Americold Realty Trust(COLD) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 were $663.7 million, a 1.6% decrease from $674.2 million in Q3 2024[18] - Net loss for Q3 2025 was $11.4 million, or $0.04 loss per diluted share, compared to a net loss of $3.7 million, or $0.01 loss per diluted share in Q3 2024[26] - Adjusted FFO for Q3 2025 was $100.7 million, or $0.35 per diluted share, consistent with Q3 2024[28] - Core EBITDA for Q3 2025 was $148.3 million, a decrease of $9.0 million, or 5.7% from $157.2 million in Q3 2024[27] - Core FFO for Q3 2025 was $81.7 million compared to $83.9 million for Q3 2024[28] - NAREIT FFO for Q3 2025 was $43,151,000, down 22% from $55,540,000 in Q3 2024[81] - Core FFO for Q3 2025 was $81,747,000, a decrease of 2.6% from $83,897,000 in Q3 2024[81] - Adjusted FFO for Q3 2025 was $100,681,000, slightly up from $100,137,000 in Q3 2024, indicating a 0.5% increase[81] - Total revenues for Q3 2025 were $663,665,000, down 1.5% from $674,171,000 in Q3 2024[84] - Operating income for the three months ended September 30, 2025, was $16.8 million, down from $27.2 million in the prior year[76] Revenue Breakdown - Global Warehouse same store revenues decreased 1.6% on an actual basis compared to Q3 2024[18] - Global Warehouse total revenues for the three months ended September 30, 2025, were $607,014, a decrease of 0.8% compared to $612,181 in 2024[32] - Same store total revenues were $586,524, down 1.6% from $595,829 in 2024[37] - Non-same store revenues for the three months ended September 30, 2025, totaled $20,490,000, an increase from $16,352,000 in 2024[41] - Non-same store revenues totaled $56,804, with a contribution (NOI) of $5,363 for the nine months ended September 30, 2025[54] - Total revenues for the three months ended September 30, 2025, were $663,665,000, a decrease of 1.5% compared to $674,171,000 for the same period in 2024[1] Operational Metrics - Average economic occupied pallets decreased by 4.2% to 4,057 from 4,237 in 2024[32] - Economic occupancy percentage fell by 290 basis points to 73.8% compared to 76.7% in 2024[32] - Same store average economic occupied pallets declined by 4.1% to 3,969 from 4,137 in 2024[37] - Same store economic occupancy percentage dropped by 280 basis points to 75.5% compared to 78.3% in 2024[37] - The average economic occupancy percentage for the warehouse segment decreased to 74.1% from 78.1% in the prior year, representing a decline of 400 basis points[46] - The average physical occupied pallets decreased to 3,467 for the nine months ended September 30, 2025, down 7.4% from 3,744 in 2024[46] Cost and Expenses - Total selling, general and administrative expenses guidance for 2025 is $270 million to $280 million, including $23 million to $25 million for share-based compensation[20] - The total same store cost of operations for Q3 2025 was $391.3 million, up from $373.9 million in Q2 2025, reflecting a 4.0% increase[124] - Selling, general, and administrative expenses increased to $(70,982,000) for the three months ended September 30, 2025, compared to $(63,663,000) in 2024, an increase of 11.5%[1] - Repair and maintenance expenses totaled $30.8 million for the three months ended September 30, 2025, compared to $33.0 million for the same period in 2024[111] Debt and Liquidity - As of September 30, 2025, the company had total liquidity of approximately $798.9 million, including cash and available capacity on its revolving credit facility[64] - Total net debt outstanding was approximately $4.1 billion, with a net debt to pro forma Core EBITDA ratio of approximately 6.7x[64] - Total debt outstanding as of September 30, 2025, was $4,127,571,000, with a weighted average effective interest rate of 4.15%[86] - The Company’s total debt as a percentage of total assets was 33%, well below the 60% limit set by debt covenants[97] - The Company’s interest coverage ratio was 3.6x, exceeding the required minimum of 1.5x as of September 30, 2025[97] Strategic Initiatives - The company aims to enhance efficiency and reduce costs through its transportation services, including consolidation and freight management[2] - The third-party managed segment is expected to drive growth by providing integrated services to food manufacturers and retailers, enhancing operational efficiency[3] - The company has four sites in the development and expansion phase that will be added to the non-same store pool when operations commence[42] - The Company completed the Houston acquisition on March 17, 2025, for total cash consideration of $108.4 million, enhancing its market position[113] - The company has 5 projects in process, with a total estimated cost of $243 million and an expected stabilized NOI of $50 million[121] Dividend and Shareholder Returns - The Company's Board of Directors declared a 5% increase in the dividend to $0.23 per share for Q3 2025, paid on October 15, 2025[66] Miscellaneous - The Company utilizes various non-GAAP financial measures, including NAREIT FFO and Core EBITDA, to supplement its performance analysis[68] - All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited[148] - The document indicates a total of 33 references to key financial data[149]