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) February 20, 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 February 20, 2025, Americold Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and year ended December 31, 2024. 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, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 7.01 — Regulation FD Disclosure.
The Company is providing this presentation to be used in investor meetings. A copy of this presentation is available on the Company’s website and is attached hereto as Exhibit 99.3 and incorporated herein by reference.
The information set forth in Item 2.02 is incorporated by reference into this Item 7.01. The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the 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, 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 February 20, 2025 for the fourth quarter and year ended December 31, 2024. |
| 99.2 | Supplemental Information Package for the fourth quarter and year ended December 31, 2024. |
| 99.3 | Investor Presentation Materials posted February 20, 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: February 20, 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 FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Achieved Double Digit Adjusted FFO per share Growth for Full Year 2024
Delivered $125 million of Incremental Full Year Same Store Warehouse Services NOI
Announced New $79 million State-of-the-Art Facility Development with Strategic Partners
Announces $34 million Customer-Driven Expansion in Christchurch, NZ
Atlanta, GA, February 20, 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 fourth quarter and full year ended December 31, 2024.
George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “Throughout 2024 we made significant progress on several productivity, efficiency and development initiatives that allowed us to deliver strong full-year results, including 11.4% growth in Global Warehouse Same Store NOI and 16% growth in Adjusted FFO per share. In addition, we are especially pleased with the progress we made on improving warehouse services margins throughout the year. Less than two years ago, we communicated our goal to increase same store handling NOI by $100 million, and we surpassed that goal in 2024 with a $125 million year-over-year improvement.”
“We are also strategically deploying capital across the business and announced three new projects during 2024 in Kansas City, Dallas Fort Worth, and Sydney, Australia. Subsequent to year end, we also announced an exciting $79 million development in Port Saint John, Canada with our strategic partners DP World and CPKC, and today we are announcing a $34 million expansion in Christchurch, New Zealand dedicated to one of the country’s largest grocers. We are enthusiastic about these low risk expansions, as well as future opportunities from these innovative partnerships, all of which will create significant long-term shareholder value.”
“As we turn our focus to 2025, we are continuing to make targeted investments across the business that position us for future growth, while also enhancing our proven ability to perform in various macroeconomic environments. I want to thank our entire team for their hard work and dedication, and I believe Americold is well positioned for the eventual return of consumer demand.”
Fourth Quarter 2024 Highlights
•Total revenues of $666.4 million, a 1.9% change from $679.3 million in Q4 2023 and a change of 0.8% on a constant currency basis.
•Net loss of $36.4 million, or $0.13 loss per diluted common share, an 84.0% increase from an $0.80 net loss per diluted common share in Q4 2023.
•Global Warehouse segment same store revenues decreased 0.5% on an actual basis and increased 0.6% on a constant currency basis as compared to Q4 2023.
•Global Warehouse same store services margin increased to 13.2% from 6.3% in Q4 2023.
•Global Warehouse segment same store NOI increased 4.9%, or 5.9% on a constant currency basis as compared to Q4 2023.
•Adjusted FFO of $105.9 million, or $0.37 per diluted common share, a 2.1% decrease from Q4 2023 Adjusted FFO per diluted common share.
•Core EBITDA of $155.6 million, decreased $4.7 million, or 2.9% from $160.3 million in Q4 2023.
•Core EBITDA margin of 23.3%, decreased 25 basis points from 23.6% in Q4 2023.
Full Year to Date 2024 Highlights
•Total revenues of $2.7 billion, a 0.3% change from 2023 and an increase of 1.2% on a constant currency basis.
•Net loss of $94.7 million, or $0.33 loss per diluted common share, a 71.8% increase from a $1.18 net loss per diluted common share from continuing operations in 2023.
•Global Warehouse segment same store revenues increased 1.0% on an actual basis and increased 2.4% on a constant currency basis as compared to 2023.
•Global Warehouse segment same store NOI increased 9.9%, or 11.4% on a constant currency basis as compared to 2023.
•Global Warehouse same store services margin increased to 13.0% from 3.8% in 2023.
•Adjusted FFO of $420.4 million, or $1.47 per diluted common share, an increase of 15.9% from 2023 Adjusted FFO per diluted common share.
•Core EBITDA of $634.1 million, increased $62.1 million, or 10.8% from $572.1 million in 2023.
•Core EBITDA margin of 23.8%, increased 238 basis points from 21.4% in 2023.
2025 Outlook
The table below includes the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.
| As of | |
|---|---|
| February 20, 2025 | |
| Warehouse segment same store revenues growth (constant currency) | 2.0% - 4.0% |
| Warehouse segment same store NOI growth (constant currency) | 200 bps higher than associated revenues |
| Warehouse segment non-same store NOI | $0M - $7M |
| Transportation and Third-Party Managed segment NOI | $44M - $48M |
| Total selling, general and administrative expense (inclusive of share-based compensation expense of $27.5M - $29.5M and $13.0M - $15.0M of Project Orion amortization) | $280M - $289M |
| Interest expense | $145M - $150M |
| Current income tax expense | $8M - $10M |
| Non real estate depreciation and amortization expense | $139M - $149M |
| Total maintenance capital expenditures | $82M - $88M |
| Development starts(1) | $200M - $300M |
| Adjusted FFO per share | $1.51 - $1.59 |
(1)Represents the aggregate invested capital for initiated development opportunities.
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, February 20, 2025 at 8:00 a.m. Eastern Time to discuss its fourth quarter and full year 2024 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#13750638. The telephone replay will be available starting shortly after the call until March 6, 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.
Fourth Quarter 2024 Total Company Financial Results
Total revenues for the fourth quarter of 2024 were $666.4 million, a 1.9% decrease from $679.3 million in the same quarter of the prior year, primarily due to a 13.8% decrease in transportation services revenue and related volumes (12.2% decrease on a constant currency basis), coupled with lower volumes in the warehouse segment. These decreases were partially offset by annual rate increases in the normal course of operations.
Total NOI for the fourth quarter of 2024 was $211.2 million, an increase of 0.6% (1.7% increase on a constant currency basis) from the same quarter of the prior year. This increase is primarily related to a 2.4% decrease (1.4% decrease on a constant currency basis) in rent, storage, and warehouse services cost of operations, which is substantially due to an increased focus on workforce performance, operational efficiency, and retention.
For the fourth quarter of 2024, the Company reported a net loss of $36.4 million, or $0.13 loss per diluted share, compared to a net loss of $226.8 million, or $0.80 loss per diluted share, for the comparable quarter of the prior year. This is primarily due to a goodwill impairment charge recognized during fourth quarter of 2023 of $236.5 million.
Core EBITDA was $155.6 million for the fourth quarter of 2024, compared to $160.3 million for the comparable quarter of the prior year. This decrease (2.9% on an actual basis and 2.2% on a constant currency basis) was primarily driven by higher software related costs from the implementation of Project Orion, and increased spending on information security related investments, which is recognized within selling, general, and administrative costs. The overall decrease in Core EBITDA is partially offset by a 0.6% increase in NOI, further described above.
For the fourth quarter of 2024, Core FFO was $88.6 million, or $0.31 per diluted share, compared to $84.8 million, or $0.30 per diluted share, for the fourth quarter of 2023.
For the fourth quarter of 2024, Adjusted FFO was $105.9 million, or $0.37 per diluted share, compared to $108.0 million, or $0.38 per diluted share, for the fourth quarter of 2023.
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.
Fourth Quarter 2024 Global Warehouse Segment Results
The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three months and years ended December 31, 2024 and 2023.
| Three Months Ended December 31, | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dollars and units in thousands, except per pallet data | 2024 Actual | 2024 Constant Currency(1) | 2023 Actual | Actual | Constant Currency | ||||||||
| TOTAL WAREHOUSE SEGMENT | |||||||||||||
| Global Warehouse revenues: | |||||||||||||
| Rent and storage | $ | 259,889 | $ | 263,621 | $ | 276,641 | (6.1) | % | (4.7) | % | |||
| Warehouse services | 346,576 | 349,077 | 335,621 | 3.3 | % | 4.0 | % | ||||||
| Total revenues | $ | 606,465 | $ | 612,698 | $ | 612,262 | (0.9) | % | 0.1 | % | |||
| Global Warehouse cost of operations: | |||||||||||||
| Power | 35,271 | 35,967 | 33,999 | 3.7 | % | 5.8 | % | ||||||
| Other facilities costs(2) | 61,720 | 62,784 | 64,168 | (3.8) | % | (2.2) | % | ||||||
| Labor | 251,486 | 253,282 | 252,853 | (0.5) | % | 0.2 | % | ||||||
| Other services costs(3) | 56,561 | 57,161 | 64,140 | (11.8) | % | (10.9) | % | ||||||
| Total warehouse segment cost of operations | $ | 405,038 | $ | 409,194 | $ | 415,160 | (2.4) | % | (1.4) | % | |||
| Global Warehouse contribution (NOI) | $ | 201,427 | $ | 203,504 | $ | 197,102 | 2.2 | % | 3.2 | % | |||
| Rent and storage contribution (NOI)(4) | $ | 162,898 | $ | 164,870 | $ | 178,474 | (8.7) | % | (7.6) | % | |||
| Services contribution (NOI)(5) | $ | 38,529 | $ | 38,634 | $ | 18,628 | 106.8 | % | 107.4 | % | |||
| Global Warehouse margin | 33.2 | % | 33.2 | % | 32.2 | % | 102 bps | 102 bps | |||||
| Rent and storage margin(6) | 62.7 | % | 62.5 | % | 64.5 | % | -183 bps | -197 bps | |||||
| Warehouse services margin(7) | 11.1 | % | 11.1 | % | 5.6 | % | 557 bps | 552 bps | |||||
| Global Warehouse rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(8) | 4,272 | n/a | 4,541 | (5.9) | % | n/a | |||||||
| Average physical occupied pallets(9) | 3,693 | n/a | 4,041 | (8.6) | % | n/a | |||||||
| Average physical pallet positions | 5,517 | n/a | 5,493 | 0.4 | % | n/a | |||||||
| Economic occupancy percentage(8) | 77.4 | % | n/a | 82.7 | % | -524 bps | n/a | ||||||
| Physical occupancy percentage(9) | 66.9 | % | n/a | 73.6 | % | -663 bps | n/a | ||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 60.84 | $ | 61.71 | $ | 60.92 | (0.1) | % | 1.3 | % | |||
| Total rent and storage revenues per average physical occupied pallet | $ | 70.37 | $ | 71.38 | $ | 68.46 | 2.8 | % | 4.3 | % | |||
| Global Warehouse services metrics: | |||||||||||||
| Throughput pallets | 9,234 | n/a | 9,384 | (1.6) | % | n/a | |||||||
| Total warehouse services revenues per throughput pallet | $ | 37.53 | $ | 37.80 | $ | 35.77 | 4.9 | % | 5.7 | % |
(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 $9.0 million and $9.3 million for the three months ended December 31, 2024 and 2023, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.8 million and $3.3 million for the three months ended December 31, 2024 and 2023, 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 December 31, | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dollars and units in thousands, except per pallet data | 2024 Actual | 2024 Constant Currency(1) | 2023 Actual | Actual | Constant Currency | ||||||||
| SAME STORE WAREHOUSE | |||||||||||||
| Number of same store warehouses | 226 | 226 | |||||||||||
| Same store revenues: | |||||||||||||
| Rent and storage | $ | 251,090 | $ | 254,792 | $ | 263,932 | (4.9) | % | (3.5) | % | |||
| Warehouse services | 337,628 | 340,124 | 327,606 | 3.1 | % | 3.8 | % | ||||||
| Total same store revenues | $ | 588,718 | $ | 594,916 | $ | 591,538 | (0.5) | % | 0.6 | % | |||
| Same store cost of operations: | |||||||||||||
| Power | 34,680 | 35,376 | 31,529 | 10.0 | % | 12.2 | % | ||||||
| Other facilities costs | 59,192 | 60,253 | 60,569 | (2.3) | % | (0.5) | % | ||||||
| Labor | 240,007 | 241,799 | 244,348 | (1.8) | % | (1.0) | % | ||||||
| Other services costs | 53,131 | 53,732 | 62,731 | (15.3) | % | (14.3) | % | ||||||
| Total same store cost of operations | $ | 387,010 | $ | 391,160 | $ | 399,177 | (3.0) | % | (2.0) | % | |||
| Same store contribution (NOI) | $ | 201,708 | $ | 203,756 | $ | 192,361 | 4.9 | % | 5.9 | % | |||
| Same store rent and storage contribution (NOI)(2) | $ | 157,218 | $ | 159,163 | $ | 171,834 | (8.5) | % | (7.4) | % | |||
| Same store services contribution (NOI)(3) | $ | 44,490 | $ | 44,593 | $ | 20,527 | 116.7 | % | 117.2 | % | |||
| Same store margin | 34.3 | % | 34.2 | % | 32.5 | % | 174 bps | 173 bps | |||||
| Same store rent and storage margin(4) | 62.6 | % | 62.5 | % | 65.1 | % | -249 bps | -264 bps | |||||
| Same store services margin(5) | 13.2 | % | 13.1 | % | 6.3 | % | 691 bps | 685 bps | |||||
| Same store rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(6) | 4,128 | n/a | 4,397 | (6.1) | % | n/a | |||||||
| Average physical occupied pallets(7) | 3,572 | n/a | 3,919 | (8.9) | % | n/a | |||||||
| Average physical pallet positions | 5,250 | n/a | 5,235 | 0.3 | % | n/a | |||||||
| Economic occupancy percentage(6) | 78.6 | % | n/a | 84.0 | % | -536 bps | n/a | ||||||
| Physical occupancy percentage(7) | 68.0 | % | n/a | 74.9 | % | -682 bps | n/a | ||||||
| Same store rent and storage revenues per average economic occupied pallet | $ | 60.83 | $ | 61.72 | $ | 60.03 | 1.3 | % | 2.8 | % | |||
| Same store rent and storage revenues per average physical occupied pallet | $ | 70.29 | $ | 71.33 | $ | 67.35 | 4.4 | % | 5.9 | % | |||
| Same store services metrics: | |||||||||||||
| Throughput pallets | 8,894 | n/a | 9,043 | (1.6) | % | n/a | |||||||
| Same store warehouse services revenues per throughput pallet | $ | 37.96 | $ | 38.24 | $ | 36.23 | 4.8 | % | 5.6 | % |
(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 December 31, | Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dollars and units in thousands, except per pallet data | 2024 Actual | 2024 Constant Currency(1) | 2023 Actual | Actual | Constant Currency | |||||
| NON-SAME STORE WAREHOUSE | ||||||||||
| Number of non-same store warehouses(2) | 9 | 12 | ||||||||
| Non-same store revenues: | ||||||||||
| Rent and storage | $ | 8,799 | $ | 8,829 | $ | 12,709 | n/r | n/r | ||
| Warehouse services | 8,948 | 8,953 | 8,015 | n/r | n/r | |||||
| Total non-same store revenues | $ | 17,747 | $ | 17,782 | $ | 20,724 | n/r | n/r | ||
| Non-same store cost of operations: | ||||||||||
| Power | 591 | 591 | 2,470 | n/r | n/r | |||||
| Other facilities costs | 2,528 | 2,531 | 3,599 | n/r | n/r | |||||
| Labor | 11,479 | 11,483 | 8,505 | n/r | n/r | |||||
| Other services costs | 3,430 | 3,429 | 1,409 | n/r | n/r | |||||
| Total non-same store cost of operations | $ | 18,028 | $ | 18,034 | $ | 15,983 | n/r | n/r | ||
| Non-same store contribution (NOI) | $ | (281) | $ | (252) | $ | 4,741 | n/r | n/r | ||
| Non-same store rent and storage contribution (NOI)(3) | $ | 5,680 | $ | 5,707 | $ | 6,640 | n/r | n/r | ||
| Non-same store services contribution (NOI)(4) | $ | (5,961) | $ | (5,959) | $ | (1,899) | n/r | n/r | ||
| Non-same store rent and storage metrics: | ||||||||||
| Average economic occupied pallets(5) | 144 | n/a | 144 | n/r | n/a | |||||
| Average physical occupied pallets(6) | 121 | n/a | 122 | n/r | n/a | |||||
| Average physical pallet positions | 267 | n/a | 258 | n/r | n/a | |||||
| Economic occupancy percentage(5) | 53.9 | % | n/a | 55.8 | % | n/r | n/a | |||
| Physical occupancy percentage(6) | 45.3 | % | n/a | 47.3 | % | n/r | n/a | |||
| Non-same store rent and storage revenues per average economic occupied pallet | $ | 61.10 | $ | 61.31 | $ | 88.26 | n/r | n/r | ||
| Non-same store rent and storage revenues per average physical occupied pallet | $ | 72.72 | $ | 72.97 | $ | 104.17 | n/r | n/r | ||
| Non-same store services metrics: | ||||||||||
| Throughput pallets | 340 | n/a | 341 | n/r | n/a | |||||
| Non-same store warehouse services revenues per throughput pallet | $ | 26.32 | $ | 26.33 | $ | 23.50 | 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)The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, there are 6 sites in the development and expansion phase that will be added to the non - same store pool when operations commence.
