Americold Realty Trust 8-K, filed Aug 6, 2026

Americold Realty Trust (COLD)

8-K 2026-08-06 For: 2026-08-06

View Original

Added on August 06, 2026

About this 8-K

Americold Realty Trust filed this 8-K on August 6, 2026.

Items reported

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

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


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 August 6, 2026 for the second quarter ended June 30, 2026.
99.2						Supplemental Information Package for the second quarter ended June 30, 2026.
99.3						Investor Presentation Materials posted August 6, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


			AMERICOLD REALTY TRUST, INC.

			By:			/s/ Christopher J. Papa
						Name: Christopher J. Papa
						Title: Chief Financial Officer and Executive Vice President


	As of
	August 6, 2026	Unadjusted(1) 8/6/2026	Unadjusted(1) 2/19/2026
Warehouse segment same store revenues (constant currency)	$2.03B - $2.09B	$2.25B - $2.32B	$2.20B - $2.27B
Warehouse segment same store NOI (constant currency)	$660M - $695M	$760M - $800M	$735M - $785M
Total Company NOI (constant currency)	$775M - $815M	$810M - $850M	$780M - $845M
Total selling, general and administrative expense (guidance is inclusive of approximately $218M - $228M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization)	$250M - $260M	$250M - $260M	$250M - $260M
Core EBITDA	$570M - $600M	$605M - $635M	$570M - $620M
Interest expense	$155M - $160M	$170M - $175M	$170M - $180M
Current income tax expense	$7M - $9M	$7M - $9M	$6M - $8M
Total maintenance capital expenditures	$60M - $70M	$60M - $70M	$60M - $70M
Adjusted FFO per share	$1.26 -$1.32	$1.31 - $1.37	$1.20 - $1.30


	Three Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2026 Actual			2026 Constant Currency(1)			2025 Actual			Actual		Constant Currency

TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues(2):
Rent and storage	$	253,665		$	252,128		$	256,732		(1.2)	%	(1.8)	%
Warehouse services(3)	349,908			344,957			345,919			1.2	%	(0.3)	%
Total revenues	$	603,573		$	597,085		$	602,651		0.2	%	(0.9)	%
Global Warehouse cost of operations(2)(3):
Power	38,114			37,915			35,544			7.2	%	6.7	%
Other facilities costs(4)(5)	60,379			59,914			61,804			(2.3)	%	(3.1)	%
Labor	254,904			250,811			253,853			0.4	%	(1.2)	%
Other services costs(4)(6)	48,441			48,205			48,536			(0.2)	%	(0.7)	%
Total Warehouse segment cost of operations	$	401,838		$	396,845		$	399,737		0.5	%	(0.7)	%

Global Warehouse contribution (NOI)	$	201,735		$	200,240		$	202,914		(0.6)	%	(1.3)	%
Rent and storage contribution (NOI)(7)	$	155,172		$	154,299		$	159,384		(2.6)	%	(3.2)	%
Services contribution (NOI)(8)	$	46,563		$	45,941		$	43,530		7.0	%	5.5	%
Global Warehouse margin	33.4		%	33.5		%	33.7		%	-30 bps		-20 bps
Rent and storage margin(9)	61.2		%	61.2		%	62.1		%	-90 bps		-90 bps
Warehouse services margin(10)	13.3		%	13.3		%	12.6		%	70 bps		70 bps

Global Warehouse rent and storage metrics:
Average economic occupied pallets(11)	3,926			n/a			4,057			(3.2)	%	n/a
Average physical occupied pallets(12)	3,484			n/a			3,454			0.9	%	n/a
Average physical pallet positions(12)	5,168			n/a			5,499			(6.0)	%	n/a
Economic occupancy percentage(11)	76.0		%	n/a			73.8		%	220 bps		n/a
Physical occupancy percentage(12)	67.4		%	n/a			62.8		%	460 bps		n/a
Total rent and storage revenues per average economic occupied pallet	$	64.61		$	64.22		$	63.28		2.1	%	1.5	%
Total rent and storage revenues per average physical occupied pallet	$	72.81		$	72.37		$	74.33		(2.0)	%	(2.6)	%
Global Warehouse services metrics:
Throughput pallets(3)	8,926			n/a			9,017			(1.0)	%	n/a
Total warehouse services revenues per throughput pallet	$	39.20		$	38.65		$	38.36		2.2	%	0.8	%


	Six Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2026 Actual			2026 Constant Currency(1)			2025 Actual			Actual		Constant Currency

TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues(2):
Rent and storage	$	499,720		$	494,876		$	511,311		(2.3)	%	(3.2)	%
Warehouse services(3)	681,766			669,666			676,327			0.8	%	(1.0)	%
Total revenues	$	1,181,486		$	1,164,542		$	1,187,638		(0.5)	%	(1.9)	%
Global Warehouse cost of operations(2)(3):
Power	71,937			71,099			67,255			7.0	%	5.7	%
Other facilities costs(4)(5)	121,602			120,245			121,527			0.1	%	(1.1)	%
Labor	507,622			497,773			501,297			1.3	%	(0.7)	%
Other services costs(4)(6)	91,884			91,119			96,051			(4.3)	%	(5.1)	%
Total Warehouse segment cost of operations	$	793,045		$	780,236		$	786,130		0.9	%	(0.7)	%

Global Warehouse contribution (NOI)	$	388,441		$	384,306		$	401,508		(3.3)	%	(4.3)	%
Rent and storage contribution (NOI)(7)	$	306,181		$	303,532		$	322,529		(5.1)	%	(5.9)	%
Services contribution (NOI)(8)	$	82,260		$	80,774		$	78,979		4.2	%	2.3	%
Global Warehouse margin	32.9		%	33.0		%	33.8		%	-90 bps		-80 bps
Rent and storage margin(9)	61.3		%	61.3		%	63.1		%	-180 bps		-180 bps
Warehouse services margin(10)	12.1		%	12.1		%	11.7		%	40 bps		40 bps

Global Warehouse rent and storage metrics:
Average economic occupied pallets(11)	3,928			n/a			4,093			(4.0)	%	n/a
Average physical occupied pallets(12)	3,428			n/a			3,477			(1.4)	%	n/a
Average physical pallet positions(12)	5,160			n/a			5,512			(6.4)	%	n/a
Economic occupancy percentage(11)	76.1		%	n/a			74.3		%	180 bps		n/a
Physical occupancy percentage(12)	66.4		%	n/a			63.1		%	330 bps		n/a
Total rent and storage revenues per average economic occupied pallet	$	127.22		$	125.99		$	124.92		1.8	%	0.9	%
Total rent and storage revenues per average physical occupied pallet	$	145.78		$	144.36		$	147.06		(0.9)	%	(1.8)	%
Global Warehouse services metrics:
Throughput pallets(3)	17,668			n/a			18,027			(2.0)	%	n/a
Total warehouse services revenues per throughput pallet	$	38.59		$	37.90		$	37.52		2.9	%	1.0	%


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	June 30, 2026		December 31, 2025
Assets
Property, buildings, and equipment:
Land	$	817,453	$	818,606
Buildings and improvements	4,766,175		4,798,286
Machinery and equipment	1,753,123		1,612,744
Assets under construction	573,897		756,798
	7,910,648		7,986,434
Accumulated depreciation	(2,790,561)		(2,641,241)
Property, buildings, and equipment – net	5,120,087		5,345,193

Operating leases - net	162,186		179,935
Financing leases - net	177,341		157,936

Cash, cash equivalents, and restricted cash	40,470		136,863
Accounts receivable - net of allowance of $16,260 and $16,396 at June 30, 2026 and December 31, 2025, respectively	397,253		368,521
Identifiable intangible assets – net	796,956		819,494
Goodwill	826,695		828,335
Investments in and advances to partially owned entities	15,963		39,231
Other assets	274,186		246,090
Total assets	$	7,811,137	$	8,121,598

Liabilities and Equity
Liabilities
Borrowings under revolving line of credit	$	451,285	$	332,111
Accounts payable and accrued expenses	599,607		574,059
Senior unsecured notes and term loans - net of deferred financing costs of $16,939 and $16,001 at June 30, 2026 and December 31, 2025, respectively	3,790,436		3,792,123
Sale-leaseback financing obligations	40,909		42,352
Financing lease obligations	172,085		152,262
Operating lease obligations	165,195		179,965
Unearned revenues	22,651		20,169
Deferred tax liability - net	110,108		98,591
Other liabilities	7,809		7,953
Total liabilities	5,360,085		5,199,585

Equity
Stockholders' equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 285,432,128 and 284,871,943 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,853		2,848
Paid-in capital	5,673,791		5,664,195
Accumulated deficit and distributions in excess of net earnings	(3,208,249)		(2,719,408)
Accumulated other comprehensive loss	(53,889)		(63,190)
Total stockholders’ equity	2,414,506		2,884,445
Noncontrolling interests	36,546		37,568
Total equity	2,451,052		2,922,013
Total liabilities and equity	$	7,811,137	$	8,121,598


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues:
Rent, storage, and warehouse services	$	603,573	$	602,651	$	1,181,486	$	1,187,638
Transportation services	59,317		48,097		111,274		92,090
Total revenues	662,890		650,748		1,292,760		1,279,728
Operating expenses:
Rent, storage, and warehouse services cost of operations	401,838		399,737		793,045		786,130
Transportation services cost of operations	48,365		39,355		91,519		76,094
Depreciation and amortization	102,931		90,462		194,591		179,444
Selling, general, and administrative	62,864		66,907		134,183		136,142
Transactions, strategic initiatives and other costs, net	28,470		23,226		48,915		48,640
Impairment of long-lived assets	309,572		5,226		309,572		5,226
Net gain from sale of real estate	(3,316)		(11,760)		(5,521)		(11,760)
Total operating expenses	950,724		613,153		1,566,304		1,219,916

Operating (loss) income	(287,834)		37,595		(273,544)		59,812

Other (expense) income:
Interest expense	(42,300)		(38,245)		(83,819)		(74,362)
Loss from investments in partially owned entities	(520)		(335)		(932)		(1,698)
Other, net	6,928		5,775		14,311		7,071
(Loss) income before income taxes	(323,726)		4,790		(343,984)		(9,177)

Income tax expense:
Current income tax	(1,516)		(1,995)		(4,456)		(3,928)
Deferred income tax	(21,218)		(1,245)		(11,712)		(1,818)
Total income tax expense	(22,734)		(3,240)		(16,168)		(5,746)

Net (loss) income	$	(346,460)	$	1,550	$	(360,152)	$	(14,923)
Net (loss) income attributable to noncontrolling interests	(3,650)		11		(3,785)		(82)
Net (loss) income attributable to Americold Realty Trust, Inc.	$	(342,810)	$	1,539	$	(356,367)	$	(14,841)

Weighted average common stock outstanding – basic	286,881		285,604		286,572		285,484
Weighted average common stock outstanding – diluted	286,881		285,794		286,572		285,484

Net (loss) income per common share - basic	$	(1.19)	$	0.01	$	(1.24)	$	(0.05)
Net (loss) income per common share - diluted	$	(1.19)	$	0.01	$	(1.24)	$	(0.05)


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands, except shares and per share amounts)
	Six Months Ended June 30,
	2026		2025
Operating activities:
Net loss	$	(360,152)	$	(14,923)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	194,591		179,444
Amortization of deferred financing costs and pension withdrawal liability	3,138		2,923
Project Orion deferred costs amortization	5,189		6,871
Gain from sale of partially owned entity	—		(2,420)
Loss from investments in partially owned entities	932		1,698
Stock-based compensation expense	14,043		15,805
Deferred income tax expense	11,712		1,818
Provision for doubtful accounts receivable	2,322		1,344
Impairment of long-lived assets	309,572		5,226
Non-cash operating lease expenses	16,639		18,951
Net gain from sale of real estate	(5,521)		(11,760)
Changes in operating assets and liabilities:
Accounts receivable	(30,524)		26,937
Accounts payable and accrued expenses	19,415		(36,265)
Other assets	(22,924)		(27,006)
Operating lease liabilities	(15,617)		(18,449)
Proceeds from settlement of treasury lock hedge transactions	—		1,292
Other, net	(2,815)		(967)
Net cash provided by operating activities	140,000		150,519
Investing activities:
Additions to property, buildings and equipment	(250,422)		(290,218)
Acquisitions of property, buildings, and equipment, net of cash acquired	(18,707)		—
Business combinations, net of cash acquired	—		(108,448)
Investments in and advances to partially owned entities and other, net	—		(19,216)
Proceeds from collection of advances to partially owned entities	23,388		—
Proceeds from sale of property, buildings, and equipment	30,008		21,581
Proceeds from sale of investments in partially owned entities	—		27,471
Net cash used in investing activities	(215,733)		(368,830)
Financing activities:
Distributions paid on common stock, restricted stock units and noncontrolling interests in OP	(132,595)		(129,632)
Proceeds from stock options exercised	2,047		2,293
Proceeds from employee stock purchase plan	—		1,577
Remittance of withholding taxes related to employee stock-based transactions	(2,456)		(2,646)
Proceeds from revolving line of credit	618,718		314,735
Repayment on revolving line of credit	(505,448)		(298,000)
Repayment of sale-leaseback financing obligations	(1,444)		(1,969)
Repayment of financing lease obligations	(21,775)		(14,854)
Payment of debt issuance costs	(10,436)		(4,186)
Proceeds from public senior unsecured notes offering	—		400,000
Repayment of senior unsecured notes	(200,000)		—
Proceeds from senior unsecured term loans	232,515		—
Net cash (used in) provided by financing activities	(20,874)		267,318
Net (decrease) increase in cash, cash equivalents, and restricted cash	(96,607)		49,007
Effect of foreign currency translation on cash, cash equivalents and restricted cash	214		4,717
Cash, cash equivalents and restricted cash:
Beginning of period	136,863		47,652
End of period	$	40,470	$	101,376


Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO
(In thousands, except per share amounts)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net (loss) income(1)	$	(346,460)	$	1,550	$	(360,152)	$	(14,923)
Adjustments:
Real estate related depreciation	64,492		55,292		120,753		110,891
Net gain from sale of real estate	(3,316)		(11,760)		(5,521)		(11,760)
Net (gain) loss on real estate related asset disposals	—		—		(5)		1
Impairment charges on certain real estate related assets	309,004		3,739		309,004		3,739
Our share of reconciling items related to partially owned entities	260		279		507		494
NAREIT FFO	$	23,980	$	49,100	$	64,586	$	88,442
Adjustments:
Net loss (gain) on sale of non-real estate related assets	515		(163)		274		(29)
Transactions, strategic initiatives and other costs, net	28,470		23,226		48,915		48,640
Impairment of long-lived assets (excluding certain real estate related assets)	568		1,487		568		1,487
Gain on termination of derivative instruments	(5,857)		—		(5,857)		—
Foreign currency exchange loss (gain)	78		(192)		(4,608)		29
Project Orion deferred costs amortization	2,607		4,762		5,189		6,871
Our share of reconciling items related to partially owned entities	—		27		—		145
Gain from sale of partially owned entity	—		(2,420)		—		(2,420)
Core FFO	$	50,361	$	75,827	$	109,067	$	143,165
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,606		1,523		3,138		2,923
Amortization of below/above market leases	296		363		661		714
Straight-line rent adjustment	835		77		1,137		161
Deferred income tax expense	21,218		1,245		11,712		1,818
Stock-based compensation expense(2)	4,983		6,594		12,577		13,853
Non-real estate related depreciation and amortization	38,439		35,170		73,838		68,553
Maintenance capital expenditures(3)	(15,818)		(17,283)		(28,322)		(32,082)
Our share of reconciling items related to partially owned entities	30		71		63		208
Adjusted FFO	$	101,950	$	103,587	$	183,871	$	199,313


Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA
(In thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net (loss) income(1)	$	(346,460)		$	1,550		$	(360,152)		$	(14,923)
Adjustments:
Depreciation and amortization	102,931			90,462			194,591			179,444
Interest expense	42,300			38,245			83,819			74,362
Income tax expense	22,734			3,240			16,168			5,746
Net gain from sale of real estate	(3,316)			(11,760)			(5,521)			(11,760)
Adjustment to reflect share of EBITDAre of partially owned entities	616			976			1,235			2,492
NAREIT EBITDAre	$	(181,195)		$	122,713		$	(69,860)		$	235,361
Adjustments:
Transactions, strategic initiatives and other costs, net	28,470			23,226			48,915			48,640
Loss from investments in partially owned entities	520			335			932			1,698
Impairment of long-lived assets	309,572			5,226			309,572			5,226
Foreign currency exchange loss (gain)	78			(192)			(4,608)			29
Stock-based compensation expense(2)	4,983			6,594			12,577			13,853
Gain on termination of derivative instruments	(5,857)			—			(5,857)			—
Net (gain) loss on real estate related asset disposals	—			—			(5)			1
Net loss (gain) on sale of non-real estate related assets	515			(163)			274			(29)
Project Orion deferred costs amortization	2,607			4,762			5,189			6,871
Reduction in EBITDAre from partially owned entities	(616)			(976)			(1,235)			(2,492)
Gain from sale of partially owned entity	—			(2,420)			—			(2,420)
Core EBITDA	$	159,077		$	159,105		$	295,894		$	306,738

Total revenues	$	662,890		$	650,748		$	1,292,760		$	1,279,728
Core EBITDA margin	24.0		%	24.4		%	22.9		%	24.0		%


Revenues and Contribution (NOI) by Segment
(In thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Segment revenues:
Warehouse(1)	$	603,573	$	602,651	$	1,181,486	$	1,187,638
Transportation	59,317		48,097		111,274		92,090
Total revenues	662,890		650,748		1,292,760		1,279,728

Segment contribution:
Warehouse(1)	201,735		202,914		388,441		401,508
Transportation	10,952		8,742		19,755		15,996
Total segment contribution (NOI)	212,687		211,656		408,196		417,504

Reconciling items:
Depreciation and amortization expense	(102,931)		(90,462)		(194,591)		(179,444)
Selling, general, and administrative expense	(62,864)		(66,907)		(134,183)		(136,142)
Transactions, strategic initiatives and other costs, net	(28,470)		(23,226)		(48,915)		(48,640)
Impairment of long-lived assets	(309,572)		(5,226)		(309,572)		(5,226)
Net gain from sale of real estate	3,316		11,760		5,521		11,760
Interest expense	(42,300)		(38,245)		(83,819)		(74,362)
Loss from investments in partially owned entities	(520)		(335)		(932)		(1,698)
Other, net	6,928		5,775		14,311		7,071
(Loss) income before income taxes	$	(323,726)	$	4,790	$	(343,984)	$	(9,177)


Notes and Definitions
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures.
We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and real estate related assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs.
We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Impairment of long-lived assets (excluding certain real estate related assets); Gain on termination of derivative instruments; Foreign currency exchange loss (gain); Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.
However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited.
We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax expense; Stock-based compensation expense; Non-real estate related depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.
NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net (loss) income and Net (loss) income per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net (loss) income or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.
We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net (loss) income before Depreciation and amortization; Interest expense; Income tax expense; Net gain from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.
We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Gain on termination of derivative instruments; Net (gain) loss on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Project Orion deferred costs amortization; Reduction in EBITDAre from partially owned entities; and Gain from sale of partially owned entity. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net (loss) income or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including:
•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; •these measures do not reflect changes in, or cash requirements for, our working capital needs; •these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; •these measures do not reflect our tax expense or the cash requirements to pay our taxes; and •although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.



			Financial Supplement \| Second Quarter 2026



			Financial Supplement \| Second Quarter 2026



			Financial Supplement \| Second Quarter 2026


DBRS Morningstar
Credit Rating:	BBB	(Positive Trend)

Fitch
Issuer Default Rating:	BBB	(Stable Outlook)

Moody’s
Issuer Rating:	Baa3	(Stable Outlook)


Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. 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, divestitures, exited properties and properties classified as held for sale. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition.
NOI is calculated as Net (loss) income before Interest expense, Income tax expense, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Transactions, strategic initiatives and other costs, net; Net gain from sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business.
We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2025) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) does not result in a facility being excluded from the same store population, as management believes that actively managing its real estate is normal course of operations. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year.
We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net and Net gain from sale of real estate) and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP.
We calculated “total enterprise value” as the sum of net debt and our equity capitalization based on the fully diluted unweighted common stock outstanding and the related common stock share price as of June 30, 2026.
We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards.
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.


Table of Contents			PAGE

Corporate Profile			3
Earnings Release			5

Financial Information
Condensed Consolidated Balance Sheets			17
Condensed Consolidated Statements of Operations			18
Condensed Consolidated Statements of Cash Flows			19
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO			20
Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA			22
Debt Detail and Maturities			23
Interest Expense & Debt Covenants			24
Transactions, Strategic Initiatives and Other Costs, Net			25

Operations Overview
Global Warehouse Portfolio			26
Fixed Commitment and Lease Maturity Schedules			27
Capital Expenditures			28

External Growth and Capital Deployment			29

Other Supplemental Information
Same Store Historical Performance Trends			30
Unconsolidated Joint Venture (Investments in Partially Owned Entities)			32

Reconciliations, Notes and Definitions
Revenues and Contribution (NOI) by Segment			33
Notes and Definitions			34


Debt Detail and Maturities
	As of June 30, 2026
Indebtedness: (In thousands) - borrowing currency presented as applicable	Carrying Value		Contractual Interest Rate(1)	Effective Interest Rate(2)	Maturity Date(3)(4)(5)
Senior Unsecured Revolving Credit Facility - USD(3)	$	305,000	SOFR + 0.80%	4.90%	06/2031
Senior Unsecured Revolving Credit Facility - C$22M(3)	15,498		CORRA + 0.80%	3.60%	06/2031
Senior Unsecured Revolving Credit Facility - €70.5M(3)	80,529		EURIBOR + 0.80%	3.46%	06/2031
Senior Unsecured Revolving Credit Facility - NZ$88.5M(3)	50,258		BKBM + 0.80%	3.87%	06/2031
2025 Unsecured Term Loan - USD(4)	250,000		SOFR + 0.95%	4.65%	03/2027
AUD Term Loan Facility - A$230M	159,134		BBSW + 0.90%	5.41%	06/2031
Senior Unsecured Term Loan A Facility Tranche A-1 - USD(5)	375,000		SOFR + 0.95%	4.84%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-2 - C$350M	246,554		CORRA + 0.90%	4.38%	06/2031
Senior Unsecured Term Loan A Facility Tranche A-3 - USD	270,000		SOFR + 0.95%	4.83%	01/2028
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	456,900		1.62%	1.67%	01/2031
Private Series E Unsecured Notes - €350M	399,787		1.65%	1.70%	01/2033
Public 5.600% Notes - USD	400,000		5.60%	5.70%	05/2032
Public 5.409% Notes - USD	500,000		5.41%	5.51%	09/2034
Total Unsecured Debt	$	4,258,660	4.12%	4.26%	4.4 years
Sale-leaseback financing obligations	40,909		10.12%
Financing lease obligations	172,085		5.23%
Total Secured Debt	$	212,994	6.17%

Total Debt Outstanding	$	4,471,654	4.22%
Less: unamortized deferred financing costs(6)	(16,939)
Total Book Value of Debt	$	4,454,715


Rate Type:	June 30, 2026		% of Total
Fixed(7)	$	2,895,791	64.8%
Variable-unhedged	1,575,863		35.2%
Total Debt Outstanding	$	4,471,654	100%


Debt Type:	June 30, 2026		% of Total
Unsecured	$	4,258,660	95.2%
Secured	212,994		4.8%
Total Debt Outstanding	$	4,471,654	100%


Capitalization:	June 30, 2026
Total Debt Outstanding	$	4,471,654
Less: Cash, cash equivalents and restricted cash	(40,470)
Net Debt	$	4,431,184
Pro forma Core EBITDA - last twelve months(9)	$	609,516
Net Debt to Pro Forma Core EBITDA	7.3x


Enterprise Value:	June 30, 2026
Fully Diluted Common Stock(8)	290,896
Common Stock Share Price	$	15.72
Market Value of Common Equity	$	4,572,885
Net Debt	$	4,431,184
Total Enterprise Value	$	9,004,069


Interest Expense Summary
(In thousands)	Contractual Interest Rate(1)	Maturity Date(2)	Interest Expense for the Three Months Ended June 30, 2026		Interest Expense for the Six Months Ended June 30, 2026
Senior Unsecured Revolving Credit Facility	S + 0.80%	06/2031	$	7,556	$	13,486
Senior Unsecured Term Loan Facilities	Various	Various	11,850		23,542
Private Placement Notes	Various	Various	11,998		24,213
Public 5.600% Notes	5.60%	05/2032	5,554		11,108
Public 5.409% Notes	5.41%	09/2034	6,762		13,523
Sale-leaseback financing obligations	10.12%	Various	1,066		2,104
Financing lease obligations	5.23%	Various	1,868		3,552
Interest Expense on Total Debt Outstanding			$	46,654	$	91,528
Capitalized interest			(5,986)		(10,921)
Amortization of deferred financing costs			1,563		3,051
Other			69		161
Total Interest Expense			$	42,300	$	83,819


Debt Covenant Performance for Public Notes as of June 30, 2026
	Required	Result
Maintenance of total unencumbered assets	≥ 150%	256%
Limitation on total debt	≤ 60%	36%
Limitation on secured debt	≤ 40%	2%
Interest coverage test	≥ 1.5x	3.3x


Contract Expiration Year	Number of Contracts	Annualized Committed Rent & Storage Revenues(1)		% of Total Warehouse Segment Rent & Storage Revenues for the twelve months ended June 30, 2026(1)
(Dollars in thousands)
Month-to-Month	151	$	74,200	7.4	%
2026	127	86,658		8.6	%
2027	148	125,774		12.5	%
2028	105	143,841		14.3	%
2029	25	55,030		5.5	%
2030+	41	100,338		10.0	%
Total	597	$	585,841	58.3	%


Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1)(2)		% of Total Warehouse Segment Rent & Storage Revenues for the twelve months ended June 30, 2026(2)		Leased Square Footage
(Dollars in thousands)
Month-to-Month	6	$	584	0.1	%	27
2026	42	4,707		0.5	%	303
2027	36	9,924		1.0	%	579
2028	31	13,934		1.4	%	1,668
2029	8	4,617		0.5	%	252
2030+	20	21,750		2.2	%	1,319
Total	143	$	55,516	5.7	%	4,148


Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process
Project Vintage (Months)	Project Count	Square Feet (In millions)	Cubic Feet (In millions)	Pallet Positions (In thousands)	Cost (In millions)(1)	Remaining Spend	LTM NOI (In millions)(2)	Estimated Stabilized NOI (In millions)	Weighted Average Estimated Stabilized ROIC(3)
25-36	2	0.3	16.3	62	$143	—	$7	$11 - $13	8% - 9%
13-24	—	—	—	—	—	—	—	—	—
1-12	6	1.3	52.8	146	446	5	(1)	41 - 45	9% - 10%
1-36	8	1.6	69.1	208	$589	$5	$6	$52 - $58	9% - 10%

In Process(4)	2	0.5	35.8	106	$138	$170	—	$31 - $34	10% - 11%

Total(5)	10	2.1	104.9	314	$727	$175	$6	$83 - $92	9% - 10%


Completed Projects by Q2 2026 Same Store Pool
	Project Count	LTM NOI
Same Store Warehouse	2	$7
Non-Same Store Warehouse	6	$(1)
Total	8	$6


(Dollars in thousands)(1)	Q2 26		Q1 26		Q4 25		Q3 25		Q2 25		Q1 25
Number of same store warehouses(2)	212		212		212		212		212		212
Same store revenues(3):
Rent and storage	$240,953		$234,677		$242,348		$242,921		$239,808		$236,962
Warehouse services(4)	339,134		322,517		338,010		337,989		328,012		315,757
Total same store revenues	$580,087		$557,194		$580,358		$580,910		$567,820		$552,719
Same store cost of operations(3)(4):
Power	36,134		31,741		31,848		38,310		32,475		29,261
Other facilities costs(5)	56,697		56,930		58,275		55,055		56,088		56,362
Labor	242,559		239,706		236,929		241,572		235,443		231,946
Other services costs(5)	46,482		41,515		47,894		48,226		42,682		41,506
Total same store cost of operations	$381,872		$369,892		$374,946		$383,163		$366,688		$359,075

