8-K
AMERICOLD REALTY TRUST (COLD)
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 6, 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 November 6, 2025, Americold Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the third quarter ended September 30, 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 posted on its website at www.americold.com an investor presentation dated November 6, 2025, 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 |
|---|---|
| 99.1 | Press Release dated November 6, 2025 for the third quarter ended September 30, 2025. |
| 99.2 | Supplemental Information Package for the third quarter ended September 30, 2025. |
| 99.3 | Investor Presentation dated November 6, 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: November 6, 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 THIRD QUARTER 2025 RESULTS
Total Revenue Increased 2% Sequentially
Delivered $0.35 AFFO Per Share
Reiterated 2025 Full-Year Outlook
Atlanta, GA, November 6, 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 third quarter ended September 30, 2025.
Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, “Over the past two months as CEO of Americold, I’ve had the opportunity to visit several of our geographic regions both domestically and internationally, connecting with our teams and reinforcing our shared values and operating priorities. I have long been impressed by the unwavering commitment to operational excellence and strong execution demonstrated by our teams. This focus and dedication has been instrumental in navigating through the current market conditions and allowed us to deliver third-quarter AFFO of $0.35 per share, in-line with expectations, despite the ongoing industry headwinds.”
“In additional to connecting with our associates around the world, I’ve also spent considerable time engaging with our major customers and strategic partners. Americold has a strong reputation as an industry leader, servicing some of the largest food retailers and producers in the world. These relationships often span decades, and our global scale and presence at all key nodes in the cold chain provides us with attractive and unique future growth opportunities. We are also exploring ways to further leverage our partnerships and evaluate adjacent categories to strategically drive occupancy throughout our network. I remain confident in the long-term potential of the business and believe we are well-positioned to reap the rewards of the investments we have made in labor, operational excellence, technology, and commercial leadership to grow shareholder value.”
Third Quarter 2025 Highlights
•Total revenues of $663.7 million, a 1.6% decrease from $674.2 million in Q3 2024 and a decrease of 1.5% on a constant currency basis.
•Net loss of $11.4 million, or $0.04 loss per diluted share, as compared to a net loss of $0.01 per diluted share in Q3 2024.
•Global Warehouse segment same store revenues decreased 1.6% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q3 2024.
•Global Warehouse same store services margin decreased to 12.3% from 13.6% in Q3 2024.
•Global Warehouse segment same store NOI decreased 2.9%, or 2.8% on a constant currency basis, as compared to Q3 2024.
•Adjusted FFO of $100.7 million, or $0.35 per diluted share, consistent with Q3 2024 Adjusted FFO per diluted share of $0.35.
•Core EBITDA of $148.3 million, decreased $9.0 million, or 5.7% (5.4% on a constant currency basis) from $157.2 million in Q3 2024.
•Core EBITDA margin of 22.3%, decreased from 23.3% in Q3 2024.
2025 Outlook
The table below includes the details of our reaffirmed 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 | |
|---|---|
| November 6, 2025 | |
| Warehouse segment same store revenue growth (constant currency) | (4.0)% - 0.0% |
| Warehouse segment same store NOI growth (constant currency) | 50 to 100 bps lower than associated revenues |
| Warehouse segment non-same store NOI | $7M - $13M |
| Warehouse segment same store rent and storage revenue per economic occupied pallet (constant currency) | 1.0% - 2.0% |
| Warehouse segment same store services revenue per throughput pallet (constant currency) | 1.0% - 2.0% |
| Transportation and Third-Party Managed segment NOI | $40M - $44M |
| Total selling, general and administrative expense (guidance as of November 6, 2025 is inclusive of share-based compensation expense of $23M - $25M and $14M - $16M of Project Orion and other software related deferred costs amortization) | $270M - $280M |
| Interest expense | $145M - $149M |
| Current income tax expense | $6M - $8M |
| Non real estate depreciation and amortization expense | $139M - $149M |
| Total maintenance capital expenditures | $60M - $70M |
| Adjusted FFO per share | $1.39 - $1.45 |
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, November 6, 2025 at 8:00 a.m. Eastern Time to discuss its third 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#13750777. The telephone replay will be available starting shortly after the call until November 20, 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.
Third Quarter 2025 Total Company Financial Results
Total revenues for the third quarter of 2025 were $663.7 million, a 1.6% decrease from $674.2 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation revenue.
Total NOI for the third quarter of 2025 was $205.0 million, a decrease of 2.0% (1.9% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in warehouse segment NOI which was primarily due to lower volumes.
For the third quarter of 2025, the Company reported net loss of $11.4 million, or a net loss of $0.04 per diluted share, compared to a net loss of $3.7 million, or a net loss of $0.01 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the same factors driving the decrease in NOI mentioned above along with an increase in both Selling, general, and administrative expenses and Acquisition, cyber incident, and other, net during the third quarter of 2025. The increase in Selling, general, and administrative is primarily related to the go live of Project Orion.
Core EBITDA was $148.3 million for the third quarter of 2025, compared to $157.2 million for the comparable quarter of the prior year. This decrease (5.7% on an actual basis and 5.4% on a constant currency basis) was primarily driven by lower volumes in the warehouse segment and an increase in Selling, general, and administrative costs mentioned above.
For the third quarter of 2025, Core FFO was $81.7 million compared to $83.9 million for the third quarter of 2024, or $0.29 per diluted share for both the third quarter of 2025 and 2024.
For the third quarter of 2025, Adjusted FFO was $100.7 million compared to $100.1 million for the third quarter of 2024, or $0.35 per diluted share for both the third quarter of 2025 and 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.
Third 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 and nine months ended September 30, 2025 and 2024.
| Three Months Ended September 30, | 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 | $ | 261,155 | $ | 261,561 | $ | 262,524 | (0.5) | % | (0.4) | % | |||
| Warehouse services | 345,859 | 345,821 | 349,657 | (1.1) | % | (1.1) | % | ||||||
| Total revenues | $ | 607,014 | $ | 607,382 | $ | 612,181 | (0.8) | % | (0.8) | % | |||
| Global Warehouse cost of operations: | |||||||||||||
| Power | 42,439 | 42,379 | 41,767 | 1.6 | % | 1.5 | % | ||||||
| Other facilities costs(2) | 60,421 | 60,533 | 67,211 | (10.1) | % | (9.9) | % | ||||||
| Labor | 253,985 | 254,226 | 253,258 | 0.3 | % | 0.4 | % | ||||||
| Other services costs(3) | 55,186 | 55,065 | 51,321 | 7.5 | % | 7.3 | % | ||||||
| Total warehouse segment cost of operations | $ | 412,031 | $ | 412,203 | $ | 413,557 | (0.4) | % | (0.3) | % | |||
| Global Warehouse contribution (NOI) | $ | 194,983 | $ | 195,179 | $ | 198,624 | (1.8) | % | (1.7) | % | |||
| Rent and storage contribution (NOI)(4) | $ | 158,295 | $ | 158,649 | $ | 153,546 | 3.1 | % | 3.3 | % | |||
| Services contribution (NOI)(5) | $ | 36,688 | $ | 36,530 | $ | 45,078 | (18.6) | % | (19.0) | % | |||
| Global Warehouse margin | 32.1 | % | 32.1 | % | 32.4 | % | -30 bps | -30 bps | |||||
| Rent and storage margin(6) | 60.6 | % | 60.7 | % | 58.5 | % | 210 bps | 220 bps | |||||
| Warehouse services margin(7) | 10.6 | % | 10.6 | % | 12.9 | % | -230 bps | -230 bps | |||||
| Global Warehouse rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(8) | 4,057 | n/a | 4,237 | (4.2) | % | n/a | |||||||
| Average physical occupied pallets(9) | 3,448 | n/a | 3,682 | (6.4) | % | n/a | |||||||
| Average physical pallet positions | 5,494 | n/a | 5,525 | (0.6) | % | n/a | |||||||
| Economic occupancy percentage(8) | 73.8 | % | n/a | 76.7 | % | -290 bps | n/a | ||||||
| Physical occupancy percentage(9) | 62.8 | % | n/a | 66.6 | % | -380 bps | n/a | ||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 64.37 | $ | 64.47 | $ | 61.96 | 3.9 | % | 4.1 | % | |||
| Total rent and storage revenues per average physical occupied pallet | $ | 75.74 | $ | 75.86 | $ | 71.30 | 6.2 | % | 6.4 | % | |||
| Global Warehouse services metrics: | |||||||||||||
| Throughput pallets | 8,889 | n/a | 9,205 | (3.4) | % | n/a | |||||||
| Total warehouse services revenues per throughput pallet | $ | 38.91 | $ | 38.90 | $ | 37.99 | 2.4 | % | 2.4 | % |
(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)Includes real estate rent expense of $7.4 million and $8.5 million for the three months ended September 30, 2025 and 2024, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.6 million and $3.0 million for the three months ended September 30, 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 September 30, | 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 | 223 | 223 | |||||||||||
| Same store revenues: | |||||||||||||
| Rent and storage | $ | 250,591 | $ | 250,986 | $ | 256,287 | (2.2) | % | (2.1) | % | |||
| Warehouse services | 335,933 | 335,829 | 339,542 | (1.1) | % | (1.1) | % | ||||||
| Total same store revenues | $ | 586,524 | $ | 586,815 | $ | 595,829 | (1.6) | % | (1.5) | % | |||
| Same store cost of operations: | |||||||||||||
| Power | 40,269 | 40,207 | 39,991 | 0.7 | % | 0.5 | % | ||||||
| Other facilities costs | 56,360 | 56,464 | 61,492 | (8.3) | % | (8.2) | % | ||||||
| Labor | 243,134 | 243,328 | 245,330 | (0.9) | % | (0.8) | % | ||||||
| Other services costs | 51,492 | 51,365 | 47,919 | 7.5 | % | 7.2 | % | ||||||
| Total same store cost of operations | $ | 391,255 | $ | 391,364 | $ | 394,732 | (0.9) | % | (0.9) | % | |||
| Same store contribution (NOI) | $ | 195,269 | $ | 195,451 | $ | 201,097 | (2.9) | % | (2.8) | % | |||
| Same store rent and storage contribution (NOI)(2) | $ | 153,962 | $ | 154,315 | $ | 154,804 | (0.5) | % | (0.3) | % | |||
| Same store services contribution (NOI)(3) | $ | 41,307 | $ | 41,136 | $ | 46,293 | (10.8) | % | (11.1) | % | |||
| Same store margin | 33.3 | % | 33.3 | % | 33.8 | % | -50 bps | -50 bps | |||||
| Same store rent and storage margin(4) | 61.4 | % | 61.5 | % | 60.4 | % | 100 bps | 110 bps | |||||
| Same store services margin(5) | 12.3 | % | 12.2 | % | 13.6 | % | -130 bps | -140 bps | |||||
| Same store rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(6) | 3,969 | n/a | 4,137 | (4.1) | % | n/a | |||||||
| Average physical occupied pallets(7) | 3,392 | n/a | 3,584 | (5.4) | % | n/a | |||||||
| Average physical pallet positions | 5,257 | n/a | 5,284 | (0.5) | % | n/a | |||||||
| Economic occupancy percentage(6) | 75.5 | % | n/a | 78.3 | % | -280 bps | n/a | ||||||
| Physical occupancy percentage(7) | 64.5 | % | n/a | 67.8 | % | -330 bps | n/a | ||||||
| Same store rent and storage revenues per average economic occupied pallet | $ | 63.14 | $ | 63.24 | $ | 61.95 | 1.9 | % | 2.1 | % | |||
| Same store rent and storage revenues per average physical occupied pallet | $ | 73.88 | $ | 73.99 | $ | 71.51 | 3.3 | % | 3.5 | % | |||
| Same store services metrics: | |||||||||||||
| Throughput pallets | 8,708 | n/a | 8,999 | (3.2) | % | n/a | |||||||
| Same store warehouse services revenues per throughput pallet | $ | 38.58 | $ | 38.57 | $ | 37.73 | 2.3 | % | 2.2 | % |
(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)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 September 30, | 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) | 9 | 12 | ||||||||
| Non-same store revenues: | ||||||||||
| Rent and storage | $ | 10,564 | $ | 10,575 | $ | 6,237 | n/r | n/r | ||
| Warehouse services | 9,926 | 9,992 | 10,115 | n/r | n/r | |||||
| Total non-same store revenues | $ | 20,490 | $ | 20,567 | $ | 16,352 | n/r | n/r | ||
| Non-same store cost of operations: | ||||||||||
| Power | 2,170 | 2,172 | 1,776 | n/r | n/r | |||||
| Other facilities costs | 4,061 | 4,069 | 5,719 | n/r | n/r | |||||
| Labor | 10,851 | 10,898 | 7,928 | n/r | n/r | |||||
| Other services costs | 3,694 | 3,700 | 3,402 | n/r | n/r | |||||
| Total non-same store cost of operations | $ | 20,776 | $ | 20,839 | $ | 18,825 | n/r | n/r | ||
| Non-same store contribution (NOI) | $ | (286) | $ | (272) | $ | (2,473) | n/r | n/r | ||
| Non-same store rent and storage contribution (NOI)(3) | $ | 4,333 | $ | 4,334 | $ | (1,258) | n/r | n/r | ||
| Non-same store services contribution (NOI)(4) | $ | (4,619) | $ | (4,606) | $ | (1,215) | n/r | n/r | ||
| Non-same store rent and storage metrics: | ||||||||||
| Average economic occupied pallets(5) | 88 | n/a | 100 | n/r | n/a | |||||
| Average physical occupied pallets(6) | 56 | n/a | 98 | n/r | n/a | |||||
| Average physical pallet positions | 237 | n/a | 241 | n/r | n/a | |||||
| Economic occupancy percentage(5) | 37.1 | % | n/a | 41.5 | % | n/r | n/a | |||
| Physical occupancy percentage(6) | 23.6 | % | n/a | 40.7 | % | n/r | n/a | |||
| Non-same store rent and storage revenues per average economic occupied pallet | $ | 120.05 | $ | 120.17 | $ | 62.37 | n/r | n/r | ||
| Non-same store rent and storage revenues per average physical occupied pallet | $ | 188.64 | $ | 188.84 | $ | 63.64 | n/r | n/r | ||
| Non-same store services metrics: | ||||||||||
| Throughput pallets | 181 | n/a | 206 | n/r | n/a | |||||
| Non-same store warehouse services revenues per throughput pallet | $ | 54.84 | $ | 55.20 | $ | 49.10 | 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, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 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)
| Nine Months Ended September 30, | 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 | $ | 772,466 | $ | 775,323 | $ | 799,619 | (3.4) | % | (3.0) | % | |||
| Warehouse services | 1,003,975 | 1,007,315 | 1,010,659 | (0.7) | % | (0.3) | % | ||||||
| Total revenues | $ | 1,776,441 | $ | 1,782,638 | $ | 1,810,278 | (1.9) | % | (1.5) | % | |||
| Global Warehouse cost of operations: | |||||||||||||
| Power | 109,692 | 109,965 | 112,182 | (2.2) | % | (2.0) | % | ||||||
| Other facilities costs(2) | 177,646 | 178,367 | 195,190 | (9.0) | % | (8.6) | % | ||||||
| Labor | 743,138 | 746,192 | 747,057 | (0.5) | % | (0.1) | % | ||||||
| Other services costs(3) | 153,392 | 153,693 | 155,563 | (1.4) | % | (1.2) | % | ||||||
| Total warehouse segment cost of operations | $ | 1,183,868 | $ | 1,188,217 | $ | 1,209,992 | (2.2) | % | (1.8) | % | |||
| Global Warehouse contribution (NOI) | $ | 592,573 | $ | 594,421 | $ | 600,286 | (1.3) | % | (1.0) | % | |||
| Rent and storage contribution (NOI)(4) | $ | 485,128 | $ | 486,991 | $ | 492,247 | (1.4) | % | (1.1) | % | |||
| Services contribution (NOI)(5) | $ | 107,445 | $ | 107,430 | $ | 108,039 | (0.5) | % | (0.6) | % | |||
| Global Warehouse margin | 33.4 | % | 33.3 | % | 33.2 | % | 20 bps | 10 bps | |||||
| Rent and storage margin(6) | 62.8 | % | 62.8 | % | 61.6 | % | 120 bps | 120 bps | |||||
| Warehouse services margin(7) | 10.7 | % | 10.7 | % | 10.7 | % | 0 bps | 0 bps | |||||