(3)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(5)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
| Years Ended December 31, | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dollars and units in thousands, except per pallet data | 2024 Actual | 2024 Constant Currency(1) | 2023 Actual | Actual | Constant Currency | ||||||||
| TOTAL WAREHOUSE SEGMENT | |||||||||||||
| Global Warehouse revenues: | |||||||||||||
| Rent and storage | $ | 1,059,508 | $ | 1,078,900 | $ | 1,101,741 | (3.8) | % | (2.1) | % | |||
| Warehouse services | 1,357,235 | 1,370,974 | 1,289,348 | 5.3 | % | 6.3 | % | ||||||
| Total revenues | $ | 2,416,743 | $ | 2,449,874 | $ | 2,391,089 | 1.1 | % | 2.5 | % | |||
| Global Warehouse cost of operations: | |||||||||||||
| Power | 147,453 | 151,196 | 147,750 | (0.2) | % | 2.3 | % | ||||||
| Other facilities costs(2) | 256,910 | 262,127 | 247,743 | 3.7 | % | 5.8 | % | ||||||
| Labor | 998,543 | 1,007,972 | 1,023,806 | (2.5) | % | (1.5) | % | ||||||
| Other services costs(3) | 212,124 | 215,995 | 249,187 | (14.9) | % | (13.3) | % | ||||||
| Total warehouse cost of operations | $ | 1,615,030 | $ | 1,637,290 | $ | 1,668,486 | (3.2) | % | (1.9) | % | |||
| Global Warehouse contribution (NOI) | $ | 801,713 | $ | 812,584 | $ | 722,603 | 10.9 | % | 12.5 | % | |||
| Rent and storage contribution (NOI)(4) | $ | 655,145 | $ | 665,577 | $ | 706,248 | (7.2) | % | (5.8) | % | |||
| Services contribution (NOI)(5) | $ | 146,568 | $ | 147,007 | $ | 16,355 | 796.2 | % | 798.9 | % | |||
| Global Warehouse margin | 33.2 | % | 33.2 | % | 30.2 | % | 295 bps | 295 bps | |||||
| Rent and storage margin(6) | 61.8 | % | 61.7 | % | 64.1 | % | -227 bps | -241 bps | |||||
| Services margin(7) | 10.8 | % | 10.7 | % | 1.3 | % | 953 bps | 945 bps | |||||
| Global Warehouse rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(8) | 4,304 | n/a | 4,546 | (5.3) | % | n/a | |||||||
| Average physical occupied pallets(9) | 3,731 | n/a | 4,120 | (9.4) | % | n/a | |||||||
| Average physical pallet positions | 5,523 | n/a | 5,442 | 1.5 | % | n/a | |||||||
| Economic occupancy percentage(8) | 77.9 | % | n/a | 83.5 | % | -561 bps | n/a | ||||||
| Physical occupancy percentage(9) | 67.6 | % | n/a | 75.7 | % | -815 bps | n/a | ||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 246.17 | $ | 250.67 | $ | 242.35 | 1.6 | % | 3.4 | % | |||
| Total rent and storage revenues per average physical occupied pallet | $ | 283.97 | $ | 289.17 | $ | 267.41 | 6.2 | % | 8.1 | % | |||
| Global Warehouse services metrics: | |||||||||||||
| Throughput pallets | 36,509 | n/a | 37,524 | (2.7) | % | n/a | |||||||
| Total warehouse services revenues per throughput pallet | $ | 37.18 | $ | 37.55 | $ | 34.36 | 8.2 | % | 9.3 | % |
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Includes real estate rent expense of $35.9 million and $37.5 million for the years ended December 31, 2024 and 2023, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $12.3 million and $14.3 million for the years ended December 31, 2024 and 2023, 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)
| Years Ended December 31, | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dollars and units in thousands, except per pallet data | 2024 Actual | 2024 Constant Currency(1) | 2023 Actual | Actual | Constant Currency | ||||||||
| SAME STORE WAREHOUSE | |||||||||||||
| Number of same store warehouses | 226 | 226 | |||||||||||
| Same store revenues: | |||||||||||||
| Rent and storage | $ | 1,019,217 | $ | 1,038,552 | $ | 1,059,062 | (3.8) | % | (1.9) | % | |||
| Warehouse services | 1,323,458 | 1,337,122 | 1,260,770 | 5.0 | % | 6.1 | % | ||||||
| Total same store revenues | $ | 2,342,675 | $ | 2,375,674 | $ | 2,319,832 | 1.0 | % | 2.4 | % | |||
| Same store cost of operations: | |||||||||||||
| Power | 141,729 | 145,467 | 139,901 | 1.3 | % | 4.0 | % | ||||||
| Other facilities costs | 242,026 | 247,142 | 232,396 | 4.1 | % | 6.3 | % | ||||||
| Labor | 952,667 | 962,015 | 979,032 | (2.7) | % | (1.7) | % | ||||||
| Other services costs | 198,707 | 202,428 | 233,809 | (15.0) | % | (13.4) | % | ||||||
| Total same store cost of operations | $ | 1,535,129 | $ | 1,557,052 | $ | 1,585,138 | (3.2) | % | (1.8) | % | |||
| Same store contribution (NOI) | $ | 807,546 | $ | 818,622 | $ | 734,694 | 9.9 | % | 11.4 | % | |||
| Same store rent and storage contribution (NOI)(2) | $ | 635,462 | $ | 645,943 | $ | 686,765 | (7.5) | % | (5.9) | % | |||
| Same store services contribution (NOI)(3) | $ | 172,084 | $ | 172,679 | $ | 47,929 | 259.0 | % | 260.3 | % | |||
| Same store margin | 34.5 | % | 34.5 | % | 31.7 | % | 280 bps | 279 bps | |||||
| Same store rent and storage margin(4) | 62.3 | % | 62.2 | % | 64.8 | % | -250 bps | -265 bps | |||||
| Same store services margin(5) | 13.0 | % | 12.9 | % | 3.8 | % | 920 bps | 911 bps | |||||
| Same store rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(6) | 4,157 | n/a | 4,427 | (6.1) | % | n/a | |||||||
| Average physical occupied pallets(7) | 3,606 | n/a | 4,023 | (10.4) | % | n/a | |||||||
| Average physical pallet positions | 5,248 | n/a | 5,256 | (0.2) | % | n/a | |||||||
| Economic occupancy percentage(6) | 79.2 | % | n/a | 84.2 | % | -502 bps | n/a | ||||||
| Physical occupancy percentage(7) | 68.7 | % | n/a | 76.5 | % | -783 bps | n/a | ||||||
| Same store rent and storage revenues per average economic occupied pallet | $ | 245.18 | $ | 249.83 | $ | 239.23 | 2.5 | % | 4.4 | % | |||
| Same store rent and storage revenues per average physical occupied pallet | $ | 282.64 | $ | 288.01 | $ | 263.25 | 7.4 | % | 9.4 | % | |||
| Same store services metrics: | |||||||||||||
| Throughput pallets | 35,173 | n/a | 36,417 | (3.4) | % | n/a | |||||||
| Same store warehouse services revenues per throughput pallet | $ | 37.63 | $ | 38.02 | $ | 34.62 | 8.7 | % | 9.8 | % |
(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)
| Years Ended December 31, | Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dollars and units in thousands, except per pallet data | 2024 Actual | 2024 Constant Currency(1) | 2023 Actual | Actual | Constant Currency | |||||
| NON-SAME STORE WAREHOUSE | ||||||||||
| Number of non-same store warehouses(2) | 9 | 12 | ||||||||
| Non-same store revenues: | ||||||||||
| Rent and storage | $ | 40,291 | $ | 40,348 | $ | 42,679 | n/r | n/r | ||
| Warehouse services | 33,777 | 33,852 | 28,578 | n/r | n/r | |||||
| Total non-same store revenues | $ | 74,068 | $ | 74,200 | $ | 71,257 | n/r | n/r | ||
| Non-same store cost of operations: | ||||||||||
| Power | 5,724 | 5,729 | 7,849 | n/r | n/r | |||||
| Other facilities costs | 14,884 | 14,985 | 15,347 | n/r | n/r | |||||
| Labor | 45,876 | 45,957 | 44,774 | n/r | n/r | |||||
| Other services costs | 13,417 | 13,567 | 15,378 | n/r | n/r | |||||
| Total non-same store cost of operations | $ | 79,901 | $ | 80,238 | $ | 83,348 | n/r | n/r | ||
| Non-same store contribution (NOI) | $ | (5,833) | $ | (6,038) | $ | (12,091) | n/r | n/r | ||
| Non-same store rent and storage contribution (NOI)(2) | $ | 19,683 | $ | 19,634 | $ | 19,483 | n/r | n/r | ||
| Non-same store services contribution (NOI)(3) | $ | (25,516) | $ | (25,672) | $ | (31,574) | n/r | n/r | ||
| Non-same store rent and storage metrics: | ||||||||||
| Average economic occupied pallets(5) | 147 | n/a | 119 | n/r | n/a | |||||
| Average physical occupied pallets(6) | 125 | n/a | 97 | n/r | n/a | |||||
| Average physical pallet positions | 275 | n/a | 186 | n/r | n/a | |||||
| Economic occupancy percentage(5) | 53.5 | % | n/a | 64.0 | % | n/r | n/a | |||
| Physical occupancy percentage(6) | 45.5 | % | n/a | 52.2 | % | n/r | n/a | |||
| Non-same store rent and storage revenues per average economic occupied pallet | $ | 274.09 | $ | 274.48 | $ | 358.65 | n/r | n/r | ||
| Non-same store rent and storage revenues per average physical occupied pallet | $ | 322.33 | $ | 322.78 | $ | 439.99 | n/r | n/r | ||
| Non-same store services metrics: | ||||||||||
| Throughput pallets | 1,336 | n/a | 1,107 | n/r | n/a | |||||
| Non-same store warehouse services revenues per throughput pallet | $ | 25.28 | $ | 25.34 | $ | 25.82 | 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)The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, there are 6 sites in the development and expansion phase that will be added to the non - same store pool when operations commence.
(3)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(5)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
Warehouse Results
For the fourth quarter of 2024, Global Warehouse segment revenues were $606.5 million, a decrease of $5.8 million, or 0.9% (0.1% increase on a constant currency basis), compared to $612.3 million for the fourth quarter of 2023. This decrease was principally driven by lower occupancy and throughput pallets, partially offset by annual rate increases in the normal course of operations.
Global Warehouse segment contribution (NOI) was $201.4 million for the fourth quarter of 2024 as compared to $197.1 million for the fourth quarter of 2023, an increase of $4.3 million or 2.2% (3.2% on a constant currency basis). Global Warehouse segment contribution (NOI) increased primarily due to a 2.4% decrease (1.4% decrease on a constant currency basis) in rent, storage, and warehouse services cost of operations which is substantially driven by an increased focus on workforce performance, operational efficiency, and retention. Global Warehouse segment margin was 33.2% for the fourth quarter of 2024, a 102 basis point increase as to compared to the fourth quarter of 2023, driven by the factors noted above.
Fixed Commitment Rent and Storage Revenues
As of December 31, 2024, $625.3 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment storage contracts. This compares to $623.8 million at the end of the third quarter of 2024 and $576.8 million at the end of the fourth quarter of 2023. We continue to make progress on commercializing business under this type of arrangement. On a combined basis, 59.0% of rent and storage revenues were generated from fixed commitment storage contracts. On a combined basis, 61.9% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.
Economic and Physical Occupancy
Fixed commitments storage contracts are designed to ensure the Company’s customers have space available when needed. For the fourth quarter of 2024, economic occupancy for the total warehouse segment was 77.4% and the warehouse segment same store pool was 78.6%, representing a 1,049 and 1,059 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 524 basis points, and the warehouse segment same store pool decreased 536 basis points as compared to the fourth quarter of 2023.
Real Estate Portfolio
As of December 31, 2024, the Company’s portfolio consists of 239 facilities. The Company ended the fourth quarter of 2024 with 235 facilities in its Global Warehouse segment portfolio and 4 facilities in its Third-party managed segment. The same store population consists of 226 facilities for the quarter ended December 31, 2024. The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, there are 6 sites in the development and expansion phase that will be added to the non - same store pool when operations commence.
Balance Sheet Activity and Liquidity
As of December 31, 2024, the Company had total liquidity of approximately $921.8 million, including cash and capacity on its revolving credit facility. Total net debt outstanding was approximately $3.4 billion (inclusive of approximately $174.8 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 Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 5.4x. The Company’s unsecured debt has a remaining weighted average term of 5.1 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 3.9%. As of December 31, 2024, approximately 92.7% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.
Dividend
On December 17, 2024, the Company’s Board of Directors declared a dividend of $0.22 per share for the fourth quarter of 2024, which was paid on January 15, 2025 to common stockholders of record as of December 31, 2024.
