IRM Investor Presentation
Q3 2023 RECONCILIATION OF NET INCOME TO FFO & AFFO
Q3 2023
$91,391
Q3 2022
$192,931
Net Income
Add / (Deduct):
Real Estate Depreciation (1)
Loss (Gain) on Sale of Real Estate, Net of Tax
Data Center Lease-Based Intangible Assets Amortization (2)
80,430
750
7,482
74,652
(15,666)
3,687
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures
679
FFO (Nareit)
$180,732
$255,604
Add / (Deduct):
Acquisition and Integration Costs
9,909
5,554
Restructuring and Other Transformation
38,861
3,382
(Gain) Loss on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)
(5,116)
2,616
Other (income) expense, Net, Excluding our Share of Losses (Gains) from our
Unconsolidated Joint Ventures
(17,626)
(56,226)
Stock-Based Compensation Expense
18,313
14,326
Non-Cash amortization related to derivative instruments
5,270
Real Estate Financing Lease Depreciation
3,001
3,020
Tax Impact of Reconciling Items and Discrete Tax Items (3)
(10,220)
(5,184)
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint
Ventures
(44)
FFO (Normalized)
$223,080
223
$223,315
Add / (Deduct):
Non-Real Estate Depreciation
49,500
36,458
Amortization Expense (4)
47,280
46,764
Amortization of Deferred Financing Costs
5,485
4,472
Revenue Reduction Associated with Amortization of Customer Inducements and Above-
and Below-Market Leases
1,715
1,851
Non-Cash Rent Expense (Income)
6.119
5,522
Reconciliation to Normalized Cash Taxes
(8,364)
7,366
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
Less:
182
1,193
Recurring Capital Expenditures
AFFO
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit)
FFO (Normalized)
AFFO Per Share
IRON
Weighted Average Common Shares Outstanding - Basic
MOUNTAIN
Weighted Average Common Shares Outstanding - Diluted
34,861
$290,136
38,972
$287,971
50.61
$0.87
$0.76
$0.76
$0.99
292,148
$0.98
290,937
294,269
292,552
(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.
(4)) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships
and other intangibles. Excludes amortization of capitalized commissions.
IRM INVESTOR PRESENTATION 29View entire presentation