Contacts: Americold Realty Trust, Inc. Investor Relations Telephone: 678-459-1959 Email: investor.relations@americold.com 12 Financial Supplement First Quarter 2024 20 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|---------|---------|----------------------------|---------|---------| | (5) Distributions per common share | Q1 24 | Q4 23 | Three Months Ended \nQ3 23 | Q2 23 | Q1 23 | | Distributions declared on common stock during the quarter | $62,743 | $62 ...

Key PointsInvestors have favored defensive sectors in the short term, and oversold stocks offering high dividends might become more attractive as global tensions rise and the market pulls back.Analysts are bullish on five oversold, high dividend-yielding stocks amidst recent market volatility.PLD, CVS, XP, HD, and COLD, each offer compelling investment cases based on oversold conditions, dividends, and growth projections.5 stocks we like better than Americold Realty TrustAmid global tensions and some severe ...

1shot Production It has been a long time since I looked at shares of Americold Realty (NYSE:COLD). In fact, it was early 2018 when the company went public, when I concluded that I was not warming up to the temperature controlled warehouse REIT. With valuations at the time being high at 22 times adjusted free cash flows, higher interest rates to be incurred and maintenance capital spending feeling low, I was quite cautious at the time. Fast forwarding more than 6 years in time, investors have seen modest cap ...

ATLANTA, GA, March 07, 2024 (GLOBE NEWSWIRE) -- Americold Realty Trust (NYSE:COLD), 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 its Board of Directors has declared a dividend of $0.22 per share for the first quarter of 2024, payable to holders of the Company's common stock. The dividend will be payable in cash on April 15, 2024 to stockhol ...

Debt and Financing - As of December 31, 2023, the company had approximately $1.2 billion of variable-rate indebtedness and $1.8 billion of fixed-rate indebtedness outstanding[196]. - The company has converted $833.8 million of its variable-rate indebtedness to fixed-rate through interest rate swaps[200]. - Increases in interest rates could raise the company's debt payments, reducing cash flows and funds from operations[200]. - The company may face challenges in refinancing its indebtedness at maturity, which could lead to defaults and adverse financial consequences[198]. - The company has covenants in its existing and future indebtedness that may restrict operational flexibility and financial activities[202]. - Future capital raising efforts may dilute existing stockholders' equity and affect the market price of common stock[215]. - As of December 31, 2023, the company had $645.0 million of outstanding USD-denominated variable-rate debt and C$250.0 million of CAD-denominated variable-rate debt[458]. - A 100 basis point increase in market interest rates would result in an increase in interest expense of approximately $3.9 million[458]. REIT Compliance and Taxation - The company is required to distribute at least 90% of its REIT taxable income to qualify as a REIT, which may limit its ability to fund future capital needs[201]. - To maintain REIT status, the company must distribute at least 90% of its REIT taxable income annually[223]. - The company may face a 4% excise tax if it fails to meet distribution requirements[223]. - At least 75% of the value of the company's assets must consist of cash, government securities, and qualified real estate assets to qualify as a REIT[227]. - Failure to qualify as a REIT could result in significant tax liabilities, reducing cash available for investment or distribution to stockholders[222]. - If the Operating Partnership fails to qualify as a partnership for tax purposes, it could jeopardize the company's REIT status[238]. - The company must comply with REIT requirements, which may limit its ability to undertake certain investments or activities[226]. - The company may be subject to various taxes that could reduce funds available for distribution to stockholders[233]. - Future changes to U.S. federal income tax laws could adversely impact the company's business and financial results[230]. Shareholder and Governance - The current annualized distributions to stockholders are $0.88 per share, with potential risks of insufficient cash available for distribution[214]. - The board of directors has significant authority to make decisions without stockholder approval, which could impact stockholder interests[206]. - Ownership limitations in the company's articles of incorporation are designed to maintain REIT status and may hinder potential changes in control[209]. - As of December 31, 2023, there are 283,699,120 shares of common stock issued and outstanding[218]. - The company has filed a registration statement on Form S-8 covering common stock issuable under various equity incentive plans[219]. International Operations - Revenues from international operations for the year ended December 31, 2023, were $597.2 million, representing 22.3% of consolidated revenues[462]. - Net assets in international operations decreased from approximately $1.3 billion in 2022 to $1.1 billion in 2023[462]. - A 10% depreciation in the year-end functional currencies of international operations relative to the U.S. dollar would have resulted in a reduction in total equity of approximately $137.9 million[459]. - The company entered into cross-currency swaps to hedge cash flow variability from foreign currency changes on intercompany loans[464]. - The Agro acquisition involved €750 million in Senior Unsecured Notes, designated as a net investment hedge for European operations[465]. - The company drew £68.5 million from its Senior Unsecured Revolving Credit Facility to fund the Bowman acquisition, designated as a net investment hedge[468]. - During 2022 and 2023, the company funded various international capital requirements with borrowings from its Senior Unsecured Revolving Credit Facility, designated as a net investment hedge[471]. - The operating income of the Argentina subsidiary was less than 1.0% of consolidated operating income for the years ended December 31, 2023, and 2022[460].

