Core Insights - Americold Realty Trust reported total revenues of $650.7 million for Q2 2025, a 1.5% decrease from $661.0 million in Q2 2024, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue [6][11]. - The company delivered an Adjusted FFO of $103.6 million, or $0.36 per diluted share, representing a 5.6% decrease from Q2 2024 [6][15]. - The company launched three innovative development projects during the second quarter, indicating a focus on future growth despite current market challenges [3][4]. Financial Performance - Net income for Q2 2025 was $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or $0.23 per diluted share, in Q2 2024 [13]. - Core EBITDA for Q2 2025 was $159.1 million, a decrease of 3.9% from $165.5 million in Q2 2024 [14]. - The Global Warehouse segment's same-store revenues decreased by 1.5% on both actual and constant currency bases compared to Q2 2024 [6][20]. Operational Highlights - The company launched three key projects: a development in Kansas City, an expansion in Allentown, and a flagship build in Dubai, all of which are experiencing strong customer demand [3][4]. - The Global Warehouse segment's same-store services margin increased to 13.3% from 12.4% in Q2 2024, indicating improved efficiency in service delivery [6][21]. - Economic occupancy percentage decreased to 73.8% from 78.1% year-over-year, reflecting challenges in maintaining occupancy levels [19]. 2025 Outlook - The company adjusted its AFFO/share guidance range to $1.39 - $1.45 for the full year 2025, anticipating continued challenges in demand and occupancy levels [3][5]. - The guidance for total selling, general, and administrative expenses is projected to be between $270 million and $280 million, inclusive of share-based compensation [7]. - The company expects the challenging demand environment to persist in the second half of the year, with occupancy and throughput levels remaining below typical seasonal trends [3].

Financial Performance - Total revenue reached $393.1 million, a 0.5% increase year-over-year, or a 2.8% increase on a constant currency basis[14] - Global Warehouse segment revenue was $289.6 million, up 1.1% from the previous year, or 3.4% on a constant currency basis[14] - Total contribution (NOI) amounted to $98.7 million, a 1.4% increase compared to last year, or 3.0% on a constant currency basis[14] - Core FFO reached $39.9 million, or $0.26 per diluted common share, compared to $34.8 million in the same quarter last year[14] - AFFO was $44.3 million, or $0.29 per diluted common share, compared to $39.9 million in the same quarter last year[14] Acquisitions and Expansions - The company acquired Cloverleaf Cold Storage for $1.24 billion, adding 22 temperature-controlled facilities with 132 million refrigerated cubic feet[32] - Lanier Cold Storage was acquired for $82 million, adding two temperature-controlled facilities with 14 million refrigerated cubic feet[32] - PortFresh was acquired for approximately $35.9 million, including a temperature-controlled operator and 163 acres of land[14, 27] - Plans to build a new 15 million cubic foot temperature-controlled storage facility in Savannah, Georgia, with anticipated spending of $55 to $65 million[14, 27] Operational Metrics - The company operated a global network of 179 temperature-controlled warehouses encompassing over 1 billion cubic feet[5] - Global Warehouse segment same store revenue grew 0.4%, or 2.7% on a constant currency basis[14] - Fixed commitment rent and storage revenue accounted for 43.0% of total rent and storage revenues[25]

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]

Financial Performance - Total revenue for Q1 2024 was $665 million, a 1.7% decrease compared to $676.5 million in Q1 2023 [12, 18] - Total NOI increased by 12.4% to $210.8 million in Q1 2024 from $187.6 million in Q1 2023 [12, 19] - Core FFO for Q1 2024 was $77.3 million, or $0.27 per diluted share, compared to $60.8 million, or $0.22 per diluted share, in Q1 2023 [12, 20] - AFFO for Q1 2024 was $104.9 million, or $0.37 per diluted share, compared to $79.9 million, or $0.29 per diluted share, in Q1 2023 [12, 21] Warehouse Segment Performance - Global Warehouse segment revenue was $597.7 million in Q1 2024, a 0.4% increase from $595.1 million in Q1 2023 [23, 25] - Global Warehouse contribution (NOI) was $197.1 million in Q1 2024, a 12.8% increase from $174.8 million in Q1 2023 [23, 26] - Global Warehouse same store revenue decreased 0.7% on an actual basis but increased 0.8% on a constant currency basis [12] - Global Warehouse same store NOI increased 8.6% on an actual basis and 10.1% on a constant currency basis [12] - Global Warehouse services margins delivered record first quarter margins of 10.7% [11] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 79.4%, while the same store pool was 80.9% [23, 29] - Approximately 54.2% of rent and storage revenue was generated from fixed commitment storage contracts [28] - Fixed commitment rent and storage revenue was $597.9 million [27] 2024 Outlook - Warehouse segment same store revenue growth (constant currency) is projected at 2.5% - 5.5% [14] - AFFO per share is guided to be between $1.38 and $1.46 [14]

Financial Performance Highlights - Total revenue for Q2 2024 reached $661 million, a 1.7% increase compared to $649.6 million in Q2 2023 [12] - Total Company NOI increased by 17.1% to $215.5 million in Q2 2024, up from $184.1 million in Q2 2023 [12] - Global Warehouse same store NOI increased 17.3% in Q2 2024, or 19.3% on a constant currency basis [12] - Core EBITDA for Q2 2024 was $165.5 million, a 22.9% increase from $134.7 million in Q2 2023 [12] - AFFO for Q2 2024 was $109.4 million, or $0.38 per diluted share, compared to $75.6 million, or $0.28 per diluted share, for Q2 2023 [12] Warehouse Segment Performance - Global Warehouse segment revenue for Q2 2024 was $600.4 million, a 3.3% increase from $581.2 million in Q2 2023 [29] - Global Warehouse segment contribution (NOI) was $204.5 million for Q2 2024, an 18.3% increase compared to $172.8 million for Q2 2023 [30] - Global Warehouse segment margin was 34.1% for Q2 2024, a 433 basis point increase compared to Q2 2023 [30] - As of June 30, 2024, $618 million of annualized rent and storage revenues were derived from fixed commitment storage contracts, representing 56.6% of rent and storage revenue on a pro forma basis [31] 2024 Outlook - The company projects warehouse segment same store revenue growth (constant currency) of 2.0% - 4.0% [14] - The company anticipates warehouse segment same store NOI growth (constant currency) to be 900 - 1000 bps higher than associated revenue [14]

Financial Performance Highlights - Total revenue for Q3 2024 increased by 0.9% to $674.2 million from $667.9 million in Q3 2023 [13] - Total Company NOI increased by 10.6% to $209.2 million in Q3 2024 from $189.1 million in Q3 2023 [13] - Core FFO reached $83.9 million or $0.29 per diluted share, a 17.7% increase from Q3 2023 [13] - AFFO was $100.1 million or $0.35 per diluted share, up 10.9% from Q3 2023 [13] - Core EBITDA increased by 9.1% to $157.2 million in Q3 2024 from $144.0 million in Q3 2023 [13] Warehouse Segment Performance - Global Warehouse segment revenue increased by 1.6% to $612.2 million in Q3 2024 from $602.6 million in Q3 2023 [30] - Global Warehouse contribution (NOI) increased by 11.7% to $198.6 million in Q3 2024 from $177.8 million in Q3 2023 [31] - Global Warehouse same store NOI increased 9.5% compared to Q3 2023 [13] - Global Warehouse same store services margin increased to 14.5% from 3.5% in Q3 2023 [13] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 76.7% in Q3 2024 [33] - Fixed commitment rent and storage revenues reached $623.8 million annualized as of September 30, 2024, representing 58.1% of rent and storage revenue [32] Capital Deployment and Liquidity - Completed a public debt offering of $500 million with a 5.409% interest rate, maturing on September 12, 2034 [13] - The company had total liquidity of approximately $921.9 million as of September 30, 2024 [35] - The company announced a new $148 million automation development in Dallas-Fort Worth [13]