Americold Realty Trust 8-K/A, filed Nov 3, 2023

Americold Realty Trust (COLD)

8-K/A 2023-11-03 For: 2023-11-02

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Added on April 06, 2026

About this 8-K/A

Americold Realty Trust filed this 8-K/A on November 3, 2023, reporting on events of November 2, 2023.

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Maryland	001-34723	93-0295215
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


10 Glenlake Parkway,	South Tower, Suite 600
Atlanta,	Georgia	30328
(Address of principal executive offices)		(Zip Code)


☐			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))


Exhibit No.						Description



99.1						Press Release dated November 2, 2023 for the third quarter ended September 30, 2023.
99.2						Supplemental Information Package for the third quarter ended September 30, 2023.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


			AMERICOLD REALTY TRUST, INC.

			By:			/s/ Marc J. Smernoff
						Name: Marc J. Smernoff
						Title: Chief Financial Officer, Treasurer and Executive Vice President


	Three Months Ended September 30,									Change
Dollars and units in thousands, except per pallet data	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant Currency

TOTAL WAREHOUSE SEGMENT
Number of total warehouses	238						240			n/a		n/a

Rent and storage	$	278,508		$	280,319		$	260,248		7.0	%	7.7	%
Warehouse services	324,097			324,974			338,729			(4.3)	%	(4.1)	%
Total revenue	$	602,605		$	605,293		$	598,977		0.6	%	1.1	%
Global Warehouse contribution (NOI)	$	177,832		$	178,570		$	166,662		6.7	%	7.1	%
Global Warehouse margin	29.5		%	29.5		%	27.8		%	169 bps		168 bps

Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,512			n/a			4,356			3.6	%	n/a
Average physical occupied pallets	4,061			n/a			4,043			0.5	%	n/a
Average physical pallet positions	5,435			n/a			5,441			(0.1)	%	n/a
Economic occupancy percentage	83.0		%	n/a			80.1		%	293 bps		n/a
Physical occupancy percentage	74.7		%	n/a			74.3		%	42 bps		n/a
Total rent and storage revenue per average economic occupied pallet	$	61.73		$	62.13		$	59.73		3.3	%	4.0	%
Total rent and storage revenue per average physical occupied pallet	$	68.57		$	69.02		$	64.37		6.5	%	7.2	%
Global Warehouse services metrics:
Throughput pallets	9,370			n/a			10,214			(8.3)	%	n/a
Total warehouse services revenue per throughput pallet	$	34.59		$	34.68		$	33.16		4.3	%	4.6	%

SAME STORE WAREHOUSE
Number of same store warehouses	219						219			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	257,914		$	260,225		$	245,608		5.0	%	6.0	%
Warehouse services	308,740			310,129			321,220			(3.9)	%	(3.5)	%
Total same store revenue	$	566,654		$	570,354		$	566,828		—	%	0.6	%
Global Warehouse same store contribution (NOI)	$	173,099		$	174,348		$	165,574		4.5	%	5.3	%
Global Warehouse same store margin	30.5		%	30.6		%	29.2		%	134 bps		136 bps

Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,230			n/a			4,131			2.4	%	n/a
Average physical occupied pallets	3,816			n/a			3,839			(0.6)	%	n/a
Average physical pallet positions	5,036			n/a			5,130			(1.8)	%	n/a
Economic occupancy percentage	84.0		%	n/a			80.5		%	345 bps		n/a
Physical occupancy percentage	75.8		%	n/a			74.8		%	93 bps		n/a
Same store rent and storage revenue per average economic occupied pallet	$	60.98		$	61.52		$	59.45		2.6	%	3.5	%
Same store rent and storage revenue per average physical occupied pallet	$	67.58		$	68.19		$	63.98		5.6	%	6.6	%
Global Warehouse same store services metrics:
Throughput pallets	8,798			n/a			9,665			(9.0)	%	n/a
Same store warehouse services revenue per throughput pallet	$	35.09		$	35.25		$	33.24		5.6	%	6.1	%


	Nine Months Ended September 30,									Change
Dollars in thousands	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant currency

TOTAL WAREHOUSE SEGMENT
Number of total warehouses	238						240			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	825,100		$	834,559		$	732,356		12.7	%	14.0	%
Warehouse services	953,727			962,963			971,925			(1.9)	%	(0.9)	%
Total revenue	$	1,778,827		$	1,797,522		$	1,704,281		4.4	%	5.5	%
Global Warehouse contribution (NOI)	$	525,501		$	530,610		$	463,905		13.3	%	14.4	%
Global Warehouse margin	29.5		%	29.5		%	27.2		%	232 bps		230 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,548			n/a			4,245			7.1	%	n/a
Average physical occupied pallets	4,146			n/a			3,912			6.0	%	n/a
Average physical pallet positions	5,425			n/a			5,437			(0.2)	%	n/a
Economic occupancy percentage	83.8		%	n/a			78.1		%	575 bps		n/a
Physical occupancy percentage	76.4		%	n/a			72.0		%	447 bps		n/a
Total rent and storage revenue per average economic occupied pallet	$	181.41		$	183.49		$	172.51		5.2	%	6.4	%
Total rent and storage revenue per average physical occupied pallet	$	199.01		$	201.29		$	187.22		6.3	%	7.5	%
Global Warehouse services metrics:
Throughput pallets	28,140			n/a			30,128			(6.6)	%	n/a
Total warehouse services revenue per throughput pallet	$	33.89		$	34.22		$	32.26		5.1	%	6.1	%