Financial Data and Key Metrics Changes - For the full year 2023, the company achieved a record same-store economic occupancy of 84.3%, an increase of almost 400 basis points compared to the previous record of 80.5% [22][61] - The company reported an AFFO per share of $0.38 for Q4 2023, a 31% increase year-over-year, marking a record level for quarterly AFFO per share [56] - The total net debt outstanding at the end of the quarter was $3.2 billion, with total liquidity of $797 million [74] Business Line Data and Key Metrics Changes - Rent and storage revenue from fixed commitment contracts increased to $577 million in Q4 2023, compared to $420 million in Q4 2022, representing a significant improvement [35] - Service revenue per throughput pallet increased by 9.1% in Q4 2023, reflecting the company's focus on pricing initiatives [66] - The company introduced a new labor metric indicating that 32% of hourly associates had less than 12 months of experience, down from a COVID high of 41% [24] Market Data and Key Metrics Changes - Throughput volumes declined by approximately 760 basis points year-over-year, although the decline improved sequentially by 140 basis points [29] - The company expects a slight decline in throughput volumes of 1% to 3% in 2024 due to a slowdown in end consumer demand [75] - The European warehouse business NOI grew by approximately 32% in 2023 despite a $237 million non-cash goodwill impairment due to higher interest rates and a weakened macroeconomic environment [113] Company Strategy and Development Direction - The company announced a $130 million greenfield development in Kansas City, Missouri, in collaboration with Canadian Pacific Kansas City (CPKC) [28] - A new multi-customer major market distribution center is planned in Dubai for $35 million, which will optimize temperature-sensitive food flows in the Gulf Cooperation Council [54][55] - The company is focused on maintaining high occupancy and fixed commitment contracts while expanding its development pipeline, which remains robust at over $1 billion [119] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a recovery in throughput volumes in the second half of 2024, despite challenges in the first half due to weak consumer demand [101][95] - The company anticipates that economic occupancy may decline slightly in 2024, but remains optimistic about maintaining strong occupancy levels [30][88] - Management highlighted the importance of customer service and commercialization efforts in driving occupancy and revenue growth [62] Other Important Information - The company completed five automated developments in 2023, enhancing its service capabilities [86] - A new Vice President of Investor Relations, Kevin Reed, has joined the company, bringing extensive experience in investor relations [36] - The company is committed to community initiatives, partnering with Feed The Children to assist families in underserved communities [33] Q&A Session Summary Question: What is the outlook for throughput in 2024? - Management expects a weak first half of 2024 but anticipates a stronger second half as consumer demand picks up [95][101] Question: How does the company view occupancy trends? - The company set a record occupancy of over 84% and is confident in maintaining strong occupancy levels despite a slight expected decline [96][118] Question: What are the expectations for new developments? - The company has a robust development pipeline and expects to continue pursuing both customer-dedicated builds and strategic partnerships for new developments [120][119]

For the quarter ended December 2023, Americold Realty Trust Inc. (COLD) reported revenue of $679.29 million, down 5.9% over the same period last year. EPS came in at $0.38, compared to $0.01 in the year-ago quarter.The reported revenue represents a surprise of -1.94% over the Zacks Consensus Estimate of $692.71 million. With the consensus EPS estimate being $0.36, the EPS surprise was +5.56%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they comp ...

