Americold Realty Trust 8-K, filed Nov 5, 2026
Americold Realty Trust (COLD)
8-K
2026-11-05
For: 2026-11-05
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Added on
November 05, 2026
About this 8-K
Americold Realty Trust filed this 8-K on November 5, 2026.
Americold Realty Trust reported third-quarter revenue of $691.6 million, up 4.2%, and Adjusted FFO of $101.3 million, or $0.35 per diluted share. The EQT JV reduced outstanding debt by $1.15 billion, while full-year Adjusted FFO guidance rose to $1.31 to $1.33 per share. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 5, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||
(678 ) 441-1400
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 — Results of Operations and Financial Condition.
On November 5, 2026, Americold Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the third quarter ended September 30, 2026. A copy of the press release as well as a copy of the supplemental information referred to in the press release are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference.
The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition”. The information in Item 2.02 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing.
Item 7.01 — Regulation FD Disclosure.
The Company posted on its website at www.americold.com an investor presentation dated November 5, 2026, containing supplemental financial and operational information regarding the Company. In addition to being available on the Company's website, the presentation is attached hereto as Exhibit 99.3 and incorporated herein by reference.
The information set forth in Item 2.02 is incorporated by reference into this Item 7.01. The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 — Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
Press Release dated November 5, 2026 for the third quarter ended September 30, 2026. | ||||||||
Supplemental Information Package for the third quarter ended September 30, 2026. | ||||||||
Investor Presentation Materials posted November 5, 2026. | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 5, 2026
| AMERICOLD REALTY TRUST, INC. | ||||||||
| By: | /s/ Christopher J. Papa | |||||||
| Name: Christopher J. Papa | ||||||||
| Title: Chief Financial Officer and Executive Vice President | ||||||||
Exhibit 99.1
AMERICOLD ANNOUNCES THIRD QUARTER 2026 RESULTS
Delivered Year-Over-Year Revenue and NOI Growth amid Continued Industry Stabilization
Strengthened Balance Sheet with $1.15 Billion Reduction in Outstanding Debt
Adjusted FFO Per Share of $0.35 and Second Consecutive Increase in Full-Year Outlook
Atlanta, GA, November 5, 2026 - Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the third quarter ended September 30, 2026.
"A combination of best-in-class execution and continued industry stabilization allowed us to deliver another strong quarter of operating and financial performance,” said Rob Chambers, CEO of Americold. “Ongoing gains in occupancy, throughput and pricing, along with lower SG&A from our cost savings initiatives, contributed to year-over-year growth in revenue and NOI as well as AFFO of $0.35 per share for the quarter. These results reflect how the disciplined execution and operational focus we have emphasized throughout the year are translating into stronger performance across the business.”
"Beyond our financial performance, we continued to deliver tangible progress against our five strategic priorities, further strengthening our operating and financial foundation. A significant achievement during the quarter was the closing of our joint venture with EQT. The transaction enabled us to reduce our outstanding debt by $1.15 billion, reducing net leverage ratio by a full turn and significantly strengthening our balance sheet and financial flexibility. This partnership highlights the quality and attractiveness of our mission-critical assets, while establishing a development partner to support future growth opportunities."
“While the operating environment remains challenging, our efforts are yielding visible results, and we have seen a multi-quarter improvement in key metrics across the business. Based on the consistency of our execution, we are increasing our full-year AFFO outlook to a range of $1.31 to $1.33 per share. Our team remains focused on delivering against our commitments, and we believe the progress reflected in our results demonstrates the long-term value that can be created as we continue to execute on our key strategic priorities.”
Third Quarter 2026 Highlights
•Total revenues of $691.6 million, a 4.2% increase from $663.7 million in Q3 2025 and an increase of 3.3% on a constant currency basis.
•Net income of $683.4 million, or $2.38 per diluted share, as compared to a net loss of $0.04 per diluted share in Q3 2025 primarily due to a one-time gain recognized during Q3 2026 related to the formation of the EQT JV.
•Global Warehouse segment same store revenues increased 5.7% on an actual basis and increased 4.9% on a constant currency basis as compared to Q3 2025.
•Global Warehouse same store services margin increased to 15.9% in Q3 2026 from 13.6% in Q3 2025.
•Global Warehouse segment same store NOI increased 6.0%, or 5.5% on a constant currency basis, as compared to Q3 2025.
•Adjusted FFO of $101.3 million, or $0.35 per diluted share, consistent with Q3 2025 Adjusted FFO per diluted share of $0.35.
•Core EBITDA of $159.4 million increased 7.5% in Q3 2026 from Q3 2025, with a 6.9% increase on a constant currency basis.
•Core EBITDA margin of 23.0%, increased from 22.3% in Q3 2025.
2026 Outlook
The table below includes the details of our annual guidance as of November 5, 2026 which have been updated to include the projected impacts of the joint venture which closed on August 31, 2026. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.
| As of | ||||||||
| 11/5/2026 | 8/6/2026 | |||||||
| Warehouse segment same store revenues (constant currency) | $2.06B - $2.10B | $2.03B - $2.09B | ||||||
| Warehouse segment same store NOI (constant currency) | $680M - $700M | $660M - $695M | ||||||
| Total Company NOI (constant currency) | $800M - $830M | $775M - $815M | ||||||
| Total selling, general and administrative expense (guidance is inclusive of approximately $228M - $233M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization) | $260M - $265M | $250M - $260M | ||||||
| Core EBITDA | $585M - $610M | $570M - $600M | ||||||
| Interest expense | $155M - $160M | $155M - $160M | ||||||
| Current income tax expense, excluding impact of EQT Joint Venture | $7M - $9M | $7M - $9M | ||||||
| Total maintenance capital expenditures | $60M - $70M | $60M - $70M | ||||||
| Adjusted FFO per share | $1.31 - $1.33 | $1.26 - $1.32 | ||||||
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, November 5, 2026 at 8:00 a.m. Eastern Time to discuss its third quarter 2026 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.
The conference call can also be accessed by dialing 1-844-826-3035 or 1-412-317-5195. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#10212104. The telephone replay will be available starting shortly after the call until November 19, 2026.
The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
Third Quarter 2026 Total Company Financial Results
As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. On August 31, 2026, the Company closed its previously announced joint venture with EQT's Active Core Infrastructure fund, Americold-EQT Cold Storage Partnership, LLC (the "EQT JV"). The Company retained a 30% interest and serves as the day-to-day property manager.
Total revenues for the third quarter of 2026 were $691.6 million, a 4.2% increase from $663.7 million in the same quarter of the prior year, primarily due to an increase in Transportation services revenues, $13.1 million of Joint venture related management fee and reimbursed costs associated with the recent formation of the EQT JV, and favorable foreign exchange movements, partially offset by the impact of the contribution of sites in the Global Warehouse segment to the EQT JV.
For the third quarter of 2026, Global Warehouse segment revenues (excluding results of sites contributed to the EQT JV) were $569.4 million, an increase of $12.1 million, or 2.2% on an actual basis, and an increase of 1.5% on a constant currency basis. The increase was principally driven by a 2.9% increase in Warehouse services revenue on a constant currency basis.
Global Warehouse (excluding results of sites contributed to the EQT JV) segment contribution (“NOI”) was $182.5 million for the third quarter of 2026, as compared to $171.7 million for the third quarter of 2025, an increase of $10.8 million, or 6.3% on an actual basis and an increase of 5.8% on a constant currency basis. Global Warehouse segment margin (excluding results of sites contributed to the EQT JV) was 32.1% for the third quarter of 2026, a 130 basis point increase compared to the third quarter of 2025. The increase in NOI for the Global Warehouse segment (excluding results of sites contributed to the EQT JV) was primarily driven by the increase in Warehouse services revenue noted above.
Total NOI for the third quarter of 2026 (excluding any joint venture related revenue and associated costs) was $213.7 million, an increase of 4.2% from the same quarter of the prior year. This increase was related to an increase from both the Global Warehouse and Transportation segments.
For the third quarter of 2026, the Company reported a net income of $683.4 million, or a net income of $2.38 per diluted share, compared to a net loss of $11.4 million, or a net loss of $0.04 per diluted share, for the comparable quarter of the prior year. This increase was principally driven by a $714.1 million Gain on contribution of real estate assets, net of tax, associated with the formation of the EQT JV during the third quarter of 2026. The Company also benefited from overall lower Selling, general, and administrative costs, a $12.1 million net gain on the sale of real estate, offset by an increase in Interest expense and Depreciation and amortization.
Adjusted Core EBITDA was $161.8 million for the third quarter of 2026, compared to $148.5 million for the comparable quarter of the prior year.
For the third quarter of 2026, Core FFO was $66.9 million, or $0.23 per diluted share, compared to $81.7 million, or $0.29 per diluted share, for the third quarter of 2025.
For the third quarter of 2026, Adjusted FFO was $101.3 million, or $0.35 per diluted share, compared to $100.7 million, or $0.35 per diluted share, for the third quarter of 2025.
Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.
Balance Sheet Activity and Liquidity
As of September 30, 2026, the Company had total liquidity of approximately $950.4 million, including cash and available capacity on its revolving credit facility and outstanding letters of credit. Total net debt outstanding was approximately $3.3 billion (inclusive of approximately $219.8 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 93.4% of the Company’s total debt as of September 30, 2026. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.2x. Including the Company's proportionate share of net debt and trailing twelve months pro forma Core EBITDA from its partially owned entities, net debt to pro forma Adjusted Core EBITDA was approximately 6.3x. The Company’s unsecured debt has a remaining weighted average term of 5.0 years, inclusive of extensions that the Company has the option to utilize, and carries a weighted average contractual interest rate of 4.0%. As of September 30, 2026, approximately 86.6% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.
Dividend
On August 26, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the third quarter of 2026, which was paid on October 15, 2026, to common stockholders of record as of September 30, 2026.
About the Company
Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 208 operating facilities across North America, Europe, Asia-Pacific, and South America totaling approximately 1.2 billion refrigerated cubic feet—we connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities.
We also have a minority interest in two joint ventures: RSA Cold Holdings Limited (the “RSA joint venture”), which operates 2 temperature-controlled warehouses in Dubai, and Americold-EQT Cold Storage Partnership, LLC (the “EQT JV”), in which we hold a 30% equity interest, which owns 12 temperature-controlled warehouse facilities in North America.
Non-GAAP Measures
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Adjusted Core EBITDA, Core EBITDA margin, Net Debt to Pro Forma Core EBITDA, Net Debt to Pro Forma Core EBITDA - including our proportional share of the partially owned entities, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs. We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, or the impairment of any of our properties; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; risks related to any failure to achieve the anticipated benefits, synergies or returns from the EQT JV, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to the implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, or the impairment of any of our properties; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; risks related to any failure to achieve the anticipated benefits, synergies or returns from the EQT JV, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to the implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential
international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.
Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2026 outlook, and statements about the EQT JV. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.
Contacts:
Americold Realty Trust, Inc.
Investor Relations
Telephone: 678-459-1959
Email: investor.relations@americold.com
Third Quarter 2026 Global Warehouse Segment Results
As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. The Company's Third-Party Managed sites are included within the same store warehouse pool. The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three and nine months ended September 30, 2026 and 2025. The following tables exclude results for sites contributed to the EQT JV. See Revenues and Contribution (NOI) by Segment reconciliation for a reconciliation of results to total warehouse results (including results of sites contributed to the EQT JV on August 31, 2026).
| Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| TOTAL WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Global Warehouse revenues(2): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 235,184 | $ | 234,541 | $ | 235,288 | — | % | (0.3) | % | |||||||||||||||||||
Warehouse services(3) | 334,177 | 331,170 | 321,942 | 3.8 | % | 2.9 | % | ||||||||||||||||||||||
| Total Warehouse revenues | $ | 569,361 | $ | 565,711 | $ | 557,230 | 2.2 | % | 1.5 | % | |||||||||||||||||||
Global Warehouse cost of operations(2)(3): | |||||||||||||||||||||||||||||
| Power | 42,568 | 42,588 | 39,754 | 7.1 | % | 7.1 | % | ||||||||||||||||||||||
Other facilities costs(4)(5) | 58,059 | 57,856 | 58,338 | (0.5) | % | (0.8) | % | ||||||||||||||||||||||
| Labor | 240,709 | 238,186 | 238,143 | 1.1 | % | — | % | ||||||||||||||||||||||
Other services costs(4)(6) | 45,517 | 45,444 | 49,260 | (7.6) | % | (7.7) | % | ||||||||||||||||||||||
| Total Warehouse segment cost of operations | $ | 386,853 | $ | 384,074 | $ | 385,495 | 0.4 | % | (0.4) | % | |||||||||||||||||||
| Global Warehouse contribution (NOI) | $ | 182,508 | $ | 181,637 | $ | 171,735 | 6.3 | % | 5.8 | % | |||||||||||||||||||
Rent and storage contribution (NOI)(7) | $ | 134,557 | $ | 134,097 | $ | 137,196 | (1.9) | % | (2.3) | % | |||||||||||||||||||
Services contribution (NOI)(8) | $ | 47,951 | $ | 47,540 | $ | 34,539 | 38.8 | % | 37.6 | % | |||||||||||||||||||
| Global Warehouse margin | 32.1 | % | 32.1 | % | 30.8 | % | 130 bps | 130 bps | |||||||||||||||||||||
Rent and storage margin(9) | 57.2 | % | 57.2 | % | 58.3 | % | -110 bps | -110 bps | |||||||||||||||||||||
Warehouse services margin(10) | 14.3 | % | 14.4 | % | 10.7 | % | 360 bps | 370 bps | |||||||||||||||||||||
| Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(11) | 3,639 | n/a | 3,698 | (1.6) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(12) | 3,233 | n/a | 3,151 | 2.6 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(12) | 4,745 | n/a | 5,092 | (6.8) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(11) | 76.7 | % | n/a | 72.6 | % | 410 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(12) | 68.1 | % | n/a | 61.9 | % | 620 bps | n/a | ||||||||||||||||||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 64.63 | $ | 64.45 | $ | 63.63 | 1.6 | % | 1.3 | % | |||||||||||||||||||
| Total rent and storage revenues per average physical occupied pallet | $ | 72.74 | $ | 72.55 | $ | 74.67 | (2.6) | % | (2.8) | % | |||||||||||||||||||
| Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(3) | 8,478 | n/a | 8,317 | 1.9 | % | n/a | |||||||||||||||||||||||
| Total warehouse services revenues per throughput pallet | $ | 39.42 | $ | 39.06 | $ | 38.71 | 1.8 | % | 0.9 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(5)Includes real estate rent expense of $6.4 million and $7.4 million for the three months ended September 30, 2026 and 2025, respectively.
(6)Includes non-real estate rent expense (equipment lease and rentals) of $1.2 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively. Prior period non-real estate rent expense has been recast for the inclusion of Third-Party Managed sites.
(7)Calculated as warehouse rent and storage revenues less power and other facilities costs.
(8)Calculated as warehouse services revenues less labor and other services costs.
(9)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(10)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(11)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(12)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
| Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| SAME STORE WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Number of same store warehouses(2) | 194 | 194 | |||||||||||||||||||||||||||
Same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 221,823 | $ | 221,043 | $ | 214,073 | 3.6 | % | 3.3 | % | |||||||||||||||||||
Warehouse services(4) | 324,518 | 321,529 | 302,938 | 7.1 | % | 6.1 | % | ||||||||||||||||||||||
Total same store revenues | $ | 546,341 | $ | 542,572 | $ | 517,011 | 5.7 | % | 4.9 | % | |||||||||||||||||||
Same store cost of operations(3)(4): | |||||||||||||||||||||||||||||
| Power | 39,151 | 39,117 | 34,643 | 13.0 | % | 12.9 | % | ||||||||||||||||||||||
Other facilities costs(5) | 53,308 | 53,093 | 49,932 | 6.8 | % | 6.3 | % | ||||||||||||||||||||||
| Labor | 229,589 | 227,045 | 219,060 | 4.8 | % | 3.6 | % | ||||||||||||||||||||||
Other services costs(5) | 43,360 | 43,264 | 42,672 | 1.6 | % | 1.4 | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 365,408 | $ | 362,519 | $ | 346,307 | 5.5 | % | 4.7 | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 180,933 | $ | 180,053 | $ | 170,704 | 6.0 | % | 5.5 | % | |||||||||||||||||||
Same store rent and storage contribution (NOI)(6) | $ | 129,364 | $ | 128,833 | $ | 129,498 | (0.1) | % | (0.5) | % | |||||||||||||||||||
Same store services contribution (NOI)(7) | $ | 51,569 | $ | 51,220 | $ | 41,206 | 25.1 | % | 24.3 | % | |||||||||||||||||||
Same store margin | 33.1 | % | 33.2 | % | 33.0 | % | 10 bps | 20 bps | |||||||||||||||||||||
Same store rent and storage margin(8) | 58.3 | % | 58.3 | % | 60.5 | % | -220 bps | -220 bps | |||||||||||||||||||||
Same store services margin(9) | 15.9 | % | 15.9 | % | 13.6 | % | 230 bps | 230 bps | |||||||||||||||||||||
Same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(10) | 3,524 | n/a | 3,453 | 2.1 | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(11) | 3,145 | n/a | 2,953 | 6.5 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(11) | 4,490 | n/a | 4,517 | (0.6) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(10) | 78.5 | % | n/a | 76.4 | % | 210 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(11) | 70.0 | % | n/a | 65.4 | % | 460 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenues per average economic occupied pallet | $ | 62.95 | $ | 62.73 | $ | 62.00 | 1.5 | % | 1.2 | % | |||||||||||||||||||
Same store rent and storage revenues per average physical occupied pallet | $ | 70.53 | $ | 70.28 | $ | 72.49 | (2.7) | % | (3.0) | % | |||||||||||||||||||
Same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(4) | 8,243 | n/a | 7,916 | 4.1 | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 39.37 | $ | 39.01 | $ | 38.27 | 2.9 | % | 1.9 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(6)Calculated as same store rent and storage revenues less same store power and other facilities costs.
(7)Calculated as same store warehouse services revenues less same store labor and other services costs.
(8)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(9)Calculated as same store services contribution (NOI) divided by same store services revenues.
(10)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(11)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
| Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| NON-SAME STORE WAREHOUSE -Excluding EQT JV | |||||||||||||||||||||||||||||
Number of non-same store warehouses(2) | 14 | 27 | |||||||||||||||||||||||||||
Non-same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 13,361 | $ | 13,498 | $ | 21,215 | n/r | n/r | |||||||||||||||||||||
| Warehouse services | 9,659 | 9,641 | 19,004 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store revenues | $ | 23,020 | $ | 23,139 | $ | 40,219 | n/r | n/r | |||||||||||||||||||||
Non-same store cost of operations(3): | |||||||||||||||||||||||||||||
| Power | 3,417 | 3,471 | 5,111 | n/r | n/r | ||||||||||||||||||||||||
| Other facilities costs | 4,751 | 4,763 | 8,406 | n/r | n/r | ||||||||||||||||||||||||
| Labor | 11,120 | 11,141 | 19,083 | n/r | n/r | ||||||||||||||||||||||||
| Other services costs | 2,157 | 2,180 | 6,588 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store cost of operations | $ | 21,445 | $ | 21,555 | $ | 39,188 | n/r | n/r | |||||||||||||||||||||
Non-same store contribution (NOI) | $ | 1,575 | $ | 1,584 | $ | 1,031 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage contribution (NOI)(4) | $ | 5,193 | $ | 5,264 | $ | 7,698 | n/r | n/r | |||||||||||||||||||||
Non-same store services contribution (NOI)(5) | $ | (3,618) | $ | (3,680) | $ | (6,667) | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(6) | 115 | n/a | 245 | n/r | n/a | ||||||||||||||||||||||||
Average physical occupied pallets(7) | 88 | n/a | 198 | n/r | n/a | ||||||||||||||||||||||||
Average physical pallet positions(7) | 255 | n/a | 575 | n/r | n/a | ||||||||||||||||||||||||
Economic occupancy percentage(6) | 45.1 | % | n/a | 42.6 | % | n/r | n/a | ||||||||||||||||||||||
Physical occupancy percentage(7) | 34.5 | % | n/a | 34.4 | % | n/r | n/a | ||||||||||||||||||||||
Non-same store rent and storage revenues per average economic occupied pallet | $ | 116.18 | $ | 117.37 | $ | 86.59 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage revenues per average physical occupied pallet | $ | 151.83 | $ | 153.39 | $ | 107.15 | n/r | n/r | |||||||||||||||||||||
Non-same store services metrics: | |||||||||||||||||||||||||||||
| Throughput pallets | 235 | n/a | 401 | n/r | n/a | ||||||||||||||||||||||||
Non-same store warehouse services revenues per throughput pallet | $ | 41.10 | $ | 41.03 | $ | 47.39 | n/r | n/r | |||||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)As of September 30, 2026, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, 1 site currently under temporary construction, 3 sites held for sale, and 4 sites in the process of winding down operations. As of September 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(6)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(7)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
| Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| TOTAL WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Global Warehouse revenues(2): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 681,500 | $ | 676,013 | $ | 696,981 | (2.2) | % | (3.0) | % | |||||||||||||||||||
Warehouse services(3) | 950,166 | 935,057 | 932,876 | 1.9 | % | 0.2 | % | ||||||||||||||||||||||
| Total Warehouse revenues | $ | 1,631,666 | $ | 1,611,070 | $ | 1,629,857 | 0.1 | % | (1.2) | % | |||||||||||||||||||
Global Warehouse cost of operations(2)(3): | |||||||||||||||||||||||||||||
| Power | 109,598 | 108,779 | 102,759 | 6.7 | % | 5.9 | % | ||||||||||||||||||||||
Other facilities costs(4)(5) | 170,959 | 169,472 | 171,292 | (0.2) | % | (1.1) | % | ||||||||||||||||||||||
| Labor | 705,696 | 693,325 | 698,063 | 1.1 | % | (0.7) | % | ||||||||||||||||||||||
Other services costs(4)(6) | 128,434 | 127,581 | 136,477 | (5.9) | % | (6.5) | % | ||||||||||||||||||||||
| Total Warehouse segment cost of operations | $ | 1,114,687 | $ | 1,099,157 | $ | 1,108,591 | 0.5 | % | (0.9) | % | |||||||||||||||||||
| Global Warehouse contribution (NOI) | $ | 516,979 | $ | 511,913 | $ | 521,266 | (0.8) | % | (1.8) | % | |||||||||||||||||||
Rent and storage contribution (NOI)(7) | $ | 400,943 | $ | 397,762 | $ | 422,930 | (5.2) | % | (6.0) | % | |||||||||||||||||||
Services contribution (NOI)(8) | $ | 116,036 | $ | 114,151 | $ | 98,336 | 18.0 | % | 16.1 | % | |||||||||||||||||||
| Global Warehouse margin | 31.7 | % | 31.8 | % | 32.0 | % | -30 bps | -20 bps | |||||||||||||||||||||
Rent and storage margin(9) | 58.8 | % | 58.8 | % | 60.7 | % | -190 bps | -190 bps | |||||||||||||||||||||
Warehouse services margin(10) | 12.2 | % | 12.2 | % | 10.5 | % | 170 bps | 170 bps | |||||||||||||||||||||
| Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(11) | 3,588 | n/a | 3,736 | (4.0) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(12) | 3,150 | n/a | 3,176 | (0.8) | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(12) | 4,751 | n/a | 5,127 | (7.3) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(11) | 75.5 | % | n/a | 72.9 | % | 260 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(12) | 66.3 | % | n/a | 61.9 | % | 440 bps | n/a | ||||||||||||||||||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 189.94 | $ | 188.41 | $ | 186.56 | 1.8 | % | 1.0 | % | |||||||||||||||||||
| Total rent and storage revenues per average physical occupied pallet | $ | 216.35 | $ | 214.61 | $ | 219.45 | (1.4) | % | (2.2) | % | |||||||||||||||||||
| Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(3) | 24,531 | n/a | 24,767 | (1.0) | % | n/a | |||||||||||||||||||||||
| Total warehouse services revenues per throughput pallet | $ | 38.73 | $ | 38.12 | $ | 37.67 | 2.8 | % | 1.2 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(5)Includes real estate rent expense of $19.9 million and $21.3 million for the nine months ended September 30, 2026 and 2025, respectively.