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 239 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
This press release contains non-GAAP financial measures, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, same store segment revenues, contribution (NOI) and margin, 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; 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 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) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Property, buildings, and equipment: | ||||||||
| Land | $ | 806,981 | $ | 820,831 | ||||
| Buildings and improvements | 4,462,565 | 4,464,359 | ||||||
| Machinery and equipment | 1,598,502 | 1,565,431 | ||||||
| Assets under construction | 606,233 | 452,312 | ||||||
| 7,474,281 | 7,302,933 | |||||||
| Accumulated depreciation | (2,453,597) | (2,196,196) | ||||||
| Property, buildings, and equipment – net | 5,020,684 | 5,106,737 | ||||||
| Operating leases - net | 222,294 | 247,302 | ||||||
| Financing leases - net | 104,216 | 105,164 | ||||||
| Cash, cash equivalents, and restricted cash | 47,652 | 60,392 | ||||||
| Accounts receivable – net of allowance of $24,426 and $21,647 at December 31, 2024 and December 31, 2023, respectively | 386,924 | 426,048 | ||||||
| Identifiable intangible assets – net | 838,660 | 897,414 | ||||||
| Goodwill | 784,042 | 794,004 | ||||||
| Investments in and advances to partially owned entities | 40,252 | 38,113 | ||||||
| Other assets | 291,230 | 194,078 | ||||||
| Total assets | $ | 7,735,954 | $ | 7,869,252 | ||||
| Liabilities and Equity | ||||||||
| Liabilities | ||||||||
| Borrowings under revolving line of credit | $ | 255,052 | $ | 392,156 | ||||
| Accounts payable and accrued expenses | 603,411 | 568,764 | ||||||
| Senior unsecured notes and term loans – net of deferred financing costs of $13,882 and $10,578 at December 31, 2024 and December 31, 2023, respectively | 3,031,462 | 2,601,122 | ||||||
| Sale-leaseback financing obligations | 79,001 | 161,937 | ||||||
| Financing lease obligations | 95,784 | 97,177 | ||||||
| Operating lease obligations | 219,099 | 240,251 | ||||||
| Unearned revenues | 21,979 | 28,379 | ||||||
| Deferred tax liability - net | 115,772 | 135,797 | ||||||
| Other liabilities | 7,389 | 9,082 | ||||||
| Total liabilities | 4,428,949 | 4,234,665 | ||||||
| Equity | ||||||||
| Stockholders' equity: | ||||||||
| Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,265,041 and 283,699,120 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 2,842 | 2,837 | ||||||
| Paid-in capital | 5,646,879 | 5,625,907 | ||||||
| Accumulated deficit and distributions in excess of net earnings | (2,341,654) | (1,995,975) | ||||||
| Accumulated other comprehensive loss | (27,279) | (16,640) | ||||||
| Total stockholders’ equity | 3,280,788 | 3,616,129 | ||||||
| Noncontrolling interests: | ||||||||
| Noncontrolling interests | 26,217 | 18,458 | ||||||
| Total equity | 3,307,005 | 3,634,587 | ||||||
| Total liabilities and equity | $ | 7,735,954 | $ | 7,869,252 | ||||
| Americold Realty Trust, Inc. and Subsidiaries | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||
| (In thousands, except per share amounts) | ||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Revenues: | ||||||||
| Rent, storage, and warehouse services | $ | 606,465 | $ | 612,262 | $ | 2,416,743 | $ | 2,391,089 |
| Transportation services | 49,875 | 57,878 | 209,129 | 239,670 | ||||
| Third-party managed services | 10,095 | 9,151 | 40,669 | 42,570 | ||||
| Total revenues | 666,435 | 679,291 | 2,666,541 | 2,673,329 | ||||
| Operating expenses: | ||||||||
| Rent, storage, and warehouse services cost of operations | 405,038 | 415,160 | 1,615,030 | 1,668,486 | ||||
| Transportation services cost of operations | 42,165 | 46,966 | 172,606 | 197,630 | ||||
| Third-party managed services cost of operations | 8,042 | 7,330 | 32,178 | 36,641 | ||||
| Depreciation and amortization | 89,711 | 94,099 | 360,817 | 353,743 | ||||
| Selling, general, and administrative | 66,576 | 57,763 | 255,118 | 226,786 | ||||
| Acquisition, cyber incident, and other, net | 33,144 | 15,774 | 77,169 | 64,087 | ||||
| Impairment of indefinite and long-lived assets | 30,173 | 236,515 | 33,126 | 236,515 | ||||
| Net Loss (gain) from sale of real estate | — | 5 | (3,514) | (2,254) | ||||
| Total operating expenses | 674,849 | 873,612 | 2,542,530 | 2,781,634 | ||||
| Operating (loss) income | (8,414) | (194,321) | 124,011 | (108,305) | ||||
| Other income (expense): | ||||||||
| Interest expense | (34,458) | (33,681) | (135,323) | (140,107) | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | (627) | (116,082) | (2,482) | ||||
| (Loss) gain from investments in partially owned entities | (682) | 174 | (3,702) | (1,442) | ||||
| Impairment of related party loan receivable | — | — | — | (21,972) | ||||
| Loss on put option | — | — | — | (56,576) | ||||
| Other, net | 47 | 1,054 | 27,919 | 2,795 | ||||
| Loss from continuing operations before income taxes | (43,507) | (227,401) | (103,177) | (328,089) | ||||
| Income tax benefit (expense): | ||||||||
| Current income tax | 386 | (2,627) | (4,782) | (8,508) | ||||
| Deferred income tax | 6,712 | 3,228 | 13,210 | 10,781 | ||||
| Total income tax benefit | 7,098 | 601 | 8,428 | 2,273 | ||||
| Net loss: | ||||||||
| Net loss from continuing operations | (36,409) | (226,800) | (94,749) | (325,816) | ||||
| Loss from discontinued operations, net of tax | — | — | — | (10,453) | ||||
| Net loss | $ | (36,409) | $ | (226,800) | $ | (94,749) | $ | (336,269) |
| Net (loss) gain attributable to noncontrolling interests | (194) | 41 | (436) | (54) | ||||
| Net loss attributable to Americold Realty Trust, Inc. | $ | (36,215) | $ | (226,841) | $ | (94,313) | $ | (336,215) |
| Weighted average common stock outstanding – basic | 284,938 | 284,263 | 284,782 | 275,773 | ||||
| Weighted average common stock outstanding – diluted | 284,938 | 284,263 | 284,782 | 275,773 | ||||
| Net loss per common share from continuing operations - basic | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.18) |
| Net loss per common share from discontinued operations - basic | — | — | — | (0.04) | ||||
| Basic loss per share | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.22) |
| Net loss per common share from continuing operations - diluted | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.18) |
| Net loss per common share from discontinued operations - diluted | — | — | — | (0.04) | ||||
| Diluted loss per share | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.22) |
| Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In thousands, except per share amounts) | ||||||||
| Three Months Ended | Years Ended | |||||||
| Q4 24 | Q4 23 | 2024 | 2023 | |||||
| Net loss | $ | (36,409) | $ | (226,800) | $ | (94,749) | $ | (336,269) |
| Adjustments: | ||||||||
| Real estate related depreciation | 56,620 | 57,183 | 225,388 | 222,837 | ||||
| Loss (gain) from sale of real estate | — | 5 | (3,514) | (2,254) | ||||
| Net loss on real estate related asset disposals | 264 | 260 | 330 | 235 | ||||
| Impairment charges on certain real estate assets | 18,032 | — | 20,985 | — | ||||
| Our share of reconciling items related to partially owned entities | 314 | 280 | 1,144 | 1,705 | ||||
| NAREIT FFO | $ | 38,821 | $ | (169,072) | $ | 149,584 | $ | (113,746) |
| Adjustments: | ||||||||
| Net loss (gain) on sale of non-real assets | 775 | 3,312 | (236) | 3,725 | ||||
| Acquisition, cyber incident, and other, net | 33,144 | 15,774 | 77,169 | 64,087 | ||||
| Impairment of indefinite and long-lived assets (excluding certain real estate assets) | 12,141 | 236,515 | 12,141 | 236,515 | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | 627 | 116,082 | 2,482 | ||||
| Foreign currency exchange loss (gain) | 1,766 | (28) | (8,833) | 431 | ||||
| Gain on legal settlement related to prior period operations | — | (2,180) | (6,104) | (2,180) | ||||
| Project Orion deferred costs amortization | 1,791 | — | 4,182 | — | ||||
| Our share of reconciling items related to partially owned entities | 116 | (184) | 805 | 64 | ||||
| Loss from discontinued operations, net of tax | — | — | — | 8,072 | ||||
| Impairment of related party receivable | — | — | — | 21,972 | ||||
| Loss on put option | — | — | — | 56,576 | ||||
| Gain on sale of LATAM JV | — | — | — | (304) | ||||
| Core FFO | $ | 88,554 | $ | 84,764 | $ | 344,790 | $ | 277,694 |
| Adjustments: | ||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 1,445 | 1,290 | 5,329 | 5,095 | ||||
| Amortization of below/above market leases | 354 | 360 | 1,445 | 1,506 | ||||
| Straight-line rent adjustment | 335 | 597 | 1,612 | 1,011 | ||||
| Deferred income tax benefit | (6,712) | (3,228) | (13,210) | (10,781) | ||||
| Stock-based compensation expense(1) | 6,335 | 5,780 | 25,274 | 23,592 | ||||
| Non-real estate depreciation and amortization | 33,091 | 36,916 | 135,429 | 130,906 | ||||
| Maintenance capital expenditures(2) | (17,596) | (18,670) | (80,951) | (78,411) | ||||
| Our share of reconciling items related to partially owned entities | 136 | 208 | 671 | 1,013 | ||||
| Adjusted FFO | $ | 105,942 | $ | 108,017 | $ | 420,389 | $ | 351,625 |
(1)Stock-based compensation expense excludes the stock compensation expense associated with employee awards granted in conjunction with Project Orion, which are recognized within Acquisition, cyber incident, and other, net.
(2)Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.
| Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands, except per share amounts) | ||||||||||||
| Three Months Ended | Years Ended | |||||||||||
| Q4 24 | Q4 23 | 2024 | 2023 | |||||||||
| NAREIT FFO | $ | 38,821 | $ | (169,072) | $ | 149,584 | $ | (113,746) | ||||
| Core FFO | $ | 88,554 | $ | 84,764 | $ | 344,790 | $ | 277,694 | ||||
| Adjusted FFO | $ | 105,942 | $ | 108,017 | $ | 420,389 | $ | 351,625 | ||||
| Reconciliation of weighted average shares: | ||||||||||||
| Weighted average basic shares for net income calculation | 284,938 | 284,263 | 284,782 | 275,773 | ||||||||
| Dilutive stock options and unvested restricted stock units | 434 | 502 | 403 | 624 | ||||||||
| Weighted average dilutive shares | 285,372 | 284,765 | 285,185 | 276,397 | ||||||||
| NAREIT FFO - basic per share | $ | 0.14 | $ | (0.59) | $ | 0.53 | $ | (0.41) | ||||
| NAREIT FFO - diluted per share | $ | 0.14 | $ | (0.59) | $ | 0.52 | $ | (0.41) | ||||
| Core FFO - basic per share | $ | 0.31 | $ | 0.30 | $ | 1.21 | $ | 1.01 | ||||
| Core FFO - diluted per share | $ | 0.31 | $ | 0.30 | $ | 1.21 | $ | 1.00 | ||||
| Adjusted FFO - basic per share | $ | 0.37 | $ | 0.38 | $ | 1.48 | $ | 1.28 | ||||
| Adjusted FFO - diluted per share | $ | 0.37 | $ | 0.38 | $ | 1.47 | $ | 1.27 | ||||
| Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In thousands) | ||||||||||||
| Three Months Ended | Years Ended | |||||||||||
| Q4 24 | Q4 23 | 2024 | 2023 | |||||||||
| Net loss | $ | (36,409) | $ | (226,800) | $ | (94,749) | $ | (336,269) | ||||
| Adjustments: | ||||||||||||
| Depreciation and amortization | 89,711 | 94,099 | 360,817 | 353,743 | ||||||||
| Interest expense | 34,458 | 33,681 | 135,323 | 140,107 | ||||||||
| Income tax benefit | (7,098) | (601) | (8,428) | (2,273) | ||||||||
| Loss (gain) from sale of real estate | — | 5 | (3,514) | (2,254) | ||||||||
| Adjustment to reflect share of EBITDAre of partially owned entities | 1,461 | 1,533 | 5,909 | 8,996 | ||||||||
| NAREIT EBITDAre | $ | 82,123 | $ | (98,083) | $ | 395,358 | $ | 162,050 | ||||
| Adjustments: | ||||||||||||
| Acquisition, cyber incident, and other, net | 33,144 | 15,774 | 77,169 | 64,087 | ||||||||
| Loss (gain) from investments in partially owned entities | 682 | (174) | 3,702 | 3,823 | ||||||||
| Impairment of indefinite and long-lived assets | 30,173 | 236,515 | 33,126 | 236,515 | ||||||||
| Foreign currency exchange loss (gain) | 1,766 | (28) | (8,833) | 431 | ||||||||
| Stock-based compensation expense(1) | 6,335 | 5,780 | 25,274 | 23,592 | ||||||||
| Loss on debt extinguishment and termination of derivative instruments | — | 627 | 116,082 | 2,482 | ||||||||
| Loss on other asset disposals | 1,039 | 3,572 | 94 | 3,960 | ||||||||
| Gain on legal settlement related to prior period operations | — | (2,180) | (6,104) | (2,180) | ||||||||
| Project Orion deferred costs amortization | 1,791 | — | 4,182 | — | ||||||||
| Reduction in EBITDAre from partially owned entities | (1,461) | (1,533) | (5,909) | (8,996) | ||||||||
| Gain on sale of LATAM JV | — | — | — | (304) | ||||||||
| Loss from discontinued operations, net of tax | — | — | — | 8,072 | ||||||||
| Impairment of related party receivable | — | — | — | 21,972 | ||||||||
| Loss on put option | — | — | — | 56,576 | ||||||||
| Core EBITDA | $ | 155,592 | $ | 160,270 | $ | 634,141 | $ | 572,080 | ||||
| Total revenues | $ | 666,435 | $ | 679,291 | $ | 2,666,541 | $ | 2,673,329 | ||||
| Core EBITDA margin | 23.3 | % | 23.6 | % | 23.8 | % | 21.4 | % |
(1)Stock-based compensation expense excludes the stock compensation expense associated with employee awards granted in conjunction with Project Orion, which are recognized within Acquisition, cyber incident, and other, net.
| Revenues and Contribution (NOI) by Segment | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in thousands) | ||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Segment revenues: | ||||||||
| Warehouse | $ | 606,465 | $ | 612,262 | $ | 2,416,743 | $ | 2,391,089 |
| Transportation | 49,875 | 57,878 | 209,129 | 239,670 | ||||
| Third-party managed | 10,095 | 9,151 | 40,669 | 42,570 | ||||
| Total revenues | 666,435 | 679,291 | 2,666,541 | 2,673,329 | ||||
| Segment contribution: | ||||||||
| Warehouse | 201,427 | 197,102 | 801,713 | 722,603 | ||||
| Transportation | 7,710 | 10,912 | 36,523 | 42,040 | ||||
| Third-party managed | 2,053 | 1,821 | 8,491 | 5,929 | ||||
| Total segment contribution (NOI) | 211,190 | 209,835 | 846,727 | 770,572 | ||||
| Reconciling items: | ||||||||
| Depreciation and amortization expense | (89,711) | (94,099) | (360,817) | (353,743) | ||||
| Selling, general, and administrative expense | (66,576) | (57,763) | (255,118) | (226,786) | ||||
| Acquisition, cyber incident, and other, net expense | (33,144) | (15,774) | (77,169) | (64,087) | ||||
| Impairment of indefinite and long-lived assets | (30,173) | (236,515) | (33,126) | (236,515) | ||||
| (Loss) gain from sale of real estate | — | (5) | 3,514 | 2,254 | ||||
| Interest expense | (34,458) | (33,681) | (135,323) | (140,107) | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | (627) | (116,082) | (2,482) | ||||
| (Loss) gain from investments in partially owned entities | (682) | 174 | (3,702) | (1,442) | ||||
| Impairment of related party loan receivable | — | — | — | (21,972) | ||||
| Loss on put option | — | — | — | (56,576) | ||||
| Other, net | 47 | 1,054 | 27,919 | 2,795 | ||||
| Loss from continuing operations before income taxes | $ | (43,507) | $ | (227,401) | $ | (103,177) | $ | (328,089) |
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, and maintenance capital expenditures. |
| We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that 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, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. |
| We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of Net loss (gain) on sale of non-real assets; Acquisition, cyber incident, and other, net; Impairment of indefinite and 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 deferred costs amortization; Our share of reconciling items related to partially owned entities; Loss from discontinued operations, net of tax; Impairment of related party receivable; Loss on put option; and Gain on sale of LATAM JV. 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. |
| FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our consolidated statements of operations included in our quarterly and annual reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our 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 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 EBITDA for Real Estate, or 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; Loss (gain) from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that 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 EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss (gain) from investments in partially owned entities; Impairment of indefinite and long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; Reduction in EBITDAre from partially owned entities; Gain on sale of LATAM JV; Loss from discontinued operations, net of tax; Impairment of related party receivable; and Loss on put option. 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 EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by revenues. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including: |
•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;
•these measures do not reflect changes in, or cash requirements for, our working capital needs;
•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and
•although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.
| Net debt to proforma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro-forma and/or Core EBITDA. If applicable, we calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. |
|---|
| NOI is calculated as earnings/loss before interest expense, taxes, depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and long-lived assets; Net 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, 2023) 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. Beginning January of 2024, changes in ownership structure (e.g., purchase of a previously leased warehouse) no longer results 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 began to classify 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 charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, cyber incident and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. |
| We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. |
| All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. |
Document
Exhibit 99.2
| Financial Supplement | Fourth Quarter 2024 |
|---|---|
| Table of Contents | PAGE |
| --- | --- |
| Overview | |
| Corporate Profile | 3 |
| Earnings Release (including guidance information) | 5 |
| Financial Information | |
| Condensed Consolidated Balance Sheets | 17 |
| Condensed Consolidated Statements of Operations | 18 |
| Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and Adjusted FFO | 19 |
| Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA | 21 |
| Debt Detail and Maturities | 22 |
| Operations Overview | |
| Global Warehouse Portfolio | 23 |
| Fixed Commitment and Lease Maturity Schedules | 24 |
| Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures | 25 |
| External Growth and Capital Deployment | 26 |
| Other Supplemental Information | |
| Same-Store Historical Performance Trends | 27 |
| Unconsolidated Joint Ventures (Investments in Partially Owned Entities) | 29 |
| Reconciliations, Notes and Definitions | |
| Revenues and Contribution (NOI) by Segment | 31 |
| Notes and Definitions | 32 |
| Financial Supplement | Fourth Quarter 2024 |
| --- | --- |
Overview
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 239 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
George F. Chappelle, Jr.: Chief Executive Officer and Director
E. Jay Wells: Chief Financial Officer and Executive Vice President
Robert S. Chambers: President, Americas
Richard C. Winnall: President, International
Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President
Nathan H. Harwell: Chief Legal Officer and Executive Vice President
R. Scott Henderson: Chief Investment Officer and Executive Vice President
Michael P. Spires: Chief Information Officer and Executive Vice President
M. Bryan Verbarendse: Chief Operating Officer - North America and Executive Vice President
Robert E. Harris, Jr.: Chief Accounting Officer and Senior Vice President
Board of Directors
Mark R. Patterson: Chairman of the Board of Directors
George J. Alburger, Jr.: Director
Kelly H. Barrett: Director
Robert L. Bass: Director
George F. Chappelle, Jr.: Chief Executive Officer and Director
Antonio F. Fernandez: Director
Pamela K. Kohn: Director
David J. Neithercut: Director
Andrew P. Power: Director
Investor Relations
To request more information or to be added to our e-mail distribution list, please visit the investors section of our website: www.americold.com
Investor Relations
Telephone: 678-459-1959
Email: investor.relations@americold.com
| Financial Supplement | Fourth Quarter 2024 | ||
|---|---|---|---|
| Analyst Coverage | |||
| --- | --- | --- | --- |
| Firm | Analyst Name | Contact | |
| Baird Equity Research | Nicholas Thillman | 414-298-5053 | nthillman@rwbaird.com |
| Bank of America Merrill Lynch | Joshua Dennerlein | 646-855-1681 | joshua.dennerlein@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 | Samir Khanal / <br>Steve Sakwa | 212-888-3796 / 212-446-9462 | samir.khanal@evercoreisi.com / steve.sakwa@evercoreisi.com |
| Green Street Advisors | Vince Tibone | 949-640-8780 | vtibone@greenstreet.com |
| J.P. Morgan | Michael W. Mueller | 212-622-6689 | michael.w.mueller@jpmorgan.com |
| KeyBanc | Todd Thomas | 917-368-2286 | tthomas@key.com |
| MorningStar Research Services | Suryansh Sharma | 314-585-6793 | suryansh.sharma@morningstar.com |
| Raymond James | Jonathan Hughes | 727-567-2438 | jonathan.hughes@raymondjames.com |
| RBC | Michael Carroll | 440-715-2649 | michael.carroll@rbccm.com |
| Scotiabank | Greg McGinniss | 212-225-6906 | greg.mcginniss@scotiabank.com |
| Truist | Ki Bin Kim | 212-303-4124 | kibin.kim@truist.com |
| Wells Fargo Securities | Blaine Heck | 410-662-2556 | blaine.heck@wellsfargo.com |
| Wolfe Research | Andrew Rosivach | 646-582-9250 | arosivach@wolferesearch.com |
Stock Listing Information
The shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol “COLD”.
Credit Ratings
| DBRS Morningstar | ||
|---|---|---|
| Credit Rating: | BBB | (Positive Trend) |
| Fitch | ||
| Issuer Default Rating: | BBB | (Stable Outlook) |
| Moody’s | ||
| Issuer Rating: | Baa3 | (Stable Outlook) |
These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
| Financial Supplement | Fourth Quarter 2024 |
|---|
AMERICOLD ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Achieved Double Digit Adjusted FFO per share Growth for Full Year 2024
Delivered $125 million of Incremental Full Year Same Store Warehouse Services NOI
Announced New $79 million State-of-the-Art Facility Development with Strategic Partners
Announces $34 million Customer-Driven Expansion in Christchurch, NZ
Atlanta, GA, February 20, 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 fourth quarter and full year ended December 31, 2024.
George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “Throughout 2024 we made significant progress on several productivity, efficiency and development initiatives that allowed us to deliver strong full-year results, including 11.4% growth in Global Warehouse Same Store NOI and 16% growth in Adjusted FFO per share. In addition, we are especially pleased with the progress we made on improving warehouse services margins throughout the year. Less than two years ago, we communicated our goal to increase same store handling NOI by $100 million, and we surpassed that goal in 2024 with a $125 million year-over-year improvement.”
“We are also strategically deploying capital across the business and announced three new projects during 2024 in Kansas City, Dallas Fort Worth, and Sydney, Australia. Subsequent to year end, we also announced an exciting $79 million development in Port Saint John, Canada with our strategic partners DP World and CPKC, and today we are announcing a $34 million expansion in Christchurch, New Zealand dedicated to one of the country’s largest grocers. We are enthusiastic about these low risk expansions, as well as future opportunities from these innovative partnerships, all of which will create significant long-term shareholder value.”
“As we turn our focus to 2025, we are continuing to make targeted investments across the business that position us for future growth, while also enhancing our proven ability to perform in various macroeconomic environments. I want to thank our entire team for their hard work and dedication, and I believe Americold is well positioned for the eventual return of consumer demand.”
Fourth Quarter 2024 Highlights
•Total revenues of $666.4 million, a 1.9% change from $679.3 million in Q4 2023 and a change of 0.8% on a constant currency basis.
•Net loss of $36.4 million, or $0.13 loss per diluted common share, an 84.0% increase from an $0.80 net loss per diluted common share in Q4 2023.
•Global Warehouse segment same store revenues decreased 0.5% on an actual basis and increased 0.6% on a constant currency basis as compared to Q4 2023.
•Global Warehouse same store services margin increased to 13.2% from 6.3% in Q4 2023.
•Global Warehouse segment same store NOI increased 4.9%, or 5.9% on a constant currency basis as compared to Q4 2023.
•Adjusted FFO of $105.9 million, or $0.37 per diluted common share, a 2.1% decrease from Q4 2023 Adjusted FFO per diluted common share.
•Core EBITDA of $155.6 million, decreased $4.7 million, or 2.9% from $160.3 million in Q4 2023.
•Core EBITDA margin of 23.3%, decreased 25 basis points from 23.6% in Q4 2023.
| Financial Supplement | Fourth Quarter 2024 |
|---|
Full Year to Date 2024 Highlights
•Total revenues of $2.7 billion, a 0.3% change from 2023 and an increase of 1.2% on a constant currency basis.
•Net loss of $94.7 million, or $0.33 loss per diluted common share, a 71.8% increase from a $1.18 net loss per diluted common share from continuing operations in 2023.
•Global Warehouse segment same store revenues increased 1.0% on an actual basis and increased 2.4% on a constant currency basis as compared to 2023.
•Global Warehouse segment same store NOI increased 9.9%, or 11.4% on a constant currency basis as compared to 2023.
•Global Warehouse same store services margin increased to 13.0% from 3.8% in 2023.
•Adjusted FFO of $420.4 million, or $1.47 per diluted common share, an increase of 15.9% from 2023 Adjusted FFO per diluted common share.
•Core EBITDA of $634.1 million, increased $62.1 million, or 10.8% from $572.1 million in 2023.
•Core EBITDA margin of 23.8%, increased 238 basis points from 21.4% in 2023.
2025 Outlook
The table below includes the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.
| As of | |
|---|---|
| February 20, 2025 | |
| Warehouse segment same store revenue growth (constant currency) | 2.0% - 4.0% |
| Warehouse segment same store NOI growth (constant currency) | 200 bps higher than associated revenues |
| Warehouse segment non-same store NOI | $0M - $7M |
| Transportation and Third-Party Managed segment NOI | $44M - $48M |
| Total selling, general and administrative expense (inclusive of share-based compensation expense of $27.5M - $29.5M and $13.0M - $15.0M of Project Orion amortization) | $280M - $289M |
| Interest expense | $145M - $150M |
| Current income tax expense | $8M - $10M |
| Non real estate depreciation and amortization expense | $139M - $149M |
| Total maintenance capital expenditures | $82M - $88M |
| Development starts(1) | $200M - $300M |
| Adjusted FFO per share | $1.51 - $1.59 |
(1)Represents the aggregate invested capital for initiated development opportunities.
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, February 20, 2025 at 8:00 a.m. Eastern Time to discuss its fourth quarter and full year 2024 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#13750638. The telephone replay will be available starting shortly after the call until March 6, 2025.
| Financial Supplement | Fourth Quarter 2024 |
|---|
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.
Fourth Quarter 2024 Total Company Financial Results
Total revenues for the fourth quarter of 2024 were $666.4 million, a 1.9% decrease from $679.3 million in the same quarter of the prior year, primarily due to a 13.8% decrease in transportation services revenue and related volumes (12.2% decrease on a constant currency basis), coupled with lower volumes in the warehouse segment. These decreases were partially offset by annual rate increases in the normal course of operations.
Total NOI for the fourth quarter of 2024 was $211.2 million, an increase of 0.6% (1.7% increase on a constant currency basis) from the same quarter of the prior year. This increase is primarily related to a 2.4% decrease (1.4% decrease on a constant currency basis) in rent, storage, and warehouse services cost of operations, which is substantially due to an increased focus on workforce performance, operational efficiency, and retention.
For the fourth quarter of 2024, the Company reported a net loss of $36.4 million, or $0.13 loss per diluted share, compared to a net loss of $226.8 million, or $0.80 loss per diluted share, for the comparable quarter of the prior year. This is primarily due to a goodwill impairment charge recognized during fourth quarter of 2023 of $236.5 million.
Core EBITDA was $155.6 million for the fourth quarter of 2024, compared to $160.3 million for the comparable quarter of the prior year. This decrease (2.9% on an actual basis and 2.2% on a constant currency basis) was primarily driven by higher software related costs from the implementation of Project Orion, and increased spending on information security related investments, which is recognized within selling, general, and administrative costs. The overall decrease in Core EBITDA is partially offset by a 0.6% increase in NOI, further described above.
For the fourth quarter of 2024, Core FFO was $88.6 million, or $0.31 per diluted share, compared to $84.8 million, or $0.30 per diluted share, for the fourth quarter of 2023.
For the fourth quarter of 2024, Adjusted FFO was $105.9 million, or $0.37 per diluted share, compared to $108.0 million, or $0.38 per diluted share, for the fourth quarter of 2023.
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 | Fourth Quarter 2024 |
|---|
Fourth Quarter 2024 Global Warehouse Segment Results
The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three months and years ended December 31, 2024 and 2023.
| Three Months Ended December 31, | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dollars and units in thousands, except per pallet data | 2024 Actual | 2024 Constant Currency(1) | 2023 Actual | Actual | Constant Currency | ||||||||
| TOTAL WAREHOUSE SEGMENT | |||||||||||||
| Global Warehouse revenues: | |||||||||||||
| Rent and storage | $ | 259,889 | $ | 263,621 | $ | 276,641 | (6.1) | % | (4.7) | % | |||
| Warehouse services | 346,576 | 349,077 | 335,621 | 3.3 | % | 4.0 | % | ||||||
| Total revenues | $ | 606,465 | $ | 612,698 | $ | 612,262 | (0.9) | % | 0.1 | % | |||
| Global Warehouse cost of operations: | |||||||||||||
| Power | 35,271 | 35,967 | 33,999 | 3.7 | % | 5.8 | % | ||||||
| Other facilities costs(2) | 61,720 | 62,784 | 64,168 | (3.8) | % | (2.2) | % | ||||||
| Labor | 251,486 | 253,282 | 252,853 | (0.5) | % | 0.2 | % | ||||||
| Other services costs(3) | 56,561 | 57,161 | 64,140 | (11.8) | % | (10.9) | % | ||||||
| Total warehouse segment cost of operations | $ | 405,038 | $ | 409,194 | $ | 415,160 | (2.4) | % | (1.4) | % | |||
| Global Warehouse contribution (NOI) | $ | 201,427 | $ | 203,504 | $ | 197,102 | 2.2 | % | 3.2 | % | |||
| Rent and storage contribution (NOI)(4) | $ | 162,898 | $ | 164,870 | $ | 178,474 | (8.7) | % | (7.6) | % | |||
| Services contribution (NOI)(5) | $ | 38,529 | $ | 38,634 | $ | 18,628 | 106.8 | % | 107.4 | % | |||
| Global Warehouse margin | 33.2 | % | 33.2 | % | 32.2 | % | 102 bps | 102 bps | |||||
| Rent and storage margin(6) | 62.7 | % | 62.5 | % | 64.5 | % | -183 bps | -197 bps | |||||
| Warehouse services margin(7) | 11.1 | % | 11.1 | % | 5.6 | % | 557 bps | 552 bps | |||||
| Global Warehouse rent and storage metrics: | |||||||||||||
| Average economic occupied pallets(8) | 4,272 | n/a | 4,541 | (5.9) | % | n/a | |||||||
| Average physical occupied pallets(9) | 3,693 | n/a | 4,041 | (8.6) | % | n/a | |||||||
| Average physical pallet positions | 5,517 | n/a | 5,493 | 0.4 | % | n/a | |||||||
| Economic occupancy percentage(8) | 77.4 | % | n/a | 82.7 | % | -524 bps | n/a | ||||||
| Physical occupancy percentage(9) | 66.9 | % | n/a | 73.6 | % | -663 bps | n/a | ||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 60.84 | $ | 61.71 | $ | 60.92 | (0.1) | % | 1.3 | % | |||
| Total rent and storage revenues per average physical occupied pallet | $ | 70.37 | $ | 71.38 | $ | 68.46 | 2.8 | % | 4.3 | % | |||
| Global Warehouse services metrics: | |||||||||||||
| Throughput pallets | 9,234 | n/a | 9,384 | (1.6) | % | n/a | |||||||
| Total warehouse services revenues per throughput pallet | $ | 37.53 | $ | 37.80 | $ | 35.77 | 4.9 | % | 5.7 | % |
(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 $9.0 million and $9.3 million for the three months ended December 31, 2024 and 2023, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.8 million and $3.3 million for the three months ended December 31, 2024 and 2023, 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 | Fourth Quarter 2024 | | --- | --- || | Three Months Ended December 31, | | | | | | | | | Change | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Dollars and units in thousands, except per pallet data | 2024 Actual | | | 2024 Constant Currency(1) | | | 2023 Actual | | | Actual | | Constant Currency | | | SAME STORE WAREHOUSE | | | | | | | | | | | | | | | Number of same store warehouses | 226 | | | | | | 226 | | | | | | | | Same store revenues: | | | | | | | | | | | | | | | Rent and storage | $ | 251,090 | | $ | 254,792 | | $ | 263,932 | | (4.9) | % | (3.5) | % | | Warehouse services | 337,628 | | | 340,124 | | | 327,606 | | | 3.1 | % | 3.8 | % | | Total same store revenues | $ | 588,718 | | $ | 594,916 | | $ | 591,538 | | (0.5) | % | 0.6 | % | | Same store cost of operations: | | | | | | | | | | | | | | | Power | 34,680 | | | 35,376 | | | 31,529 | | | 10.0 | % | 12.2 | % | | Other facilities costs | 59,192 | | | 60,253 | | | 60,569 | | | (2.3) | % | (0.5) | % | | Labor | 240,007 | | | 241,799 | | | 244,348 | | | (1.8) | % | (1.0) | % | | Other services costs | 53,131 | | | 53,732 | | | 62,731 | | | (15.3) | % | (14.3) | % | | Total same store cost of operations | $ | 387,010 | | $ | 391,160 | | $ | 399,177 | | (3.0) | % | (2.0) | % | | Same store contribution (NOI) | $ | 201,708 | | $ | 203,756 | | $ | 192,361 | | 4.9 | % | 5.9 | % | | Same store rent and storage contribution (NOI)(2) | $ | 157,218 | | $ | 159,163 | | $ | 171,834 | | (8.5) | % | (7.4) | % | | Same store services contribution (NOI)(3) | $ | 44,490 | | $ | 44,593 | | $ | 20,527 | | 116.7 | % | 117.2 | % | | Same store margin | 34.3 | | % | 34.2 | | % | 32.5 | | % | 174 bps | | 173 bps | | | Same store rent and storage margin(4) | 62.6 | | % | 62.5 | | % | 65.1 | | % | -249 bps | | -264 bps | | | Same store services margin(5) | 13.2 | | % | 13.1 | | % | 6.3 | | % | 691 bps | | 685 bps | | | Same store rent and storage metrics: | | | | | | | | | | | | | | | Average economic occupied pallets(6) | 4,128 | | | n/a | | | 4,397 | | | (6.1) | % | n/a | | | Average physical occupied pallets(7) | 3,572 | | | n/a | | | 3,919 | | | (8.9) | % | n/a | | | Average physical pallet positions | 5,250 | | | n/a | | | 5,235 | | | 0.3 | % | n/a | | | Economic occupancy percentage(6) | 78.6 | | % | n/a | | | 84.0 | | % | -536 bps | | n/a | | | Physical occupancy percentage(7) | 68.0 | | % | n/a | | | 74.9 | | % | -682 bps | | n/a | | | Same store rent and storage revenues per average economic occupied pallet | $ | 60.83 | | $ | 61.72 | | $ | 60.03 | | 1.3 | % | 2.8 | % | | Same store rent and storage revenues per average physical occupied pallet | $ | 70.29 | | $ | 71.33 | | $ | 67.35 | | 4.4 | % | 5.9 | % | | Same store services metrics: | | | | | | | | | | | | | | | Throughput pallets | 8,894 | | | n/a | | | 9,043 | | | (1.6) | % | n/a | | | Same store warehouse services revenues per throughput pallet | $ | 37.96 | | $ | 38.24 | | $ | 36.23 | | 4.8 | % | 5.6 | % |
(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 | Fourth Quarter 2024 | | --- | --- || | Three Months Ended December 31, | | | | | | | | Change | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Dollars and units in thousands, except per pallet data | 2024 Actual | | | 2024 Constant Currency(1) | | 2023 Actual | | | Actual | Constant Currency | | NON-SAME STORE WAREHOUSE | | | | | | | | | | | | Number of non-same store warehouses(2) | 9 | | | | | 12 | | | | | | Non-same store revenues: | | | | | | | | | | | | Rent and storage | $ | 8,799 | | $ | 8,829 | $ | 12,709 | | n/r | n/r | | Warehouse services | 8,948 | | | 8,953 | | 8,015 | | | n/r | n/r | | Total non-same store revenues | $ | 17,747 | | $ | 17,782 | $ | 20,724 | | n/r | n/r | | Non-same store cost of operations: | | | | | | | | | | | | Power | 591 | | | 591 | | 2,470 | | | n/r | n/r | | Other facilities costs | 2,528 | | | 2,531 | | 3,599 | | | n/r | n/r | | Labor | 11,479 | | | 11,483 | | 8,505 | | | n/r | n/r | | Other services costs | 3,430 | | | 3,429 | | 1,409 | | | n/r | n/r | | Total non-same store cost of operations | $ | 18,028 | | $ | 18,034 | $ | 15,983 | | n/r | n/r | | Non-same store contribution (NOI) | $ | (281) | | $ | (252) | $ | 4,741 | | n/r | n/r | | Non-same store rent and storage contribution (NOI)(3) | $ | 5,680 | | $ | 5,707 | $ | 6,640 | | n/r | n/r | | Non-same store services contribution (NOI)(4) | $ | (5,961) | | $ | (5,959) | $ | (1,899) | | n/r | n/r | | Non-same store rent and storage metrics: | | | | | | | | | | | | Average economic occupied pallets(5) | 144 | | | n/a | | 144 | | | n/r | n/a | | Average physical occupied pallets(6) | 121 | | | n/a | | 122 | | | n/r | n/a | | Average physical pallet positions | 267 | | | n/a | | 258 | | | n/r | n/a | | Economic occupancy percentage(5) | 53.9 | | % | n/a | | 55.8 | | % | n/r | n/a | | Physical occupancy percentage(6) | 45.3 | | % | n/a | | 47.3 | | % | n/r | n/a | | Non-same store rent and storage revenues per average economic occupied pallet | $ | 61.10 | | $ | 61.31 | $ | 88.26 | | n/r | n/r | | Non-same store rent and storage revenues per average physical occupied pallet | $ | 72.72 | | $ | 72.97 | $ | 104.17 | | n/r | n/r | | Non-same store services metrics: | | | | | | | | | | | | Throughput pallets | 340 | | | n/a | | 341 | | | n/r | n/a | | Non-same store warehouse services revenues per throughput pallet | $ | 26.32 | | $ | 26.33 | $ | 23.50 | | 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)The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, there are 6 sites in the development and expansion phase that will be added to the non - same store pool when operations commence.
