Core Insights - Americold Realty Trust's Russellville, Arkansas facility won the 2024 Built By The Best Award from the Controlled Environment Building Association, showcasing its excellence in design and operational capabilities [1][2] - The facility is a highly automated 136,000-square-foot cold storage and distribution center, featuring a 140-foot height, which added 42,000 pallet positions and 13 million cubic feet of storage capacity [2][3] Facility Features - The multimillion-dollar project includes an advanced ammonia refrigeration system, insulated metal panel exterior walls, an automated truck unloading system, and a state-of-the-art automated storage and retrieval system (ASRS) [3] - Sustainability is prioritized with energy-efficient systems and a 25% reduction in water use, alongside modern amenities such as a breakroom, offices, and a conference room [3] Company Overview - Americold is a global leader in temperature-controlled logistics real estate, owning and/or operating 239 warehouses with approximately 1.5 billion refrigerated cubic feet of storage across multiple continents [5] - The company's facilities play a crucial role in the supply chain, connecting food producers, processors, distributors, and retailers to consumers [5]

Group 1 - Americold Realty Trust (NYSE: COLD) has been monitored for a long time, with a growing interest in the company recently [1] - The company has a history of small positions held by the analyst, indicating cautious investment behavior [1] - The analyst has a background in financial performance analytics, trading, and banking, which adds credibility to the analysis of Americold [1] Group 2 - The analyst holds a beneficial long position in Americold shares, indicating confidence in the company's future performance [1] - The article expresses personal opinions and insights rather than being influenced by external compensation [1]

Financial Data and Key Metrics Changes - The company generated AFFO of approximately $100 million or $0.35 per share, an increase of over 11% from Q3 of last year [8] - Same-store NOI was approximately $201 million in the quarter, up 11% from the prior year, and remains on track for double-digit growth for the full year [8] - Services margins were higher in Q3, partly due to an over-delivery on throughput volumes, with a new base for annual warehouse services margins set at 12% [11][12] Business Line Data and Key Metrics Changes - Same-store rent and storage revenue per economic occupied pallet on a constant currency basis increased by almost 4% versus the prior year, while same-store services revenue per throughput pallet increased by 11% [22][28] - The company achieved an incremental $100 million of warehouse services NOI versus the prior year through workforce hiring, retention, and productivity [10] Market Data and Key Metrics Changes - Economic occupancy dipped in Q3 to approximately 77%, with rent and storage revenue derived from fixed commitment storage contracts at approximately 58% [18][30] - The churn rate remains low at approximately 3% of total warehouse revenues, consistent with historical rates [29] Company Strategy and Development Direction - The company is focused on expanding its services to organically grow and provide more supply chain capabilities to customers [20] - Plans for a $148 million automated expansion in the Dallas-Fort Worth market were announced, which will add 50,000 pallet positions and 19 million cubic feet to the portfolio [32] - The company is maintaining its current AFFO per share guidance range of $1.44 to $1.50, representing an approximately 16% increase from 2023 [25] Management's Comments on Operating Environment and Future Outlook - Management noted that while a full recovery of consumer demand is expected, it may take longer than originally anticipated due to inflationary pressures [15][16] - The company continues to control its operations and grow earnings through productivity and an organic sales pipeline, setting up for outsized growth as consumer demand recovers [16][19] Other Important Information - The company reported an increase in its GRESB score to 81 out of 100, finishing first in its peer group, highlighting its commitment to sustainability [25] - The company has a robust development pipeline exceeding $1 billion in projects across expansions, customer-dedicated builds, and partnership-focused builds [42] Q&A Session Summary Question: What is the outlook on occupancy? - Management indicated that the primary driver of occupancy decline is broad-based consumer demand, not related to a specific sector or region [62] Question: Are there any issues with fixed commitment contracts? - Management reported continued growth in fixed commitments, achieving a 14th consecutive quarterly record [63][64] Question: What is the expectation for service margins going forward? - Management stated that 12% is the new base for service margins going forward, with expectations for continued improvement as volumes return [70] Question: What needs to happen for an inflection in occupancy? - Management emphasized that moderating inflation and interest rates are crucial for increasing consumer disposable income, which would spur demand [112]

