Americold Realty Trust(COLD) - 2025 Q4 - Annual Results

Financial Performance - Fourth quarter total revenues were $658.5 million, a 1.2% decrease from $666.4 million in Q4 2024[15] - Net loss for the fourth quarter was $88.3 million, or $0.31 loss per diluted share, compared to a net loss of $0.13 per diluted share in Q4 2024[15] - Adjusted FFO for the fourth quarter was $108.3 million, or $0.38 per diluted share, a 2.7% increase from Q4 2024[15] - Total revenues for the full year 2025 were $2.6 billion, a 2.4% decrease from $2.7 billion in 2024[22] - Net loss for Q4 2025 was $88,910,000, compared to a loss of $36,409,000 in Q4 2024, representing a significant increase in losses year-over-year[79] - The net loss attributable to Americold Realty Trust, Inc. for the year was $114,548, compared to a net loss of $94,313 in 2024, representing a 21.5% increase in losses[78] - Total revenues for the year ended December 31, 2025, were $2,601,846,000, down from $2,666,541,000 in 2024, a decrease of 2.4%[85] Operational Metrics - Core EBITDA for the fourth quarter was $162.9 million, an increase of $7.3 million, or 4.7% from Q4 2024[15] - Total NOI for the fourth quarter was $216.9 million, an increase of 2.7% from the same quarter of the prior year[26] - Core EBITDA for Q4 2025 was $162.9 million, an increase of 4.7% from $155.6 million in Q4 2024, driven by higher total NOI and reduced selling, general, and administrative costs[28] - Core FFO for Q4 2025 was $102.8 million, or $0.36 per diluted share, compared to $88.6 million, or $0.31 per diluted share in Q4 2024[28] - Adjusted FFO for Q4 2025 was $108.3 million, or $0.38 per diluted share, compared to $105.9 million, or $0.37 per diluted share in Q4 2024[29] - The average economic occupancy percentage for Q4 2025 was 76.1%, down from 77.4% in Q4 2024[40] - Same store revenues for Q4 2025 totaled $584,236, a decrease of 1.1% compared to $590,754 in Q4 2024[46] - Same store contribution (NOI) was $204,349, reflecting a slight decline of 0.6% from $205,523 in Q4 2024[46] Segment Performance - Global Warehouse segment same store revenues decreased 1.1% on an actual basis compared to Q4 2024[15] - Total revenues for the Global Warehouse segment in Q4 2025 were $600.7 million, a decrease of 1.0% compared to $606.5 million in Q4 2024[40] - Global Warehouse contribution (NOI) for Q4 2025 was $206.9 million, an increase of 2.7% from $201.4 million in Q4 2024[40] - Global Warehouse total revenues for 2025 were $2,377,116, a decrease of 1.6% compared to 2024's $2,416,743[57] - Global Warehouse contribution (NOI) for 2025 was $799,451, reflecting a slight decrease of 0.3% from $801,713 in 2024[57] Debt and Liquidity - As of December 31, 2025, the Company had total liquidity of approximately $935.4 million and total net debt outstanding of approximately $4.2 billion[30] - The Company's net debt to pro forma Core EBITDA ratio was approximately 6.8x as of December 31, 2025[30] - Total debt outstanding as of December 31, 2025, was $4,334,849,000, with a weighted average interest rate of 4.10%[89] - The company has a borrowing capacity of $1.2 billion as of December 31, 2025, after accounting for $19.4 million of outstanding letters of credit[93] Capital Expenditures and Investments - Total capital expenditures for the year ended December 31, 2025, amounted to $698.067 million, compared to $309.690 million in 2024[123] - Maintenance capital expenditures for the year ended December 31, 2025, were $62.554 million, down from $80.951 million in 2024[123] - The company completed the Houston acquisition on March 17, 2025, for a total cash consideration of $108.4 million, enhancing its market position[118] - The company completed 8 projects over the last 36 months, with a total estimated cost of $1,134 million and a stabilized NOI of $139 million, achieving a 13% return on invested capital (ROIC)[125] Dividend and Shareholder Returns - The Board of Directors declared a 5% increase in the dividend to $0.23 per share for Q4 2025, payable on January 15, 2026[32] Currency and Foreign Operations - The company reported a foreign currency exchange loss of $732,000 in Q4 2025, compared to a loss of $1,766,000 in Q4 2024, showing improvement in currency management[85] - The company holds a 49% equity share in the Dubai-based RSA joint venture, with total assets of AED 208,607 as of December 31, 2025[141] - Americold's pro rata share of net loss income from the RSA joint venture was $(272) for Q4 2025, compared to $27 in Q4 2024[142] Non-GAAP Measures - NAREIT FFO is defined as net income excluding gains or losses from sales of previously depreciated operating real estate, plus specified non-cash items, providing a measure of operating performance for equity REITs[150] - Core FFO adjusts NAREIT FFO for extraordinary items, offering a more stable performance measure that excludes significant earnings volatility[151] - Adjusted FFO further refines Core FFO by accounting for maintenance capital expenditures and other non-cash items, aiding in assessing the ability to fund distribution requirements[153] - NAREIT EBITDAre is calculated as net loss before depreciation, interest expense, and taxes, providing insights into operating performance unaffected by capital structure differences[155] - Core EBITDA is derived from NAREIT EBITDAre, adjusted for various extraordinary items, and is considered a meaningful measure of core business operations[156] - Net debt to proforma Core EBITDA is calculated by dividing total debt less cash by proforma Core EBITDA, reflecting the company's leverage position[157] - NOI is calculated as net loss before interest, taxes, and depreciation, excluding certain expenses, serving as a metric for period-to-period operating performance[158] - Same store revenues and contribution (NOI) are calculated to evaluate consistent property performance over time, adjusted for currency fluctuations[160] - Maintenance capital expenditures are defined as costs to extend the life of existing assets, excluding acquisition costs[161] - All quarterly amounts and non-GAAP disclosures are deemed unaudited, indicating the preliminary nature of the financial data presented[162]