(3)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(5)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
| Financial Supplement | Fourth Quarter 2024 | | --- | --- || | Years Ended December 31, | | | | | | | | | Change | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Dollars and units in thousands, except per pallet data | 2024 Actual | | | 2024 Constant Currency(1) | | | 2023 Actual | | | Actual | | Constant Currency | | | TOTAL WAREHOUSE SEGMENT | | | | | | | | | | | | | | | Global Warehouse revenues: | | | | | | | | | | | | | | | Rent and storage | $ | 1,059,508 | | $ | 1,078,900 | | $ | 1,101,741 | | (3.8) | % | (2.1) | % | | Warehouse services | 1,357,235 | | | 1,370,974 | | | 1,289,348 | | | 5.3 | % | 6.3 | % | | Total revenues | $ | 2,416,743 | | $ | 2,449,874 | | $ | 2,391,089 | | 1.1 | % | 2.5 | % | | Global Warehouse cost of operations: | | | | | | | | | | | | | | | Power | 147,453 | | | 151,196 | | | 147,750 | | | (0.2) | % | 2.3 | % | | Other facilities costs(2) | 256,910 | | | 262,127 | | | 247,743 | | | 3.7 | % | 5.8 | % | | Labor | 998,543 | | | 1,007,972 | | | 1,023,806 | | | (2.5) | % | (1.5) | % | | Other services costs(3) | 212,124 | | | 215,995 | | | 249,187 | | | (14.9) | % | (13.3) | % | | Total warehouse cost of operations | $ | 1,615,030 | | $ | 1,637,290 | | $ | 1,668,486 | | (3.2) | % | (1.9) | % | | Global Warehouse contribution (NOI) | $ | 801,713 | | $ | 812,584 | | $ | 722,603 | | 10.9 | % | 12.5 | % | | Rent and storage contribution (NOI)(4) | $ | 655,145 | | $ | 665,577 | | $ | 706,248 | | (7.2) | % | (5.8) | % | | Services contribution (NOI)(5) | $ | 146,568 | | $ | 147,007 | | $ | 16,355 | | 796.2 | % | 798.9 | % | | Global Warehouse margin | 33.2 | | % | 33.2 | | % | 30.2 | | % | 295 bps | | 295 bps | | | Rent and storage margin(6) | 61.8 | | % | 61.7 | | % | 64.1 | | % | -227 bps | | -241 bps | | | Services margin(7) | 10.8 | | % | 10.7 | | % | 1.3 | | % | 953 bps | | 945 bps | | | Global Warehouse rent and storage metrics: | | | | | | | | | | | | | | | Average economic occupied pallets(8) | 4,304 | | | n/a | | | 4,546 | | | (5.3) | % | n/a | | | Average physical occupied pallets(9) | 3,731 | | | n/a | | | 4,120 | | | (9.4) | % | n/a | | | Average physical pallet positions | 5,523 | | | n/a | | | 5,442 | | | 1.5 | % | n/a | | | Economic occupancy percentage(8) | 77.9 | | % | n/a | | | 83.5 | | % | -561 bps | | n/a | | | Physical occupancy percentage(9) | 67.6 | | % | n/a | | | 75.7 | | % | -815 bps | | n/a | | | Total rent and storage revenues per average economic occupied pallet | $ | 246.17 | | $ | 250.67 | | $ | 242.35 | | 1.6 | % | 3.4 | % | | Total rent and storage revenues per average physical occupied pallet | $ | 283.97 | | $ | 289.17 | | $ | 267.41 | | 6.2 | % | 8.1 | % | | Global Warehouse services metrics: | | | | | | | | | | | | | | | Throughput pallets | 36,509 | | | n/a | | | 37,524 | | | (2.7) | % | n/a | | | Total warehouse services revenues per throughput pallet | $ | 37.18 | | $ | 37.55 | | $ | 34.36 | | 8.2 | % | 9.3 | % |
(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)Includes real estate rent expense of $35.9 million and $37.5 million for the years ended December 31, 2024 and 2023, respectively.
(3)Includes non-real estate rent expense (equipment lease and rentals) of $12.3 million and $14.3 million for the years ended December 31, 2024 and 2023, 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 | Fourth Quarter 2024 | | --- | --- || | Years Ended December 31, | | | | | | | | | Change | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Dollars and units in thousands, except per pallet data | 2024 Actual | | | 2024 Constant Currency(1) | | | 2023 Actual | | | Actual | | Constant Currency | | | SAME STORE WAREHOUSE | | | | | | | | | | | | | | | Number of same store warehouses | 226 | | | | | | 226 | | | | | | | | Same store revenues: | | | | | | | | | | | | | | | Rent and storage | $ | 1,019,217 | | $ | 1,038,552 | | $ | 1,059,062 | | (3.8) | % | (1.9) | % | | Warehouse services | 1,323,458 | | | 1,337,122 | | | 1,260,770 | | | 5.0 | % | 6.1 | % | | Total same store revenues | $ | 2,342,675 | | $ | 2,375,674 | | $ | 2,319,832 | | 1.0 | % | 2.4 | % | | Same store cost of operations: | | | | | | | | | | | | | | | Power | 141,729 | | | 145,467 | | | 139,901 | | | 1.3 | % | 4.0 | % | | Other facilities costs | 242,026 | | | 247,142 | | | 232,396 | | | 4.1 | % | 6.3 | % | | Labor | 952,667 | | | 962,015 | | | 979,032 | | | (2.7) | % | (1.7) | % | | Other services costs | 198,707 | | | 202,428 | | | 233,809 | | | (15.0) | % | (13.4) | % | | Total same store cost of operations | $ | 1,535,129 | | $ | 1,557,052 | | $ | 1,585,138 | | (3.2) | % | (1.8) | % | | Same store contribution (NOI) | $ | 807,546 | | $ | 818,622 | | $ | 734,694 | | 9.9 | % | 11.4 | % | | Same store rent and storage contribution (NOI)(2) | $ | 635,462 | | $ | 645,943 | | $ | 686,765 | | (7.5) | % | (5.9) | % | | Same store services contribution (NOI)(3) | $ | 172,084 | | $ | 172,679 | | $ | 47,929 | | 259.0 | % | 260.3 | % | | Same store margin | 34.5 | | % | 34.5 | | % | 31.7 | | % | 280 bps | | 279 bps | | | Same store rent and storage margin(4) | 62.3 | | % | 62.2 | | % | 64.8 | | % | -250 bps | | -265 bps | | | Same store services margin(5) | 13.0 | | % | 12.9 | | % | 3.8 | | % | 920 bps | | 911 bps | | | Same store rent and storage metrics: | | | | | | | | | | | | | | | Average economic occupied pallets(6) | 4,157 | | | n/a | | | 4,427 | | | (6.1) | % | n/a | | | Average physical occupied pallets(7) | 3,606 | | | n/a | | | 4,023 | | | (10.4) | % | n/a | | | Average physical pallet positions | 5,248 | | | n/a | | | 5,256 | | | (0.2) | % | n/a | | | Economic occupancy percentage(6) | 79.2 | | % | n/a | | | 84.2 | | % | -502 bps | | n/a | | | Physical occupancy percentage(7) | 68.7 | | % | n/a | | | 76.5 | | % | -783 bps | | n/a | | | Same store rent and storage revenues per average economic occupied pallet | $ | 245.18 | | $ | 249.83 | | $ | 239.23 | | 2.5 | % | 4.4 | % | | Same store rent and storage revenues per average physical occupied pallet | $ | 282.64 | | $ | 288.01 | | $ | 263.25 | | 7.4 | % | 9.4 | % | | Same store services metrics: | | | | | | | | | | | | | | | Throughput pallets | 35,173 | | | n/a | | | 36,417 | | | (3.4) | % | n/a | | | Same store warehouse services revenues per throughput pallet | $ | 37.63 | | $ | 38.02 | | $ | 34.62 | | 8.7 | % | 9.8 | % |
(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 | Fourth Quarter 2024 | | --- | --- || | Years Ended December 31, | | | | | | | | Change | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Dollars and units in thousands, except per pallet data | 2024 Actual | | | 2024 Constant Currency(1) | | 2023 Actual | | | Actual | Constant Currency | | NON-SAME STORE WAREHOUSE | | | | | | | | | | | | Number of non-same store warehouses(2) | 9 | | | | | 12 | | | | | | Non-same store revenues: | | | | | | | | | | | | Rent and storage | $ | 40,291 | | $ | 40,348 | $ | 42,679 | | n/r | n/r | | Warehouse services | 33,777 | | | 33,852 | | 28,578 | | | n/r | n/r | | Total non-same store revenues | $ | 74,068 | | $ | 74,200 | $ | 71,257 | | n/r | n/r | | Non-same store cost of operations: | | | | | | | | | | | | Power | 5,724 | | | 5,729 | | 7,849 | | | n/r | n/r | | Other facilities costs | 14,884 | | | 14,985 | | 15,347 | | | n/r | n/r | | Labor | 45,876 | | | 45,957 | | 44,774 | | | n/r | n/r | | Other services costs | 13,417 | | | 13,567 | | 15,378 | | | n/r | n/r | | Total non-same store cost of operations | $ | 79,901 | | $ | 80,238 | $ | 83,348 | | n/r | n/r | | Non-same store contribution (NOI) | $ | (5,833) | | $ | (6,038) | $ | (12,091) | | n/r | n/r | | Non-same store rent and storage contribution (NOI)(2) | $ | 19,683 | | $ | 19,634 | $ | 19,483 | | n/r | n/r | | Non-same store services contribution (NOI)(3) | $ | (25,516) | | $ | (25,672) | $ | (31,574) | | n/r | n/r | | Non-same store rent and storage metrics: | | | | | | | | | | | | Average economic occupied pallets(5) | 147 | | | n/a | | 119 | | | n/r | n/a | | Average physical occupied pallets(6) | 125 | | | n/a | | 97 | | | n/r | n/a | | Average physical pallet positions | 275 | | | n/a | | 186 | | | n/r | n/a | | Economic occupancy percentage(5) | 53.5 | | % | n/a | | 64.0 | | % | n/r | n/a | | Physical occupancy percentage(6) | 45.5 | | % | n/a | | 52.2 | | % | n/r | n/a | | Non-same store rent and storage revenues per average economic occupied pallet | $ | 274.09 | | $ | 274.48 | $ | 358.65 | | n/r | n/r | | Non-same store rent and storage revenues per average physical occupied pallet | $ | 322.33 | | $ | 322.78 | $ | 439.99 | | n/r | n/r | | Non-same store services metrics: | | | | | | | | | | | | Throughput pallets | 1,336 | | | n/a | | 1,107 | | | n/r | n/a | | Non-same store warehouse services revenues per throughput pallet | $ | 25.28 | | $ | 25.34 | $ | 25.82 | | 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)The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, there are 6 sites in the development and expansion phase that will be added to the non - same store pool when operations commence.
(3)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(5)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(n/a = not applicable)
(n/r = not relevant)
| Financial Supplement | Fourth Quarter 2024 |
|---|
Warehouse Results
For the fourth quarter of 2024, Global Warehouse segment revenues were $606.5 million, a decrease of $5.8 million, or 0.9% (0.1% increase on a constant currency basis), compared to $612.3 million for the fourth quarter of 2023. This decrease was principally driven by lower occupancy and throughput pallets, partially offset by annual rate increases in the normal course of operations.
Global Warehouse segment contribution (NOI) was $201.4 million for the fourth quarter of 2024 as compared to $197.1 million for the fourth quarter of 2023, an increase of $4.3 million or 2.2% (3.2% on a constant currency basis). Global Warehouse segment contribution (NOI) increased primarily due to a 2.4% decrease (1.4% decrease on a constant currency basis) in rent, storage, and warehouse services cost of operations which is substantially driven by an increased focus on workforce performance, operational efficiency, and retention. Global Warehouse segment margin was 33.2% for the fourth quarter of 2024, a 102 basis point increase as to compared to the fourth quarter of 2023, driven by the factors noted above.
Fixed Commitment Rent and Storage Revenues
As of December 31, 2024, $625.3 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment storage contracts. This compares to $623.8 million at the end of the third quarter of 2024 and $576.8 million at the end of the fourth quarter of 2023. We continue to make progress on commercializing business under this type of arrangement. On a combined basis, 59.0% of rent and storage revenues were generated from fixed commitment storage contracts. On a combined basis, 61.9% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.
Economic and Physical Occupancy
Fixed commitments storage contracts are designed to ensure the Company’s customers have space available when needed. For the fourth quarter of 2024, economic occupancy for the total warehouse segment was 77.4% and the warehouse segment same store pool was 78.6%, representing a 1,049 and 1,059 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 524 basis points, and the warehouse segment same store pool decreased 536 basis points as compared to the fourth quarter of 2023.
Real Estate Portfolio
As of December 31, 2024, the Company’s portfolio consists of 239 facilities. The Company ended the fourth quarter of 2024 with 235 facilities in its Global Warehouse segment portfolio and 4 facilities in its Third-party managed segment. The same store population consists of 226 facilities for the quarter ended December 31, 2024. The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, there are 6 sites in the development and expansion phase that will be added to the non - same store pool when operations commence.
Balance Sheet Activity and Liquidity
As of December 31, 2024, the Company had total liquidity of approximately $921.8 million, including cash and capacity on its revolving credit facility. Total net debt outstanding was approximately $3.4 billion (inclusive of approximately $174.8 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 Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 5.4x. The Company’s unsecured debt has a remaining weighted average term of 5.1 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 3.9%. As of December 31, 2024, approximately 92.7% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.
| Financial Supplement | Fourth Quarter 2024 |
|---|
Dividend
On December 17, 2024, the Company’s Board of Directors declared a dividend of $0.22 per share for the fourth quarter of 2024, which was paid on January 15, 2025 to common stockholders of record as of December 31, 2024.
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 239 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
This press release contains non-GAAP financial measures, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, same store segment revenues, contribution (NOI) and margin, 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; 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.
