Americold Announces Fourth Quarter and Full Year 2024 Results

Rhea-AI Summary

Americold Realty Trust (NYSE: COLD) reported its Q4 and full-year 2024 results, highlighting significant progress in productivity and efficiency initiatives. The company achieved 11.4% growth in Global Warehouse Same Store NOI and 16% growth in Adjusted FFO per share for the full year 2024.

Q4 2024 showed total revenues of $666.4 million, a 1.9% decrease from Q4 2023, with a net loss of $36.4 million ($0.13 loss per diluted share). The company's Global Warehouse same store services margin improved to 13.2% from 6.3% in Q4 2023.

For full-year 2024, Americold reported total revenues of $2.7 billion, with a net loss of $94.7 million. The company announced new developments including a $79 million state-of-the-art facility in Port Saint John, Canada and a $34 million expansion in Christchurch, New Zealand.

Positive

• Achieved $125 million year-over-year improvement in same store handling NOI, exceeding $100 million goal
• Global Warehouse same store services margin increased significantly to 13.0% from 3.8% in 2023
• Core EBITDA margin improved 238 basis points to 23.8% in 2023
• 15.9% increase in Adjusted FFO per diluted share for full year 2024

Negative

• Q4 2024 net loss of $36.4 million ($0.13 per diluted share)
• Total revenues decreased 1.9% in Q4 2024 compared to Q4 2023
• Transportation services revenue declined 13.8% in Q4 2024
• Full year 2024 net loss of $94.7 million ($0.33 loss per diluted share)

Insights

Financial Analyst

The FY2024 results reveal a compelling transformation in Americold's operational efficiency, particularly evident in the dramatic improvement of warehouse services margin from 3.8% to 13.0%. This 920 basis point increase demonstrates successful execution of strategic initiatives focused on workforce optimization and operational efficiency.

The company's shift toward fixed commitment storage contracts continues to gain traction, with $625.3M in annualized rent and storage revenues now derived from these arrangements, representing 59.0% of rent and storage revenues. This strategic pivot provides enhanced revenue predictability and operational stability, particularly valuable in fluctuating market conditions.

The development strategy reflects a disciplined approach to capital allocation, with new projects in Port Saint John and Christchurch being customer-backed expansions. These developments, totaling $113M, are positioned to generate stable returns due to pre-committed anchor tenants and strategic partnerships with major logistics players like DP World and CPKC.

Balance sheet management remains prudent with 92.7% of debt at fixed rates and no significant maturities until 2026. The net debt to Core EBITDA ratio of 5.4x and total liquidity of $921.8M provide adequate financial flexibility for continued strategic investments while maintaining operational stability.

However, the 1.9% revenue decline in Q4 2024 and reduced economic occupancy (down 524 basis points) signal some near-term volume challenges. Yet, the company's ability to expand margins despite these headwinds demonstrates the effectiveness of its operational optimization initiatives and the growing benefits of its fixed commitment contract strategy.

Achieved Double Digit Adjusted FFO per share Growth for Full Year 2024

Delivered $125 million of Incremental Full Year Same Store Warehouse Services NOI

Announced New $79 million State-of-the-Art Facility Development with Strategic Partners

Announces $34 million Customer-Driven Expansion in Christchurch, NZ

ATLANTA, GA., Feb. 20, 2025 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended December 31, 2024.

George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “Throughout 2024 we made significant progress on several productivity, efficiency and development initiatives that allowed us to deliver strong full-year results, including 11.4% growth in Global Warehouse Same Store NOI and 16% growth in Adjusted FFO per share. In addition, we are especially pleased with the progress we made on improving warehouse services margins throughout the year. Less than two years ago, we communicated our goal to increase same store handling NOI by $100 million, and we surpassed that goal in 2024 with a $125 million year-over-year improvement.”

“We are also strategically deploying capital across the business and announced three new projects during 2024 in Kansas City, Dallas Fort Worth, and Sydney, Australia. Subsequent to year end, we also announced an exciting $79 million development in Port Saint John, Canada with our strategic partners DP World and CPKC, and today we are announcing a $34 million expansion in Christchurch, New Zealand dedicated to one of the country’s largest grocers. We are enthusiastic about these low risk expansions, as well as future opportunities from these innovative partnerships, all of which will create significant long-term shareholder value.”

“As we turn our focus to 2025, we are continuing to make targeted investments across the business that position us for future growth, while also enhancing our proven ability to perform in various macroeconomic environments. I want to thank our entire team for their hard work and dedication, and I believe Americold is well positioned for the eventual return of consumer demand.”

Fourth Quarter 2024 Highlights

• Total revenues of $666.4 million, a 1.9% change from $679.3 million in Q4 2023 and a change of 0.8% on a constant currency basis.
• Net loss of $36.4 million, or $0.13 loss per diluted common share, an 84.0% increase from an $0.80 net loss per diluted common share in Q4 2023.
• Global Warehouse segment same store revenues decreased 0.5% on an actual basis and increased 0.6% on a constant currency basis as compared to Q4 2023.
• Global Warehouse same store services margin increased to 13.2% from 6.3% in Q4 2023.
• Global Warehouse segment same store NOI increased 4.9%, or 5.9% on a constant currency basis as compared to Q4 2023.
• Adjusted FFO of $105.9 million, or $0.37 per diluted common share, a 2.1% decrease from Q4 2023 Adjusted FFO per diluted common share.
• Core EBITDA of $155.6 million, decreased $4.7 million, or 2.9% from $160.3 million in Q4 2023.
• Core EBITDA margin of 23.3%, decreased 25 basis points from 23.6% in Q4 2023.