| Global Warehouse rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(8) | 4,081 | n/a | 4,315 | (5.4) | % | n/a | |||||||
| Average physical occupied pallets(9) | 3,467 | n/a | 3,744 | (7.4) | % | n/a | |||||||
| Average physical pallet positions | 5,505 | n/a | 5,525 | (0.4) | % | n/a | |||||||
| Economic occupancy percentage(8) | 74.1 | % | n/a | 78.1 | % | -400 bps | n/a | ||||||
| Physical occupancy percentage(9) | 63.0 | % | n/a | 67.8 | % | -480 bps | n/a | ||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 189.28 | $ | 189.98 | $ | 185.31 | 2.1 | % | 2.5 | % | |||
| Total rent and storage revenues per average physical occupied pallet | $ | 222.81 | $ | 223.63 | $ | 213.57 | 4.3 | % | 4.7 | % | |||
| Global Warehouse services metrics: | |||||||||||||
| Throughput pallets | 26,405 | n/a | 27,280 | (3.2) | % | n/a | |||||||
| Total warehouse services revenues per throughput pallet | $ | 38.02 | $ | 38.15 | $ | 37.05 | 2.6 | % | 3.0 | % |
(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 $21.3 million and $26.9 million for the nine months ended September 30, 2025 and 2024, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $7.4 million and $9.5 million for the nine months ended September 30, 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)
| Nine Months Ended September 30, | 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 | 223 | 223 | |||||||||||
| Same store revenues: | |||||||||||||
| Rent and storage | $ | 742,999 | $ | 745,838 | $ | 772,485 | (3.8) | % | (3.4) | % | |||
| Warehouse services | 976,638 | 979,844 | 978,480 | (0.2) | % | 0.1 | % | ||||||
| Total same store revenues | $ | 1,719,637 | $ | 1,725,682 | $ | 1,750,965 | (1.8) | % | (1.4) | % | |||
| Same store cost of operations: | |||||||||||||
| Power | 105,031 | 105,300 | 106,283 | (1.2) | % | (0.9) | % | ||||||
| Other facilities costs | 170,867 | 171,574 | 174,084 | (1.8) | % | (1.4) | % | ||||||
| Labor | 714,947 | 717,901 | 716,356 | (0.2) | % | 0.2 | % | ||||||
| Other services costs | 141,582 | 141,869 | 143,940 | (1.6) | % | (1.4) | % | ||||||
| Total same store cost of operations | $ | 1,132,427 | $ | 1,136,644 | $ | 1,140,663 | (0.7) | % | (0.4) | % | |||
| Same store contribution (NOI) | $ | 587,210 | $ | 589,038 | $ | 610,302 | (3.8) | % | (3.5) | % | |||
| Same store rent and storage contribution (NOI)(2) | $ | 467,101 | $ | 468,964 | $ | 492,118 | (5.1) | % | (4.7) | % | |||
| Same store services contribution (NOI)(3) | $ | 120,109 | $ | 120,074 | $ | 118,184 | 1.6 | % | 1.6 | % | |||
| Same store margin | 34.1 | % | 34.1 | % | 34.9 | % | -80 bps | -80 bps | |||||
| Same store rent and storage margin(4) | 62.9 | % | 62.9 | % | 63.7 | % | -80 bps | -80 bps | |||||
| Same store services margin(5) | 12.3 | % | 12.3 | % | 12.1 | % | 20 bps | 20 bps | |||||
| Same store rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(6) | 3,995 | n/a | 4,202 | (4.9) | % | n/a | |||||||
| Average physical occupied pallets(7) | 3,404 | n/a | 3,640 | (6.5) | % | n/a | |||||||
| Average physical pallet positions | 5,266 | n/a | 5,280 | (0.3) | % | n/a | |||||||
| Economic occupancy percentage(6) | 75.9 | % | n/a | 79.6 | % | -370 bps | n/a | ||||||
| Physical occupancy percentage(7) | 64.6 | % | n/a | 68.9 | % | -430 bps | n/a | ||||||
| Same store rent and storage revenues per average economic occupied pallet | $ | 185.98 | $ | 186.69 | $ | 183.84 | 1.2 | % | 1.6 | % | |||
| Same store rent and storage revenues per average physical occupied pallet | $ | 218.27 | $ | 219.11 | $ | 212.22 | 2.9 | % | 3.2 | % | |||
| Same store services metrics: | |||||||||||||
| Throughput pallets | 25,847 | n/a | 26,633 | (3.0) | % | n/a | |||||||
| Same store warehouse services revenues per throughput pallet | $ | 37.79 | $ | 37.91 | $ | 36.74 | 2.9 | % | 3.2 | % |
(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)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)
| Nine Months Ended September 30, | 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) | 9 | 12 | ||||||||
| Non-same store revenues: | ||||||||||
| Rent and storage | $ | 29,467 | $ | 29,485 | $ | 27,134 | n/r | n/r | ||
| Warehouse services | 27,337 | 27,471 | 32,179 | n/r | n/r | |||||
| Total non-same store revenues | $ | 56,804 | $ | 56,956 | $ | 59,313 | n/r | n/r | ||
| Non-same store cost of operations: | ||||||||||
| Power | 4,661 | 4,665 | 5,899 | n/r | n/r | |||||
| Other facilities costs | 6,779 | 6,793 | 21,106 | n/r | n/r | |||||
| Labor | 28,191 | 28,291 | 30,701 | n/r | n/r | |||||
| Other services costs | 11,810 | 11,824 | 11,623 | n/r | n/r | |||||
| Total non-same store cost of operations | $ | 51,441 | $ | 51,573 | $ | 69,329 | n/r | n/r | ||
| Non-same store contribution (NOI) | $ | 5,363 | $ | 5,383 | $ | (10,016) | n/r | n/r | ||
| Non-same store rent and storage contribution (NOI)(3) | $ | 18,027 | $ | 18,027 | $ | 129 | n/r | n/r | ||
| Non-same store services contribution (NOI)(4) | $ | (12,664) | $ | (12,644) | $ | (10,145) | n/r | n/r | ||
| Non-same store rent and storage metrics: | ||||||||||
| Average economic occupied pallets(5) | 86 | n/a | 113 | n/r | n/a | |||||
| Average physical occupied pallets(6) | 63 | n/a | 104 | n/r | n/a | |||||
| Average physical pallet positions | 239 | n/a | 245 | n/r | n/a | |||||
| Economic occupancy percentage(5) | 36.0 | % | n/a | 46.1 | % | n/r | n/a | |||
| Physical occupancy percentage(6) | 26.4 | % | n/a | 42.4 | % | n/r | n/a | |||
| Non-same store rent and storage revenues per average economic occupied pallet | $ | 342.64 | $ | 342.85 | $ | 240.12 | n/r | n/r | ||
| Non-same store rent and storage revenues per average physical occupied pallet | $ | 467.73 | $ | 468.02 | $ | 260.90 | n/r | n/r | ||
| Non-same store services metrics: | ||||||||||
| Throughput pallets | 558 | n/a | 647 | n/r | n/a | |||||
| Non-same store warehouse services revenues per throughput pallet | $ | 48.99 | $ | 49.23 | $ | 49.74 | 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, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 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 third quarter of 2025, Global Warehouse segment revenues were $607.0 million, a decrease of $5.2 million, or 0.8% on both an actual and constant currency basis, compared to $612.2 million for the third quarter of 2024. This decrease was principally driven by lower overall volumes due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry, partially offset by annual rate increases in the normal course of operations.
Global Warehouse segment contribution (NOI) was $195.0 million for the third quarter of 2025 as compared to $198.6 million for the third quarter of 2024, a decrease of $3.6 million, or a decrease of 1.8% on an actual basis and a decrease of 1.7% constant currency basis. Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 32.1% for the third quarter of 2025, a 30 basis point decrease compared to the third quarter of 2024, primarily driven by lower volumes.
Fixed Commitment Rent and Storage Revenues
As of September 30, 2025, $619.1 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment rent and storage contracts compared to $617.4 million at the end of the second quarter of 2025 and $623.8 million at the end of the third quarter of 2024. On a combined basis, 60.0% of rent and storage revenues were generated from fixed commitment storage contracts or leases. On a combined basis, 63.6% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.
Economic and Physical Occupancy
Fixed commitment storage contracts are designed to ensure the Company’s customers have space available when needed. For the third quarter of 2025, economic occupancy for the total warehouse segment was 73.8%, representing a 1,100 basis point increase above physical occupancy. For the third quarter of 2025, economic occupancy for the warehouse segment same store pool was 75.5%, representing a 1,100 basis point increase above physical occupancy. Economic occupancy for the total warehouse segment decreased 290 basis points, and the warehouse segment same store pool decreased 280 basis points as compared to the third quarter of 2024. This decrease was principally driven by lower overall volumes due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry, partially offset by annual rate increases in the normal course of operations.
Real Estate Portfolio
As of September 30, 2025, the Company’s portfolio consists of 235 facilities. The Company ended the third quarter of 2025 with 232 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 223 facilities for the quarter ended September 30, 2025. As of September 30, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 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 September 30, 2025, the Company had total liquidity of approximately $798.9 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $4.1 billion (inclusive of approximately $207.9 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.0% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.7x. The Company’s unsecured debt has a remaining weighted average term of 4.6 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%.
As of September 30, 2025, approximately 91.2% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.
Dividend
On September 3, 2025, the Company’s Board of Directors declared a 5% increase in the dividend, as compared to the prior year, to $0.23 per share for the third quarter of 2025, which was paid on October 15, 2025 to common stockholders of record as of September 30, 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 235 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) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Property, buildings, and equipment: | ||||||||
| Land | $ | 826,556 | $ | 806,981 | ||||
| Buildings and improvements | 4,569,012 | 4,462,565 | ||||||
| Machinery and equipment | 1,667,689 | 1,598,502 | ||||||
| Assets under construction | 1,032,294 | 606,233 | ||||||
| 8,095,551 | 7,474,281 | |||||||
| Accumulated depreciation | (2,676,181) | (2,453,597) | ||||||
| Property, buildings, and equipment – net | 5,419,370 | 5,020,684 | ||||||
| Operating leases - net | 179,596 | 222,294 | ||||||
| Financing leases - net | 137,294 | 104,216 | ||||||
| Cash, cash equivalents, and restricted cash | 33,338 | 47,652 | ||||||
| Accounts receivable – net of allowance of $16,836 and $24,426 at September 30, 2025 and December 31, 2024, respectively | 369,123 | 386,924 | ||||||
| Identifiable intangible assets – net | 827,562 | 838,660 | ||||||
| Goodwill | 827,047 | 784,042 | ||||||
| Investments in and advances to partially owned entities | 36,054 | 40,252 | ||||||
| Other assets | 251,552 | 291,230 | ||||||
| Total assets | $ | 8,080,936 | $ | 7,735,954 | ||||
| Liabilities and Equity | ||||||||
| Liabilities | ||||||||
| Borrowings under revolving line of credit | $ | 364,758 | $ | 255,052 | ||||
| Accounts payable and accrued expenses | 570,865 | 603,411 | ||||||
| Senior unsecured notes and term loans – net of deferred financing costs of $16,585 and $13,882 at September 30, 2025 and December 31, 2024, respectively | 3,538,296 | 3,031,462 | ||||||
| Sale-leaseback financing obligations | 75,924 | 79,001 | ||||||
| Financing lease obligations | 132,008 | 95,784 | ||||||
| Operating lease obligations | 177,453 | 219,099 | ||||||
| Unearned revenues | 23,306 | 21,979 | ||||||
| Deferred tax liability - net | 119,745 | 115,772 | ||||||
| Other liabilities | 7,648 | 7,389 | ||||||
| Total liabilities | 5,010,003 | 4,428,949 | ||||||
| Equity | ||||||||
| Stockholders' equity: | ||||||||
| Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,853,672 and 284,265,041 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 2,848 | 2,842 | ||||||
| Paid-in capital | 5,660,410 | 5,646,879 | ||||||
| Accumulated deficit and distributions in excess of net earnings | (2,565,199) | (2,341,654) | ||||||
| Accumulated other comprehensive loss | (64,804) | (27,279) | ||||||
| Total stockholders’ equity | 3,033,255 | 3,280,788 | ||||||
| Noncontrolling interests | 37,678 | 26,217 | ||||||
| Total equity | 3,070,933 | 3,307,005 | ||||||
| Total liabilities and equity | $ | 8,080,936 | $ | 7,735,954 | ||||
| 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, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues: | ||||||||
| Rent, storage, and warehouse services | $ | 607,014 | $ | 612,181 | $ | 1,776,441 | $ | 1,810,278 |
| Transportation services | 47,843 | 51,764 | 139,933 | 159,254 | ||||
| Third-party managed services | 8,808 | 10,226 | 27,019 | 30,574 | ||||
| Total revenues | 663,665 | 674,171 | 1,943,393 | 2,000,106 | ||||
| Operating expenses: | ||||||||
| Rent, storage, and warehouse services cost of operations | 412,031 | 413,557 | 1,183,868 | 1,209,992 | ||||
| Transportation services cost of operations | 40,107 | 43,323 | 116,201 | 130,441 | ||||
| Third-party managed services cost of operations | 6,499 | 8,073 | 20,792 | 24,136 | ||||
| Depreciation and amortization | 88,023 | 89,362 | 267,467 | 271,106 | ||||
| Selling, general, and administrative | 70,982 | 63,663 | 207,124 | 188,542 | ||||
| Acquisition, cyber incident, and other, net | 29,052 | 26,014 | 77,692 | 44,025 | ||||
| Impairment of long-lived assets | 77 | 2,953 | 5,303 | 2,953 | ||||
| Net loss (gain) from sale of real estate | 143 | — | (11,617) | (3,514) | ||||
| Total operating expenses | 646,914 | 646,945 | 1,866,830 | 1,867,681 | ||||
| Operating Income | 16,751 | 27,226 | 76,563 | 132,425 | ||||
| Other (expense) income: | ||||||||
| Interest expense | (33,931) | (34,255) | (108,293) | (100,865) | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | (218) | — | (116,082) | ||||
| Loss from investments in partially owned entities | (41) | (1,037) | (1,739) | (3,020) | ||||
| Other, net | (477) | 3,723 | 6,594 | 27,872 | ||||
| Loss before income taxes | (17,698) | (4,561) | (26,875) | (59,670) | ||||
| Income tax (expense) benefit: | ||||||||
| Current income tax | (136) | (1,936) | (4,064) | (5,168) | ||||
| Deferred income tax | 6,385 | 2,764 | 4,567 | 6,498 | ||||
| Total income tax benefit | 6,249 | 828 | 503 | 1,330 | ||||
| Net loss | $ | (11,449) | $ | (3,733) | $ | (26,372) | $ | (58,340) |
| Net loss attributable to noncontrolling interests | (83) | (4) | (165) | (242) | ||||
| Net loss attributable to Americold Realty Trust, Inc. | $ | (11,366) | $ | (3,729) | $ | (26,207) | $ | (58,098) |
| Weighted average common stock outstanding – basic | 285,898 | 284,861 | 285,622 | 284,729 | ||||
| Weighted average common stock outstanding – diluted | 285,898 | 284,861 | 285,622 | 284,729 | ||||
| Net loss per common share - basic | $ | (0.04) | $ | (0.01) | $ | (0.09) | $ | (0.20) |
| Net loss per common share - diluted | $ | (0.04) | $ | (0.01) | $ | (0.09) | $ | (0.20) |
| Reconciliation of Net 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, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Net loss | $ | (11,449) | $ | (3,733) | $ | (26,372) | $ | (58,340) |
| Adjustments: | ||||||||
| Real estate related depreciation | 54,214 | 56,083 | 165,105 | 168,768 | ||||
| Net loss (gain) from sale of real estate | 143 | — | (11,617) | (3,514) | ||||
| Net loss (gain) on real estate related asset disposals | 13 | (27) | 14 | 66 | ||||
| Impairment charges on certain real estate assets | 77 | 2,953 | 3,816 | 2,953 | ||||
| Our share of reconciling items related to partially owned entities | 153 | 264 | 647 | 830 | ||||
| NAREIT FFO | $ | 43,151 | $ | 55,540 | $ | 131,593 | $ | 110,763 |
| Adjustments: | ||||||||
| Net loss (gain) on sale of non-real assets | 119 | (443) | 90 | (1,011) | ||||
| Acquisition, cyber incident, and other, net | 29,052 | 26,014 | 77,692 | 44,025 | ||||
| Impairment of long-lived assets (excluding certain real estate assets) | — | — | 1,487 | — | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | 218 | — | 116,082 | ||||
