Financial Performance - Total revenues decreased by 54% to $6290 million in Q1 2025 compared to $6650 million in Q1 2024 [15, 21] - Net loss was $165 million or $006 loss per diluted share in Q1 2025 compared to net income of $98 million or $003 income per diluted share in Q1 2024 [15, 23] - Adjusted FFO was $957 million or $034 per diluted share a 90% decrease from Q1 2024 [15] - Core EBITDA decreased by 53% to $1476 million in Q1 2025 from $1558 million in Q1 2024 [15, 24] Warehouse Segment - Global Warehouse segment revenues decreased by 37% to $5754 million in Q1 2025 [28, 41] - Global Warehouse same store revenues decreased 23% in Q1 2025 [15] - Global Warehouse segment contribution NOI decreased 03% to $1966 million [28, 42] - Fixed commitment rent and storage revenues were $6293 million representing 601% of rent and storage revenues [43] Capital Expenditures and Debt - Total capital expenditures were $2220 million in Q1 2025 [106] - Total net debt outstanding was approximately $37 billion with 863% at a fixed rate [46]

分组1: Ventas Inc. (VTR) - JPMorgan analyst upgraded Ventas Inc. from Neutral to Overweight and raised the price target to $72 from $70, citing robust internal and external growth, including double-digit same-store net operating income gains and steady acquisitions [1] - Ventas is viewed as more attractively valued compared to peer Welltower, particularly on an implied cap rate basis, despite slightly lower growth potential [2] - The price target increase reflects improved growth visibility, based on a dividend discount model with a 5.25% long-term growth rate and a 95% AFFO payout ratio [3][7] 分组2: Americold Realty Trust Inc. (COLD) - Americold Realty Trust was downgraded from Overweight to Neutral, with a price target cut to $21 from $24 due to weaker throughput volumes and lower occupancy rates [3][4] - The downgrade reflects lower earnings estimates and a higher 11.5% discount rate in the DCF model, indicating increased uncertainty and tempered growth expectations [4] 分组3: Federal Realty Investment Trust (FRT) - Federal Realty Investment Trust was downgraded from Overweight to Neutral, with a price target set at $108, attributed to a reduced focus on development and redevelopment projects [5][6] - Investors are cautious about FRT's strategy of entering new markets by divesting high-quality assets, which may take time to show operational benefits [6][7] 分组4: Lineage Inc. (LINE) - Lineage Inc. was downgraded from Neutral to Underweight, with a price target lowered to $50 from $55, due to a broader preference for other REIT sectors despite the long-term merits of the Lineage platform [7][8] - The cold storage segment is facing lower throughput volumes, impacting occupancy and pricing, with the 2025 AFFO per share outlook falling below management guidance [8]

Industry Overview - The Self-Storage sector in the U.S. has expanded to a substantial 2 billion square feet of space and encompasses over 33,000 facilities [1] - The market is characterized by fragmentation, with the top 10 largest companies holding approximately 36% of the total market share [1] Company Insights - iREIT® offers comprehensive research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [1] - The iREIT® Tracker provides data on over 250 tickers, featuring quality scores, buy targets, and trim targets [1]

Core Insights - Americold announced a series of executive leadership appointments to enhance operational execution, deepen customer relationships, and unlock global growth opportunities [1][8] Leadership Changes - Rob Chambers has been appointed as the new President, overseeing global operations with increased P&L responsibility [2] - Bryan Verbarendse will succeed Chambers as President, Americas, leading business development and operations across North and South America [4] - Richard Winnall will take charge of the Global Commercial Committee and Operations Committee, working closely with the President, Americas [6] Executive Backgrounds - Rob Chambers has 12 years of leadership experience at Americold, previously serving as Executive Vice President & Chief Commercial Officer and has a background in commercial finance [3] - Bryan Verbarendse joined Americold in August 2023 and has over 31 years of experience in retail and wholesale grocery supply chain [5] - Richard Winnall has been with Americold since 2019, holding various leadership roles and bringing extensive experience from DHL Supply Chain and Linfox [7] Strategic Focus - The leadership appointments reflect Americold's commitment to operational excellence and customer-centric growth [8] - The company aims to harmonize commercial and operational standards globally, ensuring consistent KPIs and scalable systems [6] Company Overview - Americold is a leader in temperature-controlled logistics real estate, owning and/or operating 238 warehouses with approximately 1.4 billion refrigerated cubic feet of storage across multiple regions [9]

Core Viewpoint - Americold Realty Trust (NYSE: COLD) has been under observation due to valuation concerns, but recent stock declines have prompted further analysis of the investment opportunity [1]. Group 1 - The company has experienced a decline in stock price in recent weeks, which has led to renewed interest from investors [1]. - The author has a beneficial long position in Americold Realty Trust shares, indicating confidence in the company's future performance [2]. - The analysis is part of the author's due diligence process, reflecting a thorough examination of the stock's potential [1].

Core Insights - Americold Realty Trust has commenced construction on its first import-export hub in Canada, located in Port Saint John, New Brunswick, marking a significant expansion in its operations [1][2][3] Investment and Economic Impact - The investment for the new cold storage facility is estimated between $75 million and $80 million, which will provide approximately 22,000 pallet positions, equivalent to over 800 full truckloads of temperature-sensitive goods [3] - The facility is projected to contribute up to $37 million in direct provincial GDP and create up to 100 jobs by the end of 2029, supported by a payroll rebate from Opportunities NB of up to $1.01 million [4] Strategic Partnerships - The new facility will leverage the maritime logistics capabilities of DP World and the rail logistics solutions of Canadian Pacific Kansas City (CPKC), enhancing trade routes between Canada and global markets [2][3] - The collaboration aims to create unique customer value in the cold chain, improving market access for New Brunswick's exporting companies and supporting economic growth [5][6] Operational Significance - This facility will be the sixth operated by Americold in Canada and is expected to enhance the Port's capacity to accommodate growing shipping volumes, solidifying its position as Atlantic Canada's largest port by volume [5][6] - The facility is slated to open in 2026, further integrating Americold's cold chain ecosystem with the supply chains of major food companies globally [6][7]

Core Viewpoint - Americold Realty Trust will release its second quarter 2025 financial results on August 7, 2025, before market opening, followed by a conference call at 8:00 a.m. Eastern Time [1]. Company Overview - Americold Realty Trust is a global leader in temperature-controlled logistics, real estate, and value-added services, focusing on the ownership, operation, acquisition, and development of temperature-controlled warehouses [4]. - The company owns and/or operates 238 temperature-controlled warehouses, providing approximately 1.4 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific, and South America [4]. - Americold's facilities play a crucial role in the supply chain, connecting food producers, processors, distributors, and retailers to consumers [4]. Conference Call Details - A webcast of the conference call will be available on the Investor Relations section of Americold's website [2]. - Participants can join the conference call by dialing in at least 5 minutes prior to the start time, with specific numbers provided for domestic and international callers [3]. - The conference call playback will be accessible until August 21, 2025, using the provided passcode [3].

Core Points - Americold Realty Trust declared a dividend of $0.23 per share for Q2 2025, consistent with Q1 2025 and reflecting a 5% increase from the previous year [1] - The dividend will be payable in cash on July 15, 2025, to stockholders of record at the close of business on June 30, 2025 [1] Company Overview - Americold is a global leader in temperature-controlled logistics, real estate, and value-added services [2] - The company focuses on the ownership, operation, acquisition, and development of temperature-controlled warehouses [2] - Americold owns and/or operates 238 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific, and South America [2] - The facilities are integral to the supply chain connecting food producers, processors, distributors, and retailers to consumers [2]

(Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to , UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File Number: 001-34723 AMERICOLD REALTY TRUST, INC. (Exact name of registrant as specified in its charter) If an emerging growth company, indi ...

Core Viewpoint - Americold Realty Trust Inc. reported a decline in revenue and mixed earnings results for the quarter ended March 2025, indicating challenges in meeting market expectations [1][3]. Revenue Performance - Total revenue for the quarter was $628.98 million, down 5.4% year-over-year, and fell short of the Zacks Consensus Estimate of $669.39 million by 6.04% [1][4]. - Revenue from rent, storage, and warehouse services was $575.36 million, a decrease of 3.7% year-over-year, and below the average estimate of $597.90 million [4]. - Revenue from third-party managed services was $9.63 million, down 7.6% year-over-year, and also below the estimated $10.77 million [4]. - Global Warehouse services generated $320.78 million, a decline of 2.3% year-over-year, compared to the estimated $336.60 million [4]. - Revenue from transportation services was $43.99 million, representing a significant drop of 22.6% year-over-year, and fell short of the $58.85 million estimate [4]. Earnings Performance - The company reported an EPS of $0.34, which is an improvement from $0.03 a year ago, but did not deliver an EPS surprise as the consensus estimate was also $0.34 [1][3]. - Net earnings per share (diluted) were reported at -$0.06, compared to the average estimate of $0.05 [4]. Stock Performance - Over the past month, shares of Americold Realty Trust have returned -5.6%, contrasting with the Zacks S&P 500 composite's +11.3% change [3]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3].