Table of Contents PAGE
Corporate Profile 3
Earnings Release (including guidance information) 5
Financial Information
Condensed Consolidated Balance Sheets 14
Condensed Consolidated Statements of Operations 15
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and Adjusted FFO 16
Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA 18
Debt Detail and Maturities 19
Operations Overview
Global Warehouse Portfolio 20
Fixed Commitment and Lease Maturity Schedules 21
Capital Expenditures and Repair and Maintenance Expenses 23
External Growth and Capital Deployment 25
Other Supplemental Information
Same Store Historical Performance Trend 26
Unconsolidated Joint Ventures (Investments in Partially Owned Entities) 27
Reconciliations, Notes and Definitions
Revenues and Contribution (NOI) by Segment 29
Notes and Definitions 30
Corporate Profile
Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 238 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.
Corporate Headquarters
10 Glenlake Parkway, Suite 600, South Tower Atlanta, Georgia 30328
Telephone: (678) 441-1400 Website: https://www.americold.com
Senior Management
George F. Chappelle, Jr.: Chief Executive Officer and Director
E. Jay Wells: Chief Financial Officer and Executive Vice President Robert S. Chambers: President, Americas
Richard C. Winnall: President, International
Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President Nathan H. Harwell: Chief Legal Officer and Executive Vice President
R. Scott Henderson: Chief Investment Officer and Executive Vice President Michael P. Spires: Chief Information Officer and Executive Vice President
M. Bryan Verbarendse: Chief Operating Officer - North America and Executive Vice President Robert E. Harris, Jr.: Chief Accounting Officer and Senior Vice President
Board of Directors
Mark R. Patterson: Chairman of the Board of Directors George J. Alburger, Jr.: Director
Kelly H. Barrett: Director Robert L. Bass: Director
George F. Chappelle, Jr.: Chief Executive Officer and Director Antonio F. Fernandez: Director
Pamela K. Kohn: Director David J. Neithercut: Director Andrew P. Power: Director
Investor Relations
To request more information or to be added to our e-mail distribution list, please visit the investors section of our website: https://www.americold.com
Investor Relations Telephone: 678-459-1959
Email: investor.relations@americold.com
Analyst Coverage
Firm Analyst Name Contact Email
Baird Equity Research Nicholas Thillman 414-298-5053 nthillman@rwbaird.com Bank of America Merrill Lynch Samir Khanal 646-855-1497 samir.khanal@bofa.com Barclays Brendan Lynch 212-526-9428 brendan.lynch@barclays.com
BNP Paribas Exane Research Nate Crossett 646-725-3716 nate.crossett@exanebnpparibas.com Citi Craig Mailman 212-816-4471 craig.mailman@citi.com
Evercore ISI Steve Sakwa/ Michael Griffin
212-446-9462 /
212-752-0886
steve.sakwa@evercoreisi.com / michael.griffin@evercoreisi.com
Green Street Advisors Vince Tibone 949-640-8780 vtibone@greenstreet.com
J.P. Morgan Michael W. Mueller 212-622-6689 michael.w.mueller@jpmorgan.com KeyBanc Todd Thomas 917-368-2286 tthomas@key.com
MorningStar Research Services Suryansh Sharma 314-585-6793 suryansh.sharma@morningstar.com Raymond James Jonathan Hughes 727-567-2438 jonathan.hughes@raymondjames.com RBC Michael Carroll 440-715-2649 michael.carroll@rbccm.com
Scotiabank Greg McGinniss 212-225-6906 greg.mcginniss@scotiabank.com
Truist Ki Bin Kim 212-303-4124 kibin.kim@truist.com
Wells Fargo Securities Blaine Heck 410-662-2556 blaine.heck@wellsfargo.com Wolfe Research Andrew Rosivach 646-582-9250 arosivach@wolferesearch.com
Stock Listing Information
The shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol "COLD".
Credit Ratings
DBRS Morningstar
|
Credit Rating: |
BBB |
(Positive Trend) |
|
Fitch Issuer Default Rating: |
BBB |
(Stable Outlook) |
|
Moody's Issuer Rating: |
Baa3 |
(Stable Outlook) |
These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
Financial Supplement First Quarter 2025
AMERICOLD ANNOUNCES FIRST QUARTER 2025 RESULTS
Delivered $0.34 AFFO per share
Completed Houston Warehouse Acquisition Enabling a Significant New Retail Customer Win Increased Quarterly Dividend by 5%
Updated 2025 Full-Year Outlook
Atlanta, GA, May 8, 2025 - Americold Realty Trust, Inc. (NYSE: COLD) (the "Company"), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the first quarter ended March 31, 2025.
George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, "We are pleased with our first quarter 2025 results, which included delivering AFFO of $0.34 per share in line with expectations. This performance was enabled by our successful efforts over the past three years to create a more stable and productive workforce, as well as the enhancements we have made to our technology and operating platforms. We believe these initiatives have created a more solid and resilient foundation that allows us to effectively navigate in the current operating environment and positions us well for the long term."
"We are continuing to make investments in our future and I'm particularly excited about the Houston acquisition which closed during the first quarter. The catalyst for this acquisition was a new fixed commitment contract with one of the world's largest retailers, a significant win from our sales pipeline. The purchase of this facility allowed us to move inventory from an existing location into the newly acquired site, thereby opening space for this new customer and allowing for a more efficient allocation of inventory across both sites. Retail business is a key focus for us and customers continue to recognize Americold for our service and rigorous operational standards. This win further expands our industry-leading presence in the important retail segment of the market that requires the operational expertise that our platform provides."
"In response to current headwinds created by the current macro-economic environment, we are prudently adjusting our near-term outlook, while remaining confident in our long-term growth trajectory. We believe the fundamentals of the cold storage industry remain attractive, and during the first quarter we increased our dividend by 5% to reflect our confidence in Americold's resiliency and strong cash flow generation. I want to thank our experienced and talented team for their strong execution as we continue to successfully navigate through these evolving market conditions."
First Quarter 2025 Highlights
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Total revenues of $629.0 million, a 5.4% decrease from $665.0 million in Q1 2024 and a decrease of 4.4% on a constant currency basis.
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Net loss of $16.5 million, or $0.06 loss per diluted share, as compared to net income per diluted share of $0.03 in Q1 2024.
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Global Warehouse segment same store revenues decreased 2.3% on an actual basis and decreased 1.4% on a constant currency basis as compared to Q1 2024.
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Global Warehouse same store services margin increased to 11.3% from 10.1% in Q1 2024.
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Global Warehouse segment same store NOI decreased 4.2%, or 3.4% on a constant currency basis, as compared to Q1 2024.
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Adjusted FFO of $95.7 million, or $0.34 per diluted common share, a 9.0% decrease from Q1 2024 Adjusted FFO per diluted common share.
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Core EBITDA of $147.6 million, decreased $8.2 million, or 5.3% (4.6% on a constant currency basis) from $155.8 million in Q1 2024.
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Core EBITDA margin of 23.5%, increased from 23.4% in Q1 2024.
Attachments
Disclaimer
Americold Realty Trust Inc. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 11:21 UTC.