SAME STORE WAREHOUSE
Number of same store warehouses	219						219			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	769,873		$	778,983		$	691,118		11.4	%	12.7	%
Warehouse services	913,832			922,704			922,730			(1.0)	%	—	%
Total same store revenue	$	1,683,705		$	1,701,687		$	1,613,848		4.3	%	5.4	%
Global Warehouse same store contribution (NOI)	$	523,395		$	528,519		$	461,213		13.5	%	14.6	%
Global Warehouse same store margin	31.1		%	31.1		%	28.6		%	251 bps		248 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,286			n/a			4,032			6.3	%	n/a
Average physical occupied pallets	3,918			n/a			3,713			5.5	%	n/a
Average physical pallet positions	5,074			n/a			5,136			(1.2)	%	n/a
Economic occupancy percentage	84.5		%	n/a			78.5		%	597 bps		n/a
Physical occupancy percentage	77.2		%	n/a			72.3		%	493 bps		n/a
Same store rent and storage revenue per average economic occupied pallet	$	179.61		$	181.74		$	171.41		4.8	%	6.0	%
Same store rent and storage revenue per average physical occupied pallet	$	196.47		$	198.80		$	186.14		5.6	%	6.8	%
Global Warehouse same store services metrics:
Throughput pallets	26,543			n/a			28,444			(6.7)	%	n/a
Same store warehouse services revenue per throughput pallet	$	34.43		$	34.76		$	32.44		6.1	%	7.2	%


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	September 30, 2023		December 31, 2022
Assets
Property, buildings and equipment:
Land	$	794,776	$	786,975
Buildings and improvements	4,390,940		4,245,607
Machinery and equipment	1,501,899		1,407,874
Assets under construction	452,557		526,811
	7,140,172		6,967,267
Accumulated depreciation	(2,107,133)		(1,901,450)
Property, buildings and equipment – net	5,033,039		5,065,817

Operating lease right-of-use assets	342,031		352,553
Accumulated depreciation – operating leases	(88,851)		(76,334)
Operating leases – net	253,180		276,219
Financing leases:
Buildings and improvements	13,548		13,546
Machinery and equipment	137,038		127,009
	150,586		140,555
Accumulated depreciation – financing leases	(71,121)		(57,626)
Financing leases – net	79,465		82,929

Cash, cash equivalents and restricted cash	53,831		53,063

Accounts receivable – net of allowance of $18,470 and $15,951 at September 30, 2023 and December 31, 2022, respectively	424,540		430,042
Identifiable intangible assets – net	897,238		925,223
Goodwill	1,022,989		1,033,637
Investments in partially owned entities and other	36,249		78,926
Other assets	213,188		158,705

Total assets	$	8,013,719	$	8,104,561

Liabilities and equity
Liabilities:
Borrowings under revolving line of credit	$	359,201	$	500,052
Accounts payable and accrued expenses	501,662		557,540
Senior unsecured notes and term loans – net of deferred financing costs of $11,173 and $13,044, in the aggregate, at September 30, 2023 and December 31, 2022, respectively	2,560,927		2,569,281
Sale-leaseback financing obligations	164,372		171,089
Financing lease obligations	70,170		77,561
Operating lease obligations	245,034		264,634
Unearned revenue	29,865		32,046
Pension and postretirement benefits	2,398		1,531
Deferred tax liability – net	125,890		135,098
Multi-employer pension plan withdrawal liability	7,550		7,851

Total liabilities	4,067,069		4,316,683

Equity
Stockholders’ equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 283,517,013 and 269,814,956 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	2,835		2,698
Paid-in capital	5,622,152		5,191,969
Accumulated deficit and distributions in excess of net earnings	(1,706,591)		(1,415,198)
Accumulated other comprehensive loss	11,459		(6,050)
Total stockholders’ equity	3,929,855		3,773,419
Noncontrolling interests:
Noncontrolling interests in Operating Partnership	16,795		14,459
Total equity	3,946,650		3,787,878

Total liabilities and equity	$	8,013,719	$	8,104,561


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues:
Rent, storage and warehouse services	$	602,605	$	598,977	$	1,778,827	$	1,704,281
Transportation services	55,642		76,367		181,792		237,168
Third-party managed services	9,692		82,436		33,419		251,782
Other	—		—		—		—
Total revenues	667,939		757,780		1,994,038		2,193,231
Operating expenses:
Rent, storage and warehouse services cost of operations	424,773		432,315		1,253,326		1,240,376
Transportation services cost of operations	45,983		65,531		150,664		204,218
Third-party managed services cost of operations	8,063		78,776		29,311		240,900
Cost of operations related to other revenues	—		—		—		—
Depreciation and amortization	89,728		83,669		259,644		248,979
Selling, general and administrative	52,383		57,119		169,023		170,994
Acquisition, cyber incident and other, net	13,931		4,874		48,313		20,612
Impairment of indefinite and long-lived assets	—		6,616		—		6,616
Loss (gain) from sale of real estate	78		5,710		(2,259)		5,710
Total operating expenses	634,939		734,610		1,908,022		2,138,405

