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]

[Corporate Profile](index=3&type=section&id=Corporate%20Profile) Americold is a global leader in temperature-controlled logistics real estate, operating 237 warehouses with approximately 1.5 billion refrigerated cubic feet of storage globally [Company Overview](index=3&type=section&id=Company%20Overview) Americold is a global leader in temperature-controlled logistics real estate, owning and operating 237 warehouses with 1.5 billion refrigerated cubic feet of storage - Americold operates **237** temperature-controlled warehouses globally, with a total storage capacity of approximately **1.5 billion** refrigerated cubic feet[5](index=5&type=chunk) [Management, Board, and Investor Relations](index=3&type=section&id=Management%2C%20Board%2C%20and%20Investor%20Relations) The report lists the company's senior management team, led by CEO George F. Chappelle, Jr., and the Board of Directors - Key leadership includes **George F. Chappelle, Jr.** as Chief Executive Officer and **Mark R. Patterson** as Chairman of the Board[6](index=6&type=chunk)[7](index=7&type=chunk) [Analyst Coverage, Stock Info, and Credit Ratings](index=4&type=section&id=Analyst%20Coverage%2C%20Stock%20Info%2C%20and%20Credit%20Ratings) The company is covered by numerous financial firms, its stock trades on the NYSE under "COLD", and it holds investment-grade credit ratings - The company's common stock is listed on the New York Stock Exchange under the ticker symbol **"COLD"**[9](index=9&type=chunk) Credit Ratings | Rating Agency | Rating | Outlook/Trend | | :--- | :--- | :--- | | DBRS Morningstar | BBB | Positive Trend | | Fitch | BBB | Stable Outlook | | Moody's | Baa3 | Stable Outlook | [Earnings Release](index=5&type=section&id=Earnings%20Release) Americold reported Q2 2025 Adjusted FFO of $0.36 per share, launched new development projects, and updated its full-year 2025 outlook [Second Quarter 2025 Highlights & CEO Commentary](index=5&type=section&id=Second%20Quarter%202025%20Highlights%20%26%20CEO%20Commentary) Americold reported Q2 2025 Adjusted FFO of $0.36 per share, launched new development projects, and updated its full-year outlook Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $650.7M | $661.0M | -1.5% | | Net Income | $1.6M | N/A (Net Loss) | N/A | | Net Income per Share | $0.01 | ($0.23) | N/A | | Adjusted FFO per Share | $0.36 | $0.38 | -5.6% | | Core EBITDA | $159.1M | $165.5M | -3.9% | - The company launched three significant development projects: a partnership with CPKC in Kansas City, an expansion in Allentown, and a new facility with DP World in Dubai[13](index=13&type=chunk) - CEO commentary indicates that occupancy and throughput levels are expected to remain below typical seasonal trends in the second half of the year due to a challenging demand environment[13](index=13&type=chunk) [2025 Full-Year Outlook](index=6&type=section&id=2025%20Full-Year%20Outlook) The company updated its full-year 2025 guidance, lowering its outlook for same-store revenue growth and adjusting its Adjusted FFO per share range Updated 2025 Full-Year Guidance | Metric | New Guidance (Aug 7, 2025) | Old Guidance (May 8, 2025) | | :--- | :--- | :--- | | Same Store Revenue Growth (CC) | (4.0)% - 0.0% | 0.0% - 2.0% | | Total Maintenance CapEx | $60M - $70M | $80M - $85M | | Adjusted FFO per Share | $1.39 - $1.45 | $1.42 - $1.52 | [Second Quarter 2025 Total Company Financial Results](index=6&type=section&id=Second%20Quarter%202025%20Total%20Company%20Financial%20Results) Q2 2025 total revenues decreased by 1.5% to $650.7 million, with net income improving to $1.6 million from a prior-year net loss Q2 2025 vs Q2 2024 Financial Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $650.7M | $661.0M | | Total NOI | $211.7M | N/A | | Net Income (Loss) | $1.6M | ($64.4M) | | Core EBITDA | $159.1M | $165.5M | | Core FFO per Share | $0.27 | $0.33 | | Adjusted FFO per Share | $0.36 | $0.38 | - The significant year-over-year improvement in net income was primarily driven by the absence of a **$110.7 million loss on debt extinguishment** that occurred in Q2 2024[23](index=23&type=chunk) [Global Warehouse Segment Results](index=8&type=section&id=Global%20Warehouse%20Segment%20Results) The