Full Year to Date 2024 Highlights

• Total revenues of $2.7 billion, a 0.3% change from 2023 and an increase of 1.2% on a constant currency basis.
• Net loss of $94.7 million, or $0.33 loss per diluted common share, a 71.8% increase from a $1.18 net loss per diluted common share from continuing operations in 2023.
• Global Warehouse segment same store revenues increased 1.0% on an actual basis and increased 2.4% on a constant currency basis as compared to 2023.
• Global Warehouse segment same store NOI increased 9.9%, or 11.4% on a constant currency basis as compared to 2023.
• Global Warehouse same store services margin increased to 13.0% from 3.8% in 2023.
• Adjusted FFO of $420.4 million, or $1.47 per diluted common share, an increase of 15.9% from 2023 Adjusted FFO per diluted common share.
• Core EBITDA of $634.1 million, increased $62.1 million, or 10.8% from $572.1 million in 2023.
• Core EBITDA margin of 23.8%, increased 238 basis points from 21.4% in 2023.

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
	February 20, 2025
Warehouse segment same store revenues growth (constant currency)	2.0% - 4.0%
Warehouse segment same store NOI growth (constant currency)	200 bps higher than associated revenues
Warehouse segment non-same store NOI	$0M - $7M
Transportation and Third-Party Managed segment NOI	$44M - $48M
Total selling, general and administrative expense (inclusive of share-based compensation expense of $27.5M - $29.5M and $13.0M - $15.0M of Project Orion amortization)	$280M - $289M
Interest expense	$145M - $150M
Current income tax expense	$8M - $10M
Non real estate depreciation and amortization expense	$139M - $149M
Total maintenance capital expenditures	$82M - $88M
Development starts(1)	$200M - $300M
Adjusted FFO per share	$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, February 20, 2025 at 8:00 a.m. Eastern Time to discuss its fourth quarter and full year 2024 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#13750638. The telephone replay will be available starting shortly after the call until March 6, 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.

Fourth Quarter 2024 Total Company Financial Results

Total revenues for the fourth quarter of 2024 were $666.4 million, a 1.9% decrease from $679.3 million in the same quarter of the prior year, primarily due to a 13.8% decrease in transportation services revenue and related volumes (12.2% decrease on a constant currency basis), coupled with lower volumes in the warehouse segment. These decreases were partially offset by annual rate increases in the normal course of operations.

Total NOI for the fourth quarter of 2024 was $211.2 million, an increase of 0.6% (1.7% increase on a constant currency basis) from the same quarter of the prior year. This increase is primarily related to a 2.4% decrease (1.4% decrease on a constant currency basis) in rent, storage, and warehouse services cost of operations, which is substantially due to an increased focus on workforce performance, operational efficiency, and retention.

For the fourth quarter of 2024, the Company reported a net loss of $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, for the comparable quarter of the prior year. This is primarily due to a goodwill impairment charge recognized during fourth quarter of 2023 of $236.5 million.

Core EBITDA was $155.6 million for the fourth quarter of 2024, compared to $160.3 million for the comparable quarter of the prior year. This decrease (2.9% on an actual basis and 2.2% on a constant currency basis) was primarily driven by higher software related costs from the implementation of Project Orion, and increased spending on information security related investments, which is recognized within selling, general, and administrative costs. The overall decrease in Core EBITDA is partially offset by a 0.6% increase in NOI, further described above.

For the fourth quarter of 2024, Core FFO was $88.6 million, or $0.31 per diluted share, compared to $84.8 million, or $0.30 per diluted share, for the fourth quarter of 2023.

For the fourth quarter of 2024, Adjusted FFO was $105.9 million, or $0.37 per diluted share, compared to $108.0 million, or $0.38 per diluted share, for the fourth quarter of 2023.

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.

Fourth Quarter 2024 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 and years ended December 31, 2024 and 2023.