Operating income	33,000		23,170		86,016		54,826

Other (expense) income:
Interest expense	(35,572)		(30,402)		(106,426)		(82,720)
Loss on debt extinguishment, modifications and termination of derivative instruments	(683)		(1,040)		(1,855)		(2,284)





(Loss) gain from investments in partially owned entities	(259)		44		(1,616)		(779)
Impairment of related party loan receivable	—		—		(21,972)		—
Loss on put option	—		—		(56,576)		—

Other, net	723		(2,593)		1,741		(1,197)
Loss from continuing operations before income taxes	(2,791)		(10,821)		(100,688)		(32,154)

Income tax (expense) benefit:
Current	(1,981)		(1,006)		(5,881)		(3,004)
Deferred	2,473		4,374		7,553		19,149
Total income tax benefit	492		3,368		1,672		16,145

Net (loss) income:
Loss from continuing operations	(2,299)		(7,453)		(99,016)		(16,009)
Gain (loss) from discontinued operations, net of tax	203		(1,484)		(10,453)		(6,420)
Net loss	$	(2,096)	$	(8,937)	$	(109,469)	$	(22,429)
Net loss attributable to noncontrolling interests	(8)		(25)		(95)		(45)
Net loss attributable to Americold Realty Trust, Inc.	$	(2,088)	$	(8,912)	$	(109,374)	$	(22,384)

Weighted average common stock outstanding – basic	278,137		269,586		273,217		269,467
Weighted average common stock outstanding – diluted	278,137		269,586		273,217		269,467

Net loss per common share from continuing operations - basic	$	(0.01)	$	(0.03)	$	(0.36)	$	(0.06)
Net loss per common share from discontinued operations - basic	$	—	$	—	$	(0.04)	$	(0.02)
Basic loss per share(1)	$	(0.01)	$	(0.03)	$	(0.40)	$	(0.08)

Net loss per common share from continuing operations - diluted	$	(0.01)	$	(0.03)	$	(0.36)	$	(0.06)
Net loss per common share from discontinued operations - diluted	$	—	$	—	$	(0.04)	$	(0.02)
Diluted loss per share(1)	$	(0.01)	$	(0.03)	$	(0.40)	$	(0.08)


Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts)
	Three Months Ended										YTD
	Q3 23		Q2 23		Q1 23		Q4 22		Q3 22		2023
Net (loss) income	$	(2,096)	$	(104,802)	$	(2,571)	$	2,955	$	(8,937)	$	(109,469)
Adjustments:
Real estate related depreciation	56,373		54,740		54,541		53,094		53,139		165,654
Loss (gain) on sale of real estate	78		(2,528)		191		(21)		5,710		(2,259)
Net (gain) loss on asset disposals	(25)		—		—		175		893		(25)

Impairment charges on real estate assets	—		—		—		—		3,407		—
Our share of reconciling items related to partially owned entities	290		232		903		1,209		822		1,425


NAREIT FFO(b)	$	54,620	$	(52,358)	$	53,064	$	57,412	$	55,034	$	55,326
Adjustments:
Net (gain) loss on sale of non-real estate assets	(296)		289		420		2,274		310		413
Acquisition, cyber incident and other, net	13,931		27,235		7,147		11,899		4,874		48,313
Goodwill impairment	—		—		—		—		3,209		—

Loss on debt extinguishment, modifications and termination of derivative instruments	683		627		545		933		1,040		1,855

Foreign currency exchange loss (gain)	705		212		(458)		(2,477)		2,487		459


Our share of reconciling items related to partially owned entities	147		(27)		128		127		136		248
(Loss) gain from discontinued operations, net of tax	(203)		8,275		—		—		—		8,072
Impairment of related party loan receivable	—		21,972		—		—		—		21,972
Loss on put option	—		56,576		—		—		—		56,576
Gain on sale of LATAM JV	—		(304)		—		—		—		(304)
Core FFO(b)	$	69,587	$	62,497	$	60,846	$	70,168	$	67,090	$	192,930
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,286		1,279		1,240		1,305		1,222		3,805
Amortization of below/above market leases	369		375		402		534		540		1,146
Non-real estate asset impairment	—		—		—		764		—		—
Straight-line net rent	544		361		(491)		333		133		414
Deferred income tax benefit	(2,473)		(1,459)		(3,621)		(3,412)		(4,374)		(7,553)
Share-based compensation expense	6,203		4,639		6,970		5,036		6,720		17,812
Non-real estate depreciation and amortization	33,355		30,152		30,483		29,373		30,530		93,990

Maintenance capital expenditures	(20,907)		(22,590)		(16,244)		(26,701)		(22,586)		(59,741)
Our share of reconciling items related to partially owned entities	198		303		304		819		57		805
Adjusted FFO(b)	$	88,162	$	75,557	$	79,889	$	78,219	$	79,332	243,608


Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts)
	Three Months Ended										YTD
	Q3 23		Q2 23		Q1 23		Q4 22		Q3 22		2023

NAREIT Funds from operations(b)	$	54,620	$	(52,358)	$	53,064	$	57,412	$	55,034	$	55,326

Core FFO(b)	$	69,587	$	62,497	$	60,846	$	70,168	$	67,090	$	192,930
Adjusted FFO(b)	$	88,162	$	75,557	$	79,889	$	78,219	$	79,332	$	243,608

Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	278,137		270,462		270,230		269,826		269,586		273,217
Dilutive stock options and unvested restricted stock units	519		695		778		944		1,105		388
Weighted average dilutive shares	278,656		271,157		271,008		270,770		270,691		273,605

NAREIT FFO - basic per share(b)	$	0.20	$	(0.19)	$	0.20	$	0.21	$	0.20	$	0.20
NAREIT FFO - diluted per share(b)	$	0.20	$	(0.19)	$	0.20	$	0.21	$	0.20	$	0.20

Core FFO - basic per share (b)	$	0.25	$	0.23	$	0.23	$	0.26	$	0.25	$	0.71
Core FFO - diluted per share(b)	$	0.25	$	0.23	$	0.22	$	0.26	$	0.25	$	0.71

Adjusted FFO - basic per share (b)	$	0.32	$	0.28	$	0.30	$	0.29	$	0.29	$	0.89
Adjusted FFO - diluted per share(b)	$	0.32	$	0.28	$	0.29	$	0.29	$	0.29	$	0.89


	Three Months Ended - Recasted						YTD Recasted
(In thousands except per share amounts)	Q1 23		Q4 22		Q3 22		2023
NAREIT FFO	$	52,432	$	56,457	$	54,466	$	54,694
Core FFO	$	62,547	$	71,157	$	68,004	$	194,631
Adjusted FFO applicable to common shareholders	$	81,506	$	78,717	$	80,207	$	245,225

NAREIT FFO - basic per share	$	0.19	$	0.21	$	0.20	$	0.20
NAREIT FFO - diluted per share	$	0.19	$	0.21	$	0.20	$	0.20

Core FFO - basic per share	$	0.23	$	0.26	$	0.25	$	0.71
Core FFO - diluted per share	$	0.23	$	0.26	$	0.25	$	0.71

Adjusted FFO - basic per share	$	0.30	$	0.29	$	0.30	$	0.90
Adjusted FFO - diluted per share	$	0.30	$	0.29	$	0.30	$	0.90


Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands)
	Three Months Ended										Trailing Twelve Months Ended
	Q3 23		Q2 23		Q1 23		Q4 22		Q3 22		Q3 23
Net (loss) income	$	(2,096)	$	(104,802)	$	(2,571)	$	2,955	$	(8,937)	$	(106,514)
Adjustments:
Depreciation and amortization	89,728		84,892		85,024		82,467		83,669		342,111
Interest expense	35,572		36,431		34,423		33,407		30,402		139,833
Income tax (benefit) expense	(492)		464		(1,644)		(2,691)		(3,368)		(4,363)
EBITDA	$	122,712	$	16,985	$	115,232	$	116,138	$	101,766	$	371,067
Adjustments:
Loss (gain) on sale of real estate	78		(2,528)		191		(21)		5,710		(2,280)
Adjustment to reflect share of EBITDAre of partially owned entities	1,495		3,085		2,883		5,019		3,383		12,482
NAREIT EBITDAre(a)	$	124,285	$	17,542	$	118,306	$	121,136	$	110,859	$	381,269
Adjustments:
Acquisition, cyber incident and other, net	13,931		27,235		7,147		11,899		4,874		60,212
Loss from investments in partially owned entities	259		709		3,029		2,101		1,440		6,098
Impairment of indefinite and long-lived assets	—		—		—		764		6,616		764
Foreign currency exchange loss (gain)	705		212		(458)		(2,477)		2,487		(2,018)
Share-based compensation expense	6,203		4,639		6,970		5,036		6,720		22,848
Loss on debt extinguishment, modifications and termination of derivative instruments	683		627		545		933		1,040		2,788
(Loss) gain on real estate and other asset disposals	(321)		289		420		2,449		1,203		2,837


Reduction in EBITDAre from partially owned entities	(1,495)		(3,085)		(2,883)		(5,019)		(3,383)		(12,482)
Gain from sale of partially owned entities	—		(304)		—		—		—		(304)
(Loss) gain from discontinued operations, net of tax	(203)		8,275		—		—		—		8,072
Impairment of related party loan receivable	—		21,972		—		—		—		21,972
Loss on put option	—		56,576		—		—		—		56,576
Core EBITDA	$	144,047	$	134,687	$	133,076	$	136,822	$	131,856	548,632


Notes and Definitions
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, EBITDAre, Core EBITDA and net debt to pro-forma Core EBITDA.
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 charge 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 depreciation, amortization and gains or losses from sales of real estate, 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 gain or loss on the sale of non-real estate assets, acquisition, cyber incident and other, net, goodwill impairment (when applicable), loss on debt extinguishment, modifications and termination of derivative instruments, foreign currency exchange losses, gain or loss from discontinued operations held for sale, impairment of related party loan receivable, loss on fair value of put, gain on extinguishment of New Market Tax Credit structure, loss on deconsolidation of subsidiary contributed to LATAM joint venture, and gain from sale of LATAM joint venture. We also adjust for the impact of Core FFO on our share of reconciling items for partially owned entities, and gain from disposition of partially owned entities. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.
However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO as a measure 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 above or below market leases, non-real estate asset impairment, straight-line net rent, benefit from deferred income taxes, stock-based compensation expense, non-real estate depreciation and amortization and maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of partially owned entities and discontinued operations. 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. The table above reconciles FFO, Core FFO and Adjusted FFO to net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.
We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, earnings before interest expense, taxes, depreciation and amortization, net gain on sale of real estate, net of withholding taxes, 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 and other, net, loss from investments in partially owned entities, impairment of indefinite and long-lived assets (when applicable), foreign currency exchange loss or gain, stock-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, net gain on other asset disposals, reduction in EBITDAre from partially owned entities, discontinued operations, impairment of related party loan receivable, loss on fair value of put, gain on extinguishment of new market tax credit structure, and loss on deconsolidation of subsidiary contributed to LATAM joint venture.. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre but which we do not believe are indicative of our core business operations. 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:


We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 21 of our financial supplement reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.
Net debt to proforma Core EBITDA is calculated using total debt, plus capital lease obligations, less cash and cash equivalents, divided by pro-forma Core EBITDA. We calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, dispositions and for rent expense associated with lease buy-outs and lease exits. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. The pro-forma adjustment for leased facilities exited or purchased reflects the add-back for the related lease expense from the last year. The pro-forma adjustment for dispositions reduces Core EBITDA for the earnings of facilities disposed of or exited during the year, including the strategic exit of certain third-party managed business.
We define our “same store” population once a year at the beginning of the current calendar year. Our same store population includes properties that were owned or leased for the entirety of two comparable periods and that have reported at least twelve months of consecutive normalized operations prior to January 1 of the prior calendar year. We define “normalized operations” as properties that have been open for operation or lease after development or significant modification, including the expansion of a warehouse footprint or a warehouse rehabilitation subsequent to an event, such as a natural disaster or similar event causing disruption to operations. In addition, our definition of “normalized operations” takes into account changes in the ownership structure (e.g., purchase of acquired properties will be included in the “same store” population if owned by us as of the first business day of each year, of the prior calendar year and 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 were sold or entering development subsequent to the beginning of the current calendar year. As such, the “same store” population for the period ended December 31, 2022 includes all properties that we owned at January 2, which had both been owned and had reached “normalized operations” by January 2, 2022.
We calculate “same store revenue” 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. The tables beginning on page 33 of our financial supplement provide reconciliations for same store revenues and same store contribution (NOI).
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 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. 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. See the tables on page 30 of our financial supplement for additional information regarding our maintenance capital expenditures.
We define “total real estate debt” as the aggregate of the following: mortgage notes, senior unsecured notes, term loans and borrowings under our revolving line of credit. We define “total debt outstanding” as the aggregate of the following: total real estate debt, sale-leaseback financing obligations and financing lease obligations. See the tables on page 23 of our financial supplement for additional information regarding our indebtedness.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.



Financial Supplement						Third Quarter 2023



Financial Supplement						Third Quarter 2023



Financial Supplement						Third Quarter 2023


DBRS Morningstar
Credit Rating:	BBB	(Stable Trend)

Fitch
Issuer Default Rating:	BBB	(Negative Outlook)

Moody’s
Issuer Rating:	Baa3	(Stable Outlook)


Table of Contents


Overview			PAGE
Corporate Profile			3
Earnings Release			5
Selected Quarterly Financial Data			15

Financial Information
Consolidated Balance Sheets			17
Consolidated Statements of Operations			18
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO			19
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA			21
Acquisition, Cyber Incident and Other, net			22
Debt Detail and Maturities			23

Operations Overview
Revenue and Contribution (NOI) by Segment			24
Global Warehouse Economic and Physical Occupancy Trend			25
Global Warehouse Portfolio			26
Fixed Commitment and Lease Maturity Schedules			28
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures			30

Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance			31
Same-store Financial Performance			33
Same-store Key Operating Metrics			35
Same-store Historical Performance Trend			37

External Growth and Capital Deployment			38

Unconsolidated Joint Ventures (Investments in Partially Owned Entities)			39

2023 Guidance			40

Notes and Definitions			41


In thousands, except per share amounts	As of
Capitalization:	Q3 23		Q2 23		Q1 23		Q4 22		Q3 22
Fully diluted common stock outstanding at quarter end(1)	285,869		272,479		272,522		271,702		271,748
Common stock share price at quarter end	$30.41		$32.30		$28.45		$28.31		$24.60
Market value of common equity	$8,693,276		$8,801,072		$7,753,251		$7,691,884		$6,685,001

Gross debt (2)	$3,165,843		$3,568,567		$3,450,715		$3,331,027		$3,230,012
Less: cash and cash equivalents	53,831		48,873		47,222		53,063		45,693
Net debt	$3,112,012		$3,519,694		$3,403,493		$3,277,964		$3,184,319

Total enterprise value	$11,805,288		$12,320,766		$11,156,744		$10,969,848		$9,869,320
Net debt / total enterprise value	26.4	%	28.6	%	30.5	%	29.9	%	32.3	%
Net debt to pro forma Core EBITDA(2)	5.68x		6.59x		6.54x		6.61x		6.49x

	Three Months Ended
Selected Operational Data:	Q3 23		Q2 23		Q1 23		Q4 22		Q3 22
Warehouse segment revenue	$602,605		$581,170		$595,052		$598,690		$598,977
Total revenue	667,939		649,610		676,489		721,504		757,780
Operating income	33,000		20,667		32,349		33,044		23,170
Net (loss) income from continuing operations	(2,299)		(96,527)		(190)		4,917		(7,453)
Net (loss) income	(2,096)		(104,802)		(2,571)		2,955		(8,937)
Total warehouse segment contribution (NOI) (3)	177,832		172,842		174,827		172,327		166,662
Total segment contribution (NOI) (3)	189,120		184,051		187,566		188,226		181,158

Selected Other Data:
Core EBITDA (4)	$144,047		$134,687		$133,076		$136,822		$131,856
Core funds from operations (1)	69,587		62,497		60,846		70,168		67,090
Adjusted funds from operations (1)	88,162		75,557		79,889		78,219		79,332


Net (loss) income per share - basic	$(0.01)		$(0.39)		$(0.01)		$0.01		$(0.03)
Net (loss) income per share - diluted	$(0.01)		$(0.39)		$(0.01)		$0.01		$(0.03)
Core FFO per diluted share (4)	$0.25		$0.23		$0.22		$0.26		$0.25
AFFO per diluted share (4)	$0.32		$0.28		$0.29		$0.29		$0.29
Dividend distributions declared per common share (5)	$0.22		$0.22		$0.22		$0.22		$0.22
Diluted AFFO payout ratio (6)	68.8	%	78.6	%	75.9	%	75.9	%	75.9	%

Portfolio Statistics:
Total global warehouses	243		242		243		242		249
Average economic occupancy	83.0	%	84.4	%	84.0	%	83.8	%	80.1	%
Average physical occupancy	74.7	%	77.2	%	77.3	%	78.1	%	74.3	%
Total global same-store warehouses	219		220		221		208		212


(1) Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method
	As of
(2) Net Debt to Core EBITDA Computation	09/30/2023		12/31/2022
Total debt	$	3,154,670	$	3,317,983
Deferred financing costs	11,173		13,044
Gross debt	$3,165,843		$3,331,027
Adjustments:
Less: cash, cash equivalents and restricted cash	53,831		53,063
Net debt	$	3,112,012	$	3,277,964
Core EBITDA - last twelve months	$548,632		$499,766
Net Core EBITDA from acquisitions, dispositions and lease exits (a)	(1,018)		(3,588)
Pro forma Core EBITDA - last twelve months	$547,614		$496,178
Net debt to pro forma Core EBITDA	5.68x		6.61x
(a) As of September 30, 2023, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility, and the Montreal facility, partially offset by the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased.

(3) Reconciliation of segment contribution (NOI)
	Three Months Ended
	Q3 23		Q2 23		Q1 23	Q4 22	Q3 22
Warehouse segment contribution (NOI)	$177,832		$172,842		$174,827	$172,327	$166,662
Transportation segment contribution (NOI)	9,659		9,809		11,660	14,452	10,836
Third-party managed segment contribution (NOI)	1,629		1,400		1,079	1,447	3,660

Total segment contribution (NOI)	$189,120		$184,051		$187,566	$188,226	$181,158
Depreciation and amortization	(89,728)		(84,892)		(85,024)	(82,467)	(83,669)
Selling, general and administrative	(52,383)		(53,785)		(62,855)	(60,073)	(57,119)
Acquisition, cyber incident and other, net	(13,931)		(27,235)		(7,147)	(11,899)	(4,874)
(Loss) gain from sale of real estate	(78)		2,528		(191)	21	(5,710)
Impairment of indefinite and long-lived assets	—		—		—	(764)	(6,616)
U.S. GAAP operating income	$33,000		$20,667		$32,349	$33,044	$23,170

(4) See “Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO” and “Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, and Core EBITDA” pages 19-21

(5) Distributions per common share	Three Months Ended
	Q3 23		Q2 23		Q1 23	Q4 22	Q3 22
Distributions declared on common stock during the quarter	$62,868		$59,921		$59,932	$59,751	$59,763
Common stock outstanding at quarter end	283,517		270,186		270,096	269,815	269,396
Distributions declared per common share	$0.22		$0.22		$0.22	$0.22	$0.22

(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share


Debt Detail and Maturities
(In thousands)
	As of September 30, 2023
Indebtedness:	Carrying Value		Contractual Interest Rate(1)	Effective Interest Rate(2)	Stated Maturity Date(3)

Unsecured Debt(4)
Senior Unsecured Revolving Credit Facility - C$35M(5)	25,778		CDOR+0.84%	6.88%	08/2027
Senior Unsecured Revolving Credit Facility - £78M(5)	95,152		SONIA+0.84%	6.72%	08/2027
Senior Unsecured Revolving Credit Facility - USD(5)	47,000		SOFR + 0.84%	6.91%	08/2027
Senior Unsecured Revolving Credit Facility - A$189M(5)	121,622		BBSW+0.84%	5.61%	08/2027
Senior Unsecured Revolving Credit Facility - €59M(5)	61,852		EURIBOR+0.84%	5.36%	08/2027
Senior Unsecured Revolving Credit Facility - NZD$13M(5)	7,797		BKBM+0.84%	7.18%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-1 - USD	375,000		SOFR + 0.94%	4.90%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M	184,125		CDOR+0.94%	4.78%	01/2028
Senior Unsecured Term Loan A Facility Tranche A-3 - USD	270,000		SOFR + 0.94%	4.27%	01/2028
Series A notes - USD	200,000		4.68%	4.77%	01/2026
Series B notes - USD	400,000		4.86%	4.92%	01/2029
Series C notes - USD	350,000		4.10%	4.15%	01/2030
Series D notes - €400M	422,920		1.62%	1.67%	01/2031
Series E notes - €350M	370,055		1.65%	1.70%	01/2033
Total Unsecured Real Estate Debt	2,931,301		3.84%	4.02%	5.5 years

Sale-leaseback financing obligations	164,372		10.99%
Financing lease obligations	70,170		3.53%
Total Debt Outstanding	$	3,165,843	4.20%

Less: unamortized deferred financing costs	(11,173)
Total Book Value of Debt	$	3,154,670

Rate Type			% of Total
Fixed	$	2,806,643	89%
Variable-unhedged	359,201		11%
Total Debt Outstanding	$	3,165,843	100%

Debt Type			% of Total
Unsecured	$	2,931,301	93%
Secured	234,543		7%
Total Debt Outstanding	$	3,165,843	100%


Country / Region	# of warehouses	Cubic feet (in millions)	% of total cubic feet		Pallet positions (in thousands)	Average economic occupancy (1)		Average physical occupancy (1)		Revenues (2) (in millions)		Segment contribution (NOI) (2)(3) (in millions)		Total customers (4)
Warehouse Segment Portfolio (5)
United States
East	51	359.8	24	%	1,168	87	%	74	%	$	473.3	$	143.5	1,158
Southeast	49	326.0	22	%	968	84	%	78	%	341.8		73.8		738
Central	41	268.2	18	%	1,087	84	%	77	%	323.9		112.9		749
West	45	273.7	19	%	1,164	78	%	72	%	297.8		101.3		656
Canada	5	32.6	2	%	121	93	%	90	%	34.2		12.4		90
North America Total	191	1,260.3	86	%	4,508	83	%	75	%	$	1,471.0	$	443.9	2,480
Netherlands	7	36.7	2	%	112	84	%	84	%	39.1		7.6		377
United Kingdom	6	40.1	3	%	244	90	%	86	%	39.6		16.1		187
Spain	4	15.2	1	%	77	67	%	67	%	17.4		4.5		289
Portugal	4	11.5	1	%	58	66	%	66	%	9.1		2.2		190
Ireland	3	9.5	1	%	59	78	%	70	%	15.1		3.4		147
Austria	1	4.2	—	%	44	77	%	77	%	17.8		5.6		143
Poland	2	3.5	—	%	14	94	%	94	%	4.7		0.9		74
Europe Total	27	120.7	8	%	610	82	%	79	%	$	142.8	$	40.3	1,317
Australia	11	60.0	4	%	201	95	%	85	%	127.1		28.6		123
New Zealand	7	20.4	1	%	86	95	%	87	%	28.5		9.9		71
Asia-Pacific Total	18	80.4	5	%	288	95	%	86	%	$	155.6	$	38.5	189
Argentina	2	9.7	1	%	23	82	%	82	%	9.4		2.8		53

South America Total	2	9.7	1	%	23	82	%	82	%	$	9.4	$	2.8	53
Warehouse Segment Total / Average	238	1,471.1	100	%	5,428	86	%	76	%	$	1,778.8	$	525.5	4,020
Third-Party Managed Portfolio


North America	4	20.2	100	%	—	—		—		$	16.4	$	1.0	4
Asia-Pacific	1	—	—	%	—	—		—		17.0		3.1		1
Third-Party Managed Total / Average	5	20.2	100	%	—	—		—		$	33.4	$	4.1	5
Portfolio Total / Average	243	1,491.3	100	%	5,428	84	%	76	%	$	1,812.2	$	529.6	4,020


Contract Expiration Year	Number of Contracts	Annualized Committed Rent & Storage Revenue (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the nine months ended September 30, 2023		Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the nine months ended September 30, 2023(1) (in thousands)		Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month	110	$	89,061	8.2	%	$	174,587	$	89,061
2023	75	49,204		4.5	%	109,399		49,204
2024	156	131,248		12.0	%	288,176		131,224
2025	59	76,607		7.0	%	138,153		78,932
2026	44	91,916		8.4	%	173,788		99,254
2027	21	18,627		1.7	%	91,865		21,614
2028	12	10,500		1.0	%	17,332		11,498
2029+	19	83,497		7.6	%	163,413		88,908

Total	496	$	550,660	50.4	%	$	1,156,713	$	569,695


Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1) (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the nine months ended September 30, 2023			Leased Square Footage (in thousands)	% Leased Square Footage		Annualized Rent at Expiration(2) (in thousands)
Month-to-Month	1	$	206	—	%		25	0.8	%	$	206
2023	15	3,612		0.3	%		193	6.0	%	3,612
2024	28	6,957		0.6	%		820	25.6	%	7,635
2025	15	8,777		0.8	%		534	16.7	%	8,973
2026	9	5,413		0.5	%		445	13.9	%	5,759
2027	6	5,249		0.5	%		342	10.7	%	7,057
2028	7	6,058		0.6	%		576	18.0	%	6,653
2029+	5	3,530		0.3	%		267	8.3	%	5,439
Total	86	39,802		3.6	%	—	3,202	100	%	45,334


(1)			The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(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 same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(5)			Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.
(6)			The non-same store facility count of 19 consists of: two sites acquired through acquisition, 11 sites in the expansion and development phase, three leased sites that we purchased, one temporarily leased facility in Australia, one leased facility we ceased operations during fourth quarter of 2022 in anticipation of the upcoming lease maturity, and one leased site we exited in preparation to lease to a third party.


	Three Months Ended September 30,						Change
Units in thousands except per pallet and site data	2023			2022
Number of same store warehouses	219			219			n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	4,230			4,131			2.4	%
Economic occupancy percentage	84.0		%	80.5		%	345 bps
Same store rent and storage revenues per average economic occupied pallet	$	60.98		$	59.45		2.6	%
Constant currency same store rent and storage revenue per average economic occupied pallet	$	61.52		$	59.45		3.5	%

Physical occupancy(2)
Average physical occupied pallets	3,816			3,839			(0.6)	%
Average physical pallet positions	5,036			5,130			(1.8)	%
Physical occupancy percentage	75.8		%	74.8		%	93 bps
Same store rent and storage revenues per average physical occupied pallet	$	67.58		$	63.98		5.6	%
Constant currency same store rent and storage revenues per average physical occupied pallet	$	68.19		$	63.98		6.6	%

Same store warehouse services:
Throughput pallets	8,798			9,665			(9.0)	%
Same store warehouse services revenues per throughput pallet	$	35.09		$	33.24		5.6	%
Constant currency same store warehouse services revenues per throughput pallet	$	35.25		$	33.24		6.1	%

Number of non-same store warehouses(3)	19			21			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	282			226			n/r
Economic occupancy percentage	70.6		%	72.5		%	n/r

Physical occupancy(2)
Average physical occupied pallets	245			204			n/r
Average physical pallet positions	399			311			n/r
Physical occupancy percentage	61.5		%	65.5		%	n/r

Non-same store warehouse services:
Throughput pallets	572			550			n/r


Recent Acquisitions
Facility	Metropolitan Area	No. of Facilities	Cubic Feet (in millions)	Pallet Positions (in thousands)	Acquisition Price (in millions)	Net Entry NOI Yield (1)		Expected Three Year Stabilized NOI ROIC	Date Purchased	Expected Full Stabilized Quarter
De Bruyn Cold Storage	Australia	1	2.0	21	A$24.9	8.2	%	9-10%	7/1/2022	Q4 2025
Ormeau	Australia	1	2.1	10	A$36.1	—		9-10%	7/7/2023	Q2 2026
Safeway	New Jersey	1	6.0	17	$37.0	8.9	%	9-10%	10/5/2023	Q3 2026


SuperFrio
	As of
Summary Balance Sheet - at the JV’s 100% share in BRLs	Q3 23			Q2 23			Q1 23			Q4 22			Q3 22
	($’s in thousands)
Net book value of property, buildings and equipment	R$	1,107,455		R$	1,119,533		R$	1,112,850		R$	1,099,418		R$	1,063,778
Other assets	463,194			476,615			466,146			512,948			501,968
Total assets	1,570,649			1,596,148			1,578,996			1,612,366			1,565,746

Debt	646,243			666,362			659,675			679,304			625,015
Other liabilities	500,639			492,444			464,967			461,286			461,636
Equity	423,767			437,342			454,354			471,776			479,095
Total liabilities and equity	R$	1,570,649		R$	1,596,148		R$	1,578,996		R$	1,612,366		R$	1,565,746

Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%

BRL/USD quarter-end rate	0.1987			0.2089			0.1975			0.1892			0.1848
Americold’s pro rata share of debt at BRL/USD rate	$	19,261		$	20,880		$	19,543		$	19,279		$	17,325

	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs	Q3 23			Q2 23			Q1 23			Q4 22			Q3 22
	($’s in thousands)
Revenues	R$	161,229		R$	158,418		R$	156,234		R$	163,109		R$	152,517
Cost of operations	110,741			113,467			110,947			103,302			101,461
Selling, general and administrative expense	7,464			8,111			8,658			13,732			9,704
M&A expense	4,896			(919)			2,751			3,940			4,310
Depreciation & amortization	19,658			19,846			20,070			20,672			18,221
Total operating expenses	142,759			140,505			142,426			141,646			133,696
Operating income	18,470			17,913			13,808			21,463			18,821

Interest expense	31,292			32,977			32,488			28,588			21,374
Other expense (income)	(906)			(1,532)			(1,799)			(631)			(659)
Current income tax expense	1,012			890			1,567			1,519			2,868
Deferred income tax benefit	(732)			(78)			(245)			(216)			(4,546)
Non-operating expenses	30,666			32,257			32,011			29,260			19,037
Net loss	R$	(12,196)		R$	(14,344)		R$	(18,203)		R$	(7,797)		R$	(216)

Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%

BRL/USD average rate	0.2047			0.2022			0.1927			0.1901			0.1907
Americold’s pro rata share of NOI	$	1,550		$	1,363		$	1,309		$	1,705		$	1,460
Americold’s pro rata share of Net loss	$	(374)		$	(435)		$	(526)		$	(222)		$	(6)
Americold’s pro rata share of Core FFO	$	73		$	(225)		$	(177)		$	163		$	368
Americold’s pro rata share of AFFO	$	275		$	85		$	42		$	378		$	500