Iron Mountain Reports Fourth Quarter and Full Year 2023 Results

-- Net Income of $29 million; Achieves record quarterly and full year Revenue and Adjusted EBITDA --

-- Data Center: Leased 124 megawatts for the full year 2023 --

-- Issues Strong 2024 Guidance with Revenue Growth of 10-12% --

Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the fourth quarter and full year 2023. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein.

"We are pleased to report outstanding performance in both the fourth quarter and the full year, again resulting in all-time record Revenue and Adjusted EBITDA," said William L. Meaney, President and CEO of Iron Mountain. "We are well positioned to continue our growth trajectory in 2024, which is reflected in our financial guidance for double digit revenue growth. Our Project Matterhorn initiative is propelling us on our growth journey, and our team's unwavering customer-first mindset continues to flourish as we grow our portfolio of products to meet our customers' needs. We are also pleased to confirm that our acquisition of Regency Technologies closed in early January; this acquisition continues to build on our leadership in Asset Lifecycle Management."

Financial Performance Highlights for the Fourth Quarter and Full Year 2023

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Y/Y % Change

 

Full Year

 

Y/Y % Change

 

12/31/23

 

12/31/22

 

Reported $

 

Constant Fx

 

12/31/23

 

12/31/22

 

Reported $

 

Constant Fx

Storage Rental Revenue

$871

 

$769

 

13%

 

12%

 

$3,371

 

$3,034

 

11%

 

11%

Service Revenue

$549

 

$510

 

8%

 

7%

 

$2,109

 

$2,070

 

2%

 

2%

Total Revenue

$1,420

 

$1,279

 

11%

 

10%

 

$5,480

 

$5,104

 

7%

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$29

 

$126

 

(77)%

 

 

 

$187

 

$562

 

(67)%

 

 

Reported EPS

$0.10

 

$0.42

 

(76)%

 

 

 

$0.63

 

$1.90

 

(67)%

 

 

Adjusted EPS

$0.52

 

$0.43

 

21%

 

 

 

$1.82

 

$1.79

 

2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$525

 

$472

 

11%

 

10%

 

$1,962

 

$1,827

 

7%

 

8%

Adjusted EBITDA Margin

37.0%

 

36.9%

 

10 bps

 

 

 

35.8%

 

35.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFO (Updated Calculation)

$328

 

$299

 

10%

 

 

 

$1,211

 

$1,151

 

5%

 

 

AFFO per share (Updated Calculation)

$1.11

 

$1.02

 

9%

 

 

 

$4.12

 

$3.93

 

5%

 

 

AFFO (Prior Calculation)

$317

 

$287

 

10%

 

 

 

$1,168

 

$1,110

 

5%

 

 

AFFO per share (Prior Calculation)

$1.07

 

$0.98

 

9%

 

 

 

$3.97

 

$3.80

 

4%

 

 

For details on our updated AFFO calculation, please see page 2.

 
  • Total reported revenues for the fourth quarter were $1.4 billion, compared with $1.3 billion in the fourth quarter of 2022, an increase of 11.0%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 10.0% compared to the prior year, driven by a 12.0% increase in storage rental revenue. Service revenue growth increased 8.8% on a constant currency basis excluding the ALM business. For the full year, total reported revenues increased 7.4%, or 7.6% excluding the impact of Fx.
  • Net Income for the fourth quarter was $29.2 million, compared with $125.7 million in the fourth quarter of 2022. For the full year, net income was $187.3 million, compared with $562.1 million in 2022, primarily driven by higher levels of restructuring and other transformation costs, lower gains on asset recycling as compared to the full year of 2022, and the negative impact from changes in foreign exchange rates.
  • Adjusted EBITDA for the fourth quarter was $525.2 million, compared with $471.9 million in the fourth quarter of 2022, an increase of 11.3%. On a constant currency basis, Adjusted EBITDA increased by 10.3% in the fourth quarter, driven by the increase in storage rental revenue and data center commencements. On a constant currency basis, full year Adjusted EBITDA increased 7.5%.
  • FFO (Normalized) per share was $0.83 for the fourth quarter, compared with $0.74 in the fourth quarter of 2022. For the full year, FFO (Normalized) per share was $3.04, compared with $2.93 in 2022, or an increase of 3.8%.
  • AFFO was $327.6 million for the fourth quarter, compared with $298.5 million in the fourth quarter of 2022, an increase of 10%. For the full year, AFFO was $1.21 billion, compared with $1.15 billion in 2022, or an increase of 5%. Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation more accurately represents our funds available to support growth, and is more comparable to our peers, including those in the data center industry. The updated calculation has resulted in an $11.0 million increase to AFFO in the fourth quarter and a $43.4 million increase for the full year. For comparability to our previously issued financial guidance, please see the above table which includes the AFFO results based on both our updated and prior calculations.
  • AFFO per share was $1.11 for the fourth quarter, compared with $1.02 in the fourth quarter of 2022. For the full year, AFFO per share was $4.12, compared with $3.93 in 2022 or an increase of 5%. Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation is more comparable to our peers, including those in the data center industry. The updated calculation has resulted in a $0.04 increase to AFFO per share in the fourth quarter and a $0.15 increase to AFFO per share for the full year. For comparability to our previously issued financial guidance, please see the above table which includes the AFFO per share results based on both our updated and prior calculations.

