Core Insights - Samuel Adams has launched a limited-edition At-Home Séance Kit aimed at enhancing the Halloween experience for beer lovers [1][2][3] - The kit is priced at $18.03 and includes various items to facilitate a themed séance, promoting engagement with the brand during the October season [3][4] Product Details - The At-Home Séance Kit includes an instruction card, a portrait of Samuel Adams, vials of Boston Dirt and Samuel Adams Hops, two pint glasses, and a candle [4] - The kit is designed to be used alongside Samuel Adams Octoberfest beer, which is highlighted as the ideal pairing for the séance experience [5] Seasonal Offerings - Samuel Adams Octoberfest is described as a hearty Märzen with an ABV of 5.3%, available in various packaging options with suggested retail prices ranging from $9.99 to $29.99 [6] - The Beer Fest Variety Pack includes seasonal brews such as Jack-O, Boston Lager, and Flannel Fest, catering to diverse consumer preferences during the fall [6] Company Background - Samuel Adams, founded in 1984, is recognized as a leading independent American craft brewer and played a significant role in the craft beer revolution [8] - The Boston Beer Company, which owns the Samuel Adams brand, also has a diverse portfolio that includes Truly Hard Seltzer, Twisted Tea, and other craft beer brands [9]

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy combines real estate industry experience with traditional security selection methods to make informed investment decisions [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Group 2: Investment Focus - The REIT Team invests in a variety of property types, including apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and healthcare-related facilities [1] - The focus on public securities allows for diversification across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1] Group 3: Company Background - Chilton Capital Management, established in 1996, provides investment advisory services for registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The firm is independently owned and operated, with additional information available on the SEC's website [1]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates can be challenging due to inherent volatility and risks [1] Group 1: Company Overview - Americold Realty Trust Inc. (COLD) is currently highlighted as a recommended growth stock based on the Zacks Growth Style Score system, which evaluates a company's growth prospects beyond traditional metrics [2] - The company has a favorable Growth Score and a top Zacks Rank, indicating strong potential for performance [2] Group 2: Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth being particularly attractive [4] - Americold Realty Trust has a historical EPS growth rate of 0.9%, but projected EPS growth for this year is 16.3%, significantly outperforming the industry average of 1.4% [5] Group 3: Asset Utilization - The asset utilization ratio, or sales-to-total-assets (S/TA) ratio, is an important metric for assessing efficiency in generating sales [6] - Americold Realty Trust has an S/TA ratio of 0.34, indicating that the company generates $0.34 in sales for every dollar in assets, compared to the industry average of 0.13, showcasing superior efficiency [7] Group 4: Sales Growth - Sales growth is another key indicator, with Americold Realty Trust expected to achieve a sales growth of 2.2% this year, surpassing the industry average of 1.6% [8] Group 5: Earnings Estimate Revisions - Trends in earnings estimate revisions are correlated with stock price movements, and a positive trend is favorable [9] - The current-year earnings estimates for Americold Realty Trust have been revised upward, with the Zacks Consensus Estimate increasing by 1.6% over the past month [10] Group 6: Investment Potential - The combination of a Zacks Rank 2 and a Growth Score of B positions Americold Realty Trust as a potential outperformer and a solid choice for growth investors [11]

Core Viewpoint - Americold Realty Trust Inc. (COLD) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based on changes in earnings estimates, which are tracked through the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The recent upgrade reflects an improvement in Americold Realty Trust's earnings outlook, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimate Revisions - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [5][7]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, influencing their buying and selling actions, which subsequently affects stock prices [5]. Current Earnings Projections - For the fiscal year ending December 2024, Americold Realty Trust is projected to earn $1.48 per share, representing a 16.5% increase from the previous year [9]. - Over the past three months, the Zacks Consensus Estimate for Americold has risen by 3.1%, indicating a positive trend in earnings expectations [9]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [8]. - Americold Realty Trust's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10][11].

ATLANTA, GA., Sept. 17, 2024 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (the "Company"), a global leader in temperature-controlled logistics real estate and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced that the Company will release third quarter 2024 financial results before the market opens on Thursday, November 7, 2024. A conference call will be held on Thursday, November 7, 2024 at 8:00 a.m. ...

ATLANTA, GA., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (the "Company" or "Americold"), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, announced today that its operating partnership, Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"), has priced an underwritten public offer ...

Jorg Greuel/DigitalVision via Getty Images Cold storage is a niche corner of industrial real estate often overlooked by investors. Thrown into the industrial bucket, cold storage facilities are highly specialized, capital intensive, and expensive. Investing in the world's largest refrigerators and freezers is a complicated business that requires subject matter expertise. For this reason, most REITs avoid the asset class altogether. Alternatively, many cold storage facilities that are traded are held under l ...

