Our thoughts and prayers are with our customers there and our fellow 60 Mountaineers and their families living and working in the Ukraine.
In the fourth quarter, we achieved our highest ever quarterly revenue of $1.16 billion, yielding eight and a half percent of total organic revenue growth and record EBITDA of $431 million.
For the full year, we achieved record revenue of nearly $4.5 billion and EBITDA of $1.6 billion.
For the full year, we delivered organic storage rental revenue growth of 2.6%, reflecting continued benefit of pricing combined with positive volume trends.
Our digital services and ALM businesses continue to build momentum, growing over 20% in the fourth quarter and capping off an excellent year of growth.
This acquisition will accelerate our growth trajectory in this $30 billion market, which is growing over 10% per year.
This expanded ALM platform will directly benefit from Iron Mountain's 225,000 loyal customer base, which includes 95% of the Fortune 1000.
This global customer base is supported by 25,000 Mountaineers across 1,450 facilities in 63 countries.
I have shared with you previously how in the last five years, these investments have taken the total addressable market, or TAM, of our products and services from $10 billion to some $80 billion.
I am happy to report our continued build-out of new products and services in the last year as well as growth in these underlying markets has now taken our TAM to over $120 billion.
Our recent customer win with a large aerospace company, where we won a backfile digitization deal of over $20 million, is a superb example of collaboration among our entertainment services, technology organization and our global records organization, or GRO.
In order to achieve its goal of being a 100% model engineering company and to most effectively use designs and data from historical archives to refine new designs, this aerospace company sought help with the digitization and auto classification of over 50 million digital engineering assets.
We concluded a Phase 1 contract and have also been awarded a Phase 2 contract for this branch.
The agency originally planned to select three vendors for the first contract due to the high volume of microfilm reels needing to be processed, but our solution surpassed the customer's expectations, and Iron Mountain was awarded the exclusive contract to process all 177,000 of microfilm reels or over 2 billion records needing analysis.
We've undertaken a significant back scan of their legacy archive records to meet their regulatory obligations to the U.K. oil and gas authority in order to relinquish their license to operate on 230 wells they wish to abandon.
Recall that our bookings target for the year was 30 megawatts.
We are pleased to have finished the year with nearly 49 megawatts of leases signed with over 27 megawatts of leases in the fourth quarter alone.
Based on current design plans, we now expect that the VA2 facility to support 36 megawatts, up from 30 megawatts previously.
With these changes and other additions to our portfolio, our total capacity is now in excess of 600 megawatts.
Some of our past recognitions have included 100% of our data center power is generated by renewables.
We were a co-signer with Google to expand our commitment to green-powered data centers to 24/7 carbon-free electricity, and we were one of the original signatories of the UN Global Compact on Sustainability back in 2016.
More recently, we announced, in addition to their RE100 program, we have joined the Climate Group's EV100 initiative and reached a key milestone in electrifying our global vehicle fleet in line to reach our climate pledge commitment to achieve net zero carbon emissions by 2040.
Since establishing our first science-based targets, we have reduced absolute greenhouse gas emissions by over 60% from our 2016 baseline while growing the business.
We believe that our commercial growth and ESG initiatives make us stand out, and we suspect they were a major factor of our being ranked among the top 100 on Newsweek's list of America's most responsible companies.
On a reported basis, revenue of $1.16 billion grew 9.4% year on year with total organic revenue up eight and a half percent.
Revenue was $10 million ahead of the high end of the expectations we shared previously despite the U.S. dollar strengthening and being more of a headwind in the quarter.
Organic storage revenue grew 3.6% in the quarter, reflecting our strong pricing and data center commencements.
Organic service revenue increased $65 million or 17.6% driven by continued strong growth in digital solutions and asset life cycle management.
As revenue associated with our traditional transportation services were still down nearly 10% from pre-pandemic levels, we are even more pleased with this performance.
Adjusted EBITDA was $431 million, an increase of $56 million from last year.
As a result of strong flow-through driven by pricing and productivity, fourth quarter EBITDA exceeded the high end of our expectations by $6 million despite additional FX headwind.
AFFO was $267 million or $0.92 on a per share basis, up $76 million and $0.26, respectively, from the fourth quarter of last year.
Revenue of $4.5 billion increased 8% on a reported basis and over 6% on an organic constant currency basis.
Adjusted EBITDA increased 11% year on year to $1.635 billion, an increase of $159 million year on year.
AFFO increased 14% to $1.01 billion or $3.48 on a per share basis, in both cases, exceeding our full year guidance ranges.
In the fourth quarter, our Global RIM business delivered revenue of $1.02 billion, an increase of $76 million from last year or 8% on a reported basis from last year.
On an organic basis, revenue increased 7%.
Constant currency storage rental revenue growth of 4.2% or two and a half percent on an organic basis reflects our focus on revenue management and solid volume trends.
Global RIM adjusted EBITDA was $453 million, an increase of $49 million year on year.
Adjusted EBITDA margin was up 160 basis points year on year, reflecting continued pricing strength and productivity.
Our team booked 27 megawatts in the quarter.
For the full year, bookings came in at 49 megawatts, significantly exceeding our full year guidance of 30 megawatts.
To give some historical context, we leased 10 megawatts in 2018, 17 megawatts in 2019 and excluding our joint venture in Frankfurt, 31 megawatts in 2020.
In terms of revenue, as we projected, fourth quarter growth accelerated to 25% year over year.
Storage revenue grew 18% year on year, and service revenue was up sharply and in line with our projections.
In 2022, we expect to lease 50 megawatts, which would represent 28% annual bookings growth.
This quarter, the team delivered $30 million of incremental year-on-year adjusted EBITDA benefit.
For the full year, as compared to 2020, Summit delivered $160 million of benefits.
We continue to expect another $50 million of year-on-year benefit in 2022.
Total capital expenditures were $219 million, of which $173 million was growth and $46 million was recurring.
For the full year, total capital expenditures were $606 million, of which $309 million was growth capital related to data center development.
In 2022, we expect total capital expenditures to be approximately $850 million.
We are projecting approximately $700 million of growth capex, with data center development representing about three-quarters of that.
We expect recurring capex to approach $155 million.
With that backdrop, in the fourth quarter, we upsized our recycling program and generated approximately $63 million of proceeds, bringing the full year to $278 million.
We ended the quarter with net lease adjusted leverage of 5.3 times, in line with our projection and modestly improved compared to last quarter.
With our strong financial position, our board of directors declared our quarterly dividend of $0.62 per share to be paid in early April.
Iron Mountain will continue to provide storage services to the business, and our ownership interest will be nearly 25% of the combined entity.
For the full year 2022, we currently expect revenue of $5.125 billion to $5.275 billion.
We expect adjusted EBITDA to be in a range of $1.8 billion to $1.85 billion.
At the midpoint, our guidance represents revenue growth of 16% and EBITDA growth of 12%.
We expect AFFO to be in the range of $1.085 billion to $1.12 billion, which represents 9% year-on-year growth at the midpoint point.
We expect AFFO per share to be in a range of $3.70 to $3.82.
As we closed the deal at the end of January, we are including 11 months of the results in our guidance.
Our guidance includes approximately $450 million of revenue from ITRenew.
We estimate the stronger U.S. dollar will result in foreign exchange headwinds to revenue of approximately $60 million year on year with the vast majority of that in the first half.
We expect total revenue to be in excess of $1.2 billion.
We expect EBITDA to be approximately $425 million.
We expect AFFO to be in excess of $250 million.

Summary:
On a reported basis, revenue of $1.16 billion grew 9.4% year on year with total organic revenue up eight and a half percent.