Warehouse Operations - As of September 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[119]. - The number of total warehouses as of September 30, 2024, was 239, including 9 non-same store warehouses and 4 third-party managed warehouses[151]. - The company has exited less strategic and profitable markets, including the sale of certain warehouse assets and the exit of certain managed warehouse agreements[122]. Financial Performance - For the three months ended September 30, 2024, total warehouse segment revenues were $612.2 million, a 1.6% increase compared to $602.6 million in the same period of 2023[175]. - Warehouse segment NOI increased by 13.0% during the three months ended September 30, 2024, primarily due to increased NOI in the same store portfolio of $19.8 million[178]. - Same store contribution NOI for the warehouse segment was $198.6 million, reflecting an 11.7% increase compared to $177.8 million in the prior year[175]. - Total warehouse segment revenues increased by $58.3 million, or 3.3%, on a constant currency basis during the nine months ended September 30, 2024, compared to the same period in the prior year[216]. - Same store revenues totaled $1,753,957 thousand, with a constant currency increase of 3.0% during the nine months ended September 30, 2024[218]. Cost Management - The total warehouse segment cost of operations decreased by $6.8 million, or 1.6%, during the three months ended September 30, 2024, compared to the prior year[177]. - Total warehouse segment cost of operations decreased by $25.2 million, or 2.0%, on a constant currency basis during the nine months ended September 30, 2024, compared to the same period in the prior year[215]. - Same store cost of operations was $395.9 million, a decrease of 1.6% compared to $400.3 million in the prior year[180]. Project Orion - The company has incurred $138.3 million in implementation costs related to Project Orion, aimed at enhancing technology systems and business processes, with an unamortized balance of $76.0 million as of September 30, 2024[129]. - Project Orion expenses increased by $18.4 million primarily due to increased contract labor and professional fees[199]. - Project Orion expenses increased by $33.7 million, primarily due to increased contract labor and professional fees[238]. Cybersecurity - The company experienced a cybersecurity incident on April 26, 2023, which partially impacted operations, but all locations resumed operations at pre-cyberattack levels by June 30, 2023[124]. - Cyber incident related costs decreased by $4.7 million during the three months ended September 30, 2024 compared to the same period in the prior year[200]. - Cyber incident related costs decreased by $31.8 million, partially due to a $10.0 million payment for business interruption insurance[239]. Debt and Financing - The company sold 13,244,905 common shares under the Prior ATM Equity Program for net proceeds of $412.6 million, which were used to repay a portion of revolver borrowings[263]. - On September 12, 2024, the company completed a public offering of $500 million aggregate principal amount of senior unsecured notes with a 5.409% interest rate, due September 12, 2034[265]. - As of September 30, 2024, the total outstanding indebtedness is $3,552.7 million, with fixed-rate debt constituting 92.4% and variable-rate debt 7.6%[274][277]. - Interest expense for the three months ended September 30, 2024, was $34.255 million, compared to $35.572 million in the same period of 2023, indicating a decrease of 3.7%[256]. Revenue and Income - Total revenue for the nine months ended September 30, 2024, was $1,213.1 million, compared to $1,585.8 million for the year ended December 31, 2023, reflecting a decrease[307]. - Operating income increased to $110.7 million for the nine months ended September 30, 2024, from $74.5 million for the year ended December 31, 2023[307]. - NAREIT FFO for the nine months ended September 30, 2024, was $110.8 million, compared to $55.3 million for the same period in 2023[251]. Market and Economic Conditions - Economic occupancy is a key driver of financial results, with a focus on establishing contracts with fixed storage commitments to mitigate seasonal impacts[154]. - The company aims to transition existing customers to fixed storage commitments during contract renewals, enhancing revenue stability[154]. - A 100 basis point increase in market interest rates would increase annual interest expense by approximately $2.7 million[310].

Americold Realty Trust Inc. (COLD) reported $674.17 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 0.9%. EPS of $0.35 for the same period compares to -$0.01 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $694.97 million, representing a surprise of -2.99%. The company delivered an EPS surprise of -2.78%, with the consensus EPS estimate being $0.36.While investors closely watch year-over-year changes in headline numbers -- revenu ...

Americold Realty Trust Inc. (COLD) came out with quarterly funds from operations (FFO) of $0.35 per share, missing the Zacks Consensus Estimate of $0.36 per share. This compares to FFO of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -2.78%. A quarter ago, it was expected that this company would post FFO of $0.33 per share when it actually produced FFO of $0.38, delivering a surprise of 15.15%.Over the last four quarters, t ...

Exhibit 99.2 a mericolo. REALTY TRUST EARNINGS RELEASE & FINANCIAL SUPPLEMENT THIRD QUARTER 2024 Financial Supplement Third Quarter 2024 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 (Loss) Income to NAREIT FFO, Core FFO and Adjusted FFO 18 Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA 20 Acquisition, Cybe ...

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