Americold Realty Trust(US:COLD)2022-02-25 19:17Company Overview - Americold is the world's largest publicly traded REIT focused on temperature-controlled warehouses[5] - The company has 246 warehouses, with 186 owned, 51 capital/operating leased, and 9 managed[5] - The total capacity is 14 billion cubic feet or 48 million square feet, with an average facility size of 59 million cubic feet or 194,000 square feet[5] - The company estimates a 22% U S market share and serves approximately 4,000 customers with approximately 52 million pallet positions[5] - The total enterprise value is $124 billion, with an equity market cap of $98 billion[5, 6] Financial Performance - The YTD total revenue growth rate is 313% and NOI growth rate is 177%[6] - LTM PF Core EBITDA is $5239 million[6] - The annualized dividend per share for 2Q21 is $088[6] - Warehouse segment contributes 94% of NOI, while third-party managed contributes 2%, and transportation contributes 4%[6] - LTM 6/30/21 total revenue breakdown shows warehouse contributing 77%, third-party managed 13%, and transportation 10%[6] Market Conditions and Challenges - Strong end consumer demand is coupled with constrained food production due to labor challenges, impacting the global warehouse business[8] - Inflationary pressures are impacting Americold's costs, including labor, power, utilities, property taxes, and insurance[9] - The company expects to pass through increased costs through price increases and efficiencies[9] - Fixed commitment contracts help mitigate the impact of food supply chain disruptions, increasing from less than 5% to 39% since 2014[12] Growth and Expansion - The company has expansion and development opportunities with an estimated investment of over $1 billion, including customer-specific and market-demand projects[44] - Americold acquired Agro Merchants Group for approximately $17 billion, adding 46 facilities in 10 countries with approximately 236 million cubic feet of refrigerated space[48] - The company is expanding its Russellville, Arkansas facility for Conagra Brands with an investment of approximately $84 million[49] Financial Strategy - The company has a flexible balance sheet positioned for growth, with investment-grade ratings[52] - The total debt is $29 billion, with 84% being fixed-rate debt and 80% being unsecured[52] - The company has significant liquidity of approximately $13 billion, including undrawn revolver availability and forward proceeds[52]