| Foreign currency exchange loss (gain) | 647 | 349 | 676 | (10,599) | ||||
| Gain on legal settlement related to prior period operations | — | — | — | (6,104) | ||||
| Project Orion and other software related deferred costs amortization | 8,778 | 1,810 | 15,649 | 2,391 | ||||
| Our share of reconciling items related to partially owned entities | — | 409 | 145 | 689 | ||||
| Gain from sale of partially owned entity | — | — | (2,420) | — | ||||
| Core FFO | $ | 81,747 | $ | 83,897 | $ | 224,912 | $ | 256,236 |
| Adjustments: | ||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 1,479 | 1,301 | 4,402 | 3,884 | ||||
| Amortization of below/above market leases | 367 | 363 | 1,081 | 1,091 | ||||
| Straight-line rent adjustment | 64 | 321 | 225 | 1,277 | ||||
| Deferred income tax benefit | (6,385) | (2,764) | (4,567) | (6,498) | ||||
| Stock-based compensation expense(1) | 5,140 | 6,256 | 18,993 | 18,939 | ||||
| Non-real estate depreciation and amortization | 33,809 | 33,279 | 102,362 | 102,338 | ||||
| Maintenance capital expenditures(2) | (15,564) | (22,590) | (47,646) | (63,355) | ||||
| Our share of reconciling items related to partially owned entities | 24 | 74 | 232 | 535 | ||||
| Adjusted FFO | $ | 100,681 | $ | 100,137 | $ | 299,994 | $ | 314,447 |
(1)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, 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 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, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| NAREIT FFO | $ | 43,151 | $ | 55,540 | $ | 131,593 | $ | 110,763 | ||||
| Core FFO | $ | 81,747 | $ | 83,897 | $ | 224,912 | $ | 256,236 | ||||
| Adjusted FFO | $ | 100,681 | $ | 100,137 | $ | 299,994 | $ | 314,447 | ||||
| Reconciliation of weighted average shares: | ||||||||||||
| Weighted average basic shares for net income calculation | 285,898 | 284,861 | 285,622 | 284,729 | ||||||||
| Dilutive stock options and unvested restricted stock units | 91 | 617 | 182 | 393 | ||||||||
| Weighted average dilutive shares | 285,989 | 285,478 | 285,804 | 285,122 | ||||||||
| NAREIT FFO - basic per share | $ | 0.15 | $ | 0.19 | $ | 0.46 | $ | 0.39 | ||||
| NAREIT FFO - diluted per share | $ | 0.15 | $ | 0.19 | $ | 0.46 | $ | 0.39 | ||||
| Core FFO - basic per share | $ | 0.29 | $ | 0.29 | $ | 0.79 | $ | 0.90 | ||||
| Core FFO - diluted per share | $ | 0.29 | $ | 0.29 | $ | 0.79 | $ | 0.90 | ||||
| Adjusted FFO - basic per share | $ | 0.35 | $ | 0.35 | $ | 1.05 | $ | 1.10 | ||||
| Adjusted FFO - diluted per share | $ | 0.35 | $ | 0.35 | $ | 1.05 | $ | 1.10 | ||||
| Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In thousands) | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net loss | $ | (11,449) | $ | (3,733) | $ | (26,372) | $ | (58,340) | ||||
| Adjustments: | ||||||||||||
| Depreciation and amortization | 88,023 | 89,362 | 267,467 | 271,106 | ||||||||
| Interest expense | 33,931 | 34,255 | 108,293 | 100,865 | ||||||||
| Income tax benefit | (6,249) | (828) | (503) | (1,330) | ||||||||
| Net loss (gain) from sale of real estate | 143 | — | (11,617) | (3,514) | ||||||||
| Adjustment to reflect share of EBITDAre of partially owned entities | 282 | 1,458 | 2,774 | 4,448 | ||||||||
| NAREIT EBITDAre | $ | 104,681 | $ | 120,514 | $ | 340,042 | $ | 313,235 | ||||
| Adjustments: | ||||||||||||
| Acquisition, cyber incident, and other, net | 29,052 | 26,014 | 77,692 | 44,025 | ||||||||
| Loss from investments in partially owned entities | 41 | 1,037 | 1,739 | 3,020 | ||||||||
| Impairment of long-lived assets | 77 | 2,953 | 5,303 | 2,953 | ||||||||
| Foreign currency exchange loss (gain) | 647 | 349 | 676 | (10,599) | ||||||||
| Stock-based compensation expense(1) | 5,140 | 6,256 | 18,993 | 18,939 | ||||||||
| Loss on debt extinguishment and termination of derivative instruments | — | 218 | — | 116,082 | ||||||||
| Loss (gain) on other asset disposals | 132 | (470) | 104 | (945) | ||||||||
| Gain on legal settlement related to prior period operations | — | — | — | (6,104) | ||||||||
| Project Orion and other software related deferred costs amortization | 8,778 | 1,810 | 15,649 | 2,391 | ||||||||
| Reduction in EBITDAre from partially owned entities | (282) | (1,458) | (2,774) | (4,448) | ||||||||
| Gain from sale of partially owned entity | — | — | (2,420) | — | ||||||||
| Core EBITDA | $ | 148,266 | $ | 157,223 | $ | 455,004 | $ | 478,549 | ||||
| Total revenues | $ | 663,665 | $ | 674,171 | $ | 1,943,393 | $ | 2,000,106 | ||||
| Core EBITDA margin | 22.3 | % | 23.3 | % | 23.4 | % | 23.9 | % |
(1)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Acquisition, cyber incident, and other, net.
| Revenues and Contribution (NOI) by Segment | ||||||||
|---|---|---|---|---|---|---|---|---|
| (In thousands) | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Segment revenues: | ||||||||
| Warehouse | $ | 607,014 | $ | 612,181 | $ | 1,776,441 | $ | 1,810,278 |
| Transportation | 47,843 | 51,764 | 139,933 | 159,254 | ||||
| Third-party managed | 8,808 | 10,226 | 27,019 | 30,574 | ||||
| Total revenues | 663,665 | 674,171 | 1,943,393 | 2,000,106 | ||||
| Segment contribution: | ||||||||
| Warehouse | 194,983 | 198,624 | 592,573 | 600,286 | ||||
| Transportation | 7,736 | 8,441 | 23,732 | 28,813 | ||||
| Third-party managed | 2,309 | 2,153 | 6,227 | 6,438 | ||||
| Total segment contribution (NOI) | 205,028 | 209,218 | 622,532 | 635,537 | ||||
| Reconciling items: | ||||||||
| Depreciation and amortization expense | (88,023) | (89,362) | (267,467) | (271,106) | ||||
| Selling, general, and administrative expense | (70,982) | (63,663) | (207,124) | (188,542) | ||||
| Acquisition, cyber incident, and other, net | (29,052) | (26,014) | (77,692) | (44,025) | ||||
| Impairment of long-lived assets | (77) | (2,953) | (5,303) | (2,953) | ||||
| Net (loss) gain from sale of real estate | (143) | — | 11,617 | 3,514 | ||||
| Interest expense | (33,931) | (34,255) | (108,293) | (100,865) | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | (218) | — | (116,082) | ||||
| Loss from investments in partially owned entities | (41) | (1,037) | (1,739) | (3,020) | ||||
| Other, net | (477) | 3,723 | 6,594 | 27,872 | ||||
| Loss before income taxes | $ | (17,698) | $ | (4,561) | $ | (26,875) | $ | (59,670) |
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, 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 extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real assets; Acquisition, cyber incident, and other, net; Impairment of long-lived assets (excluding certain real estate assets); Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss (gain); Gain on legal settlement related to prior period operations; Project Orion and other software related 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; 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 loss and Net 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 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 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 loss before Depreciation and amortization; Interest expense; Income tax benefit; Net loss (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; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss (gain) on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Reduction in EBITDAre 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 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 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;<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 and divestitures. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. |
| --- |
| NOI is calculated as Net loss before Interest expense, Income tax (expense) benefit:, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of long-lived assets; Net loss (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 long-lived assets, Selling, general, and administrative, Acquisition, cyber incident, and other, net and Net loss (gain) 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 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 | Third Quarter 2025 |
|---|---|
| Table of Contents | PAGE |
| --- | --- |
| Corporate Profile | 3 |
| Earnings Release (including outlook/guidance information) | 5 |
| Financial Information | |
| Condensed Consolidated Balance Sheets | 17 |
| Condensed Consolidated Statements of Operations | 18 |
| Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO | 19 |
| Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA | 21 |
| Debt Detail and Maturities | 22 |
| Interest Expense & Debt Covenants | 23 |
| Operations Overview | |
| Global Warehouse Portfolio | 24 |
| Fixed Commitment and Lease Maturity Schedules | 25 |
| Capital Expenditures and Repair and Maintenance Expenses | 26 |
| External Growth and Capital Deployment | 28 |
| Other Supplemental Information | |
| Same Store Historical Performance Trend | 29 |
| Unconsolidated Joint Venture (Investments in Partially Owned Entities) | 30 |
| Reconciliations, Notes and Definitions | |
| Revenues and Contribution (NOI) by Segment | 31 |
| Notes and Definitions | 32 |
| Financial Supplement | Third Quarter 2025 |
| --- | --- |
Corporate Profile
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 235 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.
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
E. Jay Wells: Chief Financial Officer and Executive Vice President
M. Bryan Verbarendse: President, Americas
Richard C. Winnall: President, International
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
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
Robert S. Chambers: 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 | Third Quarter 2025 | ||
|---|---|---|---|
| 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 |
| 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 | 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 | (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 | Third Quarter 2025 |
|---|
AMERICOLD ANNOUNCES THIRD QUARTER 2025 RESULTS
Total Revenue Increased 2% Sequentially
Delivered $0.35 AFFO Per Share
Reiterated 2025 Full-Year Outlook
Atlanta, GA, November 6, 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 third quarter ended September 30, 2025.
Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, “Over the past two months as CEO of Americold, I’ve had the opportunity to visit several of our geographic regions both domestically and internationally, connecting with our teams and reinforcing our shared values and operating priorities. I have long been impressed by the unwavering commitment to operational excellence and strong execution demonstrated by our teams. This focus and dedication has been instrumental in navigating through the current market conditions and allowed us to deliver third-quarter AFFO of $0.35 per share, in-line with expectations, despite the ongoing industry headwinds.”
“In additional to connecting with our associates around the world, I’ve also spent considerable time engaging with our major customers and strategic partners. Americold has a strong reputation as an industry leader, servicing some of the largest food retailers and producers in the world. These relationships often span decades, and our global scale and presence at all key nodes in the cold chain provides us with attractive and unique future growth opportunities. We are also exploring ways to further leverage our partnerships and evaluate adjacent categories to strategically drive occupancy throughout our network. I remain confident in the long-term potential of the business and believe we are well-positioned to reap the rewards of the investments we have made in labor, operational excellence, technology, and commercial leadership to grow shareholder value.”
Third Quarter 2025 Highlights
•Total revenues of $663.7 million, a 1.6% decrease from $674.2 million in Q3 2024 and a decrease of 1.5% on a constant currency basis.
•Net loss of $11.4 million, or $0.04 loss per diluted share, as compared to a net loss of $0.01 per diluted share in Q3 2024.
•Global Warehouse segment same store revenues decreased 1.6% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q3 2024.
•Global Warehouse same store services margin decreased to 12.3% from 13.6% in Q3 2024.
•Global Warehouse segment same store NOI decreased 2.9%, or 2.8% on a constant currency basis, as compared to Q3 2024.
•Adjusted FFO of $100.7 million, or $0.35 per diluted share, consistent with Q3 2024 Adjusted FFO per diluted share of $0.35.
•Core EBITDA of $148.3 million, decreased $9.0 million, or 5.7% (5.4% on a constant currency basis) from $157.2 million in Q3 2024.
•Core EBITDA margin of 22.3%, decreased from 23.3% in Q3 2024.
| Financial Supplement | Third Quarter 2025 |
|---|
2025 Outlook
The table below includes the details of our reaffirmed 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 | |
|---|---|
| November 6, 2025 | |
| Warehouse segment same store revenue growth (constant currency) | (4.0)% - 0.0% |
| Warehouse segment same store NOI growth (constant currency) | 50 to 100 bps lower than associated revenues |
| Warehouse segment non-same store NOI | $7M - $13M |
| Warehouse segment same store rent and storage revenue per economic occupied pallet (constant currency) | 1.0% - 2.0% |
| Warehouse segment same store services revenue per throughput pallet (constant currency) | 1.0% - 2.0% |
| Transportation and Third-Party Managed segment NOI | $40M - $44M |
| Total selling, general and administrative expense (guidance as of November 6, 2025 is inclusive of share-based compensation expense of $23M - $25M and $14M - $16M of Project Orion and other software related deferred costs amortization) | $270M - $280M |
| Interest expense | $145M - $149M |
| Current income tax expense | $6M - $8M |
| Non real estate depreciation and amortization expense | $139M - $149M |
| Total maintenance capital expenditures | $60M - $70M |
| Adjusted FFO per share | $1.39 - $1.45 |
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, November 6, 2025 at 8:00 a.m. Eastern Time to discuss its third 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#13750777. The telephone replay will be available starting shortly after the call until November 20, 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.
Third Quarter 2025 Total Company Financial Results
Total revenues for the third quarter of 2025 were $663.7 million, a 1.6% decrease from $674.2 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation revenue.
Total NOI for the third quarter of 2025 was $205.0 million, a decrease of 2.0% (1.9% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in warehouse segment NOI which was primarily due to lower volumes.
| Financial Supplement | Third Quarter 2025 |
|---|
For the third quarter of 2025, the Company reported net loss of $11.4 million, or a net loss of $0.04 per diluted share, compared to a net loss of $3.7 million, or a net loss of $0.01 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the same factors driving the decrease in NOI mentioned above along with an increase in both Selling, general, and administrative expenses and Acquisition, cyber incident, and other, net during the third quarter of 2025. The increase in Selling, general, and administrative is primarily related to the go live of Project Orion.
Core EBITDA was $148.3 million for the third quarter of 2025, compared to $157.2 million for the comparable quarter of the prior year. This decrease (5.7% on an actual basis and 5.4% on a constant currency basis) was primarily driven by lower volumes in the warehouse segment and an increase in Selling, general, and administrative costs mentioned above.
For the third quarter of 2025, Core FFO was $81.7 million compared to $83.9 million for the third quarter of 2024, or $0.29 per diluted share for both the third quarter of 2025 and 2024.
