | JP Morgan Chase Bank | Asia Pacific | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 1 | |
TRS Cash Pool | JP Morgan Chase Bank | EMEA | ||
Debt Instrument [Line Items] | ||
Number of cash pools | 1 |
Debt - Letters of Credit (Detai
Debt - Letters of Credit (Details) - Credit Agreement $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
Letters of credit outstanding | $ 39,795 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Letters of credit outstanding | $ 3,824 |
Debt - Maturities of Long Term
Debt - Maturities of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 87,546 | |
2024 | 249,423 | |
2025 | 920,142 | |
2026 | 923,943 | |
2027 | 2,278,061 | |
Thereafter | 6,193,809 | |
Long-term Debt, Excluding Unamortized (Discount) Premium and Debt Issuance Costs, and Current Maturities | 10,652,924 | |
Net Discounts | (2,659) | |
Net Deferred Financing Costs | (81,270) | $ (92,510) |
Total Long-term Debt (including current portion) | $ 10,568,995 | $ 9,271,941 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 528,818 |
2024 | 222,189 |
2025 | 104,788 |
2026 | 13,760 |
2027 | 132,045 |
Thereafter | 3,893 |
Total | $ 1,005,493 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies | ||
Self-insured accrual | $ 46,663 | $ 46,797 |
Insurance Settlement | ||
Commitments and Contingencies | ||
Loss contingency, range of possible loss, portion not accrued | $ 21,500 |
Stockholders' Equity Matters -
Stockholders' Equity Matters - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 23, 2023 | Jan. 05, 2023 | Nov. 03, 2022 | Oct. 04, 2022 | Aug. 04, 2022 | Jul. 06, 2022 | Apr. 28, 2022 | Apr. 06, 2022 | Feb. 24, 2022 | Jan. 06, 2022 | Nov. 04, 2021 | Oct. 06, 2021 | Aug. 05, 2021 | Jul. 06, 2021 | May 06, 2021 | Apr. 06, 2021 | Feb. 24, 2021 | Jan. 06, 2021 | Nov. 04, 2020 | Oct. 02, 2020 | Aug. 05, 2020 | Jul. 02, 2020 | May 05, 2020 | Apr. 06, 2020 | Feb. 13, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 2.47 | $ 2.47 | $ 2.47 | |||||||||||||
Dividends declared | $ 179,790 | $ 179,781 | $ 179,661 | $ 179,132 | $ 179,080 | $ 179,026 | $ 178,569 | $ 178,290 | $ 178,224 | $ 178,212 | $ 178,047 | $ 728,101 | $ 721,032 | $ 718,136 | ||||||||||||||
Amount of declared distributions | $ 719,098 | $ 715,807 | $ 712,773 | |||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Dividends per share (in dollars per share) | $ 0.6185 | |||||||||||||||||||||||||||
Dividends declared | $ 179,866 |
Stockholders' Equity Matters _2
Stockholders' Equity Matters - Additional Information (Details) - $ / shares | 12 Months Ended | |||||||||||||||
Feb. 23, 2023 | Nov. 03, 2022 | Aug. 04, 2022 | Apr. 28, 2022 | 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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 2.47 | $ 2.47 | $ 2.47 | |
Percent of dividends paid | 100% | 100% | 100% | |||||||||||||
Capital gains | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Percent of dividends paid | 9.60% | 21.80% | 49.50% | |||||||||||||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Percent of dividends paid | 100% | 100% | 100% |
Nonqualified ordinary dividends | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 90.40% | 53.90% | 43% |
Qualified ordinary dividends | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 0% | 13% | 0% |
Capital gains | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 9.60% | 21.80% | 49.50% |
Return of capital | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 0% | 11.30% | 7.50% |
Income Taxes - Significant Comp
Income Taxes - Significant Components To Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets: | ||
Accrued liabilities and other adjustments | $ 80,159 | $ 54,859 |
Net operating loss carryforwards | 97,161 | 90,996 |
Valuation allowance | (47,514) | (51,744) |
Deferred tax assets | 129,806 | 94,111 |
Deferred Tax Liabilities: | ||
Other assets, principally due to differences in amortization | (243,150) | (178,657) |
Plant and equipment, principally due to differences in depreciation | (78,486) | (76,204) |
Other | (52,786) | (46,281) |
Deferred tax liabilities | (374,422) | (301,142) |
Net deferred tax liability | $ (244,616) | $ (207,031) |
Income Taxes - Current and Nonc
Income Taxes - Current and Noncurrent Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Contingency [Line Items] | ||
Deferred income taxes | $ (263,005) | $ (223,934) |
Other assets, net | ||
Income Tax Contingency [Line Items] | ||
Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) | $ 18,389 | $ 16,903 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax carryforwards | ||||
Net operating loss carryforwards, tax effected | $ 97,161 | $ 90,996 | ||
Effective tax rate | 11% | 28% | 7.90% | |
Federal tax rate | 21% | 21% | 21% | |
Tax adjustment relating to REIT | $ 82,620 | $ 8,203 | $ 60,378 | |
Foreign tax rate differential provision (benefit) | 22,227 | 9,856 | 9,472 | |
Foreign withholding taxes | 23,654 | |||
Increase in valuation allowance (net operating losses) | 1,333 | (8,406) | 8,337 | |
Increase (decrease) in gross interest and penalties recorded | 90 | 823 | (1,499) | |
Accrued interest and penalties recorded | 6,635 | 6,805 | ||
Unrecognized tax benefits | 27,753 | 27,772 | $ 25,969 | $ 35,068 |
Unrecognized tax benefits included in other long-term liabilities | 24,671 | 24,627 | ||
Deferred income taxes including unrecognized tax benefits | 3,082 | $ 3,145 | ||
Unrecognized tax benefits that would impact tax rate | 5,977 | |||
Federal | ||||
Tax carryforwards | ||||
Net operating loss carryforwards | 63,497 | |||
Net operating loss carryforwards, tax effected | 57,132 | |||
Foreign | ||||
Tax carryforwards | ||||
Net operating loss carryforwards, tax effected | $ 81,872 | |||
Net operating loss carryforwards subject to valuation allowance (as a percent) | 56% |
Income Taxes - Rollforward of V
Income Taxes - Rollforward of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Roll forward of valuation allowance: | |||
BALANCE AT BEGINNING OF THE YEAR | $ 51,744 | ||
BALANCE AT END OF THE YEAR | 47,514 | $ 51,744 | |
Valuation Allowance of Deferred Tax Assets | |||
Roll forward of valuation allowance: | |||
BALANCE AT BEGINNING OF THE YEAR | 51,744 | 46,938 | $ 60,003 |
(CREDITED) CHARGED TO EXPENSE | (1,333) | 8,406 | (8,337) |
OTHER INCREASES/ (DECREASES) | (2,897) | (3,600) | (4,728) |
BALANCE AT END OF THE YEAR | $ 47,514 | $ 51,744 | $ 46,938 |
Income Taxes - Components Of In
Income Taxes - Components Of Income (Loss) From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 449,241 | $ 212,460 | $ 276,145 |
Canada | 103,826 | 78,780 | 52,332 |
Other Foreign | 78,571 | 337,775 | 44,228 |
Net income (loss) before provision (benefit) for income taxes | $ 631,638 | $ 629,015 | $ 372,705 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provision (benefit) for income taxes: | |||
Federal—current | $ 24,331 | $ 54,867 | $ (10,424) |
Federal—deferred | (30,581) | 14,322 | 8,834 |
State—current | 8,553 | 9,566 | 2,956 |
State—deferred | (3,728) | (526) | (625) |
Foreign—current | 92,525 | 83,154 | 50,063 |
Foreign—deferred | (21,611) | 14,907 | (21,195) |
Provision (Benefit) for Income Taxes | 69,489 | 176,290 | 29,609 |
Changes in income taxes resulting from: | |||
Computed "expected" tax provision | 132,644 | 132,093 | 78,268 |
Tax adjustment relating to REIT | (82,620) | (8,203) | (60,378) |
State taxes (net of federal tax benefit) | 4,043 | 8,027 | 2,258 |
(Decrease) increase in valuation allowance (net operating losses) | (1,333) | 8,406 | (8,337) |
Withholding taxes | 10,600 | 23,654 | 6,835 |
Reserve (reversal) accrual and audit settlements (net of federal tax benefit) | 40 | 3,072 | (7,409) |
Remeasurement of the Deferred Purchase Obligation | (19,656) | 0 | 0 |
Foreign tax rate differential | 22,227 | 9,856 | 9,472 |
Disallowed foreign interest, Subpart F income, and other foreign taxes | 2,820 | (3,437) | 13,407 |
Other, net | 724 | 2,822 | (4,507) |
Provision (Benefit) for Income Taxes | $ 69,489 | $ 176,290 | $ 29,609 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of unrecognized tax benefits: | |||
Gross tax contingencies - beginning of the period | $ 27,772 | $ 25,969 | $ 35,068 |
Gross additions based on tax positions related to the current year | 2,271 | 3,893 | 2,907 |
Gross additions for tax positions of prior years | 723 | 344 | 80 |
Gross reductions for tax positions of prior years | (1,866) | (536) | (5,617) |
Acquired unrecognized tax benefits | 1,354 | ||
Lapses of statutes | (2,501) | (1,663) | (4,480) |
Settlements | (235) | (1,989) | |
Gross tax contingencies - end of the period | $ 27,753 | $ 27,772 | $ 25,969 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 segment country | |
Segment information | |
Number of operating segments | segment | 2 |
Records management | |
Segment information | |
Number of countries | country | 60 |
Segment Information - Revenue a
Segment Information - Revenue and Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment information | |||
Total Revenues | $ 5,103,574 | $ 4,491,531 | $ 4,147,270 |
Depreciation and Amortization | 727,595 | 680,422 | 652,069 |
Depreciation | 478,984 | 465,072 | 447,562 |
Amortization | 248,611 | 215,350 | 204,507 |
Adjusted EBITDA | 1,827,057 | 1,634,699 | 1,475,721 |
Total Assets | 16,140,514 | 14,450,031 | 14,149,267 |
Expenditures for Segment Assets | 1,757,609 | 886,898 | 631,854 |
Capital Expenditures | 875,378 | 611,082 | 438,263 |
Cash Paid for Acquisitions, Net of Cash Acquired | 803,690 | 203,998 | 118,581 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 78,541 | 71,818 | 75,010 |
Storage rental | |||
Segment information | |||
Total Revenues | 3,034,023 | 2,870,119 | 2,754,091 |
Service | |||
Segment information | |||
Total Revenues | 2,069,551 | 1,621,412 | 1,393,179 |
GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 4,295,115 | 3,994,988 | 3,748,604 |
Depreciation and Amortization | 469,419 | 477,713 | 464,745 |
Depreciation | 308,207 | 320,451 | 316,575 |
Amortization | 161,212 | 157,262 | 148,170 |
Adjusted EBITDA | 1,887,589 | 1,709,525 | 1,565,941 |
Total Assets | 10,654,650 | 11,101,557 | 11,015,684 |
Expenditures for Segment Assets | 303,342 | 369,749 | 352,745 |
Capital Expenditures | 246,216 | 213,395 | 164,914 |
Cash Paid for Acquisitions, Net of Cash Acquired | (23) | 97,044 | 118,581 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 57,149 | 59,310 | 69,250 |
GLOBAL RIM BUSINESS | Storage rental | |||
Segment information | |||
Total Revenues | 2,606,721 | 2,517,208 | 2,416,147 |
GLOBAL RIM BUSINESS | Service | |||
Segment information | |||
Total Revenues | 1,688,394 | 1,477,780 | 1,332,457 |
GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 401,125 | 326,898 | 279,312 |
Depreciation and Amortization | 140,028 | 148,023 | 134,844 |
Depreciation | 103,953 | 93,679 | 83,106 |
Amortization | 36,075 | 54,344 | 51,738 |
Adjusted EBITDA | 175,622 | 137,349 | 126,576 |
Total Assets | 3,752,088 | 2,911,823 | 2,727,654 |
Expenditures for Segment Assets | 650,534 | 422,274 | 249,459 |
Capital Expenditures | 551,232 | 320,768 | 243,699 |
Cash Paid for Acquisitions, Net of Cash Acquired | 78,103 | 88,998 | 0 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 21,199 | 12,508 | 5,760 |
GLOBAL DATA CENTER BUSINESS | Storage rental | |||
Segment information | |||
Total Revenues | 372,208 | 289,592 | 263,695 |
GLOBAL DATA CENTER BUSINESS | Service | |||
Segment information | |||
Total Revenues | 28,917 | 37,306 | 15,617 |
CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 407,334 | 169,645 | 119,354 |
Depreciation and Amortization | 118,148 | 54,686 | 52,480 |
Depreciation | 66,824 | 50,942 | 47,881 |
Amortization | 51,324 | 3,744 | 4,599 |
Adjusted EBITDA | (236,154) | (212,175) | (216,796) |
Total Assets | 1,733,776 | 436,651 | 405,929 |
Expenditures for Segment Assets | 803,733 | 94,875 | 29,650 |
Capital Expenditures | 77,930 | 76,919 | 29,650 |
Cash Paid for Acquisitions, Net of Cash Acquired | 725,610 | 17,956 | 0 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 193 | 0 | 0 |
CORPORATE AND OTHER | Storage rental | |||
Segment information | |||
Total Revenues | 55,094 | 63,319 | 74,249 |
CORPORATE AND OTHER | Service | |||
Segment information | |||
Total Revenues | $ 352,240 | $ 106,326 | $ 45,105 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA to Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Adjusted EBITDA to income from continuing operations | |||
Net Income (Loss) | $ 562,149 | $ 452,725 | $ 343,096 |
Interest expense, net | 488,014 | 417,961 | 418,535 |
Provision (Benefit) for Income Taxes | 69,489 | 176,290 | 29,609 |
Depreciation and amortization | 727,595 | 680,422 | 652,069 |
Acquisition and Integration Costs | 47,746 | 12,764 | 0 |
Restructuring and other transformation | 41,933 | 206,426 | 194,396 |
Intangible impairments | 0 | 0 | 23,000 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (93,268) | (172,041) | (363,537) |
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | (83,268) | (205,746) | 133,611 |
Stock-based compensation expense | 56,861 | 61,001 | 34,272 |
COVID-19 Costs | 9,285 | ||
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 9,806 | 4,897 | 1,385 |
Adjusted EBITDA | $ 1,827,057 | $ 1,634,699 | 1,475,721 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ 5,103,574 | $ 4,491,531 | $ 4,147,270 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 3,262,755 | 2,713,147 | 2,577,084 |
Long-Lived Assets | 8,925,643 | 7,867,841 | 7,818,059 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 332,556 | 294,675 | 247,667 |
Long-Lived Assets | 1,062,641 | 914,732 | 838,491 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 270,836 | 252,385 | 224,860 |
Long-Lived Assets | 514,777 | 562,911 | 556,120 |
Australia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 144,840 | 148,431 | 133,815 |
Long-Lived Assets | 490,172 | 528,703 | 575,862 |
Remaining Countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 1,092,587 | 1,082,893 | 963,844 |
Long-Lived Assets | $ 3,600,136 | $ 3,134,577 | $ 3,090,948 |
Segment Information - Revenues
Segment Information - Revenues by Product and Service Lines by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment information | |||
Total Revenues | $ 5,103,574 | $ 4,491,531 | $ 4,147,270 |
GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 4,295,115 | 3,994,988 | 3,748,604 |
GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 401,125 | 326,898 | 279,312 |
CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 407,334 | 169,645 | 119,354 |
Records management | |||
Segment information | |||
Total Revenues | 3,425,082 | 3,200,176 | 2,954,271 |
Records management | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 3,287,237 | 3,074,605 | 2,852,296 |
Records management | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Records management | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 137,845 | 125,571 | 101,975 |
Data management | |||
Segment information | |||
Total Revenues | 510,292 | 529,416 | 554,901 |
Data management | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 510,107 | 529,416 | 554,901 |
Data management | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Data management | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 185 | 0 | 0 |
Information destruction | |||
Segment information | |||
Total Revenues | 767,075 | 435,041 | 358,786 |
Information destruction | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 497,771 | 390,967 | 341,407 |
Information destruction | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Information destruction | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 269,304 | 44,074 | 17,379 |
Data center lease-based intangible assets | |||
Segment information | |||
Total Revenues | 401,125 | 326,898 | 279,312 |
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 | 401,125 | 326,898 | 279,312 |
Data center lease-based intangible assets | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | $ 0 | $ 0 | $ 0 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Revenue Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Frankfurt JV | |||
Related Party Transaction [Line Items] | |||
Revenue from related party | $ 15,000 | $ 19,600 | $ 400 |
MakeSpace JV and Clutter JV | |||
Related Party Transaction [Line Items] | |||
Revenue from related party | $ 28,500 | $ 34,700 | $ 33,600 |
Restructuring and Other Trans_3
Restructuring and Other Transformation Charges - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Project Matterhorn | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected costs | $ 150,000,000 | |||
Restructuring | $ 0 | $ 0 | ||
Restructuring | $ 13,292,000 | |||
Project Summit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 450,000,000 |
Restructuring and Other Trans_4
Restructuring and Other Transformation Charges - Restructuring Charges (Details) - USD ($) | 12 Months Ended | 27 Months Ended | 39 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | $ 41,933,000 | $ 206,426,000 | $ 194,396,000 | ||
Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 13,292,000 | ||||
Other transformation | 28,641,000 | ||||
Restructuring and other transformation | 41,933,000 | ||||
Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 0 | 206,426,000 | 194,396,000 | $ 449,419,000 | $ 449,419,000 |
GLOBAL RIM BUSINESS | Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 13,083,000 | ||||
GLOBAL RIM BUSINESS | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 59,033,000 | 67,140,000 | 148,073,000 | ||
GLOBAL DATA CENTER BUSINESS | Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 0 | ||||
GLOBAL DATA CENTER BUSINESS | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 3,062,000 | 1,632,000 | 5,000,000 | ||
CORPORATE AND OTHER | Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 209,000 | ||||
CORPORATE AND OTHER | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 144,331,000 | 125,624,000 | $ 296,346,000 | ||
EMPLOYEE SEVERANCE | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 22,809,000 | 47,349,000 | 91,008,000 | ||
PROFESSIONAL FEES AND OTHER | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | $ 183,617,000 | $ 147,047,000 | $ 358,411,000 |
Restructuring and Other Trans_5
Restructuring and Other Transformation Charges - Restructuring Rollforward (Details) - Project Summit Costs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 19,717 | $ 40,053 |
Amounts accrued | 206,426 | |
Payments | (19,717) | (229,620) |
Other, including currency translation adjustments | 2,858 | |
Ending balance | 0 | 19,717 |
EMPLOYEE SEVERANCE | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 11,989 | 16,278 |
Amounts accrued | 22,809 | |
Payments | (11,989) | (29,956) |
Other, including currency translation adjustments | 2,858 | |
Ending balance | 0 | 11,989 |
PROFESSIONAL FEES AND OTHER | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 7,728 | 23,775 |
Amounts accrued | 183,617 | |
Payments | (7,728) | (199,664) |
Other, including currency translation adjustments | 0 | |
Ending balance | $ 0 | $ 7,728 |
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, 2022 USD ($) facility | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Number of facilities leased | facility | 1,143 | ||
Gross amount carried at close of current period | $ 4,461,195 | $ 4,129,251 | $ 3,830,489 |
Acquisitions | 93,370 | $ 120,307 | |
Add (Deduct) Reconciling Items: | |||
Book value of racking included in leased facilities | 1,513,279 | ||
Book value of financing leases | 338,874 | ||
Book value of construction in progress | 513,297 | ||
Book value of other | (8,829) | ||
Total Reconciling Items | 2,356,621 | ||
Gross Amount of Real Estate Assets, As Disclosed in Note 2.i. | $ 6,817,816 |
Schedule III - Schedule of Re_3
Schedule III - Schedule of Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 1,187,390 | $ 1,160,490 | $ 1,097,616 |
Add (Deduct) Reconciling Items: | |||
Accumulated Depreciation - non-real estate assets | 1,479,074 | ||
Accumulated Depreciation - racking in leased facilities | 1,119,364 | ||
Accumulated Depreciation - financing leases | 129,311 | ||
Accumulated Depreciation - other | (4,818) | ||
Total Reconciling Items | 2,722,931 | ||
Accumulated Depreciation, As Reported on Consolidated Balance Sheet | $ 3,910,321 |
Schedule III - Schedule of Re_4
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 237 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,326,535 | ||
Cost capitalized subsequent to acquisition | 2,134,660 | ||
Gross amount carried at close of current period | 4,461,195 | $ 4,129,251 | $ 3,830,489 |
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,187,390 | $ 1,160,490 | $ 1,097,616 |
Number of facilities leased | facility | 1,143 | ||
United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 115 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,654,931 | ||
Cost capitalized subsequent to acquisition | 1,810,880 | ||
Gross amount carried at close of current period | 3,465,811 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 864,681 | ||
Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 15 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 70,347 | ||
Cost capitalized subsequent to acquisition | 79,315 | ||
Gross amount carried at close of current period | 149,662 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 75,393 | ||
Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 53 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 377,100 | ||
Cost capitalized subsequent to acquisition | 82,516 | ||
Gross amount carried at close of current period | 459,616 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 138,796 | ||
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 | 92,019 | ||
Gross amount carried at close of current period | 207,986 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 78,672 | ||
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 | 67,488 | ||
Gross amount carried at close of current period | 174,997 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 29,258 | ||
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 | 2,442 | ||
Gross amount carried at close of current period | 3,123 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 590 | ||
North America | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 130 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,725,278 | ||
Cost capitalized subsequent to acquisition | 1,890,195 | ||
Gross amount carried at close of current period | 3,615,473 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 940,074 | ||
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 | 2,833 | ||
Gross amount carried at close of current period | 4,470 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,470 | ||
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 | 416,451 | ||
Gross amount carried at close of current period | 432,050 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,662 | ||
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 | 36,832 | ||
Gross amount carried at close of current period | 459,939 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 75,026 | ||
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 | 14,819 | ||
Gross amount carried at close of current period | 26,997 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,900 | ||
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 | 1,146 | ||
Gross amount carried at close of current period | 8,451 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,527 | ||
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 | 3,222 | ||
Gross amount carried at close of current period | 91,087 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 21,085 | ||
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 | 3,211 | ||
Gross amount carried at close of current period | 7,973 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,334 | ||
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 | 530 | ||
Gross amount carried at close of current period | 13,937 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,421 | ||
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 | 28,266 | ||
Gross amount carried at close of current period | 38,434 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 17,640 | ||
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 | 6 | ||
Gross amount carried at close of current period | 755 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 165 | ||
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 | 7,630 | ||
Gross amount carried at close of current period | 22,802 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 16,199 | ||
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 | 900 | ||
Gross amount carried at close of current period | 5,476 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,205 | ||
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 | 1,864 | ||
Gross amount carried at close of current period | 5,284 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,190 | ||
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 | 3,286 | ||
Gross amount carried at close of current period | 9,615 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,563 | ||
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 | 253 | ||
Gross amount carried at close of current period | 15,353 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,954 | ||
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 | 4,532 | ||
Gross amount carried at close of current period | 6,115 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,444 | ||
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 | $ 2,189 | ||
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 | 10,349 | ||
Gross amount carried at close of current period | 17,752 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,186 | ||
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 | 26,321 | ||
Gross amount carried at close of current period | 142,657 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 23,693 | ||
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 | 2,103 | ||
Gross amount carried at close of current period | 9,520 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,731 | ||
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 | 32,187 | ||
Gross amount carried at close of current period | 42,634 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 24,976 | ||
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 | 1,210 | ||
Gross amount carried at close of current period | 8,436 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,538 | ||
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 | 14,624 | ||
Gross amount carried at close of current period | 18,825 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,899 | ||
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 | 3,972 | ||
Gross amount carried at close of current period | 6,780 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,392 | ||
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 | 2,910 | ||
Gross amount carried at close of current period | 6,452 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 876 | ||
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 | 1,856 | ||
Gross amount carried at close of current period | 9,326 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,849 | ||
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 | 23,792 | ||
Gross amount carried at close of current period | 31,739 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 17,946 | ||
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 | 2,973 | ||
Gross amount carried at close of current period | 3,377 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,008 | ||
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 | 14,273 | ||
Gross amount carried at close of current period | 18,537 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,210 | ||
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 | 4,057 | ||
Gross amount carried at close of current period | 6,046 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,016 | ||
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 | 4,272 | ||
Gross amount carried at close of current period | 26,320 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,712 | ||
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 | 949 | ||
Gross amount carried at close of current period | 2,327 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 446 | ||
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 | 545 | ||
Gross amount carried at close of current period | 1,167 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 513 | ||
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 | 14,978 | ||
Gross amount carried at close of current period | 15,687 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,086 | ||
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 | 603 | ||
Gross amount carried at close of current period | 8,940 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,846 | ||
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 | 6,636 | ||
Gross amount carried at close of current period | 8,834 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,530 | ||
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 | 945 | ||
Gross amount carried at close of current period | 1,109 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 643 | ||
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 | 5,535 | ||
Gross amount carried at close of current period | 7,355 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,890 | ||
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 | 854 | ||
Gross amount carried at close of current period | 2,765 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,220 | ||
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 | 395 | ||
Gross amount carried at close of current period | 5,808 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,156 | ||
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 | 15,622 | ||
Gross amount carried at close of current period | 71,545 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 45,994 | ||
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 | $ 1,387 | ||
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 | 3,497 | ||
Gross amount carried at close of current period | 6,569 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,969 | ||
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 | 19,623 | ||
Gross amount carried at close of current period | 22,547 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,292 | ||
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 | 9,926 | ||
Gross amount carried at close of current period | 13,356 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,127 | ||
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 | 4,587 | ||
Gross amount carried at close of current period | 10,766 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,639 | ||
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 | 83,246 | ||
Gross amount carried at close of current period | 393,650 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 50,472 | ||
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 | 61,427 | ||
Gross amount carried at close of current period | 100,124 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 61,889 | ||
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 | 11,884 | ||
Gross amount carried at close of current period | 23,618 | ||
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 | ||
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 | 4,624 | ||
Gross amount carried at close of current period | 14,146 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,632 | ||
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 | 3,229 | ||
Gross amount carried at close of current period | 12,174 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,774 | ||
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 | 11,948 | ||
Gross amount carried at close of current period | 15,533 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,612 | ||
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 | 11,456 | ||
Gross amount carried at close of current period | 12,780 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,000 | ||
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 | 5,336 | ||
Gross amount carried at close of current period | 7,947 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,378 | ||
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 | 3,255 | ||
Gross amount carried at close of current period | 3,357 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,042 | ||
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 | 12,371 | ||
Gross amount carried at close of current period | 35,508 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 25,530 | ||
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 | 12,029 | ||
Gross amount carried at close of current period | 17,171 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,899 | ||
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 | 2,847 | ||
Gross amount carried at close of current period | 5,776 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,433 | ||
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 | 332 | ||
Gross amount carried at close of current period | 7,419 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,010 | ||
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 | $ 2,330 | ||
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 | 4,144 | ||
Gross amount carried at close of current period | 7,480 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,066 | ||
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 | 1,901 | ||
Gross amount carried at close of current period | 2,931 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,720 | ||
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 | 1,409 | ||
Gross amount carried at close of current period | 30,501 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,298 | ||
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 | 267,940 | ||
Gross amount carried at close of current period | 289,106 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 88,962 | ||
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 | $ 2,341 | ||
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 | 3,811 | ||
Gross amount carried at close of current period | 7,996 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,209 | ||
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 | $ 3,464 | ||
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 | 2,643 | ||
Gross amount carried at close of current period | 14,419 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,715 | ||
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 | 1,356 | ||
Gross amount carried at close of current period | 4,202 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,768 | ||
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 | 4,598 | ||
Gross amount carried at close of current period | 5,316 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,647 | ||
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 | 10,383 | ||
Gross amount carried at close of current period | 12,210 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,478 | ||
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 | 1,518 | ||
Gross amount carried at close of current period | 9,817 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,130 | ||
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 | 2,162 | ||
Gross amount carried at close of current period | 21,835 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,303 | ||
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 | 997 | ||
Gross amount carried at close of current period | 3,171 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,635 | ||
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 | 3,708 | ||
Gross amount carried at close of current period | 7,226 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,605 | ||
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 | 2,198 | ||
Gross amount carried at close of current period | 5,413 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,962 | ||
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 | 3,180 | ||
Gross amount carried at close of current period | 8,508 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,595 | ||
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 | 2,270 | ||
Gross amount carried at close of current period | 10,624 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,783 | ||
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 | 12,308 | ||
Gross amount carried at close of current period | 15,496 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,798 | ||
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 | 2,743 | ||
Gross amount carried at close of current period | 5,583 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,995 | ||
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 | 1,251 | ||
Gross amount carried at close of current period | 2,283 | ||
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 | ||
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 | 2,486 | ||
Gross amount carried at close of current period | 5,953 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,302 | ||
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 | 38,415 | ||
Gross amount carried at close of current period | 44,742 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 18,226 | ||
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 | 1,067 | ||
Gross amount carried at close of current period | 2,862 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,528 | ||
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 | 2,536 | ||
Gross amount carried at close of current period | 4,216 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,644 | ||
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 | 1,360 | ||
Gross amount carried at close of current period | 7,683 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,335 | ||
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 | 5,262 | ||
Gross amount carried at close of current period | 11,501 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,333 | ||
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 | 1,962 | ||
Gross amount carried at close of current period | 3,671 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,238 | ||
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 | 424,462 | ||
Gross amount carried at close of current period | 529,286 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 34,901 | ||
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 | $ 1,393 | ||
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 | 4,463 | ||
Gross amount carried at close of current period | 12,061 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,935 | ||
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 | 2,869 | ||
Gross amount carried at close of current period | 4,947 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,776 | ||
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 | 4,252 | ||
Gross amount carried at close of current period | 9,651 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,247 | ||
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 | $ 4,109 | ||
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 | 888 | ||
Gross amount carried at close of current period | 4,794 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 886 | ||
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 | $ 1,737 | ||
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 | 4,424 | ||
Gross amount carried at close of current period | 8,271 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,739 | ||
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 | 6,530 | ||
Gross amount carried at close of current period | 11,933 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,480 | ||
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 | 17,510 | ||
Gross amount carried at close of current period | 22,517 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,069 | ||
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 | 2,176 | ||
Gross amount carried at close of current period | 10,267 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,212 | ||
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 | 6,834 | ||
Gross amount carried at close of current period | 11,160 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,572 | ||
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 | 9,009 | ||
Gross amount carried at close of current period | 23,667 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 12,540 | ||
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 | 975 | ||
Gross amount carried at close of current period | 2,995 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,751 | ||
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 | 516 | ||
Gross amount carried at close of current period | 4,155 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 664 | ||
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 | 705 | ||
Gross amount carried at close of current period | 3,456 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,592 | ||
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 | 19,092 | ||
Gross amount carried at close of current period | 27,288 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 14,990 | ||
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 | 2,516 | ||
Gross amount carried at close of current period | 4,316 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,076 | ||
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 | 7,132 | ||
Gross amount carried at close of current period | 8,191 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,713 | ||
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 | (359) | ||
Gross amount carried at close of current period | 7,119 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,051 | ||
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 | 1,596 | ||
Gross amount carried at close of current period | 2,425 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,047 | ||
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 | 659 | ||
Gross amount carried at close of current period | 1,902 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 897 | ||
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 | 12,010 | ||
Gross amount carried at close of current period | 18,552 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,988 | ||
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 | 5,852 | ||
Gross amount carried at close of current period | 8,393 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,897 | ||
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 | 1,451 | ||
Gross amount carried at close of current period | 2,859 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 364 | ||
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 | 2,602 | ||
Gross amount carried at close of current period | 5,738 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 972 | ||
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 | (131) | ||
Gross amount carried at close of current period | 1,804 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 292 | ||
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 | (2,736) | ||
Gross amount carried at close of current period | 6,248 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 225 | ||
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 | 1,787 | ||
Gross amount carried at close of current period | 8,767 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,143 | ||
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 | 2,591 | ||
Gross amount carried at close of current period | 10,009 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,328 | ||
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 | 6,022 | ||
Gross amount carried at close of current period | 11,299 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,248 | ||
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 | 1,293 | ||
Gross amount carried at close of current period | 4,412 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,791 | ||
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 | (4) | ||
Gross amount carried at close of current period | 4,035 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,355 | ||
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 | 1,280 | ||
Gross amount carried at close of current period | 1,961 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,385 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Unit 1A Broadmoor Road, Swindon, 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 | 221 | ||
Gross amount carried at close of current period | 2,857 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,258 | ||
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 | 2,312 | ||
Gross amount carried at close of current period | 4,062 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,532 | ||
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 | (1,314) | ||
Gross amount carried at close of current period | 20,004 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,718 | ||
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 | (75) | ||
Gross amount carried at close of current period | 1,247 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 408 | ||
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 | 569 | ||
Gross amount carried at close of current period | 3,959 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,440 | ||
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 | (777) | ||
Gross amount carried at close of current period | 13,364 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,199 | ||
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 | 14,281 | ||
Gross amount carried at close of current period | 26,688 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 19,182 | ||
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 | (410) | ||
Gross amount carried at close of current period | 5,136 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,330 | ||
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 | 80,951 | ||
Cost capitalized subsequent to acquisition | 3,330 | ||
Gross amount carried at close of current period | 84,281 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,257 | ||
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 | 538 | ||
Gross amount carried at close of current period | 4,560 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,623 | ||
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 | 1,602 | ||
Gross amount carried at close of current period | 4,822 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,490 | ||
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 | 2,222 | ||
Gross amount carried at close of current period | 11,262 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,680 | ||
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 | 638 | ||
Gross amount carried at close of current period | 3,456 | ||
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 | ||
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 | 6,367 | ||
Gross amount carried at close of current period | 22,401 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,732 | ||
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 | 893 | ||
Gross amount carried at close of current period | 2,250 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,730 | ||
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 | 4,649 | ||
Gross amount carried at close of current period | 11,619 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,263 | ||
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 | 24,085 | ||
Gross amount carried at close of current period | 35,602 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 18,720 | ||
