Acquisitions and Investments - In 2023, the company acquired Safeway for $24.0 million and Ormeau for AUD$35.1 million (approximately $23.5 million)[24]. - The company purchased a 49% equity interest in RSA Cold Holdings Limited for $4.0 million, which included a cold storage warehouse in Dubai[25]. - The company sold its remaining 15% equity interest in the LATAM JV for total proceeds of $36.9 million[26]. Project Orion - The company announced "Project Orion" in February 2023, with implementation costs of $161.4 million aimed at transforming technology systems and business processes[39]. - The unamortized balance of Project Orion deferred costs was $80.5 million as of December 31, 2024[39]. - The amortization expense recognized for the Project Orion ERP implementation was $4.2 million for the year ended December 31, 2024[41]. Warehouse Operations and Revenue - As of December 31, 2024, the company operated a global network of 239 temperature-controlled warehouses, encompassing approximately 1.4 billion cubic feet[19]. - The company aims to increase committed revenues in its warehouse segment by transitioning to fixed storage commitments from an as-utilized basis[33]. - The company is focused on expanding its portfolio of temperature-controlled warehouses through strategic acquisitions and development opportunities[34]. - The company anticipates continued outsourcing of temperature-controlled warehousing needs by food producers and retailers, capitalizing on this trend[35]. - The company is well-positioned to benefit from e-commerce growth, serving as a bridge between food producers and fulfillment centers[37]. - As of December 31, 2024, the company served approximately 3,200 customers, with the top 25 customers generating 51% of total warehouse segment revenues[49]. - The company’s warehouse segment revenues from the top 25 customers were 51%, 49%, and 47% for the years ended December 31, 2024, 2023, and 2022, respectively[49]. Workforce and Training - The company has a global workforce of approximately 13,755 employees, with 78% located in North America[61]. - The company successfully negotiated and renewed 16 collective bargaining agreements in 2024, with no work stoppages[62]. - The company completed over 316,890 hours of training for associates in 2024, enhancing leadership capabilities across the organization[69]. - The company expects to engage in negotiations for an additional 12 collective bargaining agreements in 2025, covering approximately 5% of the associate population[63]. - Approximately 31% of the company's associates are represented by local labor unions, with 79 out of 239 warehouses having unionized associates[62][63]. Safety and Compliance - Americold finished 2024 with a Total Recordable Incident Rate (TRIR) of 2.24, significantly below the industry average of 4.3[75]. - The company is self-insured for workers' compensation and health insurance under a large-deductible program, with accrued liabilities deemed appropriate for covering losses[103]. - The company’s facilities are subject to various environmental laws, and non-compliance could materially affect business operations and financial condition[91]. - The company must comply with the Food Safety Modernization Act, which requires a food safety system that includes hazard analysis and preventive controls[93]. - The company carries comprehensive insurance coverage, including general liability and environmental coverage, deemed adequate for its properties[102]. Sustainability and Community Engagement - The company’s warehouses utilize energy-efficient technologies, including LED lighting and solar power, to improve energy efficiency[42]. - In 2024, associates recorded over 5,800 volunteer hours supporting global causes, including over 800,000 lbs. of food transported, resulting in over 660,000 meals for families in need[73]. - The Corporate Sustainability Reporting Directive (CSRD) will require detailed sustainability-related reports starting in 2025, potentially increasing compliance costs[99]. - The company is committed to conducting business consistent with high ethical standards, including a supplier code of conduct and an anonymous Ethics Helpline[87]. - The company has adopted a Human Rights Policy overseen by its Board, ensuring compliance with the United Nations Universal Declaration of Human Rights[88]. Technology and Process Improvement - The company is deploying a global ERP system to enhance data accuracy and streamline processes[70]. - The company has implemented fixed commitment contracts with certain customers to mitigate revenue volatility caused by seasonality[53]. - Americold's safety software system, Vector, will be redeployed globally in 2025 to enhance hazard recognition and reporting among associates[82].

Unlocking Growth through our Infrastructure, Expertise and Partnerships Corporate Deck | February 2025 1 Global leader in the attractive cold storage industry with an integrated network of high-quality, strategically located mission-critical warehouses 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems 3 Disclaimer This presentation contains statements about future events and expectations that cons ...

Financial Data and Key Metrics Changes - In Q4 2024, same-store NOI was approximately $204 million, a 6% increase from the prior year, while AFFO was approximately $106 million, or $0.37 per share [19][20] - Full-year 2024 AFFO was $1.47 per share, reflecting a 40% increase over the past two years [20] - The company achieved a 16% increase in AFFO per share compared to 2023 [21] Business Line Data and Key Metrics Changes - Same-store rent and storage revenue per economically occupied pallet increased by approximately 3% year-over-year, while same-store services revenue for throughput pallets increased by approximately 6% [14][32] - Same-store warehouse services margin finished at 13%, up almost 7 percentage points from the previous year [14] - The company generated an incremental $125 million of same-store warehouse services NOI in 2024, exceeding its $100 million commitment made two years ago [13] Market Data and Key Metrics Changes - Economic occupancy is expected to remain generally flat in 2025, with a potential increase or decrease of 100 basis points compared to 2024 [26] - Throughput volumes are anticipated to increase by 100 to 200 basis points from 2024 [26] - The company expects a normalized year of general rate increases and renewals in pricing [26] Company Strategy and Development Direction - The company plans to focus on strategic partnerships, low-risk expansions, and customer-dedicated developments in 2025 [22] - A new import-export hub is planned in Canada for approximately $79 million, which will integrate Americold's warehouse solutions with maritime logistics capabilities [23] - The company is also expanding its facility in Christchurch, New Zealand, for approximately $34 million to support a major grocery retailer [24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for 2025, citing successful partnerships and capital deployment [59] - The company anticipates stabilization in the market and a return to traditional seasonal trends, with expectations for occupancy gains in the latter half of the year [25][26] - Management noted that the gap between economic and physical occupancy is expected to widen as fixed commitments increase [67] Other Important Information - The company has maintained a low associate turnover rate of 32%, which is approximately 10% better than historical levels [12] - Americold's partnership with Feed the Children has delivered nearly 2 million pounds of food to underserved communities over the past decade [28] Q&A Session Summary Question: Occupancy target and economic vs. physical occupancy - Management expects flat economic occupancy for the year, with seasonal trends indicating lower occupancy in the first half and higher in the second half [66][67] Question: Service margin expectations - Management indicated that service margins are expected to exceed 12%, with potential for further improvement depending on business mix and throughput volume [71][72] Question: Customer feedback on normalization - Management noted that inventory levels are low, and they expect throughput to increase, indicating a stabilization in the market [76][77] Question: Factors for return to normal seasonality - Management highlighted the importance of sales initiatives and customer inventory levels in driving occupancy in the second half of the year [89][90] Question: New business pipeline details - The probability-weighted new business pipeline is estimated at over $200 million, with a focus on long-term deals and market share gains [95][96]

Core Insights - Americold Realty Trust Inc. reported a revenue of $666.44 million for the quarter ended December 2024, which is a decrease of 1.9% year-over-year, and an EPS of $0.37, a significant improvement from -$0.80 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $692.19 million by 3.72%, while the EPS exceeded the consensus estimate of $0.36 by 2.78% [1] Revenue Breakdown - Revenue from rent, storage, and warehouse services was $606.47 million, below the average estimate of $630.88 million, reflecting a year-over-year decline of 1% [4] - Revenue from third-party managed services reached $10.10 million, surpassing the estimated $9.81 million, marking a year-over-year increase of 10.3% [4] - Global warehouse services generated $346.58 million, slightly below the estimated $353.18 million, with a year-over-year growth of 3.3% [4] - Revenue from global warehouse rent and storage was $259.89 million, falling short of the $277.70 million estimate, representing a year-over-year decline of 6.1% [4] - Transportation services revenue was $49.88 million, below the average estimate of $51.53 million, showing a significant year-over-year decrease of 13.8% [4] Stock Performance - Over the past month, shares of Americold Realty Trust have returned -2.3%, contrasting with the Zacks S&P 500 composite's increase of +2.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Americold Realty Trust Inc. reported quarterly funds from operations (FFO) of $0.37 per share, exceeding the Zacks Consensus Estimate of $0.36 per share, but down from $0.38 per share a year ago, indicating a 2.78% FFO surprise [1] - The company generated revenues of $666.44 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 3.72% and down from $679.29 million year-over-year [2] - The stock has underperformed the market, losing about 1.8% since the beginning of the year compared to the S&P 500's gain of 4.5% [3] Company Performance - Over the last four quarters, Americold Realty Trust has surpassed consensus FFO estimates three times, but has not beaten consensus revenue estimates during the same period [2] - The current consensus FFO estimate for the upcoming quarter is $0.36 on revenues of $685.11 million, and for the current fiscal year, it is $1.55 on revenues of $2.85 billion [7] Industry Context - The REIT and Equity Trust - Other industry, to which Americold Realty Trust belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, suggesting that the company's stock may continue to underperform based on current unfavorable estimate revisions [5][6]

Financial Performance - Total revenues for Q4 2024 were $666.4 million, a 1.9% decrease from $679.3 million in Q4 2023[15] - Net loss for Q4 2024 was $36.4 million, or $0.13 loss per diluted share, compared to a net loss of $226.8 million, or $0.80 loss per diluted share in Q4 2023[25] - Adjusted FFO for Q4 2024 was $105.9 million, or $0.37 per diluted common share, a 2.1% decrease from Q4 2023[15] - Core EBITDA for Q4 2024 was $155.6 million, a decrease of 2.9% from $160.3 million in Q4 2023[26] - For Q4 2024, Core FFO was $88.6 million, or $0.31 per diluted share, an increase from $84.8 million, or $0.30 per diluted share in Q4 2023[27] - Total revenues for the Global Warehouse segment in Q4 2024 were $606.465 million, a decrease of 0.9% compared to $612.698 million in Q4 2023[31] - Same store revenues for Q4 2024 were $588.718 million, a slight decrease of 0.5% from $591.538 million in Q4 2023[36] - Total revenues for Q4 2024 were $666,435,000, a decrease of 1.26% from $679,291,000 in Q4 2023[73] - Net loss for Q4 2024 was $36,409,000, compared to a net loss of $226,800,000 in Q4 2023, representing an improvement of 84.0%[74] - NAREIT FFO for Q4 2024 was $38,821,000, a significant recovery from a loss of $169,072,000 in Q4 2023[77] Operational Metrics - Global Warehouse same store NOI increased by 4.9%, or 5.9% on a constant currency basis compared to Q4 2023[15] - Global Warehouse segment same store services margin increased to 13.2% from 6.3% in Q4 2023[15] - Same store contribution (NOI) increased by 4.9% to $201.708 million in Q4 2024, compared to $192.361 million in Q4 2023[36] - Economic occupancy percentage for Global Warehouse decreased to 77.4% in Q4 2024 from 82.7% in Q4 2023, a decline of 524 basis points[31] - Average economic occupied pallets decreased by 5.9% to 4,272 in Q4 2024 from 4,541 in Q4 2023[31] - Same store margin improved to 34.5%, an increase of 280 basis points compared to 31.7% in Q4 2023[49] - Same-store contribution (NOI) for Q4 2024 was $206,729, reflecting a 2.0% increase from Q3 2024's $201,634[108] Revenue Growth and Projections - Full year 2024 Adjusted FFO per share grew by 16% compared to the previous year[12] - For 2025, the company projects warehouse segment same store revenue growth of 2.0% - 4.0%[18] - The company achieved $125 million of incremental full year same store warehouse services NOI in 2024[12] - Total warehouse revenues for the year ended December 31, 2024, reached $2,416,743,000, an increase of 1.1% compared to $2,391,089,000 in 2023[45] Costs and Expenses - Total warehouse segment cost of operations for Q4 2024 was $405.038 million, down 2.4% from $415.160 million in Q4 2023[31] - Operating expenses totaled $674,849,000 in Q4 2024, down from $873,612,000 in Q4 2023, a reduction of 22.7%[73] - The company incurred $33,144,000 in acquisition, cyber incident, and other costs in Q4 2024, compared to $15,774,000 in Q4 2023, an increase of 109.0%[74] - Depreciation and amortization expenses for Q4 2024 were $89,711,000, a decrease from $94,099,000 in Q4 2023[115] - Selling, general, and administrative expenses increased to $66,576,000 in Q4 2024 from $57,763,000 in Q4 2023[115] Debt and Liquidity - As of December 31, 2024, the company had total liquidity of approximately $921.8 million, with total net debt outstanding around $3.4 billion[63] - The company's unsecured debt has a weighted average contractual interest rate of 3.9% and no material debt maturities until 2026[63] - The company’s total debt outstanding as of December 31, 2024, was $3,475,181,000, with a net debt of $3,427,529,000, resulting in a net debt to pro forma core EBITDA ratio of 5.40x[82] Assets and Equity - Total assets decreased from $7.869 billion in 2023 to $7.736 billion in 2024, a decline of approximately 1.7%[71] - Total liabilities increased from $4.235 billion in 2023 to $4.429 billion in 2024, an increase of approximately 4.6%[71] - Stockholders' equity decreased from $3.616 billion in 2023 to $3.281 billion in 2024, a decline of approximately 9.3%[71] - The Company reported accounts receivable of $386.9 million in 2024, down from $426.0 million in 2023, a decrease of approximately 9.2%[71] Strategic Initiatives and Risks - The company announced a $79 million development project in Port Saint John, Canada, and a $34 million expansion in Christchurch, New Zealand[13] - The Company anticipates a migration of customers to fixed commitment storage contracts in 2025[68] - The Company faces risks including rising inflation, increased interest rates, and labor shortages that could impact future performance[67] - The Company has identified potential acquisition risks and challenges in expanding operations into new markets[67] Joint Ventures and Acquisitions - The company holds a 14.99% equity share in the Brazil-based SuperFrio joint venture, with a pro rata share of debt amounting to $17,276[111] - SuperFrio's revenues for Q4 2024 were R$151,272, a decrease from R$169,006 in Q4 2023[111] - The Dubai-based RSA joint venture, in which the company owns a 49% equity share, reported revenues of AED 7,582 for Q4 2024, up from AED 4,778 in Q4 2023[113] - Americold's pro rata share of net loss from the RSA joint venture for Q4 2024 was $27, compared to a loss of $5 in Q4 2023[113] Dividend and Shareholder Returns - The Company declared a dividend of $0.22 per share for Q4 2024, paid on January 15, 2025[64]

Core Insights - Americold Realty Trust achieved significant growth in 2024, with a 16% increase in Adjusted FFO per share and an 11.4% growth in Global Warehouse Same Store NOI [2][11] - The company reported a net loss of $36.4 million for Q4 2024, an improvement from a net loss of $226.8 million in Q4 2023, primarily due to a prior goodwill impairment charge [14] - Americold announced new development projects totaling $113 million, including a $79 million facility in Canada and a $34 million expansion in New Zealand [2][5] Financial Performance - Total revenues for Q4 2024 were $666.4 million, a 1.9% decrease from $679.3 million in Q4 2023, mainly due to a 13.8% drop in transportation services revenue [5][12] - For the full year 2024, total revenues reached $2.7 billion, reflecting a 0.3% change from 2023 [5] - Adjusted FFO for Q4 2024 was $105.9 million, or $0.37 per diluted share, a 2.1% decrease from Q4 2023 [16] Operational Highlights - Global Warehouse same store revenues decreased by 0.5% on an actual basis but increased by 0.6% on a constant currency basis compared to Q4 2023 [5][11] - The Global Warehouse segment same store services margin improved significantly to 13.2% from 6.3% in Q4 2023 [5][11] - The company reported a total NOI of $211.2 million for Q4 2024, a 0.6% increase from the same quarter of the previous year [13] Future Outlook - For 2025, Americold projects warehouse segment same store revenues growth of 2.0% to 4.0% and Adjusted FFO per share guidance of $1.51 to $1.59 [6][7] - The company plans to continue strategic capital deployment and targeted investments to enhance growth and operational efficiency [2][6]

Core Insights - Americold Realty Trust is developing its first Import-Export Hub in Canada at Port Saint John, New Brunswick, in collaboration with DP World and Canadian Pacific Kansas City (CPKC) [1][2] - The facility will enhance cold storage and logistics capabilities, primarily serving food supply chains between Central and Eastern Canada and global markets including Europe, South America, and the APAC region [2][4] - The investment for this project is estimated between $75 million and $80 million, with the hub expected to provide approximately 22,000 pallet positions [2][3] Company Overview - Americold is a global leader in temperature-controlled logistics, owning and operating 239 warehouses with approximately 1.5 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific, and South America [6] - The company plays a crucial role in the food supply chain, connecting producers, distributors, and retailers to consumers [6] Strategic Partnerships - The collaboration with DP World and CPKC aims to create a unique North American cold chain, enhancing supply chain efficiency and sustainability [2][5] - The partnership with CPKC, established in June 2023, focuses on optimizing temperature-controlled logistics across North America using refrigerated containers [5] Economic Impact - Opportunities NB will invest up to $1.01 million to assist Americold in creating up to 100 jobs by the end of 2029, contributing an estimated $37 million to the provincial GDP [3] - The expansion is expected to improve market access for New Brunswick's exporting companies and strengthen Port Saint John's position as Atlantic Canada's largest port by volume [4]

Core Viewpoint - Americold Realty Trust, Inc. announced the 2024 tax treatment of its common stock distributions, encouraging shareholders to consult personal tax advisors for specific tax implications [1] Dividend Information - The Company declared a fourth quarter 2023 dividend of $0.22 per share, which will be paid in calendar year 2024 [2] - The total amount of the 2023 fourth quarter dividend is included in the shareholders' 2024 distributions [2] - The Company plans to maintain a consistent dividend of $0.22 per share for each quarter in 2024 [2] - The total dividends for 2024 amount to $0.8800 per share, comprising $0.6134 in ordinary dividends and $0.2666 in return of capital [2] Company Overview - Americold is a global leader in temperature-controlled logistics, owning and/or operating 239 temperature-controlled warehouses [3] - The Company has approximately 1.5 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific, and South America [3] - Americold's facilities play a crucial role in the supply chain, connecting food producers, processors, distributors, and retailers to consumers [3]

Group 1 - The article emphasizes the presence of numerous investment bargains in the current market, particularly for those willing to conduct thorough research [2] - Americold Realty is highlighted as a potential investment opportunity, suggesting a focus on defensive stocks with a medium- to long-term investment horizon [2] Group 2 - The article is part of an income-focused investing service, indicating a strategy centered on sustainable portfolio income, diversification, and inflation hedging [1]