(6)Includes non-real estate rent expense (equipment lease and rentals) of $4.7 million and $7.6 million for the nine months ended September 30, 2026 and 2025, respectively. Prior period non-real estate rent expense has been recast for the inclusion of Third-Party Managed sites.
(7)Calculated as warehouse rent and storage revenues less power and other facilities costs.
(8)Calculated as warehouse services revenues less labor and other services costs.
(9)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(10)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(11)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(12)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
| Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| SAME STORE WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Number of same store warehouses(2) | 194 | 194 | |||||||||||||||||||||||||||
Same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 642,728 | $ | 636,408 | $ | 634,550 | 1.3 | % | 0.3 | % | |||||||||||||||||||
Warehouse services(4) | 918,834 | 903,663 | 875,485 | 5.0 | % | 3.2 | % | ||||||||||||||||||||||
Total same store revenues | $ | 1,561,562 | $ | 1,540,071 | $ | 1,510,035 | 3.4 | % | 2.0 | % | |||||||||||||||||||
Same store cost of operations(3)(4): | |||||||||||||||||||||||||||||
| Power | 101,218 | 100,214 | 90,848 | 11.4 | % | 10.3 | % | ||||||||||||||||||||||
Other facilities costs(5) | 156,581 | 154,885 | 151,469 | 3.4 | % | 2.3 | % | ||||||||||||||||||||||
| Labor | 668,482 | 655,987 | 641,095 | 4.3 | % | 2.3 | % | ||||||||||||||||||||||
Other services costs(5) | 121,237 | 120,224 | 116,019 | 4.5 | % | 3.6 | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 1,047,518 | $ | 1,031,310 | $ | 999,431 | 4.8 | % | 3.2 | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 514,044 | $ | 508,761 | $ | 510,604 | 0.7 | % | (0.4) | % | |||||||||||||||||||
Same store rent and storage contribution (NOI)(6) | $ | 384,929 | $ | 381,309 | $ | 392,233 | (1.9) | % | (2.8) | % | |||||||||||||||||||
Same store services contribution (NOI)(7) | $ | 129,115 | $ | 127,452 | $ | 118,371 | 9.1 | % | 7.7 | % | |||||||||||||||||||
Same store margin | 32.9 | % | 33.0 | % | 33.8 | % | -90 bps | -80 bps | |||||||||||||||||||||
Same store rent and storage margin(8) | 59.9 | % | 59.9 | % | 61.8 | % | -190 bps | -190 bps | |||||||||||||||||||||
Same store services margin(9) | 14.1 | % | 14.1 | % | 13.5 | % | 60 bps | 60 bps | |||||||||||||||||||||
Same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(10) | 3,481 | n/a | 3,483 | (0.1) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(11) | 3,066 | n/a | 2,972 | 3.2 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(11) | 4,484 | n/a | 4,525 | (0.9) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(10) | 77.6 | % | n/a | 77.0 | % | 60 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(11) | 68.4 | % | n/a | 65.7 | % | 270 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenues per average economic occupied pallet | $ | 184.64 | $ | 182.82 | $ | 182.18 | 1.4 | % | 0.4 | % | |||||||||||||||||||
Same store rent and storage revenues per average physical occupied pallet | $ | 209.63 | $ | 207.57 | $ | 213.51 | (1.8) | % | (2.8) | % | |||||||||||||||||||
Same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(4) | 23,861 | n/a | 23,448 | 1.8 | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 38.51 | $ | 37.87 | $ | 37.34 | 3.1 | % | 1.4 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(6)Calculated as same store rent and storage revenues less same store power and other facilities costs.
(7)Calculated as same store warehouse services revenues less same store labor and other services costs.
(8)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(9)Calculated as same store services contribution (NOI) divided by same store services revenues.
(10)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(11)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
| Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| NON-SAME STORE WAREHOUSE -Excluding EQT JV | |||||||||||||||||||||||||||||
Number of non-same store warehouses(2) | 14 | 27 | |||||||||||||||||||||||||||
Non-same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 38,772 | $ | 39,605 | $ | 62,431 | n/r | n/r | |||||||||||||||||||||
| Warehouse services | 31,332 | 31,394 | 57,391 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store revenues | $ | 70,104 | $ | 70,999 | $ | 119,822 | n/r | n/r | |||||||||||||||||||||
Non-same store cost of operations(3): | |||||||||||||||||||||||||||||
| Power | 8,380 | 8,565 | 11,911 | n/r | n/r | ||||||||||||||||||||||||
| Other facilities costs | 14,378 | 14,587 | 19,823 | n/r | n/r | ||||||||||||||||||||||||
| Labor | 37,214 | 37,338 | 56,968 | n/r | n/r | ||||||||||||||||||||||||
| Other services costs | 7,197 | 7,357 | 20,458 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store cost of operations | $ | 67,169 | $ | 67,847 | $ | 109,160 | n/r | n/r | |||||||||||||||||||||
Non-same store contribution (NOI) | $ | 2,935 | $ | 3,152 | $ | 10,662 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage contribution (NOI)(4) | $ | 16,014 | $ | 16,453 | $ | 30,697 | n/r | n/r | |||||||||||||||||||||
Non-same store services contribution (NOI)(5) | $ | (13,079) | $ | (13,301) | $ | (20,035) | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(6) | 107 | n/a | 253 | n/r | n/a | ||||||||||||||||||||||||
Average physical occupied pallets(7) | 84 | n/a | 204 | n/r | n/a | ||||||||||||||||||||||||
Average physical pallet positions(7) | 267 | n/a | 602 | n/r | n/a | ||||||||||||||||||||||||
Economic occupancy percentage(6) | 40.1 | % | n/a | 42.0 | % | n/r | n/a | ||||||||||||||||||||||
Physical occupancy percentage(7) | 31.5 | % | n/a | 33.9 | % | n/r | n/a | ||||||||||||||||||||||
Non-same store rent and storage revenues per average economic occupied pallet | $ | 362.36 | $ | 370.14 | $ | 246.76 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage revenues per average physical occupied pallet | $ | 461.57 | $ | 471.49 | $ | 306.03 | n/r | n/r | |||||||||||||||||||||
Non-same store services metrics: | |||||||||||||||||||||||||||||
| Throughput pallets | 670 | n/a | 1,319 | n/r | n/a | ||||||||||||||||||||||||
Non-same store warehouse services revenues per throughput pallet | $ | 46.76 | $ | 46.86 | $ | 43.51 | n/r | n/r | |||||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)As of September 30, 2026, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, 1 site currently under temporary construction, 3 sites held for sale, and 4 sites in the process of winding down operations. As of September 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(6)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(7)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
| (In thousands, except shares and per share amounts) | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Property, buildings, and equipment: | |||||||||||
| Land | $ | 778,170 | $ | 818,606 | |||||||
| Buildings and improvements | 4,322,321 | 4,798,286 | |||||||||
| Machinery and equipment | 1,652,786 | 1,612,744 | |||||||||
| Assets under construction | 541,670 | 756,798 | |||||||||
| 7,294,947 | 7,986,434 | ||||||||||
| Accumulated depreciation | (2,652,326) | (2,641,241) | |||||||||
| Property, buildings, and equipment – net | 4,642,621 | 5,345,193 | |||||||||
| Operating leases - net | 156,240 | 179,935 | |||||||||
| Financing leases - net | 184,461 | 157,936 | |||||||||
| Cash, cash equivalents, and restricted cash | 35,979 | 136,863 | |||||||||
Accounts receivable - net of allowance of $16,818 and $16,396 at September 30, 2026 and December 31, 2025, respectively | 386,657 | 368,521 | |||||||||
| Identifiable intangible assets – net | 787,473 | 819,494 | |||||||||
| Goodwill | 826,564 | 828,335 | |||||||||
| Investments in and advances to partially owned entities | 168,735 | 39,231 | |||||||||
| Other assets | 327,624 | 246,090 | |||||||||
| Total assets | $ | 7,516,354 | $ | 8,121,598 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities | |||||||||||
| Borrowings under revolving line of credit | $ | 216,240 | $ | 332,111 | |||||||
| Accounts payable and accrued expenses | 577,511 | 574,059 | |||||||||
Senior unsecured notes and term loans - net of deferred financing costs of $15,541 and $16,001 at September 30, 2026 and December 31, 2025, respectively | 2,889,998 | 3,792,123 | |||||||||
| Sale-leaseback financing obligations | 40,165 | 42,352 | |||||||||
| Financing lease obligations | 179,645 | 152,262 | |||||||||
| Operating lease obligations | 165,104 | 179,965 | |||||||||
| Unearned revenues | 20,788 | 20,169 | |||||||||
| Deferred tax liability - net | 167,676 | 98,591 | |||||||||
| Repurchase obligation | 72,422 | — | |||||||||
| Other liabilities | 101,368 | 7,953 | |||||||||
| Total liabilities | 4,430,917 | 5,199,585 | |||||||||
| Equity | |||||||||||
| Stockholders' equity: | |||||||||||
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 285,518,624 and 284,871,943 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 2,854 | 2,848 | |||||||||
| Paid-in capital | 5,678,145 | 5,664,195 | |||||||||
| Accumulated deficit and distributions in excess of net earnings | (2,591,112) | (2,719,408) | |||||||||
| Accumulated other comprehensive loss | (50,002) | (63,190) | |||||||||
| Total stockholders’ equity | 3,039,885 | 2,884,445 | |||||||||
| Noncontrolling interests | 45,552 | 37,568 | |||||||||
| Total equity | 3,085,437 | 2,922,013 | |||||||||
| Total liabilities and equity | $ | 7,516,354 | $ | 8,121,598 | |||||||
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rent, storage, and warehouse services | $ | 616,283 | $ | 615,822 | $ | 1,797,769 | $ | 1,803,460 | |||||||||||||||
| Transportation services | 62,217 | 47,843 | 173,491 | 139,933 | |||||||||||||||||||
| Joint venture related management fee and reimbursed costs | 13,058 | — | 13,058 | — | |||||||||||||||||||
| Total revenues | 691,558 | 663,665 | 1,984,318 | 1,943,393 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Rent, storage, and warehouse services cost of operations | 412,067 | 418,530 | 1,205,112 | 1,204,660 | |||||||||||||||||||
| Transportation services cost of operations | 52,750 | 40,107 | 144,269 | 116,201 | |||||||||||||||||||
| Joint venture related reimbursed costs | 11,597 | — | 11,597 | — | |||||||||||||||||||
| Depreciation and amortization | 105,666 | 88,023 | 300,257 | 267,467 | |||||||||||||||||||
| Selling, general, and administrative | 63,487 | 70,982 | 197,670 | 207,124 | |||||||||||||||||||
| Transactions, strategic initiatives and other costs, net | 32,208 | 29,052 | 81,123 | 77,692 | |||||||||||||||||||
| Impairment of long-lived assets | 4,623 | 77 | 314,195 | 5,303 | |||||||||||||||||||
| Total operating expenses | 682,398 | 646,771 | 2,254,223 | 1,878,447 | |||||||||||||||||||
| Net (gain) loss from sale of real estate | (12,126) | 143 | (17,647) | (11,617) | |||||||||||||||||||
| Gain on contribution of real estate assets | (721,381) | — | (721,381) | — | |||||||||||||||||||
| Operating income | 742,667 | 16,751 | 469,123 | 76,563 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (41,971) | (33,931) | (125,790) | (108,293) | |||||||||||||||||||
| Loss from investments in partially owned entities | (2,398) | (41) | (3,330) | (1,739) | |||||||||||||||||||
| Other, net | (1,240) | (477) | 13,071 | 6,594 | |||||||||||||||||||
| Income (loss) before income taxes | 697,058 | (17,698) | 353,074 | (26,875) | |||||||||||||||||||
Income tax (expense) benefit: | |||||||||||||||||||||||
| Current income tax | (9,542) | (136) | (13,998) | (4,064) | |||||||||||||||||||
| Deferred income tax | 3,020 | 6,385 | (8,692) | 4,567 | |||||||||||||||||||
| Total income tax (expense) benefit | (6,522) | 6,249 | (22,690) | 503 | |||||||||||||||||||
| Net income (loss) | $ | 690,536 | $ | (11,449) | $ | 330,384 | $ | (26,372) | |||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 7,177 | (83) | 3,392 | (165) | |||||||||||||||||||
| Net income (loss) attributable to Americold Realty Trust, Inc. | $ | 683,359 | $ | (11,366) | $ | 326,992 | $ | (26,207) | |||||||||||||||
| Weighted average common stock outstanding – basic | 286,625 | 285,898 | 286,590 | 285,622 | |||||||||||||||||||
| Weighted average common stock outstanding – diluted | 287,670 | 285,898 | 287,188 | 285,622 | |||||||||||||||||||
| Net income (loss) per common share - basic | $ | 2.38 | $ | (0.04) | $ | 1.14 | $ | (0.09) | |||||||||||||||
| Net income (loss) per common share - diluted | $ | 2.38 | $ | (0.04) | $ | 1.14 | $ | (0.09) | |||||||||||||||
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
| (In thousands) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities: | |||||||||||
| Net income (loss) | $ | 330,384 | $ | (26,372) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 300,257 | 267,467 | |||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 4,984 | 4,402 | |||||||||
| Project Orion deferred costs amortization | 7,904 | 15,649 | |||||||||
| Gain from sale of partially owned entity | — | (2,420) | |||||||||
| Loss from investments in partially owned entities | 3,330 | 1,739 | |||||||||
| Stock-based compensation expense | 19,865 | 25,855 | |||||||||
| Deferred income tax expense (benefit) | 8,692 | (4,567) | |||||||||
| Provision for doubtful accounts receivable | 3,551 | 3,666 | |||||||||
| Impairment of long-lived assets | 314,195 | 5,303 | |||||||||
| Non-cash operating lease expenses | 24,046 | 28,477 | |||||||||
| Net gain from sale of real estate | (17,647) | (11,617) | |||||||||
| Gain on contribution of real estate assets | (721,381) | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (21,398) | 21,019 | |||||||||
| Accounts payable and accrued expenses | 11,654 | (50,674) | |||||||||
| Other assets | (21,782) | (25,307) | |||||||||
| Other liabilities | 854 | — | |||||||||
| Operating lease liabilities | (22,338) | (27,550) | |||||||||
| Proceeds from settlement of treasury lock hedge transactions | — | 1,292 | |||||||||
| Other, net | (904) | 3,072 | |||||||||
| Net cash provided by operating activities | 224,266 | 229,434 | |||||||||
| Investing activities: | |||||||||||
| Additions to property, buildings and equipment | (346,487) | (434,485) | |||||||||
| Acquisitions of property, buildings, and equipment, net of cash acquired | (18,707) | — | |||||||||
| Business combinations, net of cash acquired | — | (108,448) | |||||||||
| Investments in and advances to partially owned entities and other | (1,711) | (19,693) | |||||||||
| Proceeds from contribution of real estate assets | 1,100,672 | — | |||||||||
| Proceeds from collection of advances to partially owned entities | 23,388 | — | |||||||||
| Proceeds from sale of property, buildings, and equipment | 78,111 | 25,457 | |||||||||
| Proceeds from sale of investments in partially owned entities | — | 27,471 | |||||||||
| Payment for foreign currency exchange forwards settlement | — | (1,493) | |||||||||
| Net cash provided by (used in) investing activities | 835,266 | (511,191) | |||||||||
| Financing activities: | |||||||||||
| Distributions paid on common stock, restricted stock units and noncontrolling interests in OP | (198,898) | (195,727) | |||||||||
| Proceeds from stock options exercised | 2,389 | 2,810 | |||||||||
| Proceeds from employee stock purchase plan | — | 1,577 | |||||||||
| Remittance of withholding taxes related to employee stock-based transactions | (1,799) | (3,431) | |||||||||
| Proceeds from revolving line of credit | 731,876 | 456,269 | |||||||||
| Repayment on revolving line of credit | (852,449) | (366,000) | |||||||||
| Repayment of sale-leaseback financing obligations | (2,188) | (3,076) | |||||||||
| Repayment of financing lease obligations | (38,210) | (24,311) | |||||||||
| Payment of debt issuance costs | (11,087) | (4,713) | |||||||||
| Proceeds from public senior unsecured notes offering | — | 400,000 | |||||||||
| Repayment of senior unsecured notes | (200,000) | — | |||||||||
| Proceeds from senior unsecured term loans | 232,515 | — | |||||||||
| Repurchase obligation proceeds from partially owned entities | 72,422 | — | |||||||||
| Repayment of senior unsecured term loans | (895,000) | — | |||||||||
| Net cash (used in) provided by financing activities | (1,160,429) | 263,398 | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (100,897) | (18,359) | |||||||||
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 13 | 4,045 | |||||||||
| Cash, cash equivalents and restricted cash: | |||||||||||
| Beginning of period | 136,863 | 47,652 | |||||||||
| End of period | $ | 35,979 | $ | 33,338 | |||||||
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
Net income (loss)(1) | $ | 690,536 | $ | (11,449) | $ | 330,384 | $ | (26,372) | |||||||||
| Adjustments: | |||||||||||||||||
| Real estate related depreciation | 58,578 | 54,214 | 179,331 | 165,105 | |||||||||||||
| Net (gain) loss from sale of real estate | (12,126) | 143 | (17,647) | (11,617) | |||||||||||||
| Net loss on real estate related asset disposals | 347 | 13 | 342 | 14 | |||||||||||||
| Impairment charges on certain real estate related assets | 4,623 | 77 | 313,627 | 3,816 | |||||||||||||
| Our share of reconciling items related to partially owned entities | 917 | 153 | 1,424 | 647 | |||||||||||||
| Gain on contribution of real estate assets, net of tax | (714,097) | — | (714,097) | — | |||||||||||||
| NAREIT FFO | $ | 28,778 | $ | 43,151 | $ | 93,364 | $ | 131,593 | |||||||||
| Adjustments: | |||||||||||||||||
| Net (gain) loss on sale of non-real estate related assets | (368) | 119 | (94) | 90 | |||||||||||||
| Transactions, strategic initiatives and other costs, net | 32,208 | 29,052 | 81,123 | 77,692 | |||||||||||||
| Impairment of long-lived assets (excluding certain real estate related assets) | — | — | 568 | 1,487 | |||||||||||||
| Loss (gain) on debt extinguishment and termination of derivative instruments, net | 538 | — | (5,319) | — | |||||||||||||
| Foreign currency exchange loss (gain) | 1,570 | 647 | (3,038) | 676 | |||||||||||||
| Project Orion deferred costs amortization | 2,715 | 8,778 | 7,904 | 15,649 | |||||||||||||
| Our share of reconciling items related to partially owned entities | 1,473 | — | 1,473 | 145 | |||||||||||||
| Gain from sale of partially owned entity | — | — | — | (2,420) | |||||||||||||
| Core FFO | $ | 66,914 | $ | 81,747 | $ | 175,981 | $ | 224,912 | |||||||||
| Adjustments: | |||||||||||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 1,846 | 1,479 | 4,984 | 4,402 | |||||||||||||
| Amortization of below/above market leases | 265 | 367 | 926 | 1,081 | |||||||||||||
| Straight-line rent adjustment | 330 | 64 | 1,467 | 225 | |||||||||||||
| Deferred income tax (benefit) expense | (3,020) | (6,385) | 8,692 | (4,567) | |||||||||||||
Stock-based compensation expense(2) | 4,165 | 5,140 | 16,742 | 18,993 | |||||||||||||
| Non-real estate related depreciation and amortization | 47,088 | 33,809 | 120,926 | 102,362 | |||||||||||||
Maintenance capital expenditures(3) | (17,030) | (15,564) | (45,352) | (47,646) | |||||||||||||
| Our share of reconciling items related to partially owned entities | 780 | 24 | 843 | 232 | |||||||||||||
| Adjusted FFO | $ | 101,338 | $ | 100,681 | $ | 285,209 | $ | 299,994 | |||||||||
(1)Net income (loss) used in the calculation of the Adjusted FFO reconciliation represents Net income (loss) before the adjustment for Net income (loss) attributable to noncontrolling interests.
(2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net.
(3)Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued) | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| NAREIT FFO | $ | 28,778 | $ | 43,151 | $ | 93,364 | $ | 131,593 | |||||||||
| Core FFO | $ | 66,914 | $ | 81,747 | $ | 175,981 | $ | 224,912 | |||||||||
| Adjusted FFO | $ | 101,338 | $ | 100,681 | $ | 285,209 | $ | 299,994 | |||||||||
| Reconciliation of weighted average shares: | |||||||||||||||||
Weighted average basic shares for Net income (loss) calculation | 286,625 | 285,898 | 286,590 | 285,622 | |||||||||||||
| Dilutive stock options and unvested restricted stock units | 1,045 | 91 | 598 | 182 | |||||||||||||
| Weighted average dilutive shares | 287,670 | 285,989 | 287,188 | 285,804 | |||||||||||||
NAREIT FFO - basic per share | $ | 0.10 | $ | 0.15 | $ | 0.33 | $ | 0.46 | |||||||||
NAREIT FFO - diluted per share | $ | 0.10 | $ | 0.15 | $ | 0.33 | $ | 0.46 | |||||||||
Core FFO - basic per share | $ | 0.23 | $ | 0.29 | $ | 0.61 | $ | 0.79 | |||||||||
Core FFO - diluted per share | $ | 0.23 | $ | 0.29 | $ | 0.61 | $ | 0.79 | |||||||||
Adjusted FFO - basic per share | $ | 0.35 | $ | 0.35 | $ | 1.00 | $ | 1.05 | |||||||||
Adjusted FFO - diluted per share | $ | 0.35 | $ | 0.35 | $ | 0.99 | $ | 1.05 | |||||||||
Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
Net income (loss)(1) | $ | 690,536 | $ | (11,449) | $ | 330,384 | $ | (26,372) | |||||||||
| Adjustments: | |||||||||||||||||
| Depreciation and amortization | 105,666 | 88,023 | 300,257 | 267,467 | |||||||||||||
| Interest expense | 41,971 | 33,931 | 125,790 | 108,293 | |||||||||||||
| Income tax expense (benefit) | 6,522 | (6,249) | 22,690 | (503) | |||||||||||||
| Net (gain) loss from sale of real estate | (12,126) | 143 | (17,647) | (11,617) | |||||||||||||
| Adjustment to reflect share of EBITDAre of partially owned entities | 3,389 | 282 | 4,624 | 2,774 | |||||||||||||
| Gain on contribution of real estate assets | (721,381) | — | (721,381) | — | |||||||||||||
| NAREIT EBITDAre | $ | 114,577 | $ | 104,681 | $ | 44,717 | $ | 340,042 | |||||||||
| Adjustments: | |||||||||||||||||
| Transactions, strategic initiatives and other costs, net | 32,208 | 29,052 | 81,123 | 77,692 | |||||||||||||
| Loss from investments in partially owned entities | 2,398 | 41 | 3,330 | 1,739 | |||||||||||||
| Impairment of long-lived assets | 4,623 | 77 | 314,195 | 5,303 | |||||||||||||
| Foreign currency exchange loss (gain) | 1,570 | 647 | (3,038) | 676 | |||||||||||||
Stock-based compensation expense(2) | 4,165 | 5,140 | 16,742 | 18,993 | |||||||||||||
| Loss (gain) on debt extinguishment and termination of derivative instruments, net | 538 | — | (5,319) | — | |||||||||||||
| Net loss on real estate related asset disposals | 347 | 13 | 342 | 14 | |||||||||||||
| Net (gain) loss on sale of non-real estate related assets | (368) | 119 | (94) | 90 | |||||||||||||
| Project Orion deferred costs amortization | 2,715 | 8,778 | 7,904 | 15,649 | |||||||||||||
| Adjustment to reflect share of Core EBITDA of partially owned entities | 1,473 | — | 1,473 | — | |||||||||||||
| Reduction in EBITDAre and Core EBITDA from partially owned entities | (4,862) | (282) | (6,097) | (2,774) | |||||||||||||
| Gain from sale of partially owned entity | — | — | — | (2,420) | |||||||||||||
| Core EBITDA | $ | 159,384 | $ | 148,266 | $ | 455,278 | $ | 455,004 | |||||||||
| Adjustments: | |||||||||||||||||
| Americold's share of Core EBITDA from partially owned entities | 2,464 | 241 | 2,767 | 1,035 | |||||||||||||
| Adjusted Core EBITDA | $ | 161,848 | $ | 148,507 | $ | 458,045 | $ | 456,039 | |||||||||
Total revenues | $ | 691,558 | $ | 663,665 | $ | 1,984,318 | $ | 1,943,393 | |||||||||
| Core EBITDA margin | 23.0 | % | 22.3 | % | 22.9 | % | 23.4 | % | |||||||||
(1)Net income (loss) used in the calculation of the Adjusted Core EBITDA reconciliation represents Net income (loss) before the adjustment for Net income (loss) attributable to noncontrolling interests.