For the third quarter of 2025, Adjusted FFO was $100.7 million compared to $100.1 million for the third quarter of 2024, or $0.35 per diluted share for both the third quarter of 2025 and 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.
| Financial Supplement | Third Quarter 2025 |
|---|
Third 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 and nine months ended September 30, 2025 and 2024.
| Three Months Ended September 30, | 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 | $ | 261,155 | $ | 261,561 | $ | 262,524 | (0.5) | % | (0.4) | % | |||
| Warehouse services | 345,859 | 345,821 | 349,657 | (1.1) | % | (1.1) | % | ||||||
| Total revenues | $ | 607,014 | $ | 607,382 | $ | 612,181 | (0.8) | % | (0.8) | % | |||
| Global Warehouse cost of operations: | |||||||||||||
| Power | 42,439 | 42,379 | 41,767 | 1.6 | % | 1.5 | % | ||||||
| Other facilities costs(2) | 60,421 | 60,533 | 67,211 | (10.1) | % | (9.9) | % | ||||||
| Labor | 253,985 | 254,226 | 253,258 | 0.3 | % | 0.4 | % | ||||||
| Other services costs(3) | 55,186 | 55,065 | 51,321 | 7.5 | % | 7.3 | % | ||||||
| Total warehouse segment cost of operations | $ | 412,031 | $ | 412,203 | $ | 413,557 | (0.4) | % | (0.3) | % | |||
| Global Warehouse contribution (NOI) | $ | 194,983 | $ | 195,179 | $ | 198,624 | (1.8) | % | (1.7) | % | |||
| Rent and storage contribution (NOI)(4) | $ | 158,295 | $ | 158,649 | $ | 153,546 | 3.1 | % | 3.3 | % | |||
| Services contribution (NOI)(5) | $ | 36,688 | $ | 36,530 | $ | 45,078 | (18.6) | % | (19.0) | % | |||
| Global Warehouse margin | 32.1 | % | 32.1 | % | 32.4 | % | -30 bps | -30 bps | |||||
| Rent and storage margin(6) | 60.6 | % | 60.7 | % | 58.5 | % | 210 bps | 220 bps | |||||
| Warehouse services margin(7) | 10.6 | % | 10.6 | % | 12.9 | % | -230 bps | -230 bps | |||||
| Global Warehouse rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(8) | 4,057 | n/a | 4,237 | (4.2) | % | n/a | |||||||
| Average physical occupied pallets(9) | 3,448 | n/a | 3,682 | (6.4) | % | n/a | |||||||
| Average physical pallet positions | 5,494 | n/a | 5,525 | (0.6) | % | n/a | |||||||
| Economic occupancy percentage(8) | 73.8 | % | n/a | 76.7 | % | -290 bps | n/a | ||||||
| Physical occupancy percentage(9) | 62.8 | % | n/a | 66.6 | % | -380 bps | n/a | ||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 64.37 | $ | 64.47 | $ | 61.96 | 3.9 | % | 4.1 | % | |||
| Total rent and storage revenues per average physical occupied pallet | $ | 75.74 | $ | 75.86 | $ | 71.30 | 6.2 | % | 6.4 | % | |||
| Global Warehouse services metrics: | |||||||||||||
| Throughput pallets | 8,889 | n/a | 9,205 | (3.4) | % | n/a | |||||||
| Total warehouse services revenues per throughput pallet | $ | 38.91 | $ | 38.90 | $ | 37.99 | 2.4 | % | 2.4 | % |
(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)Includes real estate rent expense of $7.4 million and $8.5 million for the three months ended September 30, 2025 and 2024, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.6 million and $3.0 million for the three months ended September 30, 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)
| Financial Supplement | Third Quarter 2025 | | --- | --- || | Three Months Ended September 30, | | | | | | | | | 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 | 223 | | | | | | 223 | | | | | | | | Same store revenues: | | | | | | | | | | | | | | | Rent and storage | $ | 250,591 | | $ | 250,986 | | $ | 256,287 | | (2.2) | % | (2.1) | % | | Warehouse services | 335,933 | | | 335,829 | | | 339,542 | | | (1.1) | % | (1.1) | % | | Total same store revenues | $ | 586,524 | | $ | 586,815 | | $ | 595,829 | | (1.6) | % | (1.5) | % | | Same store cost of operations: | | | | | | | | | | | | | | | Power | 40,269 | | | 40,207 | | | 39,991 | | | 0.7 | % | 0.5 | % | | Other facilities costs | 56,360 | | | 56,464 | | | 61,492 | | | (8.3) | % | (8.2) | % | | Labor | 243,134 | | | 243,328 | | | 245,330 | | | (0.9) | % | (0.8) | % | | Other services costs | 51,492 | | | 51,365 | | | 47,919 | | | 7.5 | % | 7.2 | % | | Total same store cost of operations | $ | 391,255 | | $ | 391,364 | | $ | 394,732 | | (0.9) | % | (0.9) | % | | Same store contribution (NOI) | $ | 195,269 | | $ | 195,451 | | $ | 201,097 | | (2.9) | % | (2.8) | % | | Same store rent and storage contribution (NOI)(2) | $ | 153,962 | | $ | 154,315 | | $ | 154,804 | | (0.5) | % | (0.3) | % | | Same store services contribution (NOI)(3) | $ | 41,307 | | $ | 41,136 | | $ | 46,293 | | (10.8) | % | (11.1) | % | | Same store margin | 33.3 | | % | 33.3 | | % | 33.8 | | % | -50 bps | | -50 bps | | | Same store rent and storage margin(4) | 61.4 | | % | 61.5 | | % | 60.4 | | % | 100 bps | | 110 bps | | | Same store services margin(5) | 12.3 | | % | 12.2 | | % | 13.6 | | % | -130 bps | | -140 bps | | | Same store rent and storage metrics: | | | | | | | | | | | | | | | Average economic occupied pallets(6) | 3,969 | | | n/a | | | 4,137 | | | (4.1) | % | n/a | | | Average physical occupied pallets(7) | 3,392 | | | n/a | | | 3,584 | | | (5.4) | % | n/a | | | Average physical pallet positions | 5,257 | | | n/a | | | 5,284 | | | (0.5) | % | n/a | | | Economic occupancy percentage(6) | 75.5 | | % | n/a | | | 78.3 | | % | -280 bps | | n/a | | | Physical occupancy percentage(7) | 64.5 | | % | n/a | | | 67.8 | | % | -330 bps | | n/a | | | Same store rent and storage revenues per average economic occupied pallet | $ | 63.14 | | $ | 63.24 | | $ | 61.95 | | 1.9 | % | 2.1 | % | | Same store rent and storage revenues per average physical occupied pallet | $ | 73.88 | | $ | 73.99 | | $ | 71.51 | | 3.3 | % | 3.5 | % | | Same store services metrics: | | | | | | | | | | | | | | | Throughput pallets | 8,708 | | | n/a | | | 8,999 | | | (3.2) | % | n/a | | | Same store warehouse services revenues per throughput pallet | $ | 38.58 | | $ | 38.57 | | $ | 37.73 | | 2.3 | % | 2.2 | % |
(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)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)
| Financial Supplement | Third Quarter 2025 | | --- | --- || | Three Months Ended September 30, | | | | | | | | 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) | 9 | | | | | 12 | | | | | | Non-same store revenues: | | | | | | | | | | | | Rent and storage | $ | 10,564 | | $ | 10,575 | $ | 6,237 | | n/r | n/r | | Warehouse services | 9,926 | | | 9,992 | | 10,115 | | | n/r | n/r | | Total non-same store revenues | $ | 20,490 | | $ | 20,567 | $ | 16,352 | | n/r | n/r | | Non-same store cost of operations: | | | | | | | | | | | | Power | 2,170 | | | 2,172 | | 1,776 | | | n/r | n/r | | Other facilities costs | 4,061 | | | 4,069 | | 5,719 | | | n/r | n/r | | Labor | 10,851 | | | 10,898 | | 7,928 | | | n/r | n/r | | Other services costs | 3,694 | | | 3,700 | | 3,402 | | | n/r | n/r | | Total non-same store cost of operations | $ | 20,776 | | $ | 20,839 | $ | 18,825 | | n/r | n/r | | Non-same store contribution (NOI) | $ | (286) | | $ | (272) | $ | (2,473) | | n/r | n/r | | Non-same store rent and storage contribution (NOI)(3) | $ | 4,333 | | $ | 4,334 | $ | (1,258) | | n/r | n/r | | Non-same store services contribution (NOI)(4) | $ | (4,619) | | $ | (4,606) | $ | (1,215) | | n/r | n/r | | Non-same store rent and storage metrics: | | | | | | | | | | | | Average economic occupied pallets(5) | 88 | | | n/a | | 100 | | | n/r | n/a | | Average physical occupied pallets(6) | 56 | | | n/a | | 98 | | | n/r | n/a | | Average physical pallet positions | 237 | | | n/a | | 241 | | | n/r | n/a | | Economic occupancy percentage(5) | 37.1 | | % | n/a | | 41.5 | | % | n/r | n/a | | Physical occupancy percentage(6) | 23.6 | | % | n/a | | 40.7 | | % | n/r | n/a | | Non-same store rent and storage revenues per average economic occupied pallet | $ | 120.05 | | $ | 120.17 | $ | 62.37 | | n/r | n/r | | Non-same store rent and storage revenues per average physical occupied pallet | $ | 188.64 | | $ | 188.84 | $ | 63.64 | | n/r | n/r | | Non-same store services metrics: | | | | | | | | | | | | Throughput pallets | 181 | | | n/a | | 206 | | | n/r | n/a | | Non-same store warehouse services revenues per throughput pallet | $ | 54.84 | | $ | 55.20 | $ | 49.10 | | 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, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 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)
| Financial Supplement | Third Quarter 2025 | | --- | --- || | Nine Months Ended September 30, | | | | | | | | | 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 | $ | 772,466 | | $ | 775,323 | | $ | 799,619 | | (3.4) | % | (3.0) | % | | Warehouse services | 1,003,975 | | | 1,007,315 | | | 1,010,659 | | | (0.7) | % | (0.3) | % | | Total revenues | $ | 1,776,441 | | $ | 1,782,638 | | $ | 1,810,278 | | (1.9) | % | (1.5) | % | | Global Warehouse cost of operations: | | | | | | | | | | | | | | | Power | 109,692 | | | 109,965 | | | 112,182 | | | (2.2) | % | (2.0) | % | | Other facilities costs(2) | 177,646 | | | 178,367 | | | 195,190 | | | (9.0) | % | (8.6) | % | | Labor | 743,138 | | | 746,192 | | | 747,057 | | | (0.5) | % | (0.1) | % | | Other services costs(3) | 153,392 | | | 153,693 | | | 155,563 | | | (1.4) | % | (1.2) | % | | Total warehouse segment cost of operations | $ | 1,183,868 | | $ | 1,188,217 | | $ | 1,209,992 | | (2.2) | % | (1.8) | % | | Global Warehouse contribution (NOI) | $ | 592,573 | | $ | 594,421 | | $ | 600,286 | | (1.3) | % | (1.0) | % | | Rent and storage contribution (NOI)(4) | $ | 485,128 | | $ | 486,991 | | $ | 492,247 | | (1.4) | % | (1.1) | % | | Services contribution (NOI)(5) | $ | 107,445 | | $ | 107,430 | | $ | 108,039 | | (0.5) | % | (0.6) | % | | Global Warehouse margin | 33.4 | | % | 33.3 | | % | 33.2 | | % | 20 bps | | 10 bps | | | Rent and storage margin(6) | 62.8 | | % | 62.8 | | % | 61.6 | | % | 120 bps | | 120 bps | | | Warehouse services margin(7) | 10.7 | | % | 10.7 | | % | 10.7 | | % | 0 bps | | 0 bps | | | Global Warehouse rent and storage metrics: | | | | | | | | | | | | | | | Average economic occupied pallets(8) | 4,081 | | | n/a | | | 4,315 | | | (5.4) | % | n/a | | | Average physical occupied pallets(9) | 3,467 | | | n/a | | | 3,744 | | | (7.4) | % | n/a | | | Average physical pallet positions | 5,505 | | | n/a | | | 5,525 | | | (0.4) | % | n/a | | | Economic occupancy percentage(8) | 74.1 | | % | n/a | | | 78.1 | | % | -400 bps | | n/a | | | Physical occupancy percentage(9) | 63.0 | | % | n/a | | | 67.8 | | % | -480 bps | | n/a | | | Total rent and storage revenues per average economic occupied pallet | $ | 189.28 | | $ | 189.98 | | $ | 185.31 | | 2.1 | % | 2.5 | % | | Total rent and storage revenues per average physical occupied pallet | $ | 222.81 | | $ | 223.63 | | $ | 213.57 | | 4.3 | % | 4.7 | % | | Global Warehouse services metrics: | | | | | | | | | | | | | | | Throughput pallets | 26,405 | | | n/a | | | 27,280 | | | (3.2) | % | n/a | | | Total warehouse services revenues per throughput pallet | $ | 38.02 | | $ | 38.15 | | $ | 37.05 | | 2.6 | % | 3.0 | % |
(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 $21.3 million and $26.9 million for the nine months ended September 30, 2025 and 2024, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $7.4 million and $9.5 million for the nine months ended September 30, 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)
| Financial Supplement | Third Quarter 2025 | | --- | --- || | Nine Months Ended September 30, | | | | | | | | | 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 | 223 | | | | | | 223 | | | | | | | | Same store revenues: | | | | | | | | | | | | | | | Rent and storage | $ | 742,999 | | $ | 745,838 | | $ | 772,485 | | (3.8) | % | (3.4) | % | | Warehouse services | 976,638 | | | 979,844 | | | 978,480 | | | (0.2) | % | 0.1 | % | | Total same store revenues | $ | 1,719,637 | | $ | 1,725,682 | | $ | 1,750,965 | | (1.8) | % | (1.4) | % | | Same store cost of operations: | | | | | | | | | | | | | | | Power | 105,031 | | | 105,300 | | | 106,283 | | | (1.2) | % | (0.9) | % | | Other facilities costs | 170,867 | | | 171,574 | | | 174,084 | | | (1.8) | % | (1.4) | % | | Labor | 714,947 | | | 717,901 | | | 716,356 | | | (0.2) | % | 0.2 | % | | Other services costs | 141,582 | | | 141,869 | | | 143,940 | | | (1.6) | % | (1.4) | % | | Total same store cost of operations | $ | 1,132,427 | | $ | 1,136,644 | | $ | 1,140,663 | | (0.7) | % | (0.4) | % | | Same store contribution (NOI) | $ | 587,210 | | $ | 589,038 | | $ | 610,302 | | (3.8) | % | (3.5) | % | | Same store rent and storage contribution (NOI)(2) | $ | 467,101 | | $ | 468,964 | | $ | 492,118 | | (5.1) | % | (4.7) | % | | Same store services contribution (NOI)(3) | $ | 120,109 | | $ | 120,074 | | $ | 118,184 | | 1.6 | % | 1.6 | % | | Same store margin | 34.1 | | % | 34.1 | | % | 34.9 | | % | -80 bps | | -80 bps | | | Same store rent and storage margin(4) | 62.9 | | % | 62.9 | | % | 63.7 | | % | -80 bps | | -80 bps | | | Same store services margin(5) | 12.3 | | % | 12.3 | | % | 12.1 | | % | 20 bps | | 20 bps | | | Same store rent and storage metrics: | | | | | | | | | | | | | | | Average economic occupied pallets(6) | 3,995 | | | n/a | | | 4,202 | | | (4.9) | % | n/a | | | Average physical occupied pallets(7) | 3,404 | | | n/a | | | 3,640 | | | (6.5) | % | n/a | | | Average physical pallet positions | 5,266 | | | n/a | | | 5,280 | | | (0.3) | % | n/a | | | Economic occupancy percentage(6) | 75.9 | | % | n/a | | | 79.6 | | % | -370 bps | | n/a | | | Physical occupancy percentage(7) | 64.6 | | % | n/a | | | 68.9 | | % | -430 bps | | n/a | | | Same store rent and storage revenues per average economic occupied pallet | $ | 185.98 | | $ | 186.69 | | $ | 183.84 | | 1.2 | % | 1.6 | % | | Same store rent and storage revenues per average physical occupied pallet | $ | 218.27 | | $ | 219.11 | | $ | 212.22 | | 2.9 | % | 3.2 | % | | Same store services metrics: | | | | | | | | | | | | | | | Throughput pallets | 25,847 | | | n/a | | | 26,633 | | | (3.0) | % | n/a | | | Same store warehouse services revenues per throughput pallet | $ | 37.79 | | $ | 37.91 | | $ | 36.74 | | 2.9 | % | 3.2 | % |
(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)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)
| Financial Supplement | Third Quarter 2025 | | --- | --- || | Nine Months Ended September 30, | | | | | | | | 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) | 9 | | | | | 12 | | | | | | Non-same store revenues: | | | | | | | | | | | | Rent and storage | $ | 29,467 | | $ | 29,485 | $ | 27,134 | | n/r | n/r | | Warehouse services | 27,337 | | | 27,471 | | 32,179 | | | n/r | n/r | | Total non-same store revenues | $ | 56,804 | | $ | 56,956 | $ | 59,313 | | n/r | n/r | | Non-same store cost of operations: | | | | | | | | | | | | Power | 4,661 | | | 4,665 | | 5,899 | | | n/r | n/r | | Other facilities costs | 6,779 | | | 6,793 | | 21,106 | | | n/r | n/r | | Labor | 28,191 | | | 28,291 | | 30,701 | | | n/r | n/r | | Other services costs | 11,810 | | | 11,824 | | 11,623 | | | n/r | n/r | | Total non-same store cost of operations | $ | 51,441 | | $ | 51,573 | $ | 69,329 | | n/r | n/r | | Non-same store contribution (NOI) | $ | 5,363 | | $ | 5,383 | $ | (10,016) | | n/r | n/r | | Non-same store rent and storage contribution (NOI)(3) | $ | 18,027 | | $ | 18,027 | $ | 129 | | n/r | n/r | | Non-same store services contribution (NOI)(4) | $ | (12,664) | | $ | (12,644) | $ | (10,145) | | n/r | n/r | | Non-same store rent and storage metrics: | | | | | | | | | | | | Average economic occupied pallets(5) | 86 | | | n/a | | 113 | | | n/r | n/a | | Average physical occupied pallets(6) | 63 | | | n/a | | 104 | | | n/r | n/a | | Average physical pallet positions | 239 | | | n/a | | 245 | | | n/r | n/a | | Economic occupancy percentage(5) | 36.0 | | % | n/a | | 46.1 | | % | n/r | n/a | | Physical occupancy percentage(6) | 26.4 | | % | n/a | | 42.4 | | % | n/r | n/a | | Non-same store rent and storage revenues per average economic occupied pallet | $ | 342.64 | | $ | 342.85 | $ | 240.12 | | n/r | n/r | | Non-same store rent and storage revenues per average physical occupied pallet | $ | 467.73 | | $ | 468.02 | $ | 260.90 | | n/r | n/r | | Non-same store services metrics: | | | | | | | | | | | | Throughput pallets | 558 | | | n/a | | 647 | | | n/r | n/a | | Non-same store warehouse services revenues per throughput pallet | $ | 48.99 | | $ | 49.23 | $ | 49.74 | | 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, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 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)
| Financial Supplement | Third Quarter 2025 |
|---|
Warehouse Results
For the third quarter of 2025, Global Warehouse segment revenues were $607.0 million, a decrease of $5.2 million, or 0.8% on both an actual and constant currency basis, compared to $612.2 million for the third quarter of 2024. This decrease was principally driven by lower overall volumes due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry, partially offset by annual rate increases in the normal course of operations.
