Americold Realty Trust(US:COLD)2021-11-05 01:23Financial Data and Key Metrics Changes - For Q3 2021, total company revenue was $709 million, reflecting a 42% increase year-over-year, while total company NOI was $156 million, a 15% increase year-over-year [32] - Core EBITDA for Q3 2021 was $115 million, a 10% increase year-over-year, with a core EBITDA margin decrease of 474 basis points to 15.2% [32] - AFFO for Q3 2021 was $70 million or $0.27 per diluted share, consistent with internal expectations [32] Business Line Data and Key Metrics Changes - Within the Global Warehouse segment, rent and storage revenue from fixed commitment contracts increased to $346 million compared to $280 million in Q3 2020 [33] - Same-store Global Warehouse segment revenue was $374 million, up 2.3% year-over-year, while same-store NOI decreased by 5.1% year-over-year to $117 million [34][35] - Same-store economic occupancy was 76.5%, reflecting a decrease of 179 basis points from the previous year, impacted by reduced food production levels [36] Market Data and Key Metrics Changes - Current physical occupancy levels in the U.S. portfolio improved sequentially but remain below Q3 2020 levels and pre-COVID levels [21] - Customers are producing at approximately 80% to 85% of pre-COVID levels, with expectations to reach normalized inventory levels by mid-2022 [23][25] Company Strategy and Development Direction - The company announced the appointment of George Chappelle as Interim CEO, emphasizing a strategic mindset and operational acumen [9][11] - Investments include a $42 million expansion of the Spearwood facility in Australia and an additional $10 million to $11 million into automation at the Rochelle facility [40][41] - The company is focused on mitigating inflationary pressures through rate increases and operational efficiencies [30][31] Management Comments on Operating Environment and Future Outlook - Management noted strong end consumer demand for temperature-controlled food, despite ongoing COVID-related supply chain and labor disruptions [20] - The company remains confident in the global demand for food and expects food manufacturers to return to pre-COVID inventory levels [25] - Management affirmed full year 2021 AFFO guidance of $1.15 to $1.20 per share, contingent on macroeconomic factors improving food manufacturing [46] Other Important Information - The company has a total debt outstanding of $3 billion and total liquidity of approximately $810 million [45] - The churn rate for top customers remains low at approximately 3% of total warehouse revenues [39] Q&A Session Summary - The conference call concluded without a Q&A session, indicating a focus on prepared remarks rather than audience interaction [49]