ATLANTA, GA, March 17, 2025 (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 $0.23 per share for the first quarter of 2025, payable to holders of the Company's common stock. The dividend will be payable in cash on April 15, 2025 to stockhol ...

Acquisitions and Investments - In 2023, the company acquired Safeway for $24.0 million and Ormeau for AUD$35.1 million (approximately $23.5 million)[24]. - The company purchased a 49% equity interest in RSA Cold Holdings Limited for $4.0 million, which included a cold storage warehouse in Dubai[25]. - The company sold its remaining 15% equity interest in the LATAM JV for total proceeds of $36.9 million[26]. Project Orion - The company announced "Project Orion" in February 2023, with implementation costs of $161.4 million aimed at transforming technology systems and business processes[39]. - The unamortized balance of Project Orion deferred costs was $80.5 million as of December 31, 2024[39]. - The amortization expense recognized for the Project Orion ERP implementation was $4.2 million for the year ended December 31, 2024[41]. Warehouse Operations and Revenue - As of December 31, 2024, the company operated a global network of 239 temperature-controlled warehouses, encompassing approximately 1.4 billion cubic feet[19]. - The company aims to increase committed revenues in its warehouse segment by transitioning to fixed storage commitments from an as-utilized basis[33]. - The company is focused on expanding its portfolio of temperature-controlled warehouses through strategic acquisitions and development opportunities[34]. - The company anticipates continued outsourcing of temperature-controlled warehousing needs by food producers and retailers, capitalizing on this trend[35]. - The company is well-positioned to benefit from e-commerce growth, serving as a bridge between food producers and fulfillment centers[37]. - As of December 31, 2024, the company served approximately 3,200 customers, with the top 25 customers generating 51% of total warehouse segment revenues[49]. - The company’s warehouse segment revenues from the top 25 customers were 51%, 49%, and 47% for the years ended December 31, 2024, 2023, and 2022, respectively[49]. Workforce and Training - The company has a global workforce of approximately 13,755 employees, with 78% located in North America[61]. - The company successfully negotiated and renewed 16 collective bargaining agreements in 2024, with no work stoppages[62]. - The company completed over 316,890 hours of training for associates in 2024, enhancing leadership capabilities across the organization[69]. - The company expects to engage in negotiations for an additional 12 collective bargaining agreements in 2025, covering approximately 5% of the associate population[63]. - Approximately 31% of the company's associates are represented by local labor unions, with 79 out of 239 warehouses having unionized associates[62][63]. Safety and Compliance - Americold finished 2024 with a Total Recordable Incident Rate (TRIR) of 2.24, significantly below the industry average of 4.3[75]. - The company is self-insured for workers' compensation and health insurance under a large-deductible program, with accrued liabilities deemed appropriate for covering losses[103]. - The company’s facilities are subject to various environmental laws, and non-compliance could materially affect business operations and financial condition[91]. - The company must comply with the Food Safety Modernization Act, which requires a food safety system that includes hazard analysis and preventive controls[93]. - The company carries comprehensive insurance coverage, including general liability and environmental coverage, deemed adequate for its properties[102]. Sustainability and Community Engagement - The company’s warehouses utilize energy-efficient technologies, including LED lighting and solar power, to improve energy efficiency[42]. - In 2024, associates recorded over 5,800 volunteer hours supporting global causes, including over 800,000 lbs. of food transported, resulting in over 660,000 meals for families in need[73]. - The Corporate Sustainability Reporting Directive (CSRD) will require detailed sustainability-related reports starting in 2025, potentially increasing compliance costs[99]. - The company is committed to conducting business consistent with high ethical standards, including a supplier code of conduct and an anonymous Ethics Helpline[87]. - The company has adopted a Human Rights Policy overseen by its Board, ensuring compliance with the United Nations Universal Declaration of Human Rights[88]. Technology and Process Improvement - The company is deploying a global ERP system to enhance data accuracy and streamline processes[70]. - The company has implemented fixed commitment contracts with certain customers to mitigate revenue volatility caused by seasonality[53]. - Americold's safety software system, Vector, will be redeployed globally in 2025 to enhance hazard recognition and reporting among associates[82].

Unlocking Growth through our Infrastructure, Expertise and Partnerships Corporate Deck | February 2025 1 Global leader in the attractive cold storage industry with an integrated network of high-quality, strategically located mission-critical warehouses 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems 3 Disclaimer This presentation contains statements about future events and expectations that cons ...

