Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

We recently published 10 Firms Outperform Wall Street With Surprising Gains. Americold Realty Trust Inc. (NYSE:COLD) was one of the best performers on Thursday. Americold bounced back by 15.75 percent on Thursday to finish at $13.89 apiece as investor sentiment was boosted by the company’s upbeat outlook for 2026 despite weak earnings performance last year, supported by the recent appointment of its new chief finance officer (CFO). “Entering 2026, we have developed a list of key priorities that are desi ...

Core Insights - The article discusses the potential rebound of Real Estate Investment Trusts (REITs) in 2026, driven by declining interest rates and a shift in market dynamics [4][25] - Seven REITs are highlighted, with five considered stable investments and two categorized as higher-risk opportunities with significant upside potential [2][24] REIT Overview - Realty Income (NYSE: O) is noted for its stability, owning over 15,500 properties and collecting rent from approximately 1,600 customers across 92 industries, including well-known brands like 7-Eleven and Walgreens [1] - The REIT sector faced challenges in 2025 due to rising interest rates, which negatively impacted leverage and capital access [5] Performance Metrics - Certain property sectors have shown strong year-to-date performance, with farmland REITs up about 24%, data centers around 22%, net lease at approximately 15%, and self-storage at about 14% [3] - Realty Income has maintained an A credit rating and has increased its dividend for 27 consecutive years, making it a Dividend Aristocrat [6] Selected REITs - **Equinix (NASDAQ: EQIX)**: Operates 273 data centers globally, emphasizing the importance of its network ecosystem for competitive advantage. The company recently increased its dividend by 10% [8] - **Public Storage (NYSE: PSA)**: The leader in self-storage with around 3,500 U.S. facilities, leveraging technology for pricing optimization. The company has an A-rated credit and a dividend yield of about 4% [10][11] - **Equity LifeStyle Properties (NYSE: ELS)**: Focuses on manufactured housing and RV resorts, benefiting from demographic trends as baby boomers retire. The company raised its dividend by 5.3% recently [12][14] - **EastGroup Properties (NYSE: EGP)**: Targets flex distribution properties in fast-growing Sunbelt markets, with strong operational metrics and projected growth into 2027 and 2028 [15][16] - **Americold Realty Trust (NYSE: COLD)**: A cold storage REIT facing challenges but with potential for turnaround under new management and strategic changes. Shares trade at about 8.9x AFFO with a dividend yield of approximately 6.65% [17][19] - **Healthpeak Properties (NYSE: DOC)**: Plans to spin off its senior housing assets into a new REIT, which could unlock value. The company has a mixed portfolio and faces occupancy pressures in life sciences [20][22] Market Outlook - The article suggests that as interest rates decline, REITs may experience a resurgence, with investors encouraged to position themselves early to avoid higher valuations later [23][25]

Financial Data and Key Metrics Changes - The company reported fourth quarter AFFO of $0.38 per share, slightly above expectations and a year-over-year increase [7][23] - There was a year-over-year increase in fourth quarter core EBITDA and total company NOI [23] - Economic occupancy improved by 280 basis points sequentially in the fourth quarter, primarily due to seasonal harvest impacts and better holiday volumes [23][24] - For the full year, AFFO was $1.43 per share, in line with expectations [23] Business Line Data and Key Metrics Changes - The company achieved approximately 60% of rent and storage revenues from fixed commitment contracts, up from less than 40% previously [8][9] - Services revenue per pallet increased by 2.4%, while storage revenue per pallet rose by 0.3% [24] - Operationally, service margins were nearly 14% in the fourth quarter, with a full-year margin of 12.7%, up nearly 1,000 basis points over the past two years [10] Market Data and Key Metrics Changes - The company noted that the food distribution node has seen the most speculative development, impacting revenue [11][12] - The competitive pricing environment has led to a cautious outlook from customers regarding demand for 2026 [21] Company Strategy and Development Direction - The company is focused on five key priorities for 2026: deleveraging the balance sheet, maximizing profitability through portfolio management, driving organic growth, evaluating inorganic growth opportunities, and managing costs closely [12][18][20] - The company aims to maintain its investment-grade profile and is evaluating opportunities for joint ventures or selling non-strategic assets [12][25] - The company is expanding into new sectors, such as convenience store distribution, and has secured contracts with major retailers [15][40] Management's Comments on Operating Environment and Future Outlook - Management expressed that while there are ongoing headwinds, they are optimistic about the potential for new product innovations from customers to drive volume [21] - The outlook for 2026 anticipates AFFO between $1.20 and $1.30 per share, reflecting a cautious view of the market [22][29] - Management noted that customers are managing inventory tightly and evaluating space requirements as contracts come up for renewal [21] Other Important Information - The company has made significant progress in labor initiatives, resulting in a highly trained workforce and low customer churn rates [10] - The company completed three new expansion projects in 2025, aligning with its strategy of focusing on lower-risk developments [11] Q&A Session Summary Question: Customer demand outlook - Management noted that customers are experiencing flat net sales growth and are focused on driving volume through innovation and promotional investments [38][39] Question: Economic occupancy expectations - Management clarified that the expectation for economic occupancy is flat to down 300 basis points, with recent improvements in occupancy due to portfolio management and new business sales [44][46] Question: International presence and portfolio review - Management stated that international assets are performing well and are under thorough review to ensure long-term growth potential [52][54] Question: Deleveraging initiative - Management emphasized the importance of reducing leverage to maintain an investment-grade rating and is evaluating various opportunities for this purpose [56][57] Question: Fixed contract retention - Management reported a high retention rate for fixed commitment contracts, with customers tightening their space requirements rather than stepping away from these agreements [59][61]

Americold Realty Trust (NYSE:COLD) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsBrendan Lynch - DirectorMichael Carroll - Managing DirectorNick Joseph - Head of U.S. Real Estate and Lodging Research TeamRich Leland - VP of Finance, Investor Relations, and Corporate TreasurerRob Chambers - CEOSamir Khanal - Director of U.S. REITsScott Henderson - EVP, Chief Investment Officer, and Interim CFOVince Tibone - Managing Director and Head of U.S. Industrial and Mall ResearchConference Ca ...

Financial Data and Key Metrics Changes - The company reported fourth quarter AFFO of $0.38 per share, slightly ahead of expectations, marking a year-over-year increase [6][22] - For the full year, AFFO was $1.43 per share, in line with expectations, with a year-over-year increase in fourth quarter core EBITDA and total company NOI [22] - Economic occupancy improved by 280 basis points sequentially in the fourth quarter, primarily due to seasonal harvest impacts and portfolio management [22] Business Line Data and Key Metrics Changes - The company achieved approximately 60% of rent and storage revenues from fixed commitment contracts, up from less than 40% previously [8][9] - Services revenue per pallet increased by 2.4%, while storage revenue per pallet rose by 0.3%, reflecting competitive market pressures [23] - Operationally, service margins were nearly 14% in the fourth quarter, with a full-year margin of 12.7%, up nearly 1,000 basis points over the past two years [10] Market Data and Key Metrics Changes - The company noted that the food distribution node has seen the most speculative development, impacting revenue [12] - The U.S. market is experiencing excess supply, particularly from new market entrants, while the European and Asia Pacific markets are performing well [71][72] - The company expects continued pressure on revenue due to demand and supply headwinds, particularly in the food distribution sector [12][20] Company Strategy and Development Direction - The company is focused on five key priorities for 2026, including deleveraging the balance sheet, maximizing profitability through portfolio management, and driving organic growth in underpenetrated sectors [12][19] - The company aims to maintain its investment-grade profile by evaluating opportunities for joint ventures or selling non-strategic assets [13][24] - The company is also exploring new sectors, such as convenience store distribution, to expand its customer base and revenue streams [39][16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about customer demand, noting that many customers are focused on driving volume through innovation and new product launches [20][39] - The company expects AFFO for 2026 to be between $1.20 and $1.30 per share, reflecting a pragmatic view of the market environment [21][27] - Management acknowledged that while physical occupancy has stabilized, customers are managing inventory tightly and evaluating space requirements closely [20][27] Other Important Information - The company successfully exited or idled 10 sites in North America during 2025, generating cash proceeds and removing over 22 million cubic feet of capacity [25] - The company has identified nine sites for potential closure in 2026, with two already acted upon in the first quarter [26][77] - The company is committed to unlocking $30 million in annualized cost savings and reducing Project Orion-related cash spend by approximately $50 million [19][31] Q&A Session Summary Question: Customer demand outlook - Management noted that customers are experiencing flattish net sales growth, with price increases not expected to drive significant volume growth in 2026 [36][37] Question: Economic occupancy expectations - Management clarified that the expectation for economic occupancy is flat to down 300 basis points, with recent portfolio management activities contributing positively [42][44] Question: International presence and portfolio review - Management stated that international assets are performing well and are under thorough review to ensure long-term viability [50][52] Question: Deleveraging initiative details - Management emphasized the importance of achieving a leverage level below six to maintain an investment-grade rating, with ongoing evaluations of potential transactions [54][55] Question: Fixed contract retention rates - Management reported a high retention rate for fixed commitment contracts, with customers tightening their space requirements rather than stepping away from fixed commitments [56][58]

Core Viewpoint - Americold Realty Trust Inc. reported quarterly funds from operations (FFO) of $0.38 per share, exceeding the Zacks Consensus Estimate of $0.37 per share, and showing a year-over-year increase from $0.37 per share [1] Group 1: Financial Performance - The company posted revenues of $658.45 million for the quarter ended December 2025, slightly missing the Zacks Consensus Estimate by 0.05%, and down from $666.43 million a year ago [2] - Over the last four quarters, Americold Realty Trust has surpassed consensus FFO estimates two times and topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - Americold Realty Trust shares have declined approximately 6.7% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The current consensus FFO estimate for the upcoming quarter is $0.29 on revenues of $631.51 million, and for the current fiscal year, it is $1.24 on revenues of $2.63 billion [7] Group 3: Industry Context - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Strengthening our Foundation to Unlock Long-Term Growth C o r p o r a t e D e c k | F e b r u a r y 1 9 , 2 0 2 6 Disclaimer This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. ...

Exhibit 99.2 Financial Supplement Fourth Quarter 2025 | Table of Contents | PAGE | | --- | --- | | Corporate Profile | 3 | | Earnings Release | 5 | | Financial Information | | | Condensed Consolidated Balance Sheets | 16 | | Condensed Consolidated Statements of Operations | 17 | | Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO | 18 | | Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA | 20 | | Debt Detail and Maturities | 21 | | Interest Expense & Debt Covenants | 22 | | Ac ...

Core Insights - Americold Realty Trust reported a fourth-quarter AFFO per share of $0.38, a 3% increase year-over-year, indicating solid performance despite challenges in the cold storage industry [3][19] - The company achieved a full-year services margin improvement and met its long-term target of 60% for fixed commitment contracts, reflecting effective operational execution [3][6] - For 2026, Americold has outlined key priorities aimed at strengthening its balance sheet and enhancing profitability, while also expanding into high-value retail and adjacent sectors [3][8] Financial Performance - Total revenues for Q4 2025 were $658.5 million, a 1.2% decrease from $666.4 million in Q4 2024, primarily due to lower volumes in the Global Warehouse segment [6][13] - The company reported a net loss of $88.3 million, or $0.31 loss per diluted share, compared to a net loss of $36.2 million, or $0.13 per diluted share in Q4 2024 [17][11] - Adjusted FFO for Q4 2025 was $108.3 million, or $0.38 per diluted share, a 2.7% increase from $105.9 million, or $0.37 per diluted share in Q4 2024 [19][6] Operational Metrics - Global Warehouse segment same store revenues decreased by 1.1% on an actual basis and 1.5% on a constant currency basis compared to Q4 2024 [6][14] - The same store services margin increased to 13.9% from 12.7% in Q4 2024, indicating improved operational efficiency [31][6] - Global Warehouse segment contribution NOI for Q4 2025 was $206.9 million, a 2.7% increase from $201.4 million in Q4 2024, driven by lower operational costs [15][16] 2026 Outlook - The company expects AFFO per share for 2026 to be in the range of $1.20 to $1.30, reflecting a cautious approach amid ongoing industry challenges [3][8] - Guidance for warehouse segment same store revenues is projected between $2.20 billion and $2.27 billion, with total company NOI expected to range from $780 million to $845 million [8][7] - Core EBITDA is anticipated to be between $570 million and $620 million, indicating a focus on maintaining profitability [8][7] Balance Sheet and Liquidity - As of December 31, 2025, Americold had total liquidity of approximately $935.4 million, with total net debt outstanding around $4.2 billion [20][21] - The company's net debt to pro forma Core EBITDA ratio was approximately 6.8x, indicating a manageable level of leverage [21][20] - Approximately 86.6% of total debt was at a fixed rate, providing stability in interest expenses [21][20] Dividend Information - The Board of Directors declared a 5% increase in the dividend to $0.23 per share for Q4 2025, reflecting a commitment to returning value to shareholders [22][6]