Americold Realty Trust Inc. (COLD) came out with quarterly funds from operations (FFO) of $0.34 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.37 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post FFO of $0.36 per share when it actually produced FFO of $0.37, delivering a surprise of 2.78%.Over the last four quarters, the company has surpassed consensus FFO estimates two times.Americold Realty ...

Financial Data and Key Metrics Changes - The Q1 2025 AFFO per share was $0.34, in line with expectations, despite lapping unusually high counter-cyclical inventory levels from the previous year [18] - The board approved a 5% increase in the quarterly dividend to $0.23 per share, reflecting confidence in operational resilience and cash flow generation [18] Business Line Data and Key Metrics Changes - Same store economic occupancy declined approximately 270 basis points sequentially from Q4 2024, reflecting a return to normal seasonality and ongoing market softness [10] - Rent and storage revenue from fixed commitment contracts increased to 60%, achieving a goal set three years ago when it was under 40% [10][22] - Same store rent and storage revenue per economic occupied pallet increased approximately 2% year-over-year, while same store services revenue per throughput pallet increased over 3% [13][20] Market Data and Key Metrics Changes - The Michigan consumer sentiment index is now below levels seen during the 2008 financial crisis, indicating a significant drop in consumer confidence [8] - Economic occupancy is expected to range from negative 200 basis points to flat compared to 2024, with throughput volume expected to be in the range of negative 1% to positive 1% [32][33] Company Strategy and Development Direction - The company is focused on four key operational priorities and continues to execute well despite near-term challenges [9] - A high-quality, low-risk development pipeline of about $1 billion is being managed, with several projects announced, including expansions in Canada and New Zealand [14][15][30] - The company aims to creatively deploy capital to unlock customer growth opportunities, as seen in the recent acquisition in Houston [17][25] Management's Comments on Operating Environment and Future Outlook - Management noted that while direct impacts from tariffs are modest, indirect impacts on consumer confidence are significant, leading to a revised outlook for the year [9][47] - The macroeconomic environment is changing, with higher tariffs and lower consumer confidence affecting demand and inventory levels [32][47] - Despite challenges, management remains confident in the company's operational model and ability to create long-term value [40] Other Important Information - The company completed a public bond offering of $400 million with an interest rate of 5.6%, which will be used to repay a portion of revolver borrowings [38] - The company is strategically exiting five facilities this year, consolidating business into owned locations to reduce costs [36] Q&A Session Summary Question: Impact of tariffs on demand - Management acknowledged that while direct impacts from tariffs are modest, indirect impacts on consumer confidence are significant, leading to a slowdown in expansion plans [47] Question: Pricing strategy amidst demand headwinds - Management expressed confidence in maintaining pricing due to the value provided to customers, despite competitive pricing pressures [48][50] Question: Monitoring the spread between physical and economic occupancy - Management noted that fixed commitments have grown, indicating continued customer engagement despite the gap between physical and economic occupancy [55][56] Question: Guidance comparison and inventory levels - Q1 results were in line with expectations, and the change in guidance was due to overall seasonality and timing of new business rather than Q1 operations [70][71] Question: Customer churn and inventory management - Management reported that customer churn remained low, with a general lowering of inventory across the system due to decreased demand [81][82] Question: Sales pipeline execution amidst customer caution - Management indicated strong execution on the sales pipeline, with approximately 50% of opportunities closed, although transitioning inventory may take longer in the current environment [94][95]

Financial Data and Key Metrics Changes - The Q1 2025 AFFO per share was $0.34, aligning with expectations, despite facing unusually high counter-cyclical inventory levels last year [18] - The board approved a 5% increase in the quarterly dividend to $0.23 per share, reflecting confidence in operational resilience and cash flow generation [18] Business Line Data and Key Metrics Changes - Same store economic occupancy declined approximately 270 basis points sequentially from Q4 2024, reflecting a return to normal seasonality and ongoing market softness [9] - Rent and storage revenue from fixed commitment contracts increased to 60%, achieving a goal set three years ago, which was under 40% at that time [9][22] - Same store rent and storage revenue per economic occupied pallet increased approximately 2% year-over-year, while same store services revenue per throughput pallet increased over 3% [12][20] Market Data and Key Metrics Changes - The Michigan consumer sentiment index is now below levels seen during the 2008 financial crisis, indicating a significant drop in consumer confidence [7] - Economic occupancy is expected to range from negative 200 basis points to flat compared to 2024, with throughput volume expected to range from negative 1% to positive 1% [34] Company Strategy and Development Direction - The company is focused on four key operational priorities, including customer service, which remains a top priority to accelerate market share growth [8][20] - A high-quality, low-risk