Financial Data and Key Metrics Changes - In Q4 2024, same-store NOI was approximately $204 million, a 6% increase from the prior year, while AFFO was approximately $106 million, or $0.37 per share [19][20] - Full-year 2024 AFFO was $1.47 per share, reflecting a 40% increase over the past two years [20] - The company achieved a 16% increase in AFFO per share compared to 2023 [21] Business Line Data and Key Metrics Changes - Same-store rent and storage revenue per economically occupied pallet increased by approximately 3% year-over-year, while same-store services revenue for throughput pallets increased by approximately 6% [14][32] - Same-store warehouse services margin finished at 13%, up almost 7 percentage points from the previous year [14] - The company generated an incremental $125 million of same-store warehouse services NOI in 2024, exceeding its $100 million commitment made two years ago [13] Market Data and Key Metrics Changes - Economic occupancy is expected to remain generally flat in 2025, with a potential increase or decrease of 100 basis points compared to 2024 [26] - Throughput volumes are anticipated to increase by 100 to 200 basis points from 2024 [26] - The company expects a normalized year of general rate increases and renewals in pricing [26] Company Strategy and Development Direction - The company plans to focus on strategic partnerships, low-risk expansions, and customer-dedicated developments in 2025 [22] - A new import-export hub is planned in Canada for approximately $79 million, which will integrate Americold's warehouse solutions with maritime logistics capabilities [23] - The company is also expanding its facility in Christchurch, New Zealand, for approximately $34 million to support a major grocery retailer [24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for 2025, citing successful partnerships and capital deployment [59] - The company anticipates stabilization in the market and a return to traditional seasonal trends, with expectations for occupancy gains in the latter half of the year [25][26] - Management noted that the gap between economic and physical occupancy is expected to widen as fixed commitments increase [67] Other Important Information - The company has maintained a low associate turnover rate of 32%, which is approximately 10% better than historical levels [12] - Americold's partnership with Feed the Children has delivered nearly 2 million pounds of food to underserved communities over the past decade [28] Q&A Session Summary Question: Occupancy target and economic vs. physical occupancy - Management expects flat economic occupancy for the year, with seasonal trends indicating lower occupancy in the first half and higher in the second half [66][67] Question: Service margin expectations - Management indicated that service margins are expected to exceed 12%, with potential for further improvement depending on business mix and throughput volume [71][72] Question: Customer feedback on normalization - Management noted that inventory levels are low, and they expect throughput to increase, indicating a stabilization in the market [76][77] Question: Factors for return to normal seasonality - Management highlighted the importance of sales initiatives and customer inventory levels in driving occupancy in the second half of the year [89][90] Question: New business pipeline details - The probability-weighted new business pipeline is estimated at over $200 million, with a focus on long-term deals and market share gains [95][96]

Core Insights - Americold Realty Trust Inc. reported a revenue of $666.44 million for the quarter ended December 2024, which is a decrease of 1.9% year-over-year, and an EPS of $0.37, a significant improvement from -$0.80 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $692.19 million by 3.72%, while the EPS exceeded the consensus estimate of $0.36 by 2.78% [1] Revenue Breakdown - Revenue from rent, storage, and warehouse services was $606.47 million, below the average estimate of $630.88 million, reflecting a year-over-year decline of 1% [4] - Revenue from third-party managed services reached $10.10 million, surpassing the estimated $9.81 million, marking a year-over-year increase of 10.3% [4] - Global warehouse services generated $346.58 million, slightly below the estimated $353.18 million, with a year-over-year growth of 3.3% [4] - Revenue from global warehouse rent and storage was $259.89 million, falling short of the $277.70 million estimate, representing a year-over-year decline of 6.1% [4] - Transportation services revenue was $49.88 million, below the average estimate of $51.53 million, showing a significant year-over-year decrease of 13.8% [4] Stock Performance - Over the past month, shares of Americold Realty Trust have returned -2.3%, contrasting with the Zacks S&P 500 composite's increase of +2.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Americold Realty Trust Inc. reported quarterly funds from operations (FFO) of $0.37 per share, exceeding the Zacks Consensus Estimate of $0.36 per share, but down from $0.38 per share a year ago, indicating a 2.78% FFO surprise [1] - The company generated revenues of $666.44 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 3.72% and down from $679.29 million year-over-year [2] - The stock has underperformed the market, losing about 1.8% since the beginning of the year compared to the S&P 500's gain of 4.5% [3] Company Performance - Over the last four quarters, Americold Realty Trust has surpassed consensus FFO estimates three times, but has not beaten consensus revenue estimates during the same period [2] - The current consensus FFO estimate for the upcoming quarter is $0.36 on revenues of $685.11 million, and for the current fiscal year, it is $1.55 on revenues of $2.85 billion [7] Industry Context - The REIT and Equity Trust - Other industry, to which Americold Realty Trust belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, suggesting that the company's stock may continue to underperform based on current unfavorable estimate revisions [5][6]

