Document

EX-99.2 3 q12025-quarterlysupplement.htm EX-99.2 Document

Exhibit 99.2



Financial Supplement						First Quarter 2025


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



Financial Supplement						First Quarter 2025

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: 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: www.americold.com

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com



Financial Supplement						First Quarter 2025

Analyst Coverage

Firm

Analyst Name

Contact

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

•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.

•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.

•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.

•Global Warehouse same store services margin increased to 11.3% from 10.1% in Q1 2024.

•Global Warehouse segment same store NOI decreased 4.2%, or 3.4% on a constant currency basis, as compared to Q1 2024.

•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.

•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.

•Core EBITDA margin of 23.5%, increased from 23.4% in Q1 2024.



Financial Supplement						First Quarter 2025

2025 Outlook

The table below includes the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.


	As of
	May 8, 2025	February 20, 2025
Warehouse segment same store revenue growth (constant currency)	0.0% - 2.0%	2.0% - 4.0%
Warehouse segment same store NOI growth (constant currency)	100 bps higher than associated revenues	200 bps higher than associated revenues
Warehouse segment non-same store NOI	$7M - $13M	$0M - $7M
Transportation and Third-Party Managed segment NOI	$40M - $44M	$44M - $48M
Total selling, general and administrative expense (guidance as of May 8, 2025 is inclusive of share-based compensation expense of $29M - $31M and $11M - $13M of Project Orion amortization)	$270M - $280M	$280M - $289M
Interest expense	$153M - $157M	$145M - $150M
Current income tax expense	$8M - $10M	$8M - $10M
Non real estate depreciation and amortization expense	$139M - $149M	$139M - $149M
Total maintenance capital expenditures	$80M - $85M	$82M - $88M
Development starts(1)	$200M - $300M	$200M - $300M
Adjusted FFO per share	$1.42 - $1.52	$1.51 - $1.59

(1)Represents the aggregate invested capital for initiated development opportunities.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, May 8, 2025 at 8:00 a.m. Eastern Time to discuss its first quarter 2025 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13750775. The telephone replay will be available starting shortly after the call until May 22, 2025.

The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

First Quarter 2025 Total Company Financial Results

Total revenues for the first quarter of 2025 were $629.0 million, a 5.4% decrease from $665.0 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue.

Total NOI for the first quarter of 2025 was $205.8 million, a decrease of 2.4% (1.5% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in transportation NOI which was primarily due to customer exits.



Financial Supplement						First Quarter 2025

For the first quarter of 2025, the Company reported a net loss of $16.5 million, or $0.06 loss per diluted share, compared to a net income of $9.8 million, or $0.03 income per diluted share, for the comparable quarter of the prior year. This was primarily driven by an increase in closed site related charges recognized within Acquisition, cyber incident, and other, net, increased Selling, general, and administrative expenses, and the factors driving the decrease in NOI mentioned above. The increase in Selling, general, and administrative is related to the go live of Project Orion in the second quarter of 2024.

Core EBITDA was $147.6 million for the first quarter of 2025, compared to $155.8 million for the comparable quarter of the prior year. This decrease (5.3% on an actual basis and 4.6% on a constant currency basis) was primarily driven by the same factors driving the decrease in NOI and the increase in Selling, general, and administrative mentioned above.

For the first quarter of 2025, Core FFO was $67.3 million, or $0.24 per diluted share, compared to $77.3 million, or $0.27 per diluted share, for the first quarter of 2024.

For the first quarter of 2025, Adjusted FFO was $95.7 million, or $0.34 per diluted share, compared to $104.9 million, or $0.37 per diluted share, for the first quarter of 2024.

Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.



Financial Supplement						First Quarter 2025

First Quarter 2025 Global Warehouse Segment Results

The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,									Change
Dollars and units in thousands, except per pallet data	2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency

TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues:
Rent and storage	$	254,579		$	256,901		$	269,424		(5.5)	%	(4.6)	%
Warehouse services	320,778			323,967			328,286			(2.3)	%	(1.3)	%
Total revenues	$	575,357		$	580,868		$	597,710		(3.7)	%	(2.8)	%
Global Warehouse cost of operations:
Power	31,709			32,086			33,333			(4.9)	%	(3.7)	%
Other facilities costs(2)	57,550			58,095			65,595			(12.3)	%	(11.4)	%
Labor	240,912			243,393			248,173			(2.9)	%	(1.9)	%
Other services costs(3)	48,601			49,095			53,478			(9.1)	%	(8.2)	%
Total warehouse segment cost of operations	$	378,772		$	382,669		$	400,579		(5.4)	%	(4.5)	%

Global Warehouse contribution (NOI)	$	196,585		$	198,199		$	197,131		(0.3)	%	0.5	%
Rent and storage contribution (NOI)(4)	$	165,320		$	166,720		$	170,496		(3.0)	%	(2.2)	%
Services contribution (NOI)(5)	$	31,265		$	31,479		$	26,635		17.4	%	18.2	%
Global Warehouse margin	34.2		%	34.1		%	33.0		%	120 bps		110 bps
Rent and storage margin(6)	64.9		%	64.9		%	63.3		%	160 bps		160 bps
Warehouse services margin(7)	9.7		%	9.7		%	8.1		%	160 bps		160 bps

Global Warehouse rent and storage metrics:
Average economic occupied pallets(8)	4,128			n/a			4,393			(6.0)	%	n/a
Average physical occupied pallets(9)	3,500			n/a			3,810			(8.1)	%	n/a
Average physical pallet positions	5,525			n/a			5,531			(0.1)	%	n/a
Economic occupancy percentage(8)	74.7		%	n/a			79.4		%	-470 bps		n/a
Physical occupancy percentage(9)	63.3		%	n/a			68.9		%	-560 bps		n/a
Total rent and storage revenues per average economic occupied pallet	$	61.67		$	62.23		$	61.33		0.6	%	1.5	%
Total rent and storage revenues per average physical occupied pallet	$	72.74		$	73.40		$	70.71		2.9	%	3.8	%
Global Warehouse services metrics:
Throughput pallets	8,731			n/a			9,050			(3.5)	%	n/a
Total warehouse services revenues per throughput pallet	$	36.74		$	37.11		$	36.27		1.3	%	2.3	%

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $6.5 million and $9.2 million for the three months ended March 31, 2025 and 2024, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.4 million and $3.5 million for the three months ended March 31, 2025 and 2024, respectively.

