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  "documentTitle": "Iron Mountain Incorporated (IRM)",
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  "authorName": "Elliott",
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  "presentationDate": "2011-03-09 00:00:00",
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  "notes": "The slide uses pie charts to visualize the split between REIT and TRS segments for both revenue and OIBDA.",
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      "text": "High margin physical storage business generates ~80% of total IRM OIBDA",
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      "text": "Stable, annuity-like rental income streams (Low organic growth in core business)\nHigh margin physical storage business generates ~80% of total IRM OIBDA\nBusiness elements not consistent with REIT requirements can be placed into a taxable REIT subsidiary (TRS)",
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      "text": "1. Source: Elliott estimates; Split between Storage vs. Services revenue based on Company guidance; OIBDA margin for NOAM Physical ~60% and Int'l Physical ~25% (based on Elliott estimates)\n2. Net of corporate expense",
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      "text": "2011 Company Guidance: Revenue ($mm) 3,175 - 3,240; OIBDA ($mm) 941 - 971",
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      "text": "Physical Storage Business is a Compelling REIT Candidate",
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