Global Warehouse segment contribution (NOI) was $195.0 million for the third quarter of 2025 as compared to $198.6 million for the third quarter of 2024, a decrease of $3.6 million, or a decrease of 1.8% on an actual basis and a decrease of 1.7% constant currency basis. Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 32.1% for the third quarter of 2025, a 30 basis point decrease compared to the third quarter of 2024, primarily driven by lower volumes.
Fixed Commitment Rent and Storage Revenues
As of September 30, 2025, $619.1 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment rent and storage contracts compared to $617.4 million at the end of the second quarter of 2025 and $623.8 million at the end of the third quarter of 2024. On a combined basis, 60.0% of rent and storage revenues were generated from fixed commitment storage contracts or leases. On a combined basis, 63.6% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.
Economic and Physical Occupancy
Fixed commitment storage contracts are designed to ensure the Company’s customers have space available when needed. For the third quarter of 2025, economic occupancy for the total warehouse segment was 73.8%, representing a 1,100 basis point increase above physical occupancy. For the third quarter of 2025, economic occupancy for the warehouse segment same store pool was 75.5%, representing a 1,100 basis point increase above physical occupancy. Economic occupancy for the total warehouse segment decreased 290 basis points, and the warehouse segment same store pool decreased 280 basis points as compared to the third quarter of 2024. This decrease was principally driven by lower overall volumes due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry, partially offset by annual rate increases in the normal course of operations.
Real Estate Portfolio
As of September 30, 2025, the Company’s portfolio consists of 235 facilities. The Company ended the third quarter of 2025 with 232 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 223 facilities for the quarter ended September 30, 2025. As of September 30, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 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 September 30, 2025, the Company had total liquidity of approximately $798.9 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $4.1 billion (inclusive of approximately $207.9 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.0% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.7x. The Company’s unsecured debt has a remaining weighted average term of 4.6 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%.
| Financial Supplement | Third Quarter 2025 |
|---|
As of September 30, 2025, approximately 91.2% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.
Dividend
On September 3, 2025, the Company’s Board of Directors declared a 5% increase in the dividend, as compared to the prior year, to $0.23 per share for the third quarter of 2025, which was paid on October 15, 2025 to common stockholders of record as of September 30, 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 235 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;
| Financial Supplement | Third Quarter 2025 |
|---|
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
| Financial Supplement | Third Quarter 2025 |
|---|
Financial Information
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
| (In thousands, except shares and per share amounts) | |||||||||||
| September 30, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Property, buildings, and equipment: | |||||||||||
| Land | $ | 826,556 | $ | 806,981 | |||||||
| Buildings and improvements | 4,569,012 | 4,462,565 | |||||||||
| Machinery and equipment | 1,667,689 | 1,598,502 | |||||||||
| Assets under construction | 1,032,294 | 606,233 | |||||||||
| 8,095,551 | 7,474,281 | ||||||||||
| Accumulated depreciation | (2,676,181) | (2,453,597) | |||||||||
| Property, buildings, and equipment – net | 5,419,370 | 5,020,684 | |||||||||
| Operating leases - net | 179,596 | 222,294 | |||||||||
| Financing leases - net | 137,294 | 104,216 | |||||||||
| Cash, cash equivalents, and restricted cash | 33,338 | 47,652 | |||||||||
| Accounts receivable – net of allowance of $16,836 and $24,426 at September 30, 2025 and December 31, 2024, respectively | 369,123 | 386,924 | |||||||||
| Identifiable intangible assets – net | 827,562 | 838,660 | |||||||||
| Goodwill | 827,047 | 784,042 | |||||||||
| Investments in and advances to partially owned entities | 36,054 | 40,252 | |||||||||
| Other assets | 251,552 | 291,230 | |||||||||
| Total assets | $ | 8,080,936 | $ | 7,735,954 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities | |||||||||||
| Borrowings under revolving line of credit | $ | 364,758 | $ | 255,052 | |||||||
| Accounts payable and accrued expenses | 570,865 | 603,411 | |||||||||
| Senior unsecured notes and term loans – net of deferred financing costs of $16,585 and $13,882 at September 30, 2025 and December 31, 2024, respectively | 3,538,296 | 3,031,462 | |||||||||
| Sale-leaseback financing obligations | 75,924 | 79,001 | |||||||||
| Financing lease obligations | 132,008 | 95,784 | |||||||||
| Operating lease obligations | 177,453 | 219,099 | |||||||||
| Unearned revenues | 23,306 | 21,979 | |||||||||
| Deferred tax liability - net | 119,745 | 115,772 | |||||||||
| Other liabilities | 7,648 | 7,389 | |||||||||
| Total liabilities | 5,010,003 | 4,428,949 | |||||||||
| Equity | |||||||||||
| Stockholders' equity: | |||||||||||
| Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,853,672 and 284,265,041 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 2,848 | 2,842 | |||||||||
| Paid-in capital | 5,660,410 | 5,646,879 | |||||||||
| Accumulated deficit and distributions in excess of net earnings | (2,565,199) | (2,341,654) | |||||||||
| Accumulated other comprehensive loss | (64,804) | (27,279) | |||||||||
| Total stockholders’ equity | 3,033,255 | 3,280,788 | |||||||||
| Noncontrolling interests | 37,678 | 26,217 | |||||||||
| Total equity | 3,070,933 | 3,307,005 | |||||||||
| Total liabilities and equity | $ | 8,080,936 | $ | 7,735,954 | |||||||
| Financial Supplement | Third Quarter 2025 | ||||||||||
| --- | --- | 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, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenues: | |||||||||||
| Rent, storage, and warehouse services | $ | 607,014 | $ | 612,181 | $ | 1,776,441 | $ | 1,810,278 | |||
| Transportation services | 47,843 | 51,764 | 139,933 | 159,254 | |||||||
| Third-party managed services | 8,808 | 10,226 | 27,019 | 30,574 | |||||||
| Total revenues | 663,665 | 674,171 | 1,943,393 | 2,000,106 | |||||||
| Operating expenses: | |||||||||||
| Rent, storage, and warehouse services cost of operations | 412,031 | 413,557 | 1,183,868 | 1,209,992 | |||||||
| Transportation services cost of operations | 40,107 | 43,323 | 116,201 | 130,441 | |||||||
| Third-party managed services cost of operations | 6,499 | 8,073 | 20,792 | 24,136 | |||||||
| Depreciation and amortization | 88,023 | 89,362 | 267,467 | 271,106 | |||||||
| Selling, general, and administrative | 70,982 | 63,663 | 207,124 | 188,542 | |||||||
| Acquisition, cyber incident, and other, net | 29,052 | 26,014 | 77,692 | 44,025 | |||||||
| Impairment of long-lived assets | 77 | 2,953 | 5,303 | 2,953 | |||||||
| Net loss (gain) from sale of real estate | 143 | — | (11,617) | (3,514) | |||||||
| Total operating expenses | 646,914 | 646,945 | 1,866,830 | 1,867,681 | |||||||
| Operating Income | 16,751 | 27,226 | 76,563 | 132,425 | |||||||
| Other (expense) income: | |||||||||||
| Interest expense | (33,931) | (34,255) | (108,293) | (100,865) | |||||||
| Loss on debt extinguishment and termination of derivative instruments | — | (218) | — | (116,082) | |||||||
| Loss from investments in partially owned entities | (41) | (1,037) | (1,739) | (3,020) | |||||||
| Other, net | (477) | 3,723 | 6,594 | 27,872 | |||||||
| Loss before income taxes | (17,698) | (4,561) | (26,875) | (59,670) | |||||||
| Income tax (expense) benefit: | |||||||||||
| Current income tax | (136) | (1,936) | (4,064) | (5,168) | |||||||
| Deferred income tax | 6,385 | 2,764 | 4,567 | 6,498 | |||||||
| Total income tax benefit | 6,249 | 828 | 503 | 1,330 | |||||||
| Net loss | $ | (11,449) | $ | (3,733) | $ | (26,372) | $ | (58,340) | |||
| Net loss attributable to noncontrolling interests | (83) | (4) | (165) | (242) | |||||||
| Net loss attributable to Americold Realty Trust, Inc. | $ | (11,366) | $ | (3,729) | $ | (26,207) | $ | (58,098) | |||
| Weighted average common stock outstanding – basic | 285,898 | 284,861 | 285,622 | 284,729 | |||||||
| Weighted average common stock outstanding – diluted | 285,898 | 284,861 | 285,622 | 284,729 | |||||||
| Net loss per common share - basic | $ | (0.04) | $ | (0.01) | $ | (0.09) | $ | (0.20) | |||
| Net loss per common share - diluted | $ | (0.04) | $ | (0.01) | $ | (0.09) | $ | (0.20) | |||
| Financial Supplement | Third Quarter 2025 | ||||||||||
| --- | --- | Reconciliation of Net 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, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Net loss | $ | (11,449) | $ | (3,733) | $ | (26,372) | $ | (58,340) | |||
| Adjustments: | |||||||||||
| Real estate related depreciation | 54,214 | 56,083 | 165,105 | 168,768 | |||||||
| Net loss (gain) from sale of real estate | 143 | — | (11,617) | (3,514) | |||||||
| Net loss (gain) on real estate related asset disposals | 13 | (27) | 14 | 66 | |||||||
| Impairment charges on certain real estate assets | 77 | 2,953 | 3,816 | 2,953 | |||||||
| Our share of reconciling items related to partially owned entities | 153 | 264 | 647 | 830 | |||||||
| NAREIT FFO | $ | 43,151 | $ | 55,540 | $ | 131,593 | $ | 110,763 | |||
| Adjustments: | |||||||||||
| Net loss (gain) on sale of non-real assets | 119 | (443) | 90 | (1,011) | |||||||
| Acquisition, cyber incident, and other, net | 29,052 | 26,014 | 77,692 | 44,025 | |||||||
| Impairment of long-lived assets (excluding certain real estate assets) | — | — | 1,487 | — | |||||||
| Loss on debt extinguishment and termination of derivative instruments | — | 218 | — | 116,082 | |||||||
| Foreign currency exchange loss (gain) | 647 | 349 | 676 | (10,599) | |||||||
| Gain on legal settlement related to prior period operations | — | — | — | (6,104) | |||||||
| Project Orion and other software related deferred costs amortization | 8,778 | 1,810 | 15,649 | 2,391 | |||||||
| Our share of reconciling items related to partially owned entities | — | 409 | 145 | 689 | |||||||
| Gain from sale of partially owned entity | — | — | (2,420) | — | |||||||
| Core FFO | $ | 81,747 | $ | 83,897 | $ | 224,912 | $ | 256,236 | |||
| Adjustments: | |||||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 1,479 | 1,301 | 4,402 | 3,884 | |||||||
| Amortization of below/above market leases | 367 | 363 | 1,081 | 1,091 | |||||||
| Straight-line rent adjustment | 64 | 321 | 225 | 1,277 | |||||||
| Deferred income tax benefit | (6,385) | (2,764) | (4,567) | (6,498) | |||||||
| Stock-based compensation expense(1) | 5,140 | 6,256 | 18,993 | 18,939 | |||||||
| Non-real estate depreciation and amortization | 33,809 | 33,279 | 102,362 | 102,338 | |||||||
| Maintenance capital expenditures(2) | (15,564) | (22,590) | (47,646) | (63,355) | |||||||
| Our share of reconciling items related to partially owned entities | 24 | 74 | 232 | 535 | |||||||
| Adjusted FFO | $ | 100,681 | $ | 100,137 | $ | 299,994 | $ | 314,447 |
(1)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, 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.