Financial Performance - Total revenues for Q4 2024 were $666.4 million, a 1.9% decrease from $679.3 million in Q4 2023[15] - Net loss for Q4 2024 was $36.4 million, or $0.13 loss per diluted share, compared to a net loss of $226.8 million, or $0.80 loss per diluted share in Q4 2023[25] - Adjusted FFO for Q4 2024 was $105.9 million, or $0.37 per diluted common share, a 2.1% decrease from Q4 2023[15] - Core EBITDA for Q4 2024 was $155.6 million, a decrease of 2.9% from $160.3 million in Q4 2023[26] - For Q4 2024, Core FFO was $88.6 million, or $0.31 per diluted share, an increase from $84.8 million, or $0.30 per diluted share in Q4 2023[27] - Total revenues for the Global Warehouse segment in Q4 2024 were $606.465 million, a decrease of 0.9% compared to $612.698 million in Q4 2023[31] - Same store revenues for Q4 2024 were $588.718 million, a slight decrease of 0.5% from $591.538 million in Q4 2023[36] - Total revenues for Q4 2024 were $666,435,000, a decrease of 1.26% from $679,291,000 in Q4 2023[73] - Net loss for Q4 2024 was $36,409,000, compared to a net loss of $226,800,000 in Q4 2023, representing an improvement of 84.0%[74] - NAREIT FFO for Q4 2024 was $38,821,000, a significant recovery from a loss of $169,072,000 in Q4 2023[77] Operational Metrics - Global Warehouse same store NOI increased by 4.9%, or 5.9% on a constant currency basis compared to Q4 2023[15] - Global Warehouse segment same store services margin increased to 13.2% from 6.3% in Q4 2023[15] - Same store contribution (NOI) increased by 4.9% to $201.708 million in Q4 2024, compared to $192.361 million in Q4 2023[36] - Economic occupancy percentage for Global Warehouse decreased to 77.4% in Q4 2024 from 82.7% in Q4 2023, a decline of 524 basis points[31] - Average economic occupied pallets decreased by 5.9% to 4,272 in Q4 2024 from 4,541 in Q4 2023[31] - Same store margin improved to 34.5%, an increase of 280 basis points compared to 31.7% in Q4 2023[49] - Same-store contribution (NOI) for Q4 2024 was $206,729, reflecting a 2.0% increase from Q3 2024's $201,634[108] Revenue Growth and Projections - Full year 2024 Adjusted FFO per share grew by 16% compared to the previous year[12] - For 2025, the company projects warehouse segment same store revenue growth of 2.0% - 4.0%[18] - The company achieved $125 million of incremental full year same store warehouse services NOI in 2024[12] - Total warehouse revenues for the year ended December 31, 2024, reached $2,416,743,000, an increase of 1.1% compared to $2,391,089,000 in 2023[45] Costs and Expenses - Total warehouse segment cost of operations for Q4 2024 was $405.038 million, down 2.4% from $415.160 million in Q4 2023[31] - Operating expenses totaled $674,849,000 in Q4 2024, down from $873,612,000 in Q4 2023, a reduction of 22.7%[73] - The company incurred $33,144,000 in acquisition, cyber incident, and other costs in Q4 2024, compared to $15,774,000 in Q4 2023, an increase of 109.0%[74] - Depreciation and amortization expenses for Q4 2024 were $89,711,000, a decrease from $94,099,000 in Q4 2023[115] - Selling, general, and administrative expenses increased to $66,576,000 in Q4 2024 from $57,763,000 in Q4 2023[115] Debt and Liquidity - As of December 31, 2024, the company had total liquidity of approximately $921.8 million, with total net debt outstanding around $3.4 billion[63] - The company's unsecured debt has a weighted average contractual interest rate of 3.9% and no material debt maturities until 2026[63] - The company’s total debt outstanding as of December 31, 2024, was $3,475,181,000, with a net debt of $3,427,529,000, resulting in a net debt to pro forma core EBITDA ratio of 5.40x[82] Assets and Equity - Total assets decreased from $7.869 billion in 2023 to $7.736 billion in 2024, a decline of approximately 1.7%[71] - Total liabilities increased from $4.235 billion in 2023 to $4.429 billion in 2024, an increase of approximately 4.6%[71] - Stockholders' equity decreased from $3.616 billion in 2023 to $3.281 billion in 2024, a decline of approximately 9.3%[71] - The Company reported accounts receivable of $386.9 million in 2024, down from $426.0 million in 2023, a decrease of approximately 9.2%[71] Strategic Initiatives and Risks - The company announced a $79 million development project in Port Saint John, Canada, and a $34 million expansion in Christchurch, New Zealand[13] - The Company anticipates a migration of customers to fixed commitment storage contracts in 2025[68] - The Company faces risks including rising inflation, increased interest rates, and labor shortages that could impact future performance[67] - The Company has identified potential acquisition risks and challenges in expanding operations into new markets[67] Joint Ventures and Acquisitions - The company holds a 14.99% equity share in the Brazil-based SuperFrio joint venture, with a pro rata share of debt amounting to $17,276[111] - SuperFrio's revenues for Q4 2024 were R$151,272, a decrease from R$169,006 in Q4 2023[111] - The Dubai-based RSA joint venture, in which the company owns a 49% equity share, reported revenues of AED 7,582 for Q4 2024, up from AED 4,778 in Q4 2023[113] - Americold's pro rata share of net loss from the RSA joint venture for Q4 2024 was $27, compared to a loss of $5 in Q4 2023[113] Dividend and Shareholder Returns - The Company declared a dividend of $0.22 per share for Q4 2024, paid on January 15, 2025[64]