development pipeline of about $1 billion in opportunities is being managed, with several projects announced, including expansions in Canada and New Zealand [13][14] - The company is strategically exiting five facilities this year to consolidate business into owned locations, reducing costs significantly [36] Management's Comments on Operating Environment and Future Outlook - Management noted that while direct impacts from tariffs are modest, indirect impacts on consumer confidence are significant, leading to a revised outlook for the year [8][48] - The macroeconomic environment is changing, with expectations for AFFO per share now between $1.42 and $1.52 for the year [32] - The company remains confident in its ability to create long-term value despite current challenges, leveraging improved operating efficiencies and strategic partnerships [42] Other Important Information - The company completed a public bond offering of $400 million with an interest rate of 5.6%, which will be used to repay a portion of revolver borrowings [39] - The acquisition in Houston was driven by a significant retail customer win, increasing capacity in the market by approximately 36,000 power positions [26] Q&A Session Summary Question: Impact of tariffs on demand - Management indicated that while direct impacts from tariffs are modest, indirect impacts on consumer confidence are significant, leading to a slowdown in expansion plans among customers [48] Question: Pricing strategy amidst demand headwinds - Management expressed confidence in maintaining pricing due to the value provided to customers, despite observing pricing pressure from competitors [50] Question: Monitoring the spread between physical and economic occupancy - Management noted that fixed commitments have grown to 60% of revenue, indicating continued customer engagement despite the gap between physical and economic occupancy [58] Question: Development projects and lease-up expectations - Management clarified that several projects are not demand-driven but are aimed at improving supply chain efficiency, with no risk to ramp-up expected [66] Question: Q1 results compared to initial guidance - Management stated that Q1 results were in line with expectations, and the change in full-year guidance was due to overall seasonality and timing of new business [72]

[Corporate Profile](index=3&type=section&id=Corporate%20Profile) Americold is a global leader in temperature-controlled logistics real estate and value-added services, operating 238 warehouses with approximately 1.4 billion refrigerated cubic feet of storage [Company Overview](index=3&type=section&id=Company%20Overview) Americold is a global leader in temperature-controlled logistics real estate and value-added services, owning and/or operating 238 temperature-controlled warehouses with approximately 1.4 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific, and South America - Americold is a global leader in temperature-controlled logistics real estate and value-added services, operating **238 warehouses** with approximately **1.4 billion refrigerated cubic feet of storage** across North America, Europe, Asia-Pacific, and South America[6](index=6&type=chunk) [Senior Management and Board of Directors](index=3&type=section&id=Senior%20Management%20and%20Board%20of%20Directors) The company's leadership includes George F. Chappelle, Jr. as CEO, E. Jay Wells as CFO, and a diverse Board of Directors chaired by Mark R. Patterson - Key senior management includes **George F. Chappelle, Jr. (CEO)** and **E. Jay Wells (CFO)**[7](index=7&type=chunk) - The Board of Directors is chaired by **Mark R. Patterson** and includes George F. Chappelle, Jr. as a director[8](index=8&type=chunk) [Investor Relations and Analyst Coverage](index=3&type=section&id=Investor%20Relations%20and%20Analyst%20Coverage) Americold provides investor relations contact information and lists coverage from 15 financial firms, including Baird, Bank of America Merrill Lynch, and J.P. Morgan - Investor Relations contact: Telephone: **678-459-1959**, Email: **investor.relations@americold.com**[8](index=8&type=chunk)[57](index=57&type=chunk) Analyst Coverage Firms | Firm | Analyst Name | | :--- | :--- | | Baird Equity Research | Nicholas Thillman | | Bank of America Merrill Lynch | Samir Khanal | | Barclays | Brendan Lynch | | BNP Paribas Exane Research | Nate Crossett | | Citi | Craig Mailman | | Evercore ISI | Steve Sakwa/Michael Griffin | | Green Street Advisors | Vince Tibone | | J.P. Morgan | Michael W. Mueller | | KeyBanc | Todd Thomas | | MorningStar Research Services | Suryansh Sharma | | Raymond James | Jonathan Hughes | | RBC | Michael Carroll | | Scotiabank | Greg McGinniss | | Truist | Ki Bin Kim | | Wells Fargo Securities | Blaine Heck | | Wolfe Research | Andrew Rosivach | [Stock Listing and Credit Ratings](index=4&type=section&id=Stock%20Listing%20and%20Credit%20Ratings) Americold Realty Trust, Inc. is traded on the NYSE under the symbol "COLD" and holds investment-grade credit ratings from DBRS Morningstar (BBB, Positive Trend), Fitch (BBB, Stable Outlook), and Moody's (Baa3, Stable Outlook) - Shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol **'COLD'**[10](index=10&type=chunk) Credit Ratings | Agency | Rating | Outlook/Trend | | :--- | :--- | :--- | | DBRS Morningstar | BBB | Positive Trend | | Fitch | BBB | Stable Outlook | | Moody's | Baa3 | Stable Outlook | [Earnings Release (including guidance information)](index=5&type=section&id=Earnings%20Release%20%28including%20guidance%20information%29) Americold announced its Q1 2025 results, delivering $0.34 AFFO per share, completing the Houston warehouse acquisition, increasing the quarterly dividend by 5%, and updating its full-year 2025 outlook [First Quarter 2025 Highlights](index=5&type=section&id=First%20Quarter%202025%20Highlights) Americold