8-K - COLD - Equibles

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) May 8, 2025

AMERICOLD REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-34723	93-0295215
(State or other jurisdiction<br><br>of incorporation)	(Commission File Number)	(IRS Employer<br><br>Identification No.)
10 Glenlake Parkway,	South Tower, Suite 600
---	---	---
Atlanta,	Georgia	30328
(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<br><br>Symbol(s)	Name of each exchange<br><br>on which registered
Common Stock, $0.01 par value per share	COLD	New York Stock Exchange

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 May 8, 2025, Americold Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the first quarter ended March 31, 2025. 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 is providing this presentation to be used in investor meetings. A copy of this presentation is available on the Company’s website and 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
99.1	Press Release dated May 8, 2025 for the first quarter ended March 31, 2025.
99.2	Supplemental Information Package for the first quarter ended March 31, 2025.
99.3	Investor Presentation Materials posted May 8, 2025
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: May 8, 2025

AMERICOLD REALTY TRUST, INC.
By:	/s/ E. Jay Wells
	Name: E. Jay Wells
	Title: Chief Financial Officer and Executive Vice President

Document

Exhibit 99.1

AMERICOLD ANNOUNCES FIRST QUARTER 2025 RESULTS

Delivered $0.34 AFFO per share

Completed Houston Warehouse Acquisition Enabling a Significant New Retail Customer Win

Increased Quarterly Dividend by 5%

Updated 2025 Full-Year Outlook

Atlanta, GA, May 8, 2025 - Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the first quarter ended March 31, 2025.

George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “We are pleased with our first quarter 2025 results, which included delivering AFFO of $0.34 per share in line with expectations. This performance was enabled by our successful efforts over the past three years to create a more stable and productive workforce, as well as the enhancements we have made to our technology and operating platforms. We believe these initiatives have created a more solid and resilient foundation that allows us to effectively navigate in the current operating environment and positions us well for the long term.”

“We are continuing to make investments in our future and I’m particularly excited about the Houston acquisition which closed during the first quarter. The catalyst for this acquisition was a new fixed commitment contract with one of the world’s largest retailers, a significant win from our sales pipeline. The purchase of this facility allowed us to move inventory from an existing location into the newly acquired site, thereby opening space for this new customer and allowing for a more efficient allocation of inventory across both sites. Retail business is a key focus for us and customers continue to recognize Americold for our service and rigorous operational standards. This win further expands our industry-leading presence in the important retail segment of the market that requires the operational expertise that our platform provides.”

“In response to current headwinds created by the current macro-economic environment, we are prudently adjusting our near-term outlook, while remaining confident in our long-term growth trajectory. We believe the fundamentals of the cold storage industry remain attractive, and during the first quarter we increased our dividend by 5% to reflect our confidence in Americold’s resiliency and strong cash flow generation. I want to thank our experienced and talented team for their strong execution as we continue to successfully navigate through these evolving market conditions.”

First Quarter 2025 Highlights

•Total revenues of $629.0 million, a 5.4% decrease from $665.0 million in Q1 2024 and a decrease of 4.4% on a constant currency basis.

•Net loss of $16.5 million, or $0.06 loss per diluted share, as compared to net income per diluted share of $0.03 in Q1 2024.

•Global Warehouse segment same store revenues decreased 2.3% on an actual basis and decreased 1.4% on a constant currency basis as compared to Q1 2024.

•Global Warehouse same store services margin increased to 11.3% from 10.1% in Q1 2024.

•Global Warehouse segment same store NOI decreased 4.2%, or 3.4% on a constant currency basis, as compared to Q1 2024.

•Adjusted FFO of $95.7 million, or $0.34 per diluted common share, a 9.0% decrease from Q1 2024 Adjusted FFO per diluted common share.

•Core EBITDA of $147.6 million, decreased $8.2 million, or 5.3% (4.6% on a constant currency basis) from $155.8 million in Q1 2024.

•Core EBITDA margin of 23.5%, increased from 23.4% in Q1 2024.