	Three Months Ended, December 31,												Change
Dollars and units in thousands, except per pallet data	2024 Actual				2024 Constant Currency(1)				2023 Actual				Actual				Constant Currency
TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues:
Rent and storage	$	259,889			$	263,621			$	276,641				(6.1	)%			(4.7	)%
Warehouse services		346,576				349,077				335,621				3.3	%			4.0	%
Total revenues	$	606,465			$	612,698			$	612,262				(0.9	)%			0.1	%
Global Warehouse cost of operations:
Power		35,271				35,967				33,999				3.7	%			5.8	%
Other facilities costs(2)		61,720				62,784				64,168				(3.8	)%			(2.2	)%
Labor		251,486				253,282				252,853				(0.5	)%			0.2	%
Other services costs(3)		56,561				57,161				64,140				(11.8	)%			(10.9	)%
Total warehouse segment cost of operations	$	405,038			$	409,194			$	415,160				(2.4	)%			(1.4	)%
Global Warehouse contribution (NOI)	$	201,427			$	203,504			$	197,102				2.2	%			3.2	%
Rent and storage contribution (NOI)(4)	$	162,898			$	164,870			$	178,474				(8.7	)%			(7.6	)%
Services contribution (NOI)(5)	$	38,529			$	38,634			$	18,628				106.8	%			107.4	%
Global Warehouse margin		33.2	%			33.2	%			32.2	%			102 bps			102 bps
Rent and storage margin(6)		62.7	%			62.5	%			64.5	%			-183 bps			-197 bps
Warehouse services margin(7)		11.1	%			11.1	%			5.6	%			557 bps			552 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets(8)		4,272			n/a					4,541				(5.9	)%		n/a
Average physical occupied pallets(9)		3,693			n/a					4,041				(8.6	)%		n/a
Average physical pallet positions		5,517			n/a					5,493				0.4	%		n/a
Economic occupancy percentage(8)		77.4	%		n/a					82.7	%			-524 bps			n/a
Physical occupancy percentage(9)		66.9	%		n/a					73.6	%			-663 bps			n/a
Total rent and storage revenues per average economic occupied pallet	$	60.84			$	61.71			$	60.92				(0.1	)%			1.3	%
Total rent and storage revenues per average physical occupied pallet	$	70.37			$	71.38			$	68.46				2.8	%			4.3	%
Global Warehouse services metrics:
Throughput pallets		9,234			n/a					9,384				(1.6	)%		n/a
Total warehouse services revenues per throughput pallet	$	37.53			$	37.80			$	35.77				4.9	%			5.7	%
(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 $9.0 million and $9.3 million for the three months ended December 31, 2024 and 2023, respectively. (3)   Includes non-real estate rent expense (equipment lease and rentals) of $2.8 million and $3.3 million for the three months ended December 31, 2024 and 2023, 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)

	Three Months Ended, December 31,												Change
Dollars and units in thousands, except per pallet data	2024 Actual				2024 Constant Currency(1)				2023 Actual				Actual				Constant Currency
SAME STORE WAREHOUSE
Number of same store warehouses		226								226
Same store revenues:
Rent and storage	$	251,090			$	254,792			$	263,932				(4.9	)%			(3.5	)%
Warehouse services		337,628				340,124				327,606				3.1	%			3.8	%
Total same store revenues	$	588,718			$	594,916			$	591,538				(0.5	)%			0.6	%
Same store cost of operations:
Power		34,680				35,376				31,529				10.0	%			12.2	%
Other facilities costs		59,192				60,253				60,569				(2.30	)%			(0.5	)%
Labor		240,007				241,799				244,348				(1.8	)%			(1.0	)%
Other services costs		53,131				53,732				62,731				(15.3	)%			(14.3	)%
Total same store cost of operations	$	387,010			$	391,160			$	399,177				(3.0	)%			(2.0	)%
Same store contribution (NOI)	$	201,708			$	203,756			$	192,361				4.9	%			5.9	%
Same store rent and storage contribution (NOI)(2)	$	157,218			$	159,163			$	171,834				(8.5	)%			(7.4	)%
Same store services contribution (NOI)(3)	$	44,490			$	44,593			$	20,527				116.7	%			117.2	%
Same store margin		34.3	%			34.2	%			32.5	%		174 bps				173 bps
Same store rent and storage margin(4)		62.6	%			62.5	%			65.0	%		-249 bps				-264 bps
Same store services margin(5)		13.2	%			13.1	%			6.3	%		691 bps				685 bps
Same store rent and storage metrics:
Average economic occupied pallets(6)		4,128			n/a					4,397				-6.1	%		n/a
Average physical occupied pallets(7)		3,572			n/a					3,919				-8.9	%		n/a
Average physical pallet positions		5,250			n/a					5,235				0.3	%		n/a
Economic occupancy percentage(6)		78.6	%		n/a					84.0	%		-536 bps				n/a
Physical occupancy percentage(7)		68.0	%		n/a					74.9	%		-682 bps				n/a
Same store rent and storage revenues per average economic occupied pallet	$	60.83			$	61.72			$	60.03				1.3	%			2.8	%
Same store rent and storage revenues per average physical occupied pallet	$	70.29			$	71.33			$	67.35				4.4	%			5.9	%
Same store services metrics:
Throughput pallets		8,894			n/a					9,043				(1.6	)%		n/a
Same store warehouse services revenues per throughput pallet	$	37.96			$	38.24			$	36.23				4.8	%			5.6
(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)   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)