Dividend

On February 22, 2024, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.65 per share for the first quarter. The first quarter 2024 dividend is payable on April 4, 2024, for shareholders of record on March 15, 2024.

Guidance

Iron Mountain issued full year 2024 guidance; details are summarized in the table below.

2024 Guidance(1)

($ in millions, except per share data)

 

 

 

2024 Guidance

Y/Y % Change at Midpoint

Total Revenue

$6,000 - $6,150

11%

Adjusted EBITDA

$2,175 - $2,225

12%

AFFO

$1,300 - $1,335

9%

AFFO Per Share

$4.39 - $4.51

8%

(1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. AFFO and AFFO per share are presented based on our updated calculation, and growth is calculated on a comparable basis.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers’ work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on X (formerly Twitter) and LinkedIn.

Forward Looking Statements

We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements.

These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release.

Reconciliation of Non-GAAP Measures

Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) AFFO. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release.

Consolidated Balance Sheets

(Audited; dollars in thousands)

 

12/31/2023

 

12/31/2022

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and Cash Equivalents

$222,789

 

 

$141,797

 

Accounts Receivable, Net

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:

 

 

 

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

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities:

 

 

 

Current Portion of Long-term Debt

$120,670

 

 

$87,546

 

Accounts Payable

539,594

 

 

469,198

 

Accrued Expenses and Other Current 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

 

Redeemable Noncontrolling Interests

177,947

 

 

95,160

 

Total Long-term Liabilities

$15,025,841

 

 

$13,586,157

 

Total Liabilities

$17,262,029

 

 

$15,503,721

 

Equity

 

 

 

Total Equity

$211,773

 

 

$636,793

 

Total Liabilities and Equity

$17,473,802

 

 

$16,140,514

 

 

Quarterly Consolidated Statements of Operations

(Unaudited; dollars in thousands, except per-share data)

 

Q4 2023

 

Q3 2023

 

Q/Q %

Change

 

 

Q4 2022

 

Y/Y %

Change

Revenues:

 

 

 

 

 

 

 

 

 

 

Storage Rental

$871,144

 

$858,656

 

 

1.5

%

 

 

$769,457

 

 

13.2

%

Service

548,685

 

529,519

 

 

3.6

%

 

 

509,592

 

 

7.7

%

Total Revenues

$1,419,829

 

$1,388,175

 

 

2.3

%

 

 

$1,279,049

 

 

11.0

%

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

Cost of Sales (excluding Depreciation and Amortization)

$601,329

 

$592,201

 

 

1.5

%

 

 

$539,982

 

 

11.4

%

Selling, General and Administrative

314,932

 

315,030

 

 

 

 

 

279,161

 

 

12.8

%

Depreciation and Amortization

199,941

 

198,757

 

 

0.6

%

 

 

190,649

 

 

4.9

%

Acquisition and Integration Costs

12,860

 

9,909

 

 

29.8

%

 

 

9,653

 

 

33.2

%

Restructuring and Other Transformation

53,853

 

38,861

 

 

38.6

%

 

 

38,551

 

 

39.7

%

Loss (Gain) on Disposal/Write-Down of PP&E, Net

6,157

 

(4,416

)

 

n/a

 

 

 

(27,144

)

 

(122.7

)%

Total Operating Expenses

$1,189,072

 

$1,150,342

 

 

3.4

%

 

 

$1,030,852

 

 

15.3

%

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

$230,757

 

$237,833

 

 

(3.0

)%

 

 

$248,197

 

 

(7.0

)%

Interest Expense, Net

151,784

 

152,801

 

 

(0.7

)%

 

 

136,748

 

 

11.0

%

Other Expense (Income), Net

40,761

 

(16,271

)

 

n/a

 

 

 

(31,597

)

 

n/a

 

Net Income (Loss) Before Provision (Benefit) for Income Taxes

$38,212

 

$101,303

 

 

(62.3

)%

 

 

$143,046

 

 

(73.3

)%

Provision (Benefit) for Income Taxes

9,018

 

9,912

 

 

(9.0

)%

 

 

17,392

 

 

(48.1

)%

Net Income (Loss)

$29,194

 

$91,391

 

 

(68.1

)%

 

 

$125,654

 

 

(76.8

)%

Less: Net Income (Loss) Attributable to Noncontrolling Interests

712

 

348

 

 

104.6

%

 

 

3,216

 

 

(77.9

)%

Net Income (Loss) Attributable to Iron Mountain Incorporated

$28,482

 

$91,043

 

 

(68.7

)%

 

 

$122,437

 

 

(76.7

)%

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:

 

 

 

 

 

 

 

 

 

 

Basic

$0.10

 

$0.31

 

 

(67.7

)%

 

 

$0.42

 

 

(76.2

)%

Diluted

$0.10

 

$0.31

 

 

(67.7

)%

 

 

$0.42

 

 

(76.2

)%

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

292,328

 

292,148

 

 

0.1

%

 

 

291,227

 

 

0.4

%

Weighted Average Common Shares Outstanding - Diluted

295,014

 

294,269

 

 

0.3

%

 

 

292,892

 

 

0.7

%

 

Full Year Consolidated Statements of Operations

(Audited; dollars in thousands, except per-share data)

 

Full Year 2023

 

Full Year 2022

 

% Change

Revenues:

 

 

 

 

 

Storage Rental

$3,370,645

 

 

$3,034,023

 

 

11.1

%

Service

2,109,644

 

 

2,069,551

 

 

1.9

%

Total Revenues

$5,480,289

 

 

$5,103,574

 

 

7.4

%

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

Cost of Sales (excluding Depreciation and Amortization)

$2,357,800

 

 

$2,189,120

 

 

7.7

%

Selling, General and Administrative

1,236,287

 

 

1,140,577

 

 

8.4

%

Depreciation and Amortization

776,159

 

 

727,595

 

 

6.7

%

Acquisition and Integration Costs

25,875

 

 

47,746

 

 

(45.8

)%

Restructuring and Other Transformation

175,215

 

 

41,933

 

 

n/a

 

(Gain) Loss on Disposal/Write-Down of PP&E, Net

(12,825

)

 

(93,268

)

 

(86.2

)%

Total Operating Expenses

$4,558,511

 

 

$4,053,703

 

 

12.5

%

 

 

 

 

 

 

Operating Income (Loss)

$921,778

 

 

$1,049,871

 

 

(12.2

)%

Interest Expense, Net

585,932

 

 

488,014

 

 

20.1

%

Other Expense (Income), Net

108,640

 

 

(69,781

)

 

n/a

 

Net Income (Loss) Before Provision (Benefit) for Income Taxes

$227,206

 

 

$631,638

 

 

(64.0

)%

Provision (Benefit) for Income Taxes

39,943

 

 

69,489

 

 

(42.5

)%

Net Income (Loss)

$187,263

 

 

$562,149

 

 

(66.7

)%

Less: Net Income (Loss) Attributable to Noncontrolling Interests

3,029

 

 

5,168

 

 

(41.4

)%

Net Income (Loss) Attributable to Iron Mountain Incorporated

$184,234

 

 

$556,981

 

 

(66.9

)%

 

 

 

 

 

 

Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:

 

 

 

 

 

Basic

$0.63

 

 

$1.92

 

 

(67.2

)%

Diluted

$0.63

 

 

$1.90

 

 

(66.8

)%

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

291,936

 

 

290,812

 

 

0.4

%

Weighted Average Common Shares Outstanding - Diluted

293,965

 

 

292,444

 

 

0.5

%

 

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in thousands)

 

Q4 2023

 

Q3 2023

 

Q/Q %

Change

 

 

Q4 2022

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

$29,194

 

$91,391

 

 

(68.1

)%

 

 

$125,654

 

 

(76.8

)%

 

 

 

 

 

 

 

 

 

 

 

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

Interest Expense, Net

151,784

 

152,801

 

 

(0.7

)%

 

 

136,748

 

 

11.0

%

Provision (Benefit) for Income Taxes

9,018

 

9,912

 

 

(9.0

)%

 

 

17,392

 

 

(48.1

)%

Depreciation and Amortization

199,941

 

198,757

 

 

0.6

%

 

 

190,649

 

 

4.9

%

Acquisition and Integration Costs

12,860

 

9,909

 

 

29.8

%

 

 

9,653

 

 

33.2

%

Restructuring and Other Transformation

53,853

 

38,861

 

 

38.6

%

 

 

38,551

 

 

39.7

%

Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)

6,157

 

(4,416

)

 

n/a

 

 

 

(27,144

)

 

(122.7

)%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

40,332

 

(17,626

)

 

n/a

 

 

 

(34,455

)

 

n/a

 

Stock-Based Compensation Expense

20,604

 

18,313

 

 

12.5

%

 

 

10,938

 

 

88.4

%

Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures

1,506

 

2,060

 

 

(26.9

)%

 

 

3,937

 

 

(61.7

)%

Adjusted EBITDA

$525,249

 

$499,962

 

 

5.1

%

 

 

$471,923

 

 

11.3

%

 

Adjusted EBITDA

We define Adjusted EBITDA 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: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; and (v) Stock-based compensation expense. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.

Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in thousands)

 

Full Year 2023

 

Full Year 2022

 

% Change

 

 

 

 

 

 

Net Income (Loss)

$187,263

 

 

$562,149

 

 

(66.7

)%

Add / (Deduct):

 

 

 

 

 

Interest Expense, Net

585,932

 

 

488,014

 

 

20.1

%

Provision (Benefit) for Income Taxes

39,943

 

 

69,489

 

 

(42.5

)%

Depreciation and Amortization

776,159

 

 

727,595

 

 

6.7

%

Acquisition and Integration Costs

25,875

 

 

47,746

 

 

(45.8

)%

Restructuring and Other Transformation

175,215

 

 

41,933

 

 

n/a

 

(Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate)

(12,825

)

 

(93,268

)

 

(86.2

)%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

98,891

 

 

(83,268

)

 

n/a

 

Stock-Based Compensation Expense

73,799

 

 

56,861

 

 

29.8

%

Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures

11,425

 

 

9,806

 

 

16.5

%

Adjusted EBITDA

$1,961,677

 

 

$1,827,057

 

 

7.4

%

 

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share

 

Q4 2023

 

Q3 2023

 

Q/Q %

Change

 

 

Q4 2022

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

$0.10

 

 

$0.31

 

 

(67.7

)%

 

 

$0.42

 

 

(76.2

)%

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

Acquisition and Integration Costs

0.04

 

 

0.03

 

 

33.3

%

 

 

0.03

 

 

33.3

%

Restructuring and Other Transformation

0.18

 

 

0.13

 

 

38.5

%

 

 

0.13

 

 

38.5

%

Loss (Gain) on Disposal/Write-Down of PP&E, Net

0.02

 

 

(0.02

)

 

n/a

 

 

 

(0.09

)

 

(122.2

)%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

0.14

 

 

(0.06

)

 

n/a

 

 

 

(0.12

)

 

n/a

 

Stock-Based Compensation Expense

0.07

 

 

0.06

 

 

16.7

%

 

 

0.04

 

 

75.0

%

Non-Cash Amortization Related to Derivative Instruments

0.01

 

 

0.02

 

 

(50.0

)%

 

 

0.03

 

 

(66.7

)%

Tax Impact of Reconciling Items and Discrete Tax Items (1)

(0.04

)

 

(0.03

)

 

33.3

%

 

 

(0.02

)

 

100.0

%

Net Income Attributable to Noncontrolling Interests

 

 

 

 

n/a

 

 

 

0.01

 

 

(100.0

)%

Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

$0.52

 

 

$0.45

 

 

15.6

%

 

 

$0.43

 

 

20.9

%

(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the quarters ended December 31, 2023 and 2022 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended December 31, 2023, September 30, 2023 and December 31, 2022 was 12.3%, 13.3% and 15.2%, respectively.

Adjusted Earnings Per Share, or Adjusted EPS

We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Amortization related to the write-off of certain customer relationship intangible assets; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other expense (income), net; (vi) Stock-based compensation expense; (vii) Non-cash amortization related to derivative instruments; and (viii) Tax impact of reconciling items and discrete tax items. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding.

Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share

 

Full Year 2023

 

Full Year 2022

 

% Change

 

 

 

 

 

 

Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

$0.63

 

 

$1.90

 

 

(66.8

)%

Add / (Deduct):

 

 

 

 

 

Acquisition and Integration Costs

0.09

 

 

0.16

 

 

(43.8

)%

Restructuring and Other Transformation

0.60

 

 

0.14

 

 

n/a

 

Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets

 

 

0.02

 

 

(100.0

)%

(Gain) Loss on Disposal/Write-Down of PP&E, Net

(0.04

)

 

(0.31

)

 

(87.1

)%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

0.34

 

 

(0.28

)

 

n/a

 

Stock-Based Compensation Expense

0.25

 

 

0.19

 

 

31.6

%

Non-Cash Amortization Related to Derivative Instruments

0.07

 

 

0.03

 

 

133.3

%

Tax Impact of Reconciling Items and Discrete Tax Items (1)

(0.12

)

 

(0.08

)

 

50.0

%

Net Income Attributable to Noncontrolling Interests

0.01

 

 

0.02

 

 

(50.0

)%

Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

$1.82

 

 

$1.79

 

 

1.7

%

(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the years ended December 31, 2023 and 2022 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the years ended December 31, 2023 and 2022 was 12.3% and 15.2%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current quarter’s estimate of the annual structural tax rate for the full year. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment.

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO

(Dollars in thousands, except per-share data)

 

Q4 2023

 

Q3 2023

 

Q/Q %

Change

 

 

Q4 2022

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

Net Income

$29,194

 

 

$91,391

 

 

(68.1

)%

 

 

$125,654

 

 

(76.8

)%

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

Real Estate Depreciation (1)

83,928

 

 

80,430

 

 

4.4

%

 

 

78,902

 

 

6.4

%

Loss (Gain) on Sale of Real Estate, Net of Tax

193

 

 

750

 

 

(74.3

)%

 

 

(29,629

)

 

(100.7

)%

Data Center Lease-Based Intangible Assets Amortization (2)

3,804

 

 

7,482

 

 

(49.2

)%

 

 

5,106

 

 

(25.5

)%

Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures

853

 

 

679

 

 

25.6

%

 

 

 

 

 

FFO (Nareit)

$117,972

 

 

$180,732

 

 

(34.7

)%

 

 

$180,033

 

 

(34.5

)%

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

Acquisition and Integration Costs

12,860

 

 

9,909

 

 

29.8

%

 

 

9,653

 

 

33.2

%

Restructuring and Other Transformation

53,853

 

 

38,861

 

 

38.6

%

 

 

38,551

 

 

39.7

%

Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)

6,290

 

 

(5,116

)

 

n/a

 

 

 

2,138

 

 

194.3

%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

40,332

 

 

(17,626

)

 

n/a

 

 

 

(34,455

)

 

n/a

 

Stock-Based Compensation Expense

20,604

 

 

18,313

 

 

12.5

%

 

 

10,938

 

 

88.4

%

Non-Cash Amortization Related to Derivative Instruments

4,176

 

 

5,270

 

 

(20.8

)%

 

 

9,100

 

 

(54.1

)%

Real Estate Financing Lease Depreciation

3,022

 

 

3,001

 

 

0.7

%

 

 

2,970

 

 

1.8

%

Tax Impact of Reconciling Items and Discrete Tax Items (3)