2025 Outlook

The table below includes the details of our annual guidance. 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
	May 8, 2025	February 20, 2025
Warehouse segment same store revenue growth (constant currency)	0.0% - 2.0%	2.0% - 4.0%
Warehouse segment same store NOI growth (constant currency)	100 bps higher than associated revenues	200 bps higher than associated revenues
Warehouse segment non-same store NOI	$7M - $13M	$0M - $7M
Transportation and Third-Party Managed segment NOI	$40M - $44M	$44M - $48M
Total selling, general and administrative expense (guidance as of May 8, 2025 is inclusive of share-based compensation expense of $29M - $31M and $11M - $13M of Project Orion amortization)	$270M - $280M	$280M - $289M
Interest expense	$153M - $157M	$145M - $150M
Current income tax expense	$8M - $10M	$8M - $10M
Non real estate depreciation and amortization expense	$139M - $149M	$139M - $149M
Total maintenance capital expenditures	$80M - $85M	$82M - $88M
Development starts(1)	$200M - $300M	$200M - $300M
Adjusted FFO per share	$1.42 - $1.52	$1.51 - $1.59

(1)Represents the aggregate invested capital for initiated development opportunities.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, May 8, 2025 at 8:00 a.m. Eastern Time to discuss its first quarter 2025 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 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13750775. The telephone replay will be available starting shortly after the call until May 22, 2025.

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.

First Quarter 2025 Total Company Financial Results

Total revenues for the first quarter of 2025 were $629.0 million, a 5.4% decrease from $665.0 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue.

Total NOI for the first quarter of 2025 was $205.8 million, a decrease of 2.4% (1.5% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in transportation NOI which was primarily due to customer exits.

For the first quarter of 2025, the Company reported a net loss of $16.5 million, or $0.06 loss per diluted share, compared to a net income of $9.8 million, or $0.03 income per diluted share, for the comparable quarter of the prior year. This was primarily driven by an increase in closed site related charges recognized within Acquisition, cyber incident, and other, net, increased Selling, general, and administrative expenses, and the factors driving the decrease in NOI mentioned above. The increase in Selling, general, and administrative is related to the go live of Project Orion in the second quarter of 2024.

Core EBITDA was $147.6 million for the first quarter of 2025, compared to $155.8 million for the comparable quarter of the prior year. This decrease (5.3% on an actual basis and 4.6% on a constant currency basis) was primarily driven by the same factors driving the decrease in NOI and the increase in Selling, general, and administrative mentioned above.

For the first quarter of 2025, Core FFO was $67.3 million, or $0.24 per diluted share, compared to $77.3 million, or $0.27 per diluted share, for the first quarter of 2024.

For the first quarter of 2025, Adjusted FFO was $95.7 million, or $0.34 per diluted share, compared to $104.9 million, or $0.37 per diluted share, for the first quarter of 2024.

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.

First Quarter 2025 Global Warehouse Segment Results

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 months ended March 31, 2025 and 2024.

	Three Months Ended March 31,									Change
Dollars and units in thousands, except per pallet data	2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues:
Rent and storage	$	254,579		$	256,901		$	269,424		(5.5)	%	(4.6)	%
Warehouse services	320,778			323,967			328,286			(2.3)	%	(1.3)	%
Total revenues	$	575,357		$	580,868		$	597,710		(3.7)	%	(2.8)	%
Global Warehouse cost of operations:
Power	31,709			32,086			33,333			(4.9)	%	(3.7)	%
Other facilities costs(2)	57,550			58,095			65,595			(12.3)	%	(11.4)	%
Labor	240,912			243,393			248,173			(2.9)	%	(1.9)	%
Other services costs(3)	48,601			49,095			53,478			(9.1)	%	(8.2)	%
Total warehouse segment cost of operations	$	378,772		$	382,669		$	400,579		(5.4)	%	(4.5)	%
Global Warehouse contribution (NOI)	$	196,585		$	198,199		$	197,131		(0.3)	%	0.5	%
Rent and storage contribution (NOI)(4)	$	165,320		$	166,720		$	170,496		(3.0)	%	(2.2)	%
Services contribution (NOI)(5)	$	31,265		$	31,479		$	26,635		17.4	%	18.2	%
Global Warehouse margin	34.2		%	34.1		%	33.0		%	120 bps		110 bps
Rent and storage margin(6)	64.9		%	64.9		%	63.3		%	160 bps		160 bps
Warehouse services margin(7)	9.7		%	9.7		%	8.1		%	160 bps		160 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets(8)	4,128			n/a			4,393			(6.0)	%	n/a
Average physical occupied pallets(9)	3,500			n/a			3,810			(8.1)	%	n/a
Average physical pallet positions	5,525			n/a			5,531			(0.1)	%	n/a
Economic occupancy percentage(8)	74.7		%	n/a			79.4		%	-470 bps		n/a
Physical occupancy percentage(9)	63.3		%	n/a			68.9		%	-560 bps		n/a
Total rent and storage revenues per average economic occupied pallet	$	61.67		$	62.23		$	61.33		0.6	%	1.5	%
Total rent and storage revenues per average physical occupied pallet	$	72.74		$	73.40		$	70.71		2.9	%	3.8	%
Global Warehouse services metrics:
Throughput pallets	8,731			n/a			9,050			(3.5)	%	n/a
Total warehouse services revenues per throughput pallet	$	36.74		$	37.11		$	36.27		1.3	%	2.3	%

(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)Includes real estate rent expense of $6.5 million and $9.2 million for the three months ended March 31, 2025 and 2024, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.4 million and $3.5 million for the three months ended March 31, 2025 and 2024, respectively.

(4)Calculated as warehouse rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

(8)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.

(9)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

	Three Months Ended March 31,									Change
Dollars and units in thousands, except per pallet data	2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
SAME STORE WAREHOUSE
Number of same store warehouses	224						224
Same store revenues:
Rent and storage	$	245,196		$	247,517		$	256,771		(4.5)	%	(3.6)	%
Warehouse services	314,823			318,005			316,492			(0.5)	%	0.5	%
Total same store revenues	$	560,019		$	565,522		$	573,263		(2.3)	%	(1.4)	%
Same store cost of operations:
Power	30,656			31,034			30,913			(0.8)	%	0.4	%
Other facilities costs	57,245			57,790			56,567			1.2	%	2.2	%
Labor	234,640			237,118			235,417			(0.3)	%	0.7	%
Other services costs	44,763			45,254			49,164			(9.0)	%	(8.0)	%
Total same store cost of operations	$	367,304		$	371,196		$	372,061		(1.3)	%	(0.2)	%
Same store contribution (NOI)	$	192,715		$	194,326		$	201,202		(4.2)	%	(3.4)	%
Same store rent and storage contribution (NOI)(2)	$	157,295		$	158,693		$	169,291		(7.1)	%	(6.3)	%
Same store services contribution (NOI)(3)	$	35,420		$	35,633		$	31,911		11.0	%	11.7	%
Same store margin	34.4		%	34.4		%	35.1		%	-70 bps		-70 bps
Same store rent and storage margin(4)	64.2		%	64.1		%	65.9		%	-170 bps		-180 bps
Same store services margin(5)	11.3		%	11.2		%	10.1		%	120 bps		110 bps
Same store rent and storage metrics:
Average economic occupied pallets(6)	4,044			n/a			4,267			(5.2)	%	n/a
Average physical occupied pallets(7)	3,434			n/a			3,698			(7.1)	%	n/a
Average physical pallet positions	5,279			n/a			5,279			—	%	n/a
Economic occupancy percentage(6)	76.6		%	n/a			80.8		%	-420 bps		n/a
Physical occupancy percentage(7)	65.1		%	n/a			70.1		%	-500 bps		n/a
Same store rent and storage revenues per average economic occupied pallet	$	60.63		$	61.21		$	60.18		0.7	%	1.7	%
Same store rent and storage revenues per average physical occupied pallet	$	71.40		$	72.08		$	69.44		2.8	%	3.8	%
Same store services metrics:
Throughput pallets	8,561			n/a			8,815			(2.9)	%	n/a
Same store warehouse services revenues per throughput pallet	$	36.77		$	37.15		$	35.90		2.4	%	3.5	%

(2)Calculated as same store rent and storage revenues less same store power and other facilities costs.

(3)Calculated as same store warehouse services revenues less same store labor and other services costs.

(4)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.

(5)Calculated as same store services contribution (NOI) divided by same store services revenues.

(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 pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

	Three Months Ended March 31,								Change
Dollars and units in thousands, except per pallet data	2025 Actual			2025 Constant Currency(1)		2024 Actual			Actual	Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	11					12
Non-same store revenues:
Rent and storage	$	9,383		$	9,384	$	12,653		n/r	n/r
Warehouse services	5,955			5,962		11,794			n/r	n/r
Total non-same store revenues	$	15,338		$	15,346	$	24,447		n/r	n/r
Non-same store cost of operations:
Power	1,053			1,052		2,420			n/r	n/r
Other facilities costs	305			305		9,028			n/r	n/r
Labor	6,272			6,275		12,756			n/r	n/r
Other services costs	3,838			3,841		4,314			n/r	n/r
Total non-same store cost of operations	$	11,468		$	11,473	$	28,518		n/r	n/r
Non-same store contribution (NOI)	$	3,870		$	3,873	$	(4,071)		n/r	n/r
Non-same store rent and storage contribution (NOI)(3)	$	8,025		$	8,027	$	1,205		n/r	n/r
Non-same store services contribution (NOI)(4)	$	(4,155)		$	(4,154)	$	(5,276)		n/r	n/r
Non-same store rent and storage metrics:
Average economic occupied pallets(5)	84			n/a		126			n/r	n/a
Average physical occupied pallets(6)	66			n/a		112			n/r	n/a
Average physical pallet positions	246			n/a		252			n/r	n/a
Economic occupancy percentage(5)	34.1		%	n/a		50.0		%	n/r	n/a
Physical occupancy percentage(6)	26.8		%	n/a		44.4		%	n/r	n/a
Non-same store rent and storage revenues per average economic occupied pallet	$	111.70		$	111.71	$	100.42		n/r	n/r
Non-same store rent and storage revenues per average physical occupied pallet	$	142.17		$	142.18	$	112.97		n/r	n/r
Non-same store services metrics:
Throughput pallets	170			n/a		235			n/r	n/a
Non-same store warehouse services revenues per throughput pallet	$	35.03		$	35.07	$	50.19		n/r	n/r

(2)The non-same store facility count consists of: 8 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 4 of which are owned facilities and the Company is in pursuit to sell), 2 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of March 31, 2025, there are 6 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

(3)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.

(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)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.

(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

Warehouse Results

For the first quarter of 2025, Global Warehouse segment revenues were $575.4 million, a decrease of $22.4 million, or 3.7% (2.8% decrease on a constant currency basis), compared to $597.7 million for the first quarter of 2024. This decrease was principally driven by lower volumes and throughput pallets as we are lapping unusually high, counter-cyclical inventory levels in the first quarter of 2024, partially offset by annual rate increases in the normal course of operations.

Global Warehouse segment contribution (NOI) was $196.6 million for the first quarter of 2025 as compared to $197.1 million for the first quarter of 2024, a decrease of $0.5 million or 0.3% (0.5% increase on a constant currency basis). Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 34.2% for the first quarter of 2025, a 120 basis point increase as to compared to the first quarter of 2024, driven by an increased focus on workforce performance, operational efficiency, and retention.

Fixed Commitment Rent and Storage Revenues

As of March 31, 2025, $629.3 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment storage contracts compared to $625.3 million at the end of the fourth quarter of 2024 and $597.9 million at the end of the first quarter of 2024. On a combined basis, 60.1% of rent and storage revenues were generated from fixed commitment storage contracts. On a combined basis, 60.6% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.

Economic and Physical Occupancy

Fixed commitments storage contracts are designed to ensure the Company’s customers have space available when needed. For the first quarter of 2025, economic occupancy for the total warehouse segment was 74.7% and the warehouse segment same store pool was 76.6%, representing a 1,140 and 1,150 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 470 basis points, and the warehouse segment same store pool decreased 420 basis points as compared to the first quarter of 2024. This was primarily due to unusually high inventory levels during the first quarter of 2024, therefore impacting comparability in the first quarter of 2025. Additionally, overall volumes are also impacted by recent regulatory shifts, a competitive and inflationary environment, and abnormal credit yields, all impacting consumer buying habits and the related food production levels.