Global Warehouse segment saw a 1.1% revenue decrease to $594.1 million and a 1.7% NOI decrease to $201.0 million in Q2 2025, driven by lower volumes [Total Warehouse Segment Performance (Q2 & YTD)](index=8&type=section&id=Total%20Warehouse%20Segment%20Performance%20%28Q2%20%26%20YTD%29) Q2 2025 Total Warehouse segment revenues declined 1.1% to $594.1 million, with NOI falling 1.7% and economic occupancy dropping 430 basis points Q2 2025 Total Warehouse Segment Performance (vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $594.1M | $600.4M | -1.1% | | Contribution (NOI) | $201.0M | $204.5M | -1.7% | | Economic Occupancy | 73.8% | 78.1% | -430 bps | | Physical Occupancy | 62.8% | 67.8% | -500 bps | YTD 2025 Total Warehouse Segment Performance (vs YTD 2024) | Metric | YTD 2025 | YTD 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,169.4M | $1,198.1M | -2.4% | | Contribution (NOI) | $397.6M | $401.7M | -1.0% | | Economic Occupancy | 74.3% | 78.8% | -450 bps | | Physical Occupancy | 63.1% | 68.3% | -520 bps | [Same Store Warehouse Performance (Q2 & YTD)](index=9&type=section&id=Same%20Store%20Warehouse%20Performance%20%28Q2%20%26%20YTD%29) Same-store portfolio in Q2 2025 saw a 1.5% revenue decline and a 4.2% NOI decline, with economic occupancy falling 410 basis points to 75.5% Q2 2025 Same Store Performance (vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $573.1M | $581.9M | -1.5% | | Contribution (NOI) | $199.2M | $208.0M | -4.2% | | Economic Occupancy | 75.5% | 79.6% | -410 bps | | Services Margin | 13.3% | 12.4% | +90 bps | YTD 2025 Same Store Performance (vs YTD 2024) | Metric | YTD 2025 | YTD 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,133.1M | $1,155.1M | -1.9% | | Contribution (NOI) | $391.9M | $409.2M | -4.2% | | Economic Occupancy | 76.0% | 80.2% | -420 bps | [Segment Analysis and Key Metrics](index=14&type=section&id=Segment%20Analysis%20and%20Key%20Metrics) Warehouse segment revenue and NOI declined due to lower volumes, with 59.7% of rent and storage revenues from fixed commitment contracts - The decrease in Global Warehouse segment revenue was principally driven by lower volumes and throughput due to a competitive environment, changes in consumer buying habits, and lapping a counter-cyclical inventory build from the prior year[57](index=57&type=chunk) - Annualized rent and storage revenues from fixed commitment contracts stood at **$617.4 million** as of June 30, 2025, representing **59.7%** of total rent and storage revenues[59](index=59&type=chunk) - Economic occupancy for the total warehouse segment was **73.8%**, a **1,100 basis point spread** above the physical occupancy, demonstrating the value of fixed commitment contracts[60](index=60&type=chunk) [Balance Sheet, Liquidity, and Dividends](index=14&type=section&id=Balance%20Sheet%2C%20Liquidity%2C%20and%20Dividends) As of June 30, 2025, Americold had $937.0 million in liquidity, net debt of $3.9 billion, and declared a $0.23 per share dividend - Total liquidity was approximately **$937.0 million**, including cash and available capacity on its revolving credit facility[62](index=62&type=chunk) - Net debt to pro forma Core EBITDA was approximately **6.3x** at the end of the quarter[62](index=62&type=chunk) - The company's debt structure is predominantly **fixed-rate (92.7%)** and **unsecured (95.2%)**, with a weighted average term of **4.9 years**[62](index=62&type=chunk) - A dividend of **$0.23 per share** was declared for Q2 2025, representing a **5% increase** compared to the prior year[63](index=63&type=chunk) [Financial Information](index=17&type=section&id=Financial%20Information) This section presents the company's condensed consolidated balance sheets, statements of operations, and reconciliations of non-GAAP financial measures [Condensed Consolidated Balance Sheets](index=17&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows total assets of $8.09 billion and total liabilities of $4.94 billion Balance Sheet Summary (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $8,089,619 | $7,735,954 | | Total Liabilities | $4,944,299 | $4,428,949 | | Total Equity | $3,145,320 | $3,307,005 | [Condensed Consolidated Statements of