When I read that "earlier this month Jones Lang LaSalle secured a five-year contract to manage Iron Mountain’s 65-million-square-foot industrial and office portfolio in more than 35 countries" - I decided to look at the latest Q to determine their exposure to property asset writedowns. In the latest Q there is a 3545 writedown on 3,750,515 in property assets. This works out to less than 4/10th of one percent on an annualized basis (I multiplied the writedown by 4). This seems like a very small writedown for property assets in a market where property prices are falling rapidly. If they (or their accountant) choose to be more aggressive(honest?) in writing down their property assets, the writedown could materially affect their earnings. Their PE is already silly high. Any thoughts are appreciated.