Real Estate Portfolio

As of March 31, 2025, the Company’s portfolio consists of 238 facilities. The Company ended the first quarter of 2025 with 235 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 224 facilities for the quarter ended March 31, 2025. The non-same store facility count consists of: 8 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 4 of which are owned facilities and the Company is in pursuit to sell), 2 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of March 31, 2025, there are 6 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

Balance Sheet Activity and Liquidity

As of March 31, 2025, the Company had total liquidity of approximately $651.2 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $3.7 billion (inclusive of approximately $187.0 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.1% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 5.9x. The Company’s unsecured debt has a remaining weighted average term of 4.7 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of March 31, 2025, approximately 86.3% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

Dividend

On March 17, 2025, the Company’s Board of Directors declared a 5% increase in the dividend to $0.23 per share for the first quarter of 2025, which was paid on April 15, 2025 to common stockholders of record as of March 28, 2025.

About the Company

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 238 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

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, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (“NOI”) and margin, same store revenues and NOI, certain constant currency metrics, 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.

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: 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, in respect thereof; 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; difficulties in expanding our operations into new markets; 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 implementation of the new ERP system, 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,

including our ongoing at the market program; 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 2025 outlook and our migration of our customers to fixed commitment storage contracts. 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, 2024, 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

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	March 31, 2025		December 31, 2024
Assets
Property, buildings, and equipment:
Land	$	819,590	$	806,981
Buildings and improvements	4,524,128		4,462,565
Machinery and equipment	1,633,310		1,598,502
Assets under construction	708,200		606,233
	7,685,228		7,474,281
Accumulated depreciation	(2,533,658)		(2,453,597)
Property, buildings, and equipment – net	5,151,570		5,020,684
Operating leases - net	174,518		222,294
Financing leases - net	115,445		104,216
Cash, cash equivalents, and restricted cash	38,946		47,652
Accounts receivable – net of allowance of $21,987 and $24,426 at March 31, 2025 and December 31, 2024, respectively	378,985		386,924
Identifiable intangible assets – net	835,233		838,660
Goodwill	831,937		784,042
Investments in and advances to partially owned entities	46,535		40,252
Other assets	252,210		291,230
Total assets	$	7,825,379	$	7,735,954
Liabilities and Equity
Liabilities
Borrowings under revolving line of credit	$	516,932	$	255,052
Accounts payable and accrued expenses	514,643		603,411
Senior unsecured notes and term loans – net of deferred financing costs of $13,106 and $13,882 at March 31, 2025 and December 31, 2024, respectively	3,067,120		3,031,462
Sale-leaseback financing obligations	78,132		79,001
Financing lease obligations	108,838		95,784
Operating lease obligations	171,294		219,099
Unearned revenues	22,933		21,979
Deferred tax liability - net	118,976		115,772
Other liabilities	7,452		7,389
Total liabilities	4,606,320		4,428,949
Equity
Stockholders' equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,719,592 and 284,265,041 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	2,847		2,842
Paid-in capital	5,653,251		5,646,879
Accumulated deficit and distributions in excess of net earnings	(2,423,607)		(2,341,654)
Accumulated other comprehensive loss	(42,012)		(27,279)
Total stockholders’ equity	3,190,479		3,280,788
Noncontrolling interests	28,580		26,217
Total equity	3,219,059		3,307,005
Total liabilities and equity	$	7,825,379	$	7,735,954
Americold Realty Trust, Inc. and Subsidiaries
---	---	---	---	---
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended March 31,
	2025		2024
Revenues:
Rent, storage, and warehouse services	$	575,357	$	597,710
Transportation services	43,993		56,853
Third-party managed services	9,630		10,417
Total revenues	628,980		664,980
Operating expenses:
Rent, storage, and warehouse services cost of operations	378,772		400,579
Transportation services cost of operations	36,739		45,331
Third-party managed services cost of operations	7,621		8,234
Depreciation and amortization	88,982		92,095
Selling, general, and administrative	69,235		65,426
Acquisition, cyber incident, and other, net	25,414		14,998
Net gain from sale of real estate	—		(3,514)
Total operating expenses	606,763		623,149
Operating Income	22,217		41,831
Other income (expense):
Interest expense	(36,117)		(33,430)
Loss on debt extinguishment and termination of derivative instruments	—		(5,182)
Loss from investments in partially owned entities	(1,363)		(949)
Other, net	1,296		9,526
(Loss) income before income taxes	(13,967)		11,796
Income tax benefit (expense):
Current income tax	(1,933)		(1,375)
Deferred income tax	(573)		(619)
Total income tax expense	(2,506)		(1,994)
Net (loss) income	$	(16,473)	$	9,802
Net (loss) income attributable to noncontrolling interests	(93)		62
Net (loss) income attributable to Americold Realty Trust, Inc.	$	(16,380)	$	9,740
Weighted average common stock outstanding – basic	285,363		284,644
Weighted average common stock outstanding – diluted	285,363		284,878
Net (loss) income per common share - basic	$	(0.06)	$	0.03
Net (loss) income per common share - diluted	$	(0.06)	$	0.03
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO
---	---	---	---	---
(In thousands, except per share amounts)
	Three Months Ended
	Q1 25		Q1 24
Net (loss) income	$	(16,473)	$	9,802
Adjustments:
Real estate related depreciation	55,599		56,275
Net gain from sale of real estate	—		(3,514)
Net loss on real estate related asset disposals	1		40
Our share of reconciling items related to partially owned entities	215		148
NAREIT FFO	$	39,342	$	62,751
Adjustments:
Net loss (gain) on sale of non-real assets	134		(20)
Acquisition, cyber incident, and other, net	25,414		14,998
Loss on debt extinguishment and termination of derivative instruments	—		5,182
Foreign currency exchange loss	221		373
Gain on legal settlement related to prior period operations	—		(6,104)
Project Orion deferred costs amortization	2,109		—
Our share of reconciling items related to partially owned entities	118		136
Core FFO	$	67,338	$	77,316
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,400		1,289
Amortization of below/above market leases	351		368
Straight-line rent adjustment	84		589
Deferred income tax expense	573		619
Stock-based compensation expense(1)	7,259		6,619
Non-real estate depreciation and amortization	33,383		35,820
Maintenance capital expenditures(2)	(14,799)		(17,933)
Our share of reconciling items related to partially owned entities	137		226
Adjusted FFO	$	95,726	$	104,913

(1)Stock-based compensation expense excludes the stock compensation expense associated with employee awards granted in conjunction with Project Orion, which are recognized within Acquisition, cyber incident, and other, net.

(2)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 (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued)
(In thousands, except per share amounts)
	Three Months Ended
	Q1 25		Q1 24
NAREIT FFO	$	39,342	$	62,751
Core FFO	$	67,338	$	77,316
Adjusted FFO	$	95,726	$	104,913
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	285,363		284,644
Dilutive stock options and unvested restricted stock units	266		234
Weighted average dilutive shares	285,629		284,878
NAREIT FFO - basic per share	$	0.14	$	0.22
NAREIT FFO - diluted per share	$	0.14	$	0.22
Core FFO - basic per share	$	0.24	$	0.27
Core FFO - diluted per share	$	0.24	$	0.27
Adjusted FFO - basic per share	$	0.34	$	0.37
Adjusted FFO - diluted per share	$	0.34	$	0.37
Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA
---	---	---	---	---	---	---
(In thousands)
	Three Months Ended
	Q1 25			Q1 24
Net (loss) income	$	(16,473)		$	9,802
Adjustments:
Depreciation and amortization	88,982			92,095
Interest expense	36,117			33,430
Income tax expense	2,506			1,994
Net gain from sale of real estate	—			(3,514)
Adjustment to reflect share of EBITDAre of partially owned entities	1,516			1,470
NAREIT EBITDAre	$	112,648		$	135,277
Adjustments:
Acquisition, cyber incident, and other, net	25,414			14,998
Loss from investments in partially owned entities	1,363			949
Foreign currency exchange loss	221			373
Stock-based compensation expense(1)	7,259			6,619
Loss on debt extinguishment and termination of derivative instruments	—			5,182
Loss on other asset disposals	135			20
Gain on legal settlement related to prior period operations	—			(6,104)
Project Orion deferred costs amortization	2,109			—
Reduction in EBITDAre from partially owned entities	(1,516)			(1,470)
Core EBITDA	$	147,633		$	155,844
Total revenues	$	628,980		$	664,980
Core EBITDA margin	23.5		%	23.4		%

