Financial Analysis

"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. 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 managements 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 nat …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

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) 2026 $ 80,208 2027 94,778 2028 37,333 2029 9,141 2030 6,382 Thereafter 6,185 $ 234,027 (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, 2025, we have contractual commitments of approximately $1,085,725 for future construction costs associated with the expansion of our Global Data Center Business that are expected to be incurred over the next one to two years. 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, 2025 and 2024, there were approximately $44,300 and $45,200, 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 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT Long-term debt is as follows: DECEMBER 31, 2025 DECEMBER 31, 2024 DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR VALUE DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR VALUE Revolving Credit Facility (1) $ 751,500 $ (8,207) $ 743,293 $ 751,500 $ 121,000 $ (9,253) $ 111,747 $ 121,000 Term Loan A (1) 487,500 487,500 487,500 216,016 216,016 216,016 Term Loan B (1)(2) 2,020,957 (12,465) 2,008,492 2,031,495 1,840,181 (14,690) 1,825,491 1,850,698 Virginia 3 Term Loans (3) 271,079 (1,189) 269,890 271,079 271,079 (3,013) 268,066 271,079 Virginia 4/5 Term Loans due 2025 (3) 76,535 (2,752) 73,783 76,535 Virginia 6 Term Loans (3) 210,000 (2,633) 207,367 210,000 137,495 (4,605) 132,890 137,495 Virginia 7 Term Loans (3) 275,314 (4,351) 270,963 275,314 32,074 (7,591) 24,483 32,074 Virginia 4/5 Term Loans due 2030 (5) 208,224 (3,529) 204,695 208,224 Australian Dollar Term Loan (3)(4) 262,192 (1,965) 260,227 263,948 175,813 (265) 175,548 176,655 UK Revolving Credit Facility (3) 188,385 (2,002) 186,383 188,385 175,503 (1,034) 174,469 175,503 3 7 / 8 % GBP Senior Notes due 2025 (the ""GBP Notes"") (5)(6)(7) 501,437 (789) 500,648 490,155 4 7 / 8 % Senior Notes due 2027 (the 4 7 / 8 % Notes due 2027"") (5)(6)(8) 1,000,000 (2,488) 997,512 995,000 1,000,000 (3,910) 996,090 972,500 5 1 / 4 % Senior Notes due 2028 (the 5 1 / 4 % Notes due 2028"") (5)(6)(8) 825,000 (2,657) 822,343 823,969 825,000 (3,838) 821,162 804,3 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Storage rental revenue associated with our Global Data Center Business for the years ended December 31, 2025, 2024 and 2023 are as follows: YEAR ENDED DECEMBER 31, 2025 2024 2023 Storage rental revenue (1) $ 797,017 $ 606,294 $ 474,066 (1) Revenue associated with variable lease payments, primarily related to power and connectivity, included within storage rental revenue was approximately $172,000, $131,000 and $111,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

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"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 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"NEW ACCOUNTING PRONOUNCEMENTS RECENTLY 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. We adopted ASU 2023-09 on January 1, 2025 on a prospective basis, and there was no material impact on our consolidated financial statements. OTHER AS YET ADOPTED ACCOUNTING PRONOUNCEMENTS In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40 ), Disaggregation of Income Statement Expenses (""ASU 2024-03""), which requires disclosure of additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We do not expect ASU 2024-03 to have a material impact on our consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles Goodwill …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"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""). Revenue recognized in the accompanying Consolidated Statements of Operations under these agreements for the years ended December 31, 2025, 2024 and 2023 is as follows (approximately): YEAR ENDED DECEMBER 31, 2025 2024 2023 Frankfurt JV Agreements (1) $ 19 $ 3,000 $ 1,800 Clutter Agreement (2) 13,000 (1) Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment. (2) Relates to revenue associated with certain storage and related services provided to the Clutter JV (the ""Clutter Agreement""), which were presented as a component of our Global RIM Business segment through June 2023. In June 2023, we acquired a controlling interest in the Clutter JV and terminated the Clutter Agreement."

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RESTRUCTURING AND OTHER TRANSFORMATION PROJECT MATTERHORN In 2025, we completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business, which we announced in September 2022. Project Matterhorn investments focused on transforming our operating model to a global operating model. Project Matterhorn enabled the development of a solution-based sales approach that allowed us to optimize our shared services and best practices to better serve our customers' needs. As part of this, we invested to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We incurred approximately $574,400 in Restructuring and other transformation costs related to Project Matterhorn since its inception. Costs were comprised of (1) restructuring costs, which included (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 included professional fees such as project management costs and costs for third party consultants who assisted in the enablement of 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, 2025, 2024 and 2023 and from the inception of Project Matterhorn through December 31, 2025 is as follows: YEAR ENDED DECEMBER 3 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"SEGMENT INFORMATION Our Chief Operating Decision Maker (CODM), our President and CEO, uses Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. The CODM uses Adjusted EBITDA to ensure that resources, including capital, are allocated strategically to support our strategy. As of December 31, 2025, 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 61 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. In October 2025, we launched version 2.0 of our Digital Experience Platform (also referred to as DXP), which offers enhanced conte …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. PRINCIPLES OF CONSOLIDATION The accompanying financial statements reflect our financial position, results of operations, comprehensive income (loss), (deficit) 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 or of which 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 captions within Note 2.i. and Note 9 have been …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"STOCKHOLDERS' EQUITY MATTERS DIVIDENDS 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 2023, 2024 and 2025, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND PER SHARE RECORD DATE TOTAL AMOUNT PAYMENT DATE 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 February 22, 2024 0.6500 March 15, 2024 190,506 April 4, 2024 May 2, 2024 0.6500 June 17, 2024 190,643 July 5, 2024 August 1, 2024 0.7150 September 16, 2024 209,776 October 3, 2024 November 6, 2024 0.7150 December 16, 2024 209,913 January 7, 2025 February 13, 2025 0.7850 March 17, 2025 231,549 April 4, 2025 May 1, 2025 0.7850 June 16, 2025 231,789 July 3, 2025 August 6, 2025 0.7850 September 15, 2025 231,972 October 3, 2025 November 5, 2025 0.8640 December 15, 2025 255,560 January 6, 2026 On February 12, 2026, we declared a dividend to our stockholders of record as of March 16, 2026 of $0.8640 per share, payable on April 3, 2026. During the years ended December 31, 2025, 2024 and 2023, we declared dividends in a …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

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. While the outcome of litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

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"DEBT Long-term debt is as follows: MARCH 31, 2026 DECEMBER 31, 2025 DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR VALUE DEBT (INCLUSIVE OF DISCOUNT) UNAMORTIZED DEFERRED FINANCING COSTS CARRYING AMOUNT FAIR VALUE Revolving Credit Facility (1) $ 1,285,000 $ (7,724) $ 1,277,276 $ 1,285,000 $ 751,500 $ (8,207) $ 743,293 $ 751,500 Term Loan A (1) 481,250 481,250 481,250 487,500 487,500 487,500 Term Loan B (1) 2,016,319 (11,885) 2,004,434 2,026,313 2,020,957 (12,465) 2,008,492 2,031,495 Virginia 3 Term Loans due 2026 271,079 (1,189) 269,890 271,079 Virginia 6 Term Loans (2) 210,000 (2,140) 207,860 210,000 210,000 (2,633) 207,367 210,000 Virginia 7 Term Loans (2) 293,455 (3,535) 289,920 293,455 275,314 (4,351) 270,963 275,314 Virginia 4/5 Term Loans due 2030 (2) 208,224 (3,350) 204,874 208,224 208,224 (3,529) 204,695 208,224 Virginia 3 Term Loans due 2031 (3) 433,000 (8,583) 424,417 433,000 Australian Dollar Term Loan (2) 267,998 (1,915) 266,083 269,708 262,192 (1,965) 260,227 263,948 UK Revolving Credit Facility (2) 185,035 (1,684) 183,351 185,035 188,385 (2,002) 186,383 188,385 4 7 / 8 % Notes due 2027 (2) 1,000,000 (2,133) 997,867 993,750 1,000,000 (2,488) 997,512 995,000 5 1 / 4 % Notes due 2028 (2) 825,000 (2,362) 822,638 818,813 825,000 (2,657) 822,343 823,969 5% Notes due 2028 (2) 500,000 (1,688) 498,312 492,500 500,000 (1,869) 498,131 497,500 7% Notes (2) 1,000,000 (6,027) 993,973 1,013,750 1,000,000 (6,559) 993,441 1,025,000 4 7 / …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Storage rental revenue associated with our Global Data Center Business for the three months ended March 31, 2026 and 2025 is as follows: THREE MONTHS ENDED MARCH 31, 2026 2025 Storage rental revenue (1) $ 252,505 $ 172,945 (1) Revenue associated with variable lease payments, primarily related to power and connectivity, included within storage rental revenue was approximately $59,900 and $34,400 for the three months ended March 31, 2026 and 2025, respectively.

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"RELATED PARTIES We have agreements with the Frankfurt JV 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""). Revenue recognized in the accompanying Condensed Consolidated Statements of Operations under these agreements for the three months ended March 31, 2026 and 2025 is as follows (approximately): THREE MONTHS ENDED MARCH 31, 2026 2025 Frankfurt JV Agreements (1) $ 436 $ (1) Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment."

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"RESTRUCTURING AND OTHER TRANSFORMATION PROJECT MATTERHORN In 2025, we completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business (""Project Matterhorn""), which we announced in September 2022. The implementation of Project Matterhorn resulted in Restructuring and other transformation costs which were comprised of: (1) restructuring costs, which included (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 included professional fees such as project management costs and costs for third party consultants who assisted in the enablement of our growth initiatives. As Project Matterhorn was completed as of December 31, 2025, there were no Restructuring and other transformation costs for the three months ended March 31, 2026. Total Restructuring and other transformation costs for the three months ended March 31, 2025 was $54,746 and consisted of (i) restructuring costs of $21,856 and (ii) other transformation costs of $32,890."

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"SEGMENT INFORMATION Our Chief Operating Decision Maker (CODM), our President and CEO, uses Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. The CODM uses Adjusted EBITDA to ensure that resources, including capital, are allocated strategically to support our strategy. Our reportable segments as of December 31, 2025 are described in Note 10 to Notes to Consolidated Financial Statements included in our Annual Report. Our reportable segments are as follows: Global RIM Business Global Data Center Business The remaining activities of our business consist primarily of our asset lifecycle management (""ALM"") and Fine Arts businesses and other corporate items (""Corporate and Other""). An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and 2025 is as follows: GLOBAL RIM BUSINESS GLOBAL DATA CENTER BUSINESS TOTAL REPORTABLE SEGMENTS CORPORATE AND OTHER TOTAL CONSOLIDATED For the Three Months Ended March 31, 2026 Total Revenues $ 1,404,086 $ 254,725 $ 1,658,811 $ 277,338 $ 1,936,149 Storage Rental 823,517 252,505 1,076,022 18,743 1,094,765 Service 580,569 2,220 582,789 258,595 841,384 Other Segment Items (1) 786,407 121,962 908,369 Adjusted EBITDA 617,679 132,763 750,442 Total Assets (2) 10,941,270 8,276,221 19,217,491 2,269,324 21,486,815 For the Three Months Ended March 31, 2025 Total Revenues $ …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. ACCOUNTS RECEIVABLE 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. The rollforward of the allowance for doubtful accounts and credit memo reserves for the three months ended March 31, 2026 is as follows: Balance as of December 31, 2025 $ 107,838 Credit memos charged to revenue 25,675 Allowance for bad debts charged to expense 16,775 Deductions and other (1) (40,925) Balance as of March 31, 2026 $ 109,363 (1) Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments. B. LEASES We lease facilities for certain warehouses, data centers and office spaces. We also have land leases, including those on which certain facilities are located. Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2026 and December 31, 2025 are as follows: DESCRIPTION MARCH 31, 2026 DECEMBER 31, 2025 Assets: Operating lease right-of-use assets $ 2,451,023 $ 2,465,196 Financing lease right-of-use assets, net of accumulated depreciation (1) 482,621 470,803 Liabilities: Current Operating lease liabilities $ 331,902 $ 319,129 Financing lease liabilities (1) 61,119 56,287 Long-term Operating lease liabilities $ 2,281,743 $ 2,300,448 Financing lease li …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS' EQUITY MATTERS DIVIDENDS In fiscal year 2025 and the three months ended March 31, 2026, our board of directors declared the following dividends: DECLARATION DATE DIVIDEND PER SHARE RECORD DATE TOTAL AMOUNT PAYMENT DATE February 13, 2025 $ 0.785 March 17, 2025 $ 231,549 April 4, 2025 May 1, 2025 0.785 June 16, 2025 231,789 July 3, 2025 August 6, 2025 0.785 September 15, 2025 231,972 October 3, 2025 November 5, 2025 0.864 December 15, 2025 255,560 January 6, 2026 February 12, 2026 0.864 March 16, 2026 257,022 April 3, 2026 On April 30, 2026, we declared a dividend to our stockholders of record as of June 15, 2026 of $0.864 per share, payable on July 3, 2026.

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