| Financial Supplement | Third Quarter 2025 | | --- | --- || Reconciliation of Net 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, | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | | NAREIT FFO | $ | 43,151 | $ | 55,540 | $ | 131,593 | $ | 110,763 | | Core FFO | $ | 81,747 | $ | 83,897 | $ | 224,912 | $ | 256,236 | | Adjusted FFO | $ | 100,681 | $ | 100,137 | $ | 299,994 | $ | 314,447 | | Reconciliation of weighted average shares: | | | | | | | | | | Weighted average basic shares for net income calculation | 285,898 | | 284,861 | | 285,622 | | 284,729 | | | Dilutive stock options and unvested restricted stock units | 91 | | 617 | | 182 | | 393 | | | Weighted average dilutive shares | 285,989 | | 285,478 | | 285,804 | | 285,122 | | | NAREIT FFO - basic per share | $ | 0.15 | $ | 0.19 | $ | 0.46 | $ | 0.39 | | NAREIT FFO - diluted per share | $ | 0.15 | $ | 0.19 | $ | 0.46 | $ | 0.39 | | Core FFO - basic per share | $ | 0.29 | $ | 0.29 | $ | 0.79 | $ | 0.90 | | Core FFO - diluted per share | $ | 0.29 | $ | 0.29 | $ | 0.79 | $ | 0.90 | | Adjusted FFO - basic per share | $ | 0.35 | $ | 0.35 | $ | 1.05 | $ | 1.10 | | Adjusted FFO - diluted per share | $ | 0.35 | $ | 0.35 | $ | 1.05 | $ | 1.10 | | Financial Supplement | Third Quarter 2025 | | --- | --- || Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (In thousands) | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | | | Nine Months Ended September 30, | | | | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | | Net loss | $ | (11,449) | | $ | (3,733) | | $ | (26,372) | | $ | (58,340) | | | Adjustments: | | | | | | | | | | | | | | Depreciation and amortization | 88,023 | | | 89,362 | | | 267,467 | | | 271,106 | | | | Interest expense | 33,931 | | | 34,255 | | | 108,293 | | | 100,865 | | | | Income tax benefit | (6,249) | | | (828) | | | (503) | | | (1,330) | | | | Net loss (gain) from sale of real estate | 143 | | | — | | | (11,617) | | | (3,514) | | | | Adjustment to reflect share of EBITDAre of partially owned entities | 282 | | | 1,458 | | | 2,774 | | | 4,448 | | | | NAREIT EBITDAre | $ | 104,681 | | $ | 120,514 | | $ | 340,042 | | $ | 313,235 | | | Adjustments: | | | | | | | | | | | | | | Acquisition, cyber incident, and other, net | 29,052 | | | 26,014 | | | 77,692 | | | 44,025 | | | | Loss from investments in partially owned entities | 41 | | | 1,037 | | | 1,739 | | | 3,020 | | | | Impairment of long-lived assets | 77 | | | 2,953 | | | 5,303 | | | 2,953 | | | | Foreign currency exchange loss (gain) | 647 | | | 349 | | | 676 | | | (10,599) | | | | Stock-based compensation expense(1) | 5,140 | | | 6,256 | | | 18,993 | | | 18,939 | | | | Loss on debt extinguishment and termination of derivative instruments | — | | | 218 | | | — | | | 116,082 | | | | Loss (gain) on other asset disposals | 132 | | | (470) | | | 104 | | | (945) | | | | Gain on legal settlement related to prior period operations | — | | | — | | | — | | | (6,104) | | | | Project Orion and other software related deferred costs amortization | 8,778 | | | 1,810 | | | 15,649 | | | 2,391 | | | | Reduction in EBITDAre from partially owned entities | (282) | | | (1,458) | | | (2,774) | | | (4,448) | | | | Gain from sale of partially owned entity | — | | | — | | | (2,420) | | | — | | | | Core EBITDA | $ | 148,266 | | $ | 157,223 | | $ | 455,004 | | $ | 478,549 | | | Total revenues | $ | 663,665 | | $ | 674,171 | | $ | 1,943,393 | | $ | 2,000,106 | | | Core EBITDA margin | 22.3 | | % | 23.3 | | % | 23.4 | | % | 23.9 | | % |
(1)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Acquisition, cyber incident, and other, net.
| Financial Supplement | Third Quarter 2025 | ||||
|---|---|---|---|---|---|
| Debt Detail and Maturities | |||||
| --- | --- | --- | --- | --- | --- |
| As of September 30, 2025 | |||||
| Indebtedness(1): (In thousands) | Carrying Value | Contractual Interest Rate(2) | Effective Interest Rate(3) | Maturity Date(4) | |
| Senior Unsecured Revolving Credit Facility - USD(5) | $ | 52,000 | SOFR + 0.84% | 5.74% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - C$80M(5) | 57,471 | CORRA + 0.84% | 4.35% | 08/2027 | |
| Senior Unsecured Revolving Credit Facility - A$207.5M(5) | 137,190 | BBSW + 0.84% | 5.09% | 08/2027 | |
| Senior Unsecured Revolving Credit Facility - €70.5M(5) | 82,747 | EURIBOR + 0.84% | 3.41% | 08/2027 | |
| Senior Unsecured Revolving Credit Facility - NZ$61M(5) | 35,350 | BKBM + 0.84% | 4.60% | 08/2027 | |
| Senior Unsecured Term Loan A Facility Tranche A-1 - USD(6) | 375,000 | SOFR + 0.94% | 4.49% | 08/2027 | |
| Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M | 179,596 | CORRA + 0.94% | 4.80% | 01/2028 | |
| Senior Unsecured Term Loan A Facility Tranche A-3 - USD | 270,000 | SOFR + 0.94% | 4.28% | 01/2028 | |
| Private Series A Unsecured Notes - USD | 200,000 | 4.68% | 4.77% | 01/2026 | |
| 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 | 469,485 | 1.62% | 1.67% | 01/2031 | |
| Private Series E Unsecured Notes - €350M | 410,800 | 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% | 5.50% | 09/2034 | |
| Total Unsecured Debt | $ | 3,919,639 | 4.00% | 4.15% | 4.6 years |
| Sale-leaseback financing obligations | 75,924 | 10.07% | |||
| Financing lease obligations | 132,008 | 5.09% | |||
| Total Secured Debt | $ | 207,932 | 6.91% | ||
| Total Debt Outstanding | $ | 4,127,571 | 4.15% | ||
| Less: unamortized deferred financing costs | (16,585) | ||||
| Total Book Value of Debt | $ | 4,110,986 | |||
| Rate Type: | September 30, 2025 | % of Total | |||
| --- | --- | --- | --- | ||
| Fixed(7) | $ | 3,762,813 | 91.2% | ||
| Variable-unhedged | 364,758 | 8.8% | |||
| Total Debt Outstanding | $ | 4,127,571 | 100% | ||
| Debt Type: | September 30, 2025 | % of Total | |||
| --- | --- | --- | --- | ||
| Unsecured | $ | 3,919,639 | 95.0% | ||
| Secured | 207,932 | 5.0% | |||
| Total Debt Outstanding | $ | 4,127,571 | 100% | ||
| Capitalization: | September 30, 2025 | ||||
| --- | --- | --- | |||
| Total Debt Outstanding | $ | 4,127,571 | |||
| Less: Cash, cash equivalents and restricted cash | 33,338 | ||||
| Net Debt | $ | 4,094,233 | |||
| Pro forma Core EBITDA - last twelve months(9) | $ | 615,285 | |||
| Net Debt to Pro Forma Core EBITDA | 6.7x | ||||
| Enterprise Value: | September 30, 2025 | ||||
| --- | --- | --- | |||
| Fully Diluted Common Stock(8) | 288,471 | ||||
| Common Stock Share Price | $ | 12.24 | |||
| Market Value of Common Equity | $ | 3,530,885 | |||
| Net Debt | $ | 4,094,233 | |||
| Total Enterprise Value | $ | 7,625,118 |
(1)Borrowing currency and value presented in caption unless USD denominated.
(2)As of September 30, 2025, for the Senior Unsecured Revolving Credit Facility, the adjusted daily SOFR rate was 4.24% (which includes an adjustment of 0.10%), the adjusted daily CORRA rate was 2.85% (which includes an adjustment of 0.30%), the one-month BBSW rate was 3.59%, the one-month EURIBOR rate was 1.91%, and the one-month weighted average BKBM rate was 3.10%. Our Senior Unsecured Term Loan A Facility Tranche A-1 is hedged at a weighted average rate of 4.29%. Our Senior Unsecured Term Loan A Facility Tranche A-2 is hedged at a rate of 4.53%. Our Senior Unsecured Term Loan A Facility Tranche A-3 is hedged at a rate of 4.09%.
(3)All effective interest rates presented include the amortization of deferred financing costs. The $375.0 million Senior Unsecured Term Loan A Facility Tranche A-1, the C$250.0 million Senior Unsecured Term Loan A Facility Tranche A-2, and the $270.0 million Senior Unsecured Term Loan A Facility Tranche A-3 are all based on the hedged rates. The effective interest rate of Total Unsecured Debt is calculated using the weighted average of the stated effective interest rates of the individual borrowings.
(4)Maturity date represents the remaining weighted average life of the debt and assumes the exercise of extension options on the Senior Unsecured Revolving Credit Facility and the Senior Unsecured Term A Facility Loan Tranche A-1 (see below).
(5)The Senior Unsecured Revolving Credit Facility maturity date assumes two six-month extension options past the contractual maturity date of August of 2026. The borrowing capacity as of September 30, 2025 is $1.2 billion less $19.6 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.
(6)The Senior Unsecured Term Loan A Facility Tranche A-1 maturity date assumes two twelve-month extension options past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first of the two available twelve-month extension options, extending the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension option.
(7)The total includes borrowings with a variable interest rate that have been effectively hedged through interest rate swaps.
(8)The fully diluted Common Stock presented herein is unweighted and assumes a payout at target for all unvested performance based awards.
(9)Calculated as Core EBITDA for the last twelve months plus pro forma adjustments of $4.7 million. Pro Forma adjustments consist of (1) inclusion of Core EBITDA from the Houston acquisition for the period from October 1, 2024 to Americold’s acquisition date and (2) exclusion of Core EBITDA for the last twelve months for the sites divested during the nine months ended September 30, 2025.
| Financial Supplement | Third Quarter 2025 |
|---|
Interest Expense & Debt Covenants
| Interest Expense Summary | ||||||
|---|---|---|---|---|---|---|
| (in thousands) | Current Rate(1) | Maturity(2) | Interest Expense for the<br><br>three months ended September 30, 2025 | Interest Expense for the<br><br>nine months ended September 30, 2025 | ||
| Senior Unsecured Revolving Credit Facility | S + 0.84% | 08/2027 | $ | 4,088 | $ | 12,623 |
| Senior Unsecured Term Loan A Facility | S + 0.94% | Various | 8,989 | 26,588 | ||
| Private Placement Notes | Various | Various | 14,343 | 42,666 | ||
| Public 5.600% Notes | 5.60% | 05/2032 | 5,554 | 10,985 | ||
| Public 5.409% Notes | 5.41% | 09/2034 | 6,761 | 20,284 | ||
| Sale-leaseback financing obligations | 10.07% | Various | 1,956 | 6,103 | ||
| Financing lease obligations | 5.09% | Various | 1,380 | 3,600 | ||
| Interest Expense on Total Debt Outstanding | $ | 43,071 | $ | 122,849 | ||
| Capitalized interest | (9,287) | (19,370) | ||||
| Amortization of deferred financing costs | 1,479 | 4,403 | ||||
| Other | (1,332) | 411 | ||||
| Total Interest Expense | $ | 33,931 | $ | 108,293 |
(1)S represents multiple foreign-denominated floating benchmark borrowing rates. Refer to our Debt Details and Maturities section of our quarterly supplement for further details.
(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.
| Debt Covenant Performance for Public Notes as of September 30, 2025 | ||
|---|---|---|
| Required | Result | |
| Maintenance of total unencumbered assets | ≥ 150% | 283% |
| Limitation on total debt | ≤ 60% | 33% |
| Limitation on secured debt | ≤ 40% | 2% |
| Interest coverage test | ≥ 1.5x | 3.6x |
| Financial Supplement | Third Quarter 2025 | |
| --- | --- |
Operations Overview
Global Warehouse Portfolio
During the third quarter of 2025, the Company revised its warehouse categories as follows:
•Production Advantaged: Primarily focused on close proximity to customer harvesting or production locations
•Forward Distribution: Primarily focused on strategic inventory positioning close to end consumers
•Retail Distribution: Primarily focused on retail grocery or food service, such as quick serve restaurant (“QSR”), customers
•Port: Primarily focused on close proximity to port locations
| Financial Supplement | Third Quarter 2025 |
|---|
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, 2025. 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<br><br>of<br><br>Contracts | Annualized<br><br>Committed Rent<br><br>& Storage<br><br>Revenues | % of Total<br><br>Warehouse Segment<br><br>Rent & Storage<br><br>Revenues for the<br><br>twelve months ended<br><br>September 30, 2025 | Total Warehouse Segment Revenues Generated by Customers with Fixed Commitment Contracts & Leases for the twelve months ended September 30, 2025(1) | Annualized<br>Committed Rent<br>& Storage<br>Revenues at<br>Expiration(2) | ||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | |||||||||
| Month-to-Month | 171 | $ | 106,395 | 10.3 | % | $ | 304,678 | $ | 106,395 |
| 2025 | 62 | 25,993 | 2.5 | % | 52,785 | 25,303 | |||
| 2026 | 189 | 185,542 | 18.0 | % | 382,944 | 185,988 | |||
| 2027 | 80 | 70,072 | 6.8 | % | 174,801 | 71,545 | |||
| 2028 | 63 | 79,935 | 7.7 | % | 233,629 | 83,975 | |||
| 2029+ | 52 | 151,141 | 14.7 | % | 367,349 | 160,589 | |||
| Total | 617 | $ | 619,078 | 60.0 | % | $ | 1,516,186 | $ | 633,795 |
(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of September 30, 2025, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended September 30, 2025, multiplied by 12.
(2)Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of September 30, 2025 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.
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, 2025. These leases had a weighted average remaining term of approximately 42 months as of September 30, 2025.
| Lease Expiration Year | No. of<br><br>Leases<br><br>Expiring | Annualized<br><br>Rent(1) | % of Total<br><br>Warehouse Rent &<br><br>Storage Segment<br><br>Revenues for the<br><br>twelve months ended<br><br>September 30, 2025 | Leased<br><br>Square<br><br>Footage | % Leased<br>Square<br>Footage | Annualized<br><br>Rent at<br><br>Expiration(2) | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | ||||||||||
| Month-to-Month | 10 | $ | 1,580 | 0.2 | % | 72 | 1.7 | % | $ | 1,580 |
| 2025 | 18 | 2,201 | 0.2 | % | 163 | 4.0 | % | 2,201 | ||
| 2026 | 49 | 12,585 | 1.2 | % | 861 | 20.9 | % | 12,714 | ||
| 2027 | 21 | 6,069 | 0.6 | % | 473 | 11.5 | % | 6,326 | ||
| 2028 | 26 | 10,501 | 1.0 | % | 1,253 | 30.4 | % | 10,986 | ||
| 2029+ | 24 | 21,768 | 2.1 | % | 1,298 | 31.5 | % | 25,631 | ||
| Total | 148 | $ | 54,704 | 5.3 | % | 4,120 | 100 | % | $ | 59,438 |
(1)Represents monthly rental payments under the relevant leases as of September 30, 2025, multiplied by 12.
(2)Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.
| Financial Supplement | Third Quarter 2025 |
|---|
Capital Expenditures and Repair and Maintenance Expenses
Maintenance Capital Expenditures and Repair and Maintenance Expenses
We utilize a strategic approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and equipment and ensure that our assets meet the “mission-critical” role they serve in the cold chain. The Company assesses its capital expenditure requirements regularly to ensure that it meets maintenance obligations in a timely manner.
Maintenance 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 are 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 of maintenance capital expenditures related to real estate are roof replacements, refrigeration equipment refurbishment, and racking system repairs. Examples of maintenance capital expenditures related to personal property include expenditures on material handling equipment and transportation assets. Examples of maintenance capital expenditures related to information technology include maintenance on existing servers, networking equipment and minor software updates.
Repair and Maintenance Expenses
We incur repair and maintenance expenses that include costs of routine maintenance and repairs that do not materially extend the useful life of the asset and minor replacements with an asset value that are less than a de minimis threshold. These expenditures are included as an operating expense in our statement of operations. Examples of repair and maintenance expenses include ordinary repairs on roofs, racking, refrigeration and material handling equipment.
The following table sets forth our repair and maintenance expenses for the three and nine months ended September 30, 2025 and 2024.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||||||
| (In thousands) | |||||||||||
| Real estate | $ | 11,633 | $ | 10,579 | $ | 32,628 | $ | 35,516 | |||
| Personal property | 19,132 | 22,445 | 60,271 | 57,668 | |||||||
| Total repair and maintenance expenses | $ | 30,765 | $ | 33,024 | $ | 92,899 | $ | 93,184 |
External Growth and Integration Capital Expenditures
External growth and integration capital expenditures refer to investments to expand our operations and enhance market position through mergers and acquisitions. These expenditures typically include costs associated with acquiring new businesses, integrating operational systems, rebranding, and upgrading infrastructure to our standards. Unlike organic growth, which focuses on internal development through existing resources and capabilities, 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. The strategic benefits of the acquisition include the ability to accommodate a significant high-turn retail fixed committed customer.
| Financial Supplement | Third Quarter 2025 |
|---|
Expansion, Development and Organic Capital Expenditures
Expansion, development and organic growth capital expenditures refer to investments to enhance our existing operations and increase storage capacity. Examples of capital expenditures associated with expansion, development and organic growth are warehouse and pallet position expansion, expansion of drop lots, greenfield developments, and purchase of leased facilities.