Revenues and Contribution (NOI) by Segment
(In thousands)
	Three Months Ended March 31,
	2025		2024
Segment revenues:
Warehouse	$	575,357	$	597,710
Transportation	43,993		56,853
Third-party managed	9,630		10,417
Total revenues	628,980		664,980
Segment contribution:
Warehouse	196,585		197,131
Transportation	7,254		11,522
Third-party managed	2,009		2,183
Total segment contribution (NOI)	205,848		210,836
Reconciling items:
Depreciation and amortization expense	(88,982)		(92,095)
Selling, general, and administrative expense	(69,235)		(65,426)
Acquisition, cyber incident, and other, net	(25,414)		(14,998)
Net gain from sale of real estate	—		3,514
Interest expense	(36,117)		(33,430)
Loss on debt extinguishment and termination of derivative instruments	—		(5,182)
Loss from investments in partially owned entities	(1,363)		(949)
Other, net	1,296		9,526
(Loss) income before income taxes	$	(13,967)	$	11,796

We view and manage our business through three primary business segments—warehouse, transportation, and third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.

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, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (“NOI”) and margin, same store revenues and NOI, certain constant currency metrics, 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 extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. 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 Net loss (gain) on sale of non-real assets; Acquisition, cyber incident, and other, net; Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; and Our share of reconciling items related to partially owned entities. 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 expense; Stock-based compensation expense; Non-real estate 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 and net income per diluted share (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 consolidated statements of operations 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 or cash flows from 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 expense; Net gain from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. 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 Acquisition, cyber incident, and other, net; Loss from investments in partially owned entities; Foreign currency exchange loss; Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; and Reduction in EBITDAre from partially owned entities. 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 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 income or cash flows from 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;<br><br>•these measures do not reflect changes in, or cash requirements for, our working capital needs;<br><br>•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;<br><br>•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and<br><br>•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 to proforma 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. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition.
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NOI is calculated as earnings/loss before interest expense, taxes, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and long-lived assets; Net gain from sale of real estate 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, 2024) 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) does 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. 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 indefinite and long-lived assets, Selling, general, and administrative, Acquisition, cyber incident, and other, net and Net gain from sale of real estate). 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.

Document

Exhibit 99.2

Financial Supplement	First Quarter 2025
Table of Contents	PAGE
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Corporate Profile	3
Earnings Release (including guidance information)	5
Financial Information
Condensed Consolidated Balance Sheets	14
Condensed Consolidated Statements of Operations	15
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and Adjusted FFO	16
Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA	18
Debt Detail and Maturities	19
Operations Overview
Global Warehouse Portfolio	20
Fixed Commitment and Lease Maturity Schedules	21
Capital Expenditures and Repair and Maintenance Expenses	23
External Growth and Capital Deployment	25
Other Supplemental Information
Same Store Historical Performance Trend	26
Unconsolidated Joint Ventures (Investments in Partially Owned Entities)	27
Reconciliations, Notes and Definitions
Revenues and Contribution (NOI) by Segment	29
Notes and Definitions	30
Financial Supplement	First Quarter 2025
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Corporate Profile

Corporate Headquarters

10 Glenlake Parkway, Suite 600, South Tower

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

George F. Chappelle, Jr.: Chief Executive Officer and Director

E. Jay Wells: Chief Financial Officer and Executive Vice President

Robert S. Chambers: President, Americas

Richard C. Winnall: President, International

Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President

Nathan H. Harwell: Chief Legal Officer and Executive Vice President

R. Scott Henderson: Chief Investment Officer and Executive Vice President

Michael P. Spires: Chief Information Officer and Executive Vice President

M. Bryan Verbarendse: Chief Operating Officer - North America and Executive 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

George J. Alburger, Jr.: Director

Kelly H. Barrett: Director

Robert L. Bass: Director

George F. Chappelle, Jr.: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: 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

Telephone: 678-459-1959

Email: investor.relations@americold.com

Financial Supplement	First Quarter 2025
Analyst Coverage
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Firm	Analyst Name	Contact	Email
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
Evercore ISI	Steve Sakwa/<br>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	Suryansh Sharma	314-585-6793	suryansh.sharma@morningstar.com
Raymond James	Jonathan Hughes	727-567-2438	jonathan.hughes@raymondjames.com
RBC	Michael Carroll	440-715-2649	michael.carroll@rbccm.com
Scotiabank	Greg McGinniss	212-225-6906	greg.mcginniss@scotiabank.com
Truist	Ki Bin Kim	212-303-4124	kibin.kim@truist.com
Wells Fargo Securities	Blaine Heck	410-662-2556	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	646-582-9250	arosivach@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	(Positive 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.

Financial Supplement	First Quarter 2025