IRM Investor Presentation
FY22 RECONCILIATION OF NET INCOME TO FFO & AFFO
Net Income
Add / (Deduct):
Real Estate Depreciation (1)
(Gain) Loss on Sale of Real Estate, Net of Tax
Data Center Lease-Based Intangible Assets Amortization (2)
FFO (Nareit)
Add / (Deduct):
Acquisition and Integration Costs
Restructuring and Other Transformation
Full Year 2022
$562,149
Full Year 2021
$452,725
307,895
307,717
(94,059)
(142,892)
16,955
42,333
$792,940
$659,883
47,748
12,784
41,933
206,426
Loss (Gain) on Disposal Write-Down of PP&E, Net (Excluding Real Estate)
1,584
(3,751)
Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
(83,268)
(205,748)
Stock-Based Compensation Expense
56,861
61,001
Non-Cash amortization related to derivative instruments
9,100
Real Estate Financing Lease Depreciation
13,197
14,835
Tax Impact of Reconciling Items and Discrete Tax Items (3)
(25,190)
56,822
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures
2,874
(38)
FFO (Normalized)
$857,757
$801,996
Add/(Deduct):
Non-Real Estate Depreciation
157,892
142,720
Amortization Expense (4)
191,043
142,278
Amortization of Deferred Financing Costs
18,044
16,548
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Lease
Non-Cash Rent Expense (Income)
8,119
8,852
19,056
Reconciliation to Normalized Cash Taxes
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
(3,822)
4,135
15,258
27,801
4,849
Less:
Recurring Capital Expenditures
AFFO
142,498
$1,109,930
148,201
$1,011,899
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit)
FFO (Normalized)
$2.71
$2.93
$2.27
$2.76
IRON
AFFO Per Share
$3.80
$3.48
Weighted Average Common Shares Outstanding - Basic
290,812
289,457
MOUNTAINⓇ
Weighted Average Common Shares Outstanding - Diluted
292,444
290,975
1 Includes depreciation expense related to owned real estate assets (land improvements, buildings,
building improvements, leasehold of 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 and
(ii) other discrete tax items. 4 Includes Customer and Supplier Relationship Value, intake costs, acquisition
of customer relationships and other intangibles. Excludes amortization of capitalized commissions.
IRM INVESTOR PRESENTATION 32View entire presentation