| Financial Supplement | Fourth Quarter 2024 |
|---|
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 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 | Fourth Quarter 2024 |
|---|
Financial Information
| Americold Realty Trust, Inc. and Subsidiaries | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
| (In thousands, except shares and per share amounts) | |||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Property, buildings, and equipment: | |||||||||||
| Land | $ | 806,981 | $ | 820,831 | |||||||
| Buildings and improvements | 4,462,565 | 4,464,359 | |||||||||
| Machinery and equipment | 1,598,502 | 1,565,431 | |||||||||
| Assets under construction | 606,233 | 452,312 | |||||||||
| 7,474,281 | 7,302,933 | ||||||||||
| Accumulated depreciation | (2,453,597) | (2,196,196) | |||||||||
| Property, buildings, and equipment – net | 5,020,684 | 5,106,737 | |||||||||
| Operating leases - net | 222,294 | 247,302 | |||||||||
| Financing leases - net | 104,216 | 105,164 | |||||||||
| Cash, cash equivalents, and restricted cash | 47,652 | 60,392 | |||||||||
| Accounts receivable – net of allowance of $24,426 and $21,647 at December 31, 2024 and December 31, 2023, respectively | 386,924 | 426,048 | |||||||||
| Identifiable intangible assets – net | 838,660 | 897,414 | |||||||||
| Goodwill | 784,042 | 794,004 | |||||||||
| Investments in and advances to partially owned entities | 40,252 | 38,113 | |||||||||
| Other assets | 291,230 | 194,078 | |||||||||
| Total assets | $ | 7,735,954 | $ | 7,869,252 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities | |||||||||||
| Borrowings under revolving line of credit | $ | 255,052 | $ | 392,156 | |||||||
| Accounts payable and accrued expenses | 603,411 | 568,764 | |||||||||
| Senior unsecured notes and term loans – net of deferred financing costs of $13,882 and $10,578 at December 31, 2024 and December 31, 2023, respectively | 3,031,462 | 2,601,122 | |||||||||
| Sale-leaseback financing obligations | 79,001 | 161,937 | |||||||||
| Financing lease obligations | 95,784 | 97,177 | |||||||||
| Operating lease obligations | 219,099 | 240,251 | |||||||||
| Unearned revenues | 21,979 | 28,379 | |||||||||
| Deferred tax liability - net | 115,772 | 135,797 | |||||||||
| Other liabilities | 7,389 | 9,082 | |||||||||
| Total liabilities | 4,428,949 | 4,234,665 | |||||||||
| Equity | |||||||||||
| Stockholders' equity: | |||||||||||
| Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,265,041 and 283,699,120 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 2,842 | 2,837 | |||||||||
| Paid-in capital | 5,646,879 | 5,625,907 | |||||||||
| Accumulated deficit and distributions in excess of net earnings | (2,341,654) | (1,995,975) | |||||||||
| Accumulated other comprehensive loss | (27,279) | (16,640) | |||||||||
| Total stockholders’ equity | 3,280,788 | 3,616,129 | |||||||||
| Noncontrolling interests: | |||||||||||
| Noncontrolling interests | 26,217 | 18,458 | |||||||||
| Total equity | 3,307,005 | 3,634,587 | |||||||||
| Total liabilities and equity | $ | 7,735,954 | $ | 7,869,252 | |||||||
| Financial Supplement | Fourth Quarter 2024 | ||||||||||
| --- | --- | Americold Realty Trust, Inc. and Subsidiaries | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||
| (In thousands, except per share amounts) | |||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenues: | |||||||||||
| Rent, storage, and warehouse services | $ | 606,465 | $ | 612,262 | $ | 2,416,743 | $ | 2,391,089 | |||
| Transportation services | 49,875 | 57,878 | 209,129 | 239,670 | |||||||
| Third-party managed services | 10,095 | 9,151 | 40,669 | 42,570 | |||||||
| Total revenues | 666,435 | 679,291 | 2,666,541 | 2,673,329 | |||||||
| Operating expenses: | |||||||||||
| Rent, storage, and warehouse services cost of operations | 405,038 | 415,160 | 1,615,030 | 1,668,486 | |||||||
| Transportation services cost of operations | 42,165 | 46,966 | 172,606 | 197,630 | |||||||
| Third-party managed services cost of operations | 8,042 | 7,330 | 32,178 | 36,641 | |||||||
| Depreciation and amortization | 89,711 | 94,099 | 360,817 | 353,743 | |||||||
| Selling, general, and administrative | 66,576 | 57,763 | 255,118 | 226,786 | |||||||
| Acquisition, cyber incident, and other, net | 33,144 | 15,774 | 77,169 | 64,087 | |||||||
| Impairment of indefinite and long-lived assets | 30,173 | 236,515 | 33,126 | 236,515 | |||||||
| Net Loss (gain) from sale of real estate | — | 5 | (3,514) | (2,254) | |||||||
| Total operating expenses | 674,849 | 873,612 | 2,542,530 | 2,781,634 | |||||||
| Operating (loss) income | (8,414) | (194,321) | 124,011 | (108,305) | |||||||
| Other income (expense): | |||||||||||
| Interest expense | (34,458) | (33,681) | (135,323) | (140,107) | |||||||
| Loss on debt extinguishment and termination of derivative instruments | — | (627) | (116,082) | (2,482) | |||||||
| (Loss) gain from investments in partially owned entities | (682) | 174 | (3,702) | (1,442) | |||||||
| Impairment of related party loan receivable | — | — | — | (21,972) | |||||||
| Loss on put option | — | — | — | (56,576) | |||||||
| Other, net | 47 | 1,054 | 27,919 | 2,795 | |||||||
| Loss from continuing operations before income taxes | (43,507) | (227,401) | (103,177) | (328,089) | |||||||
| Income tax benefit (expense): | |||||||||||
| Current income tax | 386 | (2,627) | (4,782) | (8,508) | |||||||
| Deferred income tax | 6,712 | 3,228 | 13,210 | 10,781 | |||||||
| Total income tax benefit | 7,098 | 601 | 8,428 | 2,273 | |||||||
| Net loss: | |||||||||||
| Net loss from continuing operations | (36,409) | (226,800) | (94,749) | (325,816) | |||||||
| Loss from discontinued operations, net of tax | — | — | — | (10,453) | |||||||
| Net loss | $ | (36,409) | $ | (226,800) | $ | (94,749) | $ | (336,269) | |||
| Net (loss) gain attributable to noncontrolling interests | (194) | 41 | (436) | (54) | |||||||
| Net loss attributable to Americold Realty Trust, Inc. | $ | (36,215) | $ | (226,841) | $ | (94,313) | $ | (336,215) | |||
| Weighted average common stock outstanding – basic | 284,938 | 284,263 | 284,782 | 275,773 | |||||||
| Weighted average common stock outstanding – diluted | 284,938 | 284,263 | 284,782 | 275,773 | |||||||
| Net loss per common share from continuing operations - basic | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.18) | |||
| Net loss per common share from discontinued operations - basic | — | — | — | (0.04) | |||||||
| Basic loss per share | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.22) | |||
| Net loss per common share from continuing operations - diluted | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.18) | |||
| Net loss per common share from discontinued operations - diluted | — | — | — | (0.04) | |||||||
| Diluted loss per share | $ | (0.13) | $ | (0.80) | $ | (0.33) | $ | (1.22) | |||
| Financial Supplement | Fourth Quarter 2024 | ||||||||||
| --- | --- | Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| (In thousands, except per share amounts) | |||||||||||
| Three Months Ended | Years Ended | ||||||||||
| Q4 24 | Q4 23 | 2024 | 2023 | ||||||||
| Net loss | $ | (36,409) | $ | (226,800) | $ | (94,749) | $ | (336,269) | |||
| Adjustments: | |||||||||||
| Real estate related depreciation | 56,620 | 57,183 | 225,388 | 222,837 | |||||||
| Loss (gain) from sale of real estate | — | 5 | (3,514) | (2,254) | |||||||
| Net loss on real estate related asset disposals | 264 | 260 | 330 | 235 | |||||||
| Impairment charges on certain real estate assets | 18,032 | — | 20,985 | — | |||||||
| Our share of reconciling items related to partially owned entities | 314 | 280 | 1,144 | 1,705 | |||||||
| NAREIT FFO | $ | 38,821 | $ | (169,072) | $ | 149,584 | $ | (113,746) | |||
| Adjustments: | |||||||||||
| Net loss (gain) on sale of non-real assets | 775 | 3,312 | (236) | 3,725 | |||||||
| Acquisition, cyber incident, and other, net | 33,144 | 15,774 | 77,169 | 64,087 | |||||||
| Impairment of indefinite and long-lived assets (excluding certain real estate assets) | 12,141 | 236,515 | 12,141 | 236,515 | |||||||
| Loss on debt extinguishment and termination of derivative instruments | — | 627 | 116,082 | 2,482 | |||||||
| Foreign currency exchange loss (gain) | 1,766 | (28) | (8,833) | 431 | |||||||
| Gain on legal settlement related to prior period operations | — | (2,180) | (6,104) | (2,180) | |||||||
| Project Orion deferred costs amortization | 1,791 | — | 4,182 | — | |||||||
| Our share of reconciling items related to partially owned entities | 116 | (184) | 805 | 64 | |||||||
| Loss from discontinued operations, net of tax | — | — | — | 8,072 | |||||||
| Impairment of related party receivable | — | — | — | 21,972 | |||||||
| Loss on put option | — | — | — | 56,576 | |||||||
| Gain on sale of LATAM JV | — | — | — | (304) | |||||||
| Core FFO | $ | 88,554 | $ | 84,764 | $ | 344,790 | $ | 277,694 | |||
| Adjustments: | |||||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 1,445 | 1,290 | 5,329 | 5,095 | |||||||
| Amortization of below/above market leases | 354 | 360 | 1,445 | 1,506 | |||||||
| Straight-line rent adjustment | 335 | 597 | 1,612 | 1,011 | |||||||
| Deferred income tax benefit | (6,712) | (3,228) | (13,210) | (10,781) | |||||||
| Stock-based compensation expense(1) | 6,335 | 5,780 | 25,274 | 23,592 | |||||||
| Non-real estate depreciation and amortization | 33,091 | 36,916 | 135,429 | 130,906 | |||||||
| Maintenance capital expenditures(2) | (17,596) | (18,670) | (80,951) | (78,411) | |||||||
| Our share of reconciling items related to partially owned entities | 136 | 208 | 671 | 1,013 | |||||||
| Adjusted FFO | $ | 105,942 | $ | 108,017 | $ | 420,389 | $ | 351,625 |
(1)Stock-based compensation expense excludes the stock compensation expense associated with employee awards granted in conjunction with Project Orion, which are recognized within Acquisition, cyber incident, and other, net.
(2)Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.
| Financial Supplement | Fourth Quarter 2024 | | --- | --- || Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (In thousands, except per share amounts) | | | | | | | | | | | Three Months Ended | | | | Years Ended | | | | | | Q4 24 | | Q4 23 | | 2024 | | 2023 | | | NAREIT FFO | $ | 38,821 | $ | (169,072) | $ | 149,584 | $ | (113,746) | | Core FFO | $ | 88,554 | $ | 84,764 | $ | 344,790 | $ | 277,694 | | Adjusted FFO | $ | 105,942 | $ | 108,017 | $ | 420,389 | $ | 351,625 | | Reconciliation of weighted average shares: | | | | | | | | | | Weighted average basic shares for net income calculation | 284,938 | | 284,263 | | 284,782 | | 275,773 | | | Dilutive stock options and unvested restricted stock units | 434 | | 502 | | 403 | | 624 | | | Weighted average dilutive shares | 285,372 | | 284,765 | | 285,185 | | 276,397 | | | NAREIT FFO - basic per share | $ | 0.14 | $ | (0.59) | $ | 0.53 | $ | (0.41) | | NAREIT FFO - diluted per share | $ | 0.14 | $ | (0.59) | $ | 0.52 | $ | (0.41) | | Core FFO - basic per share | $ | 0.31 | $ | 0.30 | $ | 1.21 | $ | 1.01 | | Core FFO - diluted per share | $ | 0.31 | $ | 0.30 | $ | 1.21 | $ | 1.00 | | Adjusted FFO - basic per share | $ | 0.37 | $ | 0.38 | $ | 1.48 | $ | 1.28 | | Adjusted FFO - diluted per share | $ | 0.37 | $ | 0.38 | $ | 1.47 | $ | 1.27 | | Financial Supplement | Fourth Quarter 2024 | | --- | --- || Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (In thousands) | | | | | | | | | | | | | | | Three Months Ended | | | | | | Years Ended | | | | | | | | Q4 24 | | | Q4 23 | | | 2024 | | | 2023 | | | | Net loss | $ | (36,409) | | $ | (226,800) | | $ | (94,749) | | $ | (336,269) | | | Adjustments: | | | | | | | | | | | | | | Depreciation and amortization | 89,711 | | | 94,099 | | | 360,817 | | | 353,743 | | | | Interest expense | 34,458 | | | 33,681 | | | 135,323 | | | 140,107 | | | | Income tax benefit | (7,098) | | | (601) | | | (8,428) | | | (2,273) | | | | Loss (gain) from sale of real estate | — | | | 5 | | | (3,514) | | | (2,254) | | | | Adjustment to reflect share of EBITDAre of partially owned entities | 1,461 | | | 1,533 | | | 5,909 | | | 8,996 | | | | NAREIT EBITDAre | $ | 82,123 | | $ | (98,083) | | $ | 395,358 | | $ | 162,050 | | | Adjustments: | | | | | | | | | | | | | | Acquisition, cyber incident, and other, net | 33,144 | | | 15,774 | | | 77,169 | | | 64,087 | | | | Loss (gain) from investments in partially owned entities | 682 | | | (174) | | | 3,702 | | | 3,823 | | | | Impairment of indefinite and long-lived assets | 30,173 | | | 236,515 | | | 33,126 | | | 236,515 | | | | Foreign currency exchange loss (gain) | 1,766 | | | (28) | | | (8,833) | | | 431 | | | | Stock-based compensation expense(1) | 6,335 | | | 5,780 | | | 25,274 | | | 23,592 | | | | Loss on debt extinguishment and termination of derivative instruments | — | | | 627 | | | 116,082 | | | 2,482 | | | | Loss on other asset disposals | 1,039 | | | 3,572 | | | 94 | | | 3,960 | | | | Gain on legal settlement related to prior period operations | — | | | (2,180) | | | (6,104) | | | (2,180) | | | | Project Orion deferred costs amortization | 1,791 | | | — | | | 4,182 | | | — | | | | Reduction in EBITDAre from partially owned entities | (1,461) | | | (1,533) | | | (5,909) | | | (8,996) | | | | Gain on sale of LATAM JV | — | | | — | | | — | | | (304) | | | | Loss from discontinued operations, net of tax | — | | | — | | | — | | | 8,072 | | | | Impairment of related party receivable | — | | | — | | | — | | | 21,972 | | | | Loss on put option | — | | | — | | | — | | | 56,576 | | | | Core EBITDA | $ | 155,592 | | $ | 160,270 | | $ | 634,141 | | $ | 572,080 | | | Total revenues | $ | 666,435 | | $ | 679,291 | | $ | 2,666,541 | | $ | 2,673,329 | | | Core EBITDA margin | 23.3 | | % | 23.6 | | % | 23.8 | | % | 21.4 | | % |
(1)Stock-based compensation expense excludes the stock compensation expense associated with employee awards granted in conjunction with Project Orion, which are recognized within Acquisition, cyber incident, and other, net.
| Financial Supplement | Fourth Quarter 2024 | | --- | --- || Debt Detail and Maturities | | | | | | | --- | --- | --- | --- | --- | --- | | | As of December 31, 2024 | | | | | | Indebtedness: (in thousands) | Carrying Value | | Contractual Interest Rate(1) | Effective Interest Rate(2) | Stated<br><br>Maturity Date(3) | | Senior Unsecured Revolving Credit Facility - USD(5) | $ | 14,000 | SOFR + 0.84% | 6.19% | 08/2027 | | Senior Unsecured Revolving Credit Facility - C$35M(5) | 24,335 | | CORRA + 0.84% | 5.39% | 08/2027 | | Senior Unsecured Revolving Credit Facility - A$197M(5) | 121,908 | | BBSW + 0.84% | 6.15% | 08/2027 | | Senior Unsecured Revolving Credit Facility - €71M(5) | 72,993 | | EURIBOR + 0.84% | 4.64% | 08/2027 | | Senior Unsecured Revolving Credit Facility - NZ$39M(5) | 21,816 | | BKBM + 0.84% | 6.20% | 08/2027 | | Senior Unsecured Term Loan A Facility Tranche A-1 - USD(6) | 375,000 | | SOFR + 0.94% | 4.50% | 08/2027 | | Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M | 173,820 | | CORRA + 0.94% | 4.80% | 01/2028 | | Senior Unsecured Term Loan A Facility Tranche A-3 - USD | 270,000 | | SOFR + 0.94% | 4.27% | 01/2028 | | Private Series A Unsecured Notes - USD | 200,000 | | 4.68% | 4.76% | 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 | 414,146 | | 1.62% | 1.67% | 01/2031 | | Private Series E Unsecured Notes - €350M | 362,378 | | 1.65% | 1.70% | 01/2033 | | Public 5.409% Notes - USD | 500,000 | | 5.41% | 5.50% | 09/2034 | | Total Unsecured Debt | $ | 3,300,396 | 3.94% | 4.11% | 5.1 years | | Sale-leaseback financing obligations | 79,001 | | 10.07% | | | | Financing lease obligations | 95,784 | | 4.70% | | | | Total Secured Debt | $ | 174,785 | 7.13% | | | | Total Debt Outstanding | $ | 3,475,181 | 4.10% | | | | Less: unamortized deferred financing costs | (13,882) | | | | | | Total Book Value of Debt | $ | 3,461,299 | | | | | Rate Type: | December 31, 2024 | | % of Total | | --- | --- | --- | --- | | Fixed(7) | $ | 3,220,129 | 92.7% | | Variable-unhedged | 255,052 | | 7.3% | | Total Debt Outstanding | $ | 3,475,181 | 100% | | Debt Type: | December 31, 2024 | | % of Total | | --- | --- | --- | --- | | Unsecured | $ | 3,300,396 | 95.0% | | Secured | 174,785 | | 5.0% | | Total Debt Outstanding | $ | 3,475,181 | 100% | | Capitalization: | December 31, 2024 | | | --- | --- | --- | | Total Debt Outstanding | $ | 3,475,181 | | Less: Cash, cash equivalents and restricted cash | 47,652 | | | Net Debt | $ | 3,427,529 | | Core EBITDA - last twelve months | $ | 634,141 | | Net Debt to Pro Forma Core EBITDA | 5.40x | | | Enterprise Value: | December 31, 2024 | | | --- | --- | --- | | Fully diluted common stock | 287,268 | | | Common Stock Share Price | $ | 21.40 | | Market value of common equity | $ | 6,147,535 | | Net Debt | $ | 3,427,529 | | Total Enterprise Value | $ | 9,575,064 |
(1)As of December 31, 2024, the adjusted daily SOFR rate was 4.41%, the adjusted daily CORRA rate was 3.61%, the one-month BBSW rate was 4.37%, the one-month EURIBOR rate was 2.86%, and the one-month BKBM rate was 4.42%. Our Senior Unsecured Term Loan Tranche A-1 is hedged at a weighted average rate of 4.29%. Our Senior Unsecured Term Loan Tranche A-2 is hedged at a rate of 4.53%. Our Senior Unsecured Term Loan Tranche A-3 is hedged at a rate of 4.09%. Included in the SOFR and CORRA rates above, are additional adjustments of 0.10% and 0.30%, respectively.
(2)The effective interest rates presented include the amortization of deferred financing costs and are based on the hedged rate for the $375.0 million TLA Tranche A-1, the C$250.0 million TLA Tranche A-2, and the $270.0 million TLA Tranche A-3. Subtotals of stated effective interest rates represent weighted average interest rates.
(3)Subtotals of stated maturity dates represent remaining weighted average life of the debt and assume the exercise of extension options on the TLA Tranche A-1 and Senior Unsecured Revolving Credit Facility.
(4)Borrowing currency and value presented in caption unless USD denominated.
(5)The Senior Unsecured Revolving Credit Facility maturity assumes two six-month extension options past the contractual maturity date in August of 2026. The borrowing capacity as of December 31, 2024 is $1.2 billion less $20.8 million of outstanding letters of credit. The effective interest rate shown represents deferred financing costs allocated on a pro rata basis over the outstanding balances.
(6)The Senior Unsecured Term Loan Tranche A-1 maturity assumes two twelve-month extension options past the contractual maturity date in August of 2025.
(7)The total includes borrowings with a variable interest rate that have been effectively hedged through interest rate swaps.
| Financial Supplement | Fourth Quarter 2024 |
|---|
Operations Overview
Global Warehouse Portfolio
| Financial Supplement | Fourth Quarter 2024 |
|---|
Fixed Commitment and Lease Maturities(1)
Note: Dotted lines represent incremental lease commitments.
The graph below sets forth a summary schedule of the percentage of total warehouse segment Rent & Storage Revenues for any defined contracts featuring fixed storage commitments and/or leases in effect as of December 31, 2024.
(1)During the three months ended December 31, 2024, the Company enhanced its reporting to include leases in Europe representing an additional 43 contracts and annualized rent and storage revenue of $3.4 million or 0.3% of total warehouse rent and storage revenue.
| Financial Supplement | Fourth Quarter 2024 |
|---|
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures
We utilize a strategic and preventative approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and ensure that our warehouses meet the “mission-critical” role they serve in the cold chain.
Maintenance Capital Expenditures
| (In thousands) | Three Months Ended December 31, | Years Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Real estate | $ | 15,223 | $ | 17,402 | $ | 73,224 | $ | 70,772 | ||||
| Personal property | 1,007 | 740 | 3,938 | 3,124 | ||||||||
| Information technology | 1,366 | 528 | 3,789 | 4,515 | ||||||||
| Maintenance capital expenditures | $ | 17,596 | $ | 18,670 | $ | 80,951 | $ | 78,411 |
Repair and Maintenance Expenses
| (In thousands) | Three Months Ended December 31, | Years Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Real estate | $ | 10,855 | $ | 22,652 | $ | 46,371 | $ | 56,210 | ||||
| Personal property | 23,714 | 7,437 | 81,382 | 62,485 | ||||||||
| Repair and maintenance expenses | $ | 34,569 | $ | 30,089 | $ | 127,753 | $ | 118,695 |
External Growth, Expansion and Development Capital Expenditures
| (In thousands) | Three Months Ended December 31, | Years Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Business combinations | $ | — | $ | 5,910 | $ | — | $ | 46,653 | ||||
| Asset acquisitions | — | 22,194 | — | 65,771 | ||||||||
| Expansion and development initiatives(1) | 85,447 | 46,432 | 213,261 | 126,160 | ||||||||
| Information technology | 7,015 | 3,856 | 15,478 | 10,208 | ||||||||
| Growth and expansion capital expenditures | $ | 92,462 | $ | 78,392 | $ | 228,739 | $ | 248,792 |
(1)We capitalized interest of $5.4 million and $3.0 million for the three months ended December 31, 2024 and 2023, respectively.
During the years ended December 31, 2024 and 2023, we capitalized interest of $17.6 million and $13.2 million, respectively.
During the three months ended December 31, 2024 and 2023, we capitalized amounts relating to compensation and travel expense of employees direct and incremental to development of properties of approximately $7.4 million and $10.4 million, respectively.
During the years ended December 31, 2024 and 2023, we capitalized $26.4 million and $17.5 million, respectively relating to compensation and travel expense of employees direct and incremental to development of properties.
| Financial Supplement | Fourth Quarter 2024 |
|---|
External Growth and Capital Deployment
| Recently Completed Expansion and Development Projects - Non Same Store | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Facility | Opportunity Type | Facility Type<br> (A = Automated)<br> (C = Conventional) | Tenant Opportunity | Cubic Feet<br>(in millions) | Pallet<br><br>Positions<br><br>(in thousands) | Cost to Complete<br><br>(in millions)(1) | Expected<br>Stabilized<br>NOI ROIC | Completion Date | Expected Full Stabilized Quarter |
| Lancaster, PA | Development | Distribution (A) | Build-to-suit | 11.4 | 28 | $164 | 10-12% | Q1 2023 | Q3 2025 |
| Gateway, GA Phase 2 | Expansion | Distribution (A) | Multi-tenant | 6.3 | 24 | $39 | 10-12% | Q2 2023 | Q1 2025 |
| Russellville, AR | Expansion | Production Advantaged (A) | Build-to-suit | 13.0 | 42 | $90 | 10-12% | Q3 2023 | Q4 2024 |
| Spearwood, Australia | Expansion | Distribution (A) | Multi-tenant | 3.3 | 20 | A$64 | 10-12% | Q3 2023 | Q1 2025 |
| Plainville, CT | Development | Distribution (A) | Build-to-suit | 12.1 | 31 | $161 | 10-12% | Q4 2023 | Q4 2025 |
(1)Cost to complete represents total costs incurred through the completion date. These amounts exclude additional costs incurred to reach stabilization, which do not materially impact the currently disclosed return on invested capital estimates.
| Expansion and Development Projects In Process and Announced - Non Same Store | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Facility Type<br> (A = Automated)<br> (C = Conventional) | Under<br>Construction | Investment in Expansion / Development<br>(in millions) | Expected<br>Stabilized<br>NOI ROIC | Target<br><br>Completion<br><br>Date | Expected Full Stabilized Quarter | ||||||||||
| Facility | Opportunity Type | Tenant Opportunity | Cubic Feet<br><br>(in millions) (1) | Pallet<br><br>Positions<br><br>(in thousands) (1) | Cost to Date (2) | Estimate to<br><br>Complete | Total Estimated<br>Cost | ||||||||
| Allentown, PA | Expansion | Distribution (C) | Multi-tenant | 14.6 | 37 | $36 | $49-$54 | $85-$90 | 10-12% | Q2 2025 | Q1 2027 | ||||
| Kansas City, MO | Development | Distribution (C) | Multi-tenant | 13.5 | 22 | $32 | $95 - $101 | $127 - $133 | 10-12% | Q2 2025 | Q1 2026 | ||||
| Sydney, Australia | Expansion | Distribution (C) | Multi-tenant | 2.8 | 13 | A$9 | A$35- A$37 | A$44 - A$46 | 10-12% | Q1 2026 | Q1 2027 | ||||
| Dallas Ft. Worth, TX | Expansion | Distribution (A) | Multi-tenant | 18.8 | 50 | $6 | $139 - $149 | $145 - $155 | 10-12% | Q4 2026 | Q2 2028 | ||||
| Saint John, NB, Canada | Development | Distribution (C) | Multi-tenant | 7.4 | 22 | C$— | C$103-C$113 | C$103-C$113 | 10-12% | Q3 2026 | Q1 2028 | ||||
| Christchurch, New Zealand | Expansion | Distribution (C) | Multi-tenant | 3.8 | 16 | NZ$— | NZ$56 - NZ$60 | NZ$56 - NZ$60 | 10-12% | Q1 2026 | Q3 2027 |
(1)Cubic feet and pallet positions are estimates while the facilities are under construction.
(2)Cost as of December 31, 2024.
| Recent Acquisitions - Non Same Store | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Facility | Metropolitan Area | No. of Facilities | Cubic Feet<br>(in millions) | Pallet<br>Positions<br>(in thousands) | Acquisition Price (in millions) (1) | Net Entry NOI Yield (1) | Expected Three Year Stabilized<br>NOI ROIC | Date Purchased | Expected Full Stabilized Quarter | |
| Ormeau | Brisbane, AU | 1 | 2.1 | 10 | A$36.1 | — | 9-10% | 7/7/2023 | Q2 2026 | |
| Safeway | Vineland, NJ | 1 | 6.0 | 17 | $37.0 | 8.9 | % | 9-10% | 10/5/2023 | Q3 2026 |
(1)Inclusive of expenses required to integrate and reach stabilization.
| Financial Supplement | Fourth Quarter 2024 |
|---|
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) | Q4 24 | Q3 24 | Q2 24 | Q1 24 | Q4 23 | Q3 23 | Q2 23 | Q1 23 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of same store warehouses | 226 | 226 | 226 | 226 | 226 | 226 | 226 | 226 | ||||||||
| Same store revenues: | ||||||||||||||||
| Rent and storage | 251,090 | 253,907 | 257,924 | 256,296 | 263,932 | 266,947 | 264,134 | 264,050 | ||||||||
| Warehouse services | 337,628 | 340,647 | 324,767 | 320,416 | 327,606 | 316,769 | 299,417 | 316,978 | ||||||||
| Total same store revenues | 588,718 | 594,554 | 582,691 | 576,712 | 591,538 | 583,716 | 563,551 | 581,028 | ||||||||
| Same store cost of operations: | ||||||||||||||||
| Power | 34,680 | 40,330 | 35,494 | 31,225 | 31,529 | 39,396 | 34,167 | 34,809 | ||||||||
| Other facilities costs | 59,192 | 64,446 | 59,193 | 59,195 | 60,569 | 57,367 | 57,190 | 57,270 | ||||||||
| Labor | 240,007 | 242,824 | 234,276 | 235,560 | 244,348 | 247,648 | 240,574 | 246,463 | ||||||||
| Other services costs | 53,131 | 48,302 | 47,124 | 50,149 | 62,731 | 57,895 | 55,415 | 57,767 | ||||||||
| Total same store cost of operations | 387,010 | 395,902 | 376,087 | 376,129 | 399,177 | 402,306 | 387,346 | 396,309 | ||||||||
| Same store contribution (NOI) | 201,708 | 198,652 | 206,604 | 200,583 | 192,361 | 181,410 | 176,205 | 184,719 | ||||||||
| Same store rent and storage contribution (NOI)(2) | 157,218 | 149,131 | 163,237 | 165,876 | 171,834 | 170,184 | 172,777 | 171,971 | ||||||||
| Same store services contribution (NOI)(3) | 44,490 | 49,521 | 43,367 | 34,707 | 20,527 | 11,226 | 3,428 | 12,748 | ||||||||
| Total same store margin | 34.3 | % | 33.4 | % | 35.5 | % | 34.8 | % | 32.5 | % | 31.1 | % | 31.3 | % | 31.8 | % |
| Same store rent and storage margin(4) | 62.6 | % | 58.7 | % | 63.3 | % | 64.7 | % | 65.1 | % | 63.8 | % | 65.4 | % | 65.1 | % |
| Same store services margin(5) | 13.2 | % | 14.5 | % | 13.4 | % | 10.8 | % | 6.3 | % | 3.5 | % | 1.1 | % | 4.0 | % |
| Same store rent and storage: | ||||||||||||||||
| Economic occupancy | ||||||||||||||||
| Average economic occupied pallets | 4,128 | 4,093 | 4,165 | 4,242 | 4,397 | 4,390 | 4,468 | 4,453 | ||||||||
| Economic occupancy percentage | 78.6 | % | 78.0 | % | 79.4 | % | 80.9 | % | 84.0 | % | 83.9 | % | 84.7 | % | 84.4 | % |
| Same store rent and storage revenues per economic occupied pallet | 60.83 | 62.03 | 61.93 | 60.42 | 60.03 | 60.81 | 59.12 | 59.30 | ||||||||
| Physical occupancy | ||||||||||||||||
| Average physical occupied pallets | 3,572 | 3,557 | 3,615 | 3,683 | 3,919 | 3,966 | 4,099 | 4,107 | ||||||||
| Average physical pallet positions | 5,250 | 5,250 | 5,245 | 5,246 | 5,235 | 5,235 | 5,277 | 5,277 | ||||||||
| Physical occupancy percentage | 68.0 | % | 67.8 | % | 68.9 | % | 70.2 | % | 74.9 | % | 75.8 | % | 77.7 | % | 77.8 | % |
| Same store rent and storage revenues per physical occupied pallet | 70.29 | 71.38 | 71.35 | 69.59 | 67.35 | 67.31 | 64.44 | 64.29 | ||||||||
| Same store warehouse services: | ||||||||||||||||
| Throughput pallets | 8,894 | 8,885 | 8,717 | 8,681 | 9,043 | 9,106 | 8,873 | 9,396 | ||||||||
| Same store warehouse services revenues per throughput pallet | 37.96 | 38.34 | 37.26 | 36.91 | 36.23 | 34.79 | 33.74 | 33.74 | ||||||||
| Total non-same store results: | ||||||||||||||||
| Non-same store warehouse revenues | ||||||||||||||||
| Non-same store warehouse cost of operations | ||||||||||||||||
| Non-same store warehouse NOI |
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 rent and storage revenues less power and other facilities costs.
(3)Calculated as warehouse services revenues less labor and other services costs.
(4)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(5)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
| Financial Supplement | Fourth Quarter 2024 |
|---|
2025 Same-store Historical Performance Trend - The following table reflects the actual results of our 2025 same store pool, in USD, for the respective periods.
| Three Months Ended | Year Ended | ||||
|---|---|---|---|---|---|
| Q4 24 | Q3 24 | Q2 24 | Q1 24 | 2024 | |
| Number of same store warehouses | 226 | 226 | 226 | 226 | 226 |
| Same store revenues: | |||||
| Rent and storage | 257,841 | 260,014 | 263,211 | 260,389 | 1,041,455 |
| Warehouse services | 343,235 | 344,630 | 327,571 | 321,385 | 1,336,821 |
| Total same store revenues | 601,076 | 604,644 | 590,782 | 581,774 | 2,378,276 |
| Same store cost of operations: | |||||
| Power | 35,180 | 41,269 | 36,235 | 31,652 | 144,336 |
| Other facilities costs | 57,638 | 62,948 | 57,111 | 57,469 | 235,166 |
| Labor | 247,224 | 249,497 | 239,744 | 239,373 | 975,838 |
| Other services costs | 54,305 | 49,296 | 47,929 | 50,454 | 201,984 |
| Total same store cost of operations | 394,347 | 403,010 | 381,019 | 378,948 | 1,557,324 |
| Same store contribution (NOI) | 206,729 | 201,634 | 209,763 | 202,826 | 820,952 |
| Same store rent and storage contribution (NOI)(1) | 165,023 | 155,797 | 169,865 | 171,268 | 661,953 |
| Same store services contribution (NOI)(2) | 41,706 | 45,837 | 39,898 | 31,558 | 158,999 |
| Total same store margin | 34.4 | 33.3 | 35.5 | 34.9 | 34.5 |
| Same store rent and storage margin(3) | 64.0 | 59.9 | 64.5 | 65.8 | 63.6 |
| Same store services margin(4) | 12.2 | 13.3 | 12.2 | 9.8 | 11.9 |
| Same store rent and storage: | |||||
| Economic occupancy | |||||
| Average economic occupied pallets | 4,238 | 4,188 | 4,256 | 4,314 | 4,249 |
| Economic occupancy percentage | 79.3 | 78.3 | 79.7 | 80.8 | 79.5 |
| Same store rent and storage revenues per economic occupied pallet | 60.84 | 62.09 | 61.84 | 60.36 | 245.11 |
| Physical occupancy | |||||
| Average physical occupied pallets | 3,658 | 3,633 | 3,688 | 3,744 | 3,681 |
| Average physical pallet positions | 5,346 | 5,346 | 5,340 | 5,341 | 5,343 |
| Physical occupancy percentage | 68.4 | 68.0 | 69.1 | 70.1 | 68.9 |
| Same store rent and storage revenues per physical occupied pallet | 70.49 | 71.57 | 71.37 | 69.55 | 282.93 |
| Same store warehouse services: | |||||
| Throughput pallets | 9,156 | 9,118 | 8,939 | 8,933 | 36,146 |
| Same store warehouse services revenues per throughput pallet | 37.49 | 37.80 | 36.65 | 35.98 | 36.98 |
| Total non-same store results: | |||||
| Non-same store warehouse revenues | 5,389 | 7,537 | 9,605 | 15,936 | 38,467 |
| Non-same store warehouse cost of operations | 10,691 | 10,547 | 14,837 | 21,631 | 57,706 |
| Non-same store warehouse NOI | (5,302) | (3,010) | (5,232) | (5,695) | (19,239) |
All values are in US Dollars.
(1)Calculated as rent and storage revenues less power and other facilities costs.
(2)Calculated as warehouse services revenues less labor and other services costs.
(3)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(4)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
| Financial Supplement | Fourth Quarter 2024 |
|---|
Unconsolidated Joint Ventures (Investments in Partially Owned Entities)
As of December 31, 2024, the Company owned a 14.99% equity share in the Brazil-based SuperFrio 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.
| SuperFrio | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | |||||||||||
| Summary Balance Sheet - at the JV’s 100% share in BRLs | 2024 | 2023 | |||||||||
| (in thousands) | |||||||||||
| Net book value of property, buildings, and equipment | R$ | 1,094,390 | R$ | 1,116,560 | |||||||
| Other assets | 441,451 | 490,036 | |||||||||
| Total assets | R$ | 1,535,841 | R$ | 1,606,596 | |||||||
| Debt | R$ | 712,738 | R$ | 686,298 | |||||||
| Other liabilities | 531,612 | 496,756 | |||||||||
| Equity | 291,491 | 423,542 | |||||||||
| Total liabilities and equity | R$ | 1,535,841 | R$ | 1,606,596 | |||||||
| Americold’s ownership percentage | 14.99 | % | 14.99 | % | |||||||
| BRL/ end of period rate | 0.1617 | 0.2061 | |||||||||
| Americold’s pro rata share of debt at BRL/ rate | $ | 17,276 | $ | 21,217 | |||||||
| Years Ended | |||||||||||
| Summary Statement of Operations - at the JV’s 100% share in BRLs | Q4 23 | 2024 | 2023 | ||||||||
| (in thousands) | |||||||||||
| Revenues | 151,272 | R$ | 169,006 | R$ | 604,105 | R$ | 644,887 | ||||
| Cost of operations | 110,295 | 461,412 | 445,450 | ||||||||
| Selling, general, and administrative expense | 7,523 | 27,906 | 31,756 | ||||||||
| M&A expense & other | (5,677) | 28,791 | 1,051 | ||||||||
| Depreciation & amortization | 20,315 | 70,694 | 79,889 | ||||||||
| Total operating expenses | 132,456 | 588,803 | 558,146 | ||||||||
| Operating income | 36,550 | 15,302 | 86,741 | ||||||||
| Interest expense | 31,831 | 145,743 | 128,588 | ||||||||
| Other income | (981) | (2,788) | (5,218) | ||||||||
| Income tax expense (benefit) | (223) | 1,447 | 2,191 | ||||||||
| Non-operating expenses | 30,627 | 144,402 | 125,561 | ||||||||
| Net (loss) income | (40,334) | R$ | 5,923 | R$ | (129,100) | R$ | (38,820) | ||||
| Americold’s ownership percentage | % | 14.99 | % | 14.99 | % | 14.99 | % | ||||
| BRL/ average rate | 0.2019 | 0.1862 | 0.1999 | ||||||||
| Americold’s pro rata share of NOI | 828 | $ | 1,778 | $ | 3,983 | $ | 6,000 | ||||
| Americold’s pro rata share of Net (loss) income | (1,034) | $ | 179 | $ | (3,565) | $ | (1,156) | ||||
| Americold’s pro rata share of Core FFO | (636) | $ | 309 | $ | (1,669) | $ | (20) | ||||
| Americold’s pro rata share of Adjusted FFO | (504) | $ | 526 | $ | (1,000) | $ | 928 |
All values are in US Dollars.
| Financial Supplement | Fourth Quarter 2024 |
|---|
Unconsolidated Joint Ventures (Investments in Partially Owned Entities) (Continued)
As of December 31, 2024, 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 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, | |||||||||||
| Summary Balance Sheet - at the JV’s 100% share in AED | 2024 | 2023 | |||||||||
| (in thousands) | |||||||||||
| Net book value of property, buildings, and equipment | 106,668 | 35,636 | |||||||||
| Other assets | 20,295 | 5,918 | |||||||||
| Total assets | 126,963 | 41,554 | |||||||||
| Debt | 80,915 | 15,936 | |||||||||
| Other liabilities | 16,463 | 5,428 | |||||||||
| Equity | 29,585 | 20,190 | |||||||||
| Total liabilities and equity | 126,963 | 41,554 | |||||||||
| 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 | $ | 10,796 | $ | 2,126 | |||||||
| Years Ended | |||||||||||
| Summary Statement of Operations - at the JV’s 100% share in AED | Q4 23 | 2024 | 2023 | ||||||||
| (in thousands) | |||||||||||
| Revenues | 4,778 | 19,656 | 17,231 | ||||||||
| Cost of operations | 4,169 | 18,926 | 14,144 | ||||||||
| Depreciation & amortization | 417 | 2,245 | 1,630 | ||||||||
| Total operating expenses | 4,586 | 21,171 | 15,774 | ||||||||
| Operating income (loss) | 192 | (1,515) | 1,457 | ||||||||
| Interest expense | 228 | 1,116 | 901 | ||||||||
| Non-operating expenses | 228 | 1,116 | 901 | ||||||||
| Net income (loss) | (36) | (2,631) | 556 | ||||||||
| Americold’s ownership percentage | % | 49 | % | 49 | % | 49 | % | ||||
| AED/ average rate | 0.2723 | 0.2723 | 0.2723 | ||||||||
| Americold’s pro rata share of NOI | 209 | $ | 81 | $ | 98 | $ | 412 | ||||
| Americold’s pro rata share of Net income (loss) | 27 | $ | (5) | $ | (350) | $ | 74 | ||||
| Americold’s pro rata share of Core FFO | 124 | $ | 45 | $ | (91) | $ | 273 | ||||
| Americold’s pro rata share of Adjusted FFO | 135 | $ | 39 | $ | (66) | $ | 231 |
All values are in US Dollars.
| Financial Supplement | Fourth Quarter 2024 |
|---|
Reconciliations, Notes, and Definitions
| Revenues and Contribution (NOI) by Segment | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in thousands) | ||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Segment revenues: | ||||||||
| Warehouse | $ | 606,465 | $ | 612,262 | $ | 2,416,743 | $ | 2,391,089 |
| Transportation | 49,875 | 57,878 | 209,129 | 239,670 | ||||
| Third-party managed | 10,095 | 9,151 | 40,669 | 42,570 | ||||
| Total revenues | 666,435 | 679,291 | 2,666,541 | 2,673,329 | ||||
| Segment contribution: | ||||||||
| Warehouse | 201,427 | 197,102 | 801,713 | 722,603 | ||||
| Transportation | 7,710 | 10,912 | 36,523 | 42,040 | ||||
| Third-party managed | 2,053 | 1,821 | 8,491 | 5,929 | ||||
| Total segment contribution (NOI) | 211,190 | 209,835 | 846,727 | 770,572 | ||||
| Reconciling items: | ||||||||
| Depreciation and amortization expense | (89,711) | (94,099) | (360,817) | (353,743) | ||||
| Selling, general, and administrative expense | (66,576) | (57,763) | (255,118) | (226,786) | ||||
| Acquisition, cyber incident, and other, net expense | (33,144) | (15,774) | (77,169) | (64,087) | ||||
| Impairment of indefinite and long-lived assets | (30,173) | (236,515) | (33,126) | (236,515) | ||||
| (Loss) gain from sale of real estate | — | (5) | 3,514 | 2,254 | ||||
| Interest expense | (34,458) | (33,681) | (135,323) | (140,107) | ||||
| Loss on debt extinguishment and termination of derivative instruments | — | (627) | (116,082) | (2,482) | ||||
| (Loss) gain from investments in partially owned entities | (682) | 174 | (3,702) | (1,442) | ||||
| Impairment of related party loan receivable | — | — | — | (21,972) | ||||
| Loss on put option | — | — | — | (56,576) | ||||
| Other, net | 47 | 1,054 | 27,919 | 2,795 | ||||
| Loss from continuing operations before income taxes | $ | (43,507) | $ | (227,401) | $ | (103,177) | $ | (328,089) |
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 | Fourth Quarter 2024 |
|---|---|
| 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, and maintenance capital expenditures. | |
| We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that 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, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. | |
| We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of Net loss (gain) on sale of non-real assets; Acquisition, cyber incident, and other, net; Impairment of indefinite and 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 deferred costs amortization; Our share of reconciling items related to partially owned entities; Loss from discontinued operations, net of tax; Impairment of related party receivable; Loss on put option; and Gain on sale of LATAM JV. 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. | |
| FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our consolidated statements of operations included in our quarterly and annual reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our 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 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 EBITDA for Real Estate, or 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; Loss (gain) from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that 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 EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss (gain) from investments in partially owned entities; Impairment of indefinite and long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; Reduction in EBITDAre from partially owned entities; Gain on sale of LATAM JV; Loss from discontinued operations, net of tax; Impairment of related party receivable; and Loss on put option. 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 EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by revenues. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including: |
•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;
•these measures do not reflect changes in, or cash requirements for, our working capital needs;
•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and
•although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.
| Financial Supplement | Fourth Quarter 2024 |
|---|---|
| Net debt to proforma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro-forma and/or Core EBITDA. If applicable, we calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. | |
| --- | |
| NOI is calculated as earnings/loss before interest expense, taxes, depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and long-lived assets; Net 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, 2023) 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. Beginning January of 2024, changes in ownership structure (e.g., purchase of a previously leased warehouse) no longer results 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 began to classify 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 charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, cyber incident and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. | |
| We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. | |
| All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. |
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C o r p o r a t e D e c k | F e b r u a r y 2 0 2 5 Unlocking 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: 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; 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 recent acquisitions; 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; 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 as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; 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; inflation and rising interest rates; labor and power costs; labor shortages; 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 document include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. 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, 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 fourth quarter and year ended 2024 as filed with the SEC on February 20, 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
- A Global Leader in Cold Storage 4
Significant Scale & Expertise from 120+ Years of Experience Note: Figures as of December 31, 2024. 239 Warehouses include 4 Managed sites.Figures may not sum due to rounding 5 Significant Scale Global Footprint Cubic Feet / Warehouse Count South America 10M/ 2 North America 1,230M / 192~5.5M Pallet Positions ~14,000 Associates 239 Warehouses ~3,200 Customers Europe 115M / 25~1.4B Cubic Feet of Total Capacity Connectivity Conventional & Automated Presence at Every Major Node Asia Pacific 76M/ 16
Note: Figures as of December 31, 2024. Figures may not sum due to rounding 1) Based on COLD share price of $21.40 as of December 31, 2024 2) Represents share of Revenues and NOI from Same Store Warehouse Segment on a constant currency basis Financial Highlights $630M $696M $771M $847M 2021 2022 2023 2024 $9.6B Total Enterprise Value (1) $634M LTM Core EBITDA $6.1B Equity Market Cap (1) $0.88 4Q24 Annualized Dividend per Share 0.6% / 5.9% 4Q24 Total Same Store Revenue/ Same Store NOI Growth Rate (2) Total Segment Contribution NOI Adjusted FFO Financial Performance $299M $300M $352M $420M 2021 2022 2023 2024 +34% growth +40% growth 6
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 ~14K Americold associates operating ~239 facilities globally Proprietary system for facility optimization and continuous improvement – Americold Operating System (AOS) Industry-leading safety performance, 43% 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 Over $1B development pipeline DESIGN OPERATE BUILD 1) Total Recodable Incident Rate
Americold is Essential to the “Farm to Fork” Cold Chain 8 Production Advantaged Warehouse Distribution Center / Public Warehouse Retail Distribution Center Restaurant School Hospital Hotel Sports Government Consumers Enhanced with Key Strategic Partnerships Supermarket e-Commerce Fulfillment Farm Food Producer Food Service Distribution Center
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 14 customers are investment grade(2) 88% utilize committed contracts/leases ~51% of Warehouse revenues(1) 1) Based on LTM Warehouse revenues as of December 31, 2024 2) Represents long-term issuer rating as of February 2025 Compelling Value Proposition
10 New Management Team Committed to Increasing Shareholder Value Jay Wells Chief Financial Officer COLD: Joined & Appointed 2024 ~40 years experience George F. Chappelle Jr. Chief Executive Officer COLD: Joined 2021/Appointed 2022 ~41 years experience Robert Chambers President, Americas COLD: Joined 2013/Appointed 2024 ~20 years experience Sam Charleston Chief Human Resources Officer COLD: Joined & Appointed 2022 ~32 years experience 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 Chief Operating Officer, Americas COLD: Joined & Appointed 2023 ~32 years experience Significant Experience in Real Estate, Third-Party Logistics, Food Manufacturing, and Retail
Significant Growth Over the Past 3 Years 11 • Jay Wells appointed CFO • Hiring and retention progress – exceeded $100M productivity target • Broke ground on first cold storage facilities on CPKC and DP World network • Project Orion improving labor productivity and efficiencies • Grew same store service margins by 911 bps • Increased total rent & storage revenue under fixed commitments by 83% since 2021 • Refocus on 4 key strategic priorities • 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) George F. Chappelle Jr. appointed interim CEO $299M $300M $352M $420M 2021 2022 2023 2024 $1.15 40% AFFO Growth $1.11 $1.27 $1.47
- Unique Value Proposition
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 and majority owned real estate 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 87% 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 15 PRODUCTION ADVANTAGED Storage/VAS for food close to production PORTS Storage/VAS for food close to ports (rail, maritime, inland) MAJOR MARKET DISTRIBUTION Storage/VAS for food close to consumption (demand) in major cities RETAIL STORE DISTRIBUTION Storage/VAS and store support for Retail Grocery distribution FOODSERVICE DISTRIBUTION Storage/VAS for Broadline and Specialty Foodservice Distributors FOODSERVICE STORE DISTRIBUTION (QSR) Storage/VAS and store support for Quick-Serve-Restaurants (QSRs) E-COMMERCE Storage/VAS, and DTC order fulfillment for E-Commerce
Partner since Core Operating Expertise Enhanced by Best-in-Class Partnerships One of North America’s largest railroad companies 2023 Top five global port operator 2022 Total of $250 million of projects underway, with $1B+ global development pipeline Operational Partners 16 CPKC – First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US utilizing intermodal (Kansas City) DP World – First-of-its-kind Import/Export Hub for local and transload volume in Port Jebel Ali (Dubai, UAE) CPKC + DP World – First-of-its-kind Import/Export Hub in Port Saint John (Canada) Highlights US service to/from Mexico with CPKC out of Kansas City will bypass truck congestion at border, reduce transit time by approximately one day and reduce total cost Port Jebel Ali (UAE) Import/Export Hub with DP World will be the first to offer both bonded & non-bonded service and will enable global food Producers to connect directly with regional Retailers and Distributors Port Saint John (Canada) Import/Export Hub will be the first and only facility to store and handle temp sensitive food moving through the port providing a more efficient route for Canadian food imports & exports Key Benefits
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
- Growth Drivers & Well-Positioned Strategy 19
Long-Term Industry Fundamentals Driving Resilient Growth 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 20 Key Trends in the Cold Storage Space Projected Annual NOI Growth (Next 5 years) 7.6% 7.5% 5.5% 5.2% 3.0% 2.8% 1.8% 0.7% Industrial Cold Storage Data Center Health Care Retail Apartment Self Storage Office Source(s): JLL Cold Storage Trends, 2024
21 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,245M cubic feet 195 facilities 1,445M cubic feet (1) 239 facilities Americold 6%(1) Rest of the market 80% (2) Global Market Americold 18% Rest of the market 43% (2) North American Market Note: Americold portfolio figures as of December 31, 2024. Figures may not sum due to rounding 1) Figures do not include Americold’s South American JV investment in SuperFrio or Middle Eastern investment in the RSA JV 6 2) The remaining 43% and 80% of the North American and global markets consist of ~3.0bn cubic feet and ~20.2bn cubic feet, respectively A Global Leader in Highly Fragmented Market
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 22 Our Commitments How We Win
- Financial Performance 23
Strong Same-Store Warehouse Revenue and NOI Growth 24 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 December 31, 2024 2) Represents weighted average term for contracts featuring fixed storage commitments and leases as of December 31, 2024 Significant improvement in transitioning from on demand contracts to fixed storage committed contracts and leases Fixed storage contracts for the total warehouse segment increased by 136% since 2021 and now account for: 59% 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 allows us to further increase our 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 $615 $862 $1,025 $1,019 $849 $1,152 $1,233 $1,323 2021 2022 2023 2024 $1,464M $2,014M $2,259M $2,343M Contribution (NOI) Margin: $404 $540 $665 $635 $74 $60 $44 $172 2021 2022 2023 2024 $478M $600M $709M $808M 34.5%31.4% 29.8%32.6% Same-Store Warehouse services Same-Store Rent & storage +60% growth +69% growth
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 25 Core EBITDA ($M) and Margin (%) $475M $500M $572M $634M 2021 2022 2023 2024 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%
Significant Financial Flexibility to Support Growth Investment Grade Ratings Experience Across Capital Markets Substantial Liquidity Position Bank Debt Private Placements Public Bonds Open Market Equity Issuance $922M in Total Available Liquidity $874M Undrawn Credit Facility Multi-Currency Availability BBB - Fitch BBB - DBRS Morningstar Baa3 - Moody’s Strong Balance Sheet 1 4 2 3 Net Debt to Core EBITDA of 5.4x 95% Unsecured and 93% Fixed Rate Well Laddered Maturity Profile 26
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 $80M+ 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 27
Commitment to Environmental, Social and Governance Initiatives Environmental Commitment to Energy Excellence and Efficiency Recognized under the Global Cold Chain Alliance’s (GCCA) new Energy Excellence Recognition Program with Gold, Silver or Bronze certifications at 217 facilities $13M+ invested in sustainability projects during 2023 41 MWh shed by 72 sites participating in demand response programs 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 Governance Shareholder- friendly Corporate Governance All members of the Board other than the CEO are independent Gender diversity at board level Awards & Recognition Charitable Organizations 28
29 2025 Guidance Warehouse segment same store revenue growth (constant currency) 2.0%-4.0% Warehouse segment same store NOI growth (constant currency) 200 bps higher than associated revenues Warehouse segment non-same store NOI $0M-$7M Transportation and Management segment NOI $44M-$48M Total selling – general and administrative expense (inclusive of share-based compensation expense of $28M-$30M and $13M-$15M of Orion amortization) $280M-$289M Interest Expense $145M-$150M Current income tax expense $8M-$10M Non real estate depreciation and amortization expense $139M-$149M Total maintenance capital expenditures $82M-$88M AFFO Per Share $1.51-$1.59 Continued Financial Growth Projected in 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 30 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems