Summary of Key Points Core Viewpoint - Evercore ISI has reduced the price target for Americold Realty Trust (COLD) from $22 to $19 while maintaining an Outperform rating on the shares, indicating a positive outlook despite the price adjustment [1]. Company Adjustments - The price target adjustment was made following a recent REIT conference, which provided insights from company meetings and broader market conditions [1].

Core Points - Americold Realty Trust declared a dividend of $0.23 per share for Q3 2025, consistent with Q2 2025 and reflecting a 5% increase from the previous year [1] - The dividend will be payable on October 15, 2025, to stockholders of record as of September 30, 2025 [1] Company Overview - Americold Realty Trust is a global leader in temperature-controlled logistics and real estate, with over 120 years of innovation and reliability [2] - The company operates more than 230 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.5 billion refrigerated cubic feet [2] Industry Role - Americold's facilities are integral to the global food supply chain, connecting producers, processors, distributors, and retailers [3] - The company leverages industry expertise, smart technology, and sustainable practices to deliver world-class service and create lasting value for customers and communities [3]

Core Viewpoint - Americold Realty Trust has appointed Robert S. Chambers as the new CEO effective September 1, 2025, following George Chappelle's retirement after a 40-year career, highlighting a commitment to long-term succession planning and leadership continuity [1][5]. Company Leadership - Robert S. Chambers has extensive leadership experience in warehouse and supply chain management, currently serving as President of Americold, overseeing global operations and commercial strategy [2][3]. - Chambers has been with Americold for 12 years, contributing significantly to the company's commercial practices and corporate strategy [2]. - His previous roles include President of Americas, Executive Vice President and Chief Commercial Officer, and Vice President of Commercial Finance [2]. Industry Experience - Chambers has a broad background in supply chain and logistics, having served as CFO of Saia Inc. and held leadership roles at CEVA Logistics [3]. - He is a licensed CPA and Chartered Global Management Accountant, with prior experience at KPMG [3]. Board and Leadership Support - Mark Patterson, Chairman of the Board, expressed confidence in Chambers' leadership, citing his strategic vision and contributions to Americold's success over the past 12 years [4]. - The Board acknowledges George Chappelle's leadership and contributions, emphasizing the strong foundation established for future growth [4]. Company Outlook - Americold reaffirms its full-year 2025 financial outlook, focusing on disciplined execution, operational excellence, and long-term value creation [4][5]. - The company will participate in several investment conferences to engage with investors and showcase its leadership team [6]. Company Overview - Americold is a global leader in temperature-controlled logistics and real estate, with over 230 facilities worldwide, totaling approximately 1.5 billion refrigerated cubic feet [7]. - The company plays a crucial role in the global food supply chain, connecting various stakeholders with tailored services supported by reliable supply chains [8].

Group 1 - The article discusses the differences in long-term investing strategies within the real estate industry [1] - It highlights the author's experience in publishing various articles related to different aspects of real estate [1] Group 2 - There is no relevant content in this section to summarize [2]

Core Insights - Americold Realty Trust has opened a new Import-Export Hub in Kansas City, Missouri, with an investment exceeding $100 million, enhancing its logistics capabilities in temperature-controlled services [1][2]. Group 1: Facility Details - The new facility spans 335,000 square feet and is Americold's first on the Canadian Pacific Kansas City (CPKC) rail network, serving as a key hub for the Mexico Midwest Express (MMX), the only single-line rail service for refrigerated goods between the U.S. and Mexico [2]. - Key features of the hub include on-site USDA inspections to eliminate border delays, a load capacity exceeding 50,000 pounds per container to reduce highway congestion, and a 300-mile service radius to support regional food flow [3]. Group 2: Strategic Importance - The hub is designed to be a strategic consolidation point for longer-haul shipments, particularly for customers facing border inefficiencies or trucking capacity challenges, thereby improving the overall supply chain for temperature-controlled products across North America [3][4]. - The facility represents a collaboration between Americold and CPKC, aiming to create a new North American cold chain that enhances the efficiency of food movement from producers to consumers [4]. Group 3: Economic Impact - The project is expected to create nearly 190 new jobs and significantly enhance regional and cross-border food logistics, contributing to the local economy [5]. - Local officials, including the Mayor of Kansas City and the Governor of Missouri, have highlighted the importance of this investment in strengthening the logistics infrastructure and creating opportunities for local talent [6]. Group 4: Company Background - Americold is a global leader in temperature-controlled logistics and real estate, with over 230 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.4 billion refrigerated cubic feet [7]. - The company focuses on connecting producers, processors, distributors, and retailers with tailored, value-added services supported by responsive and reliable supply chains [8].

Warehouse Operations - As of June 30, 2025, the company operates 237 warehouses globally, totaling approximately 1.5 billion cubic feet, with 194 in North America, 24 in Europe, 17 in Asia-Pacific, and 2 in South America[137] - The company has 223 same store warehouses as of June 30, 2025, with 11 non-same store warehouses, including 4 in the development phase[160] - Average economic occupied pallets decreased by 5.9% to 4,057 in Q2 2025 from 4,311 in Q2 2024[184] - Economic occupancy percentage declined by 430 basis points to 73.8% in Q2 2025 from 78.1% in Q2 2024[184] - Average physical occupied pallets decreased by 7.6% to 3,454 in Q2 2025 from 3,740 in Q2 2024[184] - Economic occupancy percentage for same store warehouses decreased to 75.5%, down 410 basis points year-over-year[189] - Economic occupancy percentage for same store warehouses decreased to 76.0%, down 420 basis points from the previous year[220] Financial Performance - Global Warehouse revenues for the three months ended June 30, 2025, totaled $594.070 million, a decrease of 1.1% compared to $600.387 million in the same period of 2024[184] - Warehouse segment NOI decreased by 1.7% to $201.005 million in Q2 2025 compared to $204.531 million in Q2 2024[184] - Same store revenues decreased by $12.1 million, or 1.5%, primarily due to a decrease in economic occupancy of 410 basis points[189] - Same store services revenues increased by $3.6 million, or 4.0%, driven by general rate increases despite a 2.7% decrease in throughput[191] - Total revenues for the global warehouse segment decreased by 2.4% to $1.17 billion for the six months ended June 30, 2025, compared to $1.20 billion in the same period of 2024[214] - The company reported a net gain from the sale of real estate of $11,760 in the first half of 2025, compared to a loss of $3,514 in the same period of 2024[263] - Net income for Q2 2025 was $1,550, a significant improvement from a net loss of $64,409 in Q2 2024, while the six-month net loss decreased from $54,607 in 2024 to $14,923 in 2025[263] Costs and Expenses - Total warehouse segment cost of operations decreased by 0.7% to $393.065 million in Q2 2025 from $395.856 million in Q2 2024[184] - For the three months ended June 30, 2025, selling, general, and administrative expenses increased by $7.5 million, or 12.5%, primarily due to the go-live of Project Orion in North America and Asia Pacific[201] - Corporate-level acquisition, cyber incident, and other net expenses totaled $23.2 million for the three months ended June 30, 2025, compared to $3.0 million in the same period of 2024, reflecting a significant increase of $20.2 million[202] - Same store rent and storage contribution (NOI) decreased by $24.2 million, or 7.2%, compared to the prior year[220] - Interest expense increased by $5.1 million, or 15.3%, to $38.2 million for the three months ended June 30, 2025, due to an increase in outstanding debt[208] Project Orion - The company has incurred $193.3 million in implementation costs related to "Project Orion," aimed at enhancing technology systems and business processes, with an unamortized balance of $81.6 million as of June 30, 2025[141] - For the six months ended June 30, 2025, selling, general, and administrative expenses increased by $11.3 million, or 9.0%, during the same period, driven by the go-live of Project Orion in North America and Asia Pacific[233] - Project Orion expenses increased by $4.1 million, or 20.5%, compared to the same period in 2024, primarily due to higher contract labor and professional fees[235] Acquisitions and Sales - The company completed the acquisition of a temperature-controlled storage facility in Baytown, TX for $108.4 million on March 17, 2025[144] - The sale of a 14.99% equity interest in the SuperFrio joint venture generated net proceeds of $27.0 million, resulting in a net gain of $2.4 million for the three months ended June 30, 2025[145] - During the three months ended June 30, 2025, the company sold three facilities for total proceeds of $20.4 million, resulting in a total gain of $11.8 million[146] - The company recorded a net gain of $11.8 million from the sale of real estate during the three months ended June 30, 2025, related to the strategic sale of two facilities in the U.S. and one in Europe[206] Debt and Financing - As of June 30, 2025, total outstanding indebtedness amounts to $4,049,051,000, with fixed interest rate debt constituting 92.7% of total debt[278] - The company completed a public offering of $500 million in senior unsecured notes at a 5.409% interest rate, due September 12, 2034, with the first interest payment scheduled for March 12, 2025[266] - A second public offering of $400 million in senior unsecured notes at a 5.600% interest rate was completed on April 3, 2025, with the first interest payment due on November 15, 2025[267] - Cash provided by financing activities for the six months ended June 30, 2025, was $267,318,000, primarily from a public debt offering[306] Impairments and Taxation - The impairment of long-lived assets amounted to $5.2 million during the three months ended June 30, 2025, primarily related to the exit of certain warehouse operations[205] - The company reported a $3.2 million income tax expense for the three months ended June 30, 2025, an increase of $5.7 million from an income tax benefit of $2.5 million in the same period of 2024[212] - Income tax expense for the six months ended June 30, 2025, was $5.7 million, compared to an income tax benefit of $0.5 million for the same period in 2024[247] Operational Efficiency - The company is focused on reducing costs through energy efficiency projects, including LED lighting and solar energy storage, to lower energy consumption and expenses[140] - The company’s operational effectiveness initiatives include centralizing processes and adopting new technology to streamline operations and reduce costs[138] Market Conditions - The company’s revenues and expenses are impacted by foreign currency fluctuations, but international operations are typically denominated in local currencies, partially mitigating this impact[152] - The foreign currency risk exposure as of June 30, 2025, was not materially different from the disclosures in the 2024 Annual Report[317]

分组1 - Americold Realty Trust Inc. reported quarterly funds from operations (FFO) of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, but down from $0.38 per share a year ago, representing an FFO surprise of +5.88% [1] - The company posted revenues of $650.75 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.50%, but down from $660.96 million year-over-year [2] - Over the last four quarters, Americold Realty Trust has surpassed consensus FFO estimates two times and topped consensus revenue estimates once [2] 分组2 - The stock has underperformed, losing about 24.3% since the beginning of the year, compared to the S&P 500's gain of 7.9% [3] - The current consensus FFO estimate for the coming quarter is $0.37 on revenues of $695.46 million, and for the current fiscal year, it is $1.43 on revenues of $2.68 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 40% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

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 [8][25] - 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 [4][26] - 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% [6][11] Business Line Data and Key Metrics Changes - Rent and storage revenue from fixed commitments remained at 60% for the quarter, reflecting the quality of mission-critical assets [5][12] - Warehouse services margins improved by 90 basis points year over year to 13.3% for the quarter, indicating enhanced productivity from a well-trained workforce [5] - The company successfully converted over 80% of previously announced $200 million probability-weighted sales, although occupancy ramp for new customers is taking longer than expected [14] Market Data and Key Metrics Changes - The storage market remains highly competitive, with pricing pressure expected to continue into the second half of the year [38][41] - The company is experiencing demand headwinds due to factors such as interest rates, tariffs, inflation, and excess capacity, impacting occupancy rates across the industry [8][26] - The international business, particularly in Asia Pacific, is performing well with occupancy rates above 90% [94] Company Strategy and Development Direction - The company is focused on controlling costs, improving efficiencies, and capturing new business, particularly in the retail and QSR segments [9][69] - Several key development projects were completed in Q2, including expansions in Allentown and Kansas City, which are expected to drive future growth [17][19] - The company is actively pursuing alternative growth opportunities in underserved geographies, particularly in Asia Pacific [23][94] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the second half of the year, anticipating continued pressure on occupancy levels and pricing [8][26] - The company is taking a conservative view of the market, removing the traditional seasonal inventory build from forecasts [8][26] - Management emphasized the importance of operational excellence and value-added services as differentiators in a challenging market [41][69] Other Important Information - The company completed a $400 million public bond offering to repay a portion of outstanding borrowings, maintaining a total liquidity of approximately $937 million [29][30] - The company is rationalizing its portfolio by selling underperforming assets, with plans to exit six more facilities [31][32] 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 [36][38] Question: Can you provide details on fixed commitments and customer contracts? - Fixed commitments are structured as multiyear agreements with fixed monthly fees, allowing customers to secure space during peak seasons [43][45] Question: What factors are impacting revenue growth in the second half of the year? - Revenue growth is being suppressed by pricing pressure and multiple demand headwinds, including interest rates and inflation [50][52] Question: How is the company managing capital deployment and return hurdles? - The company aims for a return on invested capital of 10% to 12% for new developments, focusing on low-risk projects [57][59] Question: What is the outlook for occupancy in Q3 and Q4? - The company does not expect any seasonal uplift in occupancy for the second half of the year, with Q3 likely to mirror Q1 and Q2 [63][64] Question: Are customers integrating their cold chain needs more? - Some large customers are maximizing their own cold storage capacity, which is a normal business practice, but this is not significantly impacting demand [72][74]

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]