(2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net.
| Revenues and Contribution (NOI) by Segment | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Segment revenues: | |||||||||||||||||||||||
| Same Store Warehouse | $ | 546,341 | $ | 517,011 | $ | 1,561,562 | $ | 1,510,035 | |||||||||||||||
| Non-Same Store Warehouse | 23,020 | 40,219 | 70,104 | 119,822 | |||||||||||||||||||
Sites Contributed to Partially Owned Entities(2) | 46,922 | 58,592 | 166,103 | 173,603 | |||||||||||||||||||
Warehouse(1) | 616,283 | 615,822 | 1,797,769 | 1,803,460 | |||||||||||||||||||
| Transportation | 62,217 | 47,843 | 173,491 | 139,933 | |||||||||||||||||||
| Total Segment revenues | 678,500 | 663,665 | 1,971,260 | 1,943,393 | |||||||||||||||||||
| Segment costs of operations: | |||||||||||||||||||||||
| Same Store Warehouse | 365,408 | 346,307 | 1,047,518 | 999,431 | |||||||||||||||||||
| Non-Same Store Warehouse | 21,445 | 39,188 | 67,169 | 109,160 | |||||||||||||||||||
Sites Contributed to Partially Owned Entities(2) | 25,214 | 33,035 | 90,425 | 96,069 | |||||||||||||||||||
Warehouse(1) | 412,067 | 418,530 | 1,205,112 | 1,204,660 | |||||||||||||||||||
| Transportation | 52,750 | 40,107 | 144,269 | 116,201 | |||||||||||||||||||
| Total Segment Costs of Operations | 464,817 | 458,637 | 1,349,381 | 1,320,861 | |||||||||||||||||||
| Segment Contribution: | |||||||||||||||||||||||
| Same Store Warehouse | 180,933 | 170,704 | 514,044 | 510,604 | |||||||||||||||||||
| Non-Same Store Warehouse | 1,575 | 1,031 | 2,935 | 10,662 | |||||||||||||||||||
Sites Contributed to Partially Owned Entities(2) | 21,708 | 25,557 | 75,678 | 77,534 | |||||||||||||||||||
Warehouse(1) | 204,216 | 197,292 | 592,657 | 598,800 | |||||||||||||||||||
| Transportation | 9,467 | 7,736 | 29,222 | 23,732 | |||||||||||||||||||
| Total Segment Contribution | 213,683 | 205,028 | 621,879 | 622,532 | |||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||
| Joint venture related management fee and reimbursed costs | 13,058 | — | 13,058 | — | |||||||||||||||||||
| Joint venture related reimbursed costs | (11,597) | — | (11,597) | — | |||||||||||||||||||
| Depreciation and amortization expense | (105,666) | (88,023) | (300,257) | (267,467) | |||||||||||||||||||
| Selling, general, and administrative expense | (63,487) | (70,982) | (197,670) | (207,124) | |||||||||||||||||||
| Transactions, strategic initiatives and other costs, net | (32,208) | (29,052) | (81,123) | (77,692) | |||||||||||||||||||
| Impairment of long-lived assets | (4,623) | (77) | (314,195) | (5,303) | |||||||||||||||||||
| Net gain (loss) from sale of real estate | 12,126 | (143) | 17,647 | 11,617 | |||||||||||||||||||
| Gain on contribution of real estate assets | 721,381 | — | 721,381 | — | |||||||||||||||||||
| Interest expense | (41,971) | (33,931) | (125,790) | (108,293) | |||||||||||||||||||
| Loss from investments in partially owned entities | (2,398) | (41) | (3,330) | (1,739) | |||||||||||||||||||
| Other, net | (1,240) | (477) | 13,071 | 6,594 | |||||||||||||||||||
| Income (loss) before income taxes | $ | 697,058 | $ | (17,698) | $ | 353,074 | $ | (26,875) | |||||||||||||||
(1)As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.
(2) These amounts represent the results of sites contributed to the EQT JV upon formation on August 31, 2026.
| Notes and Definitions | ||
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Adjusted Core EBITDA, Core EBITDA margin, Net Debt to Pro Forma Core EBITDA, Net Debt to Pro Forma Core EBITDA - including our proportional share of the partially owned entities, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures. | ||
We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and real estate related assets, adjusted for specified non-cash items, such as real estate asset depreciation and amortization, and impairment charges on real estate related assets. We then further adjust for our share of reconciling items for partially owned entities and any Gain on contribution of real estate assets, net of tax. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs. | ||
We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net (gain) loss on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Impairment of long-lived assets (excluding certain real estate related assets); Loss (gain) on debt extinguishment and termination of derivative instruments, net; Foreign currency exchange loss (gain); Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. | ||
| However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited. | ||
We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax (benefit) expense; Stock-based compensation expense; Non-real estate related depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities. | ||
NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net income (loss) and Net income (loss) per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net income (loss) or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net income (loss), which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. | ||
| We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as Net income (loss) before Depreciation and amortization; Interest expense; Income tax expense (benefit); Net (gain) loss from sale of real estate; Adjustment to reflect share of EBITDAre of partially owned entities; and Gain on contribution of real estate assets. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies. | ||
We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss (gain) on debt extinguishment and termination of derivative instruments, net; Net loss on real estate related asset disposals; Net (gain) loss on sale of non-real estate related assets; Project Orion deferred costs amortization; Adjustment to reflect share of Core EBITDA of partially owned entities; Reduction in EBITDAre and Core EBITDA from partially owned entities; and Gain from sale of partially owned entity. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We also calculate our Adjusted Core EBITDA as Core EBITDA further adjusted for Americold's share of Core EBITDA from partially owned entities. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. We believe Core EBITDA margin is helpful to investors as a supplemental measure of operating efficiency because it measures the portion of each dollar of revenue converted to Core EBITDA, which facilitates comparisons of our operating performance between periods. NAREIT EBITDAre, Core EBITDA, and Adjusted Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre, Core EBITDA and Adjusted Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre, Core EBITDA, and Adjusted Core EBITDA as alternatives to Net income (loss) or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre, Core EBITDA and Adjusted Core EBITDA have limitations as analytical tools, including: | ||
•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; •these measures do not reflect changes in, or cash requirements for, our working capital needs; •these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; •these measures do not reflect our tax expense or the cash requirements to pay our taxes; and •although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements. | ||
| Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. Net debt to pro forma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro forma and/or Core EBITDA. If applicable, we calculate pro forma Core EBITDA as Core EBITDA further adjusted for acquisitions, divestitures, exited properties, properties classified as held for sale, and properties contributed to the EQT joint venture. The pro forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. For purposes of the Net Debt to Pro Forma Adjusted Core EBITDA - Including Proportional Share of Partially Owned Entities, net debt and pro forma Core EBITDA are further adjusted to reflect the Company's proportionate share of net debt and Core EBITDA from its partially owned entities. | ||
NOI is calculated as Net income (loss) before Interest expense, Income tax (expense) benefit, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Impairment of long-lived assets; Transactions, strategic initiatives and other costs, net; Net (gain) loss from sale of real estate; Joint venture related management fee and reimbursed costs; Joint venture related reimbursed costs; Gain on contribution of real estate assetsand all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business. | ||
We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2025) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) do not result in a facility being excluded from the same store population as management believes that actively managing its real estate is normal course of operations. However, the sites contributed upon formation of the EQT JV have been excluded from both the same store and non-same store results. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year. | ||
| We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Impairment of long-lived assets, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net, and Net (gain) loss from sale of real estate) and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our “same store contribution (NOI)” on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that “same store contribution (NOI)” is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. “Same store contribution (NOI)” is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate “same store contribution (NOI)” in a manner consistent with our definition or calculation. “same store contribution (NOI)” should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. | ||
We calculate “total enterprise value” as the sum of net debt and our equity capitalization based on the fully diluted unweighted common stock outstanding and the related common stock share price as of September 30, 2026. | ||
| We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. | ||
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant. | ||
| All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. | ||
Exhibit 99.2
 |  | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Table of Contents | PAGE | ||||
| Corporate Profile | |||||
| Earnings Release | |||||
| Financial Information | |||||
Condensed Consolidated Balance Sheets | |||||
Condensed Consolidated Statements of Operations | |||||
| Condensed Consolidated Statements of Cash Flows | |||||
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO | |||||
Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA | |||||
| Debt Detail and Maturities | |||||
| Interest Expense & Debt Covenants | |||||
| Transactions, Strategic Initiatives and Other Costs, Net | |||||
| Operations Overview | |||||
| Global Warehouse Portfolio | |||||
| Fixed Commitment and Lease Maturity Schedules | |||||
| Capital Expenditures | |||||
| Expansions and Developments | |||||
Other Supplemental Information | |||||
| Same Store Historical Performance Trends | |||||
| Unconsolidated Joint Ventures (Investments in Partially Owned Entities) | |||||
Reconciliations, Notes and Definitions | |||||
| Revenues and Contribution (NOI) by Segment | |||||
Notes and Definitions | |||||
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Financial Supplement | Third Quarter 2026 | ||||||||
Corporate Profile
Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 208 operating facilities across North America, Europe, Asia-Pacific, and South America totaling approximately 1.2 billion refrigerated cubic feet—we connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities.
We also have a minority interest in two joint ventures: RSA Cold Holdings Limited (the “RSA joint venture”), which operates 2 temperature-controlled warehouses in Dubai, and Americold-EQT Cold Storage Partnership, LLC (the “EQT JV”), in which we hold a 30% equity interest, which owns 12 temperature-controlled warehouse facilities in North America.
Corporate Headquarters
10 Glenlake Parkway, Suite 600, South Tower
Atlanta, Georgia 30328
Telephone: 678-441-1400
Website: www.americold.com
Senior Management
Robert S. Chambers: Chief Executive Officer and Director
Christopher J. Papa: Chief Financial Officer and Executive Vice President
M. Bryan Verbarendse: President, Americas
Richard C. Winnall: President, International
Nathan H. Harwell: Chief Legal and People Officer and Executive Vice President
R. Scott Henderson: Chief Investment Officer and Executive Vice President
Anita Nanda: Chief Technology and Solutions Officer and Executive Vice President
Robert E. Harris, Jr.: Chief Accounting Officer and Senior Vice President
Robert E. Harris, Jr.: Chief Accounting Officer and Senior Vice President
Board of Directors
Mark R. Patterson: Chairman of the Board of Directors
Kelly H. Barrett: Director
Kelly H. Barrett: Director
Robert L. Bass: Director
Robert S. Chambers: Chief Executive Officer and Director
Antonio F. Fernandez: Director
Pamela K. Kohn: Director
David J. Neithercut: Director
Andrew P. Power: Director
Joseph E. Reece: Director
Stephen R. Sleigh: Director
Joseph E. Reece: Director
Stephen R. Sleigh: Director
Investor Relations
To request more information or to be added to our e-mail distribution list, please visit the investors section of our website: www.americold.com
Investor Relations
Investor Relations
Telephone: 678-459-1959
Email: investor.relations@americold.com
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Financial Supplement | Third Quarter 2026 | ||||||||
| Analyst Coverage | ||||||||||||||
| Firm | Analyst Name | Contact | ||||||||||||
| Baird Equity Research | Nicholas Thillman | 414-298-5053 | nthillman@rwbaird.com | |||||||||||
| Bank of America Merrill Lynch | Samir Khanal | 646-855-1497 | samir.khanal@bofa.com | |||||||||||
| Barclays | Brendan Lynch | 212-526-9428 | brendan.lynch@barclays.com | |||||||||||
| BNP Paribas Exane Research | Nate Crossett | 646-725-3716 | nate.crossett@exanebnpparibas.com | |||||||||||
| Citi | Craig Mailman | 212-816-4471 | craig.mailman@citi.com | |||||||||||
| Compass Point Research | Rob Simone | 201-355-6813 | rsimone@compasspointllc.com | |||||||||||
| Evercore ISI | Steve Sakwa/ Michael Griffin | 212-446-9462 / 212-752-0886 | steve.sakwa@evercoreisi.com / michael.griffin@evercoreisi.com | |||||||||||
| Green Street Advisors | Vince Tibone | 949-640-8780 | vtibone@greenstreet.com | |||||||||||
| J.P. Morgan | Michael W. Mueller | 212-622-6689 | michael.w.mueller@jpmorgan.com | |||||||||||
| KeyBanc | Todd Thomas | 917-368-2286 | tthomas@key.com | |||||||||||
| Morningstar Research Services | Austin Taggart | 872-371-4209 | austin.taggart@morningstar.com | |||||||||||
| Piper Sandler | Alexander Goldfarb | 212-466-7937 | alexander.goldfarb@psc.com | |||||||||||
| RBC | Michael Carroll | 440-715-2649 | michael.carroll@rbccm.com | |||||||||||
Scotiabank | Viktor Fediv | 212-225-6411 | viktor.fediv@scotiabank.com | |||||||||||
| Truist | Michael R. Lewis | 212-319-5659 | michael.r.lewis@truist.com | |||||||||||
| UBS | Michael Goldsmith | 212-713-2951 | michael.goldsmith@ubs.com | |||||||||||
Wells Fargo Securities | Blaine Heck | 410-662-2556 | blaine.heck@wellsfargo.com | |||||||||||
| Wolfe Research | Andy Liu | 646-582-9257 | aliu@wolferesearch.com | |||||||||||
Stock Listing Information
The shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol “COLD”.
Credit Ratings
| DBRS Morningstar | ||||||||
| Credit Rating: | BBB | (Stable Trend) | ||||||
| Fitch | ||||||||
| Issuer Default Rating: | BBB | (Stable Outlook) | ||||||
| Moody’s | ||||||||
| Issuer Rating: | Baa3 | (Stable Outlook) | ||||||
These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
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Financial Supplement | Third Quarter 2026 | ||||||||
AMERICOLD ANNOUNCES THIRD QUARTER 2026 RESULTS
Delivered Year-Over-Year Revenue and NOI Growth amid Continued Industry Stabilization
Strengthened Balance Sheet with $1.15 Billion Reduction in Outstanding Debt
Adjusted FFO Per Share of $0.35 and Second Consecutive Increase in Full-Year Outlook
Atlanta, GA, November 5, 2026 - Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the third quarter ended September 30, 2026.
"A combination of best-in-class execution and continued industry stabilization allowed us to deliver another strong quarter of operating and financial performance,” said Rob Chambers, CEO of Americold. “Ongoing gains in occupancy, throughput and pricing, along with lower SG&A from our cost savings initiatives, contributed to year-over-year growth in revenue and NOI as well as AFFO of $0.35 per share for the quarter. These results reflect how the disciplined execution and operational focus we have emphasized throughout the year are translating into stronger performance across the business.”
"Beyond our financial performance, we continued to deliver tangible progress against our five strategic priorities, further strengthening our operating and financial foundation. A significant achievement during the quarter was the closing of our joint venture with EQT. The transaction enabled us to reduce our outstanding debt by $1.15 billion, reducing net leverage ratio by a full turn and significantly strengthening our balance sheet and financial flexibility. This partnership highlights the quality and attractiveness of our mission-critical assets, while establishing a development partner to support future growth opportunities."
“While the operating environment remains challenging, our efforts are yielding visible results, and we have seen a multi-quarter improvement in key metrics across the business. Based on the consistency of our execution, we are increasing our full-year AFFO outlook to a range of $1.31 to $1.33 per share. Our team remains focused on delivering against our commitments, and we believe the progress reflected in our results demonstrates the long-term value that can be created as we continue to execute on our key strategic priorities.”
Third Quarter 2026 Highlights
•Total revenues of $691.6 million, a 4.2% increase from $663.7 million in Q3 2025 and an increase of 3.3% on a constant currency basis.
•Net income of $683.4 million, or $2.38 per diluted share, as compared to a net loss of $0.04 per diluted share in Q3 2025 primarily due to a one-time gain recognized during Q3 2026 related to the formation of the EQT JV.
•Global Warehouse segment same store revenues increased 5.7% on an actual basis and increased 4.9% on a constant currency basis as compared to Q3 2025.
•Global Warehouse same store services margin increased to 15.9% in Q3 2026 from 13.6% in Q3 2025.
•Global Warehouse segment same store NOI increased 6.0%, or 5.5% on a constant currency basis, as compared to Q3 2025.
•Adjusted FFO of $101.3 million, or $0.35 per diluted share, consistent with Q3 2025 Adjusted FFO per diluted share of $0.35.
•Core EBITDA of $159.4 million increased 7.5% in Q3 2026 from Q3 2025, with a 6.9% increase on a constant currency basis.
•Core EBITDA margin of 23.0%, increased from 22.3% in Q3 2025.
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Financial Supplement | Third Quarter 2026 | ||||||||
2026 Outlook
The table below includes the details of our annual guidance as of November 5, 2026 which have been updated to include the projected impacts of the joint venture which closed on August 31, 2026. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.
| As of | ||||||||
| 11/5/2026 | 8/6/2026 | |||||||
| Warehouse segment same store revenues (constant currency) | $2.06B - $2.10B | $2.03B - $2.09B | ||||||
| Warehouse segment same store NOI (constant currency) | $680M - $700M | $660M - $695M | ||||||
| Total Company NOI (constant currency) | $800M - $830M | $775M - $815M | ||||||
| Total selling, general and administrative expense (guidance is inclusive of approximately $228M - $233M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization) | $260M - $265M | $250M - $260M | ||||||
| Core EBITDA | $585M - $610M | $570M - $600M | ||||||
| Interest expense | $155M - $160M | $155M - $160M | ||||||
| Current income tax expense, excluding impact of EQT Joint Venture | $7M - $9M | $7M - $9M | ||||||
| Total maintenance capital expenditures | $60M - $70M | $60M - $70M | ||||||
| Adjusted FFO per share | $1.31 - $1.33 | $1.26 - $1.32 | ||||||
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
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Financial Supplement | Third Quarter 2026 | ||||||||
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, November 5, 2026 at 8:00 a.m. Eastern Time to discuss its third quarter 2026 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.
The conference call can also be accessed by dialing 1-844-826-3035 or 1-412-317-5195. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#10212104. The telephone replay will be available starting shortly after the call until November 19, 2026.
The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
Third Quarter 2026 Total Company Financial Results
As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. On August 31, 2026, the Company closed its previously announced joint venture with EQT's Active Core Infrastructure fund, Americold-EQT Cold Storage Partnership, LLC (the "EQT JV"). The Company retained a 30% interest and serves as the day-to-day property manager.
Total revenues for the third quarter of 2026 were $691.6 million, a 4.2% increase from $663.7 million in the same quarter of the prior year, primarily due to an increase in Transportation services revenues, $13.1 million of Joint venture related management fee and reimbursed costs associated with the recent formation of the EQT JV, and favorable foreign exchange movements, partially offset by the impact of the contribution of sites in the Global Warehouse segment to the EQT JV.
For the third quarter of 2026, Global Warehouse segment revenues (excluding results of sites contributed to the EQT JV) were $569.4 million, an increase of $12.1 million, or 2.2% on an actual basis, and an increase of 1.5% on a constant currency basis. The increase was principally driven by a 2.9% increase in Warehouse services revenue on a constant currency basis.
Global Warehouse (excluding results of sites contributed to the EQT JV) segment contribution (“NOI”) was $182.5 million for the third quarter of 2026, as compared to $171.7 million for the third quarter of 2025, an increase of $10.8 million, or 6.3% on an actual basis and an increase of 5.8% on a constant currency basis. Global Warehouse segment margin (excluding results of sites contributed to the EQT JV) was 32.1% for the third quarter of 2026, a 130 basis point increase compared to the third quarter of 2025. The increase in NOI for the Global Warehouse segment (excluding results of sites contributed to the EQT JV) was primarily driven by the increase in Warehouse services revenue noted above.
Total NOI for the third quarter of 2026 (excluding any joint venture related revenue and associated costs) was $213.7 million, an increase of 4.2% from the same quarter of the prior year. This increase was related to an increase from both the Global Warehouse and Transportation segments.
For the third quarter of 2026, the Company reported a net income of $683.4 million, or a net income of $2.38 per diluted share, compared to a net loss of $11.4 million, or a net loss of $0.04 per diluted share, for the comparable quarter of the prior year. This increase was principally driven by a $714.1 million Gain on contribution of real estate assets, net of tax, associated with the formation of the EQT JV during the third quarter of 2026. The Company also benefited from overall lower Selling, general, and administrative costs, a $12.1 million net gain on the sale of real estate, offset by an increase in Interest expense and Depreciation and amortization.
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Financial Supplement | Third Quarter 2026 | ||||||||
Adjusted Core EBITDA was $161.8 million for the third quarter of 2026, compared to $148.5 million for the comparable quarter of the prior year.
For the third quarter of 2026, Core FFO was $66.9 million, or $0.23 per diluted share, compared to $81.7 million, or $0.29 per diluted share, for the third quarter of 2025.
For the third quarter of 2026, Adjusted FFO was $101.3 million, or $0.35 per diluted share, compared to $100.7 million, or $0.35 per diluted share, for the third quarter of 2025.
Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.
Balance Sheet Activity and Liquidity
As of September 30, 2026, the Company had total liquidity of approximately $950.4 million, including cash and available capacity on its revolving credit facility and outstanding letters of credit. Total net debt outstanding was approximately $3.3 billion (inclusive of approximately $219.8 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 93.4% of the Company’s total debt as of September 30, 2026. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.2x. Including the Company's proportionate share of net debt and trailing twelve months pro forma Core EBITDA from its partially owned entities, net debt to pro forma Adjusted Core EBITDA was approximately 6.3x. The Company’s unsecured debt has a remaining weighted average term of 5.0 years, inclusive of extensions that the Company has the option to utilize, and carries a weighted average contractual interest rate of 4.0%. As of September 30, 2026, approximately 86.6% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.
Dividend
On August 26, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the third quarter of 2026, which was paid on October 15, 2026, to common stockholders of record as of September 30, 2026.
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Financial Supplement | Third Quarter 2026 | ||||||||
About the Company
Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 208 operating facilities across North America, Europe, Asia-Pacific, and South America totaling approximately 1.2 billion refrigerated cubic feet—we connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities.
We also have a minority interest in two joint ventures: RSA Cold Holdings Limited (the “RSA joint venture”), which operates 2 temperature-controlled warehouses in Dubai, and Americold-EQT Cold Storage Partnership, LLC (the “EQT JV”), in which we hold a 30% equity interest, which owns 12 temperature-controlled warehouse facilities in North America.
Non-GAAP Measures
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Adjusted Core EBITDA, Core EBITDA margin, Net Debt to Pro Forma Core EBITDA, Net Debt to Pro Forma Core EBITDA - including our proportional share of the partially owned entities, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs. We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, or the impairment of any of our properties; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; risks related to any failure to achieve the anticipated benefits, synergies or returns from the EQT JV, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to the implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, or the impairment of any of our properties; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; risks related to any failure to achieve the anticipated benefits, synergies or returns from the EQT JV, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to the implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential
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Financial Supplement | Third Quarter 2026 | ||||||||
international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.
Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2026 outlook, and statements about the EQT JV. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.
Contacts:
Americold Realty Trust, Inc.
Investor Relations
Telephone: 678-459-1959
Email: investor.relations@americold.com
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Financial Supplement | Third Quarter 2026 | ||||||||
Third Quarter 2026 Global Warehouse Segment Results
As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. The Company's Third-Party Managed sites are included within the same store warehouse pool. The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three and nine months ended September 30, 2026 and 2025. The following tables exclude results for sites contributed to the EQT JV. See page 33 for a reconciliation of results to total warehouse results (including results of sites contributed to the EQT JV on August 31, 2026).
| Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| TOTAL WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Global Warehouse revenues(2): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 235,184 | $ | 234,541 | $ | 235,288 | — | % | (0.3) | % | |||||||||||||||||||
Warehouse services(3) | 334,177 | 331,170 | 321,942 | 3.8 | % | 2.9 | % | ||||||||||||||||||||||
| Total Warehouse revenues | $ | 569,361 | $ | 565,711 | $ | 557,230 | 2.2 | % | 1.5 | % | |||||||||||||||||||
Global Warehouse cost of operations(2)(3): | |||||||||||||||||||||||||||||
| Power | 42,568 | 42,588 | 39,754 | 7.1 | % | 7.1 | % | ||||||||||||||||||||||
Other facilities costs(4)(5) | 58,059 | 57,856 | 58,338 | (0.5) | % | (0.8) | % | ||||||||||||||||||||||
| Labor | 240,709 | 238,186 | 238,143 | 1.1 | % | — | % | ||||||||||||||||||||||
Other services costs(4)(6) | 45,517 | 45,444 | 49,260 | (7.6) | % | (7.7) | % | ||||||||||||||||||||||
| Total Warehouse segment cost of operations | $ | 386,853 | $ | 384,074 | $ | 385,495 | 0.4 | % | (0.4) | % | |||||||||||||||||||
| Global Warehouse contribution (NOI) | $ | 182,508 | $ | 181,637 | $ | 171,735 | 6.3 | % | 5.8 | % | |||||||||||||||||||
Rent and storage contribution (NOI)(7) | $ | 134,557 | $ | 134,097 | $ | 137,196 | (1.9) | % | (2.3) | % | |||||||||||||||||||
Services contribution (NOI)(8) | $ | 47,951 | $ | 47,540 | $ | 34,539 | 38.8 | % | 37.6 | % | |||||||||||||||||||
| Global Warehouse margin | 32.1 | % | 32.1 | % | 30.8 | % | 130 bps | 130 bps | |||||||||||||||||||||
Rent and storage margin(9) | 57.2 | % | 57.2 | % | 58.3 | % | -110 bps | -110 bps | |||||||||||||||||||||
Warehouse services margin(10) | 14.3 | % | 14.4 | % | 10.7 | % | 360 bps | 370 bps | |||||||||||||||||||||
| Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(11) | 3,639 | n/a | 3,698 | (1.6) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(12) | 3,233 | n/a | 3,151 | 2.6 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(12) | 4,745 | n/a | 5,092 | (6.8) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(11) | 76.7 | % | n/a | 72.6 | % | 410 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(12) | 68.1 | % | n/a | 61.9 | % | 620 bps | n/a | ||||||||||||||||||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 64.63 | $ | 64.45 | $ | 63.63 | 1.6 | % | 1.3 | % | |||||||||||||||||||
| Total rent and storage revenues per average physical occupied pallet | $ | 72.74 | $ | 72.55 | $ | 74.67 | (2.6) | % | (2.8) | % | |||||||||||||||||||
| Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(3) | 8,478 | n/a | 8,317 | 1.9 | % | n/a | |||||||||||||||||||||||
| Total warehouse services revenues per throughput pallet | $ | 39.42 | $ | 39.06 | $ | 38.71 | 1.8 | % | 0.9 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(5)Includes real estate rent expense of $6.4 million and $7.4 million for the three months ended September 30, 2026 and 2025, respectively.
(6)Includes non-real estate rent expense (equipment lease and rentals) of $1.2 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively. Prior period non-real estate rent expense has been recast for the inclusion of Third-Party Managed sites.
(7)Calculated as warehouse rent and storage revenues less power and other facilities costs.
(8)Calculated as warehouse services revenues less labor and other services costs.
(9)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(10)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(11)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(12)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
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Financial Supplement | Third Quarter 2026 | ||||||||
| Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| SAME STORE WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Number of same store warehouses(2) | 194 | 194 | |||||||||||||||||||||||||||
Same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 221,823 | $ | 221,043 | $ | 214,073 | 3.6 | % | 3.3 | % | |||||||||||||||||||
Warehouse services(4) | 324,518 | 321,529 | 302,938 | 7.1 | % | 6.1 | % | ||||||||||||||||||||||
Total same store revenues | $ | 546,341 | $ | 542,572 | $ | 517,011 | 5.7 | % | 4.9 | % | |||||||||||||||||||
Same store cost of operations(3)(4): | |||||||||||||||||||||||||||||
| Power | 39,151 | 39,117 | 34,643 | 13.0 | % | 12.9 | % | ||||||||||||||||||||||
Other facilities costs(5) | 53,308 | 53,093 | 49,932 | 6.8 | % | 6.3 | % | ||||||||||||||||||||||
| Labor | 229,589 | 227,045 | 219,060 | 4.8 | % | 3.6 | % | ||||||||||||||||||||||
Other services costs(5) | 43,360 | 43,264 | 42,672 | 1.6 | % | 1.4 | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 365,408 | $ | 362,519 | $ | 346,307 | 5.5 | % | 4.7 | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 180,933 | $ | 180,053 | $ | 170,704 | 6.0 | % | 5.5 | % | |||||||||||||||||||
Same store rent and storage contribution (NOI)(6) | $ | 129,364 | $ | 128,833 | $ | 129,498 | (0.1) | % | (0.5) | % | |||||||||||||||||||
Same store services contribution (NOI)(7) | $ | 51,569 | $ | 51,220 | $ | 41,206 | 25.1 | % | 24.3 | % | |||||||||||||||||||
Same store margin | 33.1 | % | 33.2 | % | 33.0 | % | 10 bps | 20 bps | |||||||||||||||||||||
Same store rent and storage margin(8) | 58.3 | % | 58.3 | % | 60.5 | % | -220 bps | -220 bps | |||||||||||||||||||||
Same store services margin(9) | 15.9 | % | 15.9 | % | 13.6 | % | 230 bps | 230 bps | |||||||||||||||||||||
Same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(10) | 3,524 | n/a | 3,453 | 2.1 | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(11) | 3,145 | n/a | 2,953 | 6.5 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(11) | 4,490 | n/a | 4,517 | (0.6) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(10) | 78.5 | % | n/a | 76.4 | % | 210 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(11) | 70.0 | % | n/a | 65.4 | % | 460 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenues per average economic occupied pallet | $ | 62.95 | $ | 62.73 | $ | 62.00 | 1.5 | % | 1.2 | % | |||||||||||||||||||
Same store rent and storage revenues per average physical occupied pallet | $ | 70.53 | $ | 70.28 | $ | 72.49 | (2.7) | % | (3.0) | % | |||||||||||||||||||
Same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(4) | 8,243 | n/a | 7,916 | 4.1 | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 39.37 | $ | 39.01 | $ | 38.27 | 2.9 | % | 1.9 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(6)Calculated as same store rent and storage revenues less same store power and other facilities costs.
(7)Calculated as same store warehouse services revenues less same store labor and other services costs.
(8)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(9)Calculated as same store services contribution (NOI) divided by same store services revenues.
(10)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(11)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
12
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Three Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| NON-SAME STORE WAREHOUSE -Excluding EQT JV | |||||||||||||||||||||||||||||
Number of non-same store warehouses(2) | 14 | 27 | |||||||||||||||||||||||||||
Non-same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 13,361 | $ | 13,498 | $ | 21,215 | n/r | n/r | |||||||||||||||||||||
| Warehouse services | 9,659 | 9,641 | 19,004 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store revenues | $ | 23,020 | $ | 23,139 | $ | 40,219 | n/r | n/r | |||||||||||||||||||||
Non-same store cost of operations(3): | |||||||||||||||||||||||||||||
| Power | 3,417 | 3,471 | 5,111 | n/r | n/r | ||||||||||||||||||||||||
| Other facilities costs | 4,751 | 4,763 | 8,406 | n/r | n/r | ||||||||||||||||||||||||
| Labor | 11,120 | 11,141 | 19,083 | n/r | n/r | ||||||||||||||||||||||||
| Other services costs | 2,157 | 2,180 | 6,588 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store cost of operations | $ | 21,445 | $ | 21,555 | $ | 39,188 | n/r | n/r | |||||||||||||||||||||
Non-same store contribution (NOI) | $ | 1,575 | $ | 1,584 | $ | 1,031 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage contribution (NOI)(4) | $ | 5,193 | $ | 5,264 | $ | 7,698 | n/r | n/r | |||||||||||||||||||||
Non-same store services contribution (NOI)(5) | $ | (3,618) | $ | (3,680) | $ | (6,667) | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(6) | 115 | n/a | 245 | n/r | n/a | ||||||||||||||||||||||||
Average physical occupied pallets(7) | 88 | n/a | 198 | n/r | n/a | ||||||||||||||||||||||||
Average physical pallet positions(7) | 255 | n/a | 575 | n/r | n/a | ||||||||||||||||||||||||
Economic occupancy percentage(6) | 45.1 | % | n/a | 42.6 | % | n/r | n/a | ||||||||||||||||||||||
Physical occupancy percentage(7) | 34.5 | % | n/a | 34.4 | % | n/r | n/a | ||||||||||||||||||||||
Non-same store rent and storage revenues per average economic occupied pallet | $ | 116.18 | $ | 117.37 | $ | 86.59 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage revenues per average physical occupied pallet | $ | 151.83 | $ | 153.39 | $ | 107.15 | n/r | n/r | |||||||||||||||||||||
Non-same store services metrics: | |||||||||||||||||||||||||||||
| Throughput pallets | 235 | n/a | 401 | n/r | n/a | ||||||||||||||||||||||||
Non-same store warehouse services revenues per throughput pallet | $ | 41.10 | $ | 41.03 | $ | 47.39 | n/r | n/r | |||||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)As of September 30, 2026, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, 1 site currently under temporary construction, 3 sites held for sale, and 4 sites in the process of winding down operations. As of September 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(6)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(7)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
13
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| TOTAL WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Global Warehouse revenues(2): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 681,500 | $ | 676,013 | $ | 696,981 | (2.2) | % | (3.0) | % | |||||||||||||||||||
Warehouse services(3) | 950,166 | 935,057 | 932,876 | 1.9 | % | 0.2 | % | ||||||||||||||||||||||
| Total Warehouse revenues | $ | 1,631,666 | $ | 1,611,070 | $ | 1,629,857 | 0.1 | % | (1.2) | % | |||||||||||||||||||
Global Warehouse cost of operations(2)(3): | |||||||||||||||||||||||||||||
| Power | 109,598 | 108,779 | 102,759 | 6.7 | % | 5.9 | % | ||||||||||||||||||||||
Other facilities costs(4)(5) | 170,959 | 169,472 | 171,292 | (0.2) | % | (1.1) | % | ||||||||||||||||||||||
| Labor | 705,696 | 693,325 | 698,063 | 1.1 | % | (0.7) | % | ||||||||||||||||||||||
Other services costs(4)(6) | 128,434 | 127,581 | 136,477 | (5.9) | % | (6.5) | % | ||||||||||||||||||||||
| Total Warehouse segment cost of operations | $ | 1,114,687 | $ | 1,099,157 | $ | 1,108,591 | 0.5 | % | (0.9) | % | |||||||||||||||||||
| Global Warehouse contribution (NOI) | $ | 516,979 | $ | 511,913 | $ | 521,266 | (0.8) | % | (1.8) | % | |||||||||||||||||||
Rent and storage contribution (NOI)(7) | $ | 400,943 | $ | 397,762 | $ | 422,930 | (5.2) | % | (6.0) | % | |||||||||||||||||||
Services contribution (NOI)(8) | $ | 116,036 | $ | 114,151 | $ | 98,336 | 18.0 | % | 16.1 | % | |||||||||||||||||||
| Global Warehouse margin | 31.7 | % | 31.8 | % | 32.0 | % | -30 bps | -20 bps | |||||||||||||||||||||
Rent and storage margin(9) | 58.8 | % | 58.8 | % | 60.7 | % | -190 bps | -190 bps | |||||||||||||||||||||
Warehouse services margin(10) | 12.2 | % | 12.2 | % | 10.5 | % | 170 bps | 170 bps | |||||||||||||||||||||
| Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(11) | 3,588 | n/a | 3,736 | (4.0) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(12) | 3,150 | n/a | 3,176 | (0.8) | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(12) | 4,751 | n/a | 5,127 | (7.3) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(11) | 75.5 | % | n/a | 72.9 | % | 260 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(12) | 66.3 | % | n/a | 61.9 | % | 440 bps | n/a | ||||||||||||||||||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 189.94 | $ | 188.41 | $ | 186.56 | 1.8 | % | 1.0 | % | |||||||||||||||||||
| Total rent and storage revenues per average physical occupied pallet | $ | 216.35 | $ | 214.61 | $ | 219.45 | (1.4) | % | (2.2) | % | |||||||||||||||||||
| Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(3) | 24,531 | n/a | 24,767 | (1.0) | % | n/a | |||||||||||||||||||||||
| Total warehouse services revenues per throughput pallet | $ | 38.73 | $ | 38.12 | $ | 37.67 | 2.8 | % | 1.2 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(5)Includes real estate rent expense of $19.9 million and $21.3 million for the nine months ended September 30, 2026 and 2025, respectively.
(6)Includes non-real estate rent expense (equipment lease and rentals) of $4.7 million and $7.6 million for the nine months ended September 30, 2026 and 2025, respectively. Prior period non-real estate rent expense has been recast for the inclusion of Third-Party Managed sites.
(7)Calculated as warehouse rent and storage revenues less power and other facilities costs.
(8)Calculated as warehouse services revenues less labor and other services costs.
(9)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(10)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(11)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(12)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
14
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| SAME STORE WAREHOUSE - Excluding EQT JV | |||||||||||||||||||||||||||||
Number of same store warehouses(2) | 194 | 194 | |||||||||||||||||||||||||||
Same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 642,728 | $ | 636,408 | $ | 634,550 | 1.3 | % | 0.3 | % | |||||||||||||||||||
Warehouse services(4) | 918,834 | 903,663 | 875,485 | 5.0 | % | 3.2 | % | ||||||||||||||||||||||
Total same store revenues | $ | 1,561,562 | $ | 1,540,071 | $ | 1,510,035 | 3.4 | % | 2.0 | % | |||||||||||||||||||
Same store cost of operations(3)(4): | |||||||||||||||||||||||||||||
| Power | 101,218 | 100,214 | 90,848 | 11.4 | % | 10.3 | % | ||||||||||||||||||||||
Other facilities costs(5) | 156,581 | 154,885 | 151,469 | 3.4 | % | 2.3 | % | ||||||||||||||||||||||
| Labor | 668,482 | 655,987 | 641,095 | 4.3 | % | 2.3 | % | ||||||||||||||||||||||
Other services costs(5) | 121,237 | 120,224 | 116,019 | 4.5 | % | 3.6 | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 1,047,518 | $ | 1,031,310 | $ | 999,431 | 4.8 | % | 3.2 | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 514,044 | $ | 508,761 | $ | 510,604 | 0.7 | % | (0.4) | % | |||||||||||||||||||
Same store rent and storage contribution (NOI)(6) | $ | 384,929 | $ | 381,309 | $ | 392,233 | (1.9) | % | (2.8) | % | |||||||||||||||||||
Same store services contribution (NOI)(7) | $ | 129,115 | $ | 127,452 | $ | 118,371 | 9.1 | % | 7.7 | % | |||||||||||||||||||
Same store margin | 32.9 | % | 33.0 | % | 33.8 | % | -90 bps | -80 bps | |||||||||||||||||||||
Same store rent and storage margin(8) | 59.9 | % | 59.9 | % | 61.8 | % | -190 bps | -190 bps | |||||||||||||||||||||
Same store services margin(9) | 14.1 | % | 14.1 | % | 13.5 | % | 60 bps | 60 bps | |||||||||||||||||||||
Same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(10) | 3,481 | n/a | 3,483 | (0.1) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets(11) | 3,066 | n/a | 2,972 | 3.2 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions(11) | 4,484 | n/a | 4,525 | (0.9) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage(10) | 77.6 | % | n/a | 77.0 | % | 60 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage(11) | 68.4 | % | n/a | 65.7 | % | 270 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenues per average economic occupied pallet | $ | 184.64 | $ | 182.82 | $ | 182.18 | 1.4 | % | 0.4 | % | |||||||||||||||||||
Same store rent and storage revenues per average physical occupied pallet | $ | 209.63 | $ | 207.57 | $ | 213.51 | (1.8) | % | (2.8) | % | |||||||||||||||||||
Same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets(4) | 23,861 | n/a | 23,448 | 1.8 | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 38.51 | $ | 37.87 | $ | 37.34 | 3.1 | % | 1.4 | % | |||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(6)Calculated as same store rent and storage revenues less same store power and other facilities costs.
(7)Calculated as same store warehouse services revenues less same store labor and other services costs.
(8)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(9)Calculated as same store services contribution (NOI) divided by same store services revenues.
(10)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(11)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
15
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||||||||||||||
| NON-SAME STORE WAREHOUSE -Excluding EQT JV | |||||||||||||||||||||||||||||
Number of non-same store warehouses(2) | 14 | 27 | |||||||||||||||||||||||||||
Non-same store revenues(3): | |||||||||||||||||||||||||||||
| Rent and storage | $ | 38,772 | $ | 39,605 | $ | 62,431 | n/r | n/r | |||||||||||||||||||||
| Warehouse services | 31,332 | 31,394 | 57,391 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store revenues | $ | 70,104 | $ | 70,999 | $ | 119,822 | n/r | n/r | |||||||||||||||||||||
Non-same store cost of operations(3): | |||||||||||||||||||||||||||||
| Power | 8,380 | 8,565 | 11,911 | n/r | n/r | ||||||||||||||||||||||||
| Other facilities costs | 14,378 | 14,587 | 19,823 | n/r | n/r | ||||||||||||||||||||||||
| Labor | 37,214 | 37,338 | 56,968 | n/r | n/r | ||||||||||||||||||||||||
| Other services costs | 7,197 | 7,357 | 20,458 | n/r | n/r | ||||||||||||||||||||||||
Total non-same store cost of operations | $ | 67,169 | $ | 67,847 | $ | 109,160 | n/r | n/r | |||||||||||||||||||||
Non-same store contribution (NOI) | $ | 2,935 | $ | 3,152 | $ | 10,662 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage contribution (NOI)(4) | $ | 16,014 | $ | 16,453 | $ | 30,697 | n/r | n/r | |||||||||||||||||||||
Non-same store services contribution (NOI)(5) | $ | (13,079) | $ | (13,301) | $ | (20,035) | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets(6) | 107 | n/a | 253 | n/r | n/a | ||||||||||||||||||||||||
Average physical occupied pallets(7) | 84 | n/a | 204 | n/r | n/a | ||||||||||||||||||||||||
Average physical pallet positions(7) | 267 | n/a | 602 | n/r | n/a | ||||||||||||||||||||||||
Economic occupancy percentage(6) | 40.1 | % | n/a | 42.0 | % | n/r | n/a | ||||||||||||||||||||||
Physical occupancy percentage(7) | 31.5 | % | n/a | 33.9 | % | n/r | n/a | ||||||||||||||||||||||
Non-same store rent and storage revenues per average economic occupied pallet | $ | 362.36 | $ | 370.14 | $ | 246.76 | n/r | n/r | |||||||||||||||||||||
Non-same store rent and storage revenues per average physical occupied pallet | $ | 461.57 | $ | 471.49 | $ | 306.03 | n/r | n/r | |||||||||||||||||||||
Non-same store services metrics: | |||||||||||||||||||||||||||||
| Throughput pallets | 670 | n/a | 1,319 | n/r | n/a | ||||||||||||||||||||||||
Non-same store warehouse services revenues per throughput pallet | $ | 46.76 | $ | 46.86 | $ | 43.51 | n/r | n/r | |||||||||||||||||||||
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)As of September 30, 2026, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, 1 site currently under temporary construction, 3 sites held for sale, and 4 sites in the process of winding down operations. As of September 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(6)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(7)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
16
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
Financial Information
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
| (In thousands, except shares and per share amounts) | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Property, buildings, and equipment: | |||||||||||
| Land | $ | 778,170 | $ | 818,606 | |||||||
| Buildings and improvements | 4,322,321 | 4,798,286 | |||||||||
| Machinery and equipment | 1,652,786 | 1,612,744 | |||||||||
| Assets under construction | 541,670 | 756,798 | |||||||||
| 7,294,947 | 7,986,434 | ||||||||||
| Accumulated depreciation | (2,652,326) | (2,641,241) | |||||||||
| Property, buildings, and equipment – net | 4,642,621 | 5,345,193 | |||||||||
| Operating leases - net | 156,240 | 179,935 | |||||||||
| Financing leases - net | 184,461 | 157,936 | |||||||||
| Cash, cash equivalents, and restricted cash | 35,979 | 136,863 | |||||||||
Accounts receivable - net of allowance of $16,818 and $16,396 at September 30, 2026 and December 31, 2025, respectively | 386,657 | 368,521 | |||||||||
| Identifiable intangible assets – net | 787,473 | 819,494 | |||||||||
| Goodwill | 826,564 | 828,335 | |||||||||
| Investments in and advances to partially owned entities | 168,735 | 39,231 | |||||||||
| Other assets | 327,624 | 246,090 | |||||||||
| Total assets | $ | 7,516,354 | $ | 8,121,598 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities | |||||||||||
| Borrowings under revolving line of credit | $ | 216,240 | $ | 332,111 | |||||||
| Accounts payable and accrued expenses | 577,511 | 574,059 | |||||||||
Senior unsecured notes and term loans - net of deferred financing costs of $15,541 and $16,001 at September 30, 2026 and December 31, 2025, respectively | 2,889,998 | 3,792,123 | |||||||||
| Sale-leaseback financing obligations | 40,165 | 42,352 | |||||||||
| Financing lease obligations | 179,645 | 152,262 | |||||||||
| Operating lease obligations | 165,104 | 179,965 | |||||||||
| Unearned revenues | 20,788 | 20,169 | |||||||||
| Deferred tax liability - net | 167,676 | 98,591 | |||||||||
| Repurchase obligation | 72,422 | — | |||||||||
| Other liabilities | 101,368 | 7,953 | |||||||||
| Total liabilities | 4,430,917 | 5,199,585 | |||||||||
| Equity | |||||||||||
| Stockholders' equity: | |||||||||||
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 285,518,624 and 284,871,943 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 2,854 | 2,848 | |||||||||
| Paid-in capital | 5,678,145 | 5,664,195 | |||||||||
| Accumulated deficit and distributions in excess of net earnings | (2,591,112) | (2,719,408) | |||||||||
| Accumulated other comprehensive loss | (50,002) | (63,190) | |||||||||
| Total stockholders’ equity | 3,039,885 | 2,884,445 | |||||||||
| Noncontrolling interests | 45,552 | 37,568 | |||||||||
| Total equity | 3,085,437 | 2,922,013 | |||||||||
| Total liabilities and equity | $ | 7,516,354 | $ | 8,121,598 | |||||||
17
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rent, storage, and warehouse services | $ | 616,283 | $ | 615,822 | $ | 1,797,769 | $ | 1,803,460 | |||||||||||||||
| Transportation services | 62,217 | 47,843 | 173,491 | 139,933 | |||||||||||||||||||
| Joint venture related management fee and reimbursed costs | 13,058 | — | 13,058 | — | |||||||||||||||||||
| Total revenues | 691,558 | 663,665 | 1,984,318 | 1,943,393 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Rent, storage, and warehouse services cost of operations | 412,067 | 418,530 | 1,205,112 | 1,204,660 | |||||||||||||||||||
| Transportation services cost of operations | 52,750 | 40,107 | 144,269 | 116,201 | |||||||||||||||||||
| Joint venture related reimbursed costs | 11,597 | — | 11,597 | — | |||||||||||||||||||
| Depreciation and amortization | 105,666 | 88,023 | 300,257 | 267,467 | |||||||||||||||||||
| Selling, general, and administrative | 63,487 | 70,982 | 197,670 | 207,124 | |||||||||||||||||||
| Transactions, strategic initiatives and other costs, net | 32,208 | 29,052 | 81,123 | 77,692 | |||||||||||||||||||
| Impairment of long-lived assets | 4,623 | 77 | 314,195 | 5,303 | |||||||||||||||||||
| Total operating expenses | 682,398 | 646,771 | 2,254,223 | 1,878,447 | |||||||||||||||||||
| Net (gain) loss from sale of real estate | (12,126) | 143 | (17,647) | (11,617) | |||||||||||||||||||
| Gain on contribution of real estate assets | (721,381) | — | (721,381) | — | |||||||||||||||||||
| Operating income | 742,667 | 16,751 | 469,123 | 76,563 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (41,971) | (33,931) | (125,790) | (108,293) | |||||||||||||||||||
| Loss from investments in partially owned entities | (2,398) | (41) | (3,330) | (1,739) | |||||||||||||||||||
| Other, net | (1,240) | (477) | 13,071 | 6,594 | |||||||||||||||||||
| Income (loss) before income taxes | 697,058 | (17,698) | 353,074 | (26,875) | |||||||||||||||||||
Income tax (expense) benefit: | |||||||||||||||||||||||
| Current income tax | (9,542) | (136) | (13,998) | (4,064) | |||||||||||||||||||
| Deferred income tax | 3,020 | 6,385 | (8,692) | 4,567 | |||||||||||||||||||
| Total income tax (expense) benefit | (6,522) | 6,249 | (22,690) | 503 | |||||||||||||||||||
| Net income (loss) | $ | 690,536 | $ | (11,449) | $ | 330,384 | $ | (26,372) | |||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 7,177 | (83) | 3,392 | (165) | |||||||||||||||||||
| Net income (loss) attributable to Americold Realty Trust, Inc. | $ | 683,359 | $ | (11,366) | $ | 326,992 | $ | (26,207) | |||||||||||||||
| Weighted average common stock outstanding – basic | 286,625 | 285,898 | 286,590 | 285,622 | |||||||||||||||||||
| Weighted average common stock outstanding – diluted | 287,670 | 285,898 | 287,188 | 285,622 | |||||||||||||||||||
| Net income (loss) per common share - basic | $ | 2.38 | $ | (0.04) | $ | 1.14 | $ | (0.09) | |||||||||||||||
| Net income (loss) per common share - diluted | $ | 2.38 | $ | (0.04) | $ | 1.14 | $ | (0.09) | |||||||||||||||
18
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
| (In thousands) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities: | |||||||||||
| Net income (loss) | $ | 330,384 | $ | (26,372) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 300,257 | 267,467 | |||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 4,984 | 4,402 | |||||||||
| Project Orion deferred costs amortization | 7,904 | 15,649 | |||||||||
| Gain from sale of partially owned entity | — | (2,420) | |||||||||
| Loss from investments in partially owned entities | 3,330 | 1,739 | |||||||||
| Stock-based compensation expense | 19,865 | 25,855 | |||||||||
| Deferred income tax expense (benefit) | 8,692 | (4,567) | |||||||||
| Provision for doubtful accounts receivable | 3,551 | 3,666 | |||||||||
| Impairment of long-lived assets | 314,195 | 5,303 | |||||||||
| Non-cash operating lease expenses | 24,046 | 28,477 | |||||||||
| Net gain from sale of real estate | (17,647) | (11,617) | |||||||||
| Gain on contribution of real estate assets | (721,381) | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (21,398) | 21,019 | |||||||||
| Accounts payable and accrued expenses | 11,654 | (50,674) | |||||||||
| Other assets | (21,782) | (25,307) | |||||||||
| Other liabilities | 854 | — | |||||||||
| Operating lease liabilities | (22,338) | (27,550) | |||||||||
| Proceeds from settlement of treasury lock hedge transactions | — | 1,292 | |||||||||
| Other, net | (904) | 3,072 | |||||||||
| Net cash provided by operating activities | 224,266 | 229,434 | |||||||||
| Investing activities: | |||||||||||
| Additions to property, buildings and equipment | (346,487) | (434,485) | |||||||||
| Acquisitions of property, buildings, and equipment, net of cash acquired | (18,707) | — | |||||||||
| Business combinations, net of cash acquired | — | (108,448) | |||||||||
| Investments in and advances to partially owned entities and other | (1,711) | (19,693) | |||||||||
| Proceeds from contribution of real estate assets | 1,100,672 | — | |||||||||
| Proceeds from collection of advances to partially owned entities | 23,388 | — | |||||||||
| Proceeds from sale of property, buildings, and equipment | 78,111 | 25,457 | |||||||||
| Proceeds from sale of investments in partially owned entities | — | 27,471 | |||||||||
| Payment for foreign currency exchange forwards settlement | — | (1,493) | |||||||||
| Net cash provided by (used in) investing activities | 835,266 | (511,191) | |||||||||
| Financing activities: | |||||||||||
| Distributions paid on common stock, restricted stock units and noncontrolling interests in OP | (198,898) | (195,727) | |||||||||
| Proceeds from stock options exercised | 2,389 | 2,810 | |||||||||
| Proceeds from employee stock purchase plan | — | 1,577 | |||||||||
| Remittance of withholding taxes related to employee stock-based transactions | (1,799) | (3,431) | |||||||||
| Proceeds from revolving line of credit | 731,876 | 456,269 | |||||||||
| Repayment on revolving line of credit | (852,449) | (366,000) | |||||||||
| Repayment of sale-leaseback financing obligations | (2,188) | (3,076) | |||||||||
| Repayment of financing lease obligations | (38,210) | (24,311) | |||||||||
| Payment of debt issuance costs | (11,087) | (4,713) | |||||||||
| Proceeds from public senior unsecured notes offering | — | 400,000 | |||||||||
| Repayment of senior unsecured notes | (200,000) | — | |||||||||
| Proceeds from senior unsecured term loans | 232,515 | — | |||||||||
| Repurchase obligation proceeds from partially owned entities | 72,422 | — | |||||||||
| Repayment of senior unsecured term loans | (895,000) | — | |||||||||
| Net cash (used in) provided by financing activities | (1,160,429) | 263,398 | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (100,897) | (18,359) | |||||||||
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 13 | 4,045 | |||||||||
| Cash, cash equivalents and restricted cash: | |||||||||||
| Beginning of period | 136,863 | 47,652 | |||||||||
| End of period | $ | 35,979 | $ | 33,338 | |||||||
19
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
Net income (loss)(1) | $ | 690,536 | $ | (11,449) | $ | 330,384 | $ | (26,372) | |||||||||
| Adjustments: | |||||||||||||||||
| Real estate related depreciation | 58,578 | 54,214 | 179,331 | 165,105 | |||||||||||||
| Net (gain) loss from sale of real estate | (12,126) | 143 | (17,647) | (11,617) | |||||||||||||
| Net loss on real estate related asset disposals | 347 | 13 | 342 | 14 | |||||||||||||
| Impairment charges on certain real estate related assets | 4,623 | 77 | 313,627 | 3,816 | |||||||||||||
| Our share of reconciling items related to partially owned entities | 917 | 153 | 1,424 | 647 | |||||||||||||
| Gain on contribution of real estate assets, net of tax | (714,097) | — | (714,097) | — | |||||||||||||
| NAREIT FFO | $ | 28,778 | $ | 43,151 | $ | 93,364 | $ | 131,593 | |||||||||
| Adjustments: | |||||||||||||||||
| Net (gain) loss on sale of non-real estate related assets | (368) | 119 | (94) | 90 | |||||||||||||
| Transactions, strategic initiatives and other costs, net | 32,208 | 29,052 | 81,123 | 77,692 | |||||||||||||
| Impairment of long-lived assets (excluding certain real estate related assets) | — | — | 568 | 1,487 | |||||||||||||
| Loss (gain) on debt extinguishment and termination of derivative instruments, net | 538 | — | (5,319) | — | |||||||||||||
| Foreign currency exchange loss (gain) | 1,570 | 647 | (3,038) | 676 | |||||||||||||
| Project Orion deferred costs amortization | 2,715 | 8,778 | 7,904 | 15,649 | |||||||||||||
| Our share of reconciling items related to partially owned entities | 1,473 | — | 1,473 | 145 | |||||||||||||
| Gain from sale of partially owned entity | — | — | — | (2,420) | |||||||||||||
| Core FFO | $ | 66,914 | $ | 81,747 | $ | 175,981 | $ | 224,912 | |||||||||
| Adjustments: | |||||||||||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 1,846 | 1,479 | 4,984 | 4,402 | |||||||||||||
| Amortization of below/above market leases | 265 | 367 | 926 | 1,081 | |||||||||||||
| Straight-line rent adjustment | 330 | 64 | 1,467 | 225 | |||||||||||||
| Deferred income tax (benefit) expense | (3,020) | (6,385) | 8,692 | (4,567) | |||||||||||||
Stock-based compensation expense(2) | 4,165 | 5,140 | 16,742 | 18,993 | |||||||||||||
| Non-real estate related depreciation and amortization | 47,088 | 33,809 | 120,926 | 102,362 | |||||||||||||
Maintenance capital expenditures(3) | (17,030) | (15,564) | (45,352) | (47,646) | |||||||||||||
| Our share of reconciling items related to partially owned entities | 780 | 24 | 843 | 232 | |||||||||||||
| Adjusted FFO | $ | 101,338 | $ | 100,681 | $ | 285,209 | $ | 299,994 | |||||||||
(1)Net income (loss) used in the calculation of the Adjusted FFO reconciliation represents Net income (loss) before the adjustment for Net income (loss) attributable to noncontrolling interests.
(2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net.
(3)Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.
20
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued) | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| NAREIT FFO | $ | 28,778 | $ | 43,151 | $ | 93,364 | $ | 131,593 | |||||||||
| Core FFO | $ | 66,914 | $ | 81,747 | $ | 175,981 | $ | 224,912 | |||||||||
| Adjusted FFO | $ | 101,338 | $ | 100,681 | $ | 285,209 | $ | 299,994 | |||||||||
| Reconciliation of weighted average shares: | |||||||||||||||||
Weighted average basic shares for Net income (loss) calculation | 286,625 | 285,898 | 286,590 | 285,622 | |||||||||||||
| Dilutive stock options and unvested restricted stock units | 1,045 | 91 | 598 | 182 | |||||||||||||
| Weighted average dilutive shares | 287,670 | 285,989 | 287,188 | 285,804 | |||||||||||||
NAREIT FFO - basic per share | $ | 0.10 | $ | 0.15 | $ | 0.33 | $ | 0.46 | |||||||||
NAREIT FFO - diluted per share | $ | 0.10 | $ | 0.15 | $ | 0.33 | $ | 0.46 | |||||||||
Core FFO - basic per share | $ | 0.23 | $ | 0.29 | $ | 0.61 | $ | 0.79 | |||||||||
Core FFO - diluted per share | $ | 0.23 | $ | 0.29 | $ | 0.61 | $ | 0.79 | |||||||||
Adjusted FFO - basic per share | $ | 0.35 | $ | 0.35 | $ | 1.00 | $ | 1.05 | |||||||||
Adjusted FFO - diluted per share | $ | 0.35 | $ | 0.35 | $ | 0.99 | $ | 1.05 | |||||||||
21
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
Net income (loss)(1) | $ | 690,536 | $ | (11,449) | $ | 330,384 | $ | (26,372) | |||||||||
| Adjustments: | |||||||||||||||||
| Depreciation and amortization | 105,666 | 88,023 | 300,257 | 267,467 | |||||||||||||
| Interest expense | 41,971 | 33,931 | 125,790 | 108,293 | |||||||||||||
| Income tax expense (benefit) | 6,522 | (6,249) | 22,690 | (503) | |||||||||||||
| Net (gain) loss from sale of real estate | (12,126) | 143 | (17,647) | (11,617) | |||||||||||||
| Adjustment to reflect share of EBITDAre of partially owned entities | 3,389 | 282 | 4,624 | 2,774 | |||||||||||||
| Gain on contribution of real estate assets | (721,381) | — | (721,381) | — | |||||||||||||
| NAREIT EBITDAre | $ | 114,577 | $ | 104,681 | $ | 44,717 | $ | 340,042 | |||||||||
| Adjustments: | |||||||||||||||||
| Transactions, strategic initiatives and other costs, net | 32,208 | 29,052 | 81,123 | 77,692 | |||||||||||||
| Loss from investments in partially owned entities | 2,398 | 41 | 3,330 | 1,739 | |||||||||||||
| Impairment of long-lived assets | 4,623 | 77 | 314,195 | 5,303 | |||||||||||||
| Foreign currency exchange loss (gain) | 1,570 | 647 | (3,038) | 676 | |||||||||||||
Stock-based compensation expense(2) | 4,165 | 5,140 | 16,742 | 18,993 | |||||||||||||
| Loss (gain) on debt extinguishment and termination of derivative instruments, net | 538 | — | (5,319) | — | |||||||||||||
| Net loss on real estate related asset disposals | 347 | 13 | 342 | 14 | |||||||||||||
| Net (gain) loss on sale of non-real estate related assets | (368) | 119 | (94) | 90 | |||||||||||||
| Project Orion deferred costs amortization | 2,715 | 8,778 | 7,904 | 15,649 | |||||||||||||
| Adjustment to reflect share of Core EBITDA of partially owned entities | 1,473 | — | 1,473 | — | |||||||||||||
| Reduction in EBITDAre and Core EBITDA from partially owned entities | (4,862) | (282) | (6,097) | (2,774) | |||||||||||||
| Gain from sale of partially owned entity | — | — | — | (2,420) | |||||||||||||
| Core EBITDA | $ | 159,384 | $ | 148,266 | $ | 455,278 | $ | 455,004 | |||||||||
| Adjustments: | |||||||||||||||||
| Americold's share of Core EBITDA from partially owned entities | 2,464 | 241 | 2,767 | 1,035 | |||||||||||||
| Adjusted Core EBITDA | $ | 161,848 | $ | 148,507 | $ | 458,045 | $ | 456,039 | |||||||||
Total revenues | $ | 691,558 | $ | 663,665 | $ | 1,984,318 | $ | 1,943,393 | |||||||||
| Core EBITDA margin | 23.0 | % | 22.3 | % | 22.9 | % | 23.4 | % | |||||||||
(1)Net income (loss) used in the calculation of the Adjusted Core EBITDA reconciliation represents Net income (loss) before the adjustment for Net income (loss) attributable to noncontrolling interests.
(2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net.
22
| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
Debt Detail and Maturities | |||||||||||||||||||||||
As of September 30, 2026 | |||||||||||||||||||||||
Indebtedness: (In thousands) - borrowing currency presented as applicable | Carrying Value | Contractual Interest Rate(1) | Effective Interest Rate(2) | Maturity Date(3) | |||||||||||||||||||
Senior Unsecured Revolving Credit Facility - USD(3) | $ | 64,000 | SOFR + 0.80% | 5.68% | 06/2031 | ||||||||||||||||||
Senior Unsecured Revolving Credit Facility - C$32M(3) | 22,487 | CORRA + 0.80% | 4.11% | 06/2031 | |||||||||||||||||||
Senior Unsecured Revolving Credit Facility - €70.5M(3) | 79,884 | EURIBOR + 0.80% | 4.29% | 06/2031 | |||||||||||||||||||
Senior Unsecured Revolving Credit Facility - NZ$88.5M(3) | 49,869 | BKBM + 0.80% | 4.87% | 06/2031 | |||||||||||||||||||
AUD Term Loan Facility - A$230M | 159,754 | BBSW + 0.90% | 5.58% | 06/2031 | |||||||||||||||||||
Senior Unsecured Term Loan A Facility Tranche A-2 - C$350M | 245,947 | CORRA + 0.90% | 4.39% | 06/2031 | |||||||||||||||||||
Private Series B Unsecured Notes - USD | 400,000 | 4.86% | 4.92% | 01/2029 | |||||||||||||||||||
Private Series C Unsecured Notes - USD | 350,000 | 4.10% | 4.15% | 01/2030 | |||||||||||||||||||
Private Series D Unsecured Notes - €400M | 453,247 | 1.62% | 1.67% | 01/2031 | |||||||||||||||||||
Private Series E Unsecured Notes - €350M | 396,591 | 1.65% | 1.70% | 01/2033 | |||||||||||||||||||
Public 5.600% Notes - USD | 400,000 | 5.60% | 5.70% | 05/2032 | |||||||||||||||||||
Public 5.409% Notes - USD | 500,000 | 5.41% | 5.51% | 09/2034 | |||||||||||||||||||
Total Unsecured Debt | $ | 3,121,779 | 3.98% | 4.13% | 5.0 years | ||||||||||||||||||
Sale-leaseback financing obligations | 40,165 | 10.12% | |||||||||||||||||||||
Financing lease obligations | 179,645 | 5.25% | |||||||||||||||||||||
| Total Secured Debt | $ | 219,810 | 6.14% | ||||||||||||||||||||
Total Debt Outstanding | $ | 3,341,589 | 4.12% | ||||||||||||||||||||
Less: unamortized deferred financing costs(4) | (15,541) | ||||||||||||||||||||||
Total Book Value of Debt | $ | 3,326,048 | |||||||||||||||||||||
Rate Type: | September 30, 2026 | % of Total | ||||||
Fixed(5) | $ | 2,895,324 | 86.6% | |||||
Variable-unhedged | 446,265 | 13.4% | ||||||
Total Debt Outstanding | $ | 3,341,589 | 100% | |||||
Debt Type: | September 30, 2026 | % of Total | ||||||
Unsecured | $ | 3,121,779 | 93.4% | |||||
Secured | 219,810 | 6.6% | ||||||
Total Debt Outstanding | $ | 3,341,589 | 100% | |||||
Capitalization: | September 30, 2026 | ||||
Total Debt Outstanding | $ | 3,341,589 | |||
| Less: Cash, cash equivalents and restricted cash | (35,979) | ||||
| Net Debt | $ | 3,305,610 | |||
Pro forma Core EBITDA - last twelve months(7) | $ | 534,372 | |||
| Net Debt to Pro Forma Core EBITDA | 6.2x | ||||
Capitalization - Including Proportional Share of Partially Owned Entities 6): | September 30, 2026 | ||||
Total Debt Outstanding | $ | 3,611,451 | |||
| Less: Cash, cash equivalents and restricted cash | (40,055) | ||||
| Net Debt | $ | 3,571,396 | |||
Pro forma Adjusted Core EBITDA - last twelve months(8) | $ | 562,674 | |||
| Net Debt to Pro Forma Adjusted Core EBITDA - Including Proportional Share of Partially Owned Entities: | 6.3x | ||||
Enterprise Value: | September 30, 2026 | ||||
Fully Diluted Common Stock(9) | 290,862 | ||||
| Common Stock Share Price | $ | 13.98 | |||
| Market Value of Common Equity | $ | 4,066,251 | |||
| Net Debt | $ | 3,305,610 | |||
| Total Enterprise Value | $ | 7,371,861 | |||
(1)As of September 30, 2026, for the Senior Unsecured Revolving Credit Facility, the daily SOFR rate was 3.87%, the daily CORRA rate was 2.30%, the one-month EURIBOR rate was 2.48%, and the one-month BKBM rate was 3.06%. As of September 30, 2026, one-month BBSW rate was 4.52% for the AUD Term Loan Facility. The C$250 million portion of the Senior Unsecured Term Loan A Facility Tranche A-2 is hedged at a rate of 4.49%. The C$100 million portion of the Senior Unsecured Term Loan A Facility Tranche A-2 is unhedged. As of September 30, 2026, the daily CORRA rate for the unhedged C$100 million portion of the Senior Unsecured Term Loan A Facility Tranche A-2 was 2.30%.
(2)All effective interest rates presented include the amortization of deferred financing costs. The C$250 million hedged portion of the Senior Unsecured Term Loan A Facility Tranche A-2 is based on the hedged rate. The effective interest rate of Total Unsecured Debt is calculated using the weighted average of the stated effective interest rates of the individual borrowings.
(3)The Senior Unsecured Revolving Credit Facility maturity date assumes two six-month extension options past the amended contractual maturity date of June of 2030. The borrowing capacity as of September 30, 2026 is $1.15 billion less $19.4 million of outstanding letters of credit. The effective interest rates shown reflect deferred financing costs allocated on a pro rata basis over the outstanding balances.
(4)Excludes unamortized deferred financing costs for the Senior Unsecured Revolving Credit Facility, which are recognized within Other assets within the Condensed Consolidated Balance Sheets.
(5)The total includes certain borrowings with a variable interest rate that have been effectively hedged through interest rate swaps.
(6)Includes the Company's $269.9 million proportionate share of debt and $4.1 million of the Company’s proportionate share of cash, cash equivalents and restricted cash, and its trailing twelve month Pro Forma Core EBITDA from its partially owned entities as of September 30, 2026.
(7)Calculated as Core EBITDA for the last twelve months inclusive of pro forma adjustments of $83.8 million. Pro Forma adjustments represent the exclusion of Core EBITDA for the last twelve months for the sites divested, exited, classified as held for sale, or contributed to the EQT JV during the twelve months ended September 30, 2026.
(8)Calculated as Pro Forma Core EBITDA for the last twelve months as described in Footnote (7), adjusted to include the Company's proportionate share of Core EBITDA from its partially owned entities for the last twelve months ended September 30, 2026.
(9)The fully diluted Common Stock presented herein is unweighted and assumes a payout at target for all unvested performance based awards.
23
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Financial Supplement | Third Quarter 2026 | ||||||||
Interest Expense & Debt Covenants
| Interest Expense Summary | ||||||||||||||
| (In thousands) | Contractual Interest Rate(1) | Maturity Date(2) | Interest Expense for the Three Months Ended September 30, 2026 | Interest Expense for the Nine Months Ended September 30, 2026 | ||||||||||
Senior Unsecured Revolving Credit Facility | S + 0.80% | 06/2031 | $ | 5,929 | $ | 19,415 | ||||||||
Senior Unsecured Term Loan Facilities(3) | S + 0.90% | 06/2031 | 10,803 | 34,345 | ||||||||||
Private Placement Notes | Various | Various | 11,964 | 36,177 | ||||||||||
Public 5.600% Notes | 5.60% | 05/2032 | 5,554 | 16,662 | ||||||||||
Public 5.409% Notes | 5.41% | 09/2034 | 6,761 | 20,284 | ||||||||||
Sale-leaseback financing obligations | 10.12% | Various | 1,027 | 3,131 | ||||||||||
Financing lease obligations | 5.25% | Various | 1,665 | 5,217 | ||||||||||
| Interest Expense on Total Debt Outstanding | $ | 43,703 | $ | 135,231 | ||||||||||
| Capitalized interest | (3,719) | (14,640) | ||||||||||||
| Amortization of deferred financing costs | 1,803 | 4,854 | ||||||||||||
| Other | 184 | 345 | ||||||||||||
| Total Interest Expense | $ | 41,971 | $ | 125,790 | ||||||||||
(1)S represents multiple floating benchmark borrowing rates. Refer to our Debt Details and Maturities section of our quarterly supplement for further details on contractual interest rates.
(2)Assumes exercise of extension option under the Senior Unsecured Revolving Credit Facility. Refer to our Debt Details and Maturities section of our quarterly supplement for further details on maturity dates.
(3)The C$250 million portion of the Senior Unsecured Term Loan A Facility Tranche A-2 is hedged at a rate of 4.49%. Refer to our Debt Details and Maturities section of our quarterly supplement for further details.
Debt Covenant Performance for Public Notes as of September 30, 2026 | ||||||||
| Required | Result | |||||||
| Maintenance of total unencumbered assets | ≥ 150% | 303% | ||||||
| Limitation on total debt | ≤ 60% | 31% | ||||||
| Limitation on secured debt | ≤ 40% | 3% | ||||||
| Interest coverage test | ≥ 1.5x | 3.7x | ||||||
24
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Financial Supplement | Third Quarter 2026 | ||||||||
Transactions, Strategic Initiatives and Other Costs, Net
The following table includes certain corporate costs that are highly variable from period to period and will be further detailed in our Quarterly Report on Form 10-Q.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Transactions, strategic initiatives and other costs, net | (In thousands) | ||||||||||||||||||||||
Acquisition and transaction related costs | $ | 12,060 | $ | 830 | $ | 23,546 | $ | 4,175 | |||||||||||||||
| Orion Related Costs: | |||||||||||||||||||||||
Transformation related costs (non-capitalizable costs)(1)(2) | 8,235 | 10,092 | 21,177 | 29,685 | |||||||||||||||||||
Oracle related costs (non-capitalizable costs)(1)(2) | 1,784 | 2,867 | 5,857 | 10,212 | |||||||||||||||||||
| Total Orion related costs | 10,019 | 12,959 | 27,034 | 39,897 | |||||||||||||||||||
| Held for sale, closed, and idled site costs, net, excluding severance | |||||||||||||||||||||||
| Lease termination fees | — | — | — | 4,957 | |||||||||||||||||||
| Other costs, net | 7,443 | 4,864 | 15,794 | 10,892 | |||||||||||||||||||
| Total held for sale, closed, and idled site costs, net, excluding severance | 7,443 | 4,864 | 15,794 | 15,849 | |||||||||||||||||||
Severance and other compensation costs(2) | 3,343 | 7,605 | 13,693 | 11,615 | |||||||||||||||||||
| Cyber incident related costs, net of insurance recoveries | (813) | 1,061 | (636) | 3,191 | |||||||||||||||||||
Other, net(2) | 156 | 1,733 | 1,692 | 2,965 | |||||||||||||||||||
| Total Transactions, strategic initiatives and other costs, net | $ | 32,208 | $ | 29,052 | $ | 81,123 | $ | 77,692 | |||||||||||||||
(1)Beginning with the year ended December 31, 2025, the Company has begun presenting Orion related non-capitalizable costs separately within the table above.
(2)Certain prior period amounts have been reclassified to conform to the current period presentation.
25
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Financial Supplement | Third Quarter 2026 | ||||||||
Operations Overview
Global Warehouse Portfolio
The Company defines its warehouse categories as follows:
•Production Advantaged: Primarily focused on solutions for customers’ production facilities.
•Forward Distribution: Primarily focused on strategic inventory positioning close to end consumers in key metro markets.
•Retail Distribution: Primarily focused on retail support solutions serving grocery and food service customers, such as quick serve restaurants (“QSR”).
•Port: Primarily focused on import and export solutions with close proximity to port locations.
_______________________________________________
(1)Warehouse categories are determined by primary service offering at the locations.
(2)Excludes third-party managed sites, certain warehouses that are closed due to a future intention or actual exit or sale or are classified as held for sale, as well as sites contributed to the EQT JV as of August 31, 2026.
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Financial Supplement | Third Quarter 2026 | ||||||||
Fixed Commitment and Lease Maturity Schedules
The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of September 30, 2026. Note that month to month contracts include expired contracts that are assumed to continue as month to month agreements until renewal or notice of intention to vacate.
| Contract Expiration Year | Number of Contracts | Annualized Committed Rent & Storage Revenues(1) | % of Total Warehouse Segment Rent & Storage Revenues for the twelve months ended September 30, 2026(1) | |||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Month-to-Month | 133 | $ | 64,269 | 7.1 | % | |||||||||||||||
| 2026 | 95 | 47,103 | 5.2 | % | ||||||||||||||||
| 2027 | 158 | 121,442 | 13.4 | % | ||||||||||||||||
| 2028 | 100 | 129,754 | 14.3 | % | ||||||||||||||||
| 2029 | 26 | 53,269 | 5.9 | % | ||||||||||||||||
| 2030+ | 40 | 97,923 | 10.8 | % | ||||||||||||||||
| Total | 552 | $ | 513,760 | 56.7 | % | |||||||||||||||
(1)Excludes revenues associated with sites that are closed due to an intention to exit, or classified as held for sale. Revenues related to sites contributed to the EQT JV have also been excluded.
The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of September 30, 2026. These leases had a weighted average remaining term of approximately 51 months as of September 30, 2026.
| Lease Expiration Year | No. of Leases Expiring | Annualized Rent(1)(2) | % of Total Warehouse Segment Rent & Storage Revenues for the twelve months ended September 30, 2026(2) | Leased Square Footage (In thousands) | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| Month-to-Month | 5 | $ | 398 | — | % | 23 | ||||||||||||||||||||
| 2026 | 33 | 3,076 | 0.3 | % | 230 | |||||||||||||||||||||
| 2027 | 37 | 9,526 | 1.1 | % | 540 | |||||||||||||||||||||
| 2028 | 32 | 11,802 | 1.3 | % | 1,517 | |||||||||||||||||||||
| 2029 | 7 | 3,375 | 0.4 | % | 170 | |||||||||||||||||||||
| 2030+ | 21 | 22,756 | 2.5 | % | 1,437 | |||||||||||||||||||||
| Total | 135 | $ | 50,933 | 5.6 | % | 3,917 | ||||||||||||||||||||
(1)Represents monthly rental payments under the relevant leases as of September 30, 2026, multiplied by 12.
(2)Excludes revenues associated with sites that are closed due to an intention to exit, or classified as held for sale. Revenues related to sites contributed to the EQT JV have also been excluded.
27
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Financial Supplement | Third Quarter 2026 | ||||||||
Capital Expenditures
Maintenance Capital Expenditures are capitalized funds used to uphold and extend the useful life of assets, resulting in future economic benefits. These expenditures relate to routine and recurring maintenance that is essential to sustain current operations. This includes the cost to purchase and install, repair, or construct assets when it results in a useful life longer than one year and the cost per asset is over a de minimis threshold. Examples include roof repairs, refrigeration equipment refurbishment, racking system repairs, expenditures on material handling equipment and maintenance on existing servers.
External Growth Capital Expenditures refer to investments to expand our operations and enhance market position through mergers and acquisitions. External growth strategies rely on leveraging external assets and synergies to drive value creation and achieve strategic objectives. The Company completed the Houston acquisition on March 17, 2025 for total cash consideration of $108.4 million.
Expansion, Development, and Integration Capital Expenditures refer to investments to enhance our existing operations and increase storage capacity. Examples of capital expenditures associated with expansion and development are warehouse expansions and greenfield developments. Such capital expenditures also include integrating operational systems, rebranding, and upgrading infrastructure to our standards associated with recent mergers and acquisitions. Expansion, development, and integration capital expenditures during the nine months ended September 30, 2026 include the recently announced customer dedicated project in Plover, Wisconsin.
Organic Growth Capital Expenditures refer to investments with a focus on internal development through existing resources and capabilities. Organic growth strategies focus on utilizing internal resources and synergies to meet strategic goals. Examples of capital expenditures associated with organic growth are pallet position expansion and expansion of drop lots. Organic growth capital expenditures also include the purchase of previously leased warehouses that remain operational. On March 18, 2026, the Company completed the acquisition of a previously leased warehouse facility in Massillon, Ohio for cash consideration of $18.7 million concurrent with the signing of a triple net lease with a customer to occupy the space.
Technological Upgrades and Other Enhancements refer to investments aimed at improving our technological infrastructure, investments in hardware, software, and systems that automate processes, enhance data analytics, and improve cyber security. In addition, this category includes sustainability initiatives and other asset modernization projects such as installation of LED lighting and solar panels.
The following table sets forth our total capital expenditures for the three and nine months ended September 30, 2026 and 2025.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025(1) | 2026 | 2025(1) | ||||||||||||||
| (In thousands) | |||||||||||||||||
Maintenance | $ | 17,030 | $ | 15,564 | $ | 45,352 | $ | 47,646 | |||||||||
External growth | — | — | — | 108,448 | |||||||||||||
Expansion, development, and integration(1)(2) | 35,050 | 100,903 | 163,245 | 300,258 | |||||||||||||
Organic growth(1) | 15,122 | 34,620 | 91,955 | 105,165 | |||||||||||||
Technological upgrades and other enhancements(1) | 10,040 | 8,925 | 50,794 | 20,329 | |||||||||||||
Total capital expenditures(3) | $ | 77,242 | $ | 160,012 | $ | 351,346 | $ | 581,846 | |||||||||
(1)Certain amounts have been reclassified to conform to the current period presentation.
(2)Expansion and development capital expenditures include spend for sites in the recently completed expansion and development phase that are included in our non-same store pool, external integration capital expenditures associated with recent acquisitions in the non-same store pool, and any other expansion and development sites that are in progress that will be added to our non-same store pool when operations commence.
(3)Capital expenditures in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 include $40.8 million of costs accrued as of December 31, 2025 and paid during the nine months ended September 30, 2026. Such expenditures exclude $26.2 million of costs accrued during the nine months ended September 30, 2026 that will be paid in a future period.
We incurred capitalized interest of $3.7 million and $9.3 million for the three months ended September 30, 2026 and 2025, respectively, and $14.6 million and $19.4 million for the nine months ended September 30, 2026 and 2025, respectively, which is included in the capital expenditures noted in the table above.
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Financial Supplement | Third Quarter 2026 | ||||||||
Expansions and Developments(5)
| Expansions and Developments Completed Within the Last 36 Months and In Process | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Project Vintage (Months) | Project Count | Square Feet (In millions) | Cubic Feet (In millions) | Pallet Positions (In thousands) | Cost (In millions)(1) | Remaining Spend | LTM NOI (In millions)(2) | Estimated Stabilized NOI (In millions) | Weighted Average Estimated Stabilized ROIC(3) | |||||||||||||||||||||||||||||||||||||||||||||||
| 25-36 | 1 | 0.2 | 3.3 | 20 | $47 | — | $3 | $5 - $6 | 11% - 12% | |||||||||||||||||||||||||||||||||||||||||||||||
| 13-24 | 1 | 0.3 | 13.5 | 22 | 118 | — | (2) | 9 - 11 | 8% - 9% | |||||||||||||||||||||||||||||||||||||||||||||||
| 1-12 | 3 | 0.4 | 14.0 | 51 | 134 | 2 | (1) | 14 - 15 | 10% - 11% | |||||||||||||||||||||||||||||||||||||||||||||||
| 1-36 | 5 | 0.9 | 30.8 | 93 | $299 | $2 | $— | $28 - $32 | 9% - 11% | |||||||||||||||||||||||||||||||||||||||||||||||
In Process(4) | 2 | 0.5 | 35.8 | 106 | $162 | $146 | — | $31 - $34 | 10% - 11% | |||||||||||||||||||||||||||||||||||||||||||||||
| Total | 7 | 1.4 | 66.6 | 199 | $461 | $148 | $— | $59 - $66 | 10% - 11% | |||||||||||||||||||||||||||||||||||||||||||||||
| Completed Projects by Q3 2026 Same Store Pool | |||||||||||
| Project Count | LTM NOI | ||||||||||
| Same Store Warehouse | 1 | $3 | |||||||||
| Non-Same Store Warehouse | 4 | $(3) | |||||||||
| Total | 5 | $— | |||||||||
(1)Cost represents costs incurred as of September 30, 2026, inclusive of capitalized internal labor, travel, and interest.
(2)Defined as last twelve months of revenues less cost of operations excluding any Joint venture related management fee and reimbursed costs, Joint venture related reimbursed costs, Depreciation and amortization, corporate-level Selling, general, and administrative; Transactions, strategic initiatives and other costs, net, Impairment of long-lived assets, Net (gain) loss from sale of real estate, Gain on contribution of real estate assets, and all components of Other (expense) income.
(3)Defined as stabilized net operating income divided by total cost, with each facility's ROIC weighted based on its proportionate share of total cost.
(4)Includes 2 sites that are in the development and expansion phase that will be added to the non-same store pool when operations commence.
(5)This table has been adjusted to remove any recently completed expansions and developments contributed to the EQT JV on August 31, 2026.
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Financial Supplement | Third Quarter 2026 | ||||||||
Other Supplemental Information
Historical Performance Trend - The following table reflects the actual results of our 2026 same store and non-same store pools, recast for the formation of the EQT JV, in USD, for the respective periods.
(Dollars in thousands)(1) | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | |||||||||||||||||||||||||||||||
Number of same store warehouses(2) | 194 | 194 | 194 | 194 | 194 | 194 | 194 | |||||||||||||||||||||||||||||||
Same store revenues(3): | ||||||||||||||||||||||||||||||||||||||
| Rent and storage | $221,823 | $212,981 | $207,924 | $213,527 | $214,073 | $211,680 | $208,797 | |||||||||||||||||||||||||||||||
Warehouse services(4) | 324,518 | 304,162 | 290,154 | 304,377 | 302,938 | 290,482 | 282,065 | |||||||||||||||||||||||||||||||
Total same store revenues | $546,341 | $517,143 | $498,078 | $517,904 | $517,011 | $502,162 | $490,862 | |||||||||||||||||||||||||||||||
Same store cost of operations(3)(4): | ||||||||||||||||||||||||||||||||||||||
| Power | 39,151 | 33,007 | 29,060 | 28,854 | 34,643 | 29,631 | 26,574 | |||||||||||||||||||||||||||||||
| Other facilities costs | 53,308 | 51,498 | 51,775 | 52,850 | 49,932 | 50,761 | 50,776 | |||||||||||||||||||||||||||||||
| Labor | 229,589 | 220,881 | 218,012 | 215,120 | 219,060 | 212,537 | 209,498 | |||||||||||||||||||||||||||||||
| Other services costs | 43,360 | 41,198 | 36,679 | 43,163 | 42,672 | 36,803 | 36,544 | |||||||||||||||||||||||||||||||
Total same store cost of operations | $365,408 | $346,584 | $335,526 | $339,987 | $346,307 | $329,732 | $323,392 | |||||||||||||||||||||||||||||||
Same store contribution (NOI) | $180,933 | $170,559 | $162,552 | $177,917 | $170,704 | $172,430 | $167,470 | |||||||||||||||||||||||||||||||
Same store rent and storage contribution (NOI)(5) | $129,364 | $128,476 | $127,089 | $131,823 | $129,498 | $131,288 | $131,447 | |||||||||||||||||||||||||||||||
Same store services contribution (NOI)(6) | $51,569 | $42,083 | $35,463 | $46,094 | $41,206 | $41,142 | $36,023 | |||||||||||||||||||||||||||||||
Same store margin | 33.1 | % | 33.0 | % | 32.6 | % | 34.4 | % | 33.0 | % | 34.3 | % | 34.1 | % | ||||||||||||||||||||||||
Same store rent and storage margin(7) | 58.3 | % | 60.3 | % | 61.1 | % | 61.7 | % | 60.5 | % | 62.0 | % | 63.0 | % | ||||||||||||||||||||||||
Same store services margin(8) | 15.9 | % | 13.8 | % | 12.2 | % | 15.1 | % | 13.6 | % | 14.2 | % | 12.8 | % | ||||||||||||||||||||||||
Same store rent and storage metrics: | ||||||||||||||||||||||||||||||||||||||
| Economic occupancy | ||||||||||||||||||||||||||||||||||||||
Average economic occupied pallets(9) | 3,524 | 3,447 | 3,471 | 3,596 | 3,453 | 3,465 | 3,532 | |||||||||||||||||||||||||||||||
Economic occupancy percentage(9) | 78.5 | % | 76.9 | % | 77.4 | % | 79.8 | % | 76.4 | % | 76.6 | % | 77.8 | % | ||||||||||||||||||||||||
Same store rent and storage revenues per average economic occupied pallet | $62.95 | $61.79 | $59.90 | $59.38 | $62.00 | $61.09 | $59.12 | |||||||||||||||||||||||||||||||
| Physical occupancy | ||||||||||||||||||||||||||||||||||||||
Average physical occupied pallets(10) | 3,145 | 3,067 | 2,985 | 3,096 | 2,953 | 2,948 | 3,015 | |||||||||||||||||||||||||||||||
Average physical pallet positions(10) | 4,490 | 4,480 | 4,483 | 4,508 | 4,517 | 4,522 | 4,537 | |||||||||||||||||||||||||||||||
Physical occupancy percentage(10) | 70.0 | % | 68.5 | % | 66.6 | % | 68.7 | % | 65.4 | % | 65.2 | % | 66.5 | % | ||||||||||||||||||||||||
Same store rent and storage revenues per average physical occupied pallet | $70.53 | $69.44 | $69.66 | $68.97 | $72.49 | $71.80 | $69.25 | |||||||||||||||||||||||||||||||
Same store services metrics: | ||||||||||||||||||||||||||||||||||||||
| Throughput pallets | 8,243 | 7,891 | 7,727 | 7,909 | 7,916 | 7,777 | 7,755 | |||||||||||||||||||||||||||||||
Same store warehouse services revenues per throughput pallet | $39.37 | $38.55 | $37.55 | $38.48 | $38.27 | $37.35 | $36.37 | |||||||||||||||||||||||||||||||
Total non-same store results(3): | ||||||||||||||||||||||||||||||||||||||
| Non-same store revenues | $23,020 | $24,837 | $22,247 | $36,974 | $40,219 | $40,928 | $38,675 | |||||||||||||||||||||||||||||||
| Non-same store cost of operations | $21,445 | $22,302 | $23,422 | $29,514 | $39,188 | $37,876 | $32,096 | |||||||||||||||||||||||||||||||
| Non-same store contribution (NOI) | $1,575 | $2,535 | $(1,175) | $7,460 | $1,031 | $3,052 | $6,579 | |||||||||||||||||||||||||||||||
Joint venture results(11): | ||||||||||||||||||||||||||||||||||||||
| Joint venture revenues | $46,922 | $61,593 | $57,588 | $55,278 | $58,592 | $59,561 | $55,450 | |||||||||||||||||||||||||||||||
| Joint venture cost of operations | $25,214 | $32,952 | $32,259 | $31,315 | $33,035 | $32,128 | $30,906 | |||||||||||||||||||||||||||||||
| Joint venture contribution (NOI) | $21,708 | $28,641 | $25,329 | $23,963 | $25,557 | $27,433 | $24,544 | |||||||||||||||||||||||||||||||
(1)Total amounts in the table above and year to date calculations may not be calculated exactly due to rounding.
(2)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(5)Calculated as same store rent and storage revenues less same store power and other facilities costs.
(6)Calculated as same store warehouse services revenues less same store labor and other services costs.
(7)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(8)Calculated as same store services contribution (NOI) divided by same store services revenues.
(9)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(10)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses for the applicable period.
(11)Represents the operational results of the EQT JV sites prior to contribution on August 31, 2026.
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Financial Supplement | Third Quarter 2026 | ||||||||
Unconsolidated Joint Venture (Investments in Partially Owned Entities)
As of September 30, 2026, the Company owned a 49% equity share in the Dubai-based RSA joint venture. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.
| RSA | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| Summary Statement of Operations - at the JV’s 100% share in AED | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||
| (In thousands) | ||||||||||||||
| Revenues | 14,121 | 7,797 | 41,374 | 23,168 | ||||||||||
| Cost of operations | 12,261 | 6,249 | 37,832 | 18,280 | ||||||||||
| Depreciation & amortization | 2,617 | 1,741 | 7,465 | 3,538 | ||||||||||
| Total operating expenses | 14,878 | 7,990 | 45,297 | 21,818 | ||||||||||
| Operating (loss) income | (757) | (193) | (3,923) | 1,350 | ||||||||||
| Interest expense | (2,274) | (740) | (6,728) | (2,070) | ||||||||||
| Total non-operating expenses | (2,274) | (740) | (6,728) | (2,070) | ||||||||||
| Net loss | (3,031) | (933) | (10,651) | (720) | ||||||||||
| Americold’s ownership percentage | 49 | % | 49 | % | 49 | % | 49 | % | ||||||
| AED/USD average rate | 0.2723 | 0.2723 | 0.2723 | 0.2723 | ||||||||||
| Americold’s pro rata share of NOI in USD | $ | 248 | $ | 207 | $ | 473 | $ | 652 | ||||||
| Americold’s pro rata share of Net loss in USD | $ | (404) | $ | (124) | $ | (1,421) | $ | (96) | ||||||
| Americold’s pro rata share of Core FFO in USD | $ | (291) | $ | 68 | $ | (656) | $ | 296 | ||||||
| Americold’s pro rata share of Adjusted FFO in USD | $ | (203) | $ | 102 | $ | (481) | $ | 346 | ||||||
| Americold’s pro rata share of Core EBITDA in USD | $ | 120 | $ | 241 | $ | 423 | $ | 659 | ||||||
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| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
Unconsolidated Joint Venture (Investments in Partially Owned Entities)
As of September 30, 2026, the Company owned a 30% equity share in Americold-EQT Cold Storage Partnership, LLC (the "EQT JV"), which owns and operates 12 temperature-controlled warehouse facilities in North America.
