Warehouse Operations - As of September 30, 2025, the company operated 235 warehouses globally, totaling approximately 1.4 billion cubic feet, with 191 in North America, 24 in Europe, 18 in Asia-Pacific, and 2 in South America [143]. - As of September 30, 2025, the company operates a total of 235 warehouses, with 223 being same store warehouses [168]. - Average economic occupied pallets decreased by 4.2% to 4,057 for the three months ended September 30, 2025, compared to 4,237 in the same period of 2024 [193]. - Economic occupancy percentage declined by 290 basis points to 73.8% for the three months ended September 30, 2025, compared to 76.7% in the same period of 2024 [193]. - The average physical occupancy percentage decreased by 380 basis points to 62.8% for the three months ended September 30, 2025, compared to 66.6% in the same period of 2024 [193]. - Same store contribution (NOI) declined by $5.8 million, or 2.9%, compared to the prior year [198]. - Economic occupancy percentage for same store decreased by 280 basis points to 75.5% [198]. Financial Performance - Total revenues for the warehouse segment decreased by $4.8 million, or 0.8%, on a constant currency basis for the three months ended September 30, 2025, compared to the same period in 2024 [194]. - Total revenues for the global warehouse segment for the nine months ended September 30, 2025, were $1,776.4 million, a decrease of 1.9% compared to the same period in 2024 [226]. - On a constant currency basis, warehouse segment revenues decreased by $27.6 million, or 1.5%, during the nine months ended September 30, 2025 [227]. - The global warehouse contribution (NOI) for the nine months ended September 30, 2025, was $592.6 million, reflecting a decrease of 1.3% compared to the prior year [226]. - Total same store revenues for the nine months ended September 30, 2025, were $1,719,637 thousand, down 1.8% from the previous year [235]. - Total non-same store revenues for the same period were $56,804 thousand, reflecting a decrease from $59,313 thousand in the prior year [235]. Costs and Expenses - Warehouse segment cost of operations decreased by $1.4 million, or 0.3%, on a constant currency basis for the three months ended September 30, 2025 [195]. - Warehouse segment cost of operations decreased by $21.8 million, or 1.8%, during the nine months ended September 30, 2025, primarily due to lower operating expenses from closed facilities [228]. - Same store costs of operations decreased by $4.0 million, mainly due to lower other services costs and lower power costs [234]. - Selling, general, and administrative expenses increased by $7.3 million, or 11.5%, primarily due to the go-live of Project Orion in North America and Asia Pacific [212]. - Selling, general, and administrative expenses increased by $18.6 million, or 9.9%, driven by the go-live of Project Orion in North America and Asia Pacific, resulting in higher software-related expenses [245]. Project Orion - The company has incurred $212.5 million in implementation costs related to "Project Orion," aimed at enhancing technology systems and business processes, with an unamortized balance of $82.9 million as of September 30, 2025 [148]. - For the three months ended September 30, 2025, selling, general, and administrative expenses increased by $7.3 million, or 11.5%, primarily due to the go-live of Project Orion in North America and Asia Pacific [212]. - Project Orion expenses decreased by $5.6 million, or 13.6%, primarily due to reduced contract labor and professional fees [247]. Acquisitions and Sales - The company completed the acquisition of a temperature-controlled storage facility in Baytown, TX, for total cash consideration of $108.4 million on March 17, 2025 [151]. - The sale of a 14.99% equity interest in the SuperFrio joint venture generated net proceeds of $27.0 million, with a net gain of $2.4 million recognized for the nine months ended September 30, 2025 [152]. - During the nine months ended September 30, 2025, the company sold four facilities for total proceeds of $24.4 million, resulting in a total gain of $11.6 million [153]. - The company recorded a net gain on real estate of $0.1 million during the three months ended September 30, 2025, related to the sale of a previously impaired facility [218]. Debt and Financing - As of September 30, 2025, total outstanding indebtedness was $4,127.6 million, with fixed interest rate debt comprising 91.2% [289]. - Interest expense rose by $7.4 million, or 7.4%, due to an increase in outstanding debt, including the issuance of $500.0 million and $400.0 million Public Notes [254]. - The company completed a public offering of $400,000,000 aggregate principal amount of 5.600% senior unsecured notes due May 15, 2032 [279]. - The proceeds from the issuance of the Public 5.600% Notes were used to repay a portion of borrowings previously outstanding [279]. - The company expects that its funding sources will be adequate to meet its short and long-term liquidity requirements [274]. Market Conditions - Management believes that macroeconomic conditions, including inflation and consumer spending conservatism, will continue to impact future operating results [159]. - A 100 basis point increase in market interest rates would lead to an increase in annual interest expense of approximately $3.6 million, while a decrease would result in a $3.6 million reduction [324]. - The foreign currency risk exposure as of September 30, 2025, was not materially different from the disclosures in the 2024 Annual Report [325].