announced its Q1 2025 results, delivering $0.34 AFFO per share, completing the Houston warehouse acquisition, increasing the quarterly dividend by 5%, and updating its full-year 2025 outlook. The CEO highlighted a more stable workforce and technology enhancements as key enablers - Delivered **$0.34 AFFO per share**, in line with expectations[12](index=12&type=chunk)[15](index=15&type=chunk) - Completed **Houston Warehouse Acquisition**, enabling a significant new retail customer win[13](index=13&type=chunk)[15](index=15&type=chunk) - Increased Quarterly Dividend by **5%**[13](index=13&type=chunk)[15](index=15&type=chunk) - Updated **2025 Full-Year Outlook**[13](index=13&type=chunk)[15](index=15&type=chunk) Q1 2025 Financial Highlights vs Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change (Actual) | Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $629.0 million | $665.0 million | -5.4% | -4.4% | | Net loss (income) | $(16.5) million | $9.8 million | N/A | N/A | | Net (loss) income per diluted share | $(0.06) | $0.03 | N/A | N/A | | Global Warehouse segment same store revenues | N/A | N/A | -2.3% | -1.4% | | Global Warehouse same store services margin | 11.3% | 10.1% | +1.2 ppt | N/A | | Global Warehouse segment same store NOI | N/A | N/A | -4.2% | -3.4% | | Adjusted FFO | $95.7 million | $104.9 million | -9.0% | N/A | | Adjusted FFO per diluted common share | $0.34 | $0.37 | -9.0% | N/A | | Core EBITDA | $147.6 million | $155.8 million | -5.3% | -4.6% | | Core EBITDA margin | 23.5% | 23.4% | +0.1 ppt | N/A | [2025 Outlook](index=6&type=section&id=2025%20Outlook) Americold has adjusted its near-term 2025 full-year outlook due to the current macro-economic environment, with revised ranges for key metrics like same store revenue growth, NOI, SG&A, interest expense, and Adjusted FFO per share Updated 2025 Full-Year Outlook (as of May 8, 2025 vs. February 20, 2025) | Metric | May 8, 2025 Guidance | February 20, 2025 Guidance | | :--- | :--- | :--- | | Warehouse segment same store revenue growth (constant currency) | 0.0% - 2.0% | 2.0% - 4.0% | | Warehouse segment same store NOI growth (constant currency) | 100 bps higher than associated revenues | 200 bps higher than associated revenues | | Warehouse segment non-same store NOI | $7M - $13M | $0M - $7M | | Transportation and Third-Party Managed segment NOI | $40M - $44M | $44M - $48M | | Total selling, general and administrative expense | $270M - $280M | $280M - $289M | | Interest expense | $153M - $157M | $145M - $150M | | Current income tax expense | $8M - $10M | $8M - $10M | | Non real estate depreciation and amortization expense | $139M - $149M | $139M - $149M | | Total maintenance capital expenditures | $80M - $85M | $82M - $88M | | Development starts | $200M - $300M | $200M - $300M | | Adjusted FFO per share | $1.42 - $1.52 | $1.51 - $1.59 | [Investor Webcast and Conference Call](index=6&type=section&id=Investor%20Webcast%20and%20Conference%20Call) Americold will host a webcast and conference call on May 8, 2025, at 8:00 a.m. ET to discuss Q1 2025 results, with replay options available - Webcast and conference call on **Thursday, May 8, 2025, at 8:00 a.m. Eastern Time** to discuss Q1 2025 results[20](index=20&type=chunk) - Live webcast available via the Investors section of **www.americold.com**[20](index=20&type=chunk) - Telephone replay available until **May 22, 2025**, using conference ID**13750775**[21](index=21&type=chunk) [First Quarter 2025 Total Company Financial Results](index=6&type=section&id=First%20Quarter%202025%20Total%20Company%20Financial%20Results) For Q1 2025, total revenues decreased by 5.4% to $629.0 million, primarily due to lower warehouse volumes and transportation services revenue. The company reported a net loss of $16.5 million, a significant decline from net income in Q1 2024, driven by increased closed site charges, higher SG&A, and decreased NOI. Core EBITDA also decreased by 5.3% to $147.6 million Q1 2025 Total Company Financial Results vs Q1 2024 | Metric | Q1 2025 (Actual) | Q1 2024 (Actual) | Change (Actual) | Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $629.0 million | $665.0 million | -5.4% | -4.4% | | Total NOI | $205.8 million | $210.8 million | -2.4% | -1.5% | | Net (loss) income | $(16.5) million | $9.8 million | N/A | N/A | | Net (loss) income per diluted share | $(0.06) | $0.03 | N/A | N/A | | Core EBITDA | $147.6 million | $155.8 million | -5.3% | -4.6% | | Core EBITDA margin | 23.5% | 23.4% | +0.1 ppt | N/A | | Core FFO | $67.3 million | $77.3 million | -12.9% | N/A | | Core FFO per diluted share | $0.24 | $0.27 | -11.1% | N/A | | Adjusted FFO | $95.7 million | $104.9 million | -8.8% | N/A | | Adjusted FFO per diluted share | $0.34 | $0.37 | -8.1% | N/A | - Net loss primarily driven by increased closed site related charges, higher Selling, general, and administrative expenses (related to Project Orion go-live), and decreased NOI[25](index=25&type=chunk) [First Quarter 2025 Global Warehouse Segment Results](index=8&type=section&id=First%20Quarter%202025%20Global%20Warehouse%20Segment%20Results) Global Warehouse segment revenues decreased by 3.7% to $575.4 million in Q1 2025, mainly due to lower volumes and throughput pallets compared to unusually high levels in Q1 2024. Despite this, the segment's contribution (NOI) saw a slight decrease of 0.3% (0.5% increase on a constant currency basis), and the margin improved by 120 basis points to 34.2% due to enhanced workforce performance and operational efficiency Q1 2025 Global Warehouse Segment Performance vs Q1 2024 (Actual) | Metric | Q1 2025 | Q1 2024 | Change (Actual) | Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $575,357 | $597,710 | -3.7% | -2.8% | | Rent and storage revenues | $254,579 | $269,424 | -5.5% | -4.6% | | Warehouse services revenues | $320,778 | $328,286 | -2.3% | -1.3% | | Total cost of operations | $378,772 | $400,579 | -5.4% | -4.5% | | Contribution (NOI) | $196,585 | $197,131 | -0.3% | +0.5% | | Margin | 34.2% | 33.0% | +120 bps | +110 bps | | Average economic occupied pallets | 4,128 | 4,393 | -6.0% | N/A | | Economic occupancy percentage | 74.7% | 79.4% | -470 bps | N/A | | Average physical occupied pallets | 3,500 | 3,810 | -8.1% | N/A | | Physical occupancy percentage | 63.3% | 68.9% | -560 bps | N/A | | Throughput pallets | 8,731 | 9,050 | -3.5% | N/A | - Revenue decrease driven by lower volumes and throughput pallets, partially offset by annual rate increases[45](index=45&type=chunk) - Margin increase driven by increased focus on workforce performance, operational efficiency, and retention[46](index=46&type=chunk) [Same Store Warehouse Results](index=9&type=section&id=Same%20Store%20Warehouse%20Results) This section details the performance of Americold's same store warehouse portfolio, including revenues, costs, NOI, margins, and occupancy rates for Q1 2025 compared to Q1 2024 Q1 2025 Same Store Warehouse Performance vs Q1 2024 (Actual) | Metric | Q1 2025 | Q1 2024 | Change (Actual) | Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Number of same store warehouses | 224 | 224 | 0% | N/A | | Total same store revenues | $560,019 | $573,263 | -2.3% | -1.4% | | Same store rent and storage revenues | $245,196 | $256,771 | -4.5% | -3.6% | | Same store warehouse services revenues | $314,823 | $316,492 | -0.5% | +0.5% | | Total same store cost of operations | $367,304 | $372,061 | -1.3% | -0.2% | | Same store contribution (NOI) | $192,715 | $201,202 | -4.2% | -3.4% | | Same store margin | 34.4% | 35.1% | -70 bps | -70 bps | | Same store services margin | 11.3% | 10.1% | +120 bps | +110 bps | | Economic occupancy percentage | 76.6% | 80.8% | -420 bps | N/A | | Physical occupancy percentage | 65.1% | 70.1% | -500 bps | N/A | | Throughput pallets | 8,561 | 8,815 | -2.9% | N/A | [Non-Same Store Warehouse Results](index=10&type=section&id=Non-Same%20Store%20Warehouse%20Results) This section presents the financial performance and operational metrics for Americold's non-same store warehouse facilities, including revenues, contribution (NOI), and occupancy rates for Q1 2025 compared to Q1 2024 Q1 2025 Non-Same Store Warehouse Performance vs Q1 2024 (Actual) | Metric | Q1 2025 | Q1 2024 | Change (Actual) | | :--- | :--- | :--- | :--- | | Number of non-same store warehouses | 11 | 12 | N/R | | Total non-same store revenues | $15,338 | $24,447 | N/R | | Non-same store contribution (NOI) | $3,870 | $(4,071) | N/R | | Non-same store rent and storage contribution (NOI) | $8,025 | $1,205 | N/R | | Non-same store services contribution (NOI) | $(4,155) | $(5,276) | N/R | | Economic occupancy percentage | 34.1% | 50.0% | N/R | | Physical occupancy percentage | 26.8% | 44.4% | N/R | - Non-same store facilities include **8 approved for exit**, **2 in expansion/development**, and **1 purchased in 2025**[41](index=41&type=chunk) - **6 additional sites** are in development/expansion phase[41](index=41&type=chunk) [Fixed Commitment Rent and Storage Revenues](index=11&type=section&id=Fixed%20Commitment%20Rent%20and%20Storage%20Revenues) As of March 31, 2025, Americold's annualized rent and storage revenues from fixed commitment contracts increased to $629.3 million, representing 60.1% of total rent and storage revenues and 60.6% of total warehouse segment revenues - Annualized rent and storage revenues from fixed commitment contracts: **$629.3 million** as of March 31, 2025, up from $597.9 million in Q1 2024[47](index=47&type=chunk) - Fixed commitment storage contracts represent **60.1% of rent and storage revenues** and **60.6% of total warehouse segment revenues**[47](index=47&type=chunk) [Economic and Physical Occupancy](index=11&type=section&id=Economic%20and%20Physical%20Occupancy) Economic occupancy for the total warehouse segment was 74.7% in Q1 2025, a 470 basis point decrease from Q1 2024, primarily due to unusually high inventory levels in the prior year and impacts from macroeconomic factors affecting consumer buying habits and food production Occupancy Rates (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total warehouse segment economic occupancy | 74.7% | 79.4% | -470 bps | | Same store pool economic occupancy | 76.6% | 80.8% | -420 bps | | Economic occupancy above physical occupancy | 1,140 bps (total) / 1,150 bps (same store) | N/A | N/A | - Decrease in occupancy primarily due to unusually high inventory levels in Q1 2024, regulatory shifts, competitive/inflationary environment, and abnormal credit yields impacting consumer buying habits and food production[48](index=48&type=chunk) [Real Estate Portfolio](index=11&type=section&id=Real%20Estate%20Portfolio) As of March 31, 2025, Americold's portfolio comprises 238 facilities, with 235 in the Global Warehouse segment and 3 in the Third-party managed segment. The same store population includes 224 facilities, while the non-same store count consists of 11 facilities, including those approved for exit, in expansion/development, or recently acquired - Total portfolio: **238 facilities** as of March 31, 2025[49](index=49&type=chunk) - Global Warehouse segment: **235 facilities**; Third-party managed segment: **3 facilities**[49](index=49&type=chunk) - Same store population: **224 facilities**[49](index=49&type=chunk) - Non-same store facilities (**11 total**) include **8 approved for exit**, **2 in expansion/development**, and **1 recently purchased (Houston)**[49](index=49&type=chunk) - **6 additional sites** are in the development and expansion phase, to be added to the non-same store pool upon operation[49](index=49&type=chunk) [Balance Sheet Activity and Liquidity](index=11&type=section&id=Balance%20Sheet%20Activity%20and%20Liquidity) As of March 31, 2025, Americold reported total liquidity of $651.2 million and total net debt outstanding of approximately $3.7 billion, with 95.1% in an unsecured structure. The net debt to pro forma Core EBITDA ratio was 5.9x, and 86.3% of total debt was at a fixed rate, with no material debt maturities until 2026 Key Liquidity and Debt Metrics (as of March 31, 2025) | Metric | Value | | :--- | :--- | | Total liquidity | $651.2 million | | Total net debt outstanding | ~$3.7 billion | | Unsecured debt percentage | 95.1% | | Net debt to pro forma Core EBITDA | 5.9x | | Weighted average term of unsecured debt | 4.7 years | | Weighted average contractual interest rate (unsecured debt) | 4.0% | | Fixed rate debt percentage | 86.3% | - No material debt maturities until **2026**, inclusive of extension options[50](index=50&type=chunk) [Dividend](index=12&type=section&id=Dividend) On March 17, 2025, Americold's Board of Directors declared a 5% increase in the quarterly dividend to $0.23 per share for Q1 2025, paid on April 15, 2025 - **5% increase** in quarterly dividend to **$0.23 per share** for Q1 2025[51](index=51&type=chunk) - Dividend paid on **April 15, 2025**, to common stockholders of record as of March 28, 2025[51](index=51&type=chunk) [About the Company (Summary)](index=12&type=section&id=About%20the%20Company%20%28Summary%29) Americold is a global leader in temperature-controlled logistics real estate and value-added services, operating 238 warehouses with approximately 1.4 billion refrigerated cubic feet of storage across multiple continents, serving as a critical link in the food supply chain - Americold operates **238 temperature-controlled warehouses globally**, with approximately **1.4 billion refrigerated cubic feet of storage**[52](index=52&type=chunk) - Facilities are an integral component of the supply chain connecting food producers, processors, distributors, and retailers to consumers[52](index=52&type=chunk) [Non-GAAP Measures](index=12&type=section&id=Non-GAAP%20Measures) The company utilizes several non-GAAP financial measures, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, and segment contribution (NOI), to supplement GAAP performance measures. Definitions and reconciliations are provided in the supplemental financial information - Key non-GAAP measures used: **NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution ('NOI') and margin, same store revenues and NOI, constant currency metrics, and maintenance capital expenditures**[53](index=53&type=chunk) - These measures are supplemental and should not be considered in isolation or as a substitute for GAAP results[53](index=53&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements based on beliefs, assumptions, and expectations of future financial and operating performance, which are subject to various risks and uncertainties that could cause actual results to differ materially - Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from expectations[54](index=54&type=chunk) - Risk factors include rising inflationary pressures, increased interest rates, operating costs, economic conditions, labor shortages, supply chain disruptions, acquisition risks, and regulatory changes[54](index=54&type=chunk) - The company assumes no obligation to update or revise these statements except as required by law[56](index=56&type=chunk) [Financial Information](index=14&type=section&id=Financial%20Information) This section provides detailed financial statements, including condensed consolidated balance sheets, statements of operations, and reconciliations of non-GAAP measures, offering a comprehensive view of the company's financial health and performance [Condensed Consolidated Balance Sheets](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $7.83 billion from $7.74 billion at December 31, 2024, primarily driven by an increase in property, buildings, and equipment (net) and goodwill. Total liabilities also increased to $4.61 billion from $4.43 billion, mainly due to higher borrowings under the revolving line of credit Condensed Consolidated Balance Sheets (March 31, 2025 vs. December 31, 2024) | Metric (in thousands) | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total assets | $7,825,379 | $7,735,954 | +$89,425 | | Property, buildings, and equipment – net | $5,151,570 | $5,020,684 | +$130,886 | | Goodwill | $831,937 | $784,042 | +$47,895 | | Total liabilities | $4,606,320 | $4,428,949 | +$177,371 | | Borrowings under revolving line of credit | $516,932 | $255,052 | +$261,880 | | Senior unsecured notes and term loans – net | $3,067,120 | $3,031,462 | +$35,658 | | Total equity | $3,219,059 | $3,307,005 | -$87,946 | [Condensed Consolidated Statements of Operations](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total revenues decreased to $629.0 million from $665.0 million in Q1 2024. The company reported an operating income of $22.2 million, down from $41.8 million, and a net loss of $16.5 million, compared to a net income of $9.8 million in the prior year Condensed Consolidated Statements of Operations (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total revenues | $628,980 | $664,980 | -$36,000 | | Rent, storage, and warehouse services revenues | $575,357 | $597,710 | -$22,353 | | Transportation services revenues | $43,993 | $56,853 | -$12,860 | | Total operating expenses | $606,763 | $623,140 | -$16,377 | | Operating Income | $22,217 | $41,839 | -$19,622 | | Interest expense | $(36,117) | $(33,430) | -$2,687 | | Net (loss) income | $(16,473) | $9,802 | -$26,275 | | Net (loss) income per common share - diluted | $(0.06) | $0.03 | -$0.09 | [Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and Adjusted FFO](index=16&type=section&id=Reconciliation%20of%20Net%20%28Loss%29%20Income%20to%20NAREIT%20FFO%2C%20Core%20FFO%20and%20Adjusted%20FFO) For Q1 2025, NAREIT FFO was $39.3 million ($0.14 per diluted share), Core FFO was $67.3 million ($0.24 per diluted share), and Adjusted FFO was $95.7 million ($0.34 per diluted share). All FFO metrics decreased compared to Q1 2024, reflecting the net loss and various adjustments FFO Reconciliation (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands, except per share) | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net (loss) income | $(16,473) | $9,802 | -$26,275 | | NAREIT FFO | $39,342 | $62,751 | -$23,409 | | NAREIT FFO - diluted per share | $0.14 | $0.22 | -$0.08 | | Core FFO | $67,338 | $77,316 | -$9,978 | | Core FFO - diluted per share | $0.24 | $0.27 | -$0.03 | | Adjusted FFO | $95,726 | $104,913 | -$9,187 | | Adjusted FFO - diluted per share | $0.34 | $0.37 | -$0.03 | [Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA](index=18&type=section&id=Reconciliation%20of%20Net%20%28Loss%29%20Income%20to%20NAREIT%20EBITDAre%20and%20Core%20EBITDA) For Q1 2025, NAREIT EBITDAre was $112.6 million, a decrease from $135.3 million in Q1 2024. Core EBITDA also decreased to $147.6 million from $155.8 million, resulting in a Core EBITDA margin of 23.5%, a slight increase from 23.4% in the prior year EBITDAre and Core EBITDA Reconciliation (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands) | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net (loss) income | $(16,473) | $9,802 | -$26,275 | | NAREIT EBITDAre | $112,648 | $135,277 | -$22,629 | | Core EBITDA | $147,633 | $155,844 | -$8,211 | | Total revenues | $628,980 | $664,980 | -$36,000 | | Core EBITDA margin | 23.5% | 23.4% | +0.1 ppt | [Debt Detail and Maturities](index=19&type=section&id=Debt%20Detail%20and%20Maturities) As of March 31, 2025, Americold's total debt outstanding was $3.78 billion, with 95.1% being unsecured. The weighted average contractual interest rate for unsecured debt was 3.98%, and 86.3% of total debt was fixed rate. The company has no material debt maturities until 2026 Debt Structure and Key Metrics (as of March 31, 2025) | Metric | Value | | :--- | :--- | | Total Debt Outstanding | $3,784,128 thousand | | Total Unsecured Debt | $3,597,158 thousand (95.1% of total) | | Total Secured Debt | $186,970 thousand (4.9% of total) | | Weighted Average Contractual Interest Rate (Unsecured Debt) | 3.98% | | Weighted Average Term (Unsecured Debt) | 4.7 years | | Fixed Rate Debt | $3,267,196 thousand (86.3% of total) | | Variable-unhedged Debt | $516,932 thousand (13.7% of total) | | Net Debt | $3,745,182 thousand | | Net Debt to Pro Forma Core EBITDA (LTM) | 5.9x | - No material debt maturities until **2026**, inclusive of extension options[50](index=50&type=chunk)[74](index=74&type=chunk) [Operations Overview](index=20&type=section&id=Operations%20Overview) This section provides an overview of Americold's operational aspects, including its global warehouse portfolio, fixed commitment and lease maturity schedules, capital expenditures, and external growth initiatives [Global Warehouse Portfolio](index=20&type=section&id=Global%20Warehouse%20Portfolio) This section introduces the global warehouse portfolio, which is further detailed in subsequent sections regarding fixed commitments, lease maturities, and capital expenditures - Americold owns and/or operates **238 temperature-controlled warehouses globally**[6](index=6&type=chunk) [Fixed Commitment and Lease Maturity Schedules](index=21&type=section&id=Fixed%20Commitment%20and%20Lease%20Maturity%20Schedules) As of March 31, 2025, Americold's fixed commitment storage contracts generated $629.3 million in annualized rent and storage revenues, with 60.1% of total rent and storage revenues derived from these contracts. The company also details its facility leased warehouses and other leases, which have a weighted average remaining term of 42 months Fixed Commitment Contract Expirations (as of March 31, 2025) | Contract Expiration Year | Annualized Committed Rent & Storage Revenues (in thousands) | % of Total Warehouse Rent & Storage Segment Revenues | | :--- | :--- | :--- | | Month-to-Month | $103,505 | 9.9% | | 2025 | $117,490 | 11.2% | | 2026 | $196,634 | 18.8% | | 2027 | $50,543 | 4.8% | | 2028 | $33,289 | 3.2% | | 2029+ | $127,792 | 12.2% | | **Total** | **$629,253** | **60.1%** | Facility Leased Warehouse Expirations (as of March 31, 2025) | Lease Expiration Year | No. of Leases Expiring | Annualized Rent (in thousands) | % of Total Warehouse Rent & Storage Segment Revenues | Weighted Average Remaining Term | | :--- | :--- | :--- | :--- | :--- | | Month-to-Month | 13 | $977 | 0.1% | N/A | | 2025 | 38 | $11,981 | 1.1% | N/A | | 2026 | 29 | $7,997 | 0.8% | N/A | | 2027 | 17 | $5,205 | 0.5% | N/A | | 2028 | 26 | $10,119 | 1.0% | N/A | | 2029+ | 23 | $22,326 | 2.1% | N/A | | **Total** | **146** | **$58,605** | **5.6%** | **42 months** | [Capital Expenditures and Repair and Maintenance Expenses](index=23&type=section&id=Capital%20Expenditures%20and%20Repair%20and%20Maintenance%20Expenses) Americold incurred $222.0 million in total capital expenditures for Q1 2025, a significant increase from $48.9 million in Q1 2024, primarily driven by external growth and integration (Houston acquisition) and expansion/development projects. Repair and maintenance expenses totaled $31.5 million Total Capital Expenditures (Three Months Ended March 31, 2025 vs. 2024) | Category | 2025 (in thousands) | 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | Maintenance | $14,799 | $17,933 | -$3,134 | | External growth and integration | $108,448 | $0 | +$108,448 | | Expansion, development and organic growth | $94,258 | $29,952 | +$64,306 | | Technological upgrades and enhancements | $4,511 | $980 | +$3,531 | | **Total capital expenditures** | **$222,016** | **$48,865** | **+$173,151** | Repair and Maintenance Expenses (Three Months Ended March 31, 2025 vs. 2024) | Category | 2025 (in thousands) | 