(4)Calculated as warehouse rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

(8)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(9)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)



Financial Supplement						First Quarter 2025


	Three Months Ended March 31,									Change
Dollars and units in thousands, except per pallet data	2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency

SAME STORE WAREHOUSE
Number of same store warehouses	224						224
Same store revenues:
Rent and storage	$	245,196		$	247,517		$	256,771		(4.5)	%	(3.6)	%
Warehouse services	314,823			318,005			316,492			(0.5)	%	0.5	%
Total same store revenues	$	560,019		$	565,522		$	573,263		(2.3)	%	(1.4)	%
Same store cost of operations:
Power	30,656			31,034			30,913			(0.8)	%	0.4	%
Other facilities costs	57,245			57,790			56,567			1.2	%	2.2	%
Labor	234,640			237,118			235,417			(0.3)	%	0.7	%
Other services costs	44,763			45,254			49,164			(9.0)	%	(8.0)	%
Total same store cost of operations	$	367,304		$	371,196		$	372,061		(1.3)	%	(0.2)	%

Same store contribution (NOI)	$	192,715		$	194,326		$	201,202		(4.2)	%	(3.4)	%
Same store rent and storage contribution (NOI)(2)	$	157,295		$	158,693		$	169,291		(7.1)	%	(6.3)	%
Same store services contribution (NOI)(3)	$	35,420		$	35,633		$	31,911		11.0	%	11.7	%
Same store margin	34.4		%	34.4		%	35.1		%	-70 bps		-70 bps
Same store rent and storage margin(4)	64.2		%	64.1		%	65.9		%	-170 bps		-180 bps
Same store services margin(5)	11.3		%	11.2		%	10.1		%	120 bps		110 bps

Same store rent and storage metrics:
Average economic occupied pallets(6)	4,044			n/a			4,267			(5.2)	%	n/a
Average physical occupied pallets(7)	3,434			n/a			3,698			(7.1)	%	n/a
Average physical pallet positions	5,279			n/a			5,279			—	%	n/a
Economic occupancy percentage(6)	76.6		%	n/a			80.8		%	-420 bps		n/a
Physical occupancy percentage(7)	65.1		%	n/a			70.1		%	-500 bps		n/a
Same store rent and storage revenues per average economic occupied pallet	$	60.63		$	61.21		$	60.18		0.7	%	1.7	%
Same store rent and storage revenues per average physical occupied pallet	$	71.40		$	72.08		$	69.44		2.8	%	3.8	%
Same store services metrics:
Throughput pallets	8,561			n/a			8,815			(2.9)	%	n/a
Same store warehouse services revenues per throughput pallet	$	36.77		$	37.15		$	35.90		2.4	%	3.5	%

(2)Calculated as same store rent and storage revenues less same store power and other facilities costs.

(3)Calculated as same store warehouse services revenues less same store 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 services contribution (NOI) divided by same store services revenues.

(6)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(7)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)



Financial Supplement						First Quarter 2025


	Three Months Ended March 31,								Change
Dollars and units in thousands, except per pallet data	2025 Actual			2025 Constant Currency(1)		2024 Actual			Actual	Constant Currency

NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	11					12
Non-same store revenues:
Rent and storage	$	9,383		$	9,384	$	12,653		n/r	n/r
Warehouse services	5,955			5,962		11,794			n/r	n/r
Total non-same store revenues	$	15,338		$	15,346	$	24,447		n/r	n/r
Non-same store cost of operations:
Power	1,053			1,052		2,420			n/r	n/r
Other facilities costs	305			305		9,028			n/r	n/r
Labor	6,272			6,275		12,756			n/r	n/r
Other services costs	3,838			3,841		4,314			n/r	n/r
Total non-same store cost of operations	$	11,468		$	11,473	$	28,518		n/r	n/r

Non-same store contribution (NOI)	$	3,870		$	3,873	$	(4,071)		n/r	n/r
Non-same store rent and storage contribution (NOI)(3)	$	8,025		$	8,027	$	1,205		n/r	n/r
Non-same store services contribution (NOI)(4)	$	(4,155)		$	(4,154)	$	(5,276)		n/r	n/r

Non-same store rent and storage metrics:
Average economic occupied pallets(5)	84			n/a		126			n/r	n/a
Average physical occupied pallets(6)	66			n/a		112			n/r	n/a
Average physical pallet positions	246			n/a		252			n/r	n/a
Economic occupancy percentage(5)	34.1		%	n/a		50.0		%	n/r	n/a
Physical occupancy percentage(6)	26.8		%	n/a		44.4		%	n/r	n/a
Non-same store rent and storage revenues per average economic occupied pallet	$	111.70		$	111.71	$	100.42		n/r	n/r
Non-same store rent and storage revenues per average physical occupied pallet	$	142.17		$	142.18	$	112.97		n/r	n/r
Non-same store services metrics:
Throughput pallets	170			n/a		235			n/r	n/a
Non-same store warehouse services revenues per throughput pallet	$	35.03		$	35.07	$	50.19		n/r	n/r

(2)The non-same store facility count consists of: 8 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 4 of which are owned facilities and the Company is in pursuit to sell), 2 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of March 31, 2025, there are 6 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

(3)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.