Financial Data and Key Metrics Changes - The third-quarter AFFO per share was reported at $0.35, aligning with expectations despite ongoing industry challenges from lower consumer demand and increased supply [17][22] - Same-store economic occupancy decreased to 75.5%, reflecting continued demand pressure, while same-store throughput saw a slight sequential increase due to the annual agricultural harvest [22][23] - Same-store NOI contracted from the prior quarter primarily due to seasonal increases in power costs, although rent and storage revenue per economic pallet increased both sequentially and year-over-year [22][23] Business Line Data and Key Metrics Changes - Approximately 30% of capacity and revenue comes from production-attached facilities, which are viewed as valuable assets for future expansion [10] - Four distribution centers account for about 50% of capacity and 40% of revenue, facing pricing competition due to excess capacity [12] - Retail distribution centers represent about 10% of capacity and 20% of revenues, with growth expected as the company expands capabilities overseas [14] Market Data and Key Metrics Changes - The Asia-Pacific region's total warehouse NOI increased by approximately 16% year-to-date, with economic occupancy well over 90% [18] - The macro environment remains challenging, with customer commentary indicating constrained demand, particularly among lower-income consumers [19] - The company anticipates that excess capacity will take a couple of years to be fully absorbed, with pricing gains expected to moderate in the fourth quarter [26][54] Company Strategy and Development Direction - The company aims to grow market share in the fast-turning retail sector and expand its quick service restaurant business into new geographies [6] - A focus on maintaining fixed-commitment contracts is emphasized, as they provide stable cash flows and long-term customer relationships [8][23] - The company is actively managing its real estate portfolio, exiting low-occupancy facilities while evaluating triple-net lease arrangements to drive occupancy levels [20][24] Management's Comments on Operating Environment and Future Outlook - Management believes that current headwinds are largely transitory, with expectations for pricing and occupancy pressures in 2026 [19][25] - The company is confident in the long-term trajectory of the cold storage industry, citing unique value propositions and mission-critical infrastructure [21][27] - Management is focused on identifying new sales opportunities and expanding into potential new sectors, including both food and non-food categories [20][54] Other Important Information - The company has a development pipeline of approximately $1 billion in attractive opportunities, balancing capital allocation with maintaining dividends and an investment-grade profile [24][62] - The company is trading at a significant discount to intrinsic value, with a historically high cap rate of around 10% [29][30] Q&A Session Summary Question: How should we think about throughput over the next 12 months? - Management indicated that throughput is expected to remain challenged due to lower demand, particularly from lower and middle-income consumers, with muted seasonal demand anticipated [32][33] Question: What are you doing to control costs in the business? - Management highlighted effective cost control measures, including matching direct labor to throughput, which has helped maintain handling margins above 12% [35][37] Question: Should we expect more fixed commitment contracts to be up for renewal in the beginning of the year? - Management clarified that contract renewals are spread throughout the year based on when they are signed, rather than being concentrated in specific quarters [41] Question: What happens to low-occupancy facilities from a P&L perspective? - Management explained that costs associated with low-occupancy facilities are generally minimal and may be capitalized once removed from active status, with customers often moved to owned infrastructure [44] Question: How do you see the new competition in the industry? - Management noted that many new market entrants are struggling with unsustainable business models, which could lead to accelerated exits from the market [50][52]

Unlocking Long-Term Growth through our Infrastructure, Expertise and Partnerships C o r p o r a t e D e c k | N o v e m b e r 6 , 2 0 2 5 Disclaimer This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statem ...

Financial Performance - Total revenues for Q3 2025 were $663.7 million, a 1.6% decrease from $674.2 million in Q3 2024[18] - Net loss for Q3 2025 was $11.4 million, or $0.04 loss per diluted share, compared to a net loss of $3.7 million, or $0.01 loss per diluted share in Q3 2024[26] - Adjusted FFO for Q3 2025 was $100.7 million, or $0.35 per diluted share, consistent with Q3 2024[28] - Core EBITDA for Q3 2025 was $148.3 million, a decrease of $9.0 million, or 5.7% from $157.2 million in Q3 2024[27] - Core FFO for Q3 2025 was $81.7 million compared to $83.9 million for Q3 2024[28] - NAREIT FFO for Q3 2025 was $43,151,000, down 22% from $55,540,000 in Q3 2024[81] - Core FFO for Q3 2025 was $81,747,000, a decrease of 2.6% from $83,897,000 in Q3 2024[81] - Adjusted FFO for Q3 2025 was $100,681,000, slightly up from $100,137,000 in Q3 2024, indicating a 0.5% increase[81] - Total revenues for Q3 2025 were $663,665,000, down 1.5% from $674,171,000 in Q3 2024[84] - Operating income for the three months ended September 30, 2025, was $16.8 million, down from $27.2 million in the prior year[76] Revenue Breakdown - Global Warehouse same store revenues decreased 1.6% on an actual basis compared to Q3 2024[18] - Global Warehouse total revenues for the three months ended September 30, 2025, were $607,014, a decrease of 0.8% compared to $612,181 in 2024[32] - Same store total revenues were $586,524, down 1.6% from $595,829 in 2024[37] - Non-same store revenues for the three months ended September 30, 2025, totaled $20,490,000, an increase from $16,352,000 in 2024[41] - Non-same store revenues totaled $56,804, with a contribution (NOI) of $5,363 for the nine months ended September 30, 2025[54] - Total revenues for the three months ended September 30, 2025, were $663,665,000, a decrease of 1.5% compared to $674,171,000 for the same period in 2024[1] Operational Metrics - Average economic occupied pallets decreased by 4.2% to 4,057 from 4,237 in 2024[32] - Economic occupancy percentage fell by 290 basis points to 73.8% compared to 76.7% in 2024[32] - Same store average economic occupied pallets declined by 4.1% to 3,969 from 4,137 in 2024[37] - Same store economic occupancy percentage dropped by 280 basis points to 75.5% compared to 78.3% in 2024[37] - The average economic occupancy percentage for the warehouse segment decreased to 74.1% from 78.1% in the prior year, representing a decline of 400 basis points[46] - The average physical occupied pallets decreased to 3,467 for the nine months ended September 30, 2025, down 7.4% from 3,744 in 2024[46] Cost and Expenses - Total selling, general and administrative expenses guidance for 2025 is $270 million to $280 million, including $23 million to $25 million for share-based compensation[20] - The total same store cost of operations for Q3 2025 was $391.3 million, up from $373.9 million in Q2 2025, reflecting a 4.0% increase[124] - Selling, general, and administrative expenses increased to $(70,982,000) for the three months ended September 30, 2025, compared to $(63,663,000) in 2024, an increase of 11.5%[1] - Repair and maintenance expenses totaled $30.8 million for the three months ended September 30, 2025, compared to $33.0 million for the same period in 2024[111] Debt and Liquidity - As of September 30, 2025, the company had total liquidity of approximately $798.9 million, including cash and available capacity on its revolving credit facility[64] - Total net debt outstanding was approximately $4.1 billion, with a net debt to pro forma Core EBITDA ratio of approximately 6.7x[64] - Total debt outstanding as of September 30, 2025, was $4,127,571,000, with a weighted average effective interest rate of 4.15%[86] - The Company’s total debt as a percentage of total assets was 33%, well below the 60% limit set by debt covenants[97] - The Company’s interest coverage ratio was 3.6x, exceeding the required minimum of 1.5x as of September 30, 2025[97] Strategic Initiatives - The company aims to enhance efficiency and reduce costs through its transportation services, including consolidation and freight management[2] - The third-party managed segment is expected to drive growth by providing integrated services to food manufacturers and retailers, enhancing operational efficiency[3] - The company has four sites in the development and expansion phase that will be added to the non-same store pool when operations commence[42] - The Company completed the Houston acquisition on March 17, 2025, for total cash consideration of $108.4 million, enhancing its market position[113] - The company has 5 projects in process, with a total estimated cost of $243 million and an expected stabilized NOI of $50 million[121] Dividend and Shareholder Returns - The Company's Board of Directors declared a 5% increase in the dividend to $0.23 per share for Q3 2025, paid on October 15, 2025[66] Miscellaneous - The Company utilizes various non-GAAP financial measures, including NAREIT FFO and Core EBITDA, to supplement its performance analysis[68] - All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited[148] - The document indicates a total of 33 references to key financial data[149]

Core Insights - Americold Realty Trust reported total revenues of $663.7 million for Q3 2025, a decrease of 1.6% from $674.2 million in Q3 2024, primarily due to lower volumes in the warehouse segment and a decrease in transportation revenue [6][11] - The company delivered an Adjusted Funds From Operations (AFFO) of $0.35 per diluted share, consistent with the same quarter in the previous year [6][15] - The company reiterated its full-year 2025 outlook, indicating a cautious but stable approach amidst ongoing industry challenges [5][6] Financial Performance - Total revenues for Q3 2025 were $663.7 million, down 1.6% year-over-year [6][11] - The net loss for Q3 2025 was $11.4 million, or $0.04 per diluted share, compared to a net loss of $3.7 million, or $0.01 per diluted share in Q3 2024 [6][13] - Core EBITDA for Q3 2025 was $148.3 million, a decrease of 5.7% from $157.2 million in Q3 2024 [6][14] Operational Metrics - Global Warehouse segment same store revenues decreased by 1.6% on an actual basis and 1.5% on a constant currency basis compared to Q3 2024 [6][11] - The same store services margin decreased to 12.3% from 13.6% in Q3 2024 [6][11] - Economic occupancy percentage for same store warehouses was 75.5%, down from 78.3% in the previous year [24] Strategic Outlook - The CEO emphasized the company's commitment to operational excellence and strong execution, which are crucial for navigating current market conditions [3] - Americold is exploring ways to leverage partnerships and evaluate adjacent categories to drive occupancy throughout its network [3] - The company remains confident in its long-term potential, citing investments in labor, technology, and commercial leadership as key drivers for future growth [3]

Core Insights - The NACD Directorship 100 Awards Gala will take place on December 11 in New York City, celebrating leadership excellence in corporate governance [5][6] - This year's honorees will be featured in Directorship® magazine's annual coverage of the Most Influential People in Boardrooms and Corporate Governance [5] Group 1: Honorees and Their Contributions - Cindy Baerman has served on various boards, including as Chair of the Compensation and Benefits Committee at Epi Breads and as a Director at Quaker Maid Meats, and played a key role in two European acquisitions at Graphic Packaging International Limited [1][2] - Kelly Barrett, former Senior Vice President of Home Services at The Home Depot, oversaw a $5 billion division and currently serves on multiple boards, including Piedmont Realty Trust and Americold Realty Trust [2][3] Group 2: NACD Overview - The National Association of Corporate Directors (NACD) has been active for over 47 years, helping boards enhance performance and create long-term value [7] - NACD provides resources such as the NACD Directors Summit and Directorship Certification to support boards in navigating complex challenges [9]

Core Insights - Americold has received certification from Ireland's Department of Agriculture, Food and the Marine to export meat to the United States, making it the only dedicated third-party cold storage provider in Ireland with this capability [1][2] - This certification enhances Americold's position in Ireland's cold chain infrastructure and emphasizes its role in facilitating global food flows [2][3] - The company completed five AA-rated BRC Global Standard audits in 2025, achieving the highest rating for food safety and quality, and passed the rigorous McDonald's Distributor Quality Management Process audit [3][4] Company Overview - Americold Realty Trust, Inc. is a leader in temperature-controlled logistics and real estate, with over 230 facilities globally, totaling approximately 1.5 billion refrigerated cubic feet [5] - The company connects various stakeholders in the food supply chain, providing tailored services supported by reliable supply chains and leveraging industry expertise and technology [6]

Group 1 - Americold (NYSE: COLD) is attracting significant investor interest as a "fallen angel" in the REIT sector, suggesting a potential for recovery and growth [1] - The stock is perceived to offer a disproportionate risk-reward profile compared to other industrial REITs, indicating a unique investment opportunity [1] - The investment strategy involves identifying undervalued companies with strong balance sheets and management teams, particularly in sectors with long-term growth potential [1]

Core Insights - Morning Star emphasizes the importance of companies with economic moats for long-term investment success, but also acknowledges that companies without moats can be attractive investments when priced with a significant margin of safety [1][2] Company Summaries - **Caesar's Entertainment**: This company is expected to capture a high single-digit revenue share of the $72 billion domestic commercial casino gaming market despite potential near-term challenges from tariff policies affecting travel and gaming demand. Concerns about high financing costs and elevated debt levels exist, but management has a history of generating cash flows to manage debt [3][4] - **Maricold Realty Trust**: The operator of temperature-controlled warehouses has seen its share price decline due to falling occupancy rates and rent pressures. However, there are signs that speculative supply growth will decrease in the coming years, which may support a recovery in occupancy. The stock is trading at a significant discount to its $27 fair value estimate, making it an attractive option for long-term investors [4][5] - **Fresh Pet**: Despite facing near-term challenges such as slower dog adoption rates and cautious consumer spending, Fresh Pet is well-positioned for growth due to its unique fresh distribution model and expanding store footprint. Innovations in bag production are enhancing product quality while reducing costs, which is expected to boost profitability and sales growth. The stock is currently trading at a deep discount to its $15 fair value estimate [6][7]

Core Insights - The Federal Reserve's interest rate cuts in September have negatively impacted the real estate sector, particularly real estate investment trusts (REITs) and related ETFs, which have shown losses over the past 30 and 90 days [1] Group 1: Market Performance - Despite recent disappointments, investors are advised not to hastily dismiss REITs and related ETFs, as further rate cuts may present new opportunities [2] - The ALPS Active REIT ETF, which is actively managed, could be a viable option for investors looking at real estate funds [2][3] Group 2: REITs with Recovery Potential - Some REITs, such as Americold Realty Trust (COLD), have seen significant declines (down nearly 51% over the past year) but may now represent value plays with rebound potential [4] - Morningstar analysts highlight Americold as a top idea in the sector, alongside Federal Realty Investment Trust (FRT), which is down 13.21% year-to-date but may recover as interest in retail REITs grows [5] Group 3: Federal Realty Investment Trust (FRT) Analysis - Federal Realty has the highest average population density and per capita income among shopping center REITs, which supports its strong growth prospects and high dividend yield [6] - Concerns regarding 10% of Federal Realty's rent coming from office tenants have contributed to its sell-off, but its high-quality portfolio is expected to trade at a premium compared to industry peers [6]