Americold Realty Trust(COLD) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $666.4 million, a 1.9% decrease from $679.3 million in Q4 2023[15] - Net loss for Q4 2024 was $36.4 million, or $0.13 loss per diluted share, compared to a net loss of $226.8 million, or $0.80 loss per diluted share in Q4 2023[25] - Adjusted FFO for Q4 2024 was $105.9 million, or $0.37 per diluted common share, a 2.1% decrease from Q4 2023[15] - Core EBITDA for Q4 2024 was $155.6 million, a decrease of 2.9% from $160.3 million in Q4 2023[26] - For Q4 2024, Core FFO was $88.6 million, or $0.31 per diluted share, an increase from $84.8 million, or $0.30 per diluted share in Q4 2023[27] - Total revenues for the Global Warehouse segment in Q4 2024 were $606.465 million, a decrease of 0.9% compared to $612.698 million in Q4 2023[31] - Same store revenues for Q4 2024 were $588.718 million, a slight decrease of 0.5% from $591.538 million in Q4 2023[36] - Total revenues for Q4 2024 were $666,435,000, a decrease of 1.26% from $679,291,000 in Q4 2023[73] - Net loss for Q4 2024 was $36,409,000, compared to a net loss of $226,800,000 in Q4 2023, representing an improvement of 84.0%[74] - NAREIT FFO for Q4 2024 was $38,821,000, a significant recovery from a loss of $169,072,000 in Q4 2023[77] Operational Metrics - Global Warehouse same store NOI increased by 4.9%, or 5.9% on a constant currency basis compared to Q4 2023[15] - Global Warehouse segment same store services margin increased to 13.2% from 6.3% in Q4 2023[15] - Same store contribution (NOI) increased by 4.9% to $201.708 million in Q4 2024, compared to $192.361 million in Q4 2023[36] - Economic occupancy percentage for Global Warehouse decreased to 77.4% in Q4 2024 from 82.7% in Q4 2023, a decline of 524 basis points[31] - Average economic occupied pallets decreased by 5.9% to 4,272 in Q4 2024 from 4,541 in Q4 2023[31] - Same store margin improved to 34.5%, an increase of 280 basis points compared to 31.7% in Q4 2023[49] - Same-store contribution (NOI) for Q4 2024 was $206,729, reflecting a 2.0% increase from Q3 2024's $201,634[108] Revenue Growth and Projections - Full year 2024 Adjusted FFO per share grew by 16% compared to the previous year[12] - For 2025, the company projects warehouse segment same store revenue growth of 2.0% - 4.0%[18] - The company achieved $125 million of incremental full year same store warehouse services NOI in 2024[12] - Total warehouse revenues for the year ended December 31, 2024, reached $2,416,743,000, an increase of 1.1% compared to $2,391,089,000 in 2023[45] Costs and Expenses - Total warehouse segment cost of operations for Q4 2024 was $405.038 million, down 2.4% from $415.160 million in Q4 2023[31] - Operating expenses totaled $674,849,000 in Q4 2024, down from $873,612,000 in Q4 2023, a reduction of 22.7%[73] - The company incurred $33,144,000 in acquisition, cyber incident, and other costs in Q4 2024, compared to $15,774,000 in Q4 2023, an increase of 109.0%[74] - Depreciation and amortization expenses for Q4 2024 were $89,711,000, a decrease from $94,099,000 in Q4 2023[115] - Selling, general, and administrative expenses increased to $66,576,000 in Q4 2024 from $57,763,000 in Q4 2023[115] Debt and Liquidity - As of December 31, 2024, the company had total liquidity of approximately $921.8 million, with total net debt outstanding around $3.4 billion[63] - The company's unsecured debt has a weighted average contractual interest rate of 3.9% and no material debt maturities until 2026[63] - The company’s total debt outstanding as of December 31, 2024, was $3,475,181,000, with a net debt of $3,427,529,000, resulting in a net debt to pro forma core EBITDA ratio of 5.40x[82] Assets and Equity - Total assets decreased from $7.869 billion in 2023 to $7.736 billion in 2024, a decline of approximately 1.7%[71] - Total liabilities increased from $4.235 billion in 2023 to $4.429 billion in 2024, an increase of approximately 4.6%[71] - Stockholders' equity decreased from $3.616 billion in 2023 to $3.281 billion in 2024, a decline of approximately 9.3%[71] - The Company reported accounts receivable of $386.9 million in 2024, down from $426.0 million in 2023, a decrease of approximately 9.2%[71] Strategic Initiatives and Risks - The company announced a $79 million development project in Port Saint John, Canada, and a $34 million expansion in Christchurch, New Zealand[13] - The Company anticipates a migration of customers to fixed commitment storage contracts in 2025[68] - The Company faces risks including rising inflation, increased interest rates, and labor shortages that could impact future performance[67] - The Company has identified potential acquisition risks and challenges in expanding operations into new markets[67] Joint Ventures and Acquisitions - The company holds a 14.99% equity share in the Brazil-based SuperFrio joint venture, with a pro rata share of debt amounting to $17,276[111] - SuperFrio's revenues for Q4 2024 were R$151,272, a decrease from R$169,006 in Q4 2023[111] - The Dubai-based RSA joint venture, in which the company owns a 49% equity share, reported revenues of AED 7,582 for Q4 2024, up from AED 4,778 in Q4 2023[113] - Americold's pro rata share of net loss from the RSA joint venture for Q4 2024 was $27, compared to a loss of $5 in Q4 2023[113] Dividend and Shareholder Returns - The Company declared a dividend of $0.22 per share for Q4 2024, paid on January 15, 2025[64]