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]

Core Insights - Americold's stock price has decreased by 65% over the last five years, which is atypical for a stable and necessary business like cold storage [1][7] - The significant price drop is attributed to market misinterpretation of cyclical trends, leading to overvaluation during peak inventory periods and subsequent undervaluation as earnings decline [2][6][10] Company Analysis - Americold is a global leader in cold storage, and despite the stock price decline, long-term business trends remain positive with analyst estimates indicating a rebound in earnings by 2027 [7][10] - The company was overvalued five years ago, and the current low stock price reflects a market correction following an oversupply situation that was not sustainable [8][12] - The market's tendency to extrapolate current trends has led to Americold trading at low multiples, despite the cyclical nature of its business [10][33] Financial Performance - The company has faced challenges with earnings guidance, cutting forecasts for revenue growth and same-store revenue [17][18] - Service revenue remains strong, indicating continued customer demand, while storage revenue has declined due to lower inventory levels [21][19] - Current margins are stable, but higher electricity costs have impacted profitability; however, cost-cutting measures have helped maintain margins [25][22] Valuation Metrics - Americold's stock is currently trading at 55% of its net asset value and at a forward consensus AFFO multiple of 9.5X, which is lower than industry peers [26][27][32] - Adjusted AFFO shows a true earnings figure of approximately $0.87 per share, leading to a 14.6X multiple on true AFFO, which is still cheaper than most competitors [31][33] - Analysts suggest that the stock is undervalued at 14.5X trough AFFO, with potential for recovery as fundamentals improve [33][34]

Core Insights - Investors are increasingly turning to dividend-yielding stocks during market turbulence, as these companies typically have high free cash flows and offer substantial dividends [1] Group 1: Park Hotels & Resorts Inc (NYSE:PK) - The stock has a dividend yield of 9.17% [7] - UBS analyst Robin Farley maintained a Neutral rating and raised the price target from $10 to $11 on October 6, 2025, with an accuracy rate of 80% [7] - Cantor Fitzgerald analyst Richard Anderson initiated coverage with a Neutral rating and a price target of $12 on October 1, 2025, with an accuracy rate of 63% [7] - The company is set to release its third-quarter financial results after market close on October 30 [7] Group 2: Americold Realty Trust Inc (NYSE:COLD) - The stock has a dividend yield of 6.85% [7] - RBC Capital analyst Michael Carroll maintained an Outperform rating but cut the price target from $19 to $17 on September 30, 2025, with an accuracy rate of 61% [7] - Truist Securities analyst Ki Bin Kim maintained a Buy rating and lowered the price target from $20 to $17 on September 25, 2025, with an accuracy rate of 66% [7] - The company will announce its third-quarter financial results before the market opens on November 6 [7] Group 3: Outfront Media Inc (NYSE:OUT) - The stock has a dividend yield of 6.63% [7] - Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating and raised the price target from $17 to $19 on August 4, 2025, with an accuracy rate of 75% [7] - Citigroup analyst Jason Bazinet maintained a Buy rating and increased the price target from $17 to $19 on May 29, 2025, with an accuracy rate of 77% [7] - The company reported disappointing quarterly results on August 5 [7]

Core Insights - Investors are increasingly turning to dividend-yielding stocks during market turbulence, favoring companies with high free cash flows that offer substantial dividends [1] Group 1: Park Hotels & Resorts Inc (NYSE:PK) - The stock has a dividend yield of 9.17% [7] - UBS analyst Robin Farley maintained a Neutral rating and raised the price target from $10 to $11 on October 6, 2025, with an accuracy rate of 80% [7] - Cantor Fitzgerald analyst Richard Anderson initiated coverage with a Neutral rating and a price target of $12 on October 1, 2025, with an accuracy rate of 63% [7] - The company is set to release its third-quarter financial results after market close on October 30 [7] Group 2: Americold Realty Trust Inc (NYSE:COLD) - The stock has a dividend yield of 6.85% [7] - RBC Capital analyst Michael Carroll maintained an Outperform rating but cut the price target from $19 to $17 on September 30, 2025, with an accuracy rate of 61% [7] - Truist Securities analyst Ki Bin Kim maintained a Buy rating and lowered the price target from $20 to $17 on September 25, 2025, with an accuracy rate of 66% [7] - The company will announce its third-quarter financial results before market open on November 6 [7] Group 3: Outfront Media Inc (NYSE:OUT) - The stock has a dividend yield of 6.63% [7] - Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating and raised the price target from $17 to $19 on August 4, 2025, with an accuracy rate of 75% [7] - Citigroup analyst Jason Bazinet maintained a Buy rating and increased the price target from $17 to $19 on May 29, 2025, with an accuracy rate of 77% [7] - The company reported disappointing quarterly results on August 5 [7]