Exhibit 99.2 Financial Information Consolidated Balance Sheets 17 Consolidated Statements of Operations 18 Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO 19 Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA 21 Acquisition, Cyber Incident and Other, net 22 Debt Detail and Maturities 23 External Growth and Capital Deployment 39 Table of Contents | --- | --- | |-------|------------------------------| | | | | | | | | | | | | | | EARNINGS RELEASE & FINANCIAL | ...

LebazeleAmericold (NYSE:COLD) is a cold storage REIT with 18.3% market share in North America, making it the second-largest player behind the soon to IPO, Lineage Logistics. Why Americold should be on your watchlist While COLD trades at a fairly high multiple today, the growth implied by consensus Wall Street estimates would easily overcome that multiple in a matter of a few years. We are not ready to buy COLD yet, as we view it as a “show me” stock in the sense that its growth potential relies on impro ...

Financial Data and Key Metrics Changes - The company reported an AFFO per share of $0.32, an increase of over 10% compared to the prior year's quarter [16] - Same-store economic occupancy increased to 84%, a 345 basis point increase year-over-year, but an 80 basis point decline sequentially from the second quarter [11][18] - The churn rate remained low at approximately 3.2% of total warehouse revenues, consistent with historical rates [22][50] Business Line Data and Key Metrics Changes - Rent and storage revenue from fixed commitment contracts increased to $551 million, compared to $379 million in the third quarter of 2022 [22] - Rent and storage revenue for economic occupied pallets increased by 3.5% year-over-year on a constant currency basis [23] - Service revenue per throughput pallet increased by 6.1% [23] Market Data and Key Metrics Changes - The company expects constant currency revenue growth in the same-store pool for the full year to be in the range of 3% to 5% [31] - Year-to-date throughput volumes decreased by 6.7%, with expectations for a decline of 6% to 7.5% for the full year [32] Company Strategy and Development Direction - The company announced an $85 million expansion of its Allentown, Pennsylvania facility, driven by strong demand from its customer base [7][52] - The company is focusing on three primary development areas: expansion projects, customer dedicated build-to-suit developments, and collaborations with CPKC and DP World [24][64] - A strategic tuck-in acquisition of Safeway Freezers for approximately $37 million was completed, enhancing the company's presence in New Jersey [15][55] Management's Comments on Operating Environment and Future Outlook - Management noted that throughput volumes are expected to rise sequentially in the fourth quarter due to seasonal demand [19] - The company is optimistic about managing variable costs effectively, despite the challenges posed by the current economic environment [45][119] - Management highlighted the importance of maintaining strong occupancy rates and pricing initiatives to offset inflationary pressures [6][23] Other Important Information - The company achieved a GRESB score of 80, improving its rank among peers [49] - The company raised its full year 2023 AFFO per share guidance to a midpoint of $1.27, reflecting improved economic occupancy and cost management [20][59] Q&A Session Summary Question: What is the strategy for pricing renewals? - Management emphasized that renewals are being priced to market rates, with annual general rate increases implemented in January [68] Question: What is driving the CapEx guidance change? - The change is directly related to throughput declines, leading to adjustments in preventative maintenance spending [70] Question: How long do throughput slowdowns typically last? - Management indicated that throughput is expected to improve sequentially through the holiday season, despite being down year-over-year [72][120] Question: What are the economics of the Safeway acquisition? - The acquisition is expected to yield a net entry NOI of approximately 9%, supporting the company's existing infrastructure in a strong market [111] Question: How does the company manage variable costs? - Management noted that about 50% of the cost structure is fixed, and effective management of variable costs is crucial for maintaining margins [118]