Customer Attraction and Retention Capital Expenditures
Customer attraction and retention capital expenditures refer to investments that enhance customer engagement, satisfaction, and loyalty to drive revenue growth for new and existing customers and reduce customer churn. These expenditures include replacing existing components of assets before the end of their functional lives, improvements to warehouse configurations to provide a more customer-friendly experience, and improvements to outdoor facades.
Technological Upgrades and Enhancements
Technological upgrades and enhancements refer to investments aimed at improving our technological infrastructure and capabilities to increase efficiency, productivity, and competitiveness. This category includes investments in hardware, software, and systems that automate processes, enhance data analytics, and improve cyber security. This category also includes sustainability initiatives including the installation of LED lighting, solar panels, hydrogen fuel cells, high speed dock doors, and other asset modernization.
The following table sets forth our total capital expenditures for the three and nine months ended September 30, 2025 and 2024.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||
| (In thousands) | ||||||||||
| Maintenance | $ | 15,564 | $ | 22,590 | $ | 47,646 | $ | 63,355 | ||
| External growth and integration | — | — | 108,448 | — | ||||||
| Expansion, development and organic growth | 140,858 | 64,981 | 412,327 | 127,814 | ||||||
| Technological upgrades and enhancements | 3,590 | 4,724 | 13,425 | 8,463 | ||||||
| Total capital expenditures(1) | $ | 160,012 | $ | 92,295 | $ | 581,846 | $ | 199,632 |
(1) Capital expenditures in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 include $32.5 million of costs accrued as of December 31, 2024 and paid during the nine months ended September 30, 2025. Such expenditures exclude $72.9 million of costs accrued during the nine months ended September 30, 2025 that will be paid in a future period.
Capitalized Interest and Other Costs
We incurred capitalized interest of $9.3 million and $4.6 million for the three months ended September 30, 2025 and 2024, respectively, and $19.4 million and $12.1 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the capital expenditures noted in the table above. We also incurred capitalized compensation and travel expense aggregating to $10.4 million and $8.9 million during the three months ended September 30, 2025 and 2024, respectively, and $29.4 million and $19.0 million during the nine months ended September 30, 2025 and 2024, respectively.
| Financial Supplement | Third Quarter 2025 |
|---|
External Growth and Capital Deployment
| Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Project Vintage (Months) | Project Count | Square Feet (In millions) | Cubic Feet<br><br>(In millions) | Pallet<br><br>Positions<br><br>(In thousands) | Cost<br><br>(In millions)(1) | Remaining Spend | LTM NOI (In millions)(4) | Estimated Stabilized NOI (In millions) | Stabilized NOI Achieved(2) | Estimated Stabilized ROIC(3) | ||
| 25-36 | 4 | 1.0 | 27.3 | 84 | $311 | — | $10 | $31 | 32 | % | 10 | % |
| 13-24 | 3 | 0.7 | 28.4 | 93 | 344 | — | 5 | 37 | 14 | % | 11 | % |
| 1-12 | 2 | 0.6 | 28.1 | 59 | 212 | — | (1) | 25 | (4) | % | 12 | % |
| 1-36 | 9 | 2.3 | 83.8 | 236 | $867 | $— | $14 | $93 | 15 | % | 11 | % |
| In Process(5) | 5 | 0.9 | 43.5 | 137 | $243 | $175 | $1 | $50 | 2 | % | 12 | % |
| Total | 14 | 3.2 | 127.3 | 373 | $1,110 | $175 | $15 | $143 | 10 | % | 11 | % |
| Incremental NOI from Expansions, Developments, & Acquisitions | ||||||||||||
| --- | --- | --- | --- | --- | ||||||||
| Estimated Stabilized NOI | LTM NOI Achieved | Incremental NOI | ||||||||||
| $143 | - | $15 | = | $128 | ||||||||
| Completed Projects by Q3 2025 Same Store Pool | ||||||||||||
| --- | --- | --- | ||||||||||
| Project Count | LTM NOI | |||||||||||
| Same Store Warehouse | 5 | $6 | ||||||||||
| Non-Same Store Warehouse | 5 | $9 | ||||||||||
| Total | 10 | $15 |
(1)Cost represents costs incurred as of September 30, 2025, inclusive of capitalized internal labor, travel, and interest.
(2)Percentage of last twelve months net operating income divided by stabilized net operating income
(3)Defined as stabilized net operating income divided by total cost
(4)Defined as last twelve months of revenues less cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative; Acquisition, cyber incident, and other, net, Impairment of long-lived assets, Net loss (gain) from sale of real estate, and all components of Other (expense) income
(5)Includes 4 sites that are in the development and expansion phase that will be added to the non-same store pool when operations commence and 1 facility which we purchased in 2025 that is included in our non-same store pool.
| Financial Supplement | Third Quarter 2025 |
|---|
Other Supplemental Information
Same Store Historical Performance Trend - The following table reflects the actual results of our current same store pool, in USD, for the respective periods.
| (Dollars in thousands)(1) | Q3 25 | Q2 25 | Q1 25 | Q4 24 | Q3 24 | Q2 24 | Q1 24 |
|---|---|---|---|---|---|---|---|
| Number of same store warehouses | 223 | 223 | 223 | 223 | 223 | 223 | 223 |
| Same store revenues: | |||||||
| Rent and storage | 250,591 | 247,212 | 245,196 | 254,226 | 256,287 | 259,427 | 256,771 |
| Warehouse services | 335,933 | 325,882 | 314,823 | 338,351 | 339,542 | 322,446 | 316,492 |
| Total same store revenues | 586,524 | 573,094 | 560,019 | 592,577 | 595,829 | 581,873 | 573,263 |
| Same store cost of operations: | |||||||
| Power | 40,269 | 34,106 | 30,656 | 34,287 | 39,991 | 35,379 | 30,913 |
| Other facilities costs | 56,360 | 57,262 | 57,245 | 56,170 | 61,492 | 56,025 | 56,567 |
| Labor | 243,134 | 237,173 | 234,640 | 243,021 | 245,330 | 235,609 | 235,417 |
| Other services costs | 51,492 | 45,327 | 44,763 | 52,706 | 47,919 | 46,857 | 49,164 |
| Total same store cost of operations | 391,255 | 373,868 | 367,304 | 386,184 | 394,732 | 373,870 | 372,061 |
| Same store contribution (NOI) | 195,269 | 199,226 | 192,715 | 206,393 | 201,097 | 208,003 | 201,202 |
| Same store rent and storage contribution (NOI)(2) | 153,962 | 155,844 | 157,295 | 163,769 | 154,804 | 168,023 | 169,291 |
| Same store services contribution (NOI)(3) | 41,307 | 43,382 | 35,420 | 42,624 | 46,293 | 39,980 | 31,911 |
| Same store margin | 33.3 | 34.8 | 34.4 | 34.8 | 33.8 | 35.7 | 35.1 |
| Same store rent and storage margin(4) | 61.4 | 63.0 | 64.2 | 64.4 | 60.4 | 64.8 | 65.9 |
| Same store services margin(5) | 12.3 | 13.3 | 11.3 | 12.6 | 13.6 | 12.4 | 10.1 |
| Same store rent and storage metrics: | |||||||
| Economic occupancy | |||||||
| Average economic occupied pallets(6) | 3,969 | 3,972 | 4,044 | 4,190 | 4,137 | 4,203 | 4,267 |
| Economic occupancy percentage(6) | 75.5 | 75.5 | 76.6 | 79.3 | 78.3 | 79.6 | 80.8 |
| Same store rent and storage revenues per economic occupied pallet | 63.14 | 62.24 | 60.63 | 60.67 | 61.95 | 61.72 | 60.18 |
| Physical occupancy | |||||||
| Average physical occupied pallets(7) | 3,392 | 3,387 | 3,434 | 3,612 | 3,584 | 3,637 | 3,698 |
| Average physical pallet positions | 5,257 | 5,263 | 5,279 | 5,284 | 5,284 | 5,278 | 5,279 |
| Physical occupancy percentage(7) | 64.5 | 64.4 | 65.1 | 68.4 | 67.8 | 68.9 | 70.1 |
| Same store rent and storage revenues per physical occupied pallet | 73.88 | 72.99 | 71.40 | 70.38 | 71.51 | 71.33 | 69.44 |
| Same store services metrics: | |||||||
| Throughput pallets | 8,708 | 8,577 | 8,561 | 9,047 | 8,999 | 8,819 | 8,815 |
| Same store warehouse services revenues per throughput pallet | 38.58 | 37.99 | 36.77 | 37.40 | 37.73 | 36.56 | 35.90 |
| Total non-same store results: | |||||||
| Non-same store revenues | 20,490 | 20,976 | 15,338 | 13,888 | 16,352 | 18,514 | 24,447 |
| Non-same store cost of operations | 20,776 | 19,197 | 11,468 | 18,854 | 18,825 | 21,986 | 28,518 |
| Non-same store contribution NOI | (286) | 1,779 | 3,870 | (4,966) | (2,473) | (3,472) | (4,071) |
All values are in US Dollars.
(1)Total amounts in the table above and year to date calculations may not calculate exactly due to rounding.
(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.
| Financial Supplement | Third Quarter 2025 |
|---|
Unconsolidated Joint Venture (Investments in Partially Owned Entities)
As of September 30, 2025, 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 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Summary Balance Sheet - at the JV’s 100% share in AED | September 30, 2025 | December 31, 2024 | |||||||||
| (In thousands) | |||||||||||
| Net book value of property, buildings, and equipment | 181,795 | 106,668 | |||||||||
| Other assets | 13,689 | 20,295 | |||||||||
| Total assets | 195,484 | 126,963 | |||||||||
| Debt | 147,596 | 80,915 | |||||||||
| Other liabilities | 19,090 | 16,463 | |||||||||
| Equity | 28,798 | 29,585 | |||||||||
| Total liabilities and equity | 195,484 | 126,963 | |||||||||
| Americold’s ownership percentage | 49 | % | 49 | % | |||||||
| AED/ end of period rate | 0.2723 | 0.2723 | |||||||||
| Americold’s pro rata share of debt at AED/ rate | $ | 19,693 | $ | 10,796 | |||||||
| Nine Months Ended | |||||||||||
| Summary Statement of Operations - at the JV’s 100% share in AED | Q3 24 | Q3 25 | Q3 24 | ||||||||
| (In thousands) | |||||||||||
| Revenues | 5,477 | 23,168 | 12,074 | ||||||||
| Cost of operations | 4,841 | 18,280 | 12,909 | ||||||||
| Depreciation & amortization | 551 | 3,538 | 1,380 | ||||||||
| Total operating expenses | 5,392 | 21,818 | 14,289 | ||||||||
| Operating (loss) income | 85 | 1,350 | (2,215) | ||||||||
| Interest expense | (206) | (2,070) | (615) | ||||||||
| Non-operating expenses | (206) | (2,070) | (615) | ||||||||
| Net loss | (121) | (720) | (2,830) | ||||||||
| Americold’s ownership percentage | % | 49 | % | 49 | % | 49 | % | ||||
| AED/ average rate | 0.2723 | 0.2723 | 0.2723 | ||||||||
| Americold’s pro rata share of NOI in | 207 | $ | 85 | $ | 652 | $ | (111) | ||||
| Americold’s pro rata share of Net loss in | (124) | $ | (16) | $ | (96) | $ | (378) | ||||
| Americold’s pro rata share of Core FFO in | 68 | $ | 48 | $ | 296 | $ | (215) | ||||
| Americold’s pro rata share of Adjusted FFO in | 102 | $ | 55 | $ | 346 | $ | (201) |
All values are in US Dollars.
| Financial Supplement | Third Quarter 2025 |
|---|
Reconciliations, Notes, and Definitions
| Revenues and Contribution (NOI) by Segment | ||||||||
|---|---|---|---|---|---|---|---|---|
| (In thousands) | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Segment revenues: | ||||||||
| Warehouse | $ | 607,014 | $ | 612,181 | $ | 1,776,441 | $ | 1,810,278 |
| Transportation | 47,843 | 51,764 | 139,933 | 159,254 | ||||
| Third-party managed | 8,808 | 10,226 | 27,019 | 30,574 | ||||
| Total revenues | 663,665 | 674,171 | 1,943,393 | 2,000,106 | ||||
| Segment contribution: | ||||||||
| Warehouse | 194,983 | 198,624 | 592,573 | 600,286 | ||||
| Transportation | 7,736 | 8,441 | 23,732 | 28,813 | ||||
| Third-party managed | 2,309 | 2,153 | 6,227 | 6,438 | ||||
| Total segment contribution (NOI) | 205,028 | 209,218 | 622,532 | 635,537 | ||||
| Reconciling items: | ||||||||
| Depreciation and amortization expense | (88,023) | (89,362) | (267,467) | (271,106) | ||||
| Selling, general, and administrative expense | (70,982) | (63,663) | (207,124) | (188,542) | ||||
| Acquisition, cyber incident, and other, net | (29,052) | (26,014) | (77,692) | (44,025) | ||||
| Impairment of long-lived assets | (77) | (2,953) | (5,303) | (2,953) | ||||
| Net (loss) gain from sale of real estate | (143) | — | 11,617 | 3,514 | ||||
| Interest expense | (33,931) | (34,255) | (108,293) | (100,865) | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | (218) | — | (116,082) | ||||
| Loss from investments in partially owned entities | (41) | (1,037) | (1,739) | (3,020) | ||||
| Other, net | (477) | 3,723 | 6,594 | 27,872 | ||||
| Loss before income taxes | $ | (17,698) | $ | (4,561) | $ | (26,875) | $ | (59,670) |
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.
