Financial Performance Highlights - Fourth quarter 2023 AFFO per share increased over 31% to $038 compared to the prior year's quarter[11] - Full year 2023 AFFO per share increased 14% to $127 versus the prior year[11] - Global warehouse same-store NOI increased 79% in the fourth quarter of 2023 on a constant currency basis[11] - Global warehouse same-store NOI increased 128% for the full year 2023 on a constant currency basis[11] - Full year 2023 same-store economic occupancy reached a record high of 843% for Americold[11] Key Financial Results - Total revenue for the fourth quarter of 2023 decreased 59% to $6793 million[14] - Total NOI for the fourth quarter of 2023 increased 115% to $2098 million[14] - Net loss for the fourth quarter of 2023 was $2268 million or $080 loss per diluted common share[14] - Total revenue for the full year 2023 decreased 83% to $27 billion[14] - Total NOI for the full year 2023 increased 107% to $7706 million[14] - Net loss for the full year 2023 was $3363 million or $122 loss per diluted common share[14] Strategic Developments - Americold announced an approximately $130 million greenfield development in Kansas City, Missouri, in collaboration with Canadian Pacific Kansas City[11] - Plans were announced to build a distribution center in Dubai at DP World's Port Jebel Ali Free Zone for $35 million through the RSA JV[11] - The company completed the expansion project for its site in Plainville, CT for approximately $1610 million, adding 121 million cubic feet and 31000 pallet positions[14]

Financial Performance - Total revenue for Q1 2024 was $665 million, a 1.7% decrease compared to $676.5 million in Q1 2023 [12, 18] - Total NOI increased by 12.4% to $210.8 million in Q1 2024 from $187.6 million in Q1 2023 [12, 19] - Core FFO for Q1 2024 was $77.3 million, or $0.27 per diluted share, compared to $60.8 million, or $0.22 per diluted share, in Q1 2023 [12, 20] - AFFO for Q1 2024 was $104.9 million, or $0.37 per diluted share, compared to $79.9 million, or $0.29 per diluted share, in Q1 2023 [12, 21] Warehouse Segment Performance - Global Warehouse segment revenue was $597.7 million in Q1 2024, a 0.4% increase from $595.1 million in Q1 2023 [23, 25] - Global Warehouse contribution (NOI) was $197.1 million in Q1 2024, a 12.8% increase from $174.8 million in Q1 2023 [23, 26] - Global Warehouse same store revenue decreased 0.7% on an actual basis but increased 0.8% on a constant currency basis [12] - Global Warehouse same store NOI increased 8.6% on an actual basis and 10.1% on a constant currency basis [12] - Global Warehouse services margins delivered record first quarter margins of 10.7% [11] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 79.4%, while the same store pool was 80.9% [23, 29] - Approximately 54.2% of rent and storage revenue was generated from fixed commitment storage contracts [28] - Fixed commitment rent and storage revenue was $597.9 million [27] 2024 Outlook - Warehouse segment same store revenue growth (constant currency) is projected at 2.5% - 5.5% [14] - AFFO per share is guided to be between $1.38 and $1.46 [14]

Financial Performance Highlights - Total revenue for Q2 2024 reached $661 million, a 1.7% increase compared to $649.6 million in Q2 2023 [12] - Total Company NOI increased by 17.1% to $215.5 million in Q2 2024, up from $184.1 million in Q2 2023 [12] - Global Warehouse same store NOI increased 17.3% in Q2 2024, or 19.3% on a constant currency basis [12] - Core EBITDA for Q2 2024 was $165.5 million, a 22.9% increase from $134.7 million in Q2 2023 [12] - AFFO for Q2 2024 was $109.4 million, or $0.38 per diluted share, compared to $75.6 million, or $0.28 per diluted share, for Q2 2023 [12] Warehouse Segment Performance - Global Warehouse segment revenue for Q2 2024 was $600.4 million, a 3.3% increase from $581.2 million in Q2 2023 [29] - Global Warehouse segment contribution (NOI) was $204.5 million for Q2 2024, an 18.3% increase compared to $172.8 million for Q2 2023 [30] - Global Warehouse segment margin was 34.1% for Q2 2024, a 433 basis point increase compared to Q2 2023 [30] - As of June 30, 2024, $618 million of annualized rent and storage revenues were derived from fixed commitment storage contracts, representing 56.6% of rent and storage revenue on a pro forma basis [31] 2024 Outlook - The company projects warehouse segment same store revenue growth (constant currency) of 2.0% - 4.0% [14] - The company anticipates warehouse segment same store NOI growth (constant currency) to be 900 - 1000 bps higher than associated revenue [14]