(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)



Financial Supplement						First Quarter 2025

Warehouse Results

For the first quarter of 2025, Global Warehouse segment revenues were $575.4 million, a decrease of $22.4 million, or 3.7% (2.8% decrease on a constant currency basis), compared to $597.7 million for the first quarter of 2024. This decrease was principally driven by lower volumes and throughput pallets as we are lapping unusually high, counter-cyclical inventory levels in the first quarter of 2024, partially offset by annual rate increases in the normal course of operations.

Global Warehouse segment contribution (NOI) was $196.6 million for the first quarter of 2025 as compared to $197.1 million for the first quarter of 2024, a decrease of $0.5 million or 0.3% (0.5% increase on a constant currency basis). Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 34.2% for the first quarter of 2025, a 120 basis point increase as to compared to the first quarter of 2024, driven by an increased focus on workforce performance, operational efficiency, and retention.

Fixed Commitment Rent and Storage Revenues

As of March 31, 2025, $629.3 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment storage contracts compared to $625.3 million at the end of the fourth quarter of 2024 and $597.9 million at the end of the first quarter of 2024. On a combined basis, 60.1% of rent and storage revenues were generated from fixed commitment storage contracts. On a combined basis, 60.6% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.

Economic and Physical Occupancy

Fixed commitments storage contracts are designed to ensure the Company’s customers have space available when needed. For the first quarter of 2025, economic occupancy for the total warehouse segment was 74.7% and the warehouse segment same store pool was 76.6%, representing a 1,140 and 1,150 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 470 basis points, and the warehouse segment same store pool decreased 420 basis points as compared to the first quarter of 2024. This was primarily due to unusually high inventory levels during the first quarter of 2024, therefore impacting comparability in the first quarter of 2025. Additionally, overall volumes are also impacted by recent regulatory shifts, a competitive and inflationary environment, and abnormal credit yields, all impacting consumer buying habits and the related food production levels.

Real Estate Portfolio

As of March 31, 2025, the Company’s portfolio consists of 238 facilities. The Company ended the first quarter of 2025 with 235 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 224 facilities for the quarter ended March 31, 2025. The non-same store facility count consists of: 8 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 4 of which are owned facilities and the Company is in pursuit to sell), 2 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of March 31, 2025, there are 6 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

Balance Sheet Activity and Liquidity

As of March 31, 2025, the Company had total liquidity of approximately $651.2 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $3.7 billion (inclusive of approximately $187.0 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.1% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 5.9x. The Company’s unsecured debt has a remaining weighted average term of 4.7 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of March 31, 2025, approximately 86.3% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.



Financial Supplement						First Quarter 2025

Dividend

On March 17, 2025, the Company’s Board of Directors declared a 5% increase in the dividend to $0.23 per share for the first quarter of 2025, which was paid on April 15, 2025 to common stockholders of record as of March 28, 2025.

About the Company

Non-GAAP Measures

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, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

Forward-Looking Statements

This press release 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. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new ERP system, defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings,



Financial Supplement						First Quarter 2025

including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2025 outlook and our migration of our customers to fixed commitment storage contracts. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

Contacts:

Americold Realty Trust, Inc.

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com



Financial Supplement						First Quarter 2025

Financial Information


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	March 31, 2025		December 31, 2024
Assets
Property, buildings, and equipment:
Land	$	819,590	$	806,981
Buildings and improvements	4,524,128		4,462,565
Machinery and equipment	1,633,310		1,598,502
Assets under construction	708,200		606,233
	7,685,228		7,474,281
Accumulated depreciation	(2,533,658)		(2,453,597)
Property, buildings, and equipment – net	5,151,570		5,020,684

Operating leases - net	174,518		222,294
Financing leases - net	115,445		104,216

Cash, cash equivalents, and restricted cash	38,946		47,652
Accounts receivable – net of allowance of $21,987 and $24,426 at March 31, 2025 and December 31, 2024, respectively	378,985		386,924
Identifiable intangible assets – net	835,233		838,660
Goodwill	831,937		784,042
Investments in and advances to partially owned entities	46,535		40,252
Other assets	252,210		291,230
Total assets	$	7,825,379	$	7,735,954

Liabilities and Equity
Liabilities
Borrowings under revolving line of credit	$	516,932	$	255,052
Accounts payable and accrued expenses	514,643		603,411
Senior unsecured notes and term loans – net of deferred financing costs of $13,106 and $13,882 at March 31, 2025 and December 31, 2024, respectively	3,067,120		3,031,462
Sale-leaseback financing obligations	78,132		79,001
Financing lease obligations	108,838		95,784
Operating lease obligations	171,294		219,099
Unearned revenues	22,933		21,979
Deferred tax liability - net	118,976		115,772
Other liabilities	7,452		7,389
Total liabilities	4,606,320		4,428,949

Equity
Stockholders' equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,719,592 and 284,265,041 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	2,847		2,842
Paid-in capital	5,653,251		5,646,879
Accumulated deficit and distributions in excess of net earnings	(2,423,607)		(2,341,654)
Accumulated other comprehensive loss	(42,012)		(27,279)
Total stockholders’ equity	3,190,479		3,280,788
Noncontrolling interests	28,580		26,217
Total equity	3,219,059		3,307,005
Total liabilities and equity	$	7,825,379	$	7,735,954



Financial Supplement						First Quarter 2025


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended March 31,
	2025		2024
Revenues:
Rent, storage, and warehouse services	$	575,357	$	597,710
Transportation services	43,993		56,853
Third-party managed services	9,630		10,417
Total revenues	628,980		664,980
Operating expenses:
Rent, storage, and warehouse services cost of operations	378,772		400,579
Transportation services cost of operations	36,739		45,331
Third-party managed services cost of operations	7,621		8,234
Depreciation and amortization	88,982		92,095
Selling, general, and administrative	69,235		65,426
Acquisition, cyber incident, and other, net	25,414		14,998
Net gain from sale of real estate	—		(3,514)
Total operating expenses	606,763		623,149

Operating Income	22,217		41,831

Other income (expense):
Interest expense	(36,117)		(33,430)
Loss on debt extinguishment and termination of derivative instruments	—		(5,182)
Loss from investments in partially owned entities	(1,363)		(949)
Other, net	1,296		9,526
(Loss) income before income taxes	(13,967)		11,796

Income tax benefit (expense):
Current income tax	(1,933)		(1,375)
Deferred income tax	(573)		(619)
Total income tax expense	(2,506)		(1,994)

Net (loss) income	$	(16,473)	$	9,802
Net (loss) income attributable to noncontrolling interests	(93)		62
Net (loss) income attributable to Americold Realty Trust, Inc.	$	(16,380)	$	9,740

Weighted average common stock outstanding – basic	285,363		284,644
Weighted average common stock outstanding – diluted	285,363		284,878

Net (loss) income per common share - basic	$	(0.06)	$	0.03
Net (loss) income per common share - diluted	$	(0.06)	$	0.03



Financial Supplement						First Quarter 2025


Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO
(In thousands, except per share amounts)
	Three Months Ended
	Q1 25		Q1 24
Net (loss) income	$	(16,473)	$	9,802
Adjustments:
Real estate related depreciation	55,599		56,275
Net gain from sale of real estate	—		(3,514)
Net loss on real estate related asset disposals	1		40
Our share of reconciling items related to partially owned entities	215		148
NAREIT FFO	$	39,342	$	62,751
Adjustments:
Net loss (gain) on sale of non-real assets	134		(20)
Acquisition, cyber incident, and other, net	25,414		14,998
Loss on debt extinguishment and termination of derivative instruments	—		5,182
Foreign currency exchange loss	221		373
Gain on legal settlement related to prior period operations	—		(6,104)
Project Orion deferred costs amortization	2,109		—
Our share of reconciling items related to partially owned entities	118		136
Core FFO	$	67,338	$	77,316
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,400		1,289
Amortization of below/above market leases	351		368
Straight-line rent adjustment	84		589
Deferred income tax expense	573		619
Stock-based compensation expense(1)	7,259		6,619
Non-real estate depreciation and amortization	33,383		35,820
Maintenance capital expenditures(2)	(14,799)		(17,933)
Our share of reconciling items related to partially owned entities	137		226
Adjusted FFO	$	95,726	$	104,913

(1)Stock-based compensation expense excludes the stock compensation expense associated with employee awards granted in conjunction with Project Orion, which are recognized within Acquisition, cyber incident, and other, net.

(2)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.



Financial Supplement						First Quarter 2025


Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued)
(In thousands, except per share amounts)
	Three Months Ended
	Q1 25		Q1 24

NAREIT FFO	$	39,342	$	62,751
Core FFO	$	67,338	$	77,316
Adjusted FFO	$	95,726	$	104,913

Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	285,363		284,644
Dilutive stock options and unvested restricted stock units	266		234
Weighted average dilutive shares	285,629		284,878

NAREIT FFO - basic per share	$	0.14	$	0.22
NAREIT FFO - diluted per share	$	0.14	$	0.22

Core FFO - basic per share	$	0.24	$	0.27
Core FFO - diluted per share	$	0.24	$	0.27

Adjusted FFO - basic per share	$	0.34	$	0.37
Adjusted FFO - diluted per share	$	0.34	$	0.37



Financial Supplement						First Quarter 2025


Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA
(In thousands)
	Three Months Ended
	Q1 25			Q1 24
Net (loss) income	$	(16,473)		$	9,802
Adjustments:
Depreciation and amortization	88,982			92,095
Interest expense	36,117			33,430
Income tax expense	2,506			1,994
Net gain from sale of real estate	—			(3,514)
Adjustment to reflect share of EBITDAre of partially owned entities	1,516			1,470
NAREIT EBITDAre	$	112,648		$	135,277
Adjustments:
Acquisition, cyber incident, and other, net	25,414			14,998
Loss from investments in partially owned entities	1,363			949
Foreign currency exchange loss	221			373
Stock-based compensation expense(1)	7,259			6,619
Loss on debt extinguishment and termination of derivative instruments	—			5,182
Loss on other asset disposals	135			20
Gain on legal settlement related to prior period operations	—			(6,104)
Project Orion deferred costs amortization	2,109			—
Reduction in EBITDAre from partially owned entities	(1,516)			(1,470)
Core EBITDA	$	147,633		$	155,844

Total revenues	$	628,980		$	664,980
Core EBITDA margin	23.5		%	23.4		%



Financial Supplement						First Quarter 2025


Debt Detail and Maturities
	As of March 31, 2025
Indebtedness(1): (In thousands)	Carrying Value		Contractual Interest Rate(2)	Effective Interest Rate(3)	Maturity Date(4)

Senior Unsecured Revolving Credit Facility - USD(5)	$	268,000	SOFR + 0.84%	5.70%	08/2027
Senior Unsecured Revolving Credit Facility - C$35M(5)	24,328		CORRA + 0.84%	4.36%	08/2027
Senior Unsecured Revolving Credit Facility - A$202M(5)	126,179		BBSW + 0.84%	5.45%	08/2027
Senior Unsecured Revolving Credit Facility - €70.5M(5)	76,277		EURIBOR + 0.84%	3.67%	08/2027
Senior Unsecured Revolving Credit Facility - NZ$39M(5)	22,148		BKBM + 0.84%	5.19%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-1 - USD(6)	375,000		SOFR + 0.94%	4.58%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M	173,769		CORRA + 0.94%	4.80%	01/2028
Senior Unsecured Term Loan A Facility Tranche A-3 - USD	270,000		SOFR + 0.94%	4.27%	01/2028
Private Series A Unsecured Notes - USD	200,000		4.68%	4.77%	01/2026
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	432,777		1.62%	1.67%	01/2031
Private Series E Unsecured Notes - €350M	378,680		1.65%	1.70%	01/2033
Public 5.409% Notes - USD	500,000		5.41%	5.50%	09/2034
Total Unsecured Debt	$	3,597,158	3.98%	4.15%	4.7 years
Sale-leaseback financing obligations	78,132		10.07%
Financing lease obligations	108,838		4.82%
Total Secured Debt	$	186,970	7.01%

Total Debt Outstanding	$	3,784,128	4.13%
Less: unamortized deferred financing costs	(13,106)
Total Book Value of Debt	$	3,771,022


Rate Type:	March 31, 2025		% of Total
Fixed(7)	$	3,267,196	86.3%
Variable-unhedged	516,932		13.7%
Total Debt Outstanding	$	3,784,128	100%


Debt Type:	March 31, 2025		% of Total
Unsecured	$	3,597,158	95.1%
Secured	186,970		4.9%
Total Debt Outstanding	$	3,784,128	100%


Capitalization:	March 31, 2025
Total Debt Outstanding	$	3,784,128
Less: Cash, cash equivalents and restricted cash	38,946
Net Debt	$	3,745,182
Pro forma Core EBITDA - last twelve months(9)	$	632,118
Net Debt to Pro Forma Core EBITDA	5.9x


Enterprise Value:	March 31, 2025
Fully Diluted Common Stock(8)	288,529
Common Stock Share Price	$	21.46
Market Value of Common Equity	$	6,191,832
Net Debt	$	3,745,182
Total Enterprise Value	$	9,937,014

(1)Borrowing currency and value presented in caption unless USD denominated.

(2)As of March 31, 2025, for the Senior Unsecured Revolving Credit Facility, the adjusted daily SOFR rate was 4.40% (which includes an adjustment of 0.10%), the adjusted daily CORRA rate was 3.06% (which includes an adjustment of 0.30%), the one-month weighted average BBSW rate was 4.14%, the one-month EURIBOR rate was 2.36%, and the one-month weighted average BKBM rate was 3.88%. Our Senior Unsecured Term Loan A Facility Tranche A-1 is hedged at a weighted average rate of 4.29%. Our Senior Unsecured Term Loan A Facility Tranche A-2 is hedged at a rate of 4.53%. Our Senior Unsecured Term Loan A Facility Tranche A-3 is hedged at a rate of 4.09%.

(3)The effective interest rates presented include the amortization of deferred financing costs and are based on the hedged rates for the $375.0 million Senior Unsecured Term Loan A Facility Tranche A-1, the C$250.0 million Senior Unsecured Term Loan A Facility Tranche A-2, and the $270.0 million Senior Unsecured Term Loan A Facility Tranche A-3. The effective interest rate of Total Unsecured Debt is calculated using the weighted average of the stated effective interest rates of the individual borrowings.

(4)Maturity date represents the remaining weighted average life of the debt and assumes the exercise of extension options on the Senior Unsecured Revolving Credit Facility and the Senior Unsecured Term A Facility Loan Tranche A-1 (see below).

(5)The Senior Unsecured Revolving Credit Facility maturity date assumes two six-month extension options past the contractual maturity date in August of 2026. The borrowing capacity as of March 31, 2025 is $1.2 billion less $20.8 million of outstanding letters of credit. The effective interest rates shown reflect deferred financing costs allocated on a pro rata basis over the outstanding balances.

(6)The Senior Unsecured Term Loan A Facility Tranche A-1 maturity date assumes two twelve-month extension options past the contractual maturity date in August of 2025.

(7)The total includes borrowings with a variable interest rate that have been effectively hedged through interest rate swaps.

(8)The fully diluted Common Stock presented herein is unweighted and assumes a payout at target for all unvested performance based awards.

(9)Calculated as Core EBITDA for the last twelve months plus pro forma adjustments of $6.2 million. Pro Forma adjustments consist of (1) inclusion of Core EBITDA from the Houston acquisition for the period from April 1, 2024 to Americold’s acquisition date and (2) exclusion of Core EBITDA for the last twelve months for the sites divested during the three months ended March 31, 2025.



Financial Supplement						First Quarter 2025

Operations Overview

Global Warehouse Portfolio



Financial Supplement						First Quarter 2025

Fixed Commitment and Lease Maturity Schedules

The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of March 31, 2025. Note that month to month contracts include expired contracts that are assumed to continue as month to month agreements until renewal or notice of intention to vacate.


Contract Expiration Year	Number of Contracts	Annualized Committed Rent & Storage Revenues		% of Total Warehouse Rent & Storage Segment Revenues for the twelve months ended March 31, 2025		Total Warehouse Segment Revenues Generated by Customers with Fixed Commitment Contracts & Leases for the twelve months ended March 31, 2025(1)		Annualized Committed Rent & Storage Revenues at Expiration(2)
(Dollars in thousands)
Month-to-Month	186	$	103,505	9.9	%	$	269,141	$	103,505
2025	154	117,490		11.2	%	254,769		117,500
2026	144	196,634		18.8	%	428,267		199,115
2027	57	50,543		4.8	%	131,952		52,836
2028	38	33,289		3.2	%	97,498		35,597
2029+	42	127,792		12.2	%	270,009		136,343
Total	621	$	629,253	60.1	%	$	1,451,636	$	644,896

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of March 31, 2025, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended March 31, 2025, multiplied by 12.

(2)Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of March 31, 2025 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.



Financial Supplement						First Quarter 2025

The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of March 31, 2025. These leases had a weighted average remaining term of 42 months as of March 31, 2025.


Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1)		% of Total Warehouse Rent & Storage Segment Revenues for the twelve months ended March 31, 2025		Leased Square Footage	% Leased Square Footage		Annualized Rent at Expiration(2)
(Dollars in thousands)
Month-to-Month	13	$	977	0.1	%	63	1.5	%	$	977
2025	38	11,981		1.1	%	720	16.6	%	12,009
2026	29	7,997		0.8	%	616	14.2	%	8,150
2027	17	5,205		0.5	%	414	9.5	%	5,512
2028	26	10,119		1.0	%	1,227	28.3	%	10,586
2029+	23	22,326		2.1	%	1,300	29.9	%	26,956
Total	146	$	58,605	5.6	%	4,340	100	%	$	64,190

(1)Represents monthly rental payments under the relevant leases as of March 31, 2025, multiplied by 12.

(2)Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.



Financial Supplement						First Quarter 2025

Capital Expenditures and Repair and Maintenance Expenses

Maintenance Capital Expenditures and Repair and Maintenance Expenses

We utilize a strategic approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and equipment and ensure that our assets meet the “mission-critical” role they serve in the cold chain. The Company assesses its capital expenditure requirements regularly to ensure that it meets maintenance obligations in a timely manner.

Maintenance Capital Expenditures

Maintenance capital expenditures are capitalized funds used to uphold and extend the useful life of assets, resulting in future economic benefits. These expenditures relate to routine and recurring maintenance that are essential to sustain current operations. This includes the cost to purchase and install, repair, or construct assets when it results in a useful life longer than one year and the cost per asset is over a de minimis threshold.

Examples of maintenance capital expenditures related to real estate are roof replacements, refrigeration equipment refurbishment, and racking system repairs. Examples of maintenance capital expenditures related to personal property include expenditures on material handling equipment and transportation assets. Examples of maintenance capital expenditures related to information technology include maintenance on existing servers, networking equipment and minor software updates.

Repair and Maintenance Expenses

We incur repair and maintenance expenses that include costs of routine maintenance and repairs that do not materially extend the useful life of the asset and minor replacements with an asset value that are less than a de minimis threshold. These expenditures are included as an operating expense in our statement of operations. Examples of repair and maintenance expenses include ordinary repairs on roofs, racking, refrigeration and material handling equipment.

The following table sets forth our repair and maintenance expenses for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
		2025		2024
		(In thousands)
Real estate		$	11,606	$	14,588
Personal property		19,915		16,304
Total repair and maintenance expenses		$	31,521	$	30,892

External Growth and Integration Capital Expenditures

External growth and integration capital expenditures refer to investments to expand our operations and enhance market position through mergers and acquisitions. These expenditures typically include costs associated with acquiring new businesses, integrating operational systems, rebranding, and upgrading infrastructure to our standards. Unlike organic growth, which focuses on internal development through existing resources and capabilities, external growth strategies rely on leveraging external assets and synergies to drive value creation and achieve strategic objectives.

The Company completed the Houston acquisition on March 17, 2025 for total cash consideration of $108.4 million. The strategic benefits of the acquisition include the ability to accommodate a significant high-turn retail fixed committed customer.



Financial Supplement						First Quarter 2025

Expansion, Development and Organic Capital Expenditures

Expansion, development and organic growth capital expenditures refer to investments to enhance our existing operations and increase storage capacity. Examples of capital expenditures associated with expansion, development and organic growth are warehouse and pallet position expansion, expansion of drop lots, greenfield developments, and purchase of leased facilities.

The expansion and development expenditures (inclusive of capitalized interest, compensation, and travel expenses) for the three months ended March 31, 2025 include $20.1 million related to the Kansas City, Missouri development; $18.6 million related to the Allentown, Pennsylvania expansion; $8.6 million for the Dallas Ft. Worth, Texas expansion; $7.1 million related to the Sydney, Australia expansion; $2.3 million for the Saint John, NB, Canada development; and $1.5 million related to the Christchurch, New Zealand expansion.

Customer Attraction and Retention Capital Expenditures

Customer attraction and retention capital expenditures refer to investments that enhance customer engagement, satisfaction, and loyalty to drive revenue growth for new and existing customers and reduce customer churn. These expenditures include replacing existing components of assets before the end of their functional lives, improvements to warehouse configurations to provide a more customer-friendly experience, and improvements to outdoor facades.

Technological Upgrades and Enhancements

Technological upgrades and enhancements refer to investments aimed at improving our technological infrastructure and capabilities to increase efficiency, productivity, and competitiveness. This category includes investments in hardware, software, and systems that automate processes, enhance data analytics, and improve cyber security. This category also includes ESG initiatives including the installation of LED lighting, solar panels, hydrogen fuel cells, high speed dock doors, and other asset modernization.

The following table sets forth our total capital expenditures for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
		2025		2024
	(In thousands)
Maintenance		$	14,799	$	17,933
External growth and integration		108,448		—
Expansion, development and organic growth		94,258		29,952
Technological upgrades and enhancements		4,511		980
Total capital expenditures(1)		$	222,016	$	48,865

(1) Capital expenditures in the Condensed Consolidated Statements of Cash Flows include $32.5 million of costs accrued in the prior period and paid in the current period and exclude $35.9 million of costs accrued in the current period that will be paid in a future period.

Capitalized Interest and Other Costs

We incurred capitalized interest of $4.0 million and $3.4 million for the three months ended March 31, 2025 and 2024, respectively, which is included in the capital expenditures noted in the table above. We also incurred capitalized compensation and travel expense aggregating to $7.5 million and $4.9 million during the three months ended March 31, 2025 and 2024, respectively.



Financial Supplement						First Quarter 2025

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects - Non-Same Store

Facility

Opportunity Type

Facility Type
(A = Automated)
(C = Conventional)

Tenant Opportunity

Cubic Feet

(In millions)

Pallet

Positions

(In thousands)

Cost to Complete

(In millions)(1)

Expected
Stabilized
NOI ROIC

Completion Date

Expected Full Stabilized Quarter

Lancaster, PA

Development

Distribution (A)

Build-to-suit

11.4

$164

10-12%

Q1 2023

Q3 2025

Plainville, CT

Development

Distribution (A)

Build-to-suit

12.1

$161

10-12%

Q4 2023

Q4 2025

(1)Cost to complete represents total costs incurred through the completion date. These amounts exclude additional costs incurred to reach stabilization, which do not materially impact the currently disclosed return on invested capital estimates.

Expansion and Development Projects In Process and Announced - Non-Same Store

Facility Type
(A = Automated)
(C = Conventional)

Under
Construction

Investment in Expansion / Development

(In millions)

Expected
Stabilized
NOI ROIC

Target

Completion

Date

Expected Full Stabilized Quarter

Facility

Opportunity Type

Tenant Opportunity

Cubic Feet

(In millions) (1)

Pallet

Positions

(In thousands) (1)

Cost to Date (2)

Estimate to

Complete

Total Estimated
Cost

Allentown, PA

Expansion

Distribution (C)

Multi-tenant

14.6

$55

$30 - $35

$85 - $90

10-12%

Q2 2025

Q1 2027

Kansas City, MO

Development

Distribution (C)

Multi-tenant

13.5

$52

$75 - $81

$127 - $133

10-12%

Q2 2025

Q1 2026

Sydney, Australia

Expansion

Distribution (C)

Multi-tenant

2.8

A$20

A$24 - A$26

A$44 - A$46

10-12%

Q1 2026

Q1 2027

Christchurch, New Zealand

Expansion

Distribution (C)

Multi-tenant

3.8

NZ$3

NZD53 - NZD57

NZ$56 - NZ$60

10-12%

Q1 2026

Q3 2027

Saint John, NB, Canada

Development

Distribution (C)

Multi-tenant

7.4

C$3

C$100 - C$110

C$103 - C$113

10-12%

Q3 2026

Q1 2028

Dallas Ft. Worth, TX

Expansion

Distribution (A)

Multi-tenant

18.8

$15

$130 - $140

$145 - $155

10-12%

Q4 2026

Q2 2028

(1)Cubic feet and pallet positions are estimates while the facilities are under construction.

(2)Cost as of March 31, 2025.

Recent Acquisitions - Non-Same Store

Facility

Metropolitan Area

No. of Facilities

Cubic Feet

(In millions)

Pallet

Positions

(In thousands)

Acquisition Price (In millions) (1)

Net Entry NOI Yield (1)

Expected Three Year Stabilized
NOI ROIC

Date Purchased

Expected Full Stabilized Quarter

Baytown, TX

Houston, TX

10.7

127

<2%

10-12%

3/17/2025

Q1 2027

(1)Inclusive of $16 million of capital to be invested to accommodate the new customers’ profile and get the facility up to Americold’s operating standards.



Financial Supplement						First Quarter 2025

Other Supplemental Information

Same Store Historical Performance Trend - The following table reflects the actual results of our current same store pool, in USD, for the respective periods.


(Dollars in thousands)(1)	Q1 25			Q4 24			Q3 24			Q2 24			Q1 24
Number of same store warehouses	224			224			224			224			224
Same store revenues:
Rent and storage	$245,196			$254,226			$256,287			$259,427			$256,771
Warehouse services	314,823			338,351			339,542			322,446			316,492
Total same store revenues	$560,019			$592,577			$595,829			$581,873			$573,263
Same store cost of operations:
Power	30,656			34,287			39,991			35,379			30,913
Other facilities costs	57,245			56,170			61,492			56,025			56,567
Labor	234,640			243,021			245,330			235,609			235,417
Other services costs	44,763			52,706			47,919			46,857			49,164
Total same store cost of operations	$367,304			$386,184			$394,732			$373,870			$372,061

Same store contribution (NOI)	$192,715			$206,393			$201,097			$208,003			$201,202
Same store rent and storage contribution (NOI)(2)	$157,295			$163,769			$154,804			$168,023			$169,291
Same store services contribution (NOI)(3)	$35,420			$42,624			$46,293			$39,980			$31,911

Same store margin	34.4		%	34.8		%	33.8		%	35.7		%	35.1		%
Same store rent and storage margin(4)	64.2		%	64.4		%	60.4		%	64.8		%	65.9		%
Same store services margin(5)	11.3		%	12.6		%	13.6		%	12.4		%	10.1		%

Same store rent and storage metrics:
Economic occupancy
Average economic occupied pallets	4,044			4,190			4,137			4,203			4,267
Economic occupancy percentage	76.6		%	79.3		%	78.3		%	79.6		%	80.8		%
Same store rent and storage revenues per economic occupied pallet	$60.63			$60.67			$61.95			$61.72			$60.18

Physical occupancy
Average physical occupied pallets	3,434			3,612			3,584			3,637			3,698
Average physical pallet positions	5,279			5,284			5,284			5,278			5,279
Physical occupancy percentage	65.1		%	68.4		%	67.8		%	68.9		%	70.1		%
Same store rent and storage revenues per physical occupied pallet	$71.40			$70.38			$71.51			$71.33			$69.44

Same store services metrics:
Throughput pallets	8,561			9,047			8,999			8,819			8,815
Same store warehouse services revenues per throughput pallet	$36.77			$37.40			$37.73			$36.56			$35.90

Total non-same store results:
Non-same store revenues	$	15,338		$	13,888		$	16,352		$	18,514		$	24,447
Non-same store cost of operations	$	11,468		$	18,854		$	18,825		$	21,986		$	28,518
Non-same store contribution NOI	$	3,870		$	(4,966)		$	(2,473)		$	(3,472)		$	(4,071)

(1)Total amounts in the table above and year to date calculations may not calculate exactly due to rounding.

(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 warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(5)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.



Financial Supplement						First Quarter 2025

Unconsolidated Joint Ventures (Investments in Partially Owned Entities)

As of March 31, 2025, the Company owned a 14.99% equity share in the Brazil-based SuperFrio joint venture. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations. During the 1st quarter of 2025, we entered into an agreement to sell our equity interest in the SuperFrio joint venture which was finalized in April of 2025.


SuperFrio
		March 31,
Summary Balance Sheet - at the JV’s 100% share in BRLs		2025			2024
(In thousands)
Net book value of property, buildings, and equipment		R$	960,483		R$	1,135,219
Other assets		547,620			508,905
Total assets		R$	1,508,103		R$	1,644,124

Debt		R$	726,288		R$	731,429
Other liabilities		542,236			518,764
Equity		239,579			393,931
Total liabilities and equity		R$	1,508,103		R$	1,644,124

Americold’s ownership percentage		14.99		%	14.99		%

BRL/USD end of period rate		0.1755			0.1994
Americold’s pro rata share of debt at BRL/USD rate		$	19,107		$	21,877

	Three Months Ended March 31,
Summary Statement of Operations - at the JV’s 100% share in BRLs		2025			2024
(In thousands)
Revenues		R$	142,158		R$	145,274

Cost of operations		118,507			111,612
Selling, general, and administrative expense		8,052			7,400
M&A expense & other		4,250			3,228
Depreciation & amortization		15,609			18,654
Total operating expenses		146,418			140,894
Operating (loss) income		(4,260)			4,380

Interest expense		(45,444)			(30,349)
Other income		524			779
Income tax (expense) benefit		(231)			48
Non-operating expenses		(45,151)			(29,522)
Net loss		R$	(49,411)		R$	(25,142)

Americold’s ownership percentage		14.99		%	14.99		%

BRL/USD average rate		0.1709			0.2019
Americold’s pro rata share of NOI		$	606		$	1,019
Americold’s pro rata share of Net loss		$	(1,266)		$	(761)
Americold’s pro rata share of Core FFO		$	(936)		$	(371)
Americold’s pro rata share of Adjusted FFO		$	(794)		$	(159)



Financial Supplement						First Quarter 2025

Unconsolidated Joint Ventures (Investments in Partially Owned Entities) (Continued)

As of March 31, 2025, the Company owned a 49% equity share in the Dubai-based RSA joint venture. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.


RSA
		March 31,
Summary Balance Sheet - at the JV’s 100% share in AED		2025			2024
(In thousands)
Net book value of property, buildings, and equipment		147,489			43,395
Other assets		9,295			3,763
Total assets		156,784			47,158

Debt		101,810			25,028
Other liabilities		25,677			3,540
Equity		29,297			18,590
Total liabilities and equity		156,784			47,158

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		$	13,584		$	3,339

	Three Months Ended March 31,
Summary Statement of Operations - at the JV’s 100% share in AED		2025			2024
(In thousands)
Revenues		6,508			2,762

Cost of operations		5,261			3,755
Depreciation & amortization		882			414
Total operating expenses		6,143			4,169
Operating income (loss)		365			(1,407)

Interest expense		(653)			(193)
Non-operating expenses		(653)			(193)
Net loss		(288)			(1,600)

Americold’s ownership percentage		49		%	49		%

AED/USD average rate		0.2723			0.2723
Americold’s pro rata share of NOI		$	166		$	(132)
Americold’s pro rata share of Net loss		$	(38)		$	(213)
Americold’s pro rata share of Core FFO		$	60		$	(164)
Americold’s pro rata share of Adjusted FFO		$	76		$	(159)



Financial Supplement						First Quarter 2025

Reconciliations, Notes, and Definitions


Revenues and Contribution (NOI) by Segment
(In thousands)
	Three Months Ended March 31,
	2025		2024
Segment revenues:
Warehouse	$	575,357	$	597,710
Transportation	43,993		56,853
Third-party managed	9,630		10,417
Total revenues	628,980		664,980

Segment contribution:
Warehouse	196,585		197,131
Transportation	7,254		11,522
Third-party managed	2,009		2,183
Total segment contribution (NOI)	205,848		210,836

Reconciling items:
Depreciation and amortization expense	(88,982)		(92,095)
Selling, general, and administrative expense	(69,235)		(65,426)
Acquisition, cyber incident, and other, net	(25,414)		(14,998)
Net gain from sale of real estate	—		3,514
Interest expense	(36,117)		(33,430)
Loss on debt extinguishment and termination of derivative instruments	—		(5,182)
Loss from investments in partially owned entities	(1,363)		(949)
Other, net	1,296		9,526
(Loss) income before income taxes	$	(13,967)	$	11,796

We view and manage our business through three primary business segments—warehouse, transportation, and third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.



Financial Supplement						First Quarter 2025


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, 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 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 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 Net loss (gain) on sale of non-real assets; Acquisition, cyber incident, and other, net; Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; and Our share of reconciling items related to 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 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 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 income and net income per diluted share (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 consolidated statements of operations 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 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 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 Acquisition, cyber incident, and other, net; Loss from investments in partially owned entities; Foreign currency exchange loss; Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; and Reduction in EBITDAre from partially owned entities. 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 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 income or cash flows from 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						First Quarter 2025


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. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition.
NOI is calculated as earnings/loss before interest expense, taxes, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and long-lived assets; 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, 2024) 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, Impairment of indefinite and long-lived assets, Selling, general, and administrative, Acquisition, cyber incident, and other, net and Net gain from 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.
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.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.