	Three Months Ended December 31,												Change
Dollars and units in thousands, except per pallet data	2024 Actual				2024 Constant Currency(1)				2023 Actual					Actual				Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)		9								12
Non-same store revenues:
Rent and storage	$	8,799			$	8,829			$	12,709				n/r				n/r
Warehouse services		8,948				8,953				8,015				n/r				n/r
Total non-same store revenues	$	17,747			$	17,782			$	20,724				n/r				n/r
Non-same store cost of operations:
Power		591				591				2,470				n/r				n/r
Other facilities costs		2,528				2,531				3,599				n/r				n/r
Labor		11,479				11,483				8,505				n/r				n/r
Other services costs		3,430				3,429				1,409				n/r				n/r
Total non-same store cost of operations	$	18,028			$	18,034			$	15,983				n/r				n/r
Non-same store contribution (NOI)	$	(281	)		$	(252	)		$	4,741				n/r				n/r
Non-same store rent and storage contribution (NOI)(3)	$	5,680			$	5,707			$	6,640				n/r				n/r
Non-same store services contribution (NOI)(4)	$	(5,961	)		$	(5,959	)		$	(1,899	)			n/r				n/r
Non-same store rent and storage metrics:
Average economic occupied pallets(5)		144				n/a				144				n/r				n/a
Average physical occupied pallets(6)		121				n/a				122				n/r				n/a
Average physical pallet positions		267				n/a				258				n/r				n/a
Economic occupancy percentage(5)		53.9	%			n/a				55.8	%			n/r				n/a
Physical occupancy percentage(6)		45.3	%			n/a				47.3	%			n/r				n/a
Non-same store rent and storage revenues per average economic occupied pallet	$	61.10			$	61.31			$	88.26				n/r				n/r
Non-same store rent and storage revenues per average physical occupied pallet	$	72.72			$	72.97			$	104.17				n/r				n/r
Non-same store services metrics:
Throughput pallets		340				n/a				341				n/r				n/a
Non-same store warehouse services revenues per throughput pallet	$	26.32			$	26.33			$	23.50				n/r				n/r
(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)   The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, 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)

	Years Ended December 31,												Change
Dollars and units in thousands, except per pallet data	2024 Actual				2024 Constant Currency(1)				2023 Actual				Actual				Constant Currency
TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues:
Rent and storage	$	1,059,508			$	1,078,900			$	1,101,741				(3.8	)%			(2.1	)%
Warehouse services		1,357,235				1,370,974				1,289,348				5.3	%			6.3	%
Total revenues	$	2,416,743			$	2,449,874			$	2,391,089				1.1	%			2.5	%
Global Warehouse cost of operations:
Power		147,453				151,196				147,750				(0.2	)%			2.3	%
Other facilities costs(2)		256,910				262,127				247,743				3.7	%			5.8	%
Labor		998,543				1,007,972				1,023,806				(2.5	)%			(1.5	)%
Other services costs(3)		212,124				215,995				249,187				(14.9	)%			(13.3	)%
Total warehouse cost of operations	$	1,615,030			$	1,637,290			$	1,668,486				(3.2	)%			(1.9	)%
Global Warehouse contribution (NOI)	$	801,713			$	812,584			$	722,603				10.9	%			12.5	%
Rent and storage contribution (NOI)(4)	$	655,145			$	665,577			$	706,248				(7.2	)%			(5.8	)%
Services contribution (NOI)(5)	$	146,568			$	147,007			$	16,355				796.2	%			798.9	%
Global Warehouse margin		33.2	%			33.2	%			30.2	%			295 bps				295 bps
Rent and storage margin(6)		61.8	%			61.7	%			64.1	%			-227 bps				-241 bps
Services margin(7)		10.8	%			10.7	%			1.3	%			953 bps				945 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets(8)		4,304				n/a				4,546				(5.3	)%			n/a
Average physical occupied pallets(9)		3,731				n/a				4,120				(9.4	)%			n/a
Average physical pallet positions		5,523				n/a				5,442				1.5	%			n/a
Economic occupancy percentage(8)		77.9	%			n/a				83.5	%			-561 bps				n/a
Physical occupancy percentage(9)		67.6	%			n/a				75.7	%			-815 bps				n/a
Total rent and storage revenues per average economic occupied pallet	$	246.17			$	250.67			$	242.35				1.6	%			3.4	%
Total rent and storage revenues per average physical occupied pallet	$	283.97			$	289.17			$	267.41				6.2	%			8.1	%
Global Warehouse services metrics:
Throughput pallets		36,509				n/a				37,524				(2.7	)%			n/a
Total warehouse services revenues per throughput pallet	$	37.18			$	37.55			$	34.36				8.2	%			9.3	%
(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 $35.9 million and $37.5 million for the years ended December 31, 2024 and 2023, respectively. (3)   Includes non-real estate rent expense (equipment lease and rentals) of $12.3 million and $14.3 million for the years ended December 31, 2024 and 2023, 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)

	Years Ended December, 31												Change
Dollars and units in thousands, except per pallet data	2024 Actual				2024 Constant Currency(1)				2023 Actual				Actual				Constant Currency
SAME STORE WAREHOUSE
Number of same store warehouses		226								226
Same store revenues:
Rent and storage	$	1,019,217			$	1,038,552			$	1,059,062				(3.8	)%			(1.9	)%
Warehouse services		1,323,458				1,337,122				1,260,770				5.0	%			6.1	%
Total same store revenues	$	2,342,675			$	2,375,674			$	2,319,832				1.0	%			2.4	%
Same store cost of operations:
Power		141,729				145,467				139,901				1.3	%			4.0	%
Other facilities costs		242,026				247,142				232,396				4.1	%			6.3	%
Labor		952,667				962,015				979,032				(2.7	)%			(1.7	)%
Other services costs		198,707				202,428				233,809				(15.0	)%			(13.4	)%
Total same store cost of operations	$	1,535,129			$	1,557,052			$	1,585,138				(3.2	)%			(1.8	)%
Same store contribution (NOI)	$	807,546			$	818,622			$	734,694				9.9	%			11.4	%
Same store rent and storage contribution (NOI)(2)	$	635,462			$	645,943			$	686,765				(7.5	)%			(5.9	)%
Same store services contribution (NOI)(3)	$	172,084			$	172,679			$	47,929				259.0	%			260.3	%
Same store margin		34.5	%			34.5	%			31.7	%		280 bps				279 bps
Same store rent and storage margin(4)		62.3	%			62.2	%			64.8	%		-250 bps				-265 bps
Same store services margin(5)		13.0	%			12.9	%			3.8	%		920 bps				911 bps
Same store rent and storage metrics:
Average economic occupied pallets(6)		4,157			n/a					4,427				(6.1	)%		n/a
Average physical occupied pallets(7)		3,606			n/a					4,023				(10.4	)%		n/a
Average physical pallet positions		5,248			n/a					5,256				(0.2	)%		n/a
Economic occupancy percentage(6)		79.2	%		n/a					84.2	%		-502 bps				n/a
Physical occupancy percentage(7)		68.7	%		n/a					76.5	%		-783 bps				n/a
Same store rent and storage revenues per average economic occupied pallet	$	245.18			$	249.83			$	239.23				2.5	%			4.4	%
Same store rent and storage revenues per average physical occupied pallet	$	282.64			$	288.01			$	263.25				7.4	%			9.4	%
Same store services metrics:
Throughput pallets		35,173			n/a					36,417				(3.4	)%		n/a
Same store warehouse services revenues per throughput pallet	$	37.63			$	38.02			$	34.62				8.7	%			9.8	%
(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)   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)

	Years Ended December 31,												Change
Dollars and units in thousands, except per pallet data	2024 Actual				2024 Constant Currency(1)				2023 Actual					Actual				Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)		9								12
Non-same store revenues:
Rent and storage	$	40,291			$	40,348			$	42,679				n/r				n/r
Warehouse services		33,777				33,852				28,578				n/r				n/r
Total non-same store revenues	$	74,068			$	74,200			$	71,257				n/r				n/r
Non-same store cost of operations:
Power		5,724				5,729				7,849				n/r				n/r
Other facilities costs		14,884				14,985				15,347				n/r				n/r
Labor		45,876				45,957				44,774				n/r				n/r
Other services costs		13,417				13,567				15,378				n/r				n/r
Total non-same store cost of operations	$	79,901			$	80,238			$	83,348				n/r				n/r
Non-same store contribution (NOI)	$	(5,833	)		$	(6,038	)		$	(12,091	)			n/r				n/r
Non-same store rent and storage contribution (NOI)(2)	$	19,683			$	19,634			$	19,483				n/r				n/r
Non-same store services contribution (NOI)(3)	$	(25,516	)		$	(25,672	)		$	(31,574	)			n/r				n/r
Non-same store rent and storage metrics:
Average economic occupied pallets(5)		147				n/a				119				n/r				n/a
Average physical occupied pallets(6)		125				n/a				97				n/r				n/a
Average physical pallet positions		275				n/a				186				n/r				n/a
Economic occupancy percentage(5)		53.5	%			n/a				64.0	%			n/r				n/a
Physical occupancy percentage(6)		45.5	%			n/a				52.2	%			n/r				n/a
Non-same store rent and storage revenues per average economic occupied pallet	$	274.09			$	274.48			$	358.65				n/r				n/r
Non-same store rent and storage revenues per average physical occupied pallet	$	322.33			$	322.78			$	439.99				n/r				n/r
Non-same store services metrics:
Throughput pallets		1,336			n/a					1,107				n/r				n/a
Non-same store warehouse services revenues per throughput pallet	$	25.28			$	25.34			$	25.82				n/r				n/r
(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)   The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, 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)

Warehouse Results

For the fourth quarter of 2024, Global Warehouse segment revenues were $606.5 million, a decrease of $5.8 million, or 0.9% (0.1% increase on a constant currency basis), compared to $612.3 million for the fourth quarter of 2023. This decrease was principally driven by lower occupancy and throughput pallets, partially offset by annual rate increases in the normal course of operations.

Global Warehouse segment contribution (NOI) was $201.4 million for the fourth quarter of 2024 as compared to $197.1 million for the fourth quarter of 2023, an increase of $4.3 million or 2.2% (3.2% on a constant currency basis). Global Warehouse segment contribution (NOI) increased primarily due to a 2.4% decrease (1.4% decrease on a constant currency basis) in rent, storage, and warehouse services cost of operations which is substantially driven by an increased focus on workforce performance, operational efficiency, and retention. Global Warehouse segment margin was 33.2% for the fourth quarter of 2024, a 102 basis point increase as to compared to the fourth quarter of 2023, driven by the factors noted above.

Fixed Commitment Rent and Storage Revenues

As of December 31, 2024, $625.3 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment storage contracts. This compares to $623.8 million at the end of the third quarter of 2024 and $576.8 million at the end of the fourth quarter of 2023. We continue to make progress on commercializing business under this type of arrangement. On a combined basis, 59.0% of rent and storage revenues were generated from fixed commitment storage contracts. On a combined basis, 61.9% 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 fourth quarter of 2024, economic occupancy for the total warehouse segment was 77.4% and the warehouse segment same store pool was 78.6%, representing a 1,049 and 1,059 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 524 basis points, and the warehouse segment same store pool decreased 536 basis points as compared to the fourth quarter of 2023.

Real Estate Portfolio

As of December 31, 2024, the Company’s portfolio consists of 239 facilities. The Company ended the fourth quarter of 2024 with 235 facilities in its Global Warehouse segment portfolio and 4 facilities in its Third-party managed segment. The same store population consists of 226 facilities for the quarter ended December 31, 2024. The non-same store facility count consists of: 5 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), 2 facilities that we purchased in 2023, 2 facilities whose operations have ceased and the Company is evaluating alternative use including, third party lease or sale. As of December 31, 2024, 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 December 31, 2024, the Company had total liquidity of approximately $921.8 million, including cash and capacity on its revolving credit facility. Total net debt outstanding was approximately $3.4 billion (inclusive of approximately $174.8 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.0% was in an unsecured structure. At quarter end, net debt to Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 5.4x. The Company’s unsecured debt has a remaining weighted average term of 5.1 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 3.9%. As of December 31, 2024, approximately 92.7% 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.

Dividend

On December 17, 2024, the Company’s Board of Directors declared a dividend of $0.22 per share for the fourth quarter of 2024, which was paid on January 15, 2025 to common stockholders of record as of December 31, 2024.

About the Company

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 239 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.

Non-GAAP Measures

This press release contains non-GAAP financial measures, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, same store segment revenues, contribution (NOI) and margin, 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; 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, 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 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.

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	December 31, 2024				December 31, 2023
Assets
Property, buildings, and equipment:
Land	$	806,981			$	820,831
Buildings and improvements		4,462,565				4,464,359
Machinery and equipment		1,598,502				1,565,431
Assets under construction		606,233				452,312
		7,474,281				7,302,933
Accumulated depreciation		(2,453,597	)			(2,196,196	)
Property, buildings, and equipment – net		5,020,684				5,106,737
Operating leases - net		222,294				247,302
Financing leases - net		104,216				105,164
Cash, cash equivalents, and restricted cash		47,652				60,392
Accounts receivable – net of allowance of $24,426 and $21,647 at December 31, 2024 and December 31, 2023, respectively		386,924				426,048
Identifiable intangible assets – net		838,660				897,414
Goodwill		784,042				794,004
Investments in and advances to partially owned entities		40,252				38,113
Other assets		291,230				194,078
Total assets	$	7,735,954			$	7,869,252
Liabilities and Equity
Liabilities
Borrowings under revolving line of credit	$	255,052			$	392,156
Accounts payable and accrued expenses		603,411				568,764
Senior unsecured notes and term loans – net of deferred financing costs of $13,882 and $10,578 at December 31, 2024 and December 31, 2023, respectively		3,031,462				2,601,122
Sale-leaseback financing obligations		79,001				161,937
Financing lease obligations		95,784				97,177
Operating lease obligations		219,099				240,251
Unearned revenues		21,979				28,379
Deferred tax liability - net		115,772				135,797
Other liabilities		7,389				9,082
Total liabilities		4,428,949				4,234,665
Equity
Stockholders' equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,265,041 and 283,699,120 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		2,842				2,837
Paid-in capital		5,646,879				5,625,907
Accumulated deficit and distributions in excess of net earnings		(2,341,654	)			(1,995,975	)
Accumulated other comprehensive loss		(27,279	)			(16,640	)
Total stockholders’ equity		3,280,788				3,616,129
Noncontrolling interests:
Noncontrolling interests		26,217				18,458
Total equity		3,307,005				3,634,587
Total liabilities and equity	$	7,735,954			$	7,869,252

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended December 31,								Years Ended December 31,
		2024				2023				2024				2023
Revenues:
Rent, storage, and warehouse services	$	606,465			$	612,262			$	2,416,743			$	2,391,089
Transportation services		49,875				57,878				209,129				239,670
Third-party managed services		10,095				9,151				40,669				42,570
Total revenues		666,435				679,291				2,666,541				2,673,329
Operating expenses:
Rent, storage, and warehouse services cost of operations		405,038				415,160				1,615,030				1,668,486
Transportation services cost of operations		42,165				46,966				172,606				197,630
Third-party managed services cost of operations		8,042				7,330				32,178				36,641
Depreciation and amortization		89,711				94,099				360,817				353,743
Selling, general, and administrative		66,576				57,763				255,118				226,786
Acquisition, cyber incident, and other, net		33,144				15,774				77,169				64,087
Impairment of indefinite and long-lived assets		30,173				236,515				33,126				236,515
Net Loss (gain) from sale of real estate		—				5				(3,514	)			(2,254	)
Total operating expenses		674,849				873,612				2,542,530				2,781,634
Operating (loss) income		(8,414	)			(194,321	)			124,011				(108,305	)
Other income (expense):
Interest expense		(34,458	)			(33,681	)			(135,323	)			(140,107	)
Loss on debt extinguishment and termination of derivative instruments		—				(627	)			(116,082	)			(2,482	)
(Loss) gain from investments in partially owned entities		(682	)			174				(3,702	)			(1,442	)
Impairment of related party loan receivable		—				—				—				(21,972	)
Loss on put option		—				—				—				(56,576	)
Other, net		47				1,054				27,919				2,795
Loss from continuing operations before income taxes		(43,507	)			(227,401	)			(103,177	)			(328,089	)
Income tax benefit (expense):
Current income tax		386				(2,627	)			(4,782	)			(8,508	)
Deferred income tax		6,712				3,228				13,210				10,781
Total income tax benefit		7,098				601				8,428				2,273
Net loss:
Net loss from continuing operations		(36,409	)			(226,800	)			(94,749	)			(325,816	)
Loss from discontinued operations, net of tax		—				—				—				(10,453	)
Net loss	$	(36,409	)		$	(226,800	)		$	(94,749	)		$	(336,269	)
Net (loss) gain attributable to noncontrolling interests		(194	)			41				(436	)			(54	)
Net loss attributable to Americold Realty Trust, Inc.	$	(36,215	)		$	(226,841	)		$	(94,313	)		$	(336,215	)
Weighted average common stock outstanding – basic		284,938				284,263				284,782				275,773
Weighted average common stock outstanding – diluted		284,938				284,263				284,782				275,773
Net loss per common share from continuing operations - basic	$	(0.13	)		$	(0.80	)		$	(0.33	)		$	(1.18	)
Net loss per common share from discontinued operations - basic		—				—				—				(0.04	)
Basic loss per share	$	(0.13	)		$	(0.80	)		$	(0.33	)		$	(1.22	)
Net loss per common share from continuing operations - diluted	$	(0.13	)		$	(0.80	)		$	(0.33	)		$	(1.18	)
Net loss per common share from discontinued operations - diluted		—				—				—				(0.04	)
Diluted loss per share	$	(0.13	)		$	(0.80	)		$	(0.33	)		$	(1.22	)

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO
(In thousands, except per share amounts)
	Three Months Ended								Years Ended
	Q4 24				Q4 23					2024				2023
Net loss	$	(36,409	)		$	(226,800	)		$	(94,749	)		$	(336,269	)
Adjustments:
Real estate related depreciation		56,620				57,183				225,388				222,837
Loss (gain) from sale of real estate		—				5				(3,514	)			(2,254	)
Net loss on real estate related asset disposals		264				260				330				235
Impairment charges on certain real estate assets		18,032				—				20,985				—
Our share of reconciling items related to partially owned entities		314				280				1,144				1,705
NAREIT FFO	$	38,821			$	(169,072	)		$	149,584			$	(113,746	)
Adjustments:
Net loss (gain) on sale of non-real assets		775				3,312				(236	)			3,725
Acquisition, cyber incident, and other, net		33,144				15,774				77,169				64,087
Impairment of indefinite and long-lived assets (excluding certain real estate assets)		12,141				236,515				12,141				236,515
Loss on debt extinguishment and termination of derivative instruments		—				627				116,082				2,482
Foreign currency exchange loss (gain)		1,766				(28	)			(8,833	)			431
Gain on legal settlement related to prior period operations		—				(2,180	)			(6,104	)			(2,180	)
Project Orion deferred costs amortization		1,791				—				4,182				—
Our share of reconciling items related to partially owned entities		116				(184	)			805				64
Loss from discontinued operations, net of tax		—				—				—				8,072
Impairment of related party receivable		—				—				—				21,972
Loss on put option		—				—				—				56,576
Gain on sale of LATAM JV		—				—				—				(304	)
Core FFO	$	88,554			$	84,764			$	344,790			$	277,694
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability		1,445				1,290				5,329				5,095
Amortization of below/above market leases		354				360				1,445				1,506
Straight-line rent adjustment		335				597				1,612				1,011
Deferred income tax benefit		(6,712	)			(3,228	)			(13,210	)			(10,781	)
Stock-based compensation expense(1)		6,335				5,780				25,274				23,592
Non-real estate depreciation and amortization		33,091				36,916				135,429				130,906
Maintenance capital expenditures(2)		(17,596	)			(18,670	)			(80,951	)			(78,411	)
Our share of reconciling items related to partially owned entities		136				208				671				1,013
Adjusted FFO	$	105,942			$	108,017			$	420,389			$	351,625
(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.

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued)
(In thousands, except per share amounts)
	Three Months Ended								Years Ended
	Q4 24				Q4 23					2024				2023
NAREIT FFO	$	38,821			$	(169,072	)		$	149,584			$	(113,746	)
Core FFO	$	88,554			$	84,764			$	344,790			$	277,694
Adjusted FFO	$	105,942			$	108,017			$	420,389			$	351,625
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation		284,938				284,263				284,782				275,773
Dilutive stock options and unvested restricted stock units		434				502				403				624
Weighted average dilutive shares		285,372				284,765				285,185				276,397
NAREIT FFO - basic per share	$	0.14			$	(0.59	)		$	0.53			$	(0.41	)
NAREIT FFO - diluted per share	$	0.14			$	(0.59	)		$	0.52			$	(0.41	)
Core FFO - basic per share	$	0.31			$	0.30			$	1.21			$	1.01
Core FFO - diluted per share	$	0.31			$	0.30			$	1.21			$	1.00
Adjusted FFO - basic per share	$	0.37			$	0.38			$	1.48			$	1.28
Adjusted FFO - diluted per share	$	0.37			$	0.38			$	1.47			$	1.27

Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA
(In thousands)
	Three Months Ended								Years Ended
	Q4 24				Q4 23					2024				2023
Net loss	$	(36,409	)		$	(226,800	)		$	(94,749	)		$	(336,269	)
Adjustments:
Depreciation and amortization		89,711				94,099				360,817				353,743
Interest expense		34,458				33,681				135,323				140,107
Income tax benefit		(7,098	)			(601	)			(8,428	)			(2,273	)
Loss (gain) from sale of real estate		—				5				(3,514	)			(2,254	)
Adjustment to reflect share of EBITDAre of partially owned entities		1,461				1,533				5,909				8,996
NAREIT EBITDAre	$	82,123			$	(98,083	)		$	395,358			$	162,050
Adjustments:
Acquisition, cyber incident, and other, net		33,144				15,774				77,169				64,087
Loss (gain) from investments in partially owned entities		682				(174	)			3,702				3,823
Impairment of indefinite and long-lived assets		30,173				236,515				33,126				236,515
Foreign currency exchange loss (gain)		1,766				(28	)			(8,833	)			431
Stock-based compensation expense(1)		6,335				5,780				25,274				23,592
Loss on debt extinguishment and termination of derivative instruments		—				627				116,082				2,482
Loss on other asset disposals		1,039				3,572				94				3,960
Gain on legal settlement related to prior period operations		—				(2,180	)			(6,104	)			(2,180	)
Project Orion deferred costs amortization		1,791				—				4,182				—
Reduction in EBITDAre from partially owned entities		(1,461	)			(1,533	)			(5,909	)			(8,996	)
Gain on sale of LATAM JV		—				—				—				(304	)
Loss from discontinued operations, net of tax		—				—				—				8,072
Impairment of related party receivable		—				—				—				21,972
Loss on put option		—				—				—				56,576
Core EBITDA	$	155,592			$	160,270			$	634,141			$	572,080
Total revenues	$	666,435			$	679,291			$	2,666,541			$	2,673,329
Core EBITDA margin		23.3	%			23.6	%			23.8	%			21.4	%
(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.

Revenues and Contribution (NOI) by Segment
(in thousands)
	Three Months Ended December 31,								Years Ended December 31,
		2024				2023				2024				2023
Segment revenues:
Warehouse	$	606,465			$	612,262			$	2,416,743			$	2,391,089
Transportation		49,875				57,878				209,129				239,670
Third-party managed		10,095				9,151				40,669				42,570
Total revenues		666,435				679,291				2,666,541				2,673,329
Segment contribution:
Warehouse		201,427				197,102				801,713				722,603
Transportation		7,710				10,912				36,523				42,040
Third-party managed		2,053				1,821				8,491				5,929
Total segment contribution (NOI)		211,190				209,835				846,727				770,572
Reconciling items:
Depreciation and amortization expense		(89,711	)			(94,099	)			(360,817	)			(353,743	)
Selling, general, and administrative expense		(66,576	)			(57,763	)			(255,118	)			(226,786	)
Acquisition, cyber incident, and other, net expense		(33,144	)			(15,774	)			(77,169	)			(64,087	)
Impairment of indefinite and long-lived assets		(30,173	)			(236,515	)			(33,126	)			(236,515	)
(Loss) gain from sale of real estate		—				(5	)			3,514				2,254
Interest expense		(34,458	)			(33,681	)			(135,323	)			(140,107	)
Loss on debt extinguishment and termination of derivative instruments		—				(627	)			(116,082	)			(2,482	)
(Loss) gain from investments in partially owned entities		(682	)			174				(3,702	)			(1,442	)
Impairment of related party loan receivable		—				—				—				(21,972	)
Loss on put option		—				—				—				(56,576	)
Other, net		47				1,054				27,919				2,795
Loss from continuing operations before income taxes	$	(43,507	)		$	(227,401	)		$	(103,177	)		$	(328,089	)

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.

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, and maintenance capital expenditures.

We calculate funds from operations, or 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 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, 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; Impairment of indefinite and long-lived assets (excluding certain real estate assets); Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss (gain); Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; Loss from discontinued operations, net of tax; Impairment of related party receivable; Loss on put option; and Gain on sale of LATAM JV. 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 benefit; 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.

FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. 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. 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. 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 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 FFO, Core FFO and Adjusted FFO to Net loss, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net loss before Depreciation and amortization; Interest expense; Income tax benefit; Loss (gain) from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that 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 EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss (gain) from investments in partially owned entities; Impairment of indefinite and long-lived assets; Foreign currency exchange loss (gain); 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; Reduction in EBITDAre from partially owned entities; Gain on sale of LATAM JV; Loss from discontinued operations, net of tax; Impairment of related party receivable; and Loss on put option. 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 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. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our 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 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.

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 Loss (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, 2023) 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. Beginning January of 2024, changes in ownership structure (e.g., purchase of a previously leased warehouse) no longer results 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 began to classify 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 charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, cyber incident and other, net and gain or loss on 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.

FAQ

What was Americold's (COLD) revenue performance in Q4 2024?

Americold reported Q4 2024 revenues of $666.4 million, representing a 1.9% decrease from $679.3 million in Q4 2023.

How much did Americold's (COLD) warehouse services margin improve in 2024?

Americold's Global Warehouse same store services margin increased significantly from 3.8% in 2023 to 13.0% in 2024.

What new development projects did Americold (COLD) announce in 2024?

Americold announced a $79 million facility development in Port Saint John, Canada with DP World and CPKC, and a $34 million expansion in Christchurch, New Zealand.

What was Americold's (COLD) net loss per share in Q4 2024?

Americold reported a net loss of $0.13 per diluted share in Q4 2024, compared to a $0.80 loss per diluted share in Q4 2023.