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 | 212 | ||
Gross amount carried at close of current period | 398 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 337 | ||
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 | 3,679 | ||
Gross amount carried at close of current period | 14,690 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,083 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Calle del Mar Egeo, 4, 28830, San Fernando de Hanares, 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 | 93,370 | ||
Cost capitalized subsequent to acquisition | (14,100) | ||
Gross amount carried at close of current period | 79,270 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 78 | ||
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 | 5,476 | ||
Gross amount carried at close of current period | 9,457 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,879 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Plot No. S10501 & S10506 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 | 17,000 | ||
Cost capitalized subsequent to acquisition | (3,775) | ||
Gross amount carried at close of current period | 13,225 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 808 | ||
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 | (124) | ||
Gross amount carried at close of current period | 929 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 528 | ||
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 | 318 | ||
Gross amount carried at close of current period | 973 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 288 | ||
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 | (166) | ||
Gross amount carried at close of current period | 0 | ||
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 | (11,583) | ||
Gross amount carried at close of current period | 1,190 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 347 | ||
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 | (4,582) | ||
Gross amount carried at close of current period | 7,980 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,109 | ||
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 | (3,405) | ||
Gross amount carried at close of current period | 5,489 | ||
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 | ||
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 | 8,081 | ||
Gross amount carried at close of current period | 9,949 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,941 | ||
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 | (4,714) | ||
Gross amount carried at close of current period | 19,364 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,403 | ||
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 | 28,743 | ||
Gross amount carried at close of current period | 31,372 | ||
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 | ||
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 | 15,430 | ||
Gross amount carried at close of current period | 19,431 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,089 | ||
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 | 1,654 | ||
Gross amount carried at close of current period | 2,028 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,514 | ||
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 | 1,299 | ||
Gross amount carried at close of current period | 2,204 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,154 | ||
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 | 1,383 | ||
Gross amount carried at close of current period | 21,320 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,763 | ||
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 | 4,867 | ||
Gross amount carried at close of current period | 8,404 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,307 | ||
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 | 6,696 | ||
Gross amount carried at close of current period | 8,900 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,175 | ||
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 | 14,356 | ||
Gross amount carried at close of current period | 21,900 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,561 | ||
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 | 584 | ||
Gross amount carried at close of current period | 2,133 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,215 | ||
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 | 4,657 | ||
Gross amount carried at close of current period | 8,769 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,338 | ||
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 | 28,401 | ||
Gross amount carried at close of current period | 36,580 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,095 | ||
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 | 693 | ||
Gross amount carried at close of current period | 2,223 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 593 | ||
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 | 55,773 | ||
Gross amount carried at close of current period | 114,410 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 15,847 | ||
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 | 2,442 | ||
Gross amount carried at close of current period | 3,123 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 590 | ||
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, 2022 | Dec. 31, 2021 | |
Activity in Real Estate | ||
Gross amount at beginning of period | $ 4,129,251 | $ 3,830,489 |
Additions during period: | ||
Acquisitions | 93,370 | 120,307 |
Discretionary capital projects | 434,395 | 386,752 |
Foreign currency translation fluctuations | (28,295) | (51,363) |
Total additions | 499,470 | 455,696 |
Deductions during period: | ||
Cost of real estate sold, disposed or written-down | (123,633) | (119,154) |
Other adjustments | (43,893) | (37,780) |
Total deductions | (167,526) | (156,934) |
Gross amount at end of period | $ 4,461,195 | $ 4,129,251 |
Schedule III - Schedule of Re_6
Schedule III - Schedule of Real Estate and Accumulated Depreciation - Rollforward Depreciation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Change in accumulated depreciation | ||
Gross amount of accumulation depreciation at beginning of year: | $ 1,160,490,000 | $ 1,097,616,000 |
Additions during period: | ||
Depreciation | 121,428,000 | 147,134,000 |
Foreign currency translation fluctuations | (14,664,000) | (15,135,000) |
Total additions | 106,764,000 | 131,999,000 |
Deductions during period | ||
Amount of accumulated depreciation for real estate assets sold, disposed or written-down | (41,674,000) | (41,376,000) |
Other adjustments | (38,190,000) | (27,749,000) |
Accumulated depreciation, gross | (79,864,000) | (69,125,000) |
Gross amount of end of period | 1,187,390,000 | $ 1,160,490,000 |
Aggregate Cost of Real Estate Assets | $ 4,191,073 |