Financial Data and Key Metrics Changes - Q2 AFFO per share was $0.36, with the first half performance largely on track despite ongoing market pressures [7][24][26] - Same store economic occupancy declined slightly in Q2 compared to Q1, with expectations for a decrease of approximately 250 to 450 basis points for the year [3][24] - Same store rent and storage revenue for economic occupied pallets increased by approximately 1% year over year, while same store services revenue for throughput pallets increased by 4% [5][9] Business Line Data and Key Metrics Changes - The retail and QSR business segments are positioned near the top of the portfolio in terms of cash flow generation, with a rent and storage revenue from fixed commitments at 60% for the quarter [4][10] - Warehouse services margins improved by 90 basis points year over year to 13.3% for the quarter, reflecting enhanced productivity from a dedicated workforce [4][5] Market Data and Key Metrics Changes - The market remains highly competitive, with pricing pressure expected to continue into the second half of the year due to various economic headwinds [32][34] - The company has successfully converted over 80% of previously announced $200 million in probability-weighted sales, although occupancy ramp for new customers is taking longer than expected [12][24] Company Strategy and Development Direction - The company is focused on controlling costs, improving efficiencies, and capturing new business, particularly in the retail and QSR sectors [8][24] - Development projects completed in Q2 include expansions in Allentown, Kansas City, and Dubai, showcasing the company's ability to leverage strategic partnerships and expertise [15][17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the second half of the year, citing ongoing demand headwinds and a conservative view of the market [7][24][26] - The company is actively pursuing alternative growth opportunities in underserved geographies and focusing on investments that align with customer needs [8][22] Other Important Information - The company completed three planned exits of idled facilities for total cash proceeds of $20 million, with plans to exit six more facilities [28] - Total net debt outstanding at the end of the quarter was $3.9 billion, with total liquidity of approximately $937 million [27] Q&A Session Summary Question: How competitive is the current pricing environment? - The storage market remains very competitive, with pricing pressure expected to continue until occupancy growth returns. The company has developed tools to balance price and occupancy effectively [32][34] Question: Can you provide details on fixed commitments? - Fixed commitments are structured as multiyear agreements with fixed monthly fees, allowing customers to secure space during peak seasons without annual volume resets [38][40] Question: What factors are suppressing revenue growth in the second half of the year? - Several headwinds, including pricing pressure and unique demand challenges, are impacting revenue growth. The combination of these factors makes it difficult to forecast occupancy and price [44][48] Question: How is the company managing capital deployment and return hurdles? - The company aims for a return of 10% to 12% on new capital deployments, focusing on low-risk projects that align with customer demand [50][52] Question: What is the outlook for occupancy in Q3 and Q4? - The company does not expect any seasonal uplift in the second half, with occupancy levels anticipated to remain similar to the first half of the year [55][56] Question: Are there any catalysts for increasing inventory levels among customers? - Improvement in macroeconomic factors is necessary for demand to increase, as customers are currently facing multiple headwinds [58][61]

Company Overview and Strategy - Americold is a global leader in the cold storage industry, operating a network of strategically located warehouses [7, 83] - The company's strategy focuses on solutions, operational excellence, and experienced leadership [7, 83] - Americold has a capital allocation strategy supported by a blue-chip customer base and unique partnerships [7, 83] Financial Performance and Highlights - The company's total enterprise value is $8.7 billion, with an equity market capitalization of $4.8 billion as of June 30, 2025 [13] - LTM Pro Forma Core EBITDA is $626 million [13] - The company experienced a (1.5)% change in total same-store revenue and a (4.2)% change in same-store NOI for Q2 2025 [13] - Adjusted FFO grew by 34% from $299 million in 2021 to $405 million in LTM Q2 25 [15] Infrastructure and Operations - Americold operates approximately 237 warehouses globally, with a total capacity of approximately 1.5 billion cubic feet [11] - The company has a development pipeline of approximately $1 billion in current projects [18, 49] - Americold's operating system (AOS) ensures best practices across the entire warehouse network [18, 52] Growth Drivers and Market Position - The company has strong same-store warehouse revenue and NOI growth [63, 64] - Americold is a global leader in a highly fragmented market, holding 18% of the North American market share and 6% of the global market share [58, 59]