EQT JV | |||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||
| Summary Statement of Operations - at the JV’s 100% share in USD | September 30, 2026 | September 30, 2026 | |||||||||
| (In thousands) | |||||||||||
| Rent and storage | $ | 9,437 | $ | 9,437 | |||||||
| Warehouse services | 11,293 | 11,293 | |||||||||
| Total revenues | 20,730 | 20,730 | |||||||||
Operations reimbursement expense | 11,455 | 11,455 | |||||||||
| Management fee expense | 1,461 | 1,461 | |||||||||
| Depreciation and amortization | 4,461 | 4,461 | |||||||||
| Total operating expenses | 17,377 | 17,377 | |||||||||
| Operating income | 3,353 | 3,353 | |||||||||
| Interest expense | (4,656) | (4,656) | |||||||||
| Other expense | (4,911) | (4,911) | |||||||||
| Non-operating expenses | (9,567) | (9,567) | |||||||||
| Net loss | $ | (6,214) | $ | (6,214) | |||||||
| Americold’s ownership percentage | 30 | % | 30 | % | |||||||
| Americold’s pro rata share of NOI | $ | 2,344 | $ | 2,344 | |||||||
Americold’s pro rata share of Net loss | $ | (1,864) | $ | (1,864) | |||||||
| Americold’s pro rata share of Core FFO | $ | 268 | $ | 268 | |||||||
| Americold’s pro rata share of Adjusted FFO | $ | 947 | $ | 947 | |||||||
| Americold’s pro rata share of Core EBITDA | $ | 2,344 | $ | 2,344 | |||||||
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| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
Reconciliations, Notes, and Definitions
| Revenues and Contribution (NOI) by Segment | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Segment revenues: | |||||||||||||||||||||||
| Same Store Warehouse | $ | 546,341 | $ | 517,011 | $ | 1,561,562 | $ | 1,510,035 | |||||||||||||||
| Non-Same Store Warehouse | 23,020 | 40,219 | 70,104 | 119,822 | |||||||||||||||||||
Sites Contributed to Partially Owned Entities(2) | 46,922 | 58,592 | 166,103 | 173,603 | |||||||||||||||||||
Warehouse(1) | 616,283 | 615,822 | 1,797,769 | 1,803,460 | |||||||||||||||||||
| Transportation | 62,217 | 47,843 | 173,491 | 139,933 | |||||||||||||||||||
| Total Segment revenues | 678,500 | 663,665 | 1,971,260 | 1,943,393 | |||||||||||||||||||
| Segment costs of operations: | |||||||||||||||||||||||
| Same Store Warehouse | 365,408 | 346,307 | 1,047,518 | 999,431 | |||||||||||||||||||
| Non-Same Store Warehouse | 21,445 | 39,188 | 67,169 | 109,160 | |||||||||||||||||||
Sites Contributed to Partially Owned Entities(2) | 25,214 | 33,035 | 90,425 | 96,069 | |||||||||||||||||||
Warehouse(1) | 412,067 | 418,530 | 1,205,112 | 1,204,660 | |||||||||||||||||||
| Transportation | 52,750 | 40,107 | 144,269 | 116,201 | |||||||||||||||||||
| Total Segment Costs of Operations | 464,817 | 458,637 | 1,349,381 | 1,320,861 | |||||||||||||||||||
| Segment Contribution: | |||||||||||||||||||||||
| Same Store Warehouse | 180,933 | 170,704 | 514,044 | 510,604 | |||||||||||||||||||
| Non-Same Store Warehouse | 1,575 | 1,031 | 2,935 | 10,662 | |||||||||||||||||||
Sites Contributed to Partially Owned Entities(2) | 21,708 | 25,557 | 75,678 | 77,534 | |||||||||||||||||||
Warehouse(1) | 204,216 | 197,292 | 592,657 | 598,800 | |||||||||||||||||||
| Transportation | 9,467 | 7,736 | 29,222 | 23,732 | |||||||||||||||||||
| Total Segment Contribution | 213,683 | 205,028 | 621,879 | 622,532 | |||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||
| Joint venture related management fee and reimbursed costs | 13,058 | — | 13,058 | — | |||||||||||||||||||
| Joint venture related reimbursed costs | (11,597) | — | (11,597) | — | |||||||||||||||||||
| Depreciation and amortization expense | (105,666) | (88,023) | (300,257) | (267,467) | |||||||||||||||||||
| Selling, general, and administrative expense | (63,487) | (70,982) | (197,670) | (207,124) | |||||||||||||||||||
| Transactions, strategic initiatives and other costs, net | (32,208) | (29,052) | (81,123) | (77,692) | |||||||||||||||||||
| Impairment of long-lived assets | (4,623) | (77) | (314,195) | (5,303) | |||||||||||||||||||
| Net gain (loss) from sale of real estate | 12,126 | (143) | 17,647 | 11,617 | |||||||||||||||||||
| Gain on contribution of real estate assets | 721,381 | — | 721,381 | — | |||||||||||||||||||
| Interest expense | (41,971) | (33,931) | (125,790) | (108,293) | |||||||||||||||||||
| Loss from investments in partially owned entities | (2,398) | (41) | (3,330) | (1,739) | |||||||||||||||||||
| Other, net | (1,240) | (477) | 13,071 | 6,594 | |||||||||||||||||||
| Income (loss) before income taxes | $ | 697,058 | $ | (17,698) | $ | 353,074 | $ | (26,875) | |||||||||||||||
(1)As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.
(2) These amounts represent the results of sites contributed to the EQT JV upon formation on August 31, 2026.
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Financial Supplement | Third Quarter 2026 | ||||||||
| Notes and Definitions | ||
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Adjusted Core EBITDA, Core EBITDA margin, Net Debt to Pro Forma Core EBITDA, Net Debt to Pro Forma Core EBITDA - including our proportional share of the partially owned entities, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures. | ||
We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and real estate related assets, adjusted for specified non-cash items, such as real estate asset depreciation and amortization, and impairment charges on real estate related assets. We then further adjust for our share of reconciling items for partially owned entities and any Gain on contribution of real estate assets, net of tax. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs. | ||
We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net (gain) loss on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Impairment of long-lived assets (excluding certain real estate related assets); Loss (gain) on debt extinguishment and termination of derivative instruments, net; Foreign currency exchange loss (gain); Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. | ||
| However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited. | ||
We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax (benefit) expense; Stock-based compensation expense; Non-real estate related depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities. | ||
NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net income (loss) and Net income (loss) per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net income (loss) or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net income (loss), which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. | ||
| We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as Net income (loss) before Depreciation and amortization; Interest expense; Income tax expense (benefit); Net (gain) loss from sale of real estate; Adjustment to reflect share of EBITDAre of partially owned entities; and Gain on contribution of real estate assets. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies. | ||
We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss (gain) on debt extinguishment and termination of derivative instruments, net; Net loss on real estate related asset disposals; Net (gain) loss on sale of non-real estate related assets; Project Orion deferred costs amortization; Adjustment to reflect share of Core EBITDA of partially owned entities; Reduction in EBITDAre and Core EBITDA from partially owned entities; and Gain from sale of partially owned entity. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We also calculate our Adjusted Core EBITDA as Core EBITDA further adjusted for Americold's share of Core EBITDA from partially owned entities. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. We believe Core EBITDA margin is helpful to investors as a supplemental measure of operating efficiency because it measures the portion of each dollar of revenue converted to Core EBITDA, which facilitates comparisons of our operating performance between periods. NAREIT EBITDAre, Core EBITDA, and Adjusted Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre, Core EBITDA and Adjusted Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre, Core EBITDA, and Adjusted Core EBITDA as alternatives to Net income (loss) or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre, Core EBITDA and Adjusted Core EBITDA have limitations as analytical tools, including: | ||
•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; •these measures do not reflect changes in, or cash requirements for, our working capital needs; •these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; •these measures do not reflect our tax expense or the cash requirements to pay our taxes; and •although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements. | ||
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| | |||||||
Financial Supplement | Third Quarter 2026 | ||||||||
| Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. Net debt to pro forma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro forma and/or Core EBITDA. If applicable, we calculate pro forma Core EBITDA as Core EBITDA further adjusted for acquisitions, divestitures, exited properties, properties classified as held for sale, and properties contributed to the EQT joint venture. The pro forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. For purposes of the Net Debt to Pro Forma Adjusted Core EBITDA - Including Proportional Share of Partially Owned Entities, net debt and pro forma Core EBITDA are further adjusted to reflect the Company's proportionate share of net debt and Core EBITDA from its partially owned entities. | ||
NOI is calculated as Net income (loss) before Interest expense, Income tax (expense) benefit, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Impairment of long-lived assets; Transactions, strategic initiatives and other costs, net; Net (gain) loss from sale of real estate; Joint venture related management fee and reimbursed costs; Joint venture related reimbursed costs; Gain on contribution of real estate assetsand all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business. | ||
We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2025) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) do not result in a facility being excluded from the same store population as management believes that actively managing its real estate is normal course of operations. However, the sites contributed upon formation of the EQT JV have been excluded from both the same store and non-same store results. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year. | ||
| We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Impairment of long-lived assets, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net, and Net (gain) loss from sale of real estate) and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our “same store contribution (NOI)” on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that “same store contribution (NOI)” is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. “Same store contribution (NOI)” is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate “same store contribution (NOI)” in a manner consistent with our definition or calculation. “same store contribution (NOI)” should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. | ||
We calculate “total enterprise value” as the sum of net debt and our equity capitalization based on the fully diluted unweighted common stock outstanding and the related common stock share price as of September 30, 2026. | ||
| We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. | ||
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant. | ||
| All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. | ||
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Strengthening our Foundation to Unlock Long-Term Growth Corporate Deck | November 5, 2026
Disclaimer 2 This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, or the impairment of any of our properties; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; risks related to any failure to achieve the anticipated benefits, synergies or returns from the EQT JV, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to the implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investment; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT. Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2026 outlook, and statements about the EQT JV. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law. Non-GAAP Measures This presentation contains non-GAAP financial measures, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA Margin, net debt, segment contribution (NOI) and margin, same store revenues and NOI, Core SG&A, constant currency basis and maintenance capital expenditures. Definitions and reconciliations of these non-GAAP metrics to their most comparable GAAP metrics are included herein. Each of these non-GAAP measures included in this presentation has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company's results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of non-GAAP measures in this presentation may not be comparable to similarly titled measures disclosed by other companies, including other REITs.
Significant Scale & Expertise from 120+ Years of Experience Significant Scale Global Footprint Cubic Feet / Warehouse Count North America 1,022M / 163 South America 10M / 2 Europe 111M / 23 Asia Pacific 86M / 20 Note: Figures as of September 30, 2026. Figures may not sum due to rounding ~4.7M Pallet Positions 208 Warehouses ~2,700 Customers 12,200 Associates ~1.2B/48M Cubic Feet/Square Feet of Total Capacity Connectivity Conventional & Automated Presence at Every Major Node 3
4 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,022M cubic feet1 164 facilities 1,229M cubic feet1 208 facilities Note: Americold portfolio figures as of September 30, 2026. Figures may not sum due to rounding Market share estimates based on cubic feet of regrigerated warehouse capacity as reported in the 2026 GCCA Top 25 Refrigerated Warehousing & Logistics Providers publication 1) Figures do not include Americold’s Middle Eastern investment in the RSA JV or sites contributed to the EQT JV 2) The remaining 41% and 78% of the North American and global markets consist of ~3.0bn cubic feet and ~19.7bn cubic feet, respectively A Global Leader in Highly Fragmented Market North American Market Americold, 18% Rest of the Market², 41% Global Market Americold¹, 6% Rest of the Market², 78% 4
Mission Critical Infrastructure Across the Cold Chain Americold has customer solutions for each of the four primary 3PL cold chain nodes: Production Support (Production Advantaged) Distribution Support (Forward Distribution) Import | Export Support (Port) Store Distribution (Retail) Americold has the infrastructure and expertise to support the flow of products from production through final distribution Produce Distribute Consume 5
Americold’s Critical Infrastructure at Every Node % of total warehouse revenue for the last twelve months ended September 30, 2026 6 48% 14% 25% Forward Distribution - 93 sites • Multi-tenanted mixing facilities • Located near large population centers • Fewer fixed commitment agreements • Multiple customers served Retail Distribution Center - 26 sites • Typically single tenanted • Long-term fixed commitment agreements • High-turning and operationally intense • Largely insourced today Ports - 28 sites • Multiple tenants • Fewer fixed commitment agreements • High-turning • Leverage strategic partnerships Production Advantaged - 61 sites • Typically single tenanted • Long-term fixed commitment agreements • Requires deep customer relationships • Located in largely rural areas close to harvests 41.0 26.0% 22.0% 11.0%
Bryan Verbarendse President, Americas COLD: Joined 2023/Appointed 2025 ~33 years experience Nathan Harwell Chief Legal & People Officer COLD: Joined & Appointed 2023 & 2026 ~27 years experience Experienced Management Team Committed to Increasing Shareholder Value Significant experience in real estate, third-party logistics, and grocery retail Robert Chambers Chief Executive Officer COLD: Joined 2013/Appointed 2025 ~21 years experience Chris Papa Chief Financial Officer COLD: Joined & Appointed 2026 ~23 years experience Richard Winnall President, International COLD: Joined 2019/Appointed 2024 ~24 years experience Scott Henderson Chief Investment Officer COLD: Joined 2018/Appointed 2023 ~24 years experience 7 Anita Nanda Chief Technology & Solutions Officer COLD: Joined 2022/Appointed 2026 ~25 years experience
Building A Stronger Americold for Long-Term Value Creation 8 Built a strong team that is laser focused on execution and delivering on our financial commitments Industry has continued to stabilize, supporting positive KPI trends and market share gains Execution against our Five Key Priorities is strengthening the operating and financial foundation Expanding the Aperture to new & adjacent sectors to broaden our growth opportunities
Ongoing Industry Stabilization Rebound in physical & economic occupancy as industry fundamentals improve 9 Recent gains reflect continued industry stabilization & market share gains |-----------Covid Disruptions--------------||-------Stable Trends-------| |-Returning to Normalcy-| Derived from same-store population as reported during the indicated calendar period and as defined in the appendix. Physical Occupancy Economic Occupancy Q 1'18 Q 2'18 Q 3'18 Q 4'18 Q 1'19 Q 2'19 Q 3'19 Q 4'19 Q 1'20 Q 2'20 Q 3'20 Q 4'20 Q 1'21 Q 2'21 Q 3'21 Q 4'21 Q 1'22 Q 2'22 Q 3'22 Q 4'22 Q 1'23 Q 2'23 Q 3'23 Q 4'23 Q 1'24 Q 2'24 Q 3'24 Q 4'24 Q 1'25 Q 2'25 Q 3'25 Q 4'25 Q 1'26 Q 2'26 Q 3'26 -1200 -1000 -800 -600 -400 -200 0 200 400 600 800 1000 1200
Ongoing Industry Stabilization Maintaining pricing discipline across varying market conditions 10 Consistent approach to capturing fair value for our storage and service offerings Represents same store rent and storage pricing per economic occupied pallet plus same store services revenues per throughput pallet, as reported Total Pricing Q 1'19 Q 2'19 Q 3'19 Q 4'19 Q 1'20 Q 2'20 Q 3'20 Q 4'20 Q 1'21 Q 2'21 Q 3'21 Q 4'21 Q 1'22 Q 2'22 Q 3'22 Q 4'22 Q 1'23 Q 2'23 Q 3'23 Q 4'23 Q 1'24 Q 2'24 Q 3'24 Q 4'24 Q 1'25 Q 2'25 Q 3'25 Q 4'25 Q 1'26 Q 2'26 Q 3'26 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00
11 • AFFO per share $0.35(1), fifth quarter of meeting or beating expectations • Occupancy, pricing, and throughput all increased while SG&A decreased • Same Store Revenue increased 4.9%, NOI increased 5.5%(1) • Leverage ratio reduced by a full turn through use of proceeds from the EQT JV • Raised 2026 full-year guidance by $0.03(1) at midpoint Continued Delivery Against Our Financial Commitments in Q3 (1) See “Non-GAAP Financial Measures” for additional information regarding these non-GAAP financial measures.
Q3 26Q2 26Q1 26 Multi-Quarter Improvement in Key Operating Metrics 12 Key Metrics Q4 25Q3 25 Physical Occupancy(1) -330 bps -100 bps +20 bps +330 bps +460 bps Economic Occupancy(1) -220 bps -60 bps -40 bps +30 bps +210 bps Storage Pricing(2) +160 bps +20 bps +130 bps +110 bps +120 bps Handling Pricing(3) +210 bps +350 bps +320 bps +320 bps +190 bps Throughput -220 bps -310 bps -40 bps +150 bps +410 bps Core SG&A(4) +260 bps -170 bps +210 bps -50bps -80 bps 1. Represents change using the Q3 2026 same store pool 2. Represents change in onstant currency same store rent and storage pricing per economic occupied pallet using the Q3 2026 same store pool 3. Represents change in constant currency same store handling and services pricing per throughput pallet using the Q3 2026 same store pool 4. See “Non-GAAP Financial Measures” for additional information regarding these non-GAAP financial measures
Our Key Priorities Building on a stronger foundation through consistent execution 13 • Strategic capital management to de-lever balance sheet and maintain investment grade profile • Creating value from our real estate through active portfolio management of low profit facilities, NNN leasing of space to tenants, and/or non-strategic asset sales • Driving organic growth by leveraging COLD’s advantages in under-penetrated sectors, such as retail, QSR, convenience, e-commerce, pet food, floral, pharmacy, and more • Limiting inorganic growth to lower-risk projects, such as customer-dedicated, partnership- driven, and international until leverage is reduced • Continued rightsizing of our cost structure - Leverage prior investments in technology and labor to streamline workflows for a more cost-efficient overhead model
14 2026 Key Priorities Strategy Scorecard STRENGTHEN BALANCE SHEET • Executed ~$1.3 billion strategic joint venture with EQT ◦ Proceeds of ~$1.15 billion used to immediately pay outstanding debt ◦ ~$50 million in projected annual interest savings • Expanded credit facility, increased liquidity, eliminated all near-term maturities DRIVE ORGANIC GROWTH • Expansion into Convenience with On the Run win in Australia • Growth in Europe Retail with Jeronimo Martins and Plus wins • Expansion of 4PL with Little Caesar's win in Iberia • Won business with one of the world's top aerospace companies REAL ESTATE PORTFOLIO MANAGEMENT • Actively managing portfolio to improve productivity and recycle capital • 27 sites in total identified for strategic exit - 13 completed so far • Sold 13 sites since initiated for proceeds of nearly $100 million • Purchased a facility & triple net leased to a new tenant for 15 years OPTIMIZE COST STRUCTURE • ~$100 million of total savings and spend reductions identified • ~$30M of savings, completed in Q1 2026 • Fit for Purpose initiative, expected to generate an additional ~$25M of savings by Q1 2027 • Identified ~$50M in spend reductions from Transactions, Strategic Initiatives & Other LIMITED INORGANIC GROWTH • Announced new development for McCain - supporting a top-5 customer with a 35- year relationship and backed by 20-year commitment $50M of identified spend reductions implemented across IT projects and other categories, partially offset by incremental costs related to the EQT joint venture, idled sites, and other strategic priorities. Identified savings and spend reductions represent management estimates.
15 1. Strategic Capital Management
Joint Venture Creates Platform for Future Growth 16 Overview Americold and EQT closed the joint venture on August 31, 2026. Americold contributed 12 facilities into the venture. • Valued at ~$3,300 per pallet position • Anticipated interest savings from debt repayments of ~$50 million for Americold • JV has "first look" at development opportunities in North America for the first four years of the partnership • Americold will continue to manage day-to-day operations Benefits to Americold • Proceeds enabled significant reduction in leverage • Ability to expand platform in future with new growth opportunities • Highlights valuation discount between public & private markets Total Value: ~$1.3 billion Ownership: 70% EQT / 30% COLD Proceeds to COLD: ~$1.15 billion Cubic Feet: ~124 million Valuation: 7% cap rate Pallet Positions: ~402 thousand
Debt Repayment Significantly Improves Our Balance Sheet Profile No debt maturities until 2029 with substantial liquidity and a predominantly fixed-rate debt portfolio Note: Dollars in millions. Figures based on company filings as of September 30, 2026. Balances denominated in foreign currencies have been translated to USD. Figures may not sum due to rounding 1) Revolver maturity date assumes the exercise of two six month extension options 2) Figure reflects cash, cash equivalents, restricted cash, and the capacity available under the Senior Unsecured Revolving Credit Facility less $19 million in outstanding letters of credit 3) Total net debt represents total debt outstanding of $3.3 billion less cash, cash equivalents and restricted cash of $36 million as of September 30, 2026. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 17 Real Estate Debt Maturity (1) Dollars in Millions • EQT JV enabled $1.15B debt reduction • Remaining net debt of ~$3B(3) is 93% unsecured and 87% fixed rate • Total available liquidity of $950M(2) with $914M undrawn credit facility • Investment grade ratings: BBB (Fitch/ DBRS Morningstar), Baa3 (Moody's) • $10B+ in unencumbered critical cold storage infrastructure that is mission critical and difficult to replicate $400 $350 $453 $400 $397 $500 $152 $64 $160 $246 2026 2027 2028 2029 2030 2031 2032 2033 2034
18 2. Create Value from Real Estate
Ability to Leverage Strong Market Presence Globally Production Advantaged Forward Distribution Retail Distribution Port Facilities Americold Advantages • Continued growth in retail and QSR • Expand adjacent categories, such as pet food, pharmacy, floral • Growth with strategic partnerships to enhance cold storage supply chain through rail and ports • Existing customers in Asia Pacific are growing and requesting additional development support • Continued growth in European occupancy based on new customer wins and expansion into new categories • Expansive global network of high-quality, strategically located warehouses • Deep relationships with top customers spanning decades • Best in class Americold Operating System fully integrated • Technology advantages in North America and Asia Pacific through Project Orion, with Europe implementation in Q426 Growth Strategy 19
Actively Optimizing Our Portfolio to Improve Productivity and Returns 20 Progress to Date Total Sites Idled or Exited27 Total Pallet Positions Idled or Exited540k Total Proceeds to Date Exiting underperforming assets and reallocating capital toward higher-return opportunities Strengthening network productivity through improved utilization of existing capacity Initiated a comprehensive review of all active development projects and associated assumptions ~$100M Several Hundred Million of Potential Proceeds Identified from Additional Asset Sales Reducing industry capacity by removing select facilities from the cold storage market Potential proceeds represent preliminary management estimates and are subject to market conditions, diligence, transaction execution and approval processes. No assurance can be given regarding timing or amount of proceeds.
