EARNINGS RELEASE & FINANCIAL SUPPLEMENT First Quarter 2021 Financial Supplement First Quarter 2021 Table of Contents | Overview | PAGE | | --- | --- | | Corporate Profile | 3 | | Earnings Release | 5 | | Selected Quarterly Financial Data | 14 | | Financial Information | | | Condensed Consolidated Balance Sheets | 16 | | Condensed Consolidated Statements of Operations | 17 | | Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO | 18 | | Reconciliation of Net (Loss) Income to EBITDA, NAREIT E ...

Financial Performance Highlights - Total revenue increased by 35.7% to $654.7 million in Q2 2021 compared to Q2 2020[11] - Total NOI increased by 21.0% to $155.3 million in Q2 2021 compared to Q2 2020[11] - Global Warehouse segment revenue increased by 35.3% to $503.7 million in Q2 2021 compared to Q2 2020[11] - Core EBITDA increased 17.7% to $118.3 million in Q2 2021[11] - AFFO was $71.7 million, or $0.28 per diluted common share in Q2 2021[11] Warehouse Segment Performance - Global Warehouse segment NOI increased 20.2% to $144.4 million in Q2 2021[11] - Global Warehouse segment same store revenue increased 2.1% in Q2 2021[11] - Global Warehouse segment same store NOI decreased by 0.8% in Q2 2021[11] - Total warehouse segment revenues were $989.2 million for the six months ended June 30, 2021[84] - Warehouse segment contribution was $290.9 million for the six months ended June 30, 2021[84] Acquisitions and Developments - The company completed the acquisition of KMT Brrr! in New Jersey for $71.1 million on May 5, 2021[11] - The company closed on the acquisition of ColdCo in St Louis, Missouri for $20.5 million on August 2, 2021[14] - The company entered into a purchase agreement to acquire Newark Facility Management in Newark, New Jersey for $376.5 million[14] - The company entered into a purchase agreement to acquire Lago Cold Stores in Brisbane, Australia for A$106.4 million[14]

Financial Performance Highlights - Total revenue increased by 425% to $7088 million in Q3 2021[15] - Total NOI increased by 151% to $1558 million in Q3 2021[15] - Core EBITDA increased by 102% to $1147 million in Q3 2021[15] - Global Warehouse segment revenue increased by 397% to $5420 million in Q3 2021[15] - Global Warehouse segment NOI increased by 135% to $1450 million in Q3 2021[15] Acquisitions and Expansions - Acquired ColdCo in St Louis Missouri for $205 million on August 2 2021[15] - Acquired Newark Facility Management in Newark New Jersey for $3765 million on September 1 2021[15] - Completed expansion project in Calgary Canada for C$132 million[15] Portfolio and Occupancy - As of September 30 2021 the company operated a global network of 248 temperature-controlled warehouses[5] - As of September 30 2021 total liquidity was approximately $08 billion and total debt outstanding was $30 billion[40] - As of September 30 2021 391% of rent and storage revenue was generated from fixed commitment storage contracts[37]

Company Overview - Americold is the world's largest publicly traded REIT focused on temperature-controlled warehouses[5] - The company has 246 warehouses, with 186 owned, 51 capital/operating leased, and 9 managed[5] - The total capacity is 14 billion cubic feet or 48 million square feet, with an average facility size of 59 million cubic feet or 194,000 square feet[5] - The company estimates a 22% U S market share and serves approximately 4,000 customers with approximately 52 million pallet positions[5] - The total enterprise value is $124 billion, with an equity market cap of $98 billion[5, 6] Financial Performance - The YTD total revenue growth rate is 313% and NOI growth rate is 177%[6] - LTM PF Core EBITDA is $5239 million[6] - The annualized dividend per share for 2Q21 is $088[6] - Warehouse segment contributes 94% of NOI, while third-party managed contributes 2%, and transportation contributes 4%[6] - LTM 6/30/21 total revenue breakdown shows warehouse contributing 77%, third-party managed 13%, and transportation 10%[6] Market Conditions and Challenges - Strong end consumer demand is coupled with constrained food production due to labor challenges, impacting the global warehouse business[8] - Inflationary pressures are impacting Americold's costs, including labor, power, utilities, property taxes, and insurance[9] - The company expects to pass through increased costs through price increases and efficiencies[9] - Fixed commitment contracts help mitigate the impact of food supply chain disruptions, increasing from less than 5% to 39% since 2014[12] Growth and Expansion - The company has expansion and development opportunities with an estimated investment of over $1 billion, including customer-specific and market-demand projects[44] - Americold acquired Agro Merchants Group for approximately $17 billion, adding 46 facilities in 10 countries with approximately 236 million cubic feet of refrigerated space[48] - The company is expanding its Russellville, Arkansas facility for Conagra Brands with an investment of approximately $84 million[49] Financial Strategy - The company has a flexible balance sheet positioned for growth, with investment-grade ratings[52] - The total debt is $29 billion, with 84% being fixed-rate debt and 80% being unsecured[52] - The company has significant liquidity of approximately $13 billion, including undrawn revolver availability and forward proceeds[52]

Financial Performance - Total revenue for Q1 2022 was $7057 million, an 112% increase year-over-year[11] - Total NOI for Q1 2022 increased 06% to $1583 million compared to the same quarter of the prior year[12] - Core EBITDA decreased by 59% to $1109 million, or 22% on a constant currency basis[13] - The company reported a net loss of $174 million, or $006 per diluted share[14] - Core FFO was $463 million, or $017 per diluted share[14] - AFFO was $689 million, or $026 per diluted share[15] Global Warehouse Segment - Global Warehouse segment revenue increased 114% to $5409 million[16] - Global Warehouse segment NOI increased 01% to $1463 million[16] - Global Warehouse segment same-store revenue increased 45%, or 60% on a constant currency basis[16] - Global Warehouse segment same-store NOI decreased by 47%, or 36% on a constant currency basis[16] - Global Warehouse segment margin was 270%, a 307 basis point decrease[19] Debt and Liquidity - The company had total liquidity of approximately $6570 million[28] - Total debt outstanding was $32 billion, with 83% in an unsecured structure[28] - Net debt to pro forma Core EBITDA was approximately 66x[28] - 72% of the company's total debt outstanding was at a fixed rate[28] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 768%, and the warehouse segment same-store pool was 776%[26] - 398% of rent and storage revenue was generated from fixed commitment storage contracts, assuming a full twelve months of acquisitions revenue[25]

Financial Performance Highlights - Total revenue increased by 11.5% to $729.8 million in the second quarter of 2022[13] - Total NOI increased by 8.3% to $168.3 million in the second quarter of 2022[13] - Core EBITDA increased by 1.6% to $120.2 million in the second quarter of 2022, or 3.5% on a constant currency basis[13] - Global Warehouse segment revenue increased by 12.0% to $564.4 million in the second quarter of 2022[13] - Global Warehouse segment NOI increased by 4.6% to $151.0 million in the second quarter of 2022[13] - Global Warehouse segment same store revenue increased 5.9%, or 8.1% on a constant currency basis, in the second quarter of 2022[13] - Global Warehouse segment same store NOI increased by 1.6%, or 3.1% on a constant currency basis, in the second quarter of 2022[13] Portfolio and Capital Activities - As of June 30, 2022, the company had total liquidity of approximately $596.9 million[33] - Total debt outstanding was $3.2 billion, with 83% in an unsecured structure[33] - On June 2, the company executed a joint venture agreement contributing its Chilean operations (valued at $37 million) in exchange for a 15% ownership stake in the LATAM JV, recognizing a $4.1 million loss[13] Outlook - The company maintained its 2022 annual AFFO per share guidance to within the range of $1.00 - $1.10[35]

Financial Performance - Q3 2022 - Total revenue increased by 6.9% to $757.8 million compared to the same quarter of the prior year[12, 13] - Total NOI increased by 16.3% to $181.2 million compared to the same quarter of the prior year[12, 14] - Core EBITDA increased by 15.0% to $131.9 million, or 16.9% on a constant currency basis, compared to the same quarter of the prior year[12, 15] - Global Warehouse segment revenue increased by 10.5% to $599.0 million compared to the same quarter of the prior year[12, 20] - Global Warehouse segment NOI increased by 14.9% to $166.7 million compared to the same quarter of the prior year[12, 21] - Global Warehouse segment same store revenue increased 7.1%, or 9.6% on a constant currency basis[12] - Global Warehouse segment same store NOI increased by 12.5%, or 14.4% on a constant currency basis[12] Financial Position - Total liquidity was approximately $700.1 million as of September 30, 2022[35] - Total debt outstanding was $3.2 billion as of September 30, 2022, with 84% in an unsecured structure[35] Portfolio and Operations - The company operated a global network of 249 temperature-controlled warehouses as of September 30, 2022[3, 40] - As of September 30, 2022, 40.9% of rent and storage revenue was generated from fixed commitment storage contracts[32]

Financial Performance Highlights - Total revenue for Q4 2022 increased by 0.7% to $721.5 million compared to the same quarter of the prior year[13] - Total NOI for Q4 2022 increased by 16.6% to $188.2 million year-over-year[16] - Core EBITDA for Q4 2022 increased by 10.6% to $136.8 million, or 13.6% on a constant currency basis[17] - Global Warehouse segment revenue increased by 8.0% to $598.7 million in Q4 2022[14] - Global Warehouse segment NOI increased by 14.2% to $172.3 million in Q4 2022[14] - Global Warehouse segment same-store revenue increased by 8.3%, or 10.9% on a constant currency basis, in Q4 2022[14] - Global Warehouse segment same-store NOI increased by 13.1%, or 15.4% on a constant currency basis, in Q4 2022[14] Operational Metrics - As of December 31, 2022, the company operated 242 temperature-controlled warehouses encompassing approximately 1.4 billion cubic feet[4] - Total liquidity as of December 31, 2022, was approximately $681.6 million[31] - Total debt outstanding was $3.3 billion, with 93% in an unsecured structure[31] - Economic occupancy for the total warehouse segment was 83.8% for Q4 2022, a 601 bps increase compared to Q4 2021[23, 29] - Economic occupancy for the warehouse segment same store pool was 85.0% for Q4 2022, a 634 bps increase compared to Q4 2021[23, 29] Future Outlook - The company announced its 2023 annual AFFO per share guidance to be within the range of $1.14 - $1.24[33]

Financial Performance Highlights - Total revenue decreased by 11% to $649.6 million[11] - Total NOI increased by 9.4% to $184.1 million[11] - Core EBITDA increased by 12.1% to $134.7 million, or 13.5% on a constant currency basis[11] - AFFO was $75.6 million, or $0.28 per diluted share[11] - The company is increasing its full year 2023 AFFO per share guidance to the range of $1.20 to $1.30[10, 32] Global Warehouse Segment Performance - Global Warehouse segment revenue increased by 3% to $581.2 million[11] - Global Warehouse segment NOI increased by 14.5% to $172.8 million[11] - Global Warehouse segment same store revenue increased by 2.8%, or 3.9% on a constant currency basis[11] - Global Warehouse segment same store NOI increased by 12.7%, or 13.8% on a constant currency basis[11] - Same store economic occupancy increased by 687 basis points over prior year to 84.8%[10] - 48.5% of rent and storage revenue was derived from fixed commitment storage contracts[10] Portfolio and Capitalization - The company operated a global network of 242 temperature-controlled warehouses encompassing approximately 1.5 billion cubic feet as of June 30, 2023[3, 36] - Total debt outstanding was $3.6 billion, of which 93% was in an unsecured structure[30] - As of June 30, 2023, the Company had total liquidity of approximately $454.6 million[30] - 80% of the company's total debt outstanding was at a fixed rate[30]

Financial Performance - Total revenue decreased by 11.9% to $667.9 million in Q3 2023[12] - Total NOI increased by 4.4% to $189.1 million in Q3 2023[12] - Core EBITDA increased by 9.2% to $144.0 million in Q3 2023[12] - AFFO was $88.2 million, or $0.32 per diluted common share in Q3 2023[12] - The company raised its full year 2023 AFFO per share guidance to a new range of $1.24 to $1.30[11] Global Warehouse Segment - Global Warehouse segment revenue increased 0.6% to $602.6 million in Q3 2023[18] - Global Warehouse segment NOI increased 6.7% to $177.8 million in Q3 2023[18] - Global Warehouse segment same store NOI increased by 4.5%, or 5.3% on a constant currency basis in Q3 2023[18] - Same store economic occupancy increased 345 basis points over prior year to 84.0% in Q3 2023[11] Capital & Debt - The company successfully raised $419 million in common equity by issuing 13.2 million shares at a weighted average price of $31.63 per share through its ATM program[11] - Total debt outstanding was $3.2 billion, of which 93% was in an unsecured structure as of September 30, 2023[32] - As of September 30, 2023, 89.0% of the company's total debt outstanding was at a fixed rate[32]