[Corporate Profile](index=3&type=section&id=Corporate%20Profile) Americold is a global leader in temperature-controlled logistics real estate, operating 237 warehouses with approximately 1.5 billion refrigerated cubic feet of storage globally [Company Overview](index=3&type=section&id=Company%20Overview) Americold is a global leader in temperature-controlled logistics real estate, owning and operating 237 warehouses with 1.5 billion refrigerated cubic feet of storage - Americold operates **237** temperature-controlled warehouses globally, with a total storage capacity of approximately **1.5 billion** refrigerated cubic feet[5](index=5&type=chunk) [Management, Board, and Investor Relations](index=3&type=section&id=Management%2C%20Board%2C%20and%20Investor%20Relations) The report lists the company's senior management team, led by CEO George F. Chappelle, Jr., and the Board of Directors - Key leadership includes **George F. Chappelle, Jr.** as Chief Executive Officer and **Mark R. Patterson** as Chairman of the Board[6](index=6&type=chunk)[7](index=7&type=chunk) [Analyst Coverage, Stock Info, and Credit Ratings](index=4&type=section&id=Analyst%20Coverage%2C%20Stock%20Info%2C%20and%20Credit%20Ratings) The company is covered by numerous financial firms, its stock trades on the NYSE under "COLD", and it holds investment-grade credit ratings - The company's common stock is listed on the New York Stock Exchange under the ticker symbol **"COLD"**[9](index=9&type=chunk) Credit Ratings | Rating Agency | Rating | Outlook/Trend | | :--- | :--- | :--- | | DBRS Morningstar | BBB | Positive Trend | | Fitch | BBB | Stable Outlook | | Moody's | Baa3 | Stable Outlook | [Earnings Release](index=5&type=section&id=Earnings%20Release) Americold reported Q2 2025 Adjusted FFO of $0.36 per share, launched new development projects, and updated its full-year 2025 outlook [Second Quarter 2025 Highlights & CEO Commentary](index=5&type=section&id=Second%20Quarter%202025%20Highlights%20%26%20CEO%20Commentary) Americold reported Q2 2025 Adjusted FFO of $0.36 per share, launched new development projects, and updated its full-year outlook Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $650.7M | $661.0M | -1.5% | | Net Income | $1.6M | N/A (Net Loss) | N/A | | Net Income per Share | $0.01 | ($0.23) | N/A | | Adjusted FFO per Share | $0.36 | $0.38 | -5.6% | | Core EBITDA | $159.1M | $165.5M | -3.9% | - The company launched three significant development projects: a partnership with CPKC in Kansas City, an expansion in Allentown, and a new facility with DP World in Dubai[13](index=13&type=chunk) - CEO commentary indicates that occupancy and throughput levels are expected to remain below typical seasonal trends in the second half of the year due to a challenging demand environment[13](index=13&type=chunk) [2025 Full-Year Outlook](index=6&type=section&id=2025%20Full-Year%20Outlook) The company updated its full-year 2025 guidance, lowering its outlook for same-store revenue growth and adjusting its Adjusted FFO per share range Updated 2025 Full-Year Guidance | Metric | New Guidance (Aug 7, 2025) | Old Guidance (May 8, 2025) | | :--- | :--- | :--- | | Same Store Revenue Growth (CC) | (4.0)% - 0.0% | 0.0% - 2.0% | | Total Maintenance CapEx | $60M - $70M | $80M - $85M | | Adjusted FFO per Share | $1.39 - $1.45 | $1.42 - $1.52 | [Second Quarter 2025 Total Company Financial Results](index=6&type=section&id=Second%20Quarter%202025%20Total%20Company%20Financial%20Results) Q2 2025 total revenues decreased by 1.5% to $650.7 million, with net income improving to $1.6 million from a prior-year net loss Q2 2025 vs Q2 2024 Financial Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $650.7M | $661.0M | | Total NOI | $211.7M | N/A | | Net Income (Loss) | $1.6M | ($64.4M) | | Core EBITDA | $159.1M | $165.5M | | Core FFO per Share | $0.27 | $0.33 | | Adjusted FFO per Share | $0.36 | $0.38 | - The significant year-over-year improvement in net income was primarily driven by the absence of a **$110.7 million loss on debt extinguishment** that occurred in Q2 2024[23](index=23&type=chunk) [Global Warehouse Segment Results](index=8&type=section&id=Global%20Warehouse%20Segment%20Results) The Global Warehouse segment saw a 1.1% revenue decrease to $594.1 