Same store contribution (NOI)	$198,215		$187,302		$205,412		$197,747		$201,132		$193,644
Same store rent and storage contribution (NOI)(6)	$148,122		$146,006		$152,225		$149,556		$151,245		$151,339
Same store services contribution (NOI)(7)	$50,093		$41,296		$53,187		$48,191		$49,887		$42,305

Same store margin	34.2	%	33.6	%	35.4	%	34.0	%	35.4	%	35.0	%
Same store rent and storage margin(8)	61.5	%	62.2	%	62.8	%	61.6	%	63.1	%	63.9	%
Same store services margin(9)	14.8	%	12.8	%	15.7	%	14.3	%	15.2	%	13.4	%

Same store rent and storage metrics:
Economic occupancy
Average economic occupied pallets(10)	3,811		3,828		3,965		3,836		3,833		3,895
Economic occupancy percentage(10)	77.7	%	78.0	%	80.4	%	77.7	%	77.5	%	78.5	%
Same store rent and storage revenues per average economic occupied pallet	$63.23		$61.31		$61.12		$63.33		$62.56		$60.84

Physical occupancy
Average physical occupied pallets(11)	3,390		3,287		3,421		3,273		3,277		3,314
Average physical pallet positions(11)	4,905		4,907		4,933		4,940		4,947		4,962
Physical occupancy percentage(11)	69.1	%	67.0	%	69.3	%	66.3	%	66.2	%	66.8	%
Same store rent and storage revenues per average physical occupied pallet	$71.08		$71.40		$70.84		$74.22		$73.18		$71.50

Same store services metrics:
Throughput pallets(4)	8,682		8,501		8,754		8,739		8,632		8,598
Same store warehouse services revenues per throughput pallet	$39.06		$37.94		$38.61		$38.68		$38.00		$36.72

Total non-same store results(3):
Non-same store revenues	$23,486		$20,719		$29,798		$34,912		$34,831		$32,268
Non-same store cost of operations	$19,966		$21,315		$25,870		$35,367		$33,049		$27,318
Non-same store contribution NOI	$3,520		$(596)		$3,928		$(455)		$1,782		$4,950


RSA

Summary Balance Sheet - at the JV’s 100% share in AED							June 30, 2026			December 31, 2025
(In thousands)
Net book value of property, buildings, and equipment							182,643			183,275
Other assets							20,860			25,332
Total assets							203,503			208,607

Debt							121,091			156,299
Other liabilities							20,922			19,971
Equity							61,490			32,337
Total liabilities and equity							203,503			208,607

Americold’s ownership percentage							49		%	49		%

AED/USD end of period rate							0.2723			0.2723
Americold’s pro rata share of debt at AED/USD rate							$	16,157		$	20,855

	Three Months Ended						Six Months Ended
Summary Statement of Operations - at the JV’s 100% share in AED	Q2 26			Q2 25			Q2 26			Q2 25
(In thousands)
Revenues	14,770			8,863			27,253			15,371

Cost of operations	14,250			6,770			25,571			12,031
Depreciation & amortization	2,497			915			4,848			1,797
Total operating expenses	16,747			7,685			30,419			13,828
Operating (loss) income	(1,977)			1,178			(3,166)			1,543

Interest expense	(2,194)			(676)			(4,454)			(1,329)
Total non-operating expenses	(2,194)			(676)			(4,454)			(1,329)
Net (loss) income	(4,171)			502			(7,620)			214

Americold’s ownership percentage	49		%	49		%	49		%	49		%

AED/USD average rate	0.2723			0.2723			0.2723			0.2723
Americold’s pro rata share of NOI in USD	$	69		$	279		$	224		$	446
Americold’s pro rata share of Net (loss) income in USD	$	(557)		$	67		$	(1,017)		$	29
Americold’s pro rata share of Core FFO in USD	$	(157)		$	167		$	(365)		$	228
Americold’s pro rata share of Adjusted FFO in USD	$	(114)		$	168		$	(278)		$	244