Americold Realty Trust(COLD) - 2019 Q3 - Quarterly Report

Financial Performance - Total revenues for the nine months ended September 30, 2019, increased to $1,297.7 million, up from $1,187.8 million in the same period of 2018, representing an increase of approximately 9.2%[29] - Operating income for the nine months ended September 30, 2019, was $84.9 million, a decrease from $128.8 million in the same period of 2018, reflecting a decline of approximately 34.1%[29] - Net income attributable to common shares for the nine months ended September 30, 2019, was $27.1 million, compared to $43.5 million in the same period of 2018, indicating a decrease of approximately 37.7%[30] - Net income for the three months ended September 30, 2019, was $30,201, compared to $27,091 for the same period in 2018, representing an increase of 7.8%[32] - Total comprehensive income for the three months ended September 30, 2019, was $20,285, down from $22,287 in 2018, reflecting a decrease of 9.0%[32] Shareholder Information - Weighted average common shares outstanding increased to 192.3 million for the nine months ended September 30, 2019, compared to 138.4 million in the same period of 2018, reflecting an increase of approximately 39%[30] - The company reported a net income per common share of $0.14 for the nine months ended September 30, 2019, down from $0.31 in the same period of 2018, a decrease of approximately 54.8%[30] - Distributions declared per common share of beneficial interest increased to $0.2017 for the three months ended September 30, 2019, compared to $0.1929 in 2018[38] Expenses and Liabilities - Operating expenses for the nine months ended September 30, 2019, totaled $1,212.8 million, compared to $1,059.0 million in the same period of 2018, representing an increase of approximately 14.5%[29] - The total liabilities and shareholders' equity as of the reporting date was $4,142.2 million, up from $2,532.4 million in the previous year, indicating a significant increase of approximately 63.6%[26] - The company’s total liabilities as of September 30, 2019, were $2,303,612,000, compared to $1,825,673,000 in 2018, marking an increase of 26.1%[46] Cash Flow and Investments - Net cash provided by operating activities increased to $151,921,000 in 2019 from $125,160,000 in 2018, representing a growth of 21.4%[40] - The company reported a net cash used in investing activities of $1,488,932,000 for the nine months ended September 30, 2019, compared to $77,594,000 in 2018[40] - Cash and cash equivalents at the end of the period were $316,988,000, an increase from $265,255,000 in 2018, reflecting a growth of 19.5%[41] Acquisitions and Growth - The company is focused on integrating recent acquisitions, including Cloverleaf Cold Storage and Lanier Cold Storage, to realize intended synergies[20] - The total consideration for business combinations was $1,325,433,000, reflecting significant investment in growth[44] - The company acquired Cloverleaf Cold Storage for approximately $1.24 billion, funded by proceeds from the April 2019 equity offering and its revolving credit facility[83] - The company completed the acquisition of Lanier for total cash consideration of $82.6 million, with preliminary assets valued at $84.8 million and liabilities at $2.2 million[128] Debt and Financing - Total indebtedness of the Operating Partnership as of September 30, 2019, was $1.696 billion, net of unamortized deferred financing costs[159] - The Company issued $350 million in Series C senior unsecured notes with a coupon of 4.10%, due January 8, 2030, to repay indebtedness from acquisitions[168] - The Company increased its 2018 Senior Unsecured Revolving Credit Facility borrowing capacity from $450 million to $800 million and reduced interest rate margins from 2.35% to 1.45%[160] Accounting and Compliance - The company has adopted several new accounting standards effective January 1, 2019, including lease accounting and improvements to nonemployee share-based payment accounting, which did not have a material impact on its consolidated financial statements[109][115] - The Company is required to distribute at least 90% of its REIT taxable income to shareholders to comply with IRS regulations[209] Risks and Future Outlook - The company highlighted risks related to potential bankruptcy or insolvency of customers, which could impact revenue stability[20] - Forward-looking statements indicate expectations for continued expansion and development opportunities, with targeted returns on invested capital[23]