Core Viewpoint - The article discusses the risks associated with shorting REITs, particularly in December 2025, when short interest increased as REIT prices were at their lows, suggesting that this strategy may lead to significant losses as the market rebounds in 2026 [1][3][5]. Group 1: Market Trends and Shorting Dynamics - Short interest in REITs surged in December 2025, coinciding with a market low for these assets [1][3]. - The Vanguard REIT ETF (VNQ) saw a substantial price increase in 2026, indicating that many shorts entered positions at an inopportune time [5]. - The average short position is currently underwater by about 5%, which is not unusual in the stock market [5]. Group 2: Risks of Momentum Investing - Shorting based on momentum is deemed particularly risky, as it assumes that price movements reflect underlying fundamentals, which may not always be the case [7][10]. - The average stock historically rises by 8%-9% annually, meaning that short sellers must outperform this benchmark to avoid losses [11][12]. - The asymmetry of risk in shorting is highlighted, as potential losses are theoretically unlimited while gains are capped at the stock price going to zero [17]. Group 3: Specific REITs Under Scrutiny - Centerspace (CSR) is identified as a heavily shorted REIT, with a short interest increase of 270 basis points in December [14][16]. - Other REITs with significant short interest include NETSTREIT (NTST), Acadia Realty (AKR), and Americold (COLD), each facing unique market conditions that challenge the short thesis [26][34][40]. - CSR is projected to remain profitable, with consensus estimates for FFO per share showing steady growth through 2027, making it a risky short position [20][22]. Group 4: Potential for Short Squeezes - The article suggests that CSR, NTST, AKR, and COLD are well-positioned for potential short squeezes due to high short interest and the stability of their underlying fundamentals [49][50]. - The demand for cold storage properties remains strong, indicating that Americold could recover from current oversupply issues, further complicating the short thesis [42][45]. - The overall sentiment is that shorting stable, profitable companies with high dividend yields is a precarious strategy, especially as market conditions improve [47][49].

Leadership Changes - Christopher ("Chris") Papa has been appointed as the Executive Vice President and Chief Financial Officer of Americold Realty Trust, effective February 23, 2026, bringing nearly 40 years of experience in real estate and finance [2][3] - Jay Wells, the previous CFO, has departed the company, and Scott Henderson will serve as Interim CFO until Papa's appointment [4][5] - Nathan Harwell, the Chief Legal Officer, will take on the additional role of Chief People Officer, overseeing Legal, Compliance, and Human Resources functions [5] Strategic Focus - The CEO of Americold expressed confidence in Papa's extensive real estate experience and financial acumen, which align with the company's strategic focus for 2026 and future growth [4] - The leadership changes are intended to strengthen the company's ability to support customers and associates across its global network [6] Financial Outlook - Americold reaffirms its full-year 2025 AFFO (Adjusted Funds from Operations) outlook, expecting fourth-quarter AFFO per share to be between $0.36 and $0.38, consistent with previous guidance [7]

Core Viewpoint - Americold Realty Trust, Inc. has announced the 2025 tax treatment of its common stock distributions, encouraging shareholders to consult their tax advisors for specific guidance [1] Group 1: Dividend Information - The Company declared a fourth quarter 2024 dividend of $0.22 per share, which was paid in calendar year 2025 [2] - The total amount of the 2024 fourth quarter dividend is included in the shareholders' 2025 distributions [2] - The Company declared a fourth quarter 2025 dividend of $0.23 per share, which will be paid in calendar year 2026 and is not included in the 2025 Form 1099 [2] Group 2: Company Overview - Americold is a global leader in temperature-controlled logistics and real estate, with over 120 years of innovation and reliability [3] - The Company operates more than 230 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.4 billion refrigerated cubic feet [3] - Americold plays a crucial role in the global food supply chain, connecting various stakeholders with tailored services supported by reliable supply chains [4]

Core Viewpoint - Americold Realty Trust will release its fourth quarter and full year 2025 financial results on February 19, 2026, before market opening, followed by a conference call at 8:00 a.m. Eastern Time [1]. Group 1: Financial Results Announcement - The company is set to announce its financial results for Q4 and the full year of 2025 on February 19, 2026 [1]. - A conference call will take place on the same day at 8:00 a.m. Eastern Time to discuss the results [1]. Group 2: Webcast and Participation Details - A webcast of the conference call will be available on the Investor Relations section of Americold's website [2]. - Participants are advised to log in at least 15 minutes prior to the start time to register and install necessary audio software [2]. - For telephone participation, domestic and international dial-in numbers are provided, along with playback options available until March 5, 2026 [3]. Group 3: Company Overview - Americold Realty Trust is a global leader in temperature-controlled logistics and real estate, with over 120 years of innovation and reliability [4]. - The company operates more than 230 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.4 billion refrigerated cubic feet [4]. - Americold plays a crucial role in the global food supply chain, connecting various stakeholders with tailored services supported by advanced technology and sustainable practices [5].

Core Viewpoint - The analyst has extensive experience in researching various industries, particularly in commodities and technology, and has transitioned to a value investing-focused platform to share insights on potential investment opportunities. Group 1: Industry Focus - The analyst specializes in sectors such as metals and mining, consumer discretionary and staples, REITs, and utilities, indicating a broad understanding of different market dynamics [1]. Group 2: Research Methodology - The analyst has conducted in-depth research on hundreds of companies, showcasing a commitment to thorough analysis and the ability to identify valuable investment opportunities [1].

Core Insights - Americold Realty Trust, Inc. (NYSE:COLD) is recognized as one of the 13 best dividend stocks with a yield exceeding 6% [1] - Analysts from Scotiabank and UBS have raised their price targets for Americold, indicating a cautious outlook for the cold storage sector [2][3] Group 1: Analyst Ratings and Price Targets - Scotiabank increased its price target for Americold from $12 to $14 while maintaining a Sector Perform rating, highlighting challenges in pricing and occupancy for the upcoming year [2] - UBS raised its price target from $12 to $13 and kept a Neutral rating, suggesting that 2026 could be a pivotal year for REITs, with expected total returns of 9% to 11% [3] Group 2: Company Overview and Business Model - Americold has established itself as a leader in temperature-controlled warehousing, growing rapidly through acquisitions to become the second-largest cold-storage portfolio globally [4] - The company operates over 230 temperature-controlled warehouses, providing approximately 1.5 billion cubic feet of storage, generating revenue from leasing space to food manufacturers, distributors, and retailers, as well as managing third-party facilities [5]

Core Viewpoint - Ancora Alternatives has successfully engaged in shareholder activism within the transportation sector, focusing on improving shareholder returns through strategic changes in company management and operations [7][17]. Company Engagements - In 2025, Ancora ousted three legacy directors at Forward Air, including the chairman, following a controversial acquisition that negatively impacted equity holders and increased debt [1]. - Ancora has altered five board seats and pushed the CFO to leave Forward Air in 2021 to refocus on its core operations, claiming that the company's valuation decline was linked to its diversifications [2]. - The firm has engaged with several companies, including C.H. Robinson, Forward Air, CSX, and Norfolk Southern, to implement changes aimed at enhancing shareholder value [6][10]. Investment Strategy - Ancora seeks opportunities in "old economy" sectors, focusing on companies with strong fundamentals that have faced challenges, aiming to unlock value through targeted interventions [3][11]. - The firm typically acquires equity stakes ranging from 0.5% to 10%, often preferring to stay below 5% to avoid regulatory filing requirements, allowing for greater flexibility in its operations [15][16]. Activism Approach - Ancora has developed an "information advantage" in the transportation sector, leveraging a network of industry experts and former executives to drive successful outcomes in its campaigns [8][9]. - The firm emphasizes the importance of finding the right individuals to support its analysis and engagement strategies, which increases the likelihood of achieving desired results [10]. Recent Developments - In 2024, Ancora won three seats at Norfolk Southern's annual meeting, leading to significant changes in the board and the removal of the CEO due to service and profitability issues [12]. - A cooperation agreement with Americold in December 2025 resulted in two board seats for Ancora and the establishment of a finance committee to review potential divestitures [17].

Group 1 - The American Century Investments Small Cap Value Fund reported a return of 4.69% in Q3 2025, underperforming the Russell 2000 Value Index, which returned 12.60% [1] - The US Federal Reserve reduced its benchmark interest rate for the first time in the year during Q3 2025, contributing to a strong rise in equities [1] - The fund focuses on investing in undervalued small-cap companies that do not accurately reflect their quality and potential earnings capability [1] Group 2 - Americold Realty Trust, Inc. (NYSE:COLD) experienced a one-month return of 22.19%, but its shares have lost 40.15% over the last 52 weeks, closing at $12.94 per share with a market capitalization of $3.69 billion on January 2, 2026 [2] - The company, which specializes in cold storage within the food supply chain, has been negatively impacted by high inflation, interest rates, and declining food volumes due to the popularity of GLP-1 drugs [3] - Americold Realty Trust, Inc. is not among the 30 most popular stocks among hedge funds, although its holdings increased from 28 to 30 in the last quarter [3]

Core Viewpoint - The article emphasizes the importance of understanding that past performance does not guarantee future results, highlighting the need for careful analysis before making investment decisions [2][3]. Group 1: Company Insights - The article does not provide specific insights or data regarding any particular company or its performance [1][2][3]. Group 2: Industry Analysis - The article does not include any detailed analysis or commentary on industry trends or dynamics [1][2][3].

Core Insights - Americold Realty Trust, Inc. (NYSE:COLD) has seen a significant increase in share prices, rising by 4.78% to close at $13.36, following reports of $1.5 billion in acquisition offers for its European operations [1][2] - The company has attracted acquisition interest from EQT-backed Constellation Cold and I Squared-backed CubeCold, with one of these firms also showing interest in Americold's Asia Pacific business [2][3] - Americold is currently working with financial advisors to address the demands of activist investor Ancora, who is advocating for the sale of its international operations to concentrate on North America [3] - The company has expanded its operations into convenience store distribution through a partnership with Australia-based On the Run (OTR), which will enhance its supply chain capabilities in Adelaide and support national expansion [4][5] Company Developments - The partnership with On the Run is part of Americold's strategy to diversify into new sectors, which is identified as a key growth priority for 2026 [5] - CEO Rob Chambers highlighted the company's strong position in the Quick Service Restaurant (QSR) space and expressed optimism about capturing additional opportunities in the convenience store market [4][5]