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | Real estate | $11,606 | $14,588 | -$2,982 | | Personal property | $19,915 | $16,304 | +$3,611 | | **Total repair and maintenance expenses** | **$31,521** | **$30,892** | **+$629** | - External growth includes the Houston acquisition for **$108.4 million**, accommodating a new high-turn retail fixed committed customer[98](index=98&type=chunk) [External Growth and Capital Deployment](index=25&type=section&id=External%20Growth%20and%20Capital%20Deployment) Americold is actively engaged in expansion and development projects, with two recently completed automated distribution centers in Lancaster, PA, and Plainville, CT, and six projects currently in process or announced across multiple locations. The company also completed the acquisition of a facility in Baytown, TX (Houston area) for $127 million, targeting a 10-12% stabilized NOI ROIC Recently Completed Expansion and Development Projects (Non-Same Store) | Facility | Type | Pallet Positions (in thousands) | Cost to Complete (in millions) | Expected Stabilized ROIC | Expected Full Stabilized Quarter | | :--- | :--- | :--- | :--- | :--- | :--- | | Lancaster, PA | Development (Automated) | 28 | $164 | 10-12% | Q3 2025 | | Plainville, CT | Development (Automated) | 31 | $161 | 10-12% | Q4 2025 | Expansion and Development Projects In Process and Announced (Non-Same Store) | Facility | Type | Pallet Positions (in thousands) | Estimated Total Cost (in millions) | Expected Stabilized ROIC | Expected Full Stabilized Quarter | | :--- | :--- | :--- | :--- | :--- | :--- | | Allentown, PA | Expansion (Conventional) | 37 | $85 - $90 | 10-12% | Q1 2027 | | Kansas City, MO | Development (Conventional) | 22 | $127 - $133 | 10-12% | Q1 2026 | | Sydney, Australia | Expansion (Conventional) | 13 | A$44 - A$46 | 10-12% | Q1 2027 | | Christchurch, New Zealand | Expansion (Conventional) | 16 | NZ$56 - NZ$60 | 10-12% | Q3 2027 | | Saint John, NB, Canada | Development (Conventional) | 22 | C$103 - C$113 | 10-12% | Q1 2028 | | Dallas Ft. Worth, TX | Expansion (Automated) | 50 | $145 - $155 | 10-12% | Q2 2028 | Recent Acquisitions (Non-Same Store) | Facility | Metropolitan Area | No. of Facilities | Pallet Positions (in thousands) | Acquisition Price (in millions) | Expected Stabilized NOI ROIC | Date Purchased | Expected Full Stabilized Quarter | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baytown, TX | Houston, TX | 1 | 36 | $127 | 10-12% | 3/17/2025 | Q1 2027 | [Other Supplemental Information](index=26&type=section&id=Other%20Supplemental%20Information) This section provides additional insights into Americold's performance, including historical trends for same store operations and details on unconsolidated joint ventures [Same Store Historical Performance Trend](index=26&type=section&id=Same%20Store%20Historical%20Performance%20Trend) This section provides a historical trend of key performance indicators for Americold's same store pool over the past five quarters, showing fluctuations in revenues, costs, NOI, margins, and occupancy rates Same Store Historical Performance Trend (Q1 2024 - Q1 2025) | Metric | Q1 25 | Q4 24 | Q3 24 | Q2 24 | Q1 24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Number of same store warehouses | 224 | 224 | 224 | 224 | 224 | | Total same store revenues (in thousands) | $560,019 | $592,577 | $595,829 | $581,873 | $573,263 | | Same store contribution (NOI) (in thousands) | $192,715 | $206,393 | $201,097 | $208,003 | $201,202 | | Same store margin | 34.4% | 34.8% | 33.8% | 35.7% | 35.1% | | Economic occupancy percentage | 76.6% | 79.3% | 78.3% | 79.6% | 80.8% | | Physical occupancy percentage | 65.1% | 68.4% | 67.8% | 68.9% | 70.1% | | Throughput pallets (in thousands) | 8,561 | 9,047 | 8,999 | 8,819 | 8,815 | [Unconsolidated Joint Ventures (Investments in Partially Owned Entities)](index=27&type=section&id=Unconsolidated%20Joint%20Ventures%20%28Investments%20in%20Partially%20Owned%20Entities%29) Americold holds equity shares in two unconsolidated joint ventures: SuperFrio (Brazil) and RSA (Dubai). The company's 14.99% interest in SuperFrio was finalized for sale in April 2025, while its 49% interest in RSA continues. Both JVs reported net losses in Q1 2025 - Americold owned a **14.99% equity share** in Brazil-based SuperFrio joint venture, finalized for sale in **April 2025**[114](index=114&type=chunk) SuperFrio JV Summary Statement of Operations (Q1 2025 vs. Q1 2024, 100% share in BRLs) | Metric (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | R$142,158 | R$145,274 | | Operating (loss) income | (R$4,260) | R$4,380 | | Net loss | (R$49,411) | (R$25,142) | | Americold's pro rata share of Net loss (USD) | $(1,266) | $(761) | - Americold owned a **49% equity share** in Dubai-based RSA joint venture[116](index=116&type=chunk) RSA JV Summary Statement of Operations (Q1 2025 vs. Q1 2024, 100% share in AED) | Metric (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | 6,508 | 2,762 | | Operating income (loss) | 365 | (1,407) | | Net loss | (288) | (1,600) | | Americold's pro rata share of Net loss (USD) | $(38) | $(213) | [Reconciliations, Notes and Definitions](index=29&type=section&id=Reconciliations%2C%20Notes%20and%20Definitions) This section provides detailed reconciliations of financial metrics by segment, along with comprehensive notes and definitions for the non-GAAP measures and operational terms used throughout the report [Revenues and Contribution (NOI) by Segment](index=29&type=section&id=Revenues%20and%20Contribution%20%28NOI%29%20by%20Segment) Americold operates through three primary segments: warehouse, transportation, and third-party managed. The warehouse segment, its core business, provides temperature-controlled storage and related services, while transportation brokers and manages product movement, and third-party managed services involve