Financial Performance Highlights - Total revenue for Q3 2024 increased by 0.9% to $674.2 million from $667.9 million in Q3 2023 [13] - Total Company NOI increased by 10.6% to $209.2 million in Q3 2024 from $189.1 million in Q3 2023 [13] - Core FFO reached $83.9 million or $0.29 per diluted share, a 17.7% increase from Q3 2023 [13] - AFFO was $100.1 million or $0.35 per diluted share, up 10.9% from Q3 2023 [13] - Core EBITDA increased by 9.1% to $157.2 million in Q3 2024 from $144.0 million in Q3 2023 [13] Warehouse Segment Performance - Global Warehouse segment revenue increased by 1.6% to $612.2 million in Q3 2024 from $602.6 million in Q3 2023 [30] - Global Warehouse contribution (NOI) increased by 11.7% to $198.6 million in Q3 2024 from $177.8 million in Q3 2023 [31] - Global Warehouse same store NOI increased 9.5% compared to Q3 2023 [13] - Global Warehouse same store services margin increased to 14.5% from 3.5% in Q3 2023 [13] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 76.7% in Q3 2024 [33] - Fixed commitment rent and storage revenues reached $623.8 million annualized as of September 30, 2024, representing 58.1% of rent and storage revenue [32] Capital Deployment and Liquidity - Completed a public debt offering of $500 million with a 5.409% interest rate, maturing on September 12, 2034 [13] - The company had total liquidity of approximately $921.9 million as of September 30, 2024 [35] - The company announced a new $148 million automation development in Dallas-Fort Worth [13]

Company Overview and Financial Performance - Americold has a total enterprise value of $9.6 billion and an equity market capitalization of $6.1 billion[12] - The company's LTM Core EBITDA is $634 million[12] - Total Segment Contribution NOI grew by 34% from $630 million in 2021 to $847 million in 2024[14] - Adjusted FFO grew by 40% from $299 million in 2021 to $420 million in 2024[15] Global Footprint and Scale - The company operates approximately 239 warehouses globally[10, 11] - The company has approximately 14,000 associates[10] - The company has approximately 3,200 customers[10] - The company has approximately 1.4 billion cubic feet of total capacity[10] Growth and Strategy - The company's same-store warehouse revenue grew by 60% from $1.464 billion in 2021 to $2.343 billion in 2024[65] - The company's same-store warehouse NOI grew by 69% from $478 million in 2021 to $808 million in 2024[67]

Financial Performance - Total revenues decreased by 54% to $6290 million in Q1 2025 compared to $6650 million in Q1 2024 [15, 21] - Net loss was $165 million or $006 loss per diluted share in Q1 2025 compared to net income of $98 million or $003 income per diluted share in Q1 2024 [15, 23] - Adjusted FFO was $957 million or $034 per diluted share a 90% decrease from Q1 2024 [15] - Core EBITDA decreased by 53% to $1476 million in Q1 2025 from $1558 million in Q1 2024 [15, 24] Warehouse Segment - Global Warehouse segment revenues decreased by 37% to $5754 million in Q1 2025 [28, 41] - Global Warehouse same store revenues decreased 23% in Q1 2025 [15] - Global Warehouse segment contribution NOI decreased 03% to $1966 million [28, 42] - Fixed commitment rent and storage revenues were $6293 million representing 601% of rent and storage revenues [43] Capital Expenditures and Debt - Total capital expenditures were $2220 million in Q1 2025 [106] - Total net debt outstanding was approximately $37 billion with 863% at a fixed rate [46]

分组1: Ventas Inc. (VTR) - JPMorgan analyst upgraded Ventas Inc. from Neutral to Overweight and raised the price target to $72 from $70, citing robust internal and external growth, including double-digit same-store net operating income gains and steady acquisitions [1] - Ventas is viewed as more attractively valued compared to peer Welltower, particularly on an implied cap rate basis, despite slightly lower growth potential [2] - The price target increase reflects improved growth visibility, based on a dividend discount model with a 5.25% long-term growth rate and a 95% AFFO payout ratio [3][7] 分组2: Americold Realty Trust Inc. (COLD) - Americold Realty Trust was downgraded from Overweight to Neutral, with a price target cut to $21 from $24 due to weaker throughput volumes and lower occupancy rates [3][4] - The downgrade reflects lower earnings estimates and a higher 11.5% discount rate in the DCF model, indicating increased uncertainty and tempered growth expectations [4] 分组3: Federal Realty Investment Trust (FRT) - Federal Realty Investment Trust was downgraded from Overweight to Neutral, with a price target set at $108, attributed to a reduced focus on development and redevelopment projects [5][6] - Investors are cautious about FRT's strategy of entering new markets by divesting high-quality assets, which may take time to show operational benefits [6][7] 分组4: Lineage Inc. (LINE) - Lineage Inc. was downgraded from Neutral to Underweight, with a price target lowered to $50 from $55, due to a broader preference for other REIT sectors despite the long-term merits of the Lineage platform [7][8] - The cold storage segment is facing lower throughput volumes, impacting occupancy and pricing, with the 2025 AFFO per share outlook falling below management guidance [8]

Industry Overview - The Self-Storage sector in the U.S. has expanded to a substantial 2 billion square feet of space and encompasses over 33,000 facilities [1] - The market is characterized by fragmentation, with the top 10 largest companies holding approximately 36% of the total market share [1] Company Insights - iREIT® offers comprehensive research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [1] - The iREIT® Tracker provides data on over 250 tickers, featuring quality scores, buy targets, and trim targets [1]

Core Insights - Americold announced a series of executive leadership appointments to enhance operational execution, deepen customer relationships, and unlock global growth opportunities [1][8] Leadership Changes - Rob Chambers has been appointed as the new President, overseeing global operations with increased P&L responsibility [2] - Bryan Verbarendse will succeed Chambers as President, Americas, leading business development and operations across North and South America [4] - Richard Winnall will take charge of the Global Commercial Committee and Operations Committee, working closely with the President, Americas [6] Executive Backgrounds - Rob Chambers has 12 years of leadership experience at Americold, previously serving as Executive Vice President & Chief Commercial Officer and has a background in commercial finance [3] - Bryan Verbarendse joined Americold in August 2023 and has over 31 years of experience in retail and wholesale grocery supply chain [5] - Richard Winnall has been with Americold since 2019, holding various leadership roles and bringing extensive experience from DHL Supply Chain and Linfox [7] Strategic Focus - The leadership appointments reflect Americold's commitment to operational excellence and customer-centric growth [8] - The company aims to harmonize commercial and operational standards globally, ensuring consistent KPIs and scalable systems [6] Company Overview - Americold is a leader in temperature-controlled logistics real estate, owning and/or operating 238 warehouses with approximately 1.4 billion refrigerated cubic feet of storage across multiple regions [9]

Core Viewpoint - Americold Realty Trust (NYSE: COLD) has been under observation due to valuation concerns, but recent stock declines have prompted further analysis of the investment opportunity [1]. Group 1 - The company has experienced a decline in stock price in recent weeks, which has led to renewed interest from investors [1]. - The author has a beneficial long position in Americold Realty Trust shares, indicating confidence in the company's future performance [2]. - The analysis is part of the author's due diligence process, reflecting a thorough examination of the stock's potential [1].