(13,050

)

 

(10,220

)

 

27.7

%

 

 

(5,043

)

 

158.8

%

Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures

(56

)

 

(44

)

 

27.3

%

 

 

2,297

 

 

(102.4

)%

FFO (Normalized)

$246,005

 

 

$223,080

 

 

10.3

%

 

 

$216,182

 

 

13.8

%

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

 

 

 

 

 

FFO (Nareit)

$0.40

 

 

$0.61

 

 

(34.4

)%

 

 

$0.61

 

 

(34.4

)%

FFO (Normalized)

$0.83

 

 

$0.76

 

 

9.2

%

 

 

$0.74

 

 

12.2

%

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

292,328

 

 

292,148

 

 

0.1

%

 

 

291,227

 

 

0.4

%

Weighted Average Common Shares Outstanding - Diluted

295,014

 

 

294,269

 

 

0.3

%

 

 

292,892

 

 

0.7

%

(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to real estate financing leases.

(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.

(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.

Funds From Operations, or FFO (Nareit), and FFO (Normalized)

Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).

We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; and (viii) Tax impact of reconciling items and discrete tax items.

FFO (Normalized) per share

FFO (Normalized) divided by weighted average fully-diluted shares outstanding.

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued)

(Dollars in thousands, except per-share data)

 

Q4 2023

 

Q3 2023

 

Q/Q %

Change

 

 

Q4 2022

 

Y/Y %

Change

 

 

 

 

 

 

 

 

 

 

 

FFO (Normalized)

$246,005

 

$223,080

 

 

10.3

%

 

 

$216,182

 

13.8

%

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

Non-Real Estate Depreciation

51,572

 

49,500

 

 

4.2

%

 

 

46,486

 

10.9

%

Amortization Expense (1)

57,613

 

58,344

 

 

(1.3

)%

 

 

57,186

 

0.7

%

Amortization of Deferred Financing Costs

3,278

 

5,485

 

 

(40.2

)%

 

 

4,508

 

(27.3

)%

Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases

1,829

 

1,715

 

 

6.6

%

 

 

2,587

 

(29.3

)%

Non-Cash Rent Expense (Income)

4,982

 

6,119

 

 

(18.6

)%

 

 

6,024

 

(17.3

)%

Reconciliation to Normalized Cash Taxes

7,090

 

(8,364

)

 

(184.8

)%

 

 

916

 

n/a

 

Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures

181

 

182

 

 

(0.5

)%

 

 

974

 

(81.4

)%

Less:

 

 

 

 

 

 

 

 

 

 

Recurring Capital Expenditures

44,916

 

34,861

 

 

28.8

%

 

 

36,340

 

23.6

%

AFFO

$327,634

 

$301,201

 

 

8.8

%

 

 

$298,523

 

9.8

%

 

 

 

 

 

 

 

 

 

 

 

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

 

 

 

 

 

AFFO Per Share

$1.11

 

$1.02

 

 

8.8

%

 

 

$1.02

 

8.8

%

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

292,328

 

292,148

 

 

0.1

%

 

 

291,227

 

0.4

%

Weighted Average Common Shares Outstanding - Diluted

295,014

 

294,269

 

 

0.3

%

 

 

292,892

 

0.7

%

(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Effective Q4 2023, our AFFO definition has been updated to exclude the amortization of capitalized commissions. Amortization expense of capitalized commissions was $11.0M and $11.7M for quarters ended December 31, 2023 and 2022 respectively, and $11.0M for quarter ended September 30, 2023.

Adjusted Funds From Operations, or AFFO

We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) non-cash rent expense (income), (ii) depreciation on non-real estate assets, (iii) amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships and other intangibles, (iv) amortization of deferred financing costs and debt discount/premium, (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) the impact of reconciling to normalized cash taxes and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation more accurately represents our funds available to support growth, and is more comparable to our peers, including those in the data center industry.

AFFO per share

AFFO divided by weighted average fully-diluted shares outstanding.

Full Year Reconciliation of Net Income (Loss) to FFO and AFFO

(Dollars in thousands, except per-share data)

 

Full Year 2023

 

Full Year 2022

 

% Change

 

 

 

 

 

 

Net Income

$187,263

 

 

$562,149

 

 

(66.7

)%

Add / (Deduct):

 

 

 

 

 

Real Estate Depreciation (1)

322,045

 

 

307,895

 

 

4.6

%

(Gain) Loss on Sale of Real Estate, Net of Tax

(16,656

)

 

(94,059

)

 

(82.3

)%

Data Center Lease-Based Intangible Assets Amortization (2)

22,322

 

 

16,955

 

 

31.7

%

Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures

2,226

 

 

 

 

n/a

 

FFO (Nareit)

$517,200

 

 

$792,940

 

 

(34.8

)%

Add / (Deduct):

 

 

 

 

 

Acquisition and Integration Costs

25,875

 

 

47,746

 

 

(45.8

)%

Restructuring and Other Transformation

175,215

 

 

41,933

 

 

n/a

 

Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)

4,307

 

 

1,564

 

 

175.4

%

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

98,891

 

 

(83,268

)

 

n/a

 

Stock-Based Compensation Expense

73,799

 

 

56,861

 

 

29.8

%

Non-Cash Amortization Related to Derivative Instruments

21,097

 

 

9,100

 

 

131.8

%

Real Estate Financing Lease Depreciation

12,019

 

 

13,197

 

 

(8.9

)%

Tax Impact of Reconciling Items and Discrete Tax Items (3)

(35,307

)

 

(25,190

)

 

40.2

%

Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures

(374

)

 

2,874

 

 

(113.0

)%

FFO (Normalized)

$892,722

 

 

$857,757

 

 

4.1

%

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

FFO (Nareit)

$1.76

 

 

$2.71

 

 

(35.1

)%

FFO (Normalized)

$3.04

 

 

$2.93

 

 

3.8

%

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

291,936

 

 

290,812

 

 

0.4

%

Weighted Average Common Shares Outstanding - Diluted

293,965

 

 

292,444

 

 

0.5

%

(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to real estate financing leases.

(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.

(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.

Full Year Reconciliation of Net Income (Loss) to FFO and AFFO (continued)

(Dollars in thousands, except per-share data)

 

Full Year 2023

 

Full Year 2022

 

% Change

 

 

 

 

 

 

FFO (Normalized)

$892,722

 

 

$857,757

 

 

4.1

%

Add / (Deduct):

 

 

 

 

 

Non-Real Estate Depreciation

191,785

 

 

157,892

 

 

21.5

%

Amortization Expense (1)

227,987

 

 

231,656

 

 

(1.6

)%

Amortization of Deferred Financing Costs

16,859

 

 

18,044

 

 

(6.6

)%

Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases

7,036

 

 

8,119

 

 

(13.3

)%

Non-Cash Rent Expense (Income)

25,140

 

 

19,056

 

 

31.9

%

Reconciliation to Normalized Cash Taxes

(14,826

)

 

(3,622

)

 

n/a

 

Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures

4,868

 

 

4,135

 

 

17.7

%

Less:

 

 

 

 

 

Recurring Capital Expenditures

140,406

 

 

142,496

 

 

(1.5

)%

AFFO

$1,211,165

 

 

$1,150,541

 

 

5.3

%

 

 

 

 

 

 

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

AFFO Per Share

$4.12

 

 

$3.93

 

 

4.8

%

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

291,936

 

 

290,812

 

 

0.4

%

Weighted Average Common Shares Outstanding - Diluted

293,965

 

 

292,444

 

 

0.5

%

(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Effective Q4 2023, our AFFO definition has been updated to exclude the amortization of capitalized commissions. Amortization expense of capitalized commissions was $43.4M and $40.6M for full year 2023 and 2022, respectively.

Reconciliation of Net Income (Loss) to FFO and AFFO (Recast to Updated Calculation)

(Dollars in thousands, except per-share data)

 

Full Year

2022

 

Q1 2023

 

Q2 2023

 

Q3 2023

 

Q4 2023

 

Full Year

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$562,149

 

 

$65,535

 

 

$1,143

 

 

$91,391

 

 

$29,194

 

 

$187,263

 

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

Real Estate Depreciation (1)

307,895

 

 

76,129

 

 

81,558

 

 

80,430

 

 

83,928

 

 

322,045

 

(Gain) Loss on Sale of Real Estate, Net of Tax

(94,059

)

 

(15,746

)

 

(1,853

)

 

750

 

 

193

 

 

(16,656

)

Data Center Lease-Based Intangible Assets Amortization (2)

16,955

 

 

6,129

 

 

4,907

 

 

7,482

 

 

3,804

 

 

22,322

 

Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures

 

 

132

 

 

562

 

 

679

 

 

853

 

 

2,226

 

FFO (Nareit)

$792,940

 

 

$132,179

 

 

$86,317

 

 

$180,732

 

 

$117,972

 

 

$517,200

 

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

Acquisition and Integration Costs

47,746

 

 

1,595

 

 

1,511

 

 

9,909

 

 

12,860

 

 

25,875

 

Restructuring and Other Transformation

41,933

 

 

36,913

 

 

45,588

 

 

38,861

 

 

53,853

 

 

175,215

 

Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)

1,564

 

 

4,550

 

 

(1,417

)

 

(5,116

)

 

6,290

 

 

4,307

 

Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

(83,268

)

 

17,491

 

 

58,694

 

 

(17,626

)

 

40,332

 

 

98,891

 

Stock-Based Compensation Expense

56,861

 

 

12,509

 

 

22,373

 

 

18,313

 

 

20,604

 

 

73,799

 

Non-Cash Amortization Related to Derivative Instruments

9,100

 

 

5,834

 

 

5,817

 

 

5,270

 

 

4,176

 

 

21,097

 

Real Estate Financing Lease Depreciation

13,197

 

 

2,988

 

 

3,008

 

 

3,001

 

 

3,022

 

 

12,019

 

Tax Impact of Reconciling Items and Discrete Tax Items (3)

(25,190

)

 

(6,893

)

 

(13,278

)

 

(10,220

)

 

(13,050

)

 

(35,307

)

Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures

2,874

 

 

226

 

 

(500

)

 

(44

)

 

(56

)

 

(374

)

FFO (Normalized)

$857,757

 

 

$207,392

 

 

$208,113

 

 

$223,080

 

 

$246,005

 

 

$892,722

 

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

Non-Real Estate Depreciation

157,892

 

 

40,948

 

 

49,765

 

 

49,500

 

 

51,572

 

 

191,785

 

Amortization Expense (1)

231,656

 

 

55,899

 

 

56,131

 

 

58,344

 

 

57,613

 

 

227,987

 

Amortization of Deferred Financing Costs

18,044

 

 

4,332

 

 

3,763

 

 

5,485

 

 

3,278

 

 

16,859

 

Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases

8,119

 

 

1,760

 

 

1,732

 

 

1,715

 

 

1,829

 

 

7,036

 

Non-Cash Rent Expense (Income)

19,056

 

 

7,436

 

 

6,603

 

 

6,119

 

 

4,982

 

 

25,140

 

Reconciliation to Normalized Cash Taxes

(3,622

)

 

3,157

 

 

(8,575

)

 

(8,364

)

 

7,090

 

 

(14,826

)

Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures

4,135

 

 

1,981

 

 

2,525

 

 

182

 

 

181

 

 

4,868

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Recurring Capital Expenditures

142,496

 

 

27,663

 

 

32,967

 

 

34,861

 

 

44,916

 

 

140,406

 

AFFO

$1,150,541

 

 

$295,242

 

 

$287,090

 

 

$301,201

 

 

$327,634

 

 

$1,211,165

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

 

 

 

 

 

 

FFO (Nareit)

$2.71

 

 

$0.45

 

 

$0.29

 

 

$0.61

 

 

$0.40

 

 

$1.76

 

FFO (Normalized)

$2.93

 

 

$0.71

 

 

$0.71

 

 

$0.76

 

 

$0.83

 

 

$3.04

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFO Per Share

$3.93

 

 

$1.01

 

 

$0.98

 

 

$1.02

 

 

$1.11

 

 

$4.12

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

290,812

 

 

291,442

 

 

291,825

 

 

292,148

 

 

292,328

 

 

291,936

 

Weighted Average Common Shares Outstanding - Diluted

292,444

 

 

293,049

 

 

293,527

 

 

294,269

 

 

295,014

 

 

293,965

 

 

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