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Stockholders' Equity Matters
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Matters 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 DATEDIVIDEND
PER SHARE		RECORD DATETOTAL AMOUNTPAYMENT DATE
February 23, 2023$0.6185 March 15, 2023$180,339 April 5, 2023
May 4, 20230.6185 June 15, 2023180,493 July 6, 2023
August 3, 20230.6500 September 15, 2023189,730 October 5, 2023
November 2, 20230.6500 December 15, 2023189,886 January 4, 2024
February 22, 20240.6500 March 15, 2024190,506 April 4, 2024
May 2, 20240.6500 June 17, 2024190,643 July 5, 2024
August 1, 20240.7150 September 16, 2024209,776 October 3, 2024
November 6, 20240.7150 December 16, 2024209,913 January 7, 2025
February 13, 20250.7850 March 17, 2025231,549 April 4, 2025
May 1, 20250.7850 June 16, 2025231,789 July 3, 2025
August 6, 20250.7850 September 15, 2025231,972 October 3, 2025
November 5, 20250.8640 December 15, 2025255,560 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 an aggregate and per share amount, based on the weighted average number of common shares outstanding during each respective year, as follows:
 YEAR ENDED DECEMBER 31,
 202520242023
Declared distributions$950,870 $800,838 $740,448 
Amount per share each distribution represents based on weighted average number of common shares outstanding3.22 2.73 2.54 
For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends (potentially eligible for the lower effective tax rates available for "qualified REIT dividends"), qualified ordinary dividends or return of capital. The United States Internal Revenue Service requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend. In addition, certain of our distributions qualify as capital gain distributions. For the years ended December 31, 2025, 2024 and 2023, the dividends we paid on our common shares were classified as follows:
YEAR ENDED DECEMBER 31,
 202520242023
Nonqualified ordinary dividends61.1 %82.6 %98.2 %
Qualified ordinary dividends(1)
— %— %0.8 %
Return of capital38.9 %17.4 %1.0 %
100.0 %100.0 %100.0 %
(1)During the year ended December 31, 2023, the percentage of our dividends that was classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits during the year ended December 31, 2023.
NONCONTROLLING INTERESTS
In December 2025, we entered into an agreement with a partner to form our Iron Mountain Data Centers Arizona 3 JV, LP joint venture, which resulted in an initial Noncontrolling interest of approximately $74,800 recorded in our Consolidated Balance Sheet at December 31, 2025.
During the quarter ended September 30, 2024, a put option available to our partner in our Iron Mountain Data Centers Virginia 4/5 JV, LP joint venture expired, triggering a change in the presentation of the related noncontrolling interest. Prior to September 30, 2024, the noncontrolling interest of approximately $53,400 was presented as Redeemable noncontrolling interests in our Consolidated Balance Sheets. Our partner's interest is now presented as Noncontrolling interests in our Consolidated Balance Sheets at December 31, 2025 and 2024.
In August 2024, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 6/7 JV, LLC joint venture, which resulted in an initial Noncontrolling interest of approximately $103,100 recorded in our Consolidated Balance Sheet at September 30, 2024.