million and a 1.7% NOI decrease to $201.0 million in Q2 2025, driven by lower volumes [Total Warehouse Segment Performance (Q2 & YTD)](index=8&type=section&id=Total%20Warehouse%20Segment%20Performance%20%28Q2%20%26%20YTD%29) Q2 2025 Total Warehouse segment revenues declined 1.1% to $594.1 million, with NOI falling 1.7% and economic occupancy dropping 430 basis points Q2 2025 Total Warehouse Segment Performance (vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $594.1M | $600.4M | -1.1% | | Contribution (NOI) | $201.0M | $204.5M | -1.7% | | Economic Occupancy | 73.8% | 78.1% | -430 bps | | Physical Occupancy | 62.8% | 67.8% | -500 bps | YTD 2025 Total Warehouse Segment Performance (vs YTD 2024) | Metric | YTD 2025 | YTD 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,169.4M | $1,198.1M | -2.4% | | Contribution (NOI) | $397.6M | $401.7M | -1.0% | | Economic Occupancy | 74.3% | 78.8% | -450 bps | | Physical Occupancy | 63.1% | 68.3% | -520 bps | [Same Store Warehouse Performance (Q2 & YTD)](index=9&type=section&id=Same%20Store%20Warehouse%20Performance%20%28Q2%20%26%20YTD%29) Same-store portfolio in Q2 2025 saw a 1.5% revenue decline and a 4.2% NOI decline, with economic occupancy falling 410 basis points to 75.5% Q2 2025 Same Store Performance (vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $573.1M | $581.9M | -1.5% | | Contribution (NOI) | $199.2M | $208.0M | -4.2% | | Economic Occupancy | 75.5% | 79.6% | -410 bps | | Services Margin | 13.3% | 12.4% | +90 bps | YTD 2025 Same Store Performance (vs YTD 2024) | Metric | YTD 2025 | YTD 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,133.1M | $1,155.1M | -1.9% | | Contribution (NOI) | $391.9M | $409.2M | -4.2% | | Economic Occupancy | 76.0% | 80.2% | -420 bps | [Segment Analysis and Key Metrics](index=14&type=section&id=Segment%20Analysis%20and%20Key%20Metrics) Warehouse segment revenue and NOI declined due to lower volumes, with 59.7% of rent and storage revenues from fixed commitment contracts - The decrease in Global Warehouse segment revenue was principally driven by lower volumes and throughput due to a competitive environment, changes in consumer buying habits, and lapping a counter-cyclical inventory build from the prior year[57](index=57&type=chunk) - Annualized rent and storage revenues from fixed commitment contracts stood at **$617.4 million** as of June 30, 2025, representing **59.7%** of total rent and storage revenues[59](index=59&type=chunk) - Economic occupancy for the total warehouse segment was **73.8%**, a **1,100 basis point spread** above the physical occupancy, demonstrating the value of fixed commitment contracts[60](index=60&type=chunk) [Balance Sheet, Liquidity, and Dividends](index=14&type=section&id=Balance%20Sheet%2C%20Liquidity%2C%20and%20Dividends) As of June 30, 2025, Americold had $937.0 million in liquidity, net debt of $3.9 billion, and declared a $0.23 per share dividend - Total liquidity was approximately **$937.0 million**, including cash and available capacity on its revolving credit facility[62](index=62&type=chunk) - Net debt to pro forma Core EBITDA was approximately **6.3x** at the end of the quarter[62](index=62&type=chunk) - The company's debt structure is predominantly **fixed-rate (92.7%)** and **unsecured (95.2%)**, with a weighted average term of **4.9 years**[62](index=62&type=chunk) - A dividend of **$0.23 per share** was declared for Q2 2025, representing a **5% increase** compared to the prior year[63](index=63&type=chunk) [Financial Information](index=17&type=section&id=Financial%20Information) This section presents the company's condensed consolidated balance sheets, statements of operations, and reconciliations of non-GAAP financial measures [Condensed Consolidated Balance Sheets](index=17&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows total assets of $8.09 billion and total liabilities of $4.94 billion Balance Sheet Summary (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $8,089,619 | $7,735,954 | | Total Liabilities | $4,944,299 | $4,428,949 | | Total Equity | $3,145,320 | $3,307,005 | [Condensed Consolidated Statements of Operations](index=18&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues were $650.7 million, with a net income of $1.6 million ($0.01 per share), a significant improvement from a prior-year net loss Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $650,748 | $660,955 | | Operating Income | $37,595 | $63,368 | | Net Income (Loss) | $1,550 | ($64,409) | | Net Income (Loss) per Share | $0.01 | ($0.23) | [Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and Adjusted FFO](index=19&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20NAREIT%20FFO%2C%20Core%20FFO%20and%20Adjusted%20FFO) This section reconciles