Core Insights - Americold Realty Trust achieved significant growth in 2024, with a 16% increase in Adjusted FFO per share and an 11.4% growth in Global Warehouse Same Store NOI [2][11] - The company reported a net loss of $36.4 million for Q4 2024, an improvement from a net loss of $226.8 million in Q4 2023, primarily due to a prior goodwill impairment charge [14] - Americold announced new development projects totaling $113 million, including a $79 million facility in Canada and a $34 million expansion in New Zealand [2][5] Financial Performance - Total revenues for Q4 2024 were $666.4 million, a 1.9% decrease from $679.3 million in Q4 2023, mainly due to a 13.8% drop in transportation services revenue [5][12] - For the full year 2024, total revenues reached $2.7 billion, reflecting a 0.3% change from 2023 [5] - Adjusted FFO for Q4 2024 was $105.9 million, or $0.37 per diluted share, a 2.1% decrease from Q4 2023 [16] Operational Highlights - Global Warehouse same store revenues decreased by 0.5% on an actual basis but increased by 0.6% on a constant currency basis compared to Q4 2023 [5][11] - The Global Warehouse segment same store services margin improved significantly to 13.2% from 6.3% in Q4 2023 [5][11] - The company reported a total NOI of $211.2 million for Q4 2024, a 0.6% increase from the same quarter of the previous year [13] Future Outlook - For 2025, Americold projects warehouse segment same store revenues growth of 2.0% to 4.0% and Adjusted FFO per share guidance of $1.51 to $1.59 [6][7] - The company plans to continue strategic capital deployment and targeted investments to enhance growth and operational efficiency [2][6]

Core Insights - Americold Realty Trust is developing its first Import-Export Hub in Canada at Port Saint John, New Brunswick, in collaboration with DP World and Canadian Pacific Kansas City (CPKC) [1][2] - The facility will enhance cold storage and logistics capabilities, primarily serving food supply chains between Central and Eastern Canada and global markets including Europe, South America, and the APAC region [2][4] - The investment for this project is estimated between $75 million and $80 million, with the hub expected to provide approximately 22,000 pallet positions [2][3] Company Overview - Americold is a global leader in temperature-controlled logistics, owning and operating 239 warehouses with approximately 1.5 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific, and South America [6] - The company plays a crucial role in the food supply chain, connecting producers, distributors, and retailers to consumers [6] Strategic Partnerships - The collaboration with DP World and CPKC aims to create a unique North American cold chain, enhancing supply chain efficiency and sustainability [2][5] - The partnership with CPKC, established in June 2023, focuses on optimizing temperature-controlled logistics across North America using refrigerated containers [5] Economic Impact - Opportunities NB will invest up to $1.01 million to assist Americold in creating up to 100 jobs by the end of 2029, contributing an estimated $37 million to the provincial GDP [3] - The expansion is expected to improve market access for New Brunswick's exporting companies and strengthen Port Saint John's position as Atlantic Canada's largest port by volume [4]

Core Viewpoint - Americold Realty Trust, Inc. announced the 2024 tax treatment of its common stock distributions, encouraging shareholders to consult personal tax advisors for specific tax implications [1] Dividend Information - The Company declared a fourth quarter 2023 dividend of $0.22 per share, which will be paid in calendar year 2024 [2] - The total amount of the 2023 fourth quarter dividend is included in the shareholders' 2024 distributions [2] - The Company plans to maintain a consistent dividend of $0.22 per share for each quarter in 2024 [2] - The total dividends for 2024 amount to $0.8800 per share, comprising $0.6134 in ordinary dividends and $0.2666 in return of capital [2] Company Overview - Americold is a global leader in temperature-controlled logistics, owning and/or operating 239 temperature-controlled warehouses [3] - The Company has approximately 1.5 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific, and South America [3] - Americold's facilities play a crucial role in the supply chain, connecting food producers, processors, distributors, and retailers to consumers [3]