managing warehouses for other entities - Three primary business segments: **warehouse, transportation, and third-party managed**[119](index=119&type=chunk) - Warehouse segment: core business, providing temperature-controlled storage, handling, and other services[119](index=119&type=chunk) - Transportation segment: brokers and manages transportation of products, including consolidation, freight under management, and dedicated services[120](index=120&type=chunk) - Third-party managed segment: manages warehouses for third parties, offering management services to food manufacturers and retailers[121](index=121&type=chunk) Segment Revenues and Contribution (NOI) (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Segment revenues:** | | | | | Warehouse | $575,357 | $597,710 | -$22,353 | | Transportation | $43,993 | $56,853 | -$12,860 | | Third-party managed | $9,630 | $10,417 | -$787 | | **Total revenues** | **$628,980** | **$664,980** | **-$36,000** | | **Segment contribution:** | | | | | Warehouse | $196,585 | $197,131 | -$546 | | Transportation | $7,254 | $11,522 | -$4,268 | | Third-party managed | $2,009 | $2,183 | -$174 | | **Total segment contribution (NOI)** | **$205,848** | **$210,836** | **-$4,988** | [Notes and Definitions](index=30&type=section&id=Notes%20and%20Definitions) This section provides detailed definitions and explanations for the non-GAAP financial measures used by Americold, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, and segment contribution (NOI), along with their limitations and how "same store" populations and maintenance capital expenditures are defined - NAREIT FFO is net income excluding extraordinary items, gains/losses from real estate sales, plus real estate depreciation/amortization and impairment charges[125](index=125&type=chunk) - Core FFO adjusts NAREIT FFO for items like non-real asset sales, acquisition/cyber incident costs, debt extinguishment, foreign currency, legal settlements, and Project Orion amortization[126](index=126&type=chunk) - Adjusted FFO further adjusts Core FFO for amortization of deferred financing costs, leases, straight-line rent, deferred income tax, stock-based compensation, non-real estate depreciation, and maintenance capital expenditures[128](index=128&type=chunk) - NAREIT EBITDAre is net income before depreciation, amortization, interest, income tax, and real estate sale gains, adjusted for partially owned entities[130](index=130&type=chunk) - Core EBITDA adjusts NAREIT EBITDAre for acquisition/cyber incident costs, partially owned entity losses, foreign currency, stock-based compensation, debt extinguishment, asset disposals, legal settlements, and Project Orion amortization[131](index=131&type=chunk) - Same store population includes properties owned/leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations, adjusted for exits, sales, or new developments[135](index=135&type=chunk) - Maintenance capital expenditures are capitalized funds to extend the useful life of existing assets and network, excluding acquisition-related or initial upgrade costs[137](index=137&type=chunk)

Delivered $0.34 AFFO per share Completed Houston Warehouse Acquisition Enabling a Significant New Retail Customer Win Increased Quarterly Dividend by 5% Updated 2025 Full-Year Outlook ATLANTA, GA, May 08, 2025 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), 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 financial and ...

Core Insights - Analysts project that Americold Realty Trust Inc. (COLD) will report quarterly earnings of $0.34 per share, reflecting an 8.1% decline year over year, with revenues expected to reach $669.39 million, a 0.7% increase from the same quarter last year [1] Revenue Estimates - Analysts expect 'Revenues- Rent, storage and warehouse services' to be $597.90 million, indicating no change year over year [4] - 'Revenues- Third-party managed services' are projected to reach $10.77 million, showing a 3.3% increase from the previous year [4] - 'Revenues- Global Warehouse- Warehouse services' are anticipated to be $336.60 million, reflecting a 2.5% increase year over year [5] - 'Revenues- Global Warehouse- Rent and storage' are expected to be $261.30 million, indicating a 3% decline year over year [5] - 'Revenues- Transportation services' are projected at $58.85 million, showing a 3.5% increase year over year [6] Depreciation and Amortization - Analysts estimate 'Depreciation and amortization' to reach $90.51 million, compared to $92.10 million reported in the same quarter last year [6] Market Performance - Shares of Americold Realty Trust have returned +4.1% over the past month, while the Zacks S&P 500 composite has increased by +10.6% [7] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [7]

ATLANTA, GA., April 10, 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 the Company will release first quarter 2025 financial results before the market opens on Thursday, May 8, 2025. A conference call will be held on Thursday, May 8, 2025 at 8:00 a.m. Eastern Time. Webcast:A webcas ...

I rate Americold Realty Trust, Inc. (NYSE: COLD ) a Hold for investors looking for long-term buy and hold investments. Since its IPO in 2018, the industrial real estate investment trust (REIT) price shot higher on enthusiasm for the company, then droppedDavid A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment fun ...

The interesting thing about proverbs, which have been around for thousands of years, is that they tend Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third par ...

ATLANTA, GA., March 25, 2025 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (the “Company” or “Americold”), 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, announced today that its operating partnership, Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), has priced an underwritten public offer ...