Warehouse Operations - As of June 30, 2024, the company operates 239 warehouses globally, totaling approximately 1.4 billion cubic feet, with 195 in North America, 25 in Europe, 17 in Asia-Pacific, and 2 in South America[99]. - As of June 30, 2024, the total number of warehouses is 239, with 9 non-same store warehouses and 4 third-party managed warehouses[130]. - For the three months ended June 30, 2024, total warehouse segment revenues were $600.4 million, a 3.3% increase compared to $581.2 million in the same period of 2023[145]. - On a constant currency basis, warehouse segment revenues increased by $29.9 million, or 5.2%, primarily driven by $29.8 million growth in the same store pool[146]. - The warehouse segment's contribution (NOI) for the three months ended June 30, 2024, was $204.5 million, an 18.3% increase from $172.8 million in the same period of 2023[145]. - Warehouse services revenues increased by 8.7% to $332.7 million for the three months ended June 30, 2024, compared to $306.0 million in 2023[145]. - Total warehouse segment cost of operations decreased by 3.1% to $395.9 million for the three months ended June 30, 2024, compared to $408.3 million in 2023[145]. - The total warehouse segment margin remained stable at 34.1% for both periods compared[145]. - Labor costs, the most significant part of warehouse expenses, were $245.6 million, a decrease of 3.2% compared to $253.8 million in the same period of 2023[145]. - Total same store revenues for the three months ended June 30, 2024, were $582,691,000, representing a 3.4% increase compared to the same period in 2023[148]. - Same store contribution (NOI) increased by 17.3% to $206,604,000 for the three months ended June 30, 2024, compared to $176,205,000 in the prior year[148]. - Same store rent and storage revenues per average economic occupied pallet increased by 7.2% to $63.38 for the three months ended June 30, 2024[152]. - Total same store cost of operations decreased by 2.9% to $376,087,000 for the three months ended June 30, 2024[148]. - Non-same store revenues totaled $17,696,000 for the three months ended June 30, 2024, compared to $17,619,000 in the prior year[150]. Financial Performance - The company has incurred $107.3 million in implementation costs related to "Project Orion," with $69.4 million deferred within "Other assets" on the Condensed Consolidated Balance Sheets as of June 30, 2024[108]. - During the three months ended June 30, 2024, the company recognized a $115.1 million loss on debt extinguishment related to the purchase of facilities previously accounted for as failed sale-leaseback financing obligations[112]. - For the three months ended June 30, 2024, the net loss was $64,409 thousand, compared to a net loss of $104,802 thousand for the same period in 2023[208]. - NAREIT FFO for the three months ended June 30, 2024, was $(7,528) thousand, a decrease from $(52,358) thousand in the same period of 2023[208]. - Core FFO applicable to common stockholders for the three months ended June 30, 2024, was $95,023 thousand, up from $62,497 thousand in the same period of 2023[208]. - Adjusted FFO applicable to common stockholders for the three months ended June 30, 2024, was $109,397 thousand, compared to $75,557 thousand in the same period of 2023[208]. - The company reported maintenance capital expenditures of $22,832 thousand for the three months ended June 30, 2024[208]. - The company emphasizes that FFO, Core FFO, and Adjusted FFO are not measures of liquidity and should be evaluated alongside U.S. GAAP net income[211]. - The company’s financial measures may not be comparable to those of other REITs due to different calculation methods[207]. - The company’s EBITDAre is presented to enhance investor understanding of operating performance, unaffected by capital structure differences[210]. - Net cash provided by operating activities was $198.7 million for the six months ended June 30, 2024, an increase of $115.9 million compared to $82.8 million for the same period in 2023[244]. - For the six months ended June 30, 2024, net cash used in financing activities was $107.2 million, compared to net cash provided of $76.5 million in the same period of 2023[247]. Cybersecurity and Operational Resilience - The company successfully resumed operations at pre-cyberattack levels by June 30, 2023, following a cybersecurity incident that occurred on April 26, 2023[104]. - The company continues to enhance its cybersecurity policies and procedures following the incident, with many recommended remediation activities completed as of December 31, 2023[105]. - Cyber incident related costs decreased by $29.9 million, primarily due to a $10.0 million payment received for business interruption insurance[165]. Cost Management and Efficiency - The company focuses on streamlining operations and reducing costs through initiatives such as centralizing processes and adopting new technology[100]. - The company has implemented energy efficiency projects, which have allowed for a reduction in energy consumption and costs[101]. - The company has implemented fixed commitment contracts with certain customers to manage earnings volatility due to seasonality[115]. - Economic occupancy is a key driver of financial results, with a focus on establishing contracts with fixed storage commitments to mitigate seasonal impacts[131]. - The company aims to transition existing customers to fixed storage commitments in conjunction with contract renewals to ensure necessary space for business needs[131]. Transportation Services - Transportation services revenue decreased by 12.8% to $50,637,000 for the three months ended June 30, 2024, compared to $58,072,000 in the prior year[157]. - Transportation segment contribution (NOI) decreased by 9.8% to $8,850,000 for the three months ended June 30, 2024[157]. - Transportation revenues decreased by $15.3 million, or 12.1%, on a constant currency basis, primarily due to the transition to a third-party logistics model in the UK and softening demand[188]. - Transportation cost of operations decreased by $14.7 million, or 14.1%, on a constant currency basis, reflecting the same factors affecting revenue[189]. Debt and Capital Expenditures - The company sold 13,244,905 common shares under the Prior ATM Equity Program in August 2023, generating net proceeds of $412.6 million, which were used to repay a portion of revolver borrowings[219]. - As of June 30, 2024, total outstanding indebtedness was $3,202,912 thousand, with a fixed rate debt percentage of 81.7%[227]. - The effective interest rate on outstanding indebtedness as of June 30, 2024, was 4.16%[226]. - The company maintains bad debt allowances of approximately $21.7 million as of June 30, 2024, which is considered adequate[222]. - The company incurred maintenance capital expenditures of $22.8 million for the three months ended June 30, 2024, compared to $22.6 million for the same period in 2023, reflecting a slight increase[1]. - The company recognized a gain from the sale of real estate amounting to $3.6 million from a facility sold for $9.0 million during the six months ended June 30, 2024[239].

Financial Data and Key Metrics Changes - The company generated AFFO of approximately $109 million or $0.38 per share, an increase of over 36% from Q2 last year [4] - Core EBITDA reached $165 million, a year-over-year increase of 24.7%, resulting in an industry-leading EBITDA margin of 25% [4] - Same-store warehouse services margins delivered a second consecutive quarter of double-digit margins at 13.2% [4][5] Business Line Data and Key Metrics Changes - Global warehouse same-store NOI grew 19.3% year-over-year, driven by increased warehouse services margins contributing an incremental $40 million of NOI [5] - Rent and storage revenue derived from fixed commitment storage contracts increased to 56.6%, marking a 240 basis point increase from the previous quarter and an 810 basis point increase from Q2 2023 [8][17] Market Data and Key Metrics Changes - Economic occupancy dipped slightly to 78.1% [8] - Same-store rent and storage revenue per economic occupied pallet on a constant currency basis increased by 7.2% year-over-year [11][16] - Same-store service revenue per throughput pallet on a constant currency basis increased by 12% [11][16] Company Strategy and Development Direction - The company is focused on Project Orion, a transformation program aimed at driving future growth through technology and process improvements [6][7] - The company plans to invest $200 million to $300 million in development starts for 2024, up from $100 million to $200 million last year [12] - Strategic partnerships with Canadian Pacific Kansas City railway and DP World are expected to create significant development opportunities, with a potential pipeline of $500 million to $1 billion [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow despite current consumer challenges, anticipating a recovery in consumer demand [33] - The company raised its full year 2024 AFFO per share guidance to a range of $1.44 to $1.50, reflecting a 16% increase from 2023 [14] - Management noted that the recent entrance of another publicly traded cold storage company is positive for the industry, bringing more investment and competition [15] Other Important Information - The company experienced negligible disruption from recent global cybersecurity incidents [7] - The workforce retention metrics have improved, with associate turnover finishing the quarter at 38%, a 200 basis point improvement from the first quarter [10] Q&A Session Summary Question: Are there specific categories driving lighter throughput volumes? - Management indicated that overall weak consumer demand and high grocery prices are affecting throughput volumes, with no specific category identified [35] Question: How should economic occupancy be viewed in the current environment? - Management noted that while the gap between physical and economic occupancy has narrowed, it is expected to improve as consumer disposable income increases [40][41] Question: What are the expectations for pricing power in the warehouse business? - Management expects pricing to remain stable, with anticipated growth in rent and storage revenue per economic occupied pallet in the range of 4% to 5% [29][46] Question: How much of the warehouse service margin increase is due to labor improvements? - Management stated that approximately 75% of the improvement in service margins is attributed to a more stable and productive workforce, with the remaining benefits coming from system improvements [55][56] Question: What are customers saying about their current inventory levels? - Customers prefer higher demand and revenue, indicating that current low demand is not satisfactory for their operations [59]

Core Insights - Americold Realty Trust Inc. reported revenue of $660.96 million for the quarter ended June 2024, reflecting a year-over-year increase of 1.8% and an EPS of $0.38, a significant improvement from -$0.36 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $669.86 million, resulting in a surprise of -1.33%, while the EPS exceeded expectations by 15.15% compared to the consensus estimate of $0.33 [1] Revenue Breakdown - Revenue from rent, storage, and warehouse services was $600.39 million, slightly below the average estimate of $601.04 million, marking a year-over-year increase of 3.3% [3] - Revenue from third-party managed services was $9.93 million, which was lower than the average estimate of $10.01 million, representing a year-over-year decline of 4.2% [4] - Global warehouse services generated $332.72 million, exceeding the average estimate of $323.87 million, with a year-over-year increase of 8.7% [5] - Revenue from global warehouse rent and storage was $267.67 million, below the average estimate of $277.17 million, indicating a year-over-year decrease of 2.7% [6] - Transportation services revenue was $50.64 million, significantly lower than the average estimate of $55.64 million, reflecting a year-over-year decline of 12.8% [7] Earnings Performance - The diluted net earnings per share were reported at -$0.23, which was below the average estimate of $0.07 from analysts [8] - Over the past month, shares of Americold Realty Trust have returned +8.2%, contrasting with the Zacks S&P 500 composite's decline of -6.5% [8] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [8]