GAAP Net Income to NAREIT FFO, Core FFO, and Adjusted FFO for Q2 2025 Q2 FFO Reconciliation Summary (in thousands, except per share) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) | $1,550 | ($64,409) | | NAREIT FFO | $49,100 | ($7,528) | | Core FFO | $75,827 | $95,023 | | Adjusted FFO | $103,587 | $109,397 | | Adjusted FFO per Diluted Share | $0.36 | $0.38 | [Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA](index=21&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20NAREIT%20EBITDAre%20and%20Core%20EBITDA) For Q2 2025, Core EBITDA was $159.1 million, a decrease from $165.5 million in Q2 2024, with the Core EBITDA margin contracting to 24.4% Q2 EBITDA Reconciliation Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) | $1,550 | ($64,409) | | NAREIT EBITDAre | $122,713 | $57,444 | | Core EBITDA | $159,105 | $165,482 | | Core EBITDA Margin | 24.4% | 25.0% | [Debt Detail and Maturities](index=22&type=section&id=Debt%20Detail%20and%20Maturities) As of June 30, 2025, Americold had $4.05 billion in total debt, with a 4.14% weighted average interest rate and 6.3x Net Debt to Pro Forma Core EBITDA Debt Profile as of June 30, 2025 | Metric | Value | | :--- | :--- | | Total Debt Outstanding | $4.05B | | Net Debt | $3.95B | | Weighted Avg. Interest Rate | 4.14% | | Weighted Avg. Maturity | 4.9 years | | % Fixed Rate (incl. hedges) | 92.7% | | % Unsecured | 95.2% | | Net Debt to Pro Forma Core EBITDA | 6.3x | [Operations Overview](index=23&type=section&id=Operations%20Overview) This section details the company's fixed commitment and lease maturity schedules, capital expenditures, and external growth activities [Fixed Commitment and Lease Maturity Schedules](index=24&type=section&id=Fixed%20Commitment%20and%20Lease%20Maturity%20Schedules) As of June 30, 2025, the company had 604 fixed commitment and lease contracts, generating $617.4 million in annualized rent and storage revenues, with 19.3% expiring in 2026 Fixed Commitment Contract Expiration Schedule (Annualized Rent & Storage Revenues in thousands) | Expiration Year | Annualized Revenues (in thousands) | % of Total | | :--- | :--- | :--- | | Month-to-Month | $100,095 | 9.7% | | 2025 | $59,918 | 5.8% | | 2026 | $199,812 | 19.3% | | 2027 | $61,296 | 5.9% | | 2028 | $47,483 | 4.6% | | 2029+ | $148,775 | 14.4% | | **Total** | **$617,379** | **59.7%** | [Capital Expenditures and Repair and Maintenance Expenses](index=26&type=section&id=Capital%20Expenditures%20and%20Repair%20and%20Maintenance%20Expenses) Total capital expenditures for Q2 2025 surged to $199.8 million, primarily due to expansion and development spending, with YTD capex reaching $421.8 million Capital Expenditures Summary (in thousands) | Category | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Maintenance | $17,283 | $22,832 | $32,082 | $40,765 | | External growth & integration | $0 | $0 | $108,448 | $0 | | Expansion, development & organic | $177,211 | $32,881 | $271,469 | $62,833 | | Technological upgrades | $5,324 | $2,759 | $9,835 | $3,739 | | **Total Capital Expenditures** | **$199,818** | **$58,472** | **$421,834** | **$107,337** | - Total repair and maintenance expenses, which are expensed rather than capitalized, were **$30.6 million** for Q2 2025, slightly up from **$29.3 million** in Q2 2024[109](index=109&type=chunk) [External Growth and Capital Deployment](index=28&type=section&id=External%20Growth%20and%20Capital%20Deployment) The company completed projects in Allentown and Kansas City, has four major expansion projects underway, and acquired a Houston facility for $127 million - Recently completed development projects include an expansion in Allentown, PA and a new facility in Kansas City, MO, both expected to stabilize in 2026[120](index=120&type=chunk) - Four major projects are in process, including a large-scale automated expansion in Dallas Ft. Worth, TX, with a total estimated cost of **$145-$155 million**[121](index=121&type=chunk) - The company acquired a facility in Houston, TX on March 17, 2025, for an acquisition price of **$127 million**, which includes **$16 million** for upgrades, with stabilization expected in Q1 2027 and a **10-12% NOI ROIC**[123](index=123&type=chunk) [Other Supplemental Information](index=29&type=section&id=Other%20Supplemental%20Information) This section provides historical performance trends for same-store operations and details on the company's unconsolidated joint ventures [Same Store Historical Performance Trend](index=29&type=section&id=Same%20Store%20Historical%20Performance%20Trend) Same-store NOI peaked in Q2 2024 at $208.0 million and has since declined to $199.2 million in Q2 2025, with economic occupancy also trending downwards Quarterly Same Store Performance Trend | Metric | Q2 25 | Q1 25 | Q4 24 | Q3 24 | Q2 24 | Q1 24 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues ($M) | $573.1 | $560.0 | $592.6 | $595.8 | $581.9 | $573.3 | | Contribution (NOI) ($M) | $199.2 | $192.7 | $206.4 | $201.1 | $208.0 | $201.2 | | Economic Occupancy % | 75.5% | 76.6% | 79.3% | 78.3% | 79.6% | 80.8% | [Unconsolidated Joint Ventures](index=30&type=section&id=Unconsolidated%20Joint%20Ventures) The company sold its 14.99% equity interest in the SuperFrio joint venture in April 2025 and retains a 49% share in the Dubai-based RSA joint venture - The company finalized the sale of its **14.99% equity interest** in the SuperFrio joint venture in April 2025[130](index=130&type=chunk) - Americold owns a **49% equity share** in the RSA joint venture in Dubai, with its pro rata share of the JV's debt at **$18.7 million** as of June 30, 2025[131](index=131&type=chunk)[132](index=132&type=chunk) [Reconciliations, Notes, and Definitions](index=32&type=section&id=Reconciliations%2C%20Notes%2C%20and%20Definitions) This section provides detailed segment revenues and contribution, along with definitions for key non-GAAP financial measures used in the report [Revenues and Contribution (NOI) by Segment](index=32&type=section&id=Revenues%20and%20Contribution%20%28NOI%29%20by%20Segment) For Q2 2025, the Warehouse segment was the largest contributor to both revenue ($594.1 million) and NOI ($201.0 million) among the three business segments Q2 2025 Revenue and Contribution (NOI) by Segment (in thousands) | Segment | Revenues | Contribution (NOI) | | :--- | :--- | :--- | | Warehouse | $594,070 | $201,005 | | Transportation | $48,097 | $8,742 | | Third-party managed | $8,581 | $1,909 | | **Total** | **$650,748** | **$211,656** | [Notes and Definitions](index=33&type=section&id=Notes%20and%20Definitions) This section defines non-GAAP financial measures such as NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, and NOI, used to assess operating performance - **NAREIT FFO** is calculated per NAREIT standards, starting with net income and excluding items like real estate depreciation and gains/losses on property sales[139](index=139&type=chunk) - **Core FFO** adjusts NAREIT FFO for items like acquisition costs, debt extinguishment losses, and foreign currency impacts to better reflect core business operations[140](index=140&type=chunk) - **Adjusted FFO (AFFO)** adjusts Core FFO for non-real estate depreciation, stock-based compensation, and maintenance capital expenditures to measure the ability to fund distributions and incremental investments[142](index=142&type=chunk) - **Core EBITDA** starts with NAREIT EBITDAre and adjusts for non-core items similar to Core FFO, providing a measure of operations excluding items not indicative of core performance[145](index=145&type=chunk)

Core Insights - Americold Realty Trust reported total revenues of $650.7 million for Q2 2025, a 1.5% decrease from $661.0 million in Q2 2024, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue [6][11]. - The company delivered an Adjusted FFO of $103.6 million, or $0.36 per diluted share, representing a 5.6% decrease from Q2 2024 [6][15]. - The company launched three innovative development projects during the second quarter, indicating a focus on future growth despite current market challenges [3][4]. Financial Performance - Net income for Q2 2025 was $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or $0.23 per diluted share, in Q2 2024 [13]. - Core EBITDA for Q2 2025 was $159.1 million, a decrease of 3.9% from $165.5 million in Q2 2024 [14]. - The Global Warehouse segment's same-store revenues decreased by 1.5% on both actual and constant currency bases compared to Q2 2024 [6][20]. Operational Highlights - The company launched three key projects: a development in Kansas City, an expansion in Allentown, and a flagship build in Dubai, all of which are experiencing strong customer demand [3][4]. - The Global Warehouse segment's same-store services margin increased to 13.3% from 12.4% in Q2 2024, indicating improved efficiency in service delivery [6][21]. - Economic occupancy percentage decreased to 73.8% from 78.1% year-over-year, reflecting challenges in maintaining occupancy levels [19]. 2025 Outlook - The company adjusted its AFFO/share guidance range to $1.39 - $1.45 for the full year 2025, anticipating continued challenges in demand and occupancy levels [3][5]. - The guidance for total selling, general, and administrative expenses is projected to be between $270 million and $280 million, inclusive of share-based compensation [7]. - The company expects the challenging demand environment to persist in the second half of the year, with occupancy and throughput levels remaining below typical seasonal trends [3].

Core Insights - The second-quarter earnings season is underway, and focusing on companies expected to outperform may yield better investment opportunities than those that have already reported strong earnings [1] - The resilience of REITs in both physical and digital economic activities is highlighted, suggesting potential for stable returns and long-term growth despite market uncertainties [3] Industry Fundamentals - The U.S. industrial real estate sector showed resilience with net absorption of 29.6 million square feet in Q2 2025, consistent with the previous quarter but below historical averages [4] - Vacancy rates increased by 20 basis points to 7.1%, marking the first rise above 7% since Q2 2014, yet still only slightly above the 15-year pre-pandemic average [5] - Industrial asking rent growth slowed to 2.6%, the weakest since early 2020, due to softening demand and rising vacancies, although leasing activity remained strong at nearly 309 million square feet in H1 2025 [5] - Retail real estate faced challenges with the overall retail availability rate rising to 4.9% due to bankruptcies and downsizing, while net absorption was negative for the second consecutive quarter, totaling 5 million square feet [6] - Construction completions fell to 4.1 million square feet in Q2, below the 10-year quarterly average of 11.9 million square feet, as developers became more cautious [7] - The average asking rent for retail properties rose slightly to $24.79 per square foot, reflecting landlords' adjustments to subdued demand [8] Company-Specific Insights - Realty Income Corporation (O) has a Zacks Rank of 3 and an Earnings ESP of +0.30%, with expectations of steady results supported by a 98.5% occupancy rate and a focus on non-discretionary tenants [11][12] - The Zacks Consensus Estimate for Realty Income's Q2 revenues is $1.40 billion, indicating a 4.21% increase year-over-year, while the AFFO per share estimate remains unchanged at $1.06 [13] - Americold Realty Trust (COLD) holds a Zacks Rank of 3 and an Earnings ESP of +0.74%, expected to benefit from rising demand for temperature-controlled warehouses amid e-commerce growth [14][15] - The Zacks Consensus Estimate for Americold's Q2 revenues is $647.54 million, with an FFO per share estimate of 34 cents [16] - Plymouth Industrial REIT (PLYM) has a Zacks Rank of 2 and an Earnings ESP of +2.33%, with expectations of strong leasing activity and effective capital redeployment strategies [17][18] - The Zacks Consensus Estimate for Plymouth's Q2 total revenues is $46.71 million, with an FFO per share estimate of 43 cents [19]

Wall Street analysts forecast that Americold Realty Trust Inc. (COLD) will report quarterly earnings of $0.34 per share in its upcoming release, pointing to a year-over-year decline of 10.5%. It is anticipated that revenues will amount to $647.54 million, exhibiting a decrease of 2% compared to the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during thi ...

Financial Performance Highlights - Total revenue increased by 3.5% to $415.8 million for the fourth quarter of 2018[13] - Total revenue increased by 3.9% to $1.60 billion for the full year 2018[13] - Total contribution (NOI) increased 8.3% to $108.7 million for the fourth quarter of 2018[13] - Total contribution (NOI) increased 8.4% to $405.6 million for the full year 2018[13] - Core EBITDA increased 7.6% to $84.7 million for the fourth quarter of 2018[13] - Core EBITDA increased 6.8% to $306.8 million for the full year 2018[13] Global Warehouse Segment Performance - Global Warehouse segment revenue increased 2.6% to $305.5 million for the fourth quarter of 2018[13] - Global Warehouse segment revenue increased 2.7% to $1.18 billion for the full year of 2018[13] - Global Warehouse segment contribution (NOI) increased 7.0% to $100.5 million for the fourth quarter of 2018[13] - Global Warehouse segment contribution (NOI) increased 7.5% to $374.5 million for the full year of 2018[13] - Global Warehouse segment same store revenue grew 3.9% on a constant currency basis for the full year of 2018[13] - Global Warehouse segment same store contribution (NOI) improved 7.4% on a constant currency basis for the full year of 2018[13] Operational Metrics - As of December 31, 2018, the company operated 155 temperature-controlled warehouses encompassing approximately 918.7 million cubic feet[4] - For the fourth quarter of 2018, 42.8% of rent and storage revenues are derived from customers with fixed commitment storage contracts[25]

Financial Performance - Total revenue reached $393.1 million, a 0.5% increase year-over-year, or a 2.8% increase on a constant currency basis[14] - Global Warehouse segment revenue was $289.6 million, up 1.1% from the previous year, or 3.4% on a constant currency basis[14] - Total contribution (NOI) amounted to $98.7 million, a 1.4% increase compared to last year, or 3.0% on a constant currency basis[14] - Core FFO reached $39.9 million, or $0.26 per diluted common share, compared to $34.8 million in the same quarter last year[14] - AFFO was $44.3 million, or $0.29 per diluted common share, compared to $39.9 million in the same quarter last year[14] Acquisitions and Expansions - The company acquired Cloverleaf Cold Storage for $1.24 billion, adding 22 temperature-controlled facilities with 132 million refrigerated cubic feet[32] - Lanier Cold Storage was acquired for $82 million, adding two temperature-controlled facilities with 14 million refrigerated cubic feet[32] - PortFresh was acquired for approximately $35.9 million, including a temperature-controlled operator and 163 acres of land[14, 27] - Plans to build a new 15 million cubic foot temperature-controlled storage facility in Savannah, Georgia, with anticipated spending of $55 to $65 million[14, 27] Operational Metrics - The company operated a global network of 179 temperature-controlled warehouses encompassing over 1 billion cubic feet[5] - Global Warehouse segment same store revenue grew 0.4%, or 2.7% on a constant currency basis[14] - Fixed commitment rent and storage revenue accounted for 43.0% of total rent and storage revenues[25]

Financial Performance Highlights - Total revenue reached $438.5 million, marking an 11.1% increase compared to the same quarter last year[13] - Total NOI increased by 23.3% to $121.1 million compared to the same quarter last year[13] - Core EBITDA grew by 27.1% to $93.6 million, or 28.6% on a constant currency basis, compared to the same quarter last year[13] - Global Warehouse segment revenue increased by 17.6% to $338.2 million compared to the same quarter last year[13] - Global Warehouse segment NOI increased by 25.3% to $113.8 million compared to the same quarter last year[13] - Global Warehouse same store revenue grew 1.5%, or 3.4% on a constant currency basis, with same store segment NOI improving 4.9%, or 6.2% on a constant currency basis[13] Strategic Acquisitions and Capital Deployment - The company completed $1.3 billion in acquisitions during the second quarter, including Cloverleaf Cold Storage for $1.25 billion and Lanier Cold Storage for $82.6 million[11, 13] - The company completed a land purchase in Sydney, Australia for $45.5 million[18] Occupancy and Fixed Commitments - For the second quarter of 2019, economic occupancy for the total warehouse segment was 76.8% and warehouse segment same store pool was 76.7%[27] - On a combined pro forma basis, 38.3% of rent and storage revenues were generated from fixed commitment storage contracts[26]

Financial Supplement Third Quarter 2019 Table of Contents | Overview | PAGE | | --- | --- | | Corporate Profile | 3 | | Earnings Release | 5 | | Selected Quarterly Financial Data | 14 | | Financial Information | | | Condensed Consolidated Balance Sheets | 16 | | Condensed Consolidated Statements of Operations | 17 | | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and AFFO | 18 | | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | 20 | | Acquisition, Litigation, ...