21 3. Drive Organic Growth
Deep Customer Relationships Drive Growth Opportunities Strategically-located network of facilities Comprehensive value-added services Top 25 Customers Best-in-class customer experience High standards of quality, reliability, and food safety Commitment to innovation through automation and strategic partnerships 22 ~39 years average tenure 13 customers are investment grade(2) 100% utilize committed contracts/leases ~50% of Warehouse revenues(1) 1) Based on LTM Warehouse revenues as of September 30, 2026 2) Represents long-term issuer rating as of October 2026 Compelling Value Proposition 100% use multiple facilities, average of 15 sites
Leveraging Our Strategic Advantages to Broaden Our Opportunities Critical Infrastructure at Every Node Advanced Operating SystemCommitment to Best-in-Class Customer ServiceLong-Term Customer Relationships Significant Technology Investments Expand QSR to New Geographies Increase Market Share Grow Retail Business Evaluate Adjacent/New Categories 23 World-Class Partnerships
Frozen Food Pharmaceuticals Fresh Food Retail QSR International Pet Food Floral Seafood Beverages Expanding the Aperture to Adjacent Growth Opportunities Dry Goods Cosmetics E-commerce Core Adjacent New 24 Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value Chemicals Equipment
Global Opportunity to Grow Retail and QSR Presence COLD Best in Class Operator Trusted by Largest Retailers & QSR Brands in the World What is Retail/QSR? • Pallets of product from multiple manufactures arrive at our facility • Product is warehoused until a store needs replenishment • Individual cases are picked based on store order • Cases are assembled into new multi- vendor, multi-SKU pallets • Pallets are staged for loading based on the delivery route • Pallets arrive and product placed into refrigerated/frozen coolers within the store Attractive Characteristics • 5 of our top-10 customers are retail/QSR companies • Generated 22% of total LTM warehouse segment revenue1 • Leading market share and challenging for competitors to enter complex value- added segment of market • Opportunity to expand into new geographies • Largely insourced by retailers today, with significant whitespace • Nearly twice the NOI/pallet compared to rest of the portfolio 25 Attractive Pipeline of Global Growth Opportunities 1) As of September 30, 2026
26 4. Pursue Lower- Risk Projects
McCain's Foods Development in Plover, Wisconsin 27 McCain Foods is one of North America's top potato processors & a top 5 customer Development Overview Americold entered into an agreement to develop a $163 million production advantaged facility fully dedicated to McCain Foods in Plover, Wisconsin, adjacent to the existing conventional facility • Construction expected to be completed by Q1 2028 • Anchored by a 20 year fixed commitment agreement • Automated storage retrieval system capabilities • Nearly 35 year relationship, utilizes 20+ Americold sites Project at a Glance Cubic Feet: ~17M Total investment: $163 million Pallet Positions: ~56,000 Completion: Q1 2028
Operational Partners Development Opportunities Enhanced by Best-in-Class Partnerships 28 Kansas City, Missouri • First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US utilizing intermodal, bypassing customs, reducing transit time by approximately one day and reducing total cost. Completed in partnership with CPKC, opened Q2 2025. Port St. John, New Brunswick, Canada • Import/Export Hub will store and handle temperature sensitive food moving through the port, providing a more efficient route for Canadian food imports & exports, opened Q2 2026. Port of Jebel Ali, Dubai • Import/Export Hub is the first to offer both bonded & non-bonded service and enables global food Producers to connect directly with regional Retailers and Distributors. Opened Q2 2025. Highlights Top Five Global Port Operator 2022 One of NA’s Largest Railroad Companies 2023 DP World Canadian Pacific Kansas City
29 5. Rightsize Cost Structure
Americold Operating System and Warehouse Management Expertise Americold Operating System ensures best practices across entire network 30 Customer Focus Labor Optimization Focused Improvement Safety Talent Stewardship Food Safety Asset Protection Inventory Management Sustainability Excellence Refrigeration Excellence Advanced Integrated Systems Maintenance Excellence AOS distinguishes us from our competitors and is supported by our continuous improvement culture • • Delivering standardized procedures • Driving collaborative innovation • Improving service • Optimizing value
Technology Differentiation: Improving Efficiency and Lowering Cost 31 Project Orion ERP Standardize processes, reduce manual work and improve analytics ▪ Warehouse management system (WMS) provides visibility to ensure orders delivered on-time and in-full (OTIF) ▪ Labor management system (LMS) optimizes workforce and delivers high service levels to customers ▪ Transportation Management System (TMS) ensuring comprehensive national delivery network visibility ▪ Warehouse Execution System (WES) facilitating industry-leading automation services ▪ Global Operations Command Center (GOCC): Enhancing network visibility, execution, and operational consistency 415+ Identified Gen AI Use Cases Leveraging embedded AI with tech partners
Building a More Efficient Cost Structure More than $100M of savings and spend reductions identified across labor, SG&A and other areas $30M Savings Achieved – 1/3 indirect labor, 2/3 SG&A – $8M anticipated in 2026, $17M in 2027 – 2/3 indirect labor, 1/3 SG&A – Resulted in 400 headcount reduction in indirect labor – Transactions, Strategic Initiatives & Other, Net – No AFFO impact, cash savings available for other priorities 32 $25M Fit for Purpose $50M Spend Reductions Leveraging prior investments in technology and operating capabilities to drive greater efficiency, stronger execution and durable cash flows (1) $50M of identified spend reductions implemented across IT projects and other categories, partially offset by incremental costs related to the EQT joint venture, idled sites, and other strategic priorities
33 6. Financial Performance
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 34 Core EBITDA ($M) and Margin (%) 17.5% • Effectively optimizing margins across all business areas • Creating a solid foundation with efforts over the past three years to build a productive, stabilized workforce supporting sustainable service margins • Strong variable cost control and focus on efficiencies • Significant investments in technology have streamlined processes, enhanced revenue capture, and accelerated labor management initiatives • Strategic partnerships fueling development pipeline for future profitable growth 17.5% 17.5% See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. . 17.1% 30% growth . 17.1% 21.4% 23.8% $475M $500M $572M $634M $618M $618M 2021 2022 2023 2024 2025 2026 TTM 17.5% 21.4% 23.4% 17.1% 23.8% 23.7%
History of AFFO Growth 35 • Hiring and retention initiatives deliver $100M in incremental services NOI • Project Orion improved labor productivity and efficiencies • Grew same store service margins by 911 bps to 12.9% • Refocus on 4 key strategic priorities: labor, customer service, pricing, developments • Re-commercialization initiative across the business • Announced strategic partnership with DP World • Announced strategic partnership with CPKC • Launched Project Orion • Completed and launched 5 automation projects AFFO (in millions) $1.11 $1.27 $1.47$1.11 $1.43 $1.11 $1.47 • Completed Houston acquisition to support retail growth • Increased quarterly dividend by 5% • Achieved target of 60% of rent & storage revenue from fixed commitment contracts • Rob Chambers appointed CEO • Introduced 5 key priorities to support future growth See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. $1.27 31% AFFO Growth . . . $300M $352M $420M $408M $393M 2022 2023 2024 2025 2026 TTM $1.11 $1.37.. • Chris Papa appointed CFO • Announced formation of the Americold EQT Joint Venture, closed August 31, 2026 • Announced Fit for Purpose initiative for annualized savings of ~$25M, for total cost savings to date of ~$55M 27 $1.47 $1.43
Commitment to Sustainability Initiatives Environmental Commitment to Energy Excellence and Efficiency • Recognized under the Global Cold Chain Alliance’s (GCCA) Energy Excellence Recognition Program with Gold, Silver or Bronze certifications at 203 facilities • 24% reduction in Scope 1 and 2 emissions from 2021, with an ultimate goal of 30% in 2030 • 30,822 MWh of renewable energy produced in 2025, with a goal of 150k MWh in 2030 • 2025 GRESB Regional Sector Leader for the Americas in the Industrial (Standing Investments) category • MSCI upgraded Americold to a AA ESG rating in 2026 Social Social Initiatives • Serve the public good by maintaining the integrity of food supply and reducing waste • Corporate contributions / support to charities aligned with our core beliefs and focus, such as Feed the Children and HeroBox • $84K of financial assistance provided by the Americold Foundation to 33 associates in 2025 Governance Shareholder- friendly Corporate Governance • All members of the Board other than the CEO are independent • Code of Business Conduct and Ethics encourage the highest levels of integrity across the organization, training completed by 100% of associates Awards & Recognition Charitable Organizations 36
2026 Guidance Detail Guidance as of November 5, 2026 Guidance as of August 6, 2026 Warehouse segment same store revenues (constant currency) $2.06B - $2.10B $2.03B - $2.09B Warehouse segment same store NOI (constant currency) $680M - $700M $660M - $695M Total Company NOI (constant currency) $800M - $830M $775M - $815M Total selling, general and administrative expense (guidance is inclusive of approximately $228M - $233M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization) $260M - $265M $250M - $260M Core EBITDA $585M - $610M $570M - $600M Interest expense $155M - $160M $155M - $160M Current income tax expense, excluding impact of EQT Joint Venture $7M - $9M $7M - $9M Total maintenance capital expenditures $60M - $70M $60M - $70M Adjusted FFO per share $1.31 - $1.33 $1.26 - $1.32 See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 37
Non-GAAP Financial Measures 38 We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures. We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and real estate related assets, adjusted for specified non-cash items, such as real estate asset depreciation and amortization, and impairment charges on real estate related assets. We then further adjust for our share of reconciling items for partially owned entities and any Gain on contribution of real estate assets, net of tax. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real estate assets; Transactions, strategic Initiatives and other costs, net; Impairment of indefinite and long-lived assets (excluding certain real estate assets); Loss on debt extinguishment, modifications, and termination of derivative instruments, net; Foreign currency exchange loss (gain); Gain on legal settlement related to prior period operations; Gain on extinguishment of New Market Tax Credit Structure; Loss on deconsolidation of Chile Joint Venture; Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; Loss from discontinued operations, net of tax; Impairment of related party loan receivable; Loss on put option; Gain on sale of LATAM JV; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited. We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Non-real estate asset impairment; Straight-line rent adjustment; Deferred income tax (benefit) expense; Stock-based compensation expense; Non-real estate depreciation and amortization; Maintenance capital expenditures; Our share of reconciling items related to partially owned entities and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities. NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net (loss) income and Net (loss) income per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net (loss) income or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net (loss) income before Depreciation and amortization; Interest expense; Income tax benefit; Net loss (gain) from sale of real estate; Adjustment to reflect share of EBITDAre of partially owned entities; and Gain on contribution of real estate assets NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies. We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic Initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of indefinite and long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments, net; Net loss (gain) on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Adjustment to reflect share of Core EBITDA of partially owned entities; Reduction in EBITDAre from partially owned entities; Gain from sale of partially owned entity; Loss from discontinued operations, net of tax; Impairment of related party loan receivable; Loss on put option; Gain on extinguishment of New Market Tax Credit Structure; and Loss on deconsolidation of Chile Joint Venture. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net (loss) income or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including: • these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; • these measures do not reflect changes in, or cash requirements for, our working capital needs; • these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; • these measures do not reflect our tax expense or the cash requirements to pay our taxes; and • although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.
Non-GAAP Financial Measures 39 Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. NOI is calculated as Net (loss) income before Interest expense, Income tax (expense) benefit, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Impairment of indefinite and long- lived assets; Transactions, strategic initiatives and other costs, net; Net (gain) loss from sale of real estate; Joint venture related management fee and reimbursed costs; Joint venture related reimbursed costs; Gain on contribution of real estate assets ; and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business. We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2025) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) do not result in a facility being excluded from the same store population as management believes that actively managing its real estate is normal course of operations. However, the sites contributed upon formation of the EQT JV have been excluded from both the same store and non- same store results. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year. We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net, Net (gain) loss from sale of real estate, Gain on contribution of real estate assets and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant. Core SG&A to Total SG&A Reconciliation September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Selling, general, and administrative $ 70,982 $ 62,350 $ 71,319 $ 62,864 $ 63,487 Less: Stock-based compensation expense 5,140 3,929 7,594 4,983 4,165 Less: Project Orion deferred costs amortization 8,778 947 2,582 2,607 2,715 Core SG&A $ 57,064 $ 57,474 $ 61,143 $ 55,274 $ 56,607 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Selling, general, and administrative $ 63,663 $ 66,576 $ 69,235 $ 66,907 $ 70,982 Less: Stock-based compensation expense 6,256 6,335 7,259 6,594 5,140 Less: Project Orion deferred costs amortization 1,810 1,791 2,109 4,762 8,778 Core SG&A $ 55,597 $ 58,450 $ 59,867 $ 55,551 $ 57,064
Total Segment NOI Reconciliation to Net Income - Last 5 Years 40 Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income from continuing operations before income taxes $ (30,597) $ (29,928) $ (328,089) $ (103,177) $ (135,733) Depreciation and amortization expense 319,840 331,446 353,743 360,817 367,362 Selling, general, and administrative expense 182,076 231,067 226,786 255,118 269,474 Transactions, strategic Initiatives and other costs, net 51,578 32,511 64,087 77,169 103,893 Impairment of indefinite and long-lived assets 3,312 7,380 236,515 33,126 47,099 Loss (gain) on sale of real estate — 5,689 (2,254) (3,514) 44,324 Interest expense 99,177 116,127 140,107 135,323 147,776 Loss on debt extinguishment, modifications and termination of derivative instruments 5,689 3,217 2,482 116,082 — Loss from investments in partially owned entities 723 918 1,442 3,702 2,112 Impairment of related party loan receivable — — 21,972 — — Loss on put option — — 56,576 — — Other, net (2,022) (2,464) (2,795) (27,919) (6,921) Total segment NOI $ 629,776 $ 695,963 $ 770,572 $ 846,727 $ 839,386 NOI by Segment Warehouse $ 600,400 $ 648,561 $ 728,532 $ 810,204 $ 808,140 Transportation 29,376 47,402 42,040 36,523 31,246 Total segment NOI $ 629,776 $ 695,963 $ 770,572 $ 846,727 $ 839,386 Warehouse NOI Same store warehouse NOI (as reported) $ 491,431 $ 605,548 $ 714,389 $ 815,319 $ 800,094 Non-same store warehouse NOI 108,969 43,013 14,143 (5,115) 8,046 Total warehouse NOI $ 600,400 $ 648,561 $ 728,532 $ 810,204 $ 808,140 Same store warehouse NOI (as reported) Rent and Storage NOI $ 404,009 $ 540,029 $ 664,917 $ 635,462 $ 623,014 Services NOI 87,422 65,519 49,472 179,857 177,080 Total Same store warehouse NOI $ 491,431 $ 605,548 $ 714,389 $ 815,319 $ 800,094 Same Store warehouse figures reflect actual reported values for the given time period. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
Total Segment NOI Reconciliation to Net Income - Last 4 Quarters 41 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income from continuing operations before income taxes $ (108,858) $ (20,258) $ (323,726) $ 697,058 $ 244,216 Joint venture related management fee and reimbursed costs — — — (13,058) Joint venture related reimbursed costs — — — 11,597 Depreciation and amortization expense 99,895 91,660 102,931 105,666 400,152 Selling, general, and administrative expense 62,350 71,319 62,864 63,487 260,020 Transactions, strategic Initiatives and other costs, net 26,201 20,445 28,470 32,208 107,324 Impairment of indefinite and long-lived assets 41,796 — 309,572 4,623 355,991 Loss (gain) on sale of real estate 55,941 (2,205) (3,316) (12,126) 38,294 Interest expense 39,483 41,519 42,300 41,971 165,273 Gain on contribution of real estate assets — — — 721,381 (721,381) Loss from investments in partially owned entities 373 412 520 2,398 3,703 Other, net (327) (7,383) (6,928) 1,240 (13,398) Total segment NOI $ 216,854 $ 195,509 $ 212,687 $ 213,683 $ 838,733 NOI by Segment Warehouse $ 209,340 $ 186,706 $ 201,735 $ 204,216 $ 801,997 Transportation 7,514 8,803 10,952 9,467 36,736 Total segment NOI $ 216,854 $ 195,509 $ 212,687 $ 213,683 $ 838,733 Warehouse NOI Same store warehouse NOI $ 177,917 $ 162,552 $ 170,559 $ 180,933 $ 691,961 Non-same store warehouse NOI 7,460 (1,175) 2,535 1,575 10,395 Sites Contributed to Partially Owned Entities 23,963 25,329 28,641 21,708 $ 99,641 Total warehouse NOI $ 209,340 $ 186,706 $ 201,735 $ 204,216 $ 801,997 Same store warehouse NOI Rent and Storage NOI $ 131,823 $ 127,089 $ 128,476 $ 129,364 $ 516,752 Services NOI 46,094 35,463 42,083 51,569 175,209 Total Same store warehouse NOI $ 177,917 $ 162,552 $ 170,559 $ 180,933 $ 691,961 reflects the actual results of our 2026 same store and non-same store pools, recast for the formation of the EQT JV, in USD, for the respective periods. . See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
Core EBITDA Reconciliation to Net Income 42 Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income $ (30,309) $ (19,474) $ (336,269) $ (94,749) $ (115,282) Adjustments: Depreciation and amortization 319,840 331,446 353,743 360,817 367,362 Interest expense 99,177 116,127 140,107 135,323 147,776 Income tax benefit (1,569) (18,836) (2,273) (8,428) (20,451) Net loss (gain) from sale of real estate — 5,689 (2,254) (3,514) 44,324 Adjustment to reflect share of EBITDAre of partially owned entities 8,966 17,815 8,996 5,909 3,273 NAREIT EBITDAre $ 396,105 $ 432,767 $ 162,050 $ 395,358 $ 427,002 Adjustments: Transactions, strategic Initiatives and other costs, net 51,578 32,511 64,087 77,169 103,893 Loss from investments in partially owned entities 2,004 9,300 3,823 3,702 2,112 Impairment of indefinite and long-lived assets 3,312 7,380 236,515 33,126 47,099 Foreign currency exchange loss (gain) 610 975 431 (8,833) 1,408 Stock-based compensation expense 23,900 27,137 23,592 25,274 22,922 Loss on debt extinguishment and termination of derivative instruments, net 5,689 3,217 2,482 116,082 — Net loss (gain) on real estate related asset disposals 279 3,556 235 330 102 Net loss (gain) on sale of non-real estate related assets — — 3,725 (236) 2,494 Gain on legal settlement related to prior period operations — — (2,180) (6,104) — Project Orion and other software related deferred costs amortization — — — 4,182 16,596 Reduction in EBITDAre from partially owned entities (8,966) (17,815) (8,996) (5,909) (3,273) Gain from sale of partially owned entity — — (304) — (2,420) Loss from discontinued operations, net of tax — — 8,072 — — Impairment of related party loan receivable — — 21,972 — — Loss on put option — — 56,576 — — Gain on extinguishment of New Market Tax Credit Structure — (3,410) — — — Loss on deconsolidation of Chile Joint Venture — 4,148 — — — Core EBITDA $ 474,511 $ 499,766 $ 572,080 $ 634,141 $ 617,935 Total revenues $ 2,714,790 $ 2,914,735 $ 2,673,329 $ 2,666,541 $ 2,601,846 Core EBITDA as a percentage of total revenues 17.5 % 17.1 % 21.4 % 23.8 % 23.7 % See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
Core EBITDA Reconciliation to Net Income 43 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income $ (88,910) $ (13,692) $ (346,460) $ 690,536 $ 241,474 Adjustments: Depreciation and amortization 99,895 91,660 102,931 105,666 400,152 Interest expense 39,483 41,519 42,300 41,971 165,273 Income tax benefit (19,948) (6,566) 22,734 6,522 2,742 Net loss (gain) from sale of real estate 55,941 (2,205) (3,316) (12,126) 38,294 Adjustment to reflect share of EBITDAre of partially owned entities 499 619 616 3,389 5,123 Gain on contribution of real estate assets $ — $ — $ — $ (721,381) $ (721,381) NAREIT EBITDAre $ 86,960 $ 111,335 $ (181,195) $ 114,577 $ 131,677 Adjustments: Transactions, strategic Initiatives and other costs, net 26,201 20,445 28,470 32,208 107,324 Loss from investments in partially owned entities 373 412 520 2,398 3,703 Impairment of indefinite and long-lived assets 41,796 — 309,572 4,623 355,991 Foreign currency exchange loss (gain) 732 (4,686) 78 1,570 (2,306) Stock-based compensation expense 3,929 7,594 4,983 4,165 20,671 Loss on debt extinguishment and termination of derivative instruments, net — — (5,857) 538 (5,319) Net loss (gain) on real estate related asset disposals 88 (5) — 347 430 Net loss (gain) on sale of non-real estate related assets 2,404 (241) 515 (368) 2,310 Project Orion and other software related deferred costs amortization 947 2,582 2,607 2,715 8,851 Adjustment to reflect share of Core EBITDA of partially owned entities — — — 1,473 1,473 Reduction in EBITDAre from partially owned entities (499) (619) (616) (4,862) (6,596) Core EBITDA $ 162,931 $ 136,817 $ 159,077 $ 159,384 $ 618,209 Total revenues $ 658,453 $ 629,870 $ 662,890 $ 691,558 $ 2,642,771 Core EBITDA as a percentage of total revenues 24.7 % 21.7 % 24.0 % 23.0 % 23.4 % See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures Net Debt to Total Debt Outstanding Reconciliation September 30, 2026 Total Debt Outstanding $ 3,341,589 Less: Cash, cash equivalents and restricted cash (35,979) Net Debt $ 3,305,610
Adjusted FFO Reconciliation to Net Income 44 Year Ended December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income $ (19,474) $ (336,269) $ (94,749) $ (115,282) Adjustments: Real estate related depreciation 210,171 222,837 225,388 228,424 Net loss (gain) from sale of real estate 5,689 (2,254) (3,514) 44,324 Net loss on real estate related asset disposals 1,135 235 330 102 Impairment charges on certain real estate assets 3,407 — 20,985 45,612 Our share of reconciling items related to partially owned entities 4,410 1,705 1,144 894 NAREIT FFO $ 205,338 $ (113,746) $ 149,584 $ 204,074 Adjustments: Net loss (gain) on sale of non-real estate assets 2,421 3,725 (236) 2,494 Transactions, strategic Initiatives and other costs, net 32,511 64,087 77,169 103,893 Impairment of indefinite and long-lived assets (excluding certain real estate assets) 3,209 236,515 12,141 1,487 Loss on debt extinguishment, modifications, and termination of derivative instruments, net 3,217 2,482 116,082 — Foreign currency exchange loss (gain) 975 431 (8,833) 1,408 Gain on legal settlement related to prior period operations — (2,180) (6,104) — Gain on extinguishment of New Market Tax Credit Structure (3,410) — — — Loss on deconsolidation of Chile Joint Venture 4,148 — — — Project Orion deferred costs amortization — — 4,182 16,596 Our share of reconciling items related to partially owned entities 574 64 805 145 Loss from discontinued operations, net of tax — 8,072 — — Impairment of related party loan receivable — 21,972 — — Loss on put option — 56,576 — — Gain on sale of LATAM JV — (304) — — Gain from sale of partially owned entity — — — (2,420) Core FFO 248,983 277,694 344,790 327,677 Adjustments: Amortization of deferred financing costs and pension withdrawal liability 4,833 5,095 5,329 5,869 Amortization of below/above market leases 2,131 1,506 1,445 1,441 Non-real estate asset impairment 764 — — — Straight-line rent adjustment 747 1,011 1,612 288 Deferred income tax (benefit) expense (22,561) (10,781) (13,210) (26,584) Stock-based compensation expense 27,137 23,592 25,274 22,922 Non-real estate depreciation and amortization 121,275 130,906 135,429 138,938 Maintenance capital expenditures (85,511) (78,411) (80,951) (62,554) Our share of reconciling items related to partially owned entities 2,482 1,013 671 277 Adjusted FFO $ 300,280 $ 351,625 $ 420,389 $ 408,274 Weighted average dilutive shares $ 270,606 276,397 285,185 285,905 Adjusted FFO - diluted per share $ 1.11 $ 1.27 $ 1.47 $ 1.43 See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
Adjusted FFO Reconciliation to Net Income 45 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income $ (88,910) $ (13,692) $ (346,460) $ 690,536 $ 241,474 Adjustments: Real estate related depreciation 63,319 56,261 64,492 58,578 242,650 Net loss (gain) from sale of real estate 55,941 (2,205) (3,316) (12,126) 38,294 Net loss on real estate related asset disposals 88 (5) — 347 430 Impairment charges on certain real estate assets 41,796 — 309,004 4,623 355,423 Our share of reconciling items related to partially owned entities 247 247 260 917 1,671 Gain on contribution of real estate assets $ — $ — $ — $ (714,097) $ (714,097) NAREIT FFO $ 72,481 $ 40,606 $ 23,980 $ 28,778 $ 165,845 Adjustments: Net loss (gain) on sale of non-real estate assets 2,404 (241) 515 (368) 2,310 Transactions, strategic Initiatives and other costs, net 26,201 20,445 28,470 32,208 107,324 Impairment of indefinite and long-lived assets (excluding certain real estate assets) — — 568 — 568 Loss on debt extinguishment, modifications, and termination of derivative instruments, net — — (5,857) 538 (5,319) Foreign currency exchange loss (gain) 732 (4,686) 78 1,570 (2,306) Project Orion deferred costs amortization 947 2,582 2,607 2,715 8,851 Our share of reconciling items related to partially owned entities — — — 1,473 1,473 Core FFO 102,765 58,706 50,361 66,914 278,746 Adjustments: Amortization of deferred financing costs and pension withdrawal liability 1,467 1,532 1,606 1,846 6,451 Amortization of below/above market leases 360 365 296 265 1,286 Straight-line rent adjustment 63 302 835 330 1,530 Deferred income tax (benefit) expense (22,017) (9,506) 21,218 (3,020) (13,325) Stock-based compensation expense 3,929 7,594 4,983 4,165 20,671 Non-real estate depreciation and amortization 36,576 35,399 38,439 47,088 157,502 Maintenance capital expenditures (14,908) (12,504) (15,818) (17,030) (60,260) Our share of reconciling items related to partially owned entities 45 33 30 780 888 Adjusted FFO $ 108,280 $ 81,921 $ 101,950 $ 101,338 $ 393,489 Weighted average dilutive shares 286,208 286,606 287,286 287,286 286,847 Adjusted FFO - diluted per share $ 0.38 $ 0.29 $ 0.35 $ 0.35 $ 1.37 See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures