Iron Mountain Announces Results of the Special Distribution

BOSTON--()--Iron Mountain Incorporated (NYSE:IRM) today announced that it will issue approximately 15.8 million new shares of its common stock in connection with the payment of the company’s previously announced special distribution of $700 million, or approximately $3.61 per share (the “Special Distribution”).

The Special Distribution represents the remaining amount of the company’s undistributed earnings and profits (“E&P”) attributable to all taxable periods ending on or prior to December 31, 2013, which, in accordance with tax rules applicable to real estate investment trust (“REIT”) conversions, the company is required to pay to its stockholders on or before December 31, 2014 in connection with its conversion to a REIT. The Special Distribution also will include some other items of taxable income that the company expects to recognize in 2014, such as depreciation recapture in respect of accounting method changes commenced in its pre-REIT period as well as foreign earnings and profits repatriated as dividend income. An initial $700 million of E&P was paid to stockholders in November 2012, bringing the total amount of the company’s special distributions to $1.4 billion, which is at the high end of the company’s estimated range of $1.3 billion to $1.4 billion.

The Special Distribution is payable on November 4, 2014 to stockholders of record as of the close of business on September 30, 2014. Stockholders who elected to receive payment of the Special Distribution in cash will receive approximately $1.04 per share of their payment, or 29%, in cash and approximately $2.57 per share, or 71%, in shares of the company’s common stock. All other stockholders will receive 100% of their payment in shares of the company’s common stock. Stockholders may also receive cash in lieu of fractional shares. The number of shares to be issued was determined based upon the average closing price on the three trading days following October 24, 2014, or $35.55 per share.

About Iron Mountain

Iron Mountain Incorporated (NYSE:IRM) is a leading provider of storage and information management services. The company’s real estate network of over 67 million square feet across more than 1,000 facilities in 36 countries allows it to serve customers around the world. And its solutions for records management, data management, document management, data center management and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information.

Contacts

Iron Mountain
Investor Relations:
Melissa Marsden, 61-535-8595
Senior Vice President, Investor Relations
Melissa.Marsden@ironmountain.com
or
Faten Freiha, 617-535-8404
Director, Investor Relations
Faten.Freiha@ironmountain.com

Contacts

Iron Mountain
Investor Relations:
Melissa Marsden, 61-535-8595
Senior Vice President, Investor Relations
Melissa.Marsden@ironmountain.com
or
Faten Freiha, 617-535-8404
Director, Investor Relations
Faten.Freiha@ironmountain.com