Operations](index=18&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues were $650.7 million, with a net income of $1.6 million ($0.01 per share), a significant improvement from a prior-year net loss Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $650,748 | $660,955 | | Operating Income | $37,595 | $63,368 | | Net Income (Loss) | $1,550 | ($64,409) | | Net Income (Loss) per Share | $0.01 | ($0.23) | [Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and Adjusted FFO](index=19&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20NAREIT%20FFO%2C%20Core%20FFO%20and%20Adjusted%20FFO) This section reconciles GAAP Net Income to NAREIT FFO, Core FFO, and Adjusted FFO for Q2 2025 Q2 FFO Reconciliation Summary (in thousands, except per share) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) | $1,550 | ($64,409) | | NAREIT FFO | $49,100 | ($7,528) | | Core FFO | $75,827 | $95,023 | | Adjusted FFO | $103,587 | $109,397 | | Adjusted FFO per Diluted Share | $0.36 | $0.38 | [Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA](index=21&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20NAREIT%20EBITDAre%20and%20Core%20EBITDA) For Q2 2025, Core EBITDA was $159.1 million, a decrease from $165.5 million in Q2 2024, with the Core EBITDA margin contracting to 24.4% Q2 EBITDA Reconciliation Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) | $1,550 | ($64,409) | | NAREIT EBITDAre | $122,713 | $57,444 | | Core EBITDA | $159,105 | $165,482 | | Core EBITDA Margin | 24.4% | 25.0% | [Debt Detail and Maturities](index=22&type=section&id=Debt%20Detail%20and%20Maturities) As of June 30, 2025, Americold had $4.05 billion in total debt, with a 4.14% weighted average interest rate and 6.3x Net Debt to Pro Forma Core EBITDA Debt Profile as of June 30, 2025 | Metric | Value | | :--- | :--- | | Total Debt Outstanding | $4.05B | | Net Debt | $3.95B | | Weighted Avg. Interest Rate | 4.14% | | Weighted Avg. Maturity | 4.9 years | | % Fixed Rate (incl. hedges) | 92.7% | | % Unsecured | 95.2% | | Net Debt to Pro Forma Core EBITDA | 6.3x | [Operations Overview](index=23&type=section&id=Operations%20Overview) This section details the company's fixed commitment and lease maturity schedules, capital expenditures, and external growth activities [Fixed Commitment and Lease Maturity Schedules](index=24&type=section&id=Fixed%20Commitment%20and%20Lease%20Maturity%20Schedules) As of June 30, 2025, the company had 604 fixed commitment and lease contracts, generating $617.4 million in annualized rent and storage revenues, with 19.3% expiring in 2026 Fixed Commitment Contract Expiration Schedule (Annualized Rent & Storage Revenues in thousands) | Expiration Year | Annualized Revenues (in thousands) | % of Total | | :--- | :--- | :--- | | Month-to-Month | $100,095 | 9.7% | | 2025 | $59,918 | 5.8% | | 2026 | $199,812 | 19.3% | | 2027 | $61,296 | 5.9% | | 2028 | $47,483 | 4.6% | | 2029+ | $148,775 | 14.4% | | **Total** | **$617,379** | **59.7%** | [Capital Expenditures and Repair and Maintenance Expenses](index=26&type=section&id=Capital%20Expenditures%20and%20Repair%20and%20Maintenance%20Expenses) Total capital expenditures for Q2 2025 surged to $199.8 million, primarily due to expansion and development spending, with YTD capex reaching $421.8 million Capital Expenditures Summary (in thousands) | Category | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Maintenance | $17,283 | $22,832 | $32,082 | $40,765 | | External growth & integration | $0 | $0 | $108,448 | $0 | | Expansion, development & organic | $177,211 | $32,881 | $271,469 | $62,833 | | Technological upgrades | $5,324 | $2,759 | $9,835 | $3,739 | | **Total Capital Expenditures** | **$199,818** | **$58,472** | **$421,834** | **$107,337** | - Total repair and maintenance expenses, which are expensed rather than capitalized, were **$30.6 million** for Q2 2025, slightly up from **$29.3 million** in Q2 2024[109](index=109&type=chunk) [External Growth and Capital Deployment](index=28&type=section&id=External%20Growth%20and%20Capital%20Deployment) The company completed projects in Allentown and Kansas City, has four major expansion projects underway, and acquired a Houston facility for $127 million - Recently completed development projects include an expansion in Allentown, PA and a new facility in Kansas City, MO, both expected to stabilize in 2026[120](index=120&type=chunk) - Four major projects are in process, including a large-scale automated expansion in Dallas Ft. Worth, TX, with a total estimated cost of **$145-$155 million**[121](index=121&type=chunk) - The company acquired a facility in Houston, TX on March 17, 2025, for an acquisition price of **$127 million**, which includes **$16 million** for upgrades, with stabilization expected in Q1 2027 and a **10-12% NOI ROIC**[123](index=123&type=chunk) [Other Supplemental Information](index=29&type=section&id=Other%20Supplemental%20Information) This section provides historical performance trends for same-store operations and details on the company's unconsolidated joint ventures [Same Store Historical Performance Trend](index=29&type=section&id=Same%20Store%20Historical%20Performance%20Trend) Same-store NOI peaked in Q2 2024 at $208.0 million and has since declined to $199.2 million in Q2 2025, with economic occupancy also trending downwards Quarterly Same Store Performance Trend | Metric | Q2 25 | Q1 25 | Q4 24 | Q3 24 | Q2 24 | Q1 24 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues ($M) | $573.1 | $560.0 | $592.6 | $595.8 | $581.9 | $573.3 | | Contribution (NOI) ($M) | $199.2 | $192.7 | $206.4 | $201.1 | $208.0 | $201.2 | | Economic Occupancy % | 75.5% | 76.6% | 79.3% | 78.3% | 79.6% | 80.8% | [Unconsolidated Joint Ventures](index=30&type=section&id=Unconsolidated%20Joint%20Ventures) The company sold its 14.99% equity interest in the SuperFrio joint venture in April 2025 and retains a 49% share in the Dubai-based RSA joint venture - The company finalized the sale of its **14.99% equity interest** in the SuperFrio joint venture in April 2025[130](index=130&type=chunk) - Americold owns a **49% equity share** in the RSA joint venture in Dubai, with its pro rata share of the JV's debt at **$18.7 million** as of June 30, 2025[131](index=131&type=chunk)[132](index=132&type=chunk) [Reconciliations, Notes, and Definitions](index=32&type=section&id=Reconciliations%2C%20Notes%2C%20and%20Definitions) This section provides detailed segment revenues and contribution, along with definitions for key non-GAAP financial measures used in the report [Revenues and Contribution (NOI) by Segment](index=32&type=section&id=Revenues%20and%20Contribution%20%28NOI%29%20by%20Segment) For Q2 2025, the Warehouse segment was the largest contributor to both revenue ($594.1 million) and NOI ($201.0 million) among the three business segments Q2 2025 Revenue and Contribution (NOI) by Segment (in thousands) | Segment | Revenues | Contribution (NOI) | | :--- | :--- | :--- | | Warehouse | $594,070 | $201,005 | | Transportation | $48,097 | $8,742 | | Third-party managed | $8,581 | $1,909 | | **Total** | **$650,748** | **$211,656** | [Notes and Definitions](index=33&type=section&id=Notes%20and%20Definitions) This section defines non-GAAP financial measures such as NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, and NOI, used to assess operating performance - **NAREIT FFO** is calculated per NAREIT standards, starting with net income and excluding items like real estate depreciation and gains/losses on property sales[139](index=139&type=chunk) - **Core FFO** adjusts NAREIT FFO for items like acquisition costs, debt extinguishment losses, and foreign currency impacts to better reflect core business operations[140](index=140&type=chunk) - **Adjusted FFO (AFFO)** adjusts Core FFO for non-real estate depreciation, stock-based compensation, and maintenance capital expenditures to measure the ability to fund distributions and incremental investments[142](index=142&type=chunk) - **Core EBITDA** starts with NAREIT EBITDAre and adjusts for non-core items similar to Core FFO, providing a measure of operations excluding items not indicative of core performance[145](index=145&type=chunk)

Core Insights - Americold Realty Trust reported total revenues of $650.7 million for Q2 2025, a 1.5% decrease from $661.0 million in Q2 2024, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue [6][11]. - The company delivered an Adjusted FFO of $103.6 million, or $0.36 per diluted share, representing a 5.6% decrease from Q2 2024 [6][15]. - The company launched three innovative development projects during the second quarter, indicating a focus on future growth despite current market challenges [3][4]. Financial Performance - Net income for Q2 2025 was $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or $0.23 per diluted share, in Q2 2024 [13]. - Core EBITDA for Q2 2025 was $159.1 million, a decrease of 3.9% from $165.5 million in Q2 2024 [14]. - The Global Warehouse segment's same-store revenues decreased by 1.5% on both actual and constant currency bases compared to Q2 2024 [6][20]. Operational Highlights - The company launched three key projects: a development in Kansas City, an expansion in Allentown, and a flagship build in Dubai, all of which are experiencing strong customer demand [3][4]. - The Global Warehouse segment's same-store services margin increased to 13.3% from 12.4% in Q2 2024, indicating improved efficiency in service delivery [6][21]. - Economic occupancy percentage decreased to 73.8% from 78.1% year-over-year, reflecting challenges in maintaining occupancy levels [19]. 2025 Outlook - The company adjusted its AFFO/share guidance range to $1.39 - $1.45 for the full year 2025, anticipating continued challenges in demand and occupancy levels [3][5]. - The guidance for total selling, general, and administrative expenses is projected to be between $270 million and $280 million, inclusive of share-based compensation [7]. - The company expects the challenging demand environment to persist in the second half of the year, with occupancy and throughput levels remaining below typical seasonal trends [3].

Core Insights - The second-quarter earnings season is underway, and focusing on companies expected to outperform may yield better investment opportunities than those that have already reported strong earnings [1] - The resilience of REITs in both physical and digital economic activities is highlighted, suggesting potential for stable returns and long-term growth despite market uncertainties [3] Industry Fundamentals - The U.S. industrial real estate sector showed resilience with net absorption of 29.6 million square feet in Q2 2025, consistent with the previous quarter but below historical averages [4] - Vacancy rates increased by 20 basis points to 7.1%, marking the first rise above 7% since Q2 2014, yet still only slightly above the 15-year pre-pandemic average [5] - Industrial asking rent growth slowed to 2.6%, the weakest since early 2020, due to softening demand and rising vacancies, although leasing activity remained strong at nearly 309 million square feet in H1 2025 [5] - Retail real estate faced challenges with the overall retail availability rate rising to 4.9% due to bankruptcies and downsizing, while net absorption was negative for the second consecutive quarter, totaling 5 million square feet [6] - Construction completions fell to 4.1 million square feet in Q2, below the 10-year quarterly average of 11.9 million square feet, as developers became more cautious [7] - The average asking rent for retail properties rose slightly to $24.79 per square foot, reflecting landlords' adjustments to subdued demand [8] Company-Specific Insights - Realty Income Corporation (O) has a Zacks Rank of 3 and an Earnings ESP of +0.30%, with expectations of steady results supported by a 98.5% occupancy rate and a focus on non-discretionary tenants [11][12] - The Zacks Consensus Estimate for Realty Income's Q2 revenues is $1.40 billion, indicating a 4.21% increase year-over-year, while the AFFO per share estimate remains unchanged at $1.06 [13] - Americold Realty Trust (COLD) holds a Zacks Rank of 3 and an Earnings ESP of +0.74%, expected to benefit from rising demand for temperature-controlled warehouses amid e-commerce growth [14][15] - The Zacks Consensus Estimate for Americold's Q2 revenues is $647.54 million, with an FFO per share estimate of 34 cents [16] - Plymouth Industrial REIT (PLYM) has a Zacks Rank of 2 and an Earnings ESP of +2.33%, with expectations of strong leasing activity and effective capital redeployment strategies [17][18] - The Zacks Consensus Estimate for Plymouth's Q2 total revenues is $46.71 million, with an FFO per share estimate of 43 cents [19]