| Financial Supplement | Third Quarter 2025 |
|---|---|
| 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, 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 extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real assets; Acquisition, cyber incident, and other, net; Impairment of long-lived assets (excluding certain real estate assets); Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss (gain); Gain on legal settlement related to prior period operations; Project Orion and other software related 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; 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 loss and Net 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 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 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 loss before Depreciation and amortization; Interest expense; Income tax benefit; Net loss (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; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss (gain) on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Reduction in EBITDAre 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 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 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;<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. | |
| Financial Supplement | Third Quarter 2025 |
| --- | --- |
| 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 and divestitures. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. | |
| --- | |
| NOI is calculated as Net loss before Interest expense, Income tax (expense) benefit:, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of long-lived assets; Net loss (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 long-lived assets, Selling, general, and administrative, Acquisition, cyber incident, and other, net and Net loss (gain) 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 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. |
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C o r p o r a t e D e c k | N o v e m b e r 6 , 2 0 2 5 Unlocking Long-Term Growth through our Infrastructure, Expertise and Partnerships
Disclaimer 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: 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; the impact of supply chain disruptions, including, among others, the impact of labor availability, raw material availability, manufacturing and food production and transportation; uncertainties and risks related to public health crises, adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; general economic conditions; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections or our failure to realize the intended benefits from our acquisitions, including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our acquisitions; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected timeframes, or at all, in respect thereof; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; defaults or non-renewals of significant customer contracts; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs; 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; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including our JV investments; our failure to maintain our status as a Real Estate Investment Trust ("REIT"); possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; geopolitical conflicts, such as the on-going conflict between Russia and Ukraine or a resurgence of conflict in the Middle East; rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; risks related to rising construction costs/ risk related to implementation of the new enterprise resource planning system; risks related to natural disasters; changes in applicable governmental regulations and tax legislation, including in the international markets; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; our relationship with our associates; the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; uninsured losses or losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with the use of third-party trucking service providers to provide transportation services to our customers; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our directors and affect the price of our shares of common stock of beneficial interest, $0.01 par value per share; or the potential dilutive effect of our common stock offerings, including our ongoing at the market program. 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 presentation include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities and statements about industry-wide headwinds. 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 our 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 AFFO, Core EBITDA, Core EBITDA Margin, Pro Forma ("PF") Core EBITDA, NOI and margin, constant currency basis and maintenance capital expenditures. Definitions and reconciliations of these non-GAAP metrics to their most comparable GAAP metrics are included within our quarterly financial supplement for the three and nine months ended September 30, 2025 as filed with the SEC on November 6, 2025. 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. 2
3 Execution-focused and well positioned strategy centered on solutions, operational excellence, and experienced leadership 4 Multiple growth drivers with a capital allocation strategy supported by a blue-chip customer base, unique partnerships, and strong financial profile Americold – A Compelling Growth Opportunity 1 Global leader in the attractive cold storage industry with an integrated network of high-quality, strategically located mission-critical warehouses 3 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems
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Significant Scale & Expertise from 120+ Years of Experience Note: Figures as of September 30, 2025. 235 Warehouses include 3 Managed sites. Figures may not sum due to rounding 5 Significant Scale Global Footprint Cubic Feet / Warehouse Count South America 10M/ 2 North America 1,232M / 189~5.5M Pallet Positions ~13,000 Associates 235 Warehouses ~3,000 Customers Europe 114M / 24~1.4B Cubic Feet of Total Capacity Connectivity Conventional & Automated Presence at Every Major Node Asia Pacific 80M/ 17
Note: Figures as of September 30, 2025. Figures may not sum due to rounding 1) Based on COLD share price of $12.24 as of September 30, 2025 2) Represents share of Revenues and NOI from Same Store Warehouse Segment on a constant currency basis 3) Reconciliations of non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and nine months ended September 30, 2025 as filed with the SEC on November 6, 2025 Financial Highlights $7.6B Total Enterprise Value (1) $615M LTM PF Core EBITDA (3) $3.5B Equity Market Cap (1) $0.23 3Q25 Dividend per Share (1.5)% / (2.8)% 3Q25 Total Same Store Revenue/ Same Store NOI Change (2) Total Segment Contribution NOI Adjusted FFO Financial Performance +40% growth 6 $630M $696M $771M $847M $834M 2021 2022 2023 2024 LTM Q3 25 +34% growth $299M $300M $352M $420M $406M 2021 2022 2023 2024 LTM Q3 25
7 Serving Customers with a Proven End-to- End Operating Model • Focus on designing Solutions that Fit our Customers' Needs • In-house Design Engineering Team • Industry leading experience designing facilities to support every type of Food Producer and Distributor • ~13K Americold associates operating ~235 facilities globally • Proprietary system for facility optimization and continuous improvement – Americold Operating System (AOS) • Industry-leading safety performance, 48% lower TRIR1 vs industry average • Deep experience building Automated and Conventional Warehouses from post- production to last mile distribution • Existing Land Bank of Developable Property and exclusive access through partnerships • ~$1B development pipeline DESIGN OPERATE BUILD 1) Total Recordable Incident Rate, as of December 31, 2024
Americold is Essential to the “Farm to Fork” Cold Chain 8 Production Advantaged Warehouse Forward Distribution Warehouse Retail Distribution Center Restaurant School Hospital Hotel Sports Government ConsumersSupermarket e-Commerce Fulfillment Farm Food Producer Food Service Distribution Center Port
Why Customers Choose Americold Deep Customer Relationships Drive Growth Opportunities Broad and strategically-located network of facilities Comprehensive value-added services, including port support, blast freezing, tempering, labeling, repacking, and order fulfillment/assembly Top 25 Customers Continuous commitment to best-in- class customer experience High standards of quality, reliability, and food safety ensured by climate- controlled infrastructure Commitment to innovation through automation initiatives and strategic partnerships 9 ~38 years average tenure 13 customers are investment grade(2) 90%+ utilize committed contracts/leases ~50% of Warehouse revenues(1) 1) Based on LTM Warehouse revenues as of September 30, 2025 2) Represents long-term issuer rating as of October 2025 Compelling Value Proposition 100% use multiple facilities, average of 17 sites
10 Experienced Management Team Committed to Increasing Shareholder Value Richard Winnall President, International COLD: Joined 2019/Appointed 2024 ~23 years experience Scott Henderson Chief Investment Officer COLD: Joined 2018/Appointed 2023 ~23 years experience Nathan Harwell Chief Legal Officer COLD: Joined & Appointed 2023 ~26 years experience Michael Spires Chief Information Officer COLD: Joined & Appointed 2023 ~24 years experience Bryan Verbarendse President, Americas COLD: Joined 2023/Appointed 2025 ~32 years experience Significant Experience in Real Estate, Third-Party Logistics, Food Manufacturing, and Retail Jay Wells Chief Financial Officer COLD: Joined & Appointed 2024 ~40 years experience Robert Chambers Chief Executive Officer COLD: Joined 2013/Appointed 2025 ~20 years experience
Significant Growth Over the Past 3 Years 11 • Jay Wells appointed CFO • Hiring and retention progress – exceeded $100M productivity target • Project Orion improving 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 • Enhanced executive team with new leaders • Completed and launched 5 automation projects AFFO (in millions) 40% AFFO Growth $1.11 $1.27 $1.47 $300M $352M $420M $406M 2022 2023 2024 LTM Q3 25 $1.11 $1.42 $1.11 $1.47 • Completed Houston acquisition for total investment of $127M • Increased quarterly dividend by 5% • Achieved target of 60% of rent & storage revenue from fixed commitment contracts • Rob Chambers appointed CEO Reconciliations of non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and nine months ended September 30, 2025 as filed with the SEC on November 6, 2025 $1.27
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13 Unique Value Proposition Driven by Unparalleled Expertise and Scalable Infrastructure Strategic Partnerships providing unique growth opportunities exclusive to Americold Scalable Infrastructure Conventional & Automated capabilities at all nodes of the supply chain Advanced Operating System ensures best practices across entire warehouse network Leveraging Technology to drive efficiency and productivity gains
Scalable Infrastructure with Access to All Major U.S. Markets 14 82% owned network of high- quality, strategically located warehouses Mix of conventional and automated solutions to efficiently meet customer needs on every node of the cold storage chain Typical delivery in 2 days or less with ability to reach 99% of US population • 5 Regional consolidation centers • Network wide shuttles for national order fulfillment • Multi-vendor consolidation
Americold’s Critical Infrastructure at Every Node % of total warehouse revenue for the trailing twelve months ended September 30, 2025 15 48% 14% 25% Forward Distribution § Multi-tenanted mixing facilities § Located near large population centers § Fewer fixed commitment agreements § Multiple customers served Retail Distribution Center § Single tenanted § Long-term fixed commitment agreements § High-turning and operationally intense § Largely insourced today Ports § Multiple tenants § Few fixed commitment agreements § High-turning § Leverage strategic partnerships Production Advantaged § Single tenanted § Long-term fixed commitment agreements § Requires deep customer relationships § Located in geographically rural areas close to harvests 41.0 26.0% 21.0% 12.0%
Partner Since Core Operating Expertise Enhanced by Best-in-Class Partnerships Operational Partners 16 • CPKC – First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US utilizing intermodal, bypassing customs (Kansas City - Opened Q2 2025). • DP World – First-of-its-kind Import/Export Hub for local and transload volume in Port Jebel Ali (Dubai, UAE - Opened Q2 2025). • CPKC + DP World – First-of-its-kind Import/Export Hub in Port Saint John (Canada - Opening Q3 2026) Highlights • US service to/from Mexico with CPKC out of Kansas City bypasses truck congestion at border, reducing transit time by approximately one day and reducing total cost • Port Jebel Ali (UAE) Import/Export Hub with DP World is the first to offer both bonded & non-bonded service and enables global food Producers to connect directly with regional Retailers and Distributors • Port Saint John (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 Key Benefits Top five global port operator 2022 One of NA’s largest railroad companies 2023
Advanced Operating Systems and Warehouse Management Expertise Americold Operating System ensures best practices across entire network 17 Customer Focus Labor Optimization Continuous Improvement Safety Talent Stewardship Food Safety Asset Protection Inventory Management Energy Excellence Refrigeration Excellence Advanced Integrated Systems Maintenance Excellence AOS distinguishes us from our competitors and is central to our continuous improvement culture • Delivering standardized procedures • Driving collaborative innovation • Improving service • Optimizing value
Technology Differentiation: Improving Efficiency and Lowering Cost 18 Native 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 415+ Identified Gen AI Use Cases Leveraging embedded AI with tech partners
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Industry-Wide Headwinds Largely Transitory 20 However, pricing and occupancy challenges likely to continue through 2026 • Elevated interest rates impacting consumer income and manufacturer working capital • Food inflation is outsized, highest percentage of lower-income household budgets in 40 years • Tariff uncertainty creating indirect impacts to consumer & manufacturer confidence • Government benefit reductions as SNAP funding cut ~20% through 2034 • Over 3M pallet positions of cold storage capacity added in the US from 2022-2025 • GLP-1 adoption in early stages, but lower consumption is a likely headwind
Long-Term Industry Fundamentals Driving Resiliency • Changing consumption patterns towards meal kits and fresh and healthy food • Rising e-commerce and online grocery demand driving need for efficient delivery systems to consumers • Reshoring of essential sectors including food production increases need for cold storage in supply chains • Enhanced automation to increase efficiency and capacity • Sustainability focus prompts initiatives to cut carbon emissions and enhance energy efficiency 21 Key Trends in the Cold Storage Space
22 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,240M cubic feet 191 facilities 1,443M cubic feet1 235 facilities Note: Americold portfolio figures as of September 30, 2025. Figures may not sum due to rounding 1) Figures do not include Americold’s Middle Eastern investment in the RSA JV 2) The remaining 43% and 78% of the North American and global markets consist of ~3.0bn cubic feet and ~19.9bn cubic feet, respectively A Global Leader in Highly Fragmented Market Global Market Americold¹, 6% Rest of the Market², 78% North American Market Americold, 18% Rest of the Market², 43%
Focused Strategy to Capture the Multiple Growth Drivers Solutions That Fit Needs Operational Excellence Capabilities Leadership Commercial Excellence Provider of Choice Technology EnablementEmployer of Choice • Expand wallet share and service offerings through strategic account management and consultative selling approach • Innovation into diversified higher revenue categories • Increase growth and improve margins with a best-in-class commercial toolset to drive above average close, renewal and value metrics • Continuous improvements in processes and service to deliver the highest Total Value Proposition to our customers • Consistently delivering on our promise of on-time/in-full • Drive operational excellence with labor management and relentless focus to provide efficient and effective service to our customers. • Innovate to integrate proven technology that drives the performance and efficiency of our facilities • Attract, develop and retain the best talent • Recognize and reward associates who contribute to innovative ideas and projects • Foster a culture of customer service, safety, excellence, and inclusivity • Modernize systems to enhance customer experience and internal productivity • Create new innovation by utilizing AI’s latest capabilities to drive efficiencies within our company 23 Our Commitments How We Win
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Strong Same-Store Warehouse Revenue and NOI Growth 25 Note: Revenues represent LTM figures. Dollars in millions 1) Based on the annual committed rent and storage revenues attributable to fixed storage commitment contracts and leases as of September 30, 2025 2) Represents weighted average term for contracts featuring fixed storage commitments and leases as of September 30, 2025 Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and nine months ended September 30, 2025 as filed with the SEC on November 6, 2025 • Significant improvement in transitioning from on demand contracts to fixed storage committed contracts and leases since 2021 • Fixed storage contracts for the total warehouse segment increased by 127% since 2021 and now account for: • 60% of total warehouse rent and storage revenues (from 39% in 2021)(1) • 8-year weighted average stated term(2) • Our network’s scope and breadth has allowed us to enter into fixed storage commitments • Opportunity to further improve performance as we integrate recent acquisitions into Americold's standards • Growth in Warehouse NOI from both Rent & Storage and Warehouse Services Same-Store Warehouse Revenue Same-Store Warehouse NOI Contribution (NOI) Margin: 34.2% Same-Store Warehouse services Same-Store Rent & storage $1,464M $2,014M $2,258M $2,342M $2,321M $615M $862M $1,025M $1,019M $1,001M $849M $1,152M $1,233M $1,323M $1,320M 2021 2022 2023 2024 LTM Q3 25 +60% growth $478M $600M $709M $807M $793M $404M $540M $665M $635M $628M $74M $60M $44M $172M $165M 2021 2022 2023 2024 LTM Q3 25 31.4% 29.8%32.6% +69% growth 34.5%
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 26 Core EBITDA ($M) and Margin (%) 17.5% 17.1% 34% growth • 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% 17.1% 21.4% 23.8% $475M $500M $572M $634M $611M 2021 2022 2023 2024 LTM Q3 25 17.5% 21.4% 23.4%17.1% 23.8% Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and nine months ended September 30, 2025 as filed with the SEC on November 6, 2025
Well-Laddered Maturity Profile Note: Dollars in millions. Figures based on company filings as of September 30, 2025. 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) Term Loan maturity date assumes the exercise of one 12-month extension options 3) Figure reflects cash and the capacity available under the Senior Unsecured Revolving Credit Facility less $20M in letter of credit 27 Real Estate Debt Maturity (1)(2) % of Debt Maturity *Senior Unsecured Revolver Borrowings • Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 (Moody’s) • Total liquidity of $799M(3) with $766M available in undrawn credit facility • Total debt of $4 billion at September 30, 2025 with 95% unsecured and 91% fixed rate • Well-laddered maturity profile with a remaining weighted average term of 4.6 years • Weighted average contractual interest rate of 4.15% as of September 30, 2025 • $10B+ in critical cold storage infrastructure that is difficult to replicate $200 $375 $270 $400 $350 $469 $400 $411 $500 $0 $365* $180 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Disciplined Capital Allocation Strategy Focused on Driving Growth and Generating Shareholder Value Organic Reinvestment in the Business Returning Capital to Shareholders Opportunistic and Disciplined M&A • Grow annualized dividend per share • Growth and expansion through acquisitions of desirable assets • Accretive to AFFO per share on Day 1 • Strategic maintenance capital deployment • Investing in accretive development projects with CPKC and DP World • Capacity expansion and customer specific builds Maintain Healthy Balance Sheet 1 42 3 • Maintain Investment Grade rating • Access to multiple sources of capital 28 Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and nine months ended September 30, 2025 as filed with the SEC on November 6, 2025
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 213 facilities • 9.48% reduction in Scope 1 and 2 emissions from 2021, with an ultimate goal of 30% in 2030 • 24k MWh of renewable energy produced in 2024, with a goal of 150k hours in 2030 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 • $150K of financial assistance provided by the Americold Foundation to 79 associates in 2024 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 29
30 2025 Guidance(1) November 6, 2025 Warehouse segment same store revenue growth (constant currency) (4.0)%-0.0% Warehouse segment same store NOI growth (constant currency) 50 to 100 bps lower than associated revenues Warehouse segment non-same store NOI $7M-$13M Warehouse segment same store rent and storage revenue per economic occupied pallet (constant currency) 1.0% - 2.0% Warehouse segment same store services revenue per throughput pallet (constant currency) 1.0% - 2.0% Transportation and Management segment NOI $40M-$44M Total selling – general and administrative expense (inclusive of share-based compensation expense of $23M-$25M and $14M-$16M of Orion amortization) $270M-$280M Interest Expense $145M-$149M Current income tax expense $6M-$8M Non real estate depreciation and amortization expense $139M-$149M Total maintenance capital expenditures $60M-$70M AFFO Per Share $1.39-$1.45 Disciplined Approach with Emphasis on AFFO (1) Guidance updated as of November 6, 2025 Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and nine months ended September 30, 2025 as filed with the SEC on November 6, 2025
3 Execution-focused and well positioned strategy centered on solutions, operational excellence, and experienced leadership 4 Multiple growth drivers with a capital allocation strategy supported by a blue-chip customer base, unique partnerships, and strong financial profile Americold – A Compelling Growth Opportunity 1 Global leader in the attractive cold storage industry with an integrated network of high-quality, strategically located mission-critical warehouses 31 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems