Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16.1 | ||
Entity Common Stock, Shares Outstanding | 292,275,668 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Certain 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 2024 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, 2023. | ||
Entity Central Index Key | 0001020569 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 222,789 | $ 141,797 |
Accounts receivable (less allowances of $74,762 and $54,143 as of December 31, 2023 and 2022, respectively) | 1,259,826 | 1,174,915 |
Prepaid expenses and other | 252,930 | 230,433 |
Total Current Assets | 1,735,545 | 1,547,145 |
Property, plant and equipment | 10,373,989 | 9,025,765 |
Less—Accumulated depreciation | (4,059,120) | (3,910,321) |
Property, Plant and Equipment, net | 6,314,869 | 5,115,444 |
Other Assets, Net: | ||
Goodwill | 5,017,912 | 4,882,734 |
Customer and supplier relationships and other intangible assets | 1,279,800 | 1,423,145 |
Operating lease right-of-use assets | 2,696,024 | 2,583,704 |
Other | 429,652 | 588,342 |
Total Other Assets, Net | 9,423,388 | 9,477,925 |
Total Assets | 17,473,802 | 16,140,514 |
Current Liabilities: | ||
Current portion of long-term debt | 120,670 | 87,546 |
Accounts payable | 539,594 | 469,198 |
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,250,259 | 1,031,910 |
Deferred revenue | 325,665 | 328,910 |
Total Current Liabilities | 2,236,188 | 1,917,564 |
Long-term Debt, net of current portion | 11,812,500 | 10,481,449 |
Long-term Operating Lease Liabilities, net of current portion | 2,562,394 | 2,429,167 |
Other Long-term Liabilities | 237,590 | 317,376 |
Deferred Income Taxes | 235,410 | 263,005 |
Commitments and Contingencies | ||
Redeemable Noncontrolling Interests | 177,947 | 95,160 |
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 292,142,739 shares and 290,830,296 shares as of December 31, 2023 and 2022, respectively) | 2,921 | 2,908 |
Additional paid-in capital | 4,533,691 | 4,468,035 |
(Distributions in excess of earnings) earnings in excess of distributions | (3,953,808) | (3,392,272) |
Accumulated other comprehensive items, net | (371,156) | (442,003) |
Total Iron Mountain Incorporated Stockholders’ Equity | 211,648 | 636,668 |
Noncontrolling Interests | 125 | 125 |
Total Equity | 211,773 | 636,793 |
Total Liabilities and Equity | $ 17,473,802 | $ 16,140,514 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 74,762 | $ 54,143 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued shares (in shares) | 0 | 0 |
Preferred stock, outstanding shares (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares (in shares) | 400,000,000 | 400,000,000 |
Common stock, issued shares (in shares) | 292,142,739 | 290,830,296 |
Common stock, outstanding shares (in shares) | 292,142,739 | 290,830,296 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Total Revenues | $ 5,480,289 | $ 5,103,574 | $ 4,491,531 |
Operating Expenses: | |||
Cost of sales (excluding depreciation and amortization) | 2,357,800 | 2,189,120 | 1,887,229 |
Selling, general and administrative | 1,236,287 | 1,140,577 | 1,022,559 |
Depreciation and amortization | 776,159 | 727,595 | 680,422 |
Acquisition and Integration Costs | 25,875 | 47,746 | 12,764 |
Restructuring and other transformation | 175,215 | 41,933 | 206,426 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (12,825) | (93,268) | (172,041) |
Total Operating Expenses | 4,558,511 | 4,053,703 | 3,637,359 |
Operating Income (Loss) | 921,778 | 1,049,871 | 854,172 |
Interest Expense, Net (includes Interest Income of $12,471, $8,276 and $7,341 in 2023, 2022 and 2021, respectively) | 585,932 | 488,014 | 417,961 |
Other Expense (Income), Net | 108,640 | (69,781) | (192,804) |
Net Income (Loss) Before Provision (Benefit) for Income Taxes | 227,206 | 631,638 | 629,015 |
Provision (Benefit) for Income Taxes | 39,943 | 69,489 | 176,290 |
Net Income (Loss) | 187,263 | 562,149 | 452,725 |
Less: Net income (loss) attributable to noncontrolling interests | 3,029 | 5,168 | 2,506 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ 184,234 | $ 556,981 | $ 450,219 |
Earnings (Losses) Per Share Attributable to Iron Mountain Incorporated: | |||
Basic (in dollars per share) | $ 0.63 | $ 1.92 | $ 1.56 |
Diluted (in dollars per share) | $ 0.63 | $ 1.90 | $ 1.55 |
Weighted average common shares outstanding-basic (in shares) | 291,936,000 | 290,812,000 | 289,457,000 |
Weighted average common shares outstanding-diluted (in shares) | 293,965,000 | 292,444,177 | 290,975,090 |
Storage rental | |||
Revenues: | |||
Total Revenues | $ 3,370,645 | $ 3,034,023 | $ 2,870,119 |
Service | |||
Revenues: | |||
Total Revenues | $ 2,109,644 | $ 2,069,551 | $ 1,621,412 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Interest income | $ 12,471 | $ 8,276 | $ 7,341 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 187,263 | $ 562,149 | $ 452,725 |
Other Comprehensive Income (Loss): | |||
Foreign Currency Translation Adjustment | 80,657 | (113,966) | (136,410) |
Change in fair value of derivative instruments | (2,454) | 9,829 | 52,380 |
Reclassifications from Accumulated Other Comprehensive Items, net | (7,580) | 0 | 0 |
Total Other Comprehensive Income (Loss) | 70,623 | (104,137) | (84,030) |
Comprehensive Income (Loss) | 257,886 | 458,012 | 368,695 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2,805 | 4,687 | 930 |
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ 255,081 | $ 453,325 | $ 367,765 |
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, 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 | ||||||
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 to redeemable noncontrolling interests | (11,514) | (11,514) | $ 11,682 | ||||
Parent cash dividends declared | (721,032) | (721,032) | |||||
Other comprehensive (loss) income | (82,785) | (82,454) | (331) | ||||
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 | ||||||
Beginning of redeemable noncontrolling interests at Dec. 31, 2020 | 59,805 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Other comprehensive (loss) income | (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 and purchase of noncontrolling interests | (2,518) | ||||||
Ending of redeemable noncontrolling interests at Dec. 31, 2021 | 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 to redeemable noncontrolling interests | 9,734 | 6,099 | 3,635 | (8,264) | |||
Parent cash dividends declared | (728,101) | (728,101) | |||||
Other comprehensive (loss) income | (104,250) | (103,656) | (594) | ||||
Net income (loss) | 557,343 | 556,981 | 362 | ||||
Noncontrolling interests equity contributions and related costs | (2,494) | (2,619) | 125 | ||||
Purchase of noncontrolling interests/Redemption of noncontrolling interests | (4,519) | (4,519) | |||||
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] | |||||||
Other comprehensive (loss) income | 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 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 65,045 | $ 13 | 65,032 | ||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation (in shares) | 1,312,443 | ||||||
Changes in equity related to redeemable noncontrolling interests | 970 | 970 | (1,367) | ||||
Parent cash dividends declared | (745,770) | (745,770) | |||||
Other comprehensive (loss) income | 70,847 | 70,847 | |||||
Net income (loss) | 184,234 | 184,234 | |||||
Noncontrolling interests equity contributions and related costs | (346) | (346) | |||||
Stockholders' equity, ending balance at Dec. 31, 2023 | $ 211,773 | $ 2,921 | $ 4,533,691 | $ (3,953,808) | $ (371,156) | $ 125 | |
Balance (in shares) at Dec. 31, 2023 | 292,142,739 | 292,142,739 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Other comprehensive (loss) income | (224) | ||||||
Net income (loss) | 3,029 | ||||||
Noncontrolling interests equity contributions and related costs | 24,684 | ||||||
Noncontrolling interests dividends | (3,855) | ||||||
Purchase of noncontrolling interests | 60,520 | ||||||
Ending of redeemable noncontrolling interests at Dec. 31, 2023 | $ 177,947 | $ 177,947 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 187,263 | $ 562,149 | $ 452,725 |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Depreciation | 525,850 | 478,984 | 465,072 |
Amortization (includes amortization of deferred financing costs and discounts of $16,859, $18,044 and $16,548 in 2023, 2022 and 2021, respectively) | 267,168 | 266,655 | 231,898 |
Revenue reduction associated with amortization of customer inducements and data center above- and below-market leases | 7,036 | 8,119 | 8,852 |
Stock-based compensation expense | 73,799 | 56,861 | 61,001 |
(Benefit) provision for deferred income taxes | (35,264) | (55,920) | 28,703 |
(Gain) loss on disposal/write-down of property, plant and equipment, net | (12,825) | (93,268) | (172,041) |
Loss (gain) on divestments and deconsolidations | 0 | 105,825 | (178,983) |
Gain associated with the remeasurement of the Deferred Purchase Obligation | 0 | (93,600) | 0 |
Loss (gain) associated with the Clutter transactions | 38,000 | (35,821) | 0 |
Foreign currency transactions and other, net | 103,134 | (19,853) | (6,656) |
(Increase) decrease in assets | (70,287) | (224,641) | (174,206) |
Increase (decrease) in liabilities | 29,693 | (27,795) | 42,537 |
Cash Flows from Operating Activities | 1,113,567 | 927,695 | 758,902 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (1,339,223) | (875,378) | (611,082) |
Cash paid for acquisitions, net of cash acquired | (41,849) | (803,690) | (203,998) |
Acquisition of customer relationships | 0 | (2,143) | (5,892) |
Customer inducements | (5,874) | (6,062) | (7,402) |
Contract costs | (95,124) | (70,336) | (58,524) |
Net proceeds from IPM Divestment | 0 | 0 | 213,878 |
Investments in joint ventures and other investments | (15,830) | (73,233) | (78,623) |
Proceeds from sales of property and equipment and other, net | 53,544 | 170,419 | 278,330 |
Cash Flows from Investing Activities | (1,444,356) | (1,660,423) | (473,313) |
Cash Flows from Financing Activities: | |||
Repayment of revolving credit facility, term loan facilities and other debt | (18,191,921) | (11,593,452) | (5,164,483) |
Proceeds from revolving credit facility, term loan facilities and other debt | 18,386,168 | 12,949,766 | 4,972,214 |
Net proceeds from sales of senior notes | 990,000 | 0 | 737,812 |
Debt financing and equity contribution from noncontrolling interests | 24,684 | 29,172 | 0 |
Debt repayment and equity distribution to noncontrolling interests | (3,855) | (2,953) | (2,450) |
Repurchase of noncontrolling interest | (400) | (4,519) | (75,000) |
Parent cash dividends | (737,650) | (724,388) | (718,340) |
Net (payments) proceeds associated with employee stock-based awards | (8,754) | (4,849) | 25,860 |
Other, net | (32,606) | (9,570) | 3,581 |
Cash Flows from Financing Activities | 425,666 | 639,207 | (220,806) |
Effect of Exchange Rates on Cash and Cash Equivalents | (13,885) | (20,510) | (14,018) |
Increase (decrease) in Cash and Cash Equivalents | 80,992 | (114,031) | 50,765 |
Cash and Cash Equivalents, Beginning of Year | 141,797 | 255,828 | 205,063 |
Cash and Cash Equivalents, End of Year | 222,789 | 141,797 | 255,828 |
Supplemental Information: | |||
Cash Paid for Interest | 512,446 | 482,673 | 428,111 |
Cash Paid for Income Taxes, Net | 89,599 | 99,631 | 130,292 |
Non-Cash Investing and Financing Activities: | |||
Financing Leases and Other | 135,492 | 49,836 | 50,552 |
Accrued Capital Expenditures | 234,315 | 172,589 | 88,210 |
Deferred Purchase Obligations and Other Deferred Payments | 18,575 | 193,033 | 0 |
Dividends Payable | $ 202,392 | $ 194,272 | $ 190,559 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Deferred financing costs and discount included in amortization | $ 16,859 | $ 18,044 | $ 16,548 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
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"). 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, 2023 | |
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 the 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. CHANGES IN PRESENTATION Certain items previously reported under specific financial statement captions have been reclassified to conform to the current year presentation. D. 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. E. 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. F. 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 evaluate and monitor the collectability of accounts receivable based on a combination of factors, including historical loss experience, assessments of trends in our aged receivables and credit memo activity, the location of our businesses, the composition of our customer base, our product and service lines, potential future macroeconomic factors, including natural disasters, and reasonable and supportable forecasts for expected future collectability of our outstanding receivables. Continued adjustments will be made, as it becomes evident, should there be any material change to reasonable and supportable forecasts that may impact our likelihood of collection. Our highly diverse global customer base, with no single customer accounting for more than approximately 1% of revenue during the years ended December 31, 2023, 2022 and 2021, 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 2023 $ 54,143 $ 92,881 $ 32,692 $ (104,954) $ 74,762 2022 62,009 62,891 13,666 (84,423) 54,143 2021 56,981 47,931 26,896 (69,799) 62,009 (1) Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments. G. CONCENTRATIONS OF CREDIT RISK H. PREPAID EXPENSES AND ACCRUED EXPENSES Prepaid expenses totaled $126,904 and $114,130 as of December 31, 2023 and 2022, respectively. There were no other items greater than 5% of total current assets included within Prepaid expenses and other as of December 31, 2023 and 2022. 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 2023 2022 Interest $ 175,218 $ 128,272 Deferred purchase obligations, purchase price holdbacks and other 171,273 7,187 Dividends 202,392 194,272 Operating lease liabilities 291,795 288,738 Other 409,581 413,441 Accrued expenses and other current liabilities $ 1,250,259 $ 1,031,910 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 2023 2022 Land $ 536,780 $ 486,715 Buildings and building improvements 3,819,241 3,336,778 Leasehold improvements 1,166,810 1,079,419 Racking 2,054,046 2,058,054 Warehouse equipment/vehicles 526,965 493,128 Furniture and fixtures 46,094 49,610 Computer hardware and software 601,273 585,792 Construction in progress 1,622,780 936,269 Property, plant and equipment $ 10,373,989 $ 9,025,765 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, 2023, 2022 and 2021, capitalized interest is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Capitalized interest $ 44,845 $ 14,078 $ 12,673 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 of costs, including costs incurred for upgrades and enhancements that provide additional functionality to our existing software, generally begins during the application development stage of the project, which occurs after 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. Capitalized internal use software costs are depreciated on a straight-line basis over the expected useful life of the software, commencing when the software is ready for its intended use. Computer software costs that are capitalized are periodically evaluated for impairment. During the years ended December 31, 2023, 2022 and 2021, capitalized costs associated with the development of internal use computer software projects are as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Capitalized costs associated with the development of internal use computer software projects $ 64,488 $ 44,152 $ 48,557 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, 2023 and 2022 were $36,602 and $36,119, 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, 2023 and 2022 are as follows: DECEMBER 31, DESCRIPTION 2023 2022 Assets: Operating lease right-of-use assets (1) $ 2,696,024 $ 2,583,704 Financing lease right-of-use assets, net of accumulated depreciation (2)(3) 304,600 251,690 Liabilities: Current Operating lease liabilities $ 291,795 $ 288,738 Financing lease liabilities (3) 39,089 43,857 Long-term Operating lease liabilities $ 2,562,394 $ 2,429,167 Financing lease liabilities (3) 310,776 289,048 (1) At December 31, 2023 and 2022, 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, 2023, these assets are comprised of approximately 68% real estate related assets and 32% non-real estate related assets. At December 31, 2022, these assets are comprised of approximately 64% real estate related assets and 36% 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, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2023 2022 2021 Operating lease cost (1) $ 660,889 $ 574,115 $ 545,097 Financing lease cost: Depreciation of financing lease right-of-use assets $ 42,089 $ 42,708 $ 50,970 Interest expense for financing lease liabilities 18,638 17,329 19,808 (1) Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $142,154, $119,184 and $111,949 for the years ended December 31, 2023, 2022 and 2021, respectively. Weighted average remaining lease terms and discount rates as of December 31, 2023 and 2022 are as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 OPERATING LEASES FINANCING LEASES OPERATING LEASES FINANCING LEASES Remaining Lease Term 10.6 years 9.2 years 11.3 years 10.6 years Discount Rate 6.6 % 6.1 % 6.4 % 5.8 % The estimated minimum future lease payments (receipts) as of December 31, 2023 are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2024 $ 468,015 $ (6,969) $ 56,901 2025 456,638 (4,282) 127,074 2026 421,535 (2,979) 40,283 2027 389,307 (3,451) 30,098 2028 344,744 (48) 55,523 Thereafter 1,970,950 (48) 117,779 Total minimum lease payments (receipts) 4,051,189 $ (17,777) 427,658 Less amounts representing interest or imputed interest 1,197,000 77,793 Present value of lease obligations $ 2,854,189 $ 349,865 (1) Estimated minimum future lease payments exclude variable common area maintenance charges, insurance and taxes. At December 31, 2023, we had four 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 $239,146 and have lease terms that range from 14 to 25 years. Each of these leases is expected to commence during 2024. Other information: Supplemental cash flow information relating to our leases for the years ended December 31, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: 2023 2022 2021 Operating cash flows used in operating leases $ 450,412 $ 409,163 $ 392,987 Operating cash flows used in financing leases (interest) 18,638 17,329 19,808 Financing cash flows used in financing leases 52,284 44,869 46,118 NON-CASH ITEMS: Operating lease modifications and reassessments $ 86,948 $ 179,094 $ 144,310 New operating leases (including acquisitions and sale-leaseback transactions) 306,479 540,830 282,490 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, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Gain on disposal/write-down of property, plant and equipment, net $ 12,825 $ 93,268 $ 172,041 The gains primarily consist of (1) : • Gains associated with sale and sale-leaseback transactions of approximately $19,500 , of which approximately $18,500 relates to a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023. These gains are partially offset by losses related to the disposal of assets associated with facility consolidations. • 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. (1) 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. We have performed our annual goodwill impairment review as of October 1, 2023, 2022 and 2021. We concluded that as of October 1, 2023, 2022 and 2021, goodwill was not impaired. 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 Records and Information Management ("North America RIM") • Europe and South Africa Records and Information Management ("ESA RIM") • Middle East, North Africa and Turkey Information Management ("MENAT RIM") • Latin America Records and Information Management ("Latin America RIM") • Asia Pacific Records and Information Management ("APAC RIM") • Entertainment Services • Global Data Center • Fine Arts • ALM 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 2023 REPORTING UNIT CHANGES During 2023, as a result of the realignment of our global managerial structure, we reassessed the composition of our reporting units. The realignment of our global managerial structure did not change the composition of our reportable segments (as described and defined in Note 11). The reassessment resulted in the following changes to our reporting units: (i) our South Africa business, which was previously managed with our other businesses in Europe as part of our former ESA RIM reporting unit, is now managed as part of our former MENAT RIM reporting unit and these will comprise our "MENATSA RIM" reporting unit and (ii) our other businesses in Europe are now managed as our "Europe RIM" reporting unit. There were no changes to our other reporting units. We have reassigned goodwill associated with the reporting units impacted by the realignment 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. REPORTING UNITS AS OF OCTOBER 1, 2023 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2023 were as follows: • North America RIM • Europe RIM • MENATSA RIM • Latin America RIM • APAC RIM • Entertainment Services • Global Data Center • Fine Arts • ALM There were no changes to the composition of our reporting units between October 1, 2023 and December 31, 2023. GOODWILL BY REPORTING UNIT AS OF DECEMBER 31, 2023 The carrying value of goodwill, net for each of our reporting units described above as of December 31, 2023 is as follows: SEGMENT REPORTING UNIT CARRYING VALUE AS OF DECEMBER 31, 2023 Global RIM Business North America RIM $ 2,694,093 Europe RIM 541,860 MENATSA RIM 26,502 Latin America RIM 120,119 APAC RIM 496,944 Entertainment Services 32,427 Global Data Center Business Global Data Center 478,930 Corporate and Other Fine Arts 47,535 ALM 579,502 Total $ 5,017,912 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, 2023 and 2022 are as follows: GLOBAL RIM GLOBAL CORPORATE TOTAL Goodwill balance, net of accumulated amortization, as of December 31, 2021 $ 3,972,852 $ 426,074 $ 64,605 $ 4,463,531 Tax 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 Tax deductible goodwill acquired during the year — — 11,928 11,928 Non-tax deductible goodwill acquired during the year 21,594 56,674 383 78,651 Fair value and other adjustments (80) — 2,333 2,253 Currency effects 37,485 3,754 1,107 42,346 Goodwill balance, net of accumulated amortization, as of December 31, 2023 $ 3,911,945 $ 478,930 $ 627,037 $ 5,017,912 Accumulated Goodwill Impairment Balance as of December 31, 2022 $ 132,409 $ — $ 26,011 $ 158,420 Accumulated Goodwill Impairment Balance as of December 31, 2023 $ 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 generally 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 the associated contract terms, which range 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. 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 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") are recorded 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, 2023 and 2022, respectively, are as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 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) $ 2,144,641 $ (933,084) $ 1,211,557 $ 2,162,154 $ (823,392) $ 1,338,762 Customer inducements (1) 47,565 (25,562) 22,003 47,794 (26,158) 21,636 Data center lease-based intangible assets (1)(2) 141,628 (95,422) 46,206 272,649 (209,902) 62,747 Third-party commissions asset and other (3) 77,638 (39,323) 38,315 83,297 (28,581) 54,716 Liabilities: Data center below-market leases (4) $ 10,873 $ (5,772) $ 5,101 $ 12,831 $ (7,806) $ 5,025 (1) Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets. (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. (4) Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets. 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, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Amortization expense included in depreciation and amortization associated with: Customer and supplier relationship intangible assets $ 153,128 $ 156,779 $ 117,761 Data center in-place leases and tenant relationships 22,322 16,955 42,333 Third-party commissions asset and other 12,541 16,148 6,987 Revenue reduction associated with amortization of: Customer inducements and data center above-market and below-market leases $ 7,036 $ 8,119 $ 8,852 Estimated amortization expense for existing finite-lived intangible assets (excluding Contract Costs, as defined and disclosed in Note 2.s.) is as follows: ESTIMATED AMORTIZATION YEAR INCLUDED IN DEPRECIATION REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS 2024 $ 187,933 $ 5,982 2025 173,432 3,494 2026 156,946 2,607 2027 127,284 2,096 2028 116,387 1,729 Thereafter 533,747 1,343 N. 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 and included as a component of Other expense (income), net. See Note 7. O. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative instruments are measured at fair value and are recorded as either assets or liabilities in our Consolidated Balance Sheets. 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. Gains and losses realized as a result of the maturing or termination of our interest rate swaps and cross-currency swaps are reflected as operating cash flows within our Consolidated Statements of Cash Flows. As of December 31, 2023 and 2022, none of our derivative instruments contained credit-risk related contingent features. See Note 6. P. 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 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS We account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired are recorded at their estimated fair values and the results of operations for each acquisition have been included in our consolidated results from their respective acquisition dates. A. ACQUISITIONS COMPLETED DURING THE YEAR ENDED DECEMBER 31, 2023 WEB WERKS On July 7, 2023, we made our final contractual investment in the Web Werks JV (as defined in Note 5) of approximately 3,750,000 Indian rupees (or approximately $45,300, based upon the exchange rate between the United States dollar and Indian rupee on the closing date of this investment) (the "Web Werks Transaction"). As a result of the Web Werks Transaction, our interest in the Web Werks JV increased to 63.39%, we assumed control of its board of directors and the financial results of the Web Werks JV are now consolidated within our Global Data Center Business segment. We recognized noncontrolling interests of approximately $78,600 based upon the fair value attributable to these interests at the time of the Web Werks Transaction, of which approximately $18,100 of the noncontrolling interests were determined to be a current liability and included as a component of Accrued expenses and other current liabilities on our Consolidated Balance Sheet at December 31, 2023. CLUTTER On June 29, 2023, in order to further expand our on-demand consumer storage business, we acquired 100% of the outstanding shares of Clutter Intermediate, Inc. and control of all assets of the Clutter JV (collectively, "Clutter") for total consideration of $60,600 (the “Clutter Acquisition”). The financial results of the Clutter JV are now consolidated within our Global RIM Business segment. In October 2023, we sold 15% of the equity interests in Clutter to certain former stakeholders of the Clutter JV for a total consideration of $7,500, which represents the fair value attributable to these interests, which is included as a component of Redeemable Noncontrolling Interests on our Consolidated Balance Sheet at December 31, 2023. B. ACQUISITIONS CLOSED SUBSEQUENT TO DECEMBER 31, 2023 REGENCY TECHNOLOGIES On January 3, 2024, in order to expand our ALM business, we acquired RSR Partners, LLC (doing business as Regency Technologies), an IT asset disposition services provider with operations throughout the United States, for an initial purchase price of approximately $200,000, with $125,000 paid at closing, funded by borrowings under the Revolving Credit Facility, and the remaining amount to be paid in 2025 (the "Regency Transaction"). The agreement for the Regency Transaction also includes potential performance-based contingent consideration, which would be payable in 2027, if earned. We will record a preliminary purchase price allocation for the assets acquired and liabilities assumed in connection with the Regency Transaction based on their estimated fair values as of the acquisition date. Given the Regency Transaction recently closed, the preliminary purchase price allocation is still in process and is incomplete as of this filing date. C. 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 current and long-term portions of the Deferred Purchase Obligation are reflected as components of Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in our Consolidated Balance Sheets at December 31, 2023 and 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 expense (income), net in our Consolidated Statements of Operations until the Deferred Purchase Obligation is settled or paid. See Note 2.v. 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 31, 2023, 2022 and 2021. 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. D. 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. E. 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: 2023 2022 2021 TOTAL ITRENEW OTHER FISCAL YEAR 2022 ACQUISITIONS TOTAL TOTAL Cash Paid (gross of cash acquired) (1) $ 88,635 $ 749,596 $ 85,170 $ 834,766 $ 224,192 Fair Value of Noncontrolling Interests (2) 78,598 — — — 3,878 Fair Value of Previously Held Equity Interest (2) 99,718 — — — — Deferred Purchase Obligation, Purchase Price Holdbacks and Other (3) 4,790 275,100 13,637 288,737 2,534 Settlement of Pre-Existing Relationships 21,641 — — — — Total Consideration 293,382 1,024,696 98,807 1,123,503 230,604 Fair Value of Identifiable Assets Acquired and Liabilities Assumed: Cash and Cash Equivalents 49,716 30,694 963 31,657 20,194 Accounts Receivable, Prepaid Expenses and Other Assets 36,274 71,612 3,947 75,559 26,911 Property, Plant and Equipment 140,668 7,541 93,722 101,263 150,095 Customer and Supplier Relationship Intangible Assets (4) 14,330 487,600 3,672 491,272 35,181 Other Intangible Assets 8,046 47,300 1,442 48,742 9,656 Operating Lease Right-of-Use Assets 29,046 29,545 3,135 32,680 40,848 Debt Assumed (22,413) — — — (9,026) Accounts Payable, Accrued Expenses and Other Liabilities (19,323) (60,157) (2,069) (62,226) (22,733) Operating Lease Liabilities (29,046) (29,545) (3,135) (32,680) (40,848) Deferred Income Taxes (4,495) (100,922) (10,143) (111,065) (7,221) Total Fair Value of Identifiable Net Assets Acquired 202,803 483,668 91,534 575,202 203,057 Goodwill Initially Recorded $ 90,579 $ 541,028 $ 7,273 $ 548,301 $ 27,547 (1) Cash paid for acquisitions, net of cash acquired in our Consolidated Statements of Cash Flows includes contingent and other payments of $2,930, $581 and $0 for the years ended December 31, 2023, 2022 and 2021, respectively, related to acquisitions made in the years prior to 2023, 2022 and 2021, respectively. (2) The fair values of the noncontrolling interests and the previously held equity interest were determined to be the respective interest’s proportionate share of the fair value of net assets acquired as of the acquisition date. (3) 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. (4) The weighted average lives of customer and supplier relationship intangible assets associated with acquisitions in 2023, 2022 and 2021 were four years, 12 years and 11 years, respectively. 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. The preliminary purchase price allocations that are not finalized as of December 31, 2023 relate to the final assessment of the fair values of property, plant and equipment and intangible assets associated with the acquisitions we closed during the year ended December 31, 2023. 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. Purchase price allocation adjustments recorded during the fourth quarter of 2023 and year ended December 31, 2023 were not material to our balance sheet or results from operations. |
Divestments and Deconsolidation
Divestments and Deconsolidations | 12 Months Ended |
Dec. 31, 2023 | |
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 expense (income), 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. 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 expense (income), 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, 2023 | |
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. pursuant to which the equityholders of the MakeSpace JV contributed their ownership interests in the MakeSpace JV, and Clutter, Inc.’s shareholders contributed their ownership interests in Clutter, Inc., 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. On June 29, 2023, we completed the Clutter Acquisition. In connection with the Clutter Acquisition, our previously held approximately 27% interest in the Clutter JV was remeasured to fair value at the closing date of the Clutter Acquisition. As a result, we recognized a loss of approximately $38,000 to Other, net, a component of Other expense (income), net, during the second quarter of 2023. 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, a colocation data center provider in India. During the years ended December 31, 2022 and 2021, we made two investments totaling approximately 7,500,000 Indian rupees (or approximately $96,200, based upon the exchange rates between the United States dollar and Indian rupee on the closing date of each investment) in exchange for a noncontrolling interest in the form of convertible preference shares in the Web Werks JV. In July 2023, we made our final contractual investment in the Web Werks JV. See Note 3. 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, 2023 and 2022 are as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 CARRYING VALUE EQUITY INTEREST CARRYING VALUE EQUITY INTEREST Web Werks JV $ — — % $ 98,278 53.58 % Joint venture with AGC Equity Partners (the "Frankfurt JV") 57,874 20.00 % 37,194 20.00 % Clutter JV — — % 54,172 26.73 % |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 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 We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon the one-month Secured Overnight Financing Rate (“SOFR”), in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our 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. In April 2023, in anticipation of the discontinuance of the LIBOR reference rate on June 30, 2023, we terminated interest rate swap agreements with notional amounts totaling $350,000 that were indexed to the one-month LIBOR benchmark rate. The terminated swap agreements had associated unrealized gains at the termination date of approximately $10,100. These gains are included in Accumulated other comprehensive items, net and will be reclassified into earnings as reductions to interest expense from the termination date through March 2024, the original maturity date of these interest rate swap agreements. As of December 31, 2023 and 2022, we have approximately $520,000 and $354,800, respectively, in notional value outstanding on our interest rate swap agreements, with maturity dates ranging from October 2025 through February 2026. CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT We utilize cross-currency interest rate swaps to hedge the variability of exchange rate impacts between the United States dollar and the Euro. As of December 31, 2023 and 2022, we have approximately $509,200 and $469,200, respectively, in notional value outstanding on cross-currency interest rate swaps, with maturity dates ranging from August 2024 through February 2026. 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. The fair value of derivative instruments recognized in our Consolidated Balance Sheets as of December 31, 2023 and 2022, by derivative instrument, are as follows: DERIVATIVE INSTRUMENTS (1) DECEMBER 31, 2023 DECEMBER 31, 2022 Assets Liabilities Assets Liabilities Cash Flow Hedges (2) Interest rate swap agreements $ 1,601 $ (3,273) $ 12,995 $ 489 Net Investment Hedges (3) Cross-currency swap agreements 4,758 (2,496) 38,401 — (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, 2023, $6,359 is included within Other assets, $2,496 is included within accrued expenses and other liabilities, and $3,273 is included within Other long-term liabilities. 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. (2) As of December 31, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $2,472, which include $2,528 related to our terminated interest rate swap agreements. (3) As of December 31, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $32,459, which include $30,197 related to the excluded component of our cross-currency swap agreements. Unrealized (losses) gains recognized in Accumulated other comprehensive items, net during the years ending December 31, 2023, 2022 and 2021, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENTS 2023 2022 2021 Cash Flow Hedges Interest rate swap agreements $ (2,454) $ 20,186 $ 13,382 Net Investment Hedges Cross-currency swap agreements (41,382) 28,044 38,998 Cross-currency swap agreements (excluded component) 21,097 9,100 — Gains (losses) recognized in Net income during the years ending December 31, 2023, 2022 and 2021, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENTS Location of gain (loss) 2023 2022 2021 Cash Flow Hedges Interest rate swap agreements Interest expense $ 7,580 $ — $ — Net Investment Hedges Cross-currency swap agreements (excluded component) Interest expense (21,097) (9,100) — |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-term debt is as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 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) $ — $ (4,621) $ (4,621) $ — $ 1,072,200 $ (6,790) $ 1,065,410 $ 1,072,200 Term Loan A (1) 228,125 — 228,125 228,125 240,625 — 240,625 240,625 Term Loan B due 2026 (1)(2) 659,298 (2,498) 656,800 659,750 666,073 (3,747) 662,326 666,750 Term Loan B due 2031 (1)(3) 1,191,000 (13,026) 1,177,974 1,200,000 — — — — Virginia 3 Term Loans (5) 101,218 (4,641) 96,577 101,218 — — — — Virginia 4/5 Term Loans (5) 16,338 (5,892) 10,446 16,338 — — — — Australian Dollar Term Loan (4)(5) 197,743 (482) 197,261 199,195 202,641 (633) 202,008 204,623 UK Bilateral Revolving Credit Facility (5) 178,239 — 178,239 178,239 169,361 — 169,361 169,361 3 7 / 8 % GBP Senior Notes due 2025 (the "GBP Notes") (6)(8)(9) 509,254 (1,763) 507,491 489,108 483,888 (2,589) 481,299 445,206 4 7 / 8 % Senior Notes due 2027 (the “4 7 / 8 % Notes due 2027") (6)(7)(8) 1,000,000 (5,332) 994,668 967,500 1,000,000 (6,754) 993,246 917,500 5 1 / 4 % Senior Notes due 2028 (the “5 1 / 4 % Notes due 2028") (6)(7)(8) 825,000 (5,019) 819,981 800,250 825,000 (6,200) 818,800 754,875 5% Senior Notes due 2028 (the “5% Notes due 2028") (6)(7)(8) 500,000 (3,316) 496,684 478,750 500,000 (4,039) 495,961 450,000 7% Senior Notes due 2029 (the "7% Notes due 2029") (6)(7)(8) 1,000,000 (10,813) 989,187 1,027,500 — — — — 4 7 / 8 % Senior Notes due 2029 (the “4 7 / 8 % Notes due 2029") (6)(7)(8) 1,000,000 (8,318) 991,682 945,000 1,000,000 (9,764) 990,236 865,000 5 1 / 4 % Senior Notes due 2030 (the “5 1 / 4 % Notes due 2030") (6)(7)(8) 1,300,000 (9,903) 1,290,097 1,241,500 1,300,000 (11,407) 1,288,593 1,111,500 4 1 / 2 % Senior Notes due 2031 (the “4 1 / 2 % Notes") (6)(7)(8) 1,100,000 (8,917) 1,091,083 995,500 1,100,000 (10,161) 1,089,839 891,000 5% Senior Notes due 2032 (the “5% Notes due 2032") (6)(8)(10) 750,000 (11,206) 738,794 684,375 750,000 (12,511) 737,489 622,500 5 5 / 8 % Senior Notes due 2032 (the “5 5 / 8 % Notes") (6)(7)(8) 600,000 (4,985) 595,015 567,000 600,000 (5,566) 594,434 520,500 Real Estate Mortgages, Financing Lease Liabilities and Other (11) 519,907 (403) 519,504 519,907 425,777 (578) 425,199 425,777 Accounts Receivable Securitization Program (12) 358,500 (317) 358,183 358,183 314,700 (531) 314,169 314,700 Total Long-term Debt 12,034,622 (101,452) 11,933,170 10,650,265 (81,270) 10,568,995 Less Current Portion (120,670) — (120,670) (87,546) — (87,546) Long-term Debt, Net of Current Portion $ 11,913,952 $ (101,452) $ 11,812,500 $ 10,562,719 $ (81,270) $ 10,481,449 (1) The capital stock or other equity interests of our United States subsidiaries representing the substantial majority of our United States 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 2 and 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, 2023 and 2022 (collectively, the “Credit Agreement Collateral”). (2) The amount of debt for the Term Loan B due 2026 (as defined below) reflects an unamortized original issue discount of $452 and $677 as of December 31, 2023 and 2022, respectively. (3) The amount of debt for the Term Loan B due 2031 (as defined below) reflects an unamortized original issue discount of $9,000 as of December 31, 2023. (4) The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,452 and $1,982 as of December 31, 2023 and 2022, respectively. (5) The fair value (Level 2 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. (6) The fair values (Level 2 of fair value hierarchy described at Note 2.p.) of these debt instruments are based on quoted market prices for comparable notes on December 31, 2023 and 2022, respectively. (7) 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. (8) 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. (9) 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. (10) 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. (11) We believe the fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value as these borrowings are based on current market interest rates. This debt includes the following: DECEMBER 31, 2023 DECEMBER 31, 2022 Real estate mortgages (1) $ 57,753 $ 58,355 Financing lease liabilities (2) 349,865 332,905 Other notes and other obligations (3) 112,289 34,517 $ 519,907 $ 425,777 (1) Bear interest at approximately 3.6% at both December 31, 2023 and 2022, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2023 and 2022. (2) Bear a weighted average interest rate of 6.1% and 5.2% at December 31, 2023 and 2022. (3) These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 8.5% and 10.1% at December 31, 2023 and 2022. (12) The Accounts Receivable Securitization Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value as borrowings under this debt instrument are based on a current variable market interest rate. A. CREDIT AGREEMENT Our credit agreement (the "Credit Agreement") consists of a revolving credit facility (the "Revolving Credit Facility"), a term loan A facility (the "Term Loan A") and two term loan B facilities (the "Term Loan B due 2026" and the "Term Loan B due 2031"). The Revolving Credit Facility enables IMI and certain of its subsidiaries to borrow an aggregate outstanding amount not to exceed $2,250,000 in United States dollars and (subject to sublimits) Canadian dollars. 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. Iron Mountain Information Management, LLC ("IMIM"), a wholly-owned subsidiary of IMI, is the borrower under the Term Loan B due 2026, which has a principal amount of $700,000. The Term Loan B due 2026, which matures on January 2, 2026, was issued at 99.75% of par. Principal payments on the Term Loan B due 2026 are to be paid in quarterly installments of $1,750. In December 2023, we entered into the Term Loan B due 2031 in the principal amount of $1,200,000, of which IMIM borrowed the full amount. The Term Loan B due 2031 was issued at 99.25% of par and matures on January 31, 2031. The aggregate net proceeds of approximately $1,181,000, after paying commissions to the joint lead arrangers and net of the original issue discount, were used to repay outstanding borrowings under the Revolving Credit Facility. The Term Loan B due 2031 is an incremental term loan under the Credit Agreement. Beginning in the first quarter of 2024, the Term Loan B due 2031 is to be paid in quarterly installments of $3,000. 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 SOFR plus a credit spread adjustment of 0.1% plus 1.75%. Due to the discontinuance of the LIBOR reference rate on June 30, 2023, we transitioned the Term Loan B due 2026 from an interest rate of LIBOR plus 1.75% to a synthetic LIBOR rate plus 1.75%, effective July 1, 2023. The Term Loan B due 2031 bears interest at the SOFR plus 2.25%. 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, 2023, we had no outstanding borrowings under the Revolving Credit Facility and $228,125, $659,750 and $1,200,000 outstanding under the Term Loan A, the Term Loan B due 2026 and the Term Loan B due 2031, respectively. As of December 31, 2023, we had various outstanding letters of credit totaling $4,821 under the Revolving Credit Facility. The remaining amount available for borrowing under the Revolving Credit Facility as of December 31, 2023, 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 $2,245,179 (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 interest rate in effect under the Term Loan A as of December 31, 2023 and 2022 was 7.2% and 6.2%, respectively. The interest rate in effect under the Term Loan B due 2026 as of December 31, 2023 and 2022 was 5.2% and 4.8%, respectively. The interest rate in effect under the Term Loan B due 2031 as of December 31, 2023 was 7.6% REVOLVING CREDIT FACILITY $2,250,000 TERM LOAN A $250,000 TERM LOAN B DUE 2026 $700,000 TERM LOAN B DUE 2031 $1,200,000 Outstanding borrowings $0 Aggregate outstanding principal amount $228,125 Aggregate outstanding principal amount $659,750 Aggregate outstanding principal amount $1,200,000 As of December 31, 2023 7.2% Interest rate 5.2% Interest rate 7.6% Interest rate As of December 31, 2023 As of December 31, 2023 As of December 31, 2023 B. VIRGINIA CREDIT AGREEMENTS VIRGINIA 3 CREDIT AGREEMENT On August 31, 2023, Iron Mountain Data Centers Virginia 3, LLC, a wholly-owned subsidiary of IMI, entered into a credit agreement (the "Virginia 3 Credit Agreement") in order to partially finance the construction of a data center facility in Virginia. The Virginia 3 Credit Agreement consists of a term loan facility and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $275,000 (the "Virginia 3 Term Loans"). The Virginia 3 Term Loans bear interest at the SOFR plus 2.50%. The Virginia 3 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.75%. The Virginia 3 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 3, LLC. The Virginia 3 Credit Agreement is scheduled to mature on August 31, 2026, at which point all obligations will become due. We have two one MAXIMUM AMOUNT $275,000 OUTSTANDING BORROWINGS $101,218 6.2% Interest rate As of December 31, 2023 VIRGINIA 4/5 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 4/5 Credit Agreement") in order to finance the construction of two data center facilities in Virginia. The Virginia 4/5 Credit Agreement consists of a term loan facility and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed approximately $205,000 (the "Virginia 4/5 Term Loans"). The Virginia 4/5 Term Loans bear interest at SOFR plus a credit spread adjustment of 0.1% plus 1.625%. The Virginia 4/5 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.4875%. The Virginia 4/5 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC. The Virginia 4/5 Credit Agreement is scheduled to mature on October 31, 2025, at which point all obligations will become due. We have two one MAXIMUM AMOUNT $205,000 OUTSTANDING BORROWINGS $16,338 6.1% Interest rate As of December 31, 2023 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 7% Notes due 2029 $ 1,000,000 IMI February 15, 2029 7% February 15 and August 15 August 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. MAY 2023 OFFERING On May 15, 2023, IMI completed a private offering of: SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 7% Notes due 2029 $ 1,000,000 The 7% Notes due 2029 were issued at 100% of par. The total net proceeds of approximately $990,000 from the issuance of the 7% Notes due 2029, after deducting the initial purchasers' commissions, were used to repay outstanding borrowings under the Revolving Credit Facility. D. AUSTRALIAN DOLLAR TERM LOAN Iron Mountain Australia Group Pty, Ltd., 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. The AUD Term Loan bears interest at BBSY (an Australian benchmark variable interest rate) plus 3.625%. The AUD Term Loan is guaranteed by Iron Mountain Australia Group Pty, Ltd. and certain other Australian subsidiaries (the "Australia Group Guarantors") and by the guarantors of the Credit Agreement. The AUD Term Loan is secured by the capital stock and assets of the Australia Group Guarantors and by the Credit Agreement Collateral. The AUD Term Loan is scheduled to mature on September 30, 2026, at which point all obligations become due. As of December 31, 2023, we had 292,422 Australian dollars ($199,195 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2023) outstanding on the AUD Term Loan. 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. The interest rate in effect under the AUD Term Loan was 8.0% and 6.9% as of December 31, 2023 and 2022, respectively. OUTSTANDING BORROWINGS AU$292,422 8.0% Interest rate As of December 31, 2023 E. UK BILATERAL REVOLVING CREDIT FACILITY IM UK and Iron Mountain (UK) Data Centre Limited, wholly owned subsidiaries of IMI (collectively, the "UK Borrowers"), have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility"). 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. 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 is secured by certain properties in the United Kingdom. The UK Bilateral Revolving Credit Facility bears interest at the Sterling Overnight Index Average plus 2.0%. On September 19, 2023, the UK Borrowers amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2024 to September 24, 2025. The UK Bilateral Revolving Credit Facility was fully drawn as of December 31, 2023. The interest rate in effect under the UK Bilateral Revolving Credit Facility was 7.3% and 5.5% as of December 31, 2023 and 2022, respectively. MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 7.3% Interest rate As of December 31, 2023 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. The Accounts Receivable Securitization Program is secured by a substantial majority of our net receivables in the United States. On June 8, 2023, we amended the Accounts Receivable Securitization Program to increase the maximum borrowing capacity from $325,000 to $360,000. As of December 31, 2023 and 2022, the amount outstanding under the Accounts Receivable Securitization Program was $358,500 and $314,700, respectively. The interest rate in effect under the Accounts Receivable Securitization Program was 6.4% and 5.4% as of December 31, 2023 and 2022, respectively. 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 $360,000 OUTSTANDING BORROWINGS $358,500 6.4% Interest rate As of December 31, 2023 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, 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. 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, 2023 and 2022 are reflected as Cash and cash equivalents in our Consolidated Balance Sheets. H. LETTERS OF CREDIT As of December 31, 2023, we had outstanding letters of credit totaling $38,791, of which $4,821 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between January 2024 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, 2023. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity. J. MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS: YEAR AMOUNT 2024 $ 120,670 2025 1,221,903 2026 1,055,120 2027 1,238,920 2028 1,393,004 Thereafter 7,015,909 12,045,526 Net Discounts (10,904) Net Deferred Financing Costs (101,452) Total Long-term Debt (including current portion) $ 11,933,170 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
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) 2024 $ 76,443 2025 67,533 2026 27,034 2027 110,366 2028 2,664 Thereafter 2,137 $ 286,177 (1) Purchase commitments (i) include obligations related principally to software maintenance and support services and (ii) exclude our operating and financing lease obligations (see Note 2.j.) and our deferred purchase obligations (see Note 2.p.). In addition to the above, as of December 31, 2023, we have contractual commitments of approximately $740,000 for future construction costs associated with the expansion of our Global Data Center Business that are expected to be incurred over the next one 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, 2023 and 2022, there were $42,495 and $46,663, 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. C. LITIGATION—GENERAL |
Stockholders' Equity Matters
Stockholders' Equity Matters | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
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 2021, 2022 and 2023, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND RECORD DATE TOTAL AMOUNT PAYMENT DATE 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 February 23, 2023 0.6185 March 15, 2023 180,339 April 5, 2023 May 4, 2023 0.6185 June 15, 2023 180,493 July 6, 2023 August 3, 2023 0.6500 September 15, 2023 189,730 October 5, 2023 November 2, 2023 0.6500 December 15, 2023 189,886 January 4, 2024 On February 22, 2024, we declared a dividend to our stockholders of record as of March 15, 2024 of $0.65 per share, payable on April 4, 2024. During the years ended December 31, 2023, 2022 and 2021, 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, 2023 2022 2021 Declared distributions $ 740,448 $ 719,098 $ 715,807 Amount per share each distribution represents based on weighted average number of common shares outstanding 2.54 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, 2023, 2022 and 2021, the dividends we paid on our common shares were classified as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Nonqualified ordinary dividends 98.2 % 90.4 % 53.9 % Qualified ordinary dividends (1) 0.8 % — % 13.0 % Capital gains (2)(3) — % 9.6 % 21.8 % Return of capital 1.0 % — % 11.3 % 100.0 % 100.0 % 100.0 % (1) Dividends paid during the years ended December 31, 2023 and 2021 which were classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits during the years ended December 31, 2023 and 2021. None of the dividends paid during the year ended December 31, 2022 were classified as qualified ordinary dividends for federal income tax purposes. (2) During the year ended December 31, 2022, the percentage of our dividends that was classified as a capital gain was primarily related to the sale of land and buildings in the United States and Canada. (3) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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, 2023 and 2022 are presented below: DECEMBER 31, 2023 (1) 2022 Deferred Tax Assets: Accrued liabilities and other adjustments $ 100,476 $ 80,159 Net operating loss carryforwards 158,363 97,161 Valuation allowance (103,897) (47,514) 154,942 129,806 Deferred Tax Liabilities: Other assets, principally due to differences in amortization (220,218) (243,150) Plant and equipment, principally due to differences in depreciation (90,156) (78,486) Other (65,909) (52,786) (376,283) (374,422) Net deferred tax liability $ (221,341) $ (244,616) (1) Prior to 2023, certain of our non-United States tax loss carryforwards were determined to have a remote possibility of realization and therefore were not reported in the table above. In connection with the implementation of the OECD (as defined below) global minimum tax initiative known as Pillar Two (as defined below), any existing deferred taxes not disclosed in our 2023 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, beginning in 2023, we are disclosing in the above table the tax effects of these non-United States tax loss carryforwards offset with a full valuation allowance. The deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below: DECEMBER 31, 2023 2022 Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) $ 14,069 $ 18,389 Deferred income taxes (235,410) (263,005) At December 31, 2023, we have federal net operating loss carryforwards of $109,624, which can be carried forward indefinitely, of which $88,728 is expected to be realized to reduce future federal taxable income. We have assets for foreign net operating losses of $133,536, with various expiration dates (and in some cases no expiration date), subject to a valuation allowance of approximately 73.8%. 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. A rollforward of the valuation allowance is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF CHARGED (CREDITED) TO EXPENSE (2) OTHER INCREASES/(DECREASES) (1)(2) BALANCE 2023 $ 47,514 $ 4,855 $ 51,528 $ 103,897 2022 51,744 (1,333) (2,897) 47,514 2021 46,938 8,406 (3,600) 51,744 (1) Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates. (2) Prior to 2023, certain of our non-United States tax loss carryforwards were determined to have a remote possibility of realization and therefore were not reported in the table above. In connection with the implementation of the OECD global minimum tax initiative known as Pillar Two, any existing deferred taxes not disclosed in our 2023 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, beginning in 2023, we are disclosing in the above table the tax effects of these non-United States tax loss carryforwards offset with a full valuation allowance. The components of net income (loss) before provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 United States $ 76,012 $ 449,241 $ 212,460 Canada 111,331 103,826 78,780 Other Foreign 39,863 78,571 337,775 Net income (loss) before provision (benefit) for income taxes $ 227,206 $ 631,638 $ 629,015 The provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 consist of the following components: YEAR ENDED DECEMBER 31, 2023 2022 2021 Federal—current $ 1,255 $ 24,331 $ 54,867 Federal—deferred (18,488) (30,581) 14,322 State—current 1,544 8,553 9,566 State—deferred (4,630) (3,728) (526) Foreign—current 72,408 92,525 83,154 Foreign—deferred (12,146) (21,611) 14,907 Provision (Benefit) for Income Taxes $ 39,943 $ 69,489 $ 176,290 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, 2023, 2022 and 2021, respectively, is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Computed "expected" tax provision $ 47,713 $ 132,644 $ 132,093 Changes in income taxes resulting from: Tax adjustment relating to REIT (39,299) (82,620) (8,203) State taxes, net of federal tax benefit (3,147) 4,043 8,027 Increase (decrease) in valuation allowance (net of operating losses) 4,855 (1,333) 8,406 Withholding taxes 11,658 10,600 23,654 (Reversal) reserve accrual and audit settlements, net of federal tax benefit (6,999) 40 3,072 Change in valuation of acquisition contingencies 3,242 (19,656) — Foreign tax rate differential 6,876 22,227 9,856 Disallowed foreign interest, Subpart F income, and other foreign taxes 14,405 2,820 (3,437) Other, net 639 724 2,822 Provision (Benefit) for Income Taxes $ 39,943 $ 69,489 $ 176,290 Our effective tax rates for the years ended December 31, 2023, 2022 and 2021 were 17.6%, 11.0% and 28.0%, 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, 2023 2022 2021 The benefits derived from the dividends paid deduction of $39,299 and the differences in the tax rates to which our foreign earnings are subject of $6,876. In addition, there were gains and losses recorded in Other expense (income), net during the period, for which there was no tax impact. 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 expense (income), 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 benefits 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 United States tax impact of undistributed earnings of foreign TRSs that are no longer intended to be permanently reinvested outside the United States. 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. In December 2022, the European Union member states agreed to implement the OECD’s Base Erosion and Profit Shifting 2.0 Pillar Two global corporate minimum tax rate of 15% ("Pillar Two"). The agreement affirms that all member states must adopt the directive by December 31, 2023. The rules will therefore be first applicable for periods beginning after December 31, 2023. While the United States has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially impact our effective tax rate, corporate tax liabilities or cash tax liabilities. There remains uncertainty as to the final Pillar Two model rules. We will continue to monitor United States and global legislative action related to Pillar Two for potential impacts. 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 a decrease of $2,557 and increases of $90 and $823 for gross interest and penalties for the years ended December 31, 2023, 2022 and 2021, respectively. We had $4,183 and $6,635 accrued for the payment of interest and penalties as of December 31, 2023 and 2022, respectively. A summary of tax years that remain subject to examination by major tax jurisdictions is as follows: TAX YEARS TAX JURISDICTION See Below United States—Federal and State 2020 to present United Kingdom 2016 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 2022, 2021 and 2020 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, 2023, we had $23,570 of reserves related to uncertain tax positions, of which $20,488 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, 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. Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in changes to our estimates. A rollforward of unrecognized tax benefits is as follows: Gross tax contingencies—January 1, 2021 $ 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 Gross additions based on tax positions related to the current year 3,511 Gross additions for tax positions of prior years 634 Gross reductions for tax positions of prior years (5,454) Lapses of statutes (2,874) Gross tax contingencies—December 31, 2023 $ 23,570 The reversal of the reserves of $23,570 as of December 31, 2023 will be recorded as a reduction of our income tax provision, if sustained. We believe that it is reasonably possible that an amount up to approximately $3,722 of our unrecognized tax positions may be recognized by the end of 2024 as a result of a lapse of statute of limitations or upon closing and settling significant audits in various worldwide jurisdictions. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | As of December 31, 2023, 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 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, which help entertainment and media services 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 utilizing 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. In addition, ALM also offers workplace IT asset management services including storage, configuration, deployment, device support and end-of-life disposition for employee IT devices. 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, 2023 Total Revenues $ 4,661,776 $ 495,026 $ 323,487 $ 5,480,289 Storage Rental 2,834,352 474,066 62,227 3,370,645 Service 1,827,424 20,960 261,260 2,109,644 Depreciation and Amortization 470,934 158,817 146,408 776,159 Depreciation 313,956 117,738 94,156 525,850 Amortization 156,978 41,079 52,252 250,309 Adjusted EBITDA 2,027,037 215,945 (281,305) 1,961,677 Total Assets (1) 10,876,225 4,788,600 1,808,977 17,473,802 Expenditures for Segment Assets 391,889 946,791 143,390 1,482,070 Capital Expenditures 284,978 928,883 125,362 1,339,223 Cash Paid for Acquisitions, Net of Cash Acquired 24,919 (764) 17,694 41,849 Acquisitions of Customer Relationships, Customer Inducements and Contract Costs 81,992 18,672 334 100,998 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 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 Costs 59,310 12,508 — 71,818 (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 • (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) • Other expense (income), net • Stock-based compensation expense Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. A reconciliation of Net Income (Loss) to Adjusted EBITDA on a consolidated basis for the years ended December 31, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Net Income (Loss) $ 187,263 $ 562,149 $ 452,725 Add/(Deduct): Interest expense, net 585,932 488,014 417,961 Provision (benefit) for income taxes 39,943 69,489 176,290 Depreciation and amortization 776,159 727,595 680,422 Acquisition and Integration Costs 25,875 47,746 12,764 Restructuring and other transformation 175,215 41,933 206,426 (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) (12,825) (93,268) (172,041) Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures (1) 98,891 (83,268) (205,746) Stock-based compensation expense 73,799 56,861 61,001 Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 11,425 9,806 4,897 Adjusted EBITDA $ 1,961,677 $ 1,827,057 $ 1,634,699 (1) Includes foreign currency transaction losses (gains), net, debt extinguishment expense and other, net. Information as to our operations in different geographical areas for the years ended December 31, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Revenues: United States $ 3,507,134 $ 3,262,755 $ 2,713,147 United Kingdom 393,917 332,556 294,675 Canada 279,325 270,836 252,385 Australia 143,815 144,840 148,431 Remaining Countries 1,156,098 1,092,587 1,082,893 Long-lived Assets: United States $ 9,492,911 $ 8,925,643 $ 7,867,841 United Kingdom 1,315,715 1,062,641 914,732 Canada 498,511 514,777 562,911 Australia 484,005 490,172 528,703 Remaining Countries 3,947,115 3,600,136 3,134,577 Information as to our revenues by product and service lines by segment for the years ended December 31, 2023, 2022 and 2021 is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL For the Year Ended December 31, 2023 Records Management (1) $ 3,625,264 $ — $ 146,389 $ 3,771,653 Data Management (1) 520,194 — — 520,194 Information Destruction (1)(2)(3) 516,318 — 177,098 693,416 Data Center (1) — 495,026 — 495,026 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 (1) Each of these offerings has a component of revenue that is storage rental related and a component that is service related, 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 our ALM business. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | In October 2020, in connection with the formation of the Frankfurt JV, 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"). On June 29, 2023, we completed the Clutter Acquisition and terminated the Clutter Agreement. Revenue recognized in the accompanying Consolidated Statements of Operations under these agreements for the years ended December 31, 2023, 2022 and 2021 is as follows (approximately): YEAR ENDED DECEMBER 31, 2023 2022 2021 Frankfurt JV Agreements (1) $ 1,800 $ 15,000 $ 19,600 MakeSpace Agreement and Clutter Agreement (2) 13,000 28,500 34,700 (1) Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment. (2) Revenue associated with the MakeSpace Agreement and the Clutter Agreement is presented as a component of our Global RIM Business segment. During the years ended December 31, 2023, 2022 and 2021, the Company had no other related party transactions. |
Restructuring and Other Transfo
Restructuring and Other Transformation Charges | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Transformation Charges | RESTRUCTURING AND OTHER TRANSFORMATION PROJECT MATTERHORN In September 2022, we announced Project Matterhorn. Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses 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 are 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. Restructuring and other transformation related to Project Matterhorn included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 is as follows: YEAR ENDED DECEMBER 31, 2023 YEAR ENDED DECEMBER 31, 2022 FROM INCEPTION THROUGH DECEMBER 31, 2023 Restructuring $ 57,319 $ 13,292 $ 70,611 Other transformation 117,896 28,641 146,537 Restructuring and other transformation $ 175,215 $ 41,933 $ 217,148 There were no Restructuring and other transformation costs related to Project Matterhorn for the year ended December 31, 2021. Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 are as follows: YEAR ENDED DECEMBER 31, 2023 YEAR ENDED DECEMBER 31, 2022 FROM INCEPTION THROUGH DECEMBER 31, 2023 Global RIM Business $ 46,722 $ 13,083 $ 59,805 Global Data Center Business 520 — 520 Corporate and Other 10,077 209 10,286 Total restructuring costs $ 57,319 $ 13,292 $ 70,611 Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 are as follows: YEAR ENDED DECEMBER 31, 2023 YEAR ENDED DECEMBER 31, 2022 FROM INCEPTION THROUGH DECEMBER 31, 2023 Global RIM Business $ 28,369 $ 3,901 $ 32,270 Global Data Center Business 4,964 58 5,022 Corporate and Other 84,563 24,682 109,245 Total other transformation costs $ 117,896 $ 28,641 $ 146,537 A rollforward of the accrued restructuring costs and accrued other transformation costs, which are included as components of Accrued expenses and other current liabilities in our Consolidated Balance Sheets for December 31, 2022 through December 31, 2023 is as follows: RESTRUCTURING OTHER TRANSFORMATION TOTAL RESTRUCTURING AND OTHER TRANSFORMATION Balance as of December 31, 2022 $ 1,058 $ 7,029 $ 8,087 Amounts accrued 57,319 117,895 175,214 Payments (47,646) (100,070) (147,716) Balance as of December 31, 2023 $ 10,731 $ 24,854 $ 35,585 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. 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, included as a component of Restructuring and other transformation in the accompanying Consolidated Statement of Operations, for the year ended December 31, 2021 and from the inception of Project Summit through December 31, 2021, are as follows: YEAR ENDED DECEMBER 31, 2021 FROM INCEPTION OF PROJECT SUMMIT THROUGH Employee severance $ 22,809 $ 91,008 Professional fees and other 183,617 358,411 Total restructuring costs $ 206,426 $ 449,419 As Project Summit was completed as of December 31, 2021, there were no restructuring costs for Project Summit for the years ended December 31, 2023 and 2022. Restructuring costs for Project Summit included in the accompanying Consolidated Statement of Operations by segment for the year ended December 31, 2021 and from the inception of Project Summit through December 31, 2021 are as follows: YEAR ENDED DECEMBER 31, 2021 FROM INCEPTION OF PROJECT SUMMIT THROUGH Global RIM Business $ 59,033 $ 148,073 Global Data Center Business 3,062 5,000 Corporate and Other 144,331 296,346 Total restructuring costs $ 206,426 $ 449,419 |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
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 1,145 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, 2023: Gross Amount of Real Estate Assets, As Reported on Schedule III $ 4,964,366 Add (Deduct) Reconciling Items: Book value of racking included in leased facilities (1) 1,507,354 Book value of financing leases (2) 618,338 Book value of construction in progress (3) 933,727 Book value of other 9,062 Total Reconciling Items 3,068,481 Gross Amount of Real Estate Assets, As Disclosed in Note 2.i. $ 8,032,847 (1) Represents the gross book value of racking installed in our 1,145 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, 2023 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, 2023: Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III $ 1,305,461 Add (Deduct) Reconciling Items: Accumulated Depreciation - non-real estate assets (1) 1,454,161 Accumulated Depreciation - racking in leased facilities (2) 1,129,751 Accumulated Depreciation - financing leases (3) 150,952 Accumulated Depreciation - other 18,795 Total Reconciling Items 2,753,659 Accumulated Depreciation, As Reported on Consolidated Balance Sheet $ 4,059,120 (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, 2023 installed in our 1,145 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, 2023 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 $ 2,862 $ 4,499 $ 2,651 2001 Up to 40 years 4802 East Van Buren, Phoenix, Arizona 1 — 15,599 479,431 495,030 20,668 2019 Up to 40 years 615 North 48th Street, Phoenix, Arizona 1 — 423,107 163,675 586,782 91,294 2018 (5) Up to 40 years 2955 S. 18th Place, Phoenix, Arizona 1 — 12,178 15,194 27,372 8,861 2007 Up to 40 years 4449 South 36th St, Phoenix, Arizona 1 — 7,305 1,192 8,497 5,697 2012 Up to 40 years 8521 E. Princess Drive, Scottsdale, Arizona 1 — 87,865 5,088 92,953 25,437 2018 (5) Up to 40 years 600 Burning Tree Rd, Fullerton, California 1 — 4,762 3,211 7,973 3,455 2002 Up to 40 years 21063 Forbes St, Hayward, California 1 — 13,407 641 14,048 3,688 2019 (10) Up to 40 years 1025 North Highland Ave, Los Angeles, California 1 — 10,168 28,774 38,942 18,910 1988 Up to 40 years 1010 - 1006 North Mansfield, Los Angeles, California 1 — 749 261 1,010 185 2014 Up to 40 years 1350 West Grand Ave, Oakland, California 1 — 15,172 7,668 22,840 16,673 1997 Up to 40 years 1760 North Saint Thomas Circle, Orange, California 1 — 4,576 906 5,482 2,345 2002 Up to 40 years 1915 South Grand Ave, Santa Ana, California 1 — 3,420 1,850 5,270 2,313 2001 Up to 40 years 2680 Sequoia Dr, South Gate, California 1 — 6,329 3,339 9,668 4,746 2002 Up to 40 years 336 Oyster Point Blvd, South San Francisco, California 1 — 15,100 336 15,436 3,171 2019 (10) Up to 40 years 3576 N. Moline, Aurora, Colorado 1 — 1,583 4,562 6,145 2,634 2001 Up to 40 years 5151 E. 46th Ave, Denver, Colorado 1 — 6,312 787 7,099 2,401 2014 Up to 40 years 11333 E 53rd Ave, Denver, Colorado 1 — 7,403 11,133 18,536 11,693 2001 Up to 40 years 4300 Brighton Boulevard, Denver, Colorado 1 — 116,336 33,339 149,675 28,699 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 $ 2,119 $ 9,536 $ 6,917 2002 Up to 40 years Kennedy Road, Windsor, Connecticut 2 — 10,447 33,511 43,958 26,398 2001 Up to 40 years 1400 Johnson Way, New Castle, Delaware 1 — 5,686 — 5,686 355 2023 (10) Up to 40 years 150-200 Todds Ln, Wilmington, Delaware 1 — 7,226 1,245 8,471 5,712 2002 Up to 40 years 3501 Electronics Way, West Palm Beach, Florida 1 — 4,201 15,477 19,678 9,599 2001 Up to 40 years 5319 Tulane Drive SW, Atlanta, Georgia 1 — 2,808 3,984 6,792 4,701 2002 Up to 40 years 6111 Live Oak Parkway, Norcross, Georgia 1 — 3,542 3,182 6,724 986 2017 Up to 40 years 2425 South Halsted St, Chicago, Illinois 1 — 7,470 1,861 9,331 4,993 2006 Up to 40 years 1301 S. Rockwell St, Chicago, Illinois 1 — 7,947 28,471 36,418 18,659 1999 Up to 40 years 2604 West 13th St, Chicago, Illinois 1 — 404 3,095 3,499 3,069 2001 Up to 40 years 2211 W. Pershing Rd, Chicago, Illinois 1 — 4,264 14,360 18,624 10,812 2001 Up to 40 years 2255 Pratt Blvd, Elk Grove, Illinois 1 — 1,989 4,101 6,090 2,192 2000 Up to 40 years 4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois 1 — 22,048 4,592 26,640 12,343 2014 Up to 40 years 2600 Beverly Drive, Lincoln, Illinois 1 — 1,378 964 2,342 511 2015 Up to 40 years 6090 NE 14th Street, Des Moines, Iowa 1 — 622 552 1,174 550 2003 Up to 40 years South 7th St, Louisville, Kentucky 4 — 709 15,977 16,686 7,695 Various Up to 40 years 26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine 1 — 8,337 624 8,961 4,081 2015 (10) Up to 40 years 8928 McGaw Ct, Columbia, Maryland 1 — 2,198 6,700 8,898 4,842 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 $ 964 $ 1,128 $ 681 2002 Up to 40 years 32 George St, Boston, Massachusetts 1 — 1,820 5,558 7,378 6,020 1991 Up to 40 years 3435 Sharps Lot Rd, Dighton, Massachusetts 1 — 1,911 881 2,792 2,268 1999 Up to 40 years 77 Constitution Boulevard, Franklin, Massachusetts 1 — 5,413 402 5,815 1,314 2014 Up to 40 years Bearfoot Road, Northboro, Massachusetts 2 — 55,923 16,666 72,589 47,711 Various Up to 40 years 6601 Sterling Dr South, Sterling Heights, Michigan 1 — 1,294 1,255 2,549 1,442 2002 Up to 40 years 3140 Ryder Trail South, Earth City, Missouri 1 — 3,072 3,566 6,638 3,168 2004 Up to 40 years Leavenworth St/18th St, Omaha, Nebraska 2 — 2,924 19,780 22,704 10,067 Various Up to 40 years 4105 North Lamb Blvd, Las Vegas, Nevada 1 — 3,430 10,158 13,588 7,625 2002 Up to 40 years 17 Hydro Plant Rd, Milton, New Hampshire 1 — 6,179 4,662 10,841 7,979 2001 Up to 40 years 3003 Woodbridge Avenue, Edison, New Jersey 1 — 310,404 116,859 427,263 65,368 2018 (5) Up to 40 years 811 Route 33, Freehold, New Jersey 3 — 38,697 63,577 102,274 65,272 Various Up to 40 years 51-69 & 77-81 Court St, Newark, New Jersey 1 — 11,734 17,802 29,536 4,415 2015 Up to 40 years 560 Irvine Turner Blvd, Newark, New Jersey 1 — 9,522 6,921 16,443 2,033 2015 Up to 40 years 231 Johnson Ave, Newark, New Jersey 1 — 8,945 3,481 12,426 2,126 2015 Up to 40 years 650 Howard Avenue, Somerset, New Jersey 1 — 3,585 12,478 16,063 8,148 2006 Up to 40 years 100 Bailey Ave, Buffalo, New York 1 — 1,324 11,583 12,907 8,395 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 $ 5,649 1998 Up to 40 years County Rd 10, Linlithgo, New York 2 — 102 3,260 3,362 2,170 2001 Up to 40 years Ulster Ave/Route 9W, Port Ewen, New York 3 — 23,137 12,650 35,787 26,531 2001 Up to 40 years Binnewater Rd, Rosendale, New York 2 — 5,142 12,029 17,171 9,495 Various Up to 40 years 220 Wavel St, Syracuse, New York 1 — 2,929 2,856 5,785 3,600 1997 Up to 40 years 826 Church Street, Morrisville, North Carolina 1 — 7,087 1,046 8,133 2,243 2017 Up to 40 years 1275 East 40th, Cleveland, Ohio 1 — 3,129 606 3,735 2,425 1999 Up to 40 years 7208 Euclid Avenue, Cleveland, Ohio 1 — 3,336 5,008 8,344 4,894 2001 Up to 40 years 3366 South Tech Boulevard, Miamisburg, Ohio 1 — 29,092 2,189 31,281 6,434 2018 (5) Up to 40 years Branchton Rd, Boyers, Pennsylvania 2 — 21,166 282,425 303,591 98,348 Various Up to 40 years 800 Carpenters Crossings, Folcroft, Pennsylvania 1 — 2,457 1,069 3,526 2,413 2000 Up to 40 years Las Flores Industrial Park, Rio Grande, Puerto Rico 1 — 4,185 3,834 8,019 5,466 2001 Up to 40 years 1061 Carolina Pines Road, Columbia, South Carolina 1 — 11,776 2,779 14,555 5,236 2016 (10) Up to 40 years 2301 Prosperity Way, Florence, South Carolina 1 — 2,846 1,353 4,199 1,910 2016 (10) Up to 40 years Mitchell Street, Knoxville, Tennessee 2 — 718 4,650 5,368 2,858 Various Up to 40 years 6005 Dana Way, Nashville, Tennessee 2 — 1,827 13,169 14,996 2,715 2000 Up to 40 years Capital Parkway, Carrollton, Texas 3 — 8,299 1,584 9,883 3,335 2015 (10) Up to 40 years 1800 Columbian Club Dr, Carrolton, Texas 1 — 19,673 2,302 21,975 11,804 2013 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 1905 John Connally Dr, Carrolton, Texas 1 $ — $ 2,174 $ 1,006 $ 3,180 $ 1,723 2000 Up to 40 years 13425 Branchview Ln, Dallas, Texas 1 — 3,518 3,864 7,382 4,730 2001 Up to 40 years 1819 S. Lamar St, Dallas, Texas 1 — 3,215 2,209 5,424 3,104 2000 Up to 40 years 2000 Robotics Place Suite B, Fort Worth, Texas 1 — 5,328 8,711 14,039 3,946 2002 Up to 40 years 1202 Ave R, Grand Prairie, Texas 1 — 8,354 2,310 10,664 6,988 2003 Up to 40 years 6203 Bingle Rd, Houston, Texas 1 — 3,188 12,475 15,663 10,145 2001 Up to 40 years 2600 Center Street, Houston, Texas 1 — 2,840 2,754 5,594 3,139 2000 Up to 40 years 5707 Chimney Rock, Houston, Texas 1 — 1,032 1,270 2,302 1,311 2002 Up to 40 years 5249 Glenmont Ave, Houston, Texas 1 — 3,467 2,838 6,305 3,482 2000 Up to 40 years 15333 Hempstead Hwy, Houston, Texas 3 — 6,327 38,821 45,148 19,998 2004 Up to 40 years 5757 Royalton Dr, Houston, Texas 1 — 1,795 1,104 2,899 1,608 2000 Up to 40 years 9601 West Tidwell, Houston, Texas 1 — 1,680 3,382 5,062 1,782 2001 Up to 40 years 7800 Westpark, Houston, Texas 1 — 6,323 1,684 8,007 2,499 2015 (10) Up to 40 years 1665 S. 5350 West, Salt Lake City, Utah 1 — 6,239 5,271 11,510 6,624 2002 Up to 40 years 11052 Lakeridge Pkwy, Ashland, Virginia 1 — 1,709 2,036 3,745 2,371 1999 Up to 40 years 11660 Hayden Road, Manassas, Virginia 1 — 104,824 479,940 584,764 36,581 2020 Up to 40 years 3725 Thirlane Rd. N.W., Roanoke, Virginia 1 — 2,577 300 2,877 1,448 2015 (10) Up to 40 years 22445 Randolph Dr, Sterling, Virginia 1 — 7,598 4,491 12,089 7,230 2005 Up to 40 years 307 South 140th St, Burien, Washington 1 — 2,078 2,875 4,953 2,926 1999 Up to 40 years 6600 Hardeson Rd, Everett, Washington 1 — 5,399 4,260 9,659 4,456 2002 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 1201 N. 96th St, Seattle, Washington 1 $ — $ 4,496 $ 2,655 $ 7,151 $ 4,291 2001 Up to 40 years 4330 South Grove Road, Spokane, Washington 1 — 3,906 786 4,692 1,002 2015 Up to 40 years 12021 West Bluemound Road, Wauwatosa, Wisconsin 1 — 1,307 2,143 3,450 1,832 1999 Up to 40 years 114 $ — $ 1,656,928 $ 2,146,987 $ 3,803,915 $ 954,710 (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 $ 4,720 $ 8,567 $ 5,124 2000 Up to 40 years 195 Summerlea Road, Brampton 1 — 5,403 6,893 12,296 7,056 2000 Up to 40 years 10 Tilbury Court, Brampton 1 — 5,007 17,976 22,983 11,162 2000 Up to 40 years 8825 Northbrook Court, Burnaby 1 — 8,091 2,366 10,457 5,566 2001 Up to 40 years 8088 Glenwood Drive, Burnaby 1 — 4,326 7,071 11,397 6,076 2005 Up to 40 years 5811 26th Street S.E., Calgary 1 — 14,658 12,623 27,281 13,517 2000 Up to 40 years 3905-101 Street, Edmonton 1 — 2,020 1,058 3,078 1,868 2000 Up to 40 years 68 Grant Timmins Drive, Kingston 1 — 3,639 611 4,250 794 2016 Up to 40 years 3005 Boul. Jean-Baptiste Deschamps, Lachine 1 — 2,751 871 3,622 1,723 2000 Up to 40 years 1655 Fleetwood, Laval 1 — 8,196 19,883 28,079 16,261 2000 Up to 40 years 4005 Richelieu, Montreal 1 — 1,800 2,633 4,433 2,265 2000 Up to 40 years 1209 Algoma Rd, Ottawa 1 — 1,059 7,595 8,654 5,105 2000 Up to 40 years 1650 Comstock Rd, Ottawa 1 — 7,478 (201) 7,277 3,290 2017 Up to 40 years 235 Edson Street, Saskatoon 1 — 829 1,667 2,496 1,138 2008 Up to 40 years 610 Sprucewood Ave, Windsor 1 — 1,243 712 1,955 997 2007 Up to 40 years 15 $ — $ 70,347 $ 86,478 $ 156,825 $ 81,942 129 $ — $ 1,727,275 $ 2,233,465 $ 3,960,740 $ 1,036,652 (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 $ 12,914 $ 19,456 $ 7,511 2010 Up to 40 years Stupničke Šipkovine 62, Zagreb, Croatia 1 — 1,408 1,593 3,001 540 2003 Up to 40 years Kratitirion 9 Kokkinotrimithia Industrial District, Nicosia, Cyprus 1 — 3,136 2,782 5,918 1,222 2003 Up to 40 years Karyatidon 1, Agios Sylas Industrial Area (3rd), Limassol, Cyprus 1 — 1,935 (75) 1,860 350 2018 Up to 40 years G2-B, Engineering Square IDG Developer’s Area, 6th Oct City Giza, Egypt 1 — 8,984 (3,445) 5,539 351 2021 (7) Up to 40 years 65 Egerton Road, Birmingham, England 1 — 6,980 2,329 9,309 5,689 2003 Up to 40 years Otterham Quay Lane, Gillingham, England 9 — 7,418 3,695 11,113 6,180 2004 Up to 40 years Kemble Industrial Park, Kemble, England 2 — 5,277 6,856 12,133 9,049 2003 Up to 40 years Gayton Road, Kings Lynn, England 3 — 3,119 3,086 6,205 3,308 2003 Up to 40 years 17 Broadgate, Oldham, England 1 — 4,039 242 4,281 2,627 2008 Up to 40 years Harpway Lane, Sopley, England 1 — 681 1,593 2,274 1,582 2004 Up to 40 years Unit 1A Broadmoor Road, Swindon, England 1 — 2,636 371 3,007 1,499 2006 Up to 40 years Jeumont-Schneider, Champagne Sur Seine, France 3 — 1,750 2,388 4,138 2,711 2003 Up to 40 years Bat I-VII Rue de Osiers, Coignieres, France 4 — 21,318 (3,142) 18,176 6,859 2016 (4) Up to 40 years 26 Rue de I Industrie, Fergersheim, France 1 — 1,322 12 1,334 499 2016 (4) Up to 40 years Bat A, B, C1, C2, C3 Rue Imperiale, Gue de Longroi, France 1 — 3,390 671 4,061 1,673 2016 (4) Up to 40 years Le Petit Courtin Site de Dois, Gueslin, Mingieres, France 1 — 14,141 (418) 13,723 3,718 2016 (4) Up to 40 years ZI des Sables, Morangis, France 1 — 12,407 19,343 31,750 21,058 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 $ (183) $ 5,363 $ 1,584 2016 (4) Up to 40 years Heinrich Lanz Alee 47, Frankfurt, Germany 1 — 80,951 104,009 184,960 7,925 2021 (8) Up to 40 years Gutenbergstrabe 55, Hamburg, Germany 1 — 4,022 721 4,743 1,820 2016 (4) Up to 40 years Brommer Weg 1, Wipshausen, Germany 1 — 3,220 2,480 5,700 3,748 2006 Up to 40 years Warehouse and Offices 4 Springhill, Cork, Ireland 1 — 9,040 2,580 11,620 6,306 2014 Up to 40 years 17 Crag Terrace, Dublin, Ireland 1 — 2,818 892 3,710 1,679 2001 Up to 40 years Damastown Industrial Park, Dublin, Ireland 1 — 16,034 6,992 23,026 10,918 2012 Up to 40 years Howemoss Drive, Aberdeen, Scotland 2 — 6,970 5,588 12,558 6,402 Various Up to 40 years Nettlehill Road, Houston Industrial Estate, Livingston, Scotland 1 — 11,517 27,478 38,995 22,250 2001 Up to 40 years Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain 1 — 186 225 411 358 2014 Up to 40 years Calle Bronce, 37, Chiloeches, Spain 1 — 11,011 4,322 15,333 4,695 2010 Up to 40 years Calle del Mar Egeo, 4, 28830, San Fernando de Hanares, Madrid, Spain 1 — 93,370 45,504 138,874 376 2022 (9) Up to 40 years Ctra M.118 , Km.3 Parcela 3, Madrid, Spain 1 — 3,981 6,013 9,994 7,359 2001 Up to 40 years Plot No. S10501 & S10506 Jebel Ali Free Zone Authority, United Arab Emirates 1 — 17,000 (3,746) 13,254 1,357 2021 (7) Up to 40 years Abanto Ciervava, Spain 1 — 1,053 (1,053) — — Various Up to 40 years 50 $ — $ 373,202 $ 252,617 $ 625,819 $ 153,202 (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 $ (333) $ 322 $ 76 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 (12,513) 260 89 2012 Up to 40 years Av Ernest de Moraes 815, Bairro Fim do Campo, Jarinu, Brazil 1 — 12,562 (4,053) 8,509 2,567 2016 (4) Up to 40 years Rua Peri 80, Jundiai, Brazil 1 — 8,894 (1,692) 7,202 2,432 2016 (4) Up to 40 years Francisco de Souza e Melo, Rio de Janerio, Brazil 3 — 1,868 8,085 9,953 4,200 Various Up to 40 years Hortolandia, Sao Paulo, Brazil 1 24,078 (3,005) 21,073 5,565 2014 Up to 40 years El Taqueral 99, Santiago, Chile 10 — 2,629 27,792 30,421 13,288 Various Up to 40 years Panamericana Norte 18900, Santiago, Chile 7 — 4,001 14,813 18,814 8,389 Various Up to 40 years Avenida Prolongacion 1 — 374 1,100 1,474 1,120 2002 Up to 40 years Privada Las Flores No. 25 (G3), Guadalajara, Mexico 1 — 905 1,604 2,509 1,299 2004 Up to 40 years Tula KM Parque de Las, Huehuetoca, Mexico 2 — 19,937 4,628 24,565 7,754 2016 (4) Up to 40 years Carretera Pesqueria Km2.5(M3), Monterrey, Mexico 2 — 3,537 3,302 6,839 2,242 2004 Up to 40 years Lote 2, Manzana A, (T2& T3), Toluca, Mexico 1 — 2,204 3,226 5,430 2,014 2002 Up to 40 years Prolongacion de la Calle 7 (T4), Toluca, Mexico 1 — 7,544 17,572 25,116 8,833 2007 Up to 40 years Panamericana Sur, KM 57.5, Lima, Peru 7 — 1,549 737 2,286 1,308 Various Up to 40 years Av. Elmer Faucett 3462, Lima, Peru 2 — 4,112 5,272 9,384 4,786 Various Up to 40 years Calle Los Claveles-Seccion 3, Lima, Peru 1 — 8,179 30,342 38,521 11,670 2010 Up to 40 years 45 $ — $ 115,967 $ 96,711 $ 212,678 $ 77,632 (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 $ 636 $ 2,166 $ 646 2013 Up to 40 years Jalan Karanggan Muda Raya No 59, Bogor, Indonesia 1 — 7,897 4,327 12,224 3,447 2017 Up to 40 years Jl. Amd Projakal KM 5.5 Rt 46, Kel. Graha Indah, Kec. Balikpapan Utara, Indonesia 1 — 125 (125) — — 2021 Up to 40 years 1 Serangoon North Avenue 6, Singapore 1 — 58,637 61,921 120,558 21,426 2018 (6) Up to 40 years 2 Yung Ho Road, Singapore 1 — 10,395 1,691 12,086 5,884 2016 (4) Up to 40 years IC1 69 Moo 2, Soi Wat Namdaeng, Bangkok, Thailand 2 — 13,226 1,749 14,975 5,917 2016 (4) Up to 40 years 7 $ — $ 91,810 $ 70,199 $ 162,009 $ 37,320 Australia 8 Whitestone Drive, Austins Ferry, Australia 1 — 681 2,439 3,120 654 2012 Up to 40 years 1 $ — $ 681 $ 2,439 $ 3,120 $ 654 Total 232 $ — $ 2,308,935 $ 2,655,431 $ 4,964,366 $ 1,305,461 (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 1,145 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, 2023 and 2022: YEAR ENDED DECEMBER 31, GROSS CARRYING AMOUNT OF REAL ESTATE 2023 2022 Gross amount at beginning of period $ 4,461,195 $ 4,129,251 Additions during period: Acquisitions — 93,370 Discretionary capital projects 535,817 434,395 Foreign currency translation fluctuations 5,046 (28,295) 540,863 499,470 Deductions during period: Cost of real estate sold, disposed or written-down (27,830) (123,633) Other adjustments (1) (9,862) (43,893) (37,692) (167,526) Gross amount at end of period $ 4,964,366 $ 4,461,195 (1) For the years ended December 31, 2023 and 2022, this includes the cost of racking associated with the facilities sold as part of the sale-leaseback transactions. YEAR ENDED DECEMBER 31, ACCUMULATED DEPRECIATION 2023 2022 Gross amount of accumulated depreciation at beginning of period $ 1,187,390 $ 1,160,490 Additions during period: Depreciation 132,423 121,428 Foreign currency translation fluctuations 3,821 (14,664) 136,244 106,764 Deductions during period: Amount of accumulated depreciation for real estate assets sold, disposed or written-down (8,856) (41,674) Other adjustments (1) (9,317) (38,190) (18,173) (79,864) Gross amount of end of period $ 1,305,461 $ 1,187,390 (1) For the years ended December 31, 2023 and 2022, 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, 2023 was approximately $4,841,210. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Mr. Edward Greene [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 7, 2023, Mr. Edward Greene, our Executive Vice President, Chief Human Resources Officers, adopted a 10b5-1 trading plan to sell up to 16,308 shares of our common stock between February 23, 2024 and March 8, 2024. | |
Name | Mr. Edward Greene | |
Title | Executive Vice President, Chief Human Resources Officers | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 7, 2023 | |
Arrangement Duration | 14 days | |
Aggregate Available | 16,308 | 16,308 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 the 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. |
Changes in Presentation | Certain items previously reported under specific financial statement captions have been reclassified to conform to the current year presentation. |
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 evaluate and monitor the collectability of accounts receivable based on a combination of factors, including historical loss experience, assessments of trends in our aged receivables and credit memo activity, the location of our businesses, the composition of our customer base, our product and service lines, potential future macroeconomic factors, including natural disasters, and reasonable and supportable forecasts for expected future collectability of our outstanding receivables. Continued adjustments will be made, as it becomes evident, should there be any material change to reasonable and supportable forecasts that may impact our likelihood of collection. Our highly diverse global customer base, with no single customer accounting for more than approximately 1% of revenue during the years ended December 31, 2023, 2022 and 2021, limits our exposure to concentration of credit risk. Additionally, we write off uncollectible balances as circumstances warrant, generally no later than one year past due. |
Concentrations of Credit Risk | Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable.As per our risk management investment policy, we limit exposure to concentration of credit risk by limiting the amount invested in any one mutual fund to a maximum of 1% of the fund's total assets or in any one financial institution to a maximum of $75,000. |
Property, Plant and Equipment | Property, plant and equipment are stated at cost and depreciated using the straight-line method with the following useful lives (in years): DESCRIPTION RANGE Buildings and building improvements 5 to 40 Leasehold improvements 5 to 10 or life of the lease (whichever is shorter) Racking 1 to 20 or life of the lease (whichever is shorter) Warehouse equipment/vehicles 1 to 10 Furniture and fixtures 1 to 10 Computer hardware and software 2 to 5 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 |
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 of costs, including costs incurred for upgrades and enhancements that provide additional functionality to our existing software, generally begins during the application development stage of the project, which occurs after 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. Capitalized internal use software costs are depreciated on a straight-line basis over the expected useful life of the software, commencing when the software is ready for its intended use. 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. We have performed our annual goodwill impairment review as of October 1, 2023, 2022 and 2021. We concluded that as of October 1, 2023, 2022 and 2021, goodwill was not impaired. 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 Records and Information Management ("North America RIM") • Europe and South Africa Records and Information Management ("ESA RIM") • Middle East, North Africa and Turkey Information Management ("MENAT RIM") • Latin America Records and Information Management ("Latin America RIM") • Asia Pacific Records and Information Management ("APAC RIM") • Entertainment Services • Global Data Center • Fine Arts • ALM 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 2023 REPORTING UNIT CHANGES During 2023, as a result of the realignment of our global managerial structure, we reassessed the composition of our reporting units. The realignment of our global managerial structure did not change the composition of our reportable segments (as described and defined in Note 11). The reassessment resulted in the following changes to our reporting units: (i) our South Africa business, which was previously managed with our other businesses in Europe as part of our former ESA RIM reporting unit, is now managed as part of our former MENAT RIM reporting unit and these will comprise our "MENATSA RIM" reporting unit and (ii) our other businesses in Europe are now managed as our "Europe RIM" reporting unit. There were no changes to our other reporting units. We have reassigned goodwill associated with the reporting units impacted by the realignment 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. REPORTING UNITS AS OF OCTOBER 1, 2023 Our reporting units at which level we performed our goodwill impairment analysis as of October 1, 2023 were as follows: • North America RIM • Europe RIM • MENATSA RIM • Latin America RIM • APAC RIM • Entertainment Services • Global Data Center • Fine Arts • ALM There were no changes to the composition of our reporting units between October 1, 2023 and December 31, 2023. 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 | 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 generally 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. 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 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") are recorded 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 and included as a component of Other expense (income), net. |
Derivatives Instruments and Hedging Activities | Derivative instruments are measured at fair value and are recorded as either assets or liabilities in our Consolidated Balance Sheets. 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. Gains and losses realized as a result of the maturing or termination of our interest rate swaps and cross-currency swaps are reflected as operating cash flows within our Consolidated Statements of Cash Flows. |
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. When our noncontrolling interests become mandatorily redeemable, they are included as a component of either Accrued expenses and other current liabilities or Other long-term liabilities on our Consolidated Balance Sheets, depending on the timing of the redemption. |
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 the associated contract terms, which range 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 of 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. The 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. From time to time, we make payments to entities that are also customers under a revenue contract. These payments are primarily comprised of (i) Customer Inducements and (ii) payments to customers of our ALM business under revenue sharing arrangements for the remarketing of the customer's disposed IT assets. Customer Inducements do not represent payments for a distinct service, and, as such, are treated as a reduction of the transaction price over periods ranging from one The costs associated with the initial movement of customer records into physical storage and certain commissions are considered costs to fulfill or obtain customer contracts (collectively, "Contract Costs"). The following describes our significant Contract 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. We also apply the practical expedient to expense certain commission payments as incurred when the amortization period for those commission payments is one year or less. DATA CENTER LESSOR CONSIDERATIONS Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period. Our data center revenue contracts are accounted for in accordance with ASC 842. ASC 842 provides a practical expedient which allows lessors to account for nonlease components with the related lease component if both the timing and pattern of transfer are the same for nonlease components and the lease component, and the lease component, if accounted for separately, would be classified as an operating lease. The single combined component is accounted for under ASC 842 if the lease component is the predominant component and is accounted for under ASC 606 if the nonlease components are the predominant components. We have elected to take this practical expedient. Our data center revenue contracts may contain Consumer Price Index rent escalation clauses. Consumer Price Index rent escalation clauses are considered variable lease payments and are recognized as income in the period earned. |
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"). 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 exercise prices greater than the market price of the stock on the date of grant. We issue options that 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 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. 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 annualized expected per share dividends over the trade price of our common stock at the date of grant. (4) Expected life of the stock options granted is estimated using the historical exercise behavior of employees. Our RSUs generally have a vesting period of three years from the date of grant. However, RSUs granted to our non-employee directors vest immediately upon grant. All RSUs accrue dividend equivalents associated with the underlying stock as we declare dividends. Dividends will generally be paid to holders of RSUs in cash upon the vesting date of the associated RSU and will be forfeited if the RSU does not vest. The fair value of RSUs is the excess of the market price of our common stock at the date of grant over the holder's purchase price (which is typically zero). The PUs we issue vest based on our performance against predefined operational performance and relative total shareholder return based targets over a three-year performance period. The vesting is subject to a minimum level of return on invested capital in the third year of the performance period, and the number of PUs earned is based on certain metrics determined at the outset of the performance period. For grants issued in 2023 and 2022, the number of PUs earned is based on: • either (i) the revenue performance for each year averaged at the end of the three-year performance period, or (ii) if (a) absolute total shareholder return is positive at the end of the three-year performance period and (b) a predetermined revenue hurdle is achieved in the third year of the performance period, then the revenue performance achieved in the third year of the performance period; and • the total return on our common stock relative to the Morgan Stanley Capital International (“MSCI”) United States REIT Index. For grants issued in 2021, the number of PUs earned is based on: • the revenue performance for each year averaged at the end of the three-year performance period; • the revenue exit rate of new products in the last quarter of the three-year performance period; and • the total return on our common stock relative to the MSCI United States REIT Index. The number of PUs earned for grants made in 2023 and 2022 will range from 0% to approximately 350% of the initial award, and the number of PUs earned for grants made in 2021 will range from 0% to 200%. All of our PUs will be settled in shares of our common stock and are subject to cliff vesting three years from the date of the original PU grant. As detailed above, PUs granted are subject to the Retirement Criteria. PUs are generally expensed over the three-year performance period, unless they are granted to a recipient who meets the Retirement Criteria, for which expense will be recognized as described above. 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. |
Acquisition and Integration Costs | 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. |
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. In December 2022, the European Union member states agreed to implement the OECD’s Base Erosion and Profit Shifting 2.0 Pillar Two global corporate minimum tax rate of 15% ("Pillar Two"). The agreement affirms that all member states must adopt the directive by December 31, 2023. The rules will therefore be first applicable for periods beginning after December 31, 2023. While the United States has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially impact our effective tax rate, corporate tax liabilities or cash tax liabilities. There remains uncertainty as to the final Pillar Two model rules. We will continue to monitor United States and global legislative action related to Pillar Two for potential impacts. 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 | RECENTLY 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. We adopted ASU 2021-08 on January 1, 2023 on a prospective basis, and there was no material impact on our consolidated financial statements. OTHER AS YET ADOPTED ACCOUNTING PRONOUNCEMENTS In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09") to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. Further, certain requirements related to uncertain tax positions and unrecognized deferred tax liabilities are eliminated. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. ASU 2023-09 will be effective for us on January 1, 2025, with early adoption permitted. We do not expect ASU 2023-09 to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segments Disclosures ("ASU 2023-07") to provide more detail in the disclosures for reportable segments. The main provisions of ASU 2023-07 requires (i) enhanced disclosures about significant segment expenses, (ii) extension of certain annual disclosures to interim periods and (iii) certain qualitative information on the chief operating decision maker. The amendments in this update will be effective for us on January 1, 2024, with early adoption permitted. We do not expect ASU 2023-07 to have a material impact on our consolidated financial statements. 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 ("ASU 2022-06") to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. We are currently evaluating these amendments as they relate to our contracts, hedging relationships and other transactions that reference LIBOR, as well as the impact of ASU 2020-04 and ASU 2022-06 on our consolidated financial statements, but we do not expect the impact to be material. |
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 • (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) • Other expense (income), net • Stock-based compensation expense Internally, we use Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule 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 2023 $ 54,143 $ 92,881 $ 32,692 $ (104,954) $ 74,762 2022 62,009 62,891 13,666 (84,423) 54,143 2021 56,981 47,931 26,896 (69,799) 62,009 (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 2023 2022 Interest $ 175,218 $ 128,272 Deferred purchase obligations, purchase price holdbacks and other 171,273 7,187 Dividends 202,392 194,272 Operating lease liabilities 291,795 288,738 Other 409,581 413,441 Accrued expenses and other current liabilities $ 1,250,259 $ 1,031,910 |
Schedule of 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 2023 2022 Land $ 536,780 $ 486,715 Buildings and building improvements 3,819,241 3,336,778 Leasehold improvements 1,166,810 1,079,419 Racking 2,054,046 2,058,054 Warehouse equipment/vehicles 526,965 493,128 Furniture and fixtures 46,094 49,610 Computer hardware and software 601,273 585,792 Construction in progress 1,622,780 936,269 Property, plant and equipment $ 10,373,989 $ 9,025,765 |
Schedule of Contract Fulfillment Costs and related amortization | During the years ended December 31, 2023, 2022 and 2021, capitalized interest is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Capitalized interest $ 44,845 $ 14,078 $ 12,673 During the years ended December 31, 2023, 2022 and 2021, capitalized costs associated with the development of internal use computer software projects are as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Capitalized costs associated with the development of internal use computer software projects $ 64,488 $ 44,152 $ 48,557 Contract Costs, which are included as a component of Other within Other Assets, Net as of December 31, 2023 and 2022 are as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 DESCRIPTION GROSS ACCUMULATED NET GROSS ACCUMULATED NET Intake Costs asset $ 76,150 $ (39,617) $ 36,533 $ 68,345 $ (42,132) $ 26,213 Commissions asset 156,639 (64,279) 92,360 133,145 (58,949) 74,196 Amortization expense associated with the Intake Costs and Commissions assets for the years ended December 31, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2023 2022 2021 Intake Costs asset $ 18,904 $ 18,117 $ 17,530 Commissions asset 43,413 40,612 30,739 |
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, 2023 and 2022 are as follows: DECEMBER 31, DESCRIPTION 2023 2022 Assets: Operating lease right-of-use assets (1) $ 2,696,024 $ 2,583,704 Financing lease right-of-use assets, net of accumulated depreciation (2)(3) 304,600 251,690 Liabilities: Current Operating lease liabilities $ 291,795 $ 288,738 Financing lease liabilities (3) 39,089 43,857 Long-term Operating lease liabilities $ 2,562,394 $ 2,429,167 Financing lease liabilities (3) 310,776 289,048 (1) At December 31, 2023 and 2022, 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, 2023, these assets are comprised of approximately 68% real estate related assets and 32% non-real estate related assets. At December 31, 2022, these assets are comprised of approximately 64% real estate related assets and 36% 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, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, DESCRIPTION 2023 2022 2021 Operating lease cost (1) $ 660,889 $ 574,115 $ 545,097 Financing lease cost: Depreciation of financing lease right-of-use assets $ 42,089 $ 42,708 $ 50,970 Interest expense for financing lease liabilities 18,638 17,329 19,808 (1) Weighted average remaining lease terms and discount rates as of December 31, 2023 and 2022 are as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 OPERATING LEASES FINANCING LEASES OPERATING LEASES FINANCING LEASES Remaining Lease Term 10.6 years 9.2 years 11.3 years 10.6 years Discount Rate 6.6 % 6.1 % 6.4 % 5.8 % YEAR ENDED DECEMBER 31, CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: 2023 2022 2021 Operating cash flows used in operating leases $ 450,412 $ 409,163 $ 392,987 Operating cash flows used in financing leases (interest) 18,638 17,329 19,808 Financing cash flows used in financing leases 52,284 44,869 46,118 NON-CASH ITEMS: Operating lease modifications and reassessments $ 86,948 $ 179,094 $ 144,310 New operating leases (including acquisitions and sale-leaseback transactions) 306,479 540,830 282,490 |
Schedule of Operating lease maturity table | The estimated minimum future lease payments (receipts) as of December 31, 2023 are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2024 $ 468,015 $ (6,969) $ 56,901 2025 456,638 (4,282) 127,074 2026 421,535 (2,979) 40,283 2027 389,307 (3,451) 30,098 2028 344,744 (48) 55,523 Thereafter 1,970,950 (48) 117,779 Total minimum lease payments (receipts) 4,051,189 $ (17,777) 427,658 Less amounts representing interest or imputed interest 1,197,000 77,793 Present value of lease obligations $ 2,854,189 $ 349,865 (1) |
Schedule of Finance lease maturity table | The estimated minimum future lease payments (receipts) as of December 31, 2023 are as follows: YEAR OPERATING LEASES (1) SUBLEASE INCOME FINANCING LEASES (1) 2024 $ 468,015 $ (6,969) $ 56,901 2025 456,638 (4,282) 127,074 2026 421,535 (2,979) 40,283 2027 389,307 (3,451) 30,098 2028 344,744 (48) 55,523 Thereafter 1,970,950 (48) 117,779 Total minimum lease payments (receipts) 4,051,189 $ (17,777) 427,658 Less amounts representing interest or imputed interest 1,197,000 77,793 Present value of lease obligations $ 2,854,189 $ 349,865 (1) |
Schedule of Long-Lived Assets Held-for-sale | Gain on disposal/write-down of property, plant and equipment, net for the years ended December 31, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Gain on disposal/write-down of property, plant and equipment, net $ 12,825 $ 93,268 $ 172,041 The gains primarily consist of (1) : • Gains associated with sale and sale-leaseback transactions of approximately $19,500 , of which approximately $18,500 relates to a sale-leaseback transaction of a facility in Singapore during the first quarter of 2023. These gains are partially offset by losses related to the disposal of assets associated with facility consolidations. • 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. (1) The gains recognized during the years ended December 31, 2023, 2022 and 2021 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, 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 carrying value of goodwill, net for each of our reporting units described above as of December 31, 2023 is as follows: SEGMENT REPORTING UNIT CARRYING VALUE AS OF DECEMBER 31, 2023 Global RIM Business North America RIM $ 2,694,093 Europe RIM 541,860 MENATSA RIM 26,502 Latin America RIM 120,119 APAC RIM 496,944 Entertainment Services 32,427 Global Data Center Business Global Data Center 478,930 Corporate and Other Fine Arts 47,535 ALM 579,502 Total $ 5,017,912 |
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, 2023 and 2022 are as follows: GLOBAL RIM GLOBAL CORPORATE TOTAL Goodwill balance, net of accumulated amortization, as of December 31, 2021 $ 3,972,852 $ 426,074 $ 64,605 $ 4,463,531 Tax 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 Tax deductible goodwill acquired during the year — — 11,928 11,928 Non-tax deductible goodwill acquired during the year 21,594 56,674 383 78,651 Fair value and other adjustments (80) — 2,333 2,253 Currency effects 37,485 3,754 1,107 42,346 Goodwill balance, net of accumulated amortization, as of December 31, 2023 $ 3,911,945 $ 478,930 $ 627,037 $ 5,017,912 Accumulated Goodwill Impairment Balance as of December 31, 2022 $ 132,409 $ — $ 26,011 $ 158,420 Accumulated Goodwill Impairment Balance as of December 31, 2023 $ 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. |
Schedule of Amortizable intangible assets | The gross carrying amount and accumulated amortization of our finite-lived intangible assets as of December 31, 2023 and 2022, respectively, are as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 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) $ 2,144,641 $ (933,084) $ 1,211,557 $ 2,162,154 $ (823,392) $ 1,338,762 Customer inducements (1) 47,565 (25,562) 22,003 47,794 (26,158) 21,636 Data center lease-based intangible assets (1)(2) 141,628 (95,422) 46,206 272,649 (209,902) 62,747 Third-party commissions asset and other (3) 77,638 (39,323) 38,315 83,297 (28,581) 54,716 Liabilities: Data center below-market leases (4) $ 10,873 $ (5,772) $ 5,101 $ 12,831 $ (7,806) $ 5,025 (1) Included in Customer and supplier relationship and other intangible assets in the accompanying Consolidated Balance Sheets. (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. (4) Included in Other long-term liabilities in the accompanying Consolidated Balance Sheets. |
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, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Amortization expense included in depreciation and amortization associated with: Customer and supplier relationship intangible assets $ 153,128 $ 156,779 $ 117,761 Data center in-place leases and tenant relationships 22,322 16,955 42,333 Third-party commissions asset and other 12,541 16,148 6,987 Revenue reduction associated with amortization of: Customer inducements and data center above-market and below-market leases $ 7,036 $ 8,119 $ 8,852 |
Schedule of 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 Costs, as defined and disclosed in Note 2.s.) is as follows: ESTIMATED AMORTIZATION YEAR INCLUDED IN DEPRECIATION REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS 2024 $ 187,933 $ 5,982 2025 173,432 3,494 2026 156,946 2,607 2027 127,284 2,096 2028 116,387 1,729 Thereafter 533,747 1,343 |
Schedule of 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, 2023 and 2022, respectively, are as follows: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023 USING DESCRIPTION TOTAL CARRYING VALUE AT DECEMBER 31, 2023 QUOTED PRICES IN SIGNIFICANT OTHER SIGNIFICANT Money Market Funds (1) $ 66,008 $ — $ 66,008 $ — Time Deposits (1) 15,913 — 15,913 — Trading Securities 9,952 6,149 (2) 3,803 (3) — Derivative Assets (4) 6,359 — 6,359 — Derivative Liabilities (4) 5,769 — 5,769 — Deferred Purchase Obligations (5) 208,265 — — 208,265 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 (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, 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. The change in value of the Deferred Purchase Obligation during the year ended December 31, 2023 was driven by the accretion of the obligation to present value. |
Schedule of Changes in accumulated other comprehensive items, net | The changes in Accumulated other comprehensive items, net for the years ended December 31, 2023, 2022 and 2021 are as follows: FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS TOTAL 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) Other comprehensive income (loss): Foreign currency translation and other adjustments 80,881 — 80,881 Change in fair value of derivative instruments — (2,454) (2,454) Reclassifications from Accumulated Other Comprehensive Items, net — (7,580) (7,580) Total other comprehensive income (loss) 80,881 (10,034) 70,847 Balance as of December 31, 2023 $ (373,628) $ 2,472 $ (371,156) |
Schedule of Contract with customer, future amortization expense | Estimated amortization expense for Contract Costs is as follows: YEAR ESTIMATED AMORTIZATION 2024 $ 61,379 2025 44,161 2026 23,353 |
Schedule of Deferred revenue liabilities | Deferred revenue liabilities are reflected as follows in our Consolidated Balance Sheets: DECEMBER 31, DESCRIPTION LOCATION IN BALANCE SHEET 2023 2022 Deferred revenue - Current Deferred revenue $ 325,665 $ 328,910 Deferred revenue - Long-term Other Long-term Liabilities 100,770 32,960 |
Schedule of Revenue | Storage rental revenue associated with our Global Data Center Business for the years ended December 31, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Storage rental revenue $ 474,066 $ 372,208 $ 289,592 |
Schedule of 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 2024 $ 393,046 2025 388,491 2026 375,800 2027 342,441 2028 296,270 |
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, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Stock-based compensation expense $ 73,799 $ 56,861 $ 61,001 Stock-based compensation expense, after tax 68,309 52,600 59,243 |
Schedule of Stock Option grant assumptions | These values were estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used for stock option grants in the years ended December 31, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, STOCK OPTION GRANT ASSUMPTIONS 2023 2022 2021 Expected volatility (1) 29.1 % 28.0 % 28.3 % Risk-free interest rate (2) 3.92 % 1.72 % 1.45 % Expected dividend yield (3) 5 % 5 % 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 annualized expected per share dividends over the trade price of our common stock at the date of grant. (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, 2023 is as follows: OPTIONS WEIGHTED WEIGHTED AVERAGE AGGREGATE Outstanding at December 31, 2022 4,226,319 $ 36.89 Granted 157,132 52.58 Exercised (322,854) 32.66 Outstanding at December 31, 2023 4,060,597 $ 37.84 4.44 $ 130,548 Options exercisable at December 31, 2023 3,619,289 $ 36.85 3.98 $ 119,903 Options expected to vest 441,308 $ 45.86 8.20 $ 10,645 |
Summary of Restricted stock and RSU activity | The fair value of RSUs vested during the years ended December 31, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Fair value of RSUs vested $ 32,664 $ 27,078 $ 29,332 A summary of RSU activity for the year ended December 31, 2023 is as follows: RSUs WEIGHTED-AVERAGE Non-vested at December 31, 2022 1,306,115 $ 43.43 Granted 1,035,583 53.02 Vested (762,683) 42.83 Forfeited (218,751) 48.63 Non-vested at December 31, 2023 1,360,264 $ 50.24 |
Schedule of Performance stock units | The fair value of earned PUs that vested during the years ended December 31, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Fair value of earned PUs that vested $ 34,896 $ 20,059 $ 29,701 |
Schedule of Performance unit (PU) activity | A summary of PU activity for the year ended December 31, 2023 is as follows: ORIGINAL PU ADJUSTMENT (1) TOTAL PU WEIGHTED-AVERAGE Non-vested at December 31, 2022 830,173 (484,550) 345,623 $ 45.65 Granted 641,412 — 641,412 55.76 Prior year grant adjustments for performance (1) — 160,993 160,993 42.66 Vested (615,588) — (615,588) 56.69 Forfeited (51,087) — (51,087) 53.60 Non-vested at December 31, 2023 804,910 (323,557) 481,353 $ 43.16 (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. |
Schedule of Other expense (income), net | Other expense (income), net for the years ended December 31, 2023, 2022 and 2021 consists of the following: YEAR ENDED DECEMBER 31, 2023 2022 2021 Foreign currency transaction losses (gains), net (1) $ 36,799 $ (61,684) $ (15,753) Debt extinguishment expense — 671 — Other, net (2)(3)(4) 71,841 (8,768) (177,051) Other expense (income), net $ 108,640 $ (69,781) $ (192,804) (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) certain foreign currency denominated intercompany obligations of our foreign subsidiaries to us and between our foreign subsidiaries, which are not considered permanently invested, and (ii) borrowings in certain foreign currencies under the Revolving Credit Facility (as defined in Note 7). (2) Other, net for the year ended December 31, 2023 consists primarily of a loss of approximately $38,000 associated with the remeasurement to fair value of our previously held equity interest in the Clutter JV (as defined and discussed in Note 5), as well as losses on our equity method investments and the change in value of the Deferred Purchase Obligation. (3) 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. (4) 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. |
Schedule 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, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Net Income (Loss) $ 187,263 $ 562,149 $ 452,725 Less: Net Income (Loss) Attributable to Noncontrolling Interests 3,029 5,168 2,506 Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) $ 184,234 $ 556,981 $ 450,219 Weighted-average shares—basic 291,936,000 290,812,000 289,457,000 Effect of dilutive potential stock options 1,435,000 1,125,068 645,886 Effect of dilutive potential RSUs and PUs 594,000 507,109 872,204 Weighted-average shares—diluted 293,965,000 292,444,177 290,975,090 Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $ 0.63 $ 1.92 $ 1.56 Diluted $ 0.63 $ 1.90 $ 1.55 Antidilutive stock options, RSUs and PUs, excluded from the calculation 81,817 305,527 1,447,722 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 TOTAL ITRENEW OTHER FISCAL YEAR 2022 ACQUISITIONS TOTAL TOTAL Cash Paid (gross of cash acquired) (1) $ 88,635 $ 749,596 $ 85,170 $ 834,766 $ 224,192 Fair Value of Noncontrolling Interests (2) 78,598 — — — 3,878 Fair Value of Previously Held Equity Interest (2) 99,718 — — — — Deferred Purchase Obligation, Purchase Price Holdbacks and Other (3) 4,790 275,100 13,637 288,737 2,534 Settlement of Pre-Existing Relationships 21,641 — — — — Total Consideration 293,382 1,024,696 98,807 1,123,503 230,604 Fair Value of Identifiable Assets Acquired and Liabilities Assumed: Cash and Cash Equivalents 49,716 30,694 963 31,657 20,194 Accounts Receivable, Prepaid Expenses and Other Assets 36,274 71,612 3,947 75,559 26,911 Property, Plant and Equipment 140,668 7,541 93,722 101,263 150,095 Customer and Supplier Relationship Intangible Assets (4) 14,330 487,600 3,672 491,272 35,181 Other Intangible Assets 8,046 47,300 1,442 48,742 9,656 Operating Lease Right-of-Use Assets 29,046 29,545 3,135 32,680 40,848 Debt Assumed (22,413) — — — (9,026) Accounts Payable, Accrued Expenses and Other Liabilities (19,323) (60,157) (2,069) (62,226) (22,733) Operating Lease Liabilities (29,046) (29,545) (3,135) (32,680) (40,848) Deferred Income Taxes (4,495) (100,922) (10,143) (111,065) (7,221) Total Fair Value of Identifiable Net Assets Acquired 202,803 483,668 91,534 575,202 203,057 Goodwill Initially Recorded $ 90,579 $ 541,028 $ 7,273 $ 548,301 $ 27,547 (1) Cash paid for acquisitions, net of cash acquired in our Consolidated Statements of Cash Flows includes contingent and other payments of $2,930, $581 and $0 for the years ended December 31, 2023, 2022 and 2021, respectively, related to acquisitions made in the years prior to 2023, 2022 and 2021, respectively. (2) The fair values of the noncontrolling interests and the previously held equity interest were determined to be the respective interest’s proportionate share of the fair value of net assets acquired as of the acquisition date. (3) 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. (4) The weighted average lives of customer and supplier relationship intangible assets associated with acquisitions in 2023, 2022 and 2021 were four years, 12 years and 11 years, respectively. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of equity method investments | The carrying values and equity interests in our joint ventures at December 31, 2023 and 2022 are as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 CARRYING VALUE EQUITY INTEREST CARRYING VALUE EQUITY INTEREST Web Werks JV $ — — % $ 98,278 53.58 % Joint venture with AGC Equity Partners (the "Frankfurt JV") 57,874 20.00 % 37,194 20.00 % Clutter JV — — % 54,172 26.73 % |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The fair value of derivative instruments recognized in our Consolidated Balance Sheets as of December 31, 2023 and 2022, by derivative instrument, are as follows: DERIVATIVE INSTRUMENTS (1) DECEMBER 31, 2023 DECEMBER 31, 2022 Assets Liabilities Assets Liabilities Cash Flow Hedges (2) Interest rate swap agreements $ 1,601 $ (3,273) $ 12,995 $ 489 Net Investment Hedges (3) Cross-currency swap agreements 4,758 (2,496) 38,401 — (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, 2023, $6,359 is included within Other assets, $2,496 is included within accrued expenses and other liabilities, and $3,273 is included within Other long-term liabilities. 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. (2) As of December 31, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $2,472, which include $2,528 related to our terminated interest rate swap agreements. (3) As of December 31, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $32,459, which include $30,197 related to the excluded component of our cross-currency swap agreements. |
Schedule of gains (losses) for derivative instruments | Unrealized (losses) gains recognized in Accumulated other comprehensive items, net during the years ending December 31, 2023, 2022 and 2021, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENTS 2023 2022 2021 Cash Flow Hedges Interest rate swap agreements $ (2,454) $ 20,186 $ 13,382 Net Investment Hedges Cross-currency swap agreements (41,382) 28,044 38,998 Cross-currency swap agreements (excluded component) 21,097 9,100 — Gains (losses) recognized in Net income during the years ending December 31, 2023, 2022 and 2021, by derivative instrument, are as follows: YEAR ENDED DECEMBER 31, DERIVATIVE INSTRUMENTS Location of gain (loss) 2023 2022 2021 Cash Flow Hedges Interest rate swap agreements Interest expense $ 7,580 $ — $ — Net Investment Hedges Cross-currency swap agreements (excluded component) Interest expense (21,097) (9,100) — |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Amount and Fair Value of Long-term Debt Instruments | Long-term debt is as follows: DECEMBER 31, 2023 DECEMBER 31, 2022 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) $ — $ (4,621) $ (4,621) $ — $ 1,072,200 $ (6,790) $ 1,065,410 $ 1,072,200 Term Loan A (1) 228,125 — 228,125 228,125 240,625 — 240,625 240,625 Term Loan B due 2026 (1)(2) 659,298 (2,498) 656,800 659,750 666,073 (3,747) 662,326 666,750 Term Loan B due 2031 (1)(3) 1,191,000 (13,026) 1,177,974 1,200,000 — — — — Virginia 3 Term Loans (5) 101,218 (4,641) 96,577 101,218 — — — — Virginia 4/5 Term Loans (5) 16,338 (5,892) 10,446 16,338 — — — — Australian Dollar Term Loan (4)(5) 197,743 (482) 197,261 199,195 202,641 (633) 202,008 204,623 UK Bilateral Revolving Credit Facility (5) 178,239 — 178,239 178,239 169,361 — 169,361 169,361 3 7 / 8 % GBP Senior Notes due 2025 (the "GBP Notes") (6)(8)(9) 509,254 (1,763) 507,491 489,108 483,888 (2,589) 481,299 445,206 4 7 / 8 % Senior Notes due 2027 (the “4 7 / 8 % Notes due 2027") (6)(7)(8) 1,000,000 (5,332) 994,668 967,500 1,000,000 (6,754) 993,246 917,500 5 1 / 4 % Senior Notes due 2028 (the “5 1 / 4 % Notes due 2028") (6)(7)(8) 825,000 (5,019) 819,981 800,250 825,000 (6,200) 818,800 754,875 5% Senior Notes due 2028 (the “5% Notes due 2028") (6)(7)(8) 500,000 (3,316) 496,684 478,750 500,000 (4,039) 495,961 450,000 7% Senior Notes due 2029 (the "7% Notes due 2029") (6)(7)(8) 1,000,000 (10,813) 989,187 1,027,500 — — — — 4 7 / 8 % Senior Notes due 2029 (the “4 7 / 8 % Notes due 2029") (6)(7)(8) 1,000,000 (8,318) 991,682 945,000 1,000,000 (9,764) 990,236 865,000 5 1 / 4 % Senior Notes due 2030 (the “5 1 / 4 % Notes due 2030") (6)(7)(8) 1,300,000 (9,903) 1,290,097 1,241,500 1,300,000 (11,407) 1,288,593 1,111,500 4 1 / 2 % Senior Notes due 2031 (the “4 1 / 2 % Notes") (6)(7)(8) 1,100,000 (8,917) 1,091,083 995,500 1,100,000 (10,161) 1,089,839 891,000 5% Senior Notes due 2032 (the “5% Notes due 2032") (6)(8)(10) 750,000 (11,206) 738,794 684,375 750,000 (12,511) 737,489 622,500 5 5 / 8 % Senior Notes due 2032 (the “5 5 / 8 % Notes") (6)(7)(8) 600,000 (4,985) 595,015 567,000 600,000 (5,566) 594,434 520,500 Real Estate Mortgages, Financing Lease Liabilities and Other (11) 519,907 (403) 519,504 519,907 425,777 (578) 425,199 425,777 Accounts Receivable Securitization Program (12) 358,500 (317) 358,183 358,183 314,700 (531) 314,169 314,700 Total Long-term Debt 12,034,622 (101,452) 11,933,170 10,650,265 (81,270) 10,568,995 Less Current Portion (120,670) — (120,670) (87,546) — (87,546) Long-term Debt, Net of Current Portion $ 11,913,952 $ (101,452) $ 11,812,500 $ 10,562,719 $ (81,270) $ 10,481,449 (1) The capital stock or other equity interests of our United States subsidiaries representing the substantial majority of our United States 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 2 and 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, 2023 and 2022 (collectively, the “Credit Agreement Collateral”). (2) The amount of debt for the Term Loan B due 2026 (as defined below) reflects an unamortized original issue discount of $452 and $677 as of December 31, 2023 and 2022, respectively. (3) The amount of debt for the Term Loan B due 2031 (as defined below) reflects an unamortized original issue discount of $9,000 as of December 31, 2023. (4) The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,452 and $1,982 as of December 31, 2023 and 2022, respectively. (5) The fair value (Level 2 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. (6) The fair values (Level 2 of fair value hierarchy described at Note 2.p.) of these debt instruments are based on quoted market prices for comparable notes on December 31, 2023 and 2022, respectively. (7) 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. (8) 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. (9) 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. (10) 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. (11) We believe the fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value as these borrowings are based on current market interest rates. This debt includes the following: DECEMBER 31, 2023 DECEMBER 31, 2022 Real estate mortgages (1) $ 57,753 $ 58,355 Financing lease liabilities (2) 349,865 332,905 Other notes and other obligations (3) 112,289 34,517 $ 519,907 $ 425,777 (1) Bear interest at approximately 3.6% at both December 31, 2023 and 2022, and includes $50,000 outstanding under our Mortgage Securitization Program at both December 31, 2023 and 2022. (2) Bear a weighted average interest rate of 6.1% and 5.2% at December 31, 2023 and 2022. (3) These notes and other obligations, which were assumed by us as a result of certain acquisitions bear a weighted average interest rate of 8.5% and 10.1% at December 31, 2023 and 2022. (12) The Accounts Receivable Securitization Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 2 of fair value hierarchy described at Note 2.p.) of this debt approximates its carrying value as borrowings under this debt instrument are based on a current variable market interest rate. On May 15, 2023, IMI completed a private offering of: SERIES OF NOTES AGGREGATE PRINCIPAL AMOUNT 7% Notes due 2029 $ 1,000,000 |
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 7% Notes due 2029 $ 1,000,000 IMI February 15, 2029 7% February 15 and August 15 August 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. |
Schedule of Maturities of Long-term Debt | MATURITIES OF LONG-TERM DEBT (GROSS OF DISCOUNTS) ARE AS FOLLOWS: YEAR AMOUNT 2024 $ 120,670 2025 1,221,903 2026 1,055,120 2027 1,238,920 2028 1,393,004 Thereafter 7,015,909 12,045,526 Net Discounts (10,904) Net Deferred Financing Costs (101,452) Total Long-term Debt (including current portion) $ 11,933,170 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2024 $ 76,443 2025 67,533 2026 27,034 2027 110,366 2028 2,664 Thereafter 2,137 $ 286,177 (1) Purchase commitments (i) include obligations related principally to software maintenance and support services 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, 2023 | |
Equity [Abstract] | |
Schedule of Dividends Declared and Payments | In 2021, 2022 and 2023, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND RECORD DATE TOTAL AMOUNT PAYMENT DATE 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 February 23, 2023 0.6185 March 15, 2023 180,339 April 5, 2023 May 4, 2023 0.6185 June 15, 2023 180,493 July 6, 2023 August 3, 2023 0.6500 September 15, 2023 189,730 October 5, 2023 November 2, 2023 0.6500 December 15, 2023 189,886 January 4, 2024 During the years ended December 31, 2023, 2022 and 2021, 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, 2023 2022 2021 Declared distributions $ 740,448 $ 719,098 $ 715,807 Amount per share each distribution represents based on weighted average number of common shares outstanding 2.54 2.47 2.47 |
Schedule of Classification of Dividends Paid | For the years ended December 31, 2023, 2022 and 2021, the dividends we paid on our common shares were classified as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Nonqualified ordinary dividends 98.2 % 90.4 % 53.9 % Qualified ordinary dividends (1) 0.8 % — % 13.0 % Capital gains (2)(3) — % 9.6 % 21.8 % Return of capital 1.0 % — % 11.3 % 100.0 % 100.0 % 100.0 % (1) Dividends paid during the years ended December 31, 2023 and 2021 which were classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits during the years ended December 31, 2023 and 2021. None of the dividends paid during the year ended December 31, 2022 were classified as qualified ordinary dividends for federal income tax purposes. (2) During the year ended December 31, 2022, the percentage of our dividends that was classified as a capital gain was primarily related to the sale of land and buildings in the United States and Canada. (3) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022 are presented below: DECEMBER 31, 2023 (1) 2022 Deferred Tax Assets: Accrued liabilities and other adjustments $ 100,476 $ 80,159 Net operating loss carryforwards 158,363 97,161 Valuation allowance (103,897) (47,514) 154,942 129,806 Deferred Tax Liabilities: Other assets, principally due to differences in amortization (220,218) (243,150) Plant and equipment, principally due to differences in depreciation (90,156) (78,486) Other (65,909) (52,786) (376,283) (374,422) Net deferred tax liability $ (221,341) $ (244,616) (1) Prior to 2023, certain of our non-United States tax loss carryforwards were determined to have a remote possibility of realization and therefore were not reported in the table above. In connection with the implementation of the OECD (as defined below) global minimum tax initiative known as Pillar Two (as defined below), any existing deferred taxes not disclosed in our 2023 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, beginning in 2023, we are disclosing in the above table the tax effects of these non-United States tax loss carryforwards offset with a full valuation allowance. The deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below: DECEMBER 31, 2023 2022 Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) $ 14,069 $ 18,389 Deferred income taxes (235,410) (263,005) |
Roll forward of Valuation allowance | A rollforward of the valuation allowance is as follows: YEAR ENDED DECEMBER 31, BALANCE AT BEGINNING OF CHARGED (CREDITED) TO EXPENSE (2) OTHER INCREASES/(DECREASES) (1)(2) BALANCE 2023 $ 47,514 $ 4,855 $ 51,528 $ 103,897 2022 51,744 (1,333) (2,897) 47,514 2021 46,938 8,406 (3,600) 51,744 (1) Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates. (2) Prior to 2023, certain of our non-United States tax loss carryforwards were determined to have a remote possibility of realization and therefore were not reported in the table above. In connection with the implementation of the OECD global minimum tax initiative known as Pillar Two, any existing deferred taxes not disclosed in our 2023 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, beginning in 2023, we are disclosing in the above table the tax effects of these non-United States tax loss carryforwards offset with a full valuation allowance. |
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, 2023, 2022 and 2021 are as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 United States $ 76,012 $ 449,241 $ 212,460 Canada 111,331 103,826 78,780 Other Foreign 39,863 78,571 337,775 Net income (loss) before provision (benefit) for income taxes $ 227,206 $ 631,638 $ 629,015 |
Provision (benefit) for income taxes | The provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 consist of the following components: YEAR ENDED DECEMBER 31, 2023 2022 2021 Federal—current $ 1,255 $ 24,331 $ 54,867 Federal—deferred (18,488) (30,581) 14,322 State—current 1,544 8,553 9,566 State—deferred (4,630) (3,728) (526) Foreign—current 72,408 92,525 83,154 Foreign—deferred (12,146) (21,611) 14,907 Provision (Benefit) for Income Taxes $ 39,943 $ 69,489 $ 176,290 |
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, 2023, 2022 and 2021, respectively, is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Computed "expected" tax provision $ 47,713 $ 132,644 $ 132,093 Changes in income taxes resulting from: Tax adjustment relating to REIT (39,299) (82,620) (8,203) State taxes, net of federal tax benefit (3,147) 4,043 8,027 Increase (decrease) in valuation allowance (net of operating losses) 4,855 (1,333) 8,406 Withholding taxes 11,658 10,600 23,654 (Reversal) reserve accrual and audit settlements, net of federal tax benefit (6,999) 40 3,072 Change in valuation of acquisition contingencies 3,242 (19,656) — Foreign tax rate differential 6,876 22,227 9,856 Disallowed foreign interest, Subpart F income, and other foreign taxes 14,405 2,820 (3,437) Other, net 639 724 2,822 Provision (Benefit) for Income Taxes $ 39,943 $ 69,489 $ 176,290 The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were: YEAR ENDED DECEMBER 31, 2023 2022 2021 The benefits derived from the dividends paid deduction of $39,299 and the differences in the tax rates to which our foreign earnings are subject of $6,876. In addition, there were gains and losses recorded in Other expense (income), net during the period, for which there was no tax impact. 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 expense (income), 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 benefits 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 United States tax impact of undistributed earnings of foreign TRSs that are no longer intended to be permanently reinvested outside the United States. |
Rollforward of unrecognized tax benefits | A rollforward of unrecognized tax benefits is as follows: Gross tax contingencies—January 1, 2021 $ 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 Gross additions based on tax positions related to the current year 3,511 Gross additions for tax positions of prior years 634 Gross reductions for tax positions of prior years (5,454) Lapses of statutes (2,874) Gross tax contingencies—December 31, 2023 $ 23,570 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Total Revenues $ 4,661,776 $ 495,026 $ 323,487 $ 5,480,289 Storage Rental 2,834,352 474,066 62,227 3,370,645 Service 1,827,424 20,960 261,260 2,109,644 Depreciation and Amortization 470,934 158,817 146,408 776,159 Depreciation 313,956 117,738 94,156 525,850 Amortization 156,978 41,079 52,252 250,309 Adjusted EBITDA 2,027,037 215,945 (281,305) 1,961,677 Total Assets (1) 10,876,225 4,788,600 1,808,977 17,473,802 Expenditures for Segment Assets 391,889 946,791 143,390 1,482,070 Capital Expenditures 284,978 928,883 125,362 1,339,223 Cash Paid for Acquisitions, Net of Cash Acquired 24,919 (764) 17,694 41,849 Acquisitions of Customer Relationships, Customer Inducements and Contract Costs 81,992 18,672 334 100,998 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 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 Costs 59,310 12,508 — 71,818 (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, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Net Income (Loss) $ 187,263 $ 562,149 $ 452,725 Add/(Deduct): Interest expense, net 585,932 488,014 417,961 Provision (benefit) for income taxes 39,943 69,489 176,290 Depreciation and amortization 776,159 727,595 680,422 Acquisition and Integration Costs 25,875 47,746 12,764 Restructuring and other transformation 175,215 41,933 206,426 (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) (12,825) (93,268) (172,041) Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures (1) 98,891 (83,268) (205,746) Stock-based compensation expense 73,799 56,861 61,001 Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 11,425 9,806 4,897 Adjusted EBITDA $ 1,961,677 $ 1,827,057 $ 1,634,699 (1) Includes foreign currency transaction losses (gains), net, debt extinguishment expense and other, net. |
Schedule of Operations in Different Geographical Areas | Information as to our operations in different geographical areas for the years ended December 31, 2023, 2022 and 2021 is as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Revenues: United States $ 3,507,134 $ 3,262,755 $ 2,713,147 United Kingdom 393,917 332,556 294,675 Canada 279,325 270,836 252,385 Australia 143,815 144,840 148,431 Remaining Countries 1,156,098 1,092,587 1,082,893 Long-lived Assets: United States $ 9,492,911 $ 8,925,643 $ 7,867,841 United Kingdom 1,315,715 1,062,641 914,732 Canada 498,511 514,777 562,911 Australia 484,005 490,172 528,703 Remaining Countries 3,947,115 3,600,136 3,134,577 |
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, 2023, 2022 and 2021 is as follows: GLOBAL RIM BUSINESS GLOBAL CORPORATE TOTAL For the Year Ended December 31, 2023 Records Management (1) $ 3,625,264 $ — $ 146,389 $ 3,771,653 Data Management (1) 520,194 — — 520,194 Information Destruction (1)(2)(3) 516,318 — 177,098 693,416 Data Center (1) — 495,026 — 495,026 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 (1) Each of these offerings has a component of revenue that is storage rental related and a component that is service related, 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 our ALM business. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 is as follows (approximately): YEAR ENDED DECEMBER 31, 2023 2022 2021 Frankfurt JV Agreements (1) $ 1,800 $ 15,000 $ 19,600 MakeSpace Agreement and Clutter Agreement (2) 13,000 28,500 34,700 (1) Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment. (2) |
Restructuring and Other Trans_2
Restructuring and Other Transformation Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring | Restructuring and other transformation related to Project Matterhorn included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 is as follows: YEAR ENDED DECEMBER 31, 2023 YEAR ENDED DECEMBER 31, 2022 FROM INCEPTION THROUGH DECEMBER 31, 2023 Restructuring $ 57,319 $ 13,292 $ 70,611 Other transformation 117,896 28,641 146,537 Restructuring and other transformation $ 175,215 $ 41,933 $ 217,148 There were no Restructuring and other transformation costs related to Project Matterhorn for the year ended December 31, 2021. Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 are as follows: YEAR ENDED DECEMBER 31, 2023 YEAR ENDED DECEMBER 31, 2022 FROM INCEPTION THROUGH DECEMBER 31, 2023 Global RIM Business $ 46,722 $ 13,083 $ 59,805 Global Data Center Business 520 — 520 Corporate and Other 10,077 209 10,286 Total restructuring costs $ 57,319 $ 13,292 $ 70,611 Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 are as follows: YEAR ENDED DECEMBER 31, 2023 YEAR ENDED DECEMBER 31, 2022 FROM INCEPTION THROUGH DECEMBER 31, 2023 Global RIM Business $ 28,369 $ 3,901 $ 32,270 Global Data Center Business 4,964 58 5,022 Corporate and Other 84,563 24,682 109,245 Total other transformation costs $ 117,896 $ 28,641 $ 146,537 A rollforward of the accrued restructuring costs and accrued other transformation costs, which are included as components of Accrued expenses and other current liabilities in our Consolidated Balance Sheets for December 31, 2022 through December 31, 2023 is as follows: RESTRUCTURING OTHER TRANSFORMATION TOTAL RESTRUCTURING AND OTHER TRANSFORMATION Balance as of December 31, 2022 $ 1,058 $ 7,029 $ 8,087 Amounts accrued 57,319 117,895 175,214 Payments (47,646) (100,070) (147,716) Balance as of December 31, 2023 $ 10,731 $ 24,854 $ 35,585 Restructuring costs for Project Summit, included as a component of Restructuring and other transformation in the accompanying Consolidated Statement of Operations, for the year ended December 31, 2021 and from the inception of Project Summit through December 31, 2021, are as follows: YEAR ENDED DECEMBER 31, 2021 FROM INCEPTION OF PROJECT SUMMIT THROUGH Employee severance $ 22,809 $ 91,008 Professional fees and other 183,617 358,411 Total restructuring costs $ 206,426 $ 449,419 As Project Summit was completed as of December 31, 2021, there were no restructuring costs for Project Summit for the years ended December 31, 2023 and 2022. Restructuring costs for Project Summit included in the accompanying Consolidated Statement of Operations by segment for the year ended December 31, 2021 and from the inception of Project Summit through December 31, 2021 are as follows: YEAR ENDED DECEMBER 31, 2021 FROM INCEPTION OF PROJECT SUMMIT THROUGH Global RIM Business $ 59,033 $ 148,073 Global Data Center Business 3,062 5,000 Corporate and Other 144,331 296,346 Total restructuring costs $ 206,426 $ 449,419 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF THE YEAR | $ 54,143 | $ 62,009 | $ 56,981 |
CREDIT MEMOS CHARGED TO REVENUE | 92,881 | 62,891 | 47,931 |
ALLOWANCE FOR BAD DEBTS CHARGED TO EXPENSE | 32,692 | 13,666 | 26,896 |
DEDUCTIONS AND OTHER | (104,954) | (84,423) | (69,799) |
BALANCE AT END OF THE YEAR | $ 74,762 | $ 54,143 | $ 62,009 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2023 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_6
Summary of Significant Accounting Policies - Prepaid Expenses and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Prepaid expenses | $ 126,904 | $ 114,130 | |
Interest | 175,218 | 128,272 | |
Deferred purchase obligations, purchase price holdbacks and other | 171,273 | 7,187 | |
Dividends | 202,392 | 194,272 | $ 190,559 |
Operating lease liabilities | 291,795 | 288,738 | |
Other | 409,581 | 413,441 | |
Accrued expenses and other current liabilities | $ 1,250,259 | $ 1,031,910 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 10,373,989 | $ 9,025,765 | |
Capitalized interest | 44,845 | 14,078 | $ 12,673 |
Capitalized costs associated with the development of internal use computer software projects | 64,488 | 44,152 | $ 48,557 |
Asset retirement obligations | 36,602 | 36,119 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 536,780 | 486,715 | |
Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 3,819,241 | 3,336,778 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,166,810 | 1,079,419 | |
Racking | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 2,054,046 | 2,058,054 | |
Warehouse equipment/vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 526,965 | 493,128 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 46,094 | 49,610 | |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 601,273 | 585,792 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,622,780 | $ 936,269 | |
Minimum | Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Minimum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years | ||
Minimum | Racking | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Minimum | Warehouse equipment/vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Minimum | Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Minimum | Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 2 years | ||
Maximum | Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 40 years | ||
Maximum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Maximum | Racking | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 20 years | ||
Maximum | Warehouse equipment/vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Maximum | Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Maximum | Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Leases Narrative (Details) $ in Thousands | Dec. 31, 2023 USD ($) lease renewal_option |
Lessee, Lease, Description [Line Items] | |
Renewal option | renewal_option | 1 |
Number of leases not yet commenced | lease | 4 |
Total undiscounted lease payment | $ | $ 239,146 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term | 5 years |
Lessee, operating lease, renewal term | 1 year |
Operating leases not yet commenced, term | 14 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 | 5 years |
Operating leases not yet commenced, term | 25 years |
Maximum | Vehicle And Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term | 7 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Operating lease right-of-use assets | $ 2,696,024 | $ 2,583,704 |
Financing lease right-of-use assets, net of accumulated depreciation | 304,600 | 251,690 |
Current | ||
Operating lease liabilities | 291,795 | 288,738 |
Financing lease liabilities | 39,089 | 43,857 |
Long-term | ||
Operating lease liabilities | 2,562,394 | 2,429,167 |
Financing lease liabilities | $ 310,776 | $ 289,048 |
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 | 68% | 64% |
Finance lease, right-of-use asset, non-real estate assets, percent | 32% | 36% |
Finance lease, right-of-use asset, statement of financial position [Extensible List] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Operating lease, liability, current, statement of financial position [Extensible List] | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) |
Finance lease, liability, current, statement of financial position [Extensible List] | Current portion of long-term debt | Current portion of long-term debt |
Finance lease, liability, noncurrent, statement of financial position [Extensible List] | Long-term Debt, net of current portion | Long-term Debt, net of current portion |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Leases Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Operating lease cost | $ 660,889 | $ 574,115 | $ 545,097 |
Depreciation of financing lease right-of-use assets | 42,089 | 42,708 | 50,970 |
Interest expense for financing lease liabilities | 18,638 | 17,329 | 19,808 |
Variable lease costs | $ 142,154 | $ 119,184 | $ 111,949 |
Operating leases, Remaining Lease Term | 10 years 7 months 6 days | 11 years 3 months 18 days | |
Finance leases, Remaining Lease Term | 9 years 2 months 12 days | 10 years 7 months 6 days | |
Operating leases, Discount Rate | 6.60% | 6.40% | |
Financing leases, Discount Rate | 6.10% | 5.80% |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Estimated Future Lease Payments and Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OPERATING LEASES | ||
2024 | $ 468,015 | |
2025 | 456,638 | |
2026 | 421,535 | |
2027 | 389,307 | |
2028 | 344,744 | |
Thereafter | 1,970,950 | |
Total minimum lease payments (receipts) | 4,051,189 | |
Less amounts representing interest or imputed interest | 1,197,000 | |
Present value of lease obligations | 2,854,189 | |
SUBLEASE INCOME | ||
2024 | (6,969) | |
2025 | (4,282) | |
2026 | (2,979) | |
2027 | (3,451) | |
2028 | (48) | |
Thereafter | (48) | |
Total minimum lease payments (receipts) | (17,777) | |
FINANCING LEASES | ||
2024 | 56,901 | |
2025 | 127,074 | |
2026 | 40,283 | |
2027 | 30,098 | |
2028 | 55,523 | |
Thereafter | 117,779 | |
Total minimum lease payments (receipts) | 427,658 | |
Less amounts representing interest or imputed interest | 77,793 | |
Present value of lease obligations | $ 349,865 | $ 332,905 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Operating cash flows used in operating leases | $ 450,412 | $ 409,163 | $ 392,987 |
Operating cash flows used in financing leases (interest) | 18,638 | 17,329 | 19,808 |
Financing cash flows used in financing leases | 52,284 | 44,869 | 46,118 |
Operating lease modifications and reassessments | 86,948 | 179,094 | 144,310 |
New operating leases (including acquisitions and sale-leaseback transactions) | $ 306,479 | $ 540,830 | $ 282,490 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Long Lived Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) facility parcelOfLand | Sep. 30, 2022 USD ($) facility | Jun. 30, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Jun. 30, 2021 USD ($) facility | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 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 | $ 12,825 | $ 93,268 | $ 172,041 | ||||||
Sale and sale-leaseback transactions | $ 19,500 | $ 94,500 | $ 164,000 | ||||||
Singapore | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Sale and sale-leaseback transactions | $ 18,500 | ||||||||
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 | ||||||||
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 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Schedule of Carrying Value of Goodwill, by Reporting Unit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | |||
Goodwill | $ 5,017,912 | $ 4,882,734 | $ 4,463,531 |
GLOBAL RIM BUSINESS | |||
Goodwill | |||
Goodwill | 3,911,945 | 3,852,946 | 3,972,852 |
GLOBAL RIM BUSINESS | North America RIM | |||
Goodwill | |||
Goodwill | 2,694,093 | 2,667,400 | |
GLOBAL RIM BUSINESS | Europe RIM | |||
Goodwill | |||
Goodwill | 541,860 | ||
GLOBAL RIM BUSINESS | ESA RIM | |||
Goodwill | |||
Goodwill | 521,949 | ||
GLOBAL RIM BUSINESS | MENAT RIM | |||
Goodwill | |||
Goodwill | 25,007 | ||
GLOBAL RIM BUSINESS | MENATSA RIM | |||
Goodwill | |||
Goodwill | 26,502 | ||
GLOBAL RIM BUSINESS | Latin America RIM | |||
Goodwill | |||
Goodwill | 120,119 | 109,069 | |
GLOBAL RIM BUSINESS | APAC RIM | |||
Goodwill | |||
Goodwill | 496,944 | 497,792 | |
GLOBAL RIM BUSINESS | Entertainment Services | |||
Goodwill | |||
Goodwill | 32,427 | 31,729 | |
GLOBAL DATA CENTER BUSINESS | |||
Goodwill | |||
Goodwill | 478,930 | 418,502 | 426,074 |
GLOBAL DATA CENTER BUSINESS | Global Data Center | |||
Goodwill | |||
Goodwill | 478,930 | 418,502 | |
CORPORATE AND OTHER | |||
Goodwill | |||
Goodwill | 627,037 | 611,286 | $ 64,605 |
CORPORATE AND OTHER | Fine Arts | |||
Goodwill | |||
Goodwill | 47,535 | 33,908 | |
CORPORATE AND OTHER | ALM | |||
Goodwill | |||
Goodwill | $ 579,502 | $ 577,378 |
Summary of Significant Accou_15
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, 2023 | Dec. 31, 2022 | |
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | $ 4,882,734 | $ 4,463,531 |
Tax deductible goodwill acquired during the year | 11,928 | 912 |
Non-tax deductible goodwill acquired during the year | 78,651 | 547,389 |
Fair value and other adjustments | 2,253 | (11,815) |
Currency effects | 42,346 | (117,283) |
Ending balance | 5,017,912 | 4,882,734 |
Accumulated goodwill impairment | 158,420 | 158,420 |
GLOBAL RIM BUSINESS | ||
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | 3,852,946 | 3,972,852 |
Tax deductible goodwill acquired during the year | 0 | 0 |
Non-tax deductible goodwill acquired during the year | 21,594 | 696 |
Fair value and other adjustments | (80) | (12,199) |
Currency effects | 37,485 | (108,403) |
Ending balance | 3,911,945 | 3,852,946 |
Accumulated goodwill impairment | 132,409 | 132,409 |
GLOBAL DATA CENTER BUSINESS | ||
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | 418,502 | 426,074 |
Tax deductible goodwill acquired during the year | 0 | 0 |
Non-tax deductible goodwill acquired during the year | 56,674 | 0 |
Fair value and other adjustments | 0 | 0 |
Currency effects | 3,754 | (7,572) |
Ending balance | 478,930 | 418,502 |
Accumulated goodwill impairment | 0 | 0 |
CORPORATE AND OTHER | ||
Gross amount of goodwill [Roll Forward] | ||
Beginning balance | 611,286 | 64,605 |
Tax deductible goodwill acquired during the year | 11,928 | 912 |
Non-tax deductible goodwill acquired during the year | 383 | 546,693 |
Fair value and other adjustments | 2,333 | 384 |
Currency effects | 1,107 | (1,308) |
Ending balance | 627,037 | 611,286 |
Accumulated goodwill impairment | $ 26,011 | $ 26,011 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - Customer Relationships and Acquisition Costs and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortizable intangible assets | |||
Amortization | $ 250,309 | $ 248,611 | $ 215,350 |
Included in Depreciation and Amortization | |||
Estimated amortization expense for existing intangible assets for the next five succeeding fiscal years | |||
2024 | 187,933 | ||
2025 | 173,432 | ||
2026 | 156,946 | ||
2027 | 127,284 | ||
2028 | 116,387 | ||
Thereafter | 533,747 | ||
Customer and supplier relationship intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 2,144,641 | 2,162,154 | |
ACCUMULATED AMORTIZATION | (933,084) | (823,392) | |
NET CARRYING AMOUNT | 1,211,557 | 1,338,762 | |
Amortization | $ 153,128 | 156,779 | 117,761 |
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 | $ 47,565 | 47,794 | |
ACCUMULATED AMORTIZATION | (25,562) | (26,158) | |
NET CARRYING AMOUNT | $ 22,003 | 21,636 | |
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 | $ 22,322 | 16,955 | 42,333 |
Data center lease-based intangible assets | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 141,628 | 272,649 | |
ACCUMULATED AMORTIZATION | (95,422) | (209,902) | |
NET CARRYING AMOUNT | 46,206 | 62,747 | |
GROSS CARRYING AMOUNT | 10,873 | 12,831 | |
ACCUMULATED AMORTIZATION | (5,772) | (7,806) | |
NET CARRYING AMOUNT | 5,101 | 5,025 | |
Third-party commissions asset and other | |||
Amortizable intangible assets | |||
GROSS CARRYING AMOUNT | 77,638 | 83,297 | |
ACCUMULATED AMORTIZATION | (39,323) | (28,581) | |
NET CARRYING AMOUNT | 38,315 | 54,716 | |
Amortization | 12,541 | 16,148 | 6,987 |
Customer inducements and data center above-market and below-market leases | |||
Amortizable intangible assets | |||
Amortization | 7,036 | $ 8,119 | $ 8,852 |
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 | |||
2024 | 5,982 | ||
2025 | 3,494 | ||
2026 | 2,607 | ||
2027 | 2,096 | ||
2028 | 1,729 | ||
Thereafter | $ 1,343 |
Summary of Significant Accou_17
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Trading Securities | $ 6,149 | $ 9,426 |
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Deferred purchase obligation | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | Money Market Funds | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Trading Securities | 3,803 | 36 |
Derivative asset | 6,359 | 51,396 |
Derivative liability | 5,769 | 489 |
Deferred purchase obligation | 0 | 0 |
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 | 66,008 | 11,311 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 15,913 | 1,102 |
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 | 208,265 | 193,033 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Money Market Funds | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 0 | 0 |
Estimated Fair Value | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Trading Securities | 9,952 | 9,462 |
Derivative asset | 6,359 | 51,396 |
Derivative liability | 5,769 | 489 |
Deferred purchase obligation | 208,265 | 193,033 |
Estimated Fair Value | Money Market Funds | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | 66,008 | 11,311 |
Estimated Fair Value | Time Deposits | ||
Assets and liabilities carried at fair value measured on a recurring basis | ||
Cash and cash equivalents | $ 15,913 | $ 1,102 |
Summary of Significant Accou_18
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | $ 636,793 | $ 857,068 | $ 1,136,729 |
Other comprehensive (loss) income: | |||
Total other comprehensive (loss) income | 70,847 | (103,656) | (82,454) |
Stockholders' equity, ending balance | 211,773 | 636,793 | 857,068 |
TOTAL | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | (442,003) | (338,347) | (255,893) |
Other comprehensive (loss) income: | |||
Stockholders' equity, ending balance | (371,156) | (442,003) | (338,347) |
FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | (454,509) | (341,024) | (206,190) |
Other comprehensive (loss) income: | |||
Other comprehensive income (loss): | 80,881 | (113,485) | (134,834) |
Total other comprehensive (loss) income | 80,881 | (113,485) | (134,834) |
Stockholders' equity, ending balance | (373,628) | (454,509) | (341,024) |
CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS | |||
Other comprehensive loss: | |||
Stockholders' equity, beginning balance | 12,506 | 2,677 | (49,703) |
Other comprehensive (loss) income: | |||
Other comprehensive income (loss): | (2,454) | 9,829 | 52,380 |
Reclassifications from Accumulated Other Comprehensive Items, net | (7,580) | ||
Total other comprehensive (loss) income | (10,034) | 9,829 | 52,380 |
Stockholders' equity, ending balance | $ 2,472 | $ 12,506 | $ 2,677 |
Summary of Significant Accou_19
Summary of Significant Accounting Policies - Revenue - Narrative (Details) | Dec. 31, 2023 |
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 |
Minimum | Customer Inducements, Current Record Management Vendor Or Payments To Customers | |
Capitalized Contract Cost [Line Items] | |
Useful life of finite-lived intangible assets | 1 year |
Maximum | Customer Inducements, Current Record Management Vendor Or Payments To Customers | |
Capitalized Contract Cost [Line Items] | |
Useful life of finite-lived intangible assets | 10 years |
Summary of Significant Accou_20
Summary of Significant Accounting Policies - Revenue - Contract Fulfillment Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intake Costs asset | ||
Capitalized Contract Cost [Line Items] | ||
GROSS CARRYING AMOUNT | $ 76,150 | $ 68,345 |
ACCUMULATED AMORTIZATION | (39,617) | (42,132) |
NET CARRYING AMOUNT | 36,533 | 26,213 |
Commissions asset | ||
Capitalized Contract Cost [Line Items] | ||
GROSS CARRYING AMOUNT | 156,639 | 133,145 |
ACCUMULATED AMORTIZATION | (64,279) | (58,949) |
NET CARRYING AMOUNT | $ 92,360 | $ 74,196 |
Summary of Significant Accou_21
Summary of Significant Accounting Policies - Revenue - Amortization Expense Associated with Commissions Asset and Intake Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intake Costs asset | |||
Capitalized Contract Cost [Line Items] | |||
Amortization expense | $ 18,904 | $ 18,117 | $ 17,530 |
Commissions asset | |||
Capitalized Contract Cost [Line Items] | |||
Amortization expense | $ 43,413 | $ 40,612 | $ 30,739 |
Summary of Significant Accou_22
Summary of Significant Accounting Policies - Revenue - Estimated Amortization Expense for Contract Fulfillment Costs (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Accounting Policies [Abstract] | |
2024 | $ 61,379 |
2025 | 44,161 |
2026 | $ 23,353 |
Summary of Significant Accou_23
Summary of Significant Accounting Policies - Revenue - Summary of Deferred Revenue Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Deferred revenue - Current | $ 325,665 | $ 328,910 |
Deferred revenue - Long-term | $ 100,770 | $ 32,960 |
Summary of Significant Accou_24
Summary of Significant Accounting Policies - Revenue - Storage Rental Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capitalized Contract Cost [Line Items] | |||
Total Revenues | $ 5,480,289 | $ 5,103,574 | $ 4,491,531 |
Storage rental | |||
Capitalized Contract Cost [Line Items] | |||
Total Revenues | 3,370,645 | 3,034,023 | 2,870,119 |
GLOBAL DATA CENTER BUSINESS | |||
Capitalized Contract Cost [Line Items] | |||
Total Revenues | 495,026 | 401,125 | 326,898 |
GLOBAL DATA CENTER BUSINESS | Storage rental | |||
Capitalized Contract Cost [Line Items] | |||
Total Revenues | $ 474,066 | $ 372,208 | $ 289,592 |
Summary of Significant Accou_25
Summary of Significant Accounting Policies - Revenue - Data Center (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Lessor, Lease, Description [Line Items] | |
2024 | $ 6,969 |
2025 | 4,282 |
2026 | 2,979 |
2027 | 3,451 |
2028 | 48 |
Data center lease-based intangible assets | |
Lessor, Lease, Description [Line Items] | |
2024 | 393,046 |
2025 | 388,491 |
2026 | 375,800 |
2027 | 342,441 |
2028 | $ 296,270 |
Summary of Significant Accou_26
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | |
Employee stock-based awards | |||||
Stock-based compensation | $ 73,799 | $ 56,861 | $ 61,001 | ||
Stock-based compensation expense (income), net of tax | $ 68,309 | $ 52,600 | 59,243 | ||
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 | |||||
Total amount of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan (in shares) | 20,750,000 | ||||
Employee stock purchase plan, shares available for grant (in shares) | 6,204,098 | ||||
Employee stock-based awards, unrecognized compensation costs on nonvested awards | $ 61,799 | ||||
Employee stock-based awards, weighted average recognition period | 1 year 10 months 24 days | ||||
Performance Units Original Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | |||||
Non-vested at the beginning of the period (in shares) | 830,173 | ||||
Granted (in shares) | 641,412 | ||||
Prior year grant adjustments for performance above target (in shares) | 0 | ||||
Vested (in shares) | (615,588) | ||||
Forfeited (in shares) | (51,087) | ||||
Non-vested at the end of the period (in shares) | 804,910 | 830,173 | |||
Restricted Stock Units (RSUs) | |||||
Employee stock-based awards | |||||
Award vesting period | 3 years | ||||
Aggregate intrinsic value | |||||
Total fair value of shares or units vested | $ 32,664 | $ 27,078 | 29,332 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | |||||
Non-vested at the beginning of the period (in shares) | 1,306,115 | ||||
Granted (in shares) | 1,035,583 | ||||
Vested (in shares) | (762,683) | ||||
Forfeited (in shares) | (218,751) | ||||
Non-vested at the end of the period (in shares) | 1,360,264 | 1,306,115 | |||
Weighted average grant date fair value | |||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $ 43.43 | ||||
Weighted average grant date fair value, granted (in dollars per share) | 53.02 | ||||
Weighted average grant date fair value, vested (in dollars per share) | 42.83 | ||||
Weighted average grant date fair value, forfeited (in dollars per share) | 48.63 | ||||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $ 50.24 | $ 43.43 | |||
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) | (484,550) | ||||
Granted (in shares) | 0 | ||||
Prior year grant adjustments for performance above target (in shares) | 160,993 | ||||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | 0 | ||||
Non-vested at the end of the period (in shares) | (323,557) | (484,550) | |||
Performance Units | |||||
Employee stock-based awards | |||||
Award vesting period | 3 years | ||||
Aggregate intrinsic value | |||||
Total fair value of shares or units vested | $ 34,896 | $ 20,059 | $ 29,701 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | |||||
Non-vested at the beginning of the period (in shares) | 345,623 | ||||
Granted (in shares) | 641,412 | ||||
Prior year grant adjustments for performance above target (in shares) | 160,993 | ||||
Vested (in shares) | (615,588) | ||||
Forfeited (in shares) | (51,087) | ||||
Non-vested at the end of the period (in shares) | 481,353 | 345,623 | |||
Weighted average grant date fair value | |||||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $ 45.65 | ||||
Weighted average grant date fair value, granted (in dollars per share) | 55.76 | ||||
Weighted average grant date fair value, vested (in dollars per share) | 56.69 | ||||
Prior year grant adjustments for performance above target (in dollars per share) | 42.66 | ||||
Weighted average grant date fair value, forfeited (in dollars per share) | 53.60 | ||||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $ 43.16 | $ 45.65 | |||
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% | 0% | 0% | ||
Performance Units | Maximum | Market condition associated with shareholder return of common stock | |||||
Performance units disclosure | |||||
Percentage payout rate | 350% | 350% | 200% | ||
Employee Stock Purchase Plan | |||||
Employee Stock Purchase Plan | |||||
Employee stock purchase plan, offering periods | 6 months | ||||
Percentage of market price for the purchase of shares | 95% | ||||
Employee stock purchase plan, maximum employee subscription rate percent | 15% | ||||
Employee stock purchase plan, shares issued in period (in shares) | 120,647 | 112,486 | 112,297 | ||
Employee stock purchase plan, shares available for grant (in shares) | 870,857 | ||||
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 | |||||
Fair value of options granted (in dollars per share) | $ 10.98 | $ 7.44 | $ 3.23 | ||
Weighted average assumptions used for grants | |||||
Expected volatility (as a percent) | 29.10% | 28% | 28.30% | ||
Risk-free interest rate (as a percent) | 3.92% | 1.72% | 1.45% | ||
Expected dividend yield (as a percent) | 5% | 5% | 7% | ||
Expected life of the option | 10 years | 10 years | 10 years | ||
Summary of option activity | |||||
Options outstanding balance, beginning of period (in shares) | 4,226,319 | ||||
Options granted (in shares) | 157,132 | ||||
Options exercised (in shares) | (322,854) | ||||
Options outstanding balance, end of period (in shares) | 4,060,597 | 4,226,319 | |||
Options exercisable balance (in shares) | 3,619,289 | ||||
Options expected to vest (in shares) | 441,308 | ||||
Weighted Average Exercise Price | |||||
Weighted average exercise price, options outstanding balance beginning of period (in dollars per share) | $ 36.89 | ||||
Weighted average exercise price, options granted (in dollars per share) | 52.58 | ||||
Weighted average exercise price, options exercised (in dollars per share) | 32.66 | ||||
Weighted average exercise price, options outstanding balance end of period (in dollars per share) | 37.84 | $ 36.89 | |||
Weighted average exercise price, options exercisable (in dollars per share) | 36.85 | ||||
Weighted average exercise price, options expected to vest (in dollars per share) | $ 45.86 | ||||
Weighted average remaining contractual term | |||||
Weighted average remaining contractual term, options outstanding | 4 years 5 months 8 days | ||||
Weighted average remaining contractual term, options exercisable | 3 years 11 months 23 days | ||||
Weighted average remaining contractual term, options expected to vest | 8 years 2 months 12 days | ||||
Aggregate intrinsic value | |||||
Aggregate intrinsic value, options outstanding | $ 130,548 | ||||
Aggregate intrinsic value, options exercisable | 119,903 | ||||
Aggregate intrinsic value, options expected to vest | $ 10,645 | ||||
Performance Units Original Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options | |||||
Granted (in shares) | 435,675 | 488,953 | |||
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 | ||||
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 | |||
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) | 2,000,000 | ||||
Employee Stock Purchase Plan | |||||
Total amount of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan (in shares) | 2,000,000 |
Summary of Significant Accou_27
Summary of Significant Accounting Policies - Acquisition and Integration costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Acquisition and Integration Costs | $ 25,875 | $ 47,746 | $ 12,764 |
Summary of Significant Accou_28
Summary of Significant Accounting Policies - Other Expense (Income), Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 18, 2021 | Feb. 28, 2022 | Jun. 30, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||||||
Foreign currency transaction losses (gains), net | $ 36,799 | $ (61,684) | $ (15,753) | ||||
Debt extinguishment expense | 0 | 671 | 0 | ||||
Other, net | 71,841 | (8,768) | (177,051) | ||||
Other expense (income), net | 108,640 | (69,781) | (192,804) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) associated with the remeasurement of the Deferred Purchase Obligation | 0 | 93,600 | 0 | ||||
Gain on divestments and deconsolidations | $ 20,300 | 0 | $ (105,825) | 178,983 | |||
Disposal group, not discontinued operation, gain (loss) on disposal, statement of income or comprehensive income [extensible enumeration] | Other expense (income), net | ||||||
Clutter JV | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss associated with the Clutter transactions | $ 38,000 | $ 38,000 | |||||
Gain (loss) on disposal | $ 35,800 | ||||||
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) | ||||||
IPM Divestment | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on divestments and deconsolidations | $ 179,000 |
Summary of Significant Accou_29
Summary of Significant Accounting Policies - Income (Loss) Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (Loss) Per Share-Basic and Diluted | |||
Net Income (Loss) | $ 187,263 | $ 562,149 | $ 452,725 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 3,029 | 5,168 | 2,506 |
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ 184,234 | $ 556,981 | $ 450,219 |
Weighted-average shares—basic (in shares) | 291,936,000 | 290,812,000 | 289,457,000 |
Effect of dilutive potential stock options (in shares) | 1,435,000 | 1,125,068 | 645,886 |
Effect of dilutive potential RSUs and PUs (in shares) | 594,000 | 507,109 | 872,204 |
Weighted-average shares—diluted (in shares) | 293,965,000 | 292,444,177 | 290,975,090 |
Earnings (Losses) Per Share Attributable to Iron Mountain Incorporated: | |||
Basic (in dollars per share) | $ 0.63 | $ 1.92 | $ 1.56 |
Diluted (in dollars per share) | $ 0.63 | $ 1.90 | $ 1.55 |
Antidilutive stock options, RSUs and PUs, excluded from the calculation (in shares) | 81,817 | 305,527 | 1,447,722 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) € in Thousands, ₨ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jan. 03, 2024 USD ($) | Jun. 29, 2023 USD ($) | Oct. 05, 2022 USD ($) | Oct. 05, 2022 EUR (€) | Jan. 25, 2022 USD ($) | Sep. 23, 2021 USD ($) | Sep. 23, 2021 EUR (€) | Sep. 15, 2021 USD ($) | Oct. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) business | Jan. 25, 2025 | Jan. 25, 2024 | Jul. 07, 2023 USD ($) | Jul. 07, 2023 INR (₨) | Dec. 31, 2022 INR (₨) | Oct. 05, 2022 EUR (€) | Dec. 31, 2021 INR (₨) | |
Business Acquisition [Line Items] | |||||||||||||||||||
Noncontrolling Interests | $ 125 | $ 125 | |||||||||||||||||
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,250,259 | 1,031,910 | |||||||||||||||||
Cash paid for acquisitions, net of cash acquired | 41,849 | 803,690 | $ 203,998 | ||||||||||||||||
Expenditures for Segment Assets | 1,482,070 | 1,757,609 | $ 886,898 | ||||||||||||||||
Clutter Intermediate, Inc | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Interest sold | 15% | ||||||||||||||||||
Noncontrolling interests equity contributions and related costs | $ 7,500 | ||||||||||||||||||
XData Properties | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Expenditures for Segment Assets | $ 78,200 | € 78,900 | |||||||||||||||||
Contingent consideration | $ 9,900 | € 10,000 | |||||||||||||||||
Clutter Intermediate, Inc | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 100% | ||||||||||||||||||
Purchase price | $ 60,600 | ||||||||||||||||||
RSR Partners, LLC | Subsequent Event | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Purchase price | $ 200,000 | ||||||||||||||||||
Cash consideration | $ 125,000 | ||||||||||||||||||
ITRenew | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 80% | ||||||||||||||||||
Purchase price | 1,024,696 | ||||||||||||||||||
Cash consideration | $ 748,846 | 749,596 | |||||||||||||||||
Business combination, price of acquisition, expected | 725,000 | ||||||||||||||||||
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 | ||||||||||||||||||
Consolidation percentage | 100% | ||||||||||||||||||
Operating expenditures | 59,370 | ||||||||||||||||||
Deferred purchase obligation, purchase price holdbacks and other | 275,100 | ||||||||||||||||||
ITRenew | Second Anniversary | Subsequent Event | |||||||||||||||||||
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 | ||||||||||||||||||
Web Werks JV | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Noncontrolling Interests | 78,600 | ||||||||||||||||||
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | $ 18,100 | ||||||||||||||||||
Web Werks JV | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity method investments, fair value disclosure | $ 96,200 | $ 96,200 | $ 45,300 | ₨ 3,750,000 | ₨ 7,500 | ₨ 7,500 | |||||||||||||
Equity interest | 0% | 53.58% | 63.39% | 63.39% | 53.58% |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 25, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Goodwill Initially Recorded | $ 5,017,912 | $ 4,882,734 | $ 4,463,531 | |
All acquisitions | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | 88,635 | 224,192 | ||
Fair Value of Noncontrolling Interests | 78,598 | 3,878 | ||
Fair Value of Previously Held Equity Interest | 99,718 | 0 | ||
Deferred purchase obligation, purchase price holdbacks and other | 4,790 | 2,534 | ||
Settlement of Pre-Existing Relationships | 21,641 | 0 | ||
Total Consideration | 293,382 | 230,604 | ||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash and Cash Equivalents | 49,716 | 20,194 | ||
Accounts Receivable, Prepaid Expenses and Other Assets | 36,274 | 26,911 | ||
Property, Plant and Equipment | 140,668 | 150,095 | ||
Operating Lease Right-of-Use Assets | 29,046 | 40,848 | ||
Debt Assumed | (22,413) | (9,026) | ||
Accounts Payable, Accrued Expenses and Other Liabilities | (19,323) | (22,733) | ||
Operating Lease Liabilities | (29,046) | (40,848) | ||
Deferred Income Taxes | (4,495) | (7,221) | ||
Total Fair Value of Identifiable Net Assets Acquired | 202,803 | 203,057 | ||
Goodwill Initially Recorded | 90,579 | 27,547 | ||
Cash paid for previous acquisition | $ 2,930 | 581 | $ 0 | |
ITRenew And Other 2022 Acquisitions | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | 834,766 | |||
Fair Value of Noncontrolling Interests | 0 | |||
Fair Value of Previously Held Equity Interest | 0 | |||
Deferred purchase obligation, purchase price holdbacks and other | 288,737 | |||
Settlement of Pre-Existing Relationships | 0 | |||
Total Consideration | 1,123,503 | |||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash and Cash Equivalents | 31,657 | |||
Accounts Receivable, Prepaid Expenses and Other Assets | 75,559 | |||
Property, Plant and Equipment | 101,263 | |||
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 | |||
ITRenew | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | $ 748,846 | 749,596 | ||
Fair Value of Noncontrolling Interests | 0 | |||
Fair Value of Previously Held Equity Interest | 0 | |||
Deferred purchase obligation, purchase price holdbacks and other | 275,100 | |||
Settlement of Pre-Existing Relationships | 0 | |||
Total Consideration | 1,024,696 | |||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash and Cash Equivalents | 30,694 | |||
Accounts Receivable, Prepaid Expenses and Other Assets | 71,612 | |||
Property, Plant and Equipment | 7,541 | |||
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 Obligations and Other Deferred Payments | 275,100 | |||
Other 2022 Acquisitions | ||||
Consideration paid for acquisitions | ||||
Cash Paid (gross of cash acquired) | 85,170 | |||
Fair Value of Noncontrolling Interests | 0 | |||
Fair Value of Previously Held Equity Interest | 0 | |||
Deferred purchase obligation, purchase price holdbacks and other | 13,637 | |||
Settlement of Pre-Existing Relationships | 0 | |||
Total Consideration | 98,807 | |||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Cash and Cash Equivalents | 963 | |||
Accounts Receivable, Prepaid Expenses and Other Assets | 3,947 | |||
Property, Plant and Equipment | 93,722 | |||
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 | |||
Customer relationship intangible assets | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Acquired finite-lived intangible assets, weighted average useful life | 4 years | 12 years | 11 years | |
Customer relationship intangible assets | All acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | $ 14,330 | $ 35,181 | ||
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 | All acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | $ 8,046 | $ 9,656 | ||
Other Intangible Assets | ITRenew And Other 2022 Acquisitions | ||||
Fair Value of Identifiable Assets Acquired and Liabilities Assumed: | ||||
Intangible assets | 48,742 | |||
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 | $ 1,442 |
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 |
Divestments and Deconsolidati_2
Divestments and Deconsolidations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
May 18, 2021 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 07, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on divestments and deconsolidations | $ 20,300 | $ 0 | $ (105,825) | $ 178,983 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Iron Mountain Intellectual Property Divestiture | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal consideration | $ 215,400 | |||||
Gain on 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, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) investment | Dec. 31, 2021 USD ($) investment | Jul. 07, 2023 USD ($) | Jul. 07, 2023 INR (₨) | Jun. 28, 2023 | Dec. 31, 2022 INR (₨) | Dec. 31, 2021 INR (₨) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of investments | investment | 2 | 2 | ||||||||
MakeSpace JV | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 49.99% | |||||||||
Gain on disposal | $ 35,800 | |||||||||
Clutter JV | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 27% | 0% | 26.73% | 27% | 26.73% | |||||
Gain on disposal | $ 35,800 | |||||||||
Loss associated with the Clutter transactions | $ 38,000 | $ 38,000 | ||||||||
Web Werks JV | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 0% | 53.58% | 63.39% | 63.39% | 53.58% | |||||
Equity method investments, fair value disclosure | $ 96,200 | $ 96,200 | $ 45,300 | ₨ 3,750,000 | ₨ 7,500 | ₨ 7,500 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jul. 07, 2023 | Jun. 28, 2023 | Dec. 31, 2022 | Feb. 28, 2022 |
Web Werks JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 0 | $ 98,278 | |||
Equity interest | 0% | 63.39% | 53.58% | ||
Joint venture with AGC Equity Partners (the "Frankfurt JV") | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 57,874 | $ 37,194 | |||
Equity interest | 20% | 20% | |||
Clutter JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 0 | $ 54,172 | |||
Equity interest | 0% | 27% | 26.73% | 27% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 |
Interest Rate Swap, Terminated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount of derivatives | $ 350,000 | ||
Cumulative net gain in AOCI | $ 2,528 | $ 10,100 | |
Interest rate swap agreements | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount of derivatives | 520,000 | $ 354,800 | |
Cumulative net gain in AOCI | 2,472 | ||
Cross-currency swap agreements | Net Investment Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount of derivatives | $ 509,200 | $ 469,200 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Net Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative asset, noncurrent | $ 6,359 | $ 48,790 | |
Derivative liability, current | 2,496 | ||
Derivative liability, noncurrent | $ 3,273 | 489 | |
Derivative asset, current | 2,606 | ||
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, statement of financial position [Extensible Enumeration] | Prepaid expenses and other, Assets, Noncurrent, Excluding Property, Plant and Equipment, Net | ||
Derivative asset, noncurrent, statement of financial position [Extensible Enumeration] | Assets, Noncurrent, Excluding Property, Plant and Equipment, Net | ||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | ||
Interest rate swap agreements | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cumulative net gain in AOCI | $ 2,472 | ||
Interest Rate Swap, Terminated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cumulative net gain in AOCI | 2,528 | $ 10,100 | |
Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative asset | 1,601 | 12,995 | |
Derivative liability | (3,273) | 489 | |
Net Investment Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative asset | 4,758 | 38,401 | |
Derivative liability | (2,496) | $ 0 | |
Cumulative net gain in cross-currency swaps | 32,459 | ||
Net Investment Hedging | Cross-currency swap agreements (excluded component) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cumulative net gain in cross-currency swaps | $ 30,197 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest rate swap agreements | |||
Derivative [Line Items] | |||
Interest rate swap agreements | $ 7,580 | $ 0 | $ 0 |
Cross-currency swap agreements | Net Investment Hedging | |||
Derivative [Line Items] | |||
Cross-currency swap agreements (excluded component) | (21,097) | (9,100) | 0 |
Designated Hedging Instruments | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Interest rate swap agreements | (2,454) | 20,186 | 13,382 |
Designated Hedging Instruments | Cross-currency swap agreements | |||
Derivative [Line Items] | |||
Cross-currency swap agreements | (41,382) | 28,044 | 38,998 |
Not Designated as Hedging Instrument | Cross-currency swap agreements | |||
Derivative [Line Items] | |||
Cross-currency swap agreements | $ 21,097 | $ 9,100 | $ 0 |
Debt - Long Term Debt (Details)
Debt - Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | May 15, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 12,034,622 | $ 10,650,265 | |
Net Deferred Financing Costs | (101,452) | (81,270) | |
Total Long-term Debt (including current portion) | 11,933,170 | 10,568,995 | |
Debt, current portion | (120,670) | (87,546) | |
Unamortized debt issuance expense, net of current portion | 0 | 0 | |
Carrying amount, current portion | (120,670) | (87,546) | |
Long-term debt, net of current portion | 11,913,952 | 10,562,719 | |
Unamortized deferred financing costs | (101,452) | (81,270) | |
Long-term debt, net of current portion | $ 11,812,500 | 10,481,449 | |
Capital stock of subsidiaries pledged to secure debt (as a percent) | 66% | ||
Unamortized original issue discount | $ 10,904 | ||
Present value of lease obligations | 349,865 | 332,905 | |
Accounts Receivable Securitization Program | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 358,500 | 314,700 | |
Net Deferred Financing Costs | (317) | (531) | |
Total Long-term Debt (including current portion) | 358,183 | 314,169 | |
Fair value | $ 358,183 | 314,700 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Capital stock of subsidiaries pledged to secure debt (as a percent) | 66% | ||
Credit Agreement | Virginia 4/5 Term Loan | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 16,338 | ||
Credit Agreement | Revolving Credit Facility, Netting | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 0 | ||
Net Deferred Financing Costs | (4,621) | ||
Total Long-term Debt (including current portion) | (4,621) | ||
Fair value | 0 | ||
Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 0 | 1,072,200 | |
Net Deferred Financing Costs | (6,790) | ||
Total Long-term Debt (including current portion) | 1,065,410 | ||
Fair value | 1,072,200 | ||
Credit Agreement | UK Bilateral Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 178,239 | 169,361 | |
Net Deferred Financing Costs | 0 | 0 | |
Total Long-term Debt (including current portion) | 178,239 | 169,361 | |
Fair value | 178,239 | 169,361 | |
Term Loan Facility | Term Loan A | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 228,125 | 240,625 | |
Net Deferred Financing Costs | 0 | 0 | |
Total Long-term Debt (including current portion) | 228,125 | 240,625 | |
Fair value | 228,125 | 240,625 | |
Term Loan Facility | Term Loan B due 2026 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 659,298 | 666,073 | |
Net Deferred Financing Costs | (2,498) | (3,747) | |
Total Long-term Debt (including current portion) | 656,800 | 662,326 | |
Fair value | 659,750 | 666,750 | |
Unamortized original issue discount | 452 | 677 | |
Term Loan Facility | Term Loan B, Due 2031 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 1,191,000 | 0 | |
Net Deferred Financing Costs | (13,026) | 0 | |
Total Long-term Debt (including current portion) | 1,177,974 | 0 | |
Fair value | 1,200,000 | 0 | |
Unamortized original issue discount | 9,000 | ||
Term Loan Facility | Virginia 3 Term Loan | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 101,218 | 0 | |
Net Deferred Financing Costs | (4,641) | 0 | |
Total Long-term Debt (including current portion) | 96,577 | 0 | |
Fair value | 101,218 | 0 | |
Term Loan Facility | Virginia 4/5 Term Loan | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 0 | ||
Net Deferred Financing Costs | (5,892) | 0 | |
Total Long-term Debt (including current portion) | 10,446 | 0 | |
Fair value | 16,338 | 0 | |
Australian Dollar Term Loan | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 197,743 | 202,641 | |
Net Deferred Financing Costs | (482) | (633) | |
Total Long-term Debt (including current portion) | 197,261 | 202,008 | |
Fair value | 199,195 | 204,623 | |
Unamortized original issue discount | 1,452 | 1,982 | |
Senior Notes | 37/8% GBP Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | 509,254 | 483,888 | |
Net Deferred Financing Costs | (1,763) | (2,589) | |
Total Long-term Debt (including current portion) | 507,491 | 481,299 | |
Fair value | $ 489,108 | 445,206 | |
Stated interest rate (as a percent) | 3.875% | ||
Senior Notes | 47/8% Notes due 2027 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 1,000,000 | 1,000,000 | |
Net Deferred Financing Costs | (5,332) | (6,754) | |
Total Long-term Debt (including current portion) | 994,668 | 993,246 | |
Fair value | $ 967,500 | 917,500 | |
Stated interest rate (as a percent) | 4.875% | ||
Senior Notes | 51/4% Notes due 2028 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 825,000 | 825,000 | |
Net Deferred Financing Costs | (5,019) | (6,200) | |
Total Long-term Debt (including current portion) | 819,981 | 818,800 | |
Fair value | $ 800,250 | 754,875 | |
Stated interest rate (as a percent) | 5.25% | ||
Senior Notes | 5% Notes due 2028 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 500,000 | 500,000 | |
Net Deferred Financing Costs | (3,316) | (4,039) | |
Total Long-term Debt (including current portion) | 496,684 | 495,961 | |
Fair value | $ 478,750 | 450,000 | |
Stated interest rate (as a percent) | 5% | ||
Senior Notes | 7% Notes due 2029 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 1,000,000 | 0 | |
Net Deferred Financing Costs | (10,813) | 0 | |
Total Long-term Debt (including current portion) | 989,187 | 0 | |
Fair value | $ 1,027,500 | 0 | |
Stated interest rate (as a percent) | 7% | 7% | |
Senior Notes | 47/8% Notes due 2029 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 1,000,000 | 1,000,000 | |
Net Deferred Financing Costs | (8,318) | (9,764) | |
Total Long-term Debt (including current portion) | 991,682 | 990,236 | |
Fair value | $ 945,000 | 865,000 | |
Stated interest rate (as a percent) | 4.875% | ||
Senior Notes | 51/4% Notes due 2030 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 1,300,000 | 1,300,000 | |
Net Deferred Financing Costs | (9,903) | (11,407) | |
Total Long-term Debt (including current portion) | 1,290,097 | 1,288,593 | |
Fair value | $ 1,241,500 | 1,111,500 | |
Stated interest rate (as a percent) | 5.25% | ||
Senior Notes | 41/2% Notes due 2031 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 1,100,000 | 1,100,000 | |
Net Deferred Financing Costs | (8,917) | (10,161) | |
Total Long-term Debt (including current portion) | 1,091,083 | 1,089,839 | |
Fair value | $ 995,500 | 891,000 | |
Stated interest rate (as a percent) | 4.50% | ||
Senior Notes | 5% Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 750,000 | 750,000 | |
Net Deferred Financing Costs | (11,206) | (12,511) | |
Total Long-term Debt (including current portion) | 738,794 | 737,489 | |
Fair value | $ 684,375 | 622,500 | |
Stated interest rate (as a percent) | 5% | ||
Senior Notes | 55/8% Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 600,000 | 600,000 | |
Net Deferred Financing Costs | (4,985) | (5,566) | |
Total Long-term Debt (including current portion) | 595,015 | 594,434 | |
Fair value | $ 567,000 | 520,500 | |
Stated interest rate (as a percent) | 5.625% | ||
Real Estate Mortgages, Finance Lease Liabilities And Other | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 519,907 | 425,777 | |
Net Deferred Financing Costs | (403) | (578) | |
Total Long-term Debt (including current portion) | 519,504 | 425,199 | |
Fair value | 519,907 | 425,777 | |
Long term debt fair value | $ 519,907 | $ 425,777 | |
Mortgages | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 3.60% | 3.60% | |
Long term debt fair value | $ 57,753 | $ 58,355 | |
Other Notes And Obligations | |||
Debt Instrument [Line Items] | |||
Long term debt fair value | $ 112,289 | $ 34,517 | |
Weighted average interest rate (as a percent) | 8.50% | 10.10% | |
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) | 6.10% | 5.20% |
Debt - Credit Agreement Narrati
Debt - Credit Agreement Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 12,034,622,000 | $ 12,034,622,000 | $ 10,650,265,000 |
Term Loan Facility | Term Loan B, Due 2031 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 1,200,000,000 | 1,200,000,000 | |
Debt (inclusive of discount) | $ 1,191,000,000 | $ 1,191,000,000 | 0 |
Average interest rate | 7.60% | 7.60% | |
Term Loan Facility | Term Loan B, Due 2031 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Redemption price, percentage | 99.25% | ||
Quarterly payment amount | $ 3,000,000 | ||
Proceeds from issuance of the term loan | $ 1,181,000,000 | ||
Term Loan Facility | Term Loan B, Due 2031 | SOFR | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.25% | ||
Term Loan Facility | Term Loan A | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | |
Amount of quarterly installments based on the original principal | 3,125,000 | ||
Debt (inclusive of discount) | $ 228,125,000 | $ 228,125,000 | $ 240,625,000 |
Average interest rate | 7.20% | 7.20% | 6.20% |
Term Loan Facility | Term Loan A | SOFR | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 0.10% | 0.10% | |
Debt instrument, basis spread on variable rate | 1.75% | ||
Term Loan Facility | Term Loan B due 2026 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 700,000,000 | $ 700,000,000 | |
Redemption price, percentage | 99.75% | ||
Quarterly payment amount | $ 1,750,000 | ||
Debt (inclusive of discount) | $ 659,298,000 | $ 659,298,000 | $ 666,073,000 |
Average interest rate | 5.20% | 5.20% | 4.80% |
Term Loan Facility | Term Loan B due 2026 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Term Loan Facility | Term Loan B due 2026 | Synthetic LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | $ 38,791,000 | $ 38,791,000 | |
Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 2,250,000,000 | 2,250,000,000 | |
Debt (inclusive of discount) | 0 | 0 | $ 1,072,200,000 |
Letters of credit outstanding | 4,821,000 | $ 4,821,000 | |
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 | $ 2,245,179,000 | $ 2,245,179,000 | |
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) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) extension | Dec. 31, 2022 USD ($) | Oct. 31, 2022 facility | |
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 12,034,622,000 | $ 10,650,265,000 | |
Credit Agreement | Virginia 4/5 Term Loan | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 205,000,000 | ||
Debt instrument, basis spread on variable rate | 0.10% | ||
Unused commitment fee percentage | 0.4875% | ||
Number of extensions | extension | 2 | ||
Period of extension | 1 year | ||
Debt (inclusive of discount) | $ 16,338,000 | ||
Effective interest rate (as a percent) | 6.10% | ||
Number Of Data Center Facilities | facility | 2 | ||
Credit Agreement | Virginia 4/5 Term Loan | SOFR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.625% | ||
Term Loan Facility | Virginia 3 Term Loan | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 275,000,000 | ||
Unused commitment fee percentage | 0.75% | ||
Number of extensions | extension | 2 | ||
Period of extension | 1 year | ||
Debt (inclusive of discount) | $ 101,218,000 | 0 | |
Effective interest rate (as a percent) | 6.20% | ||
Term Loan Facility | Virginia 3 Term Loan | SOFR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.50% | ||
Term Loan Facility | Virginia 4/5 Term Loan | |||
Debt Instrument [Line Items] | |||
Debt (inclusive of discount) | $ 0 |
Debt - Notes Issued Under Inden
Debt - Notes Issued Under Indentures Narrative (Details) £ in Thousands | 12 Months Ended | ||||
May 15, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 GBP (£) | |
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 12,034,622,000 | $ 10,650,265,000 | |||
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 | $ 990,000,000 | 0 | $ 737,812,000 | ||
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 | 7% Notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt (inclusive of discount) | $ 1,000,000,000 | 0 | |||
Principal amount | $ 1,000,000,000 | ||||
Stated interest rate (as a percent) | 7% | 7% | 7% | ||
Percentage of principal amount redeemed | 100% | ||||
Net proceeds from sales of senior notes | $ 990,000 | ||||
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 due 2031 | |||||
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 | |||
Stated interest rate (as a percent) | 5% | 5% | |||
Senior Notes | 55/8% Notes due 2032 | |||||
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, 2023 AUD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 AUD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 AUD ($) | |
Debt Instrument [Line Items] | ||||||
Debt (inclusive of discount) | $ 12,034,622 | $ 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) | $ 197,743 | 202,641 | ||||
Australian Dollar Term Loan | BBSY | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.625% | |||||
Debt (inclusive of discount) | $ 199,195 | $ 292,422 | $ 204,623 | $ 300,117 | ||
Effective interest rate (as a percent) | 8% | 8% | 6.90% | 6.90% |
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, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | £ 140,000,000 | |
Optional additional commitments | £ 125,000,000 | |
Debt instrument, basis spread on variable rate | 2% | |
Interest rate | 7.30% | 5.50% |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Program Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Jun. 08, 2023 | Jun. 07, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Debt (inclusive of discount) | $ 12,034,622,000 | $ 10,650,265,000 | ||
Accounts Receivable Securitization Program | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 360,000,000 | $ 325,000,000 | ||
Effective interest rate (as a percent) | 6.40% | 5.40% | ||
Commitment fee percentage | 0.35% | |||
Debt (inclusive of discount) | $ 358,500,000 | $ 314,700,000 |
Debt - Cash Pooling (Details)
Debt - Cash Pooling (Details) | Dec. 31, 2023 cash_pool |
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 |
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, 2023 USD ($) |
Debt Instrument [Line Items] | |
Letters of credit outstanding | $ 38,791 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Letters of credit outstanding | $ 4,821 |
Debt - Maturities of Long Term
Debt - Maturities of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 120,670 | |
2025 | 1,221,903 | |
2026 | 1,055,120 | |
2027 | 1,238,920 | |
2028 | 1,393,004 | |
Thereafter | 7,015,909 | |
Long-term debt | 12,045,526 | |
Net Discounts | (10,904) | |
Net Deferred Financing Costs | (101,452) | $ (81,270) |
Total Long-term Debt (including current portion) | $ 11,933,170 | $ 10,568,995 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 76,443 |
2025 | 67,533 |
2026 | 27,034 |
2027 | 110,366 |
2028 | 2,664 |
Thereafter | 2,137 |
Total | $ 286,177 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies | ||
Self-insured accrual | $ 42,495 | $ 46,663 |
Construction Costs | ||
Commitments and Contingencies | ||
Contractual commitment | $ 740,000 | |
Construction Costs | Minimum | ||
Commitments and Contingencies | ||
Contractual commitment term | 1 year | |
Construction Costs | Maximum | ||
Commitments and Contingencies | ||
Contractual commitment term | 2 years | |
Insurance Settlement | ||
Commitments and Contingencies | ||
Loss contingency, range of possible loss, portion not accrued | $ 19,000 |
Stockholders' Equity Matters -
Stockholders' Equity Matters - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 22, 2024 | Jan. 04, 2024 | Nov. 02, 2023 | Oct. 05, 2023 | Aug. 03, 2023 | Jul. 06, 2023 | May 04, 2023 | Apr. 05, 2023 | 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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Dividends per share (in dollars per share) | $ 0.6500 | $ 0.6500 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 2.54 | $ 2.47 | $ 2.47 | |||||||||||||
Dividends declared | $ 189,730 | $ 180,493 | $ 180,339 | $ 179,866 | $ 179,790 | $ 179,781 | $ 179,661 | $ 179,132 | $ 179,080 | $ 179,026 | $ 178,569 | $ 745,770 | $ 728,101 | $ 721,032 | ||||||||||||||
Amount of declared distributions | $ 740,448 | $ 719,098 | $ 715,807 | |||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Dividends per share (in dollars per share) | $ 0.65 | |||||||||||||||||||||||||||
Dividends declared | $ 189,886 |
Stockholders' Equity Matters _2
Stockholders' Equity Matters - Additional Information (Details) - $ / shares | 12 Months Ended | |||||||||||||||
Feb. 22, 2024 | Nov. 02, 2023 | Aug. 03, 2023 | May 04, 2023 | 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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||||||||
Dividends per share (in dollars per share) | $ 0.6500 | $ 0.6500 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 0.6185 | $ 2.54 | $ 2.47 | $ 2.47 | |
Percent of dividends paid | 100% | 100% | 100% | |||||||||||||
Capital gains | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Percent of dividends paid | 0% | 9.60% | 21.80% | |||||||||||||
Subsequent Event | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends per share (in dollars per share) | $ 0.65 |
Stockholders' Equity Matters _3
Stockholders' Equity Matters - Classification of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Percent of dividends paid | 100% | 100% | 100% |
Nonqualified ordinary dividends | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 98.20% | 90.40% | 53.90% |
Qualified ordinary dividends | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 0.80% | 0% | 13% |
Capital gains | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 0% | 9.60% | 21.80% |
Return of capital | |||
Class of Stock [Line Items] | |||
Percent of dividends paid | 1% | 0% | 11.30% |
Income Taxes - Significant Comp
Income Taxes - Significant Components To Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets: | ||
Accrued liabilities and other adjustments | $ 100,476 | $ 80,159 |
Net operating loss carryforwards | 158,363 | 97,161 |
Valuation allowance | (103,897) | (47,514) |
Deferred tax assets | 154,942 | 129,806 |
Deferred Tax Liabilities: | ||
Other assets, principally due to differences in amortization | (220,218) | (243,150) |
Plant and equipment, principally due to differences in depreciation | (90,156) | (78,486) |
Other | (65,909) | (52,786) |
Deferred tax liabilities | (376,283) | (374,422) |
Net deferred tax liability | $ (221,341) | $ (244,616) |
Income Taxes - Current and Nonc
Income Taxes - Current and Noncurrent Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Contingency [Line Items] | ||
Deferred income taxes | $ (235,410) | $ (263,005) |
Other assets, net | ||
Income Tax Contingency [Line Items] | ||
Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) | $ 14,069 | $ 18,389 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax carryforwards | ||||
Net operating loss carryforwards, tax effected | $ 158,363 | $ 97,161 | ||
Effective tax rate | 17.60% | 11% | 28% | |
Federal tax rate | 21% | 21% | 21% | |
Tax adjustment relating to REIT | $ 39,299 | $ 82,620 | $ 8,203 | |
Foreign tax rate differential provision (benefit) | 6,876 | 22,227 | 9,856 | |
Foreign withholding taxes | 23,654 | |||
(Decrease) increase in gross interest and penalties recorded | (2,557) | 90 | 823 | |
Accrued interest and penalties recorded | 4,183 | 6,635 | ||
Unrecognized tax benefits | 23,570 | 27,753 | $ 27,772 | $ 25,969 |
Unrecognized tax benefits included in other long-term liabilities | 20,488 | 24,671 | ||
Deferred income taxes including unrecognized tax benefits | 3,082 | $ 3,082 | ||
Unrecognized tax benefits that would impact tax rate | 3,722 | |||
Federal | ||||
Tax carryforwards | ||||
Net operating loss carryforwards | 109,624 | |||
Net operating loss carryforwards, tax effected | 88,728 | |||
Foreign | ||||
Tax carryforwards | ||||
Net operating loss carryforwards, tax effected | $ 133,536 | |||
Net operating loss carryforwards subject to valuation allowance (as a percent) | 73.80% |
Income Taxes - Rollforward of V
Income Taxes - Rollforward of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Roll forward of valuation allowance: | |||
BALANCE AT BEGINNING OF THE YEAR | $ 47,514 | ||
BALANCE AT END OF THE YEAR | 103,897 | $ 47,514 | |
Valuation Allowance of Deferred Tax Assets | |||
Roll forward of valuation allowance: | |||
BALANCE AT BEGINNING OF THE YEAR | 47,514 | 51,744 | $ 46,938 |
CHARGED (CREDITED) TO EXPENSE | 4,855 | (1,333) | 8,406 |
OTHER INCREASES/ (DECREASES) | 51,528 | (2,897) | (3,600) |
BALANCE AT END OF THE YEAR | $ 103,897 | $ 47,514 | $ 51,744 |
Income Taxes - Components Of In
Income Taxes - Components Of Income (Loss) From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 76,012 | $ 449,241 | $ 212,460 |
Canada | 111,331 | 103,826 | 78,780 |
Other Foreign | 39,863 | 78,571 | 337,775 |
Net Income (Loss) Before Provision (Benefit) for Income Taxes | $ 227,206 | $ 631,638 | $ 629,015 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provision (benefit) for income taxes: | |||
Federal—current | $ 1,255 | $ 24,331 | $ 54,867 |
Federal—deferred | (18,488) | (30,581) | 14,322 |
State—current | 1,544 | 8,553 | 9,566 |
State—deferred | (4,630) | (3,728) | (526) |
Foreign—current | 72,408 | 92,525 | 83,154 |
Foreign—deferred | (12,146) | (21,611) | 14,907 |
Provision (Benefit) for Income Taxes | 39,943 | 69,489 | 176,290 |
Changes in income taxes resulting from: | |||
Computed "expected" tax provision | 47,713 | 132,644 | 132,093 |
Tax adjustment relating to REIT | (39,299) | (82,620) | (8,203) |
State taxes, net of federal tax benefit | (3,147) | 4,043 | 8,027 |
Increase (decrease) in valuation allowance (net of operating losses) | 4,855 | (1,333) | 8,406 |
Withholding taxes | 11,658 | 10,600 | 23,654 |
(Reversal) reserve accrual and audit settlements, net of federal tax benefit | (6,999) | 40 | 3,072 |
Change in valuation of acquisition contingencies | 3,242 | (19,656) | 0 |
Foreign tax rate differential | 6,876 | 22,227 | 9,856 |
Disallowed foreign interest, Subpart F income, and other foreign taxes | 14,405 | 2,820 | (3,437) |
Other, net | 639 | 724 | 2,822 |
Provision (Benefit) for Income Taxes | $ 39,943 | $ 69,489 | $ 176,290 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of unrecognized tax benefits: | |||
Gross tax contingencies - beginning of the period | $ 27,753 | $ 27,772 | $ 25,969 |
Gross additions based on tax positions related to the current year | 3,511 | 2,271 | 3,893 |
Gross additions for tax positions of prior years | 634 | 723 | 344 |
Gross reductions for tax positions of prior years | (5,454) | (1,866) | (536) |
Acquired unrecognized tax benefits | 1,354 | ||
Lapses of statutes | (2,874) | (2,501) | (1,663) |
Settlements | (235) | ||
Gross tax contingencies - end of the period | $ 23,570 | $ 27,753 | $ 27,772 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 country segment | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment information | |||
Total Revenues | $ 5,480,289 | $ 5,103,574 | $ 4,491,531 |
Depreciation and Amortization | 776,159 | 727,595 | 680,422 |
Depreciation | 525,850 | 478,984 | 465,072 |
Amortization | 250,309 | 248,611 | 215,350 |
Adjusted EBITDA | 1,961,677 | 1,827,057 | 1,634,699 |
Total Assets | 17,473,802 | 16,140,514 | 14,450,031 |
Expenditures for Segment Assets | 1,482,070 | 1,757,609 | 886,898 |
Capital Expenditures | 1,339,223 | 875,378 | 611,082 |
Cash Paid for Acquisitions, Net of Cash Acquired | 41,849 | 803,690 | 203,998 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Costs | 100,998 | 78,541 | 71,818 |
Storage rental | |||
Segment information | |||
Total Revenues | 3,370,645 | 3,034,023 | 2,870,119 |
Service | |||
Segment information | |||
Total Revenues | 2,109,644 | 2,069,551 | 1,621,412 |
GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 4,661,776 | 4,295,115 | 3,994,988 |
Depreciation and Amortization | 470,934 | 469,419 | 477,713 |
Depreciation | 313,956 | 308,207 | 320,451 |
Amortization | 156,978 | 161,212 | 157,262 |
Adjusted EBITDA | 2,027,037 | 1,887,589 | 1,709,525 |
Total Assets | 10,876,225 | 10,654,650 | 11,101,557 |
Expenditures for Segment Assets | 391,889 | 303,342 | 369,749 |
Capital Expenditures | 284,978 | 246,216 | 213,395 |
Cash Paid for Acquisitions, Net of Cash Acquired | 24,919 | (23) | 97,044 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Costs | 81,992 | 57,149 | 59,310 |
GLOBAL RIM BUSINESS | Storage rental | |||
Segment information | |||
Total Revenues | 2,834,352 | 2,606,721 | 2,517,208 |
GLOBAL RIM BUSINESS | Service | |||
Segment information | |||
Total Revenues | 1,827,424 | 1,688,394 | 1,477,780 |
GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 495,026 | 401,125 | 326,898 |
Depreciation and Amortization | 158,817 | 140,028 | 148,023 |
Depreciation | 117,738 | 103,953 | 93,679 |
Amortization | 41,079 | 36,075 | 54,344 |
Adjusted EBITDA | 215,945 | 175,622 | 137,349 |
Total Assets | 4,788,600 | 3,752,088 | 2,911,823 |
Expenditures for Segment Assets | 946,791 | 650,534 | 422,274 |
Capital Expenditures | 928,883 | 551,232 | 320,768 |
Cash Paid for Acquisitions, Net of Cash Acquired | (764) | 78,103 | 88,998 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Costs | 18,672 | 21,199 | 12,508 |
GLOBAL DATA CENTER BUSINESS | Storage rental | |||
Segment information | |||
Total Revenues | 474,066 | 372,208 | 289,592 |
GLOBAL DATA CENTER BUSINESS | Service | |||
Segment information | |||
Total Revenues | 20,960 | 28,917 | 37,306 |
CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 323,487 | 407,334 | 169,645 |
Depreciation and Amortization | 146,408 | 118,148 | 54,686 |
Depreciation | 94,156 | 66,824 | 50,942 |
Amortization | 52,252 | 51,324 | 3,744 |
Adjusted EBITDA | (281,305) | (236,154) | (212,175) |
Total Assets | 1,808,977 | 1,733,776 | 436,651 |
Expenditures for Segment Assets | 143,390 | 803,733 | 94,875 |
Capital Expenditures | 125,362 | 77,930 | 76,919 |
Cash Paid for Acquisitions, Net of Cash Acquired | 17,694 | 725,610 | 17,956 |
Acquisitions of Customer Relationships, Customer Inducements and Contract Costs | 334 | 193 | 0 |
CORPORATE AND OTHER | Storage rental | |||
Segment information | |||
Total Revenues | 62,227 | 55,094 | 63,319 |
CORPORATE AND OTHER | Service | |||
Segment information | |||
Total Revenues | $ 261,260 | $ 352,240 | $ 106,326 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA to Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Adjusted EBITDA to income from continuing operations | |||
Net Income (Loss) | $ 187,263 | $ 562,149 | $ 452,725 |
Interest expense, net | 585,932 | 488,014 | 417,961 |
Provision (benefit) for income taxes | 39,943 | 69,489 | 176,290 |
Depreciation and amortization | 776,159 | 727,595 | 680,422 |
Acquisition and Integration Costs | 25,875 | 47,746 | 12,764 |
Restructuring and other transformation | 175,215 | 41,933 | 206,426 |
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (12,825) | (93,268) | (172,041) |
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures | 98,891 | (83,268) | (205,746) |
Stock-based compensation expense | 73,799 | 56,861 | 61,001 |
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 11,425 | 9,806 | 4,897 |
Adjusted EBITDA | $ 1,961,677 | $ 1,827,057 | $ 1,634,699 |
Segment Information - Geographi
Segment Information - Geographical and Long Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | $ 5,480,289 | $ 5,103,574 | $ 4,491,531 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 3,507,134 | 3,262,755 | 2,713,147 |
Long-Lived Assets | 9,492,911 | 8,925,643 | 7,867,841 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 393,917 | 332,556 | 294,675 |
Long-Lived Assets | 1,315,715 | 1,062,641 | 914,732 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 279,325 | 270,836 | 252,385 |
Long-Lived Assets | 498,511 | 514,777 | 562,911 |
Australia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 143,815 | 144,840 | 148,431 |
Long-Lived Assets | 484,005 | 490,172 | 528,703 |
Remaining Countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Revenues | 1,156,098 | 1,092,587 | 1,082,893 |
Long-Lived Assets | $ 3,947,115 | $ 3,600,136 | $ 3,134,577 |
Segment Information - Revenues
Segment Information - Revenues by Product and Service Lines by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment information | |||
Total Revenues | $ 5,480,289 | $ 5,103,574 | $ 4,491,531 |
GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 4,661,776 | 4,295,115 | 3,994,988 |
GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 495,026 | 401,125 | 326,898 |
CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 323,487 | 407,334 | 169,645 |
Records management | |||
Segment information | |||
Total Revenues | 3,771,653 | 3,425,082 | 3,200,176 |
Records management | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 3,625,264 | 3,287,237 | 3,074,605 |
Records management | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Records management | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 146,389 | 137,845 | 125,571 |
Data management | |||
Segment information | |||
Total Revenues | 520,194 | 510,292 | 529,416 |
Data management | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 520,194 | 510,107 | 529,416 |
Data management | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Data management | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 0 | 185 | 0 |
Information destruction | |||
Segment information | |||
Total Revenues | 693,416 | 767,075 | 435,041 |
Information destruction | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 516,318 | 497,771 | 390,967 |
Information destruction | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Information destruction | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | 177,098 | 269,304 | 44,074 |
Data Center | |||
Segment information | |||
Total Revenues | 495,026 | 401,125 | 326,898 |
Data Center | GLOBAL RIM BUSINESS | |||
Segment information | |||
Total Revenues | 0 | 0 | 0 |
Data Center | GLOBAL DATA CENTER BUSINESS | |||
Segment information | |||
Total Revenues | 495,026 | 401,125 | 326,898 |
Data Center | CORPORATE AND OTHER | |||
Segment information | |||
Total Revenues | $ 0 | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Total Revenues | $ 5,480,289 | $ 5,103,574 | $ 4,491,531 |
Co-venturer | Frankfurt JV Agreements | |||
Related Party Transaction [Line Items] | |||
Total Revenues | 1,800 | 15,000 | 19,600 |
Co-venturer | MakeSpace Agreement and Clutter Agreement | |||
Related Party Transaction [Line Items] | |||
Total Revenues | $ 13,000 | $ 28,500 | $ 34,700 |
Restructuring and Other Trans_3
Restructuring and Other Transformation Charges - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 16 Months Ended | 27 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other transformation | $ 175,215,000 | $ 41,933,000 | $ 206,426,000 | |||
Project Matterhorn | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected costs | 150,000,000 | $ 150,000,000 | ||||
Restructuring and other transformation | 175,215,000 | 41,933,000 | 0 | $ 217,148,000 | ||
Restructuring | 175,214,000 | |||||
Project Summit Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and other transformation | $ 0 | $ 0 | $ 206,426,000 | $ 449,419,000 | ||
Restructuring | $ 450,000,000 |
Restructuring and Other Trans_4
Restructuring and Other Transformation Charges - Restructuring Charges (Details) - USD ($) | 12 Months Ended | 16 Months Ended | 27 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | $ 175,215,000 | $ 41,933,000 | $ 206,426,000 | ||
Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 57,319,000 | 13,292,000 | $ 70,611,000 | ||
Other transformation | 117,896,000 | 28,641,000 | 146,537,000 | ||
Restructuring and other transformation | 175,215,000 | 41,933,000 | 0 | 217,148,000 | |
Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 0 | 0 | 206,426,000 | $ 449,419,000 | |
GLOBAL RIM BUSINESS | Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 46,722,000 | 13,083,000 | 59,805,000 | ||
Other transformation | 28,369,000 | 3,901,000 | 32,270,000 | ||
GLOBAL RIM BUSINESS | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 59,033,000 | 148,073,000 | |||
GLOBAL DATA CENTER BUSINESS | Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 520,000 | 0 | 520,000 | ||
Other transformation | 4,964,000 | 58,000 | 5,022,000 | ||
GLOBAL DATA CENTER BUSINESS | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 3,062,000 | 5,000,000 | |||
CORPORATE AND OTHER | Project Matterhorn | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 10,077,000 | 209,000 | 10,286,000 | ||
Other transformation | $ 84,563,000 | $ 24,682,000 | $ 109,245,000 | ||
CORPORATE AND OTHER | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 144,331,000 | 296,346,000 | |||
Employee severance | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | 22,809,000 | 91,008,000 | |||
Professional fees and other | Project Summit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and other transformation | $ 183,617,000 | $ 358,411,000 |
Restructuring and Other Trans_5
Restructuring and Other Transformation Charges - Restructuring Rollforward (Details) - Project Matterhorn $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 8,087 |
Amounts accrued | 175,214 |
Payments | (147,716) |
Ending balance | 35,585 |
RESTRUCTURING | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 1,058 |
Amounts accrued | 57,319 |
Payments | (47,646) |
Ending balance | 10,731 |
OTHER TRANSFORMATION | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 7,029 |
Amounts accrued | 117,895 |
Payments | (100,070) |
Ending balance | $ 24,854 |
Schedule III - Schedule of Re_2
Schedule III - Schedule of Real Estate and Accumulated Depreciation - Gross Real Estate (Details) $ in Thousands | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Number of facilities leased | facility | 1,145 | ||
Gross amount carried at close of current period | $ 4,964,366 | $ 4,461,195 | $ 4,129,251 |
Add (Deduct) Reconciling Items: | |||
Book value of racking included in leased facilities | 1,507,354 | ||
Book value of financing leases | 618,338 | ||
Book value of construction in progress | 933,727 | ||
Book value of other | 9,062 | ||
Total Reconciling Items | 3,068,481 | ||
Gross Amount of Real Estate Assets, As Disclosed in Note 2.i. | $ 8,032,847 |
Schedule III - Schedule of Re_3
Schedule III - Schedule of Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
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 | $ 1,305,461 | $ 1,187,390 | $ 1,160,490 |
Add (Deduct) Reconciling Items: | |||
Accumulated Depreciation - non-real estate assets | 1,454,161 | ||
Accumulated Depreciation - racking in leased facilities | 1,129,751 | ||
Accumulated Depreciation - financing leases | 150,952 | ||
Accumulated Depreciation - other | 18,795 | ||
Total Reconciling Items | 2,753,659 | ||
Accumulated Depreciation, As Reported on Consolidated Balance Sheet | $ 4,059,120 |
Schedule III - Schedule of Re_4
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 232 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,308,935 | ||
Cost capitalized subsequent to acquisition | 2,655,431 | ||
Gross amount carried at close of current period | 4,964,366 | $ 4,461,195 | $ 4,129,251 |
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,305,461 | $ 1,187,390 | $ 1,160,490 |
Number of facilities leased | facility | 1,145 | ||
United States | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 114 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,656,928 | ||
Cost capitalized subsequent to acquisition | 2,146,987 | ||
Gross amount carried at close of current period | 3,803,915 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 954,710 | ||
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 | 86,478 | ||
Gross amount carried at close of current period | 156,825 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 81,942 | ||
North America | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 129 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 1,727,275 | ||
Cost capitalized subsequent to acquisition | 2,233,465 | ||
Gross amount carried at close of current period | 3,960,740 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,036,652 | ||
Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 50 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 373,202 | ||
Cost capitalized subsequent to acquisition | 252,617 | ||
Gross amount carried at close of current period | 625,819 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 153,202 | ||
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 | 96,711 | ||
Gross amount carried at close of current period | 212,678 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 77,632 | ||
Asia | |||
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 | 91,810 | ||
Cost capitalized subsequent to acquisition | 70,199 | ||
Gross amount carried at close of current period | 162,009 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 37,320 | ||
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 | 2,439 | ||
Gross amount carried at close of current period | 3,120 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 654 | ||
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 | 2,862 | ||
Gross amount carried at close of current period | 4,499 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,651 | ||
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 | 479,431 | ||
Gross amount carried at close of current period | 495,030 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 20,668 | ||
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 | 163,675 | ||
Gross amount carried at close of current period | 586,782 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 91,294 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2955 S. 18th Place, Phoenix, Arizona [Member] | 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 | 15,194 | ||
Gross amount carried at close of current period | 27,372 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,861 | ||
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 | 1,192 | ||
Gross amount carried at close of current period | 8,497 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,697 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8521 E. Princess Drive, Scottsdale, Arizona [Member] | 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 | 5,088 | ||
Gross amount carried at close of current period | 92,953 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 25,437 | ||
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 | $ 3,455 | ||
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 | 641 | ||
Gross amount carried at close of current period | 14,048 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,688 | ||
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 | 28,774 | ||
Gross amount carried at close of current period | 38,942 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 18,910 | ||
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 | 261 | ||
Gross amount carried at close of current period | 1,010 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 185 | ||
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 | 7,668 | ||
Gross amount carried at close of current period | 22,840 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 16,673 | ||
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 | 906 | ||
Gross amount carried at close of current period | 5,482 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,345 | ||
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 | 1,850 | ||
Gross amount carried at close of current period | 5,270 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,313 | ||
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 | 3,339 | ||
Gross amount carried at close of current period | 9,668 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,746 | ||
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 | 336 | ||
Gross amount carried at close of current period | 15,436 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,171 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3576 N. Moline, Aurora, Colorado [Member] | 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 | 4,562 | ||
Gross amount carried at close of current period | 6,145 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,634 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5151 E. 46th Ave, Denver, Colorado [Member] | 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 | 787 | ||
Gross amount carried at close of current period | 7,099 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,401 | ||
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 | 11,133 | ||
Gross amount carried at close of current period | 18,536 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,693 | ||
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 | 33,339 | ||
Gross amount carried at close of current period | 149,675 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 28,699 | ||
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 | 2,119 | ||
Gross amount carried at close of current period | 9,536 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,917 | ||
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 | 33,511 | ||
Gross amount carried at close of current period | 43,958 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 26,398 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1400 Johnson Way, New Castle, 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 | 5,686 | ||
Cost capitalized subsequent to acquisition | 0 | ||
Gross amount carried at close of current period | 5,686 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 355 | ||
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 | 4,260 | ||
Gross amount carried at close of current period | 9,659 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,456 | ||
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 | 1,245 | ||
Gross amount carried at close of current period | 8,471 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,712 | ||
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 | 15,477 | ||
Gross amount carried at close of current period | 19,678 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,599 | ||
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 | 3,984 | ||
Gross amount carried at close of current period | 6,792 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,701 | ||
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 | 3,182 | ||
Gross amount carried at close of current period | 6,724 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 986 | ||
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 | 1,861 | ||
Gross amount carried at close of current period | 9,331 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,993 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1301 S. Rockwell St, Chicago, Illinois [Member] | 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 | 28,471 | ||
Gross amount carried at close of current period | 36,418 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 18,659 | ||
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 | 3,095 | ||
Gross amount carried at close of current period | 3,499 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,069 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2211 W. Pershing Rd, Chicago, Illinois [Member] | 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 | 14,360 | ||
Gross amount carried at close of current period | 18,624 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,812 | ||
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 | 4,101 | ||
Gross amount carried at close of current period | 6,090 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,192 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois [Member] | 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 | 4,592 | ||
Gross amount carried at close of current period | 26,640 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 12,343 | ||
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 | 964 | ||
Gross amount carried at close of current period | 2,342 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 511 | ||
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 | 552 | ||
Gross amount carried at close of current period | 1,174 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 550 | ||
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 | 15,977 | ||
Gross amount carried at close of current period | 16,686 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,695 | ||
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 | 624 | ||
Gross amount carried at close of current period | 8,961 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,081 | ||
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 | 6,700 | ||
Gross amount carried at close of current period | 8,898 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,842 | ||
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 | 964 | ||
Gross amount carried at close of current period | 1,128 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 681 | ||
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 | 5,558 | ||
Gross amount carried at close of current period | 7,378 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,020 | ||
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 | 881 | ||
Gross amount carried at close of current period | 2,792 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,268 | ||
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 | 402 | ||
Gross amount carried at close of current period | 5,815 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,314 | ||
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 | 16,666 | ||
Gross amount carried at close of current period | 72,589 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 47,711 | ||
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 | $ 1,442 | ||
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 | 3,566 | ||
Gross amount carried at close of current period | 6,638 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,168 | ||
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 | 19,780 | ||
Gross amount carried at close of current period | 22,704 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,067 | ||
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 | 10,158 | ||
Gross amount carried at close of current period | 13,588 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,625 | ||
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 | 4,662 | ||
Gross amount carried at close of current period | 10,841 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,979 | ||
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 | 116,859 | ||
Gross amount carried at close of current period | 427,263 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 65,368 | ||
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 | 63,577 | ||
Gross amount carried at close of current period | 102,274 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 65,272 | ||
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 | 17,802 | ||
Gross amount carried at close of current period | 29,536 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,415 | ||
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 | 6,921 | ||
Gross amount carried at close of current period | 16,443 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,033 | ||
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 | 3,481 | ||
Gross amount carried at close of current period | 12,426 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,126 | ||
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 | 12,478 | ||
Gross amount carried at close of current period | 16,063 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,148 | ||
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 | 11,583 | ||
Gross amount carried at close of current period | 12,907 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,395 | ||
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 | $ 5,649 | ||
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 | 3,260 | ||
Gross amount carried at close of current period | 3,362 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,170 | ||
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 | 12,650 | ||
Gross amount carried at close of current period | 35,787 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 26,531 | ||
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 | $ 9,495 | ||
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 | 2,856 | ||
Gross amount carried at close of current period | 5,785 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,600 | ||
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 | 1,046 | ||
Gross amount carried at close of current period | 8,133 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,243 | ||
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 | $ 2,425 | ||
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 | 5,008 | ||
Gross amount carried at close of current period | 8,344 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,894 | ||
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 | 2,189 | ||
Gross amount carried at close of current period | 31,281 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,434 | ||
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 | 282,425 | ||
Gross amount carried at close of current period | 303,591 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 98,348 | ||
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 | 1,069 | ||
Gross amount carried at close of current period | 3,526 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,413 | ||
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 | 3,834 | ||
Gross amount carried at close of current period | 8,019 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,466 | ||
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 | 2,779 | ||
Gross amount carried at close of current period | 14,555 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,236 | ||
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 | 1,353 | ||
Gross amount carried at close of current period | 4,199 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,910 | ||
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 | 4,650 | ||
Gross amount carried at close of current period | 5,368 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,858 | ||
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 | 13,169 | ||
Gross amount carried at close of current period | 14,996 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,715 | ||
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 | 1,584 | ||
Gross amount carried at close of current period | 9,883 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,335 | ||
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 | 2,302 | ||
Gross amount carried at close of current period | 21,975 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,804 | ||
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 | 1,006 | ||
Gross amount carried at close of current period | 3,180 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,723 | ||
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 | 3,864 | ||
Gross amount carried at close of current period | 7,382 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,730 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1819 S. Lamar St, Dallas, Texas [Member] | 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 | 2,209 | ||
Gross amount carried at close of current period | 5,424 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,104 | ||
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 | 8,711 | ||
Gross amount carried at close of current period | 14,039 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,946 | ||
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 | 2,310 | ||
Gross amount carried at close of current period | 10,664 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,988 | ||
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 | 12,475 | ||
Gross amount carried at close of current period | 15,663 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,145 | ||
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 | 2,754 | ||
Gross amount carried at close of current period | 5,594 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,139 | ||
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 | 1,270 | ||
Gross amount carried at close of current period | 2,302 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,311 | ||
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 | 2,838 | ||
Gross amount carried at close of current period | 6,305 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,482 | ||
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 | 38,821 | ||
Gross amount carried at close of current period | 45,148 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 19,998 | ||
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 | 1,104 | ||
Gross amount carried at close of current period | 2,899 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,608 | ||
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 | 3,382 | ||
Gross amount carried at close of current period | 5,062 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,782 | ||
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 | 1,684 | ||
Gross amount carried at close of current period | 8,007 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,499 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1665 S. 5350 West, Salt Lake City, Utah [Member] | 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 | 5,271 | ||
Gross amount carried at close of current period | 11,510 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,624 | ||
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 | 2,036 | ||
Gross amount carried at close of current period | 3,745 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,371 | ||
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 | 479,940 | ||
Gross amount carried at close of current period | 584,764 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 36,581 | ||
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 | 300 | ||
Gross amount carried at close of current period | 2,877 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,448 | ||
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 | 4,491 | ||
Gross amount carried at close of current period | 12,089 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,230 | ||
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 | 2,875 | ||
Gross amount carried at close of current period | 4,953 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,926 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
1201 N. 96th St, Seattle, Washington [Member] | 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 | $ 4,291 | ||
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 | 786 | ||
Gross amount carried at close of current period | 4,692 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,002 | ||
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 | $ 1,832 | ||
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 | 4,720 | ||
Gross amount carried at close of current period | 8,567 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,124 | ||
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 | 6,893 | ||
Gross amount carried at close of current period | 12,296 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,056 | ||
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 | 17,976 | ||
Gross amount carried at close of current period | 22,983 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,162 | ||
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 | 2,366 | ||
Gross amount carried at close of current period | 10,457 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,566 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
8088 Glenwood Drive, Burnaby | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 4,326 | ||
Cost capitalized subsequent to acquisition | 7,071 | ||
Gross amount carried at close of current period | 11,397 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,076 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
5811 26th Street S.E., Calgary [Member] | 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 | 12,623 | ||
Gross amount carried at close of current period | 27,281 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 13,517 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3905-101 Street, Edmonton | Canada | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 2,020 | ||
Cost capitalized subsequent to acquisition | 1,058 | ||
Gross amount carried at close of current period | 3,078 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,868 | ||
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 | 611 | ||
Gross amount carried at close of current period | 4,250 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 794 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
3005 Boul. Jean-Baptiste Deschamps, Lachine [Member] | 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 | 871 | ||
Gross amount carried at close of current period | 3,622 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,723 | ||
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 | 19,883 | ||
Gross amount carried at close of current period | 28,079 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 16,261 | ||
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 | 2,633 | ||
Gross amount carried at close of current period | 4,433 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,265 | ||
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 | 7,595 | ||
Gross amount carried at close of current period | 8,654 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,105 | ||
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 | (201) | ||
Gross amount carried at close of current period | 7,277 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,290 | ||
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 | 1,667 | ||
Gross amount carried at close of current period | 2,496 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,138 | ||
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 | 712 | ||
Gross amount carried at close of current period | 1,955 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 997 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Gewerbeparkstr. 3, Vienna, Austria [Member] | 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 | 12,914 | ||
Gross amount carried at close of current period | 19,456 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,511 | ||
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 | 1,593 | ||
Gross amount carried at close of current period | 3,001 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 540 | ||
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 | 2,782 | ||
Gross amount carried at close of current period | 5,918 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,222 | ||
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 | (75) | ||
Gross amount carried at close of current period | 1,860 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 350 | ||
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 | (3,445) | ||
Gross amount carried at close of current period | 5,539 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 351 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
65 Egerton Road, Birmingham, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 1 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 6,980 | ||
Cost capitalized subsequent to acquisition | 2,329 | ||
Gross amount carried at close of current period | 9,309 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,689 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Otterham Quay Lane, Gillingham, England | Europe | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Facilities | facility | 9 | ||
Encumbrances | $ 0 | ||
Initial cost to company | 7,418 | ||
Cost capitalized subsequent to acquisition | 3,695 | ||
Gross amount carried at close of current period | 11,113 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,180 | ||
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 | 6,856 | ||
Gross amount carried at close of current period | 12,133 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 9,049 | ||
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 | 3,086 | ||
Gross amount carried at close of current period | 6,205 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,308 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
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 | 242 | ||
Gross amount carried at close of current period | 4,281 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,627 | ||
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 | 1,593 | ||
Gross amount carried at close of current period | 2,274 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,582 | ||
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 | 371 | ||
Gross amount carried at close of current period | 3,007 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,499 | ||
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 | 2,388 | ||
Gross amount carried at close of current period | 4,138 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,711 | ||
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 | (3,142) | ||
Gross amount carried at close of current period | 18,176 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,859 | ||
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 | 12 | ||
Gross amount carried at close of current period | 1,334 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 499 | ||
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 | 671 | ||
Gross amount carried at close of current period | 4,061 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,673 | ||
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 | (418) | ||
Gross amount carried at close of current period | 13,723 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,718 | ||
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 | 19,343 | ||
Gross amount carried at close of current period | 31,750 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 21,058 | ||
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 | (183) | ||
Gross amount carried at close of current period | 5,363 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,584 | ||
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 | 104,009 | ||
Gross amount carried at close of current period | 184,960 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,925 | ||
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 | 721 | ||
Gross amount carried at close of current period | 4,743 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,820 | ||
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 | 2,480 | ||
Gross amount carried at close of current period | 5,700 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,748 | ||
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 | 2,580 | ||
Gross amount carried at close of current period | 11,620 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,306 | ||
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 | 892 | ||
Gross amount carried at close of current period | 3,710 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,679 | ||
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 | 6,992 | ||
Gross amount carried at close of current period | 23,026 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 10,918 | ||
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 | 5,588 | ||
Gross amount carried at close of current period | 12,558 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 6,402 | ||
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 | 27,478 | ||
Gross amount carried at close of current period | 38,995 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 22,250 | ||
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 | 225 | ||
Gross amount carried at close of current period | 411 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 358 | ||
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 | 4,322 | ||
Gross amount carried at close of current period | 15,333 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,695 | ||
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 | 45,504 | ||
Gross amount carried at close of current period | 138,874 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 376 | ||
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 | 6,013 | ||
Gross amount carried at close of current period | 9,994 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,359 | ||
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 | (3,746) | ||
Gross amount carried at close of current period | 13,254 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,357 | ||
Abanto Ciervava, 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 | 1,053 | ||
Cost capitalized subsequent to acquisition | (1,053) | ||
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 | ||
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 | (333) | ||
Gross amount carried at close of current period | 322 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 76 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Azara 1245, Buenos Aires, Argentina [Member] | 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 | (12,513) | ||
Gross amount carried at close of current period | 260 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 89 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Av Ernest de Moraes 815, Bairro Fim do Campo, Jarinu Brazil [Member] | 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 | (4,053) | ||
Gross amount carried at close of current period | 8,509 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,567 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Rua Peri 80, Jundiai, Brazil [Member] | 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 | (1,692) | ||
Gross amount carried at close of current period | 7,202 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,432 | ||
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 | 8,085 | ||
Gross amount carried at close of current period | 9,953 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,200 | ||
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 | (3,005) | ||
Gross amount carried at close of current period | 21,073 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,565 | ||
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 | 27,792 | ||
Gross amount carried at close of current period | 30,421 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 13,288 | ||
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 | 14,813 | ||
Gross amount carried at close of current period | 18,814 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,389 | ||
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 | 1,100 | ||
Gross amount carried at close of current period | 1,474 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,120 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Privada Las Flores No. 25 (G3), Guadalajara, Mexico [Member] | 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 | 1,604 | ||
Gross amount carried at close of current period | 2,509 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,299 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Tula KM Parque de Las, Huehuetoca, Mexico [Member] | 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 | 4,628 | ||
Gross amount carried at close of current period | 24,565 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 7,754 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico [Member] | 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 | 3,302 | ||
Gross amount carried at close of current period | 6,839 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,242 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Lote 2, Manzana A, (T2& T3), Toluca, Mexico [Member] | 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 | 3,226 | ||
Gross amount carried at close of current period | 5,430 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 2,014 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Prolongacion de la Calle 7 (T4), Toluca, Mexico [Member] | 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 | 17,572 | ||
Gross amount carried at close of current period | 25,116 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 8,833 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Panamericana Sur, KM 57.5, Lima, Peru [Member] | 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 | 737 | ||
Gross amount carried at close of current period | 2,286 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 1,308 | ||
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 | 5,272 | ||
Gross amount carried at close of current period | 9,384 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 4,786 | ||
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 | 30,342 | ||
Gross amount carried at close of current period | 38,521 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 11,670 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Warehouse No 4, Shanghai, China | Asia | |||
SEC 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 | 636 | ||
Gross amount carried at close of current period | 2,166 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 646 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
Jalan Karanggan Muda Raya No 59, Bogor Indonesia | Asia | |||
SEC 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 | 4,327 | ||
Gross amount carried at close of current period | 12,224 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 3,447 | ||
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 | |||
SEC 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 | (125) | ||
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 | ||
1 Serangoon North Avenue 6, Singapore | Asia | |||
SEC 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 | 61,921 | ||
Gross amount carried at close of current period | 120,558 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 21,426 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
2 Yung Ho Road, Singapore | Asia | |||
SEC 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 | 1,691 | ||
Gross amount carried at close of current period | 12,086 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,884 | ||
LIFE ON WHICH DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED | 40 years | ||
IC1 69 Moo 2, Soi Wat Namdaeng, Bangkok, Thailand | Asia | |||
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 | 1,749 | ||
Gross amount carried at close of current period | 14,975 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 5,917 | ||
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 | 2,439 | ||
Gross amount carried at close of current period | 3,120 | ||
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ 654 | ||
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, 2023 | Dec. 31, 2022 | |
Activity in Real Estate | ||
Gross amount at beginning of period | $ 4,461,195 | $ 4,129,251 |
Additions during period: | ||
Acquisitions | 0 | 93,370 |
Discretionary capital projects | 535,817 | 434,395 |
Foreign currency translation fluctuations | 5,046 | (28,295) |
Total additions | 540,863 | 499,470 |
Deductions during period: | ||
Cost of real estate sold, disposed or written-down | (27,830) | (123,633) |
Other adjustments | (9,862) | (43,893) |
Total deductions | (37,692) | (167,526) |
Gross amount at end of period | $ 4,964,366 | $ 4,461,195 |
Schedule III - Schedule of Re_6
Schedule III - Schedule of Real Estate and Accumulated Depreciation - Rollforward Depreciation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in accumulated depreciation | ||
Gross amount of accumulation depreciation at beginning of year: | $ 1,187,390,000 | $ 1,160,490,000 |
Additions during period: | ||
Depreciation | 132,423,000 | 121,428,000 |
Foreign currency translation fluctuations | 3,821,000 | (14,664,000) |
Total additions | 136,244,000 | 106,764,000 |
Deductions during period | ||
Amount of accumulated depreciation for real estate assets sold, disposed or written-down | (8,856,000) | (41,674,000) |
Other adjustments | (9,317,000) | (38,190,000) |
Accumulated depreciation, gross | (18,173,000) | (79,864,000) |
Gross amount of end of period | 1,305,461,000 | $ 1,187,390,000 |
Aggregate Cost of Real Estate Assets | $ 4,841,210 |