Open the filing on EDGARAMERICOLD ANNOUNCES THIRD QUARTER 2026 RESULTS
Delivered Year-Over-Year Revenue and NOI Growth amid Continued Industry Stabilization
Strengthened Balance Sheet with $1.15 Billion Reduction in Outstanding Debt
Adjusted FFO Per Share of $0.35 and Second Consecutive Increase in Full-Year Outlook
Atlanta, GA, November 5, 2026 - Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the third quarter ended September 30, 2026.
"A combination of best-in-class execution and continued industry stabilization allowed us to deliver another strong quarter of operating and financial performance,” said Rob Chambers, CEO of Americold. “Ongoing gains in occupancy, throughput and pricing, along with lower SG&A from our cost savings initiatives, contributed to year-over-year growth in revenue and NOI as well as AFFO of $0.35 per share for the quarter. These results reflect how the disciplined execution and operational focus we have emphasized throughout the year are translating into stronger performance across the business.”
"Beyond our financial performance, we continued to deliver tangible progress against our five strategic priorities, further strengthening our operating and financial foundation. A significant achievement during the quarter was the closing of our joint venture with EQT. The transaction enabled us to reduce our outstanding debt by $1.15 billion, reducing net leverage ratio by a full turn and significantly strengthening our balance sheet and financial flexibility. This partnership highlights the quality and attractiveness of our mission-critical assets, while establishing a development partner to support future growth opportunities."
“While the operating environment remains challenging, our efforts are yielding visible results, and we have seen a multi-quarter improvement in key metrics across the business. Based on the consistency of our execution, we are increasing our full-year AFFO outlook to a range of $1.31 to $1.33 per share. Our team remains focused on delivering against our commitments, and we believe the progress reflected in our results demonstrates the long-term value that can be created as we continue to execute on our key strategic priorities.”
Third Quarter 2026 Highlights
- Total revenues of $691.6 million, a 4.2% increase from $663.7 million in Q3 2025 and an increase of 3.3% on a constant currency basis.
- Net income of $683.4 million, or $2.38 per diluted share, as compared to a net loss of $0.04 per diluted share in Q3 2025 primarily due to a one-time gain recognized during Q3 2026 related to the formation of the EQT JV.
- Global Warehouse segment same store revenues increased 5.7% on an actual basis and increased 4.9% on a constant currency basis as compared to Q3 2025.
- Global Warehouse same store services margin increased to 15.9% in Q3 2026 from 13.6% in Q3 2025.
- Global Warehouse segment same store NOI increased 6.0%, or 5.5% on a constant currency basis, as compared to Q3 2025.
- Adjusted FFO of $101.3 million, or $0.35 per diluted share, consistent with Q3 2025 Adjusted FFO per diluted share of $0.35.
- Core EBITDA of $159.4 million increased 7.5% in Q3 2026 from Q3 2025, with a 6.9% increase on a constant currency basis.
- Core EBITDA margin of 23.0%, increased from 22.3% in Q3 2025.
2026 Outlook
The table below includes the details of our annual guidance as of November 5, 2026 which have been updated to include the projected impacts of the joint venture which closed on August 31, 2026. 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 |
|---|
| 11/5/2026 | 8/6/2026 |
|---|
| Warehouse segment same store revenues (constant currency) | $2.06B - $2.10B | $2.03B - $2.09B |
| Warehouse segment same store NOI (constant currency) | $680M - $700M | $660M - $695M |
| Total Company NOI (constant currency) | $800M - $830M | $775M - $815M |
| Total selling, general and administrative expense (guidance is inclusive of approximately $228M - $233M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization) | $260M - $265M | $250M - $260M |
| Core EBITDA | $585M - $610M | $570M - $600M |
| Interest expense | $155M - $160M | $155M - $160M |
| Current income tax expense, excluding impact of EQT Joint Venture | $7M - $9M | $7M - $9M |
| Total maintenance capital expenditures | $60M - $70M | $60M - $70M |
| Adjusted FFO per share | $1.31 - $1.33 | $1.26 - $1.32 |
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on Thursday, November 5, 2026 at 8:00 a.m. Eastern Time to discuss its third quarter 2026 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 1-844-826-3035 or 1-412-317-5195. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#10212104. The telephone replay will be available starting shortly after the call until November 19, 2026.
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.
Third Quarter 2026 Total Company Financial Results
As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. On August 31, 2026, the Company closed its previously announced joint venture with EQT's Active Core Infrastructure fund, Americold-EQT Cold Storage Partnership, LLC (the "EQT JV"). The Company retained a 30% interest and serves as the day-to-day property manager.
Total revenues for the third quarter of 2026 were $691.6 million, a 4.2% increase from $663.7 million in the same quarter of the prior year, primarily due to an increase in Transportation services revenues, $13.1 million of Joint venture related management fee and reimbursed costs associated with the recent formation of the EQT JV, and favorable foreign exchange movements, partially offset by the impact of the contribution of sites in the Global Warehouse segment to the EQT JV.
For the third quarter of 2026, Global Warehouse segment revenues (excluding results of sites contributed to the EQT JV) were $569.4 million, an increase of $12.1 million, or 2.2% on an actual basis, and an increase of 1.5% on a constant currency basis. The increase was principally driven by a 2.9% increase in Warehouse services revenue on a constant currency basis.
Global Warehouse (excluding results of sites contributed to the EQT JV) segment contribution (“NOI”) was $182.5 million for the third quarter of 2026, as compared to $171.7 million for the third quarter of 2025, an increase of $10.8 million, or 6.3% on an actual basis and an increase of 5.8% on a constant currency basis. Global Warehouse segment margin (excluding results of sites contributed to the EQT JV) was 32.1% for the third quarter of 2026, a 130 basis point increase compared to the third quarter of 2025. The increase in NOI for the Global Warehouse segment (excluding results of sites contributed to the EQT JV) was primarily driven by the increase in Warehouse services revenue noted above.
Total NOI for the third quarter of 2026 (excluding any joint venture related revenue and associated costs) was $213.7 million, an increase of 4.2% from the same quarter of the prior year. This increase was related to an increase from both the Global Warehouse and Transportation segments.
For the third quarter of 2026, the Company reported a net income of $683.4 million, or a net income of $2.38 per diluted share, compared to a net loss of $11.4 million, or a net loss of $0.04 per diluted share, for the comparable quarter of the prior year. This increase was principally driven by a $714.1 million Gain on contribution of real estate assets, net of tax, associated with the formation of the EQT JV during the third quarter of 2026. The Company also benefited from overall lower Selling, general, and administrative costs, a $12.1 million net gain on the sale of real estate, offset by an increase in Interest expense and Depreciation and amortization.
Adjusted Core EBITDA was $161.8 million for the third quarter of 2026, compared to $148.5 million for the comparable quarter of the prior year.
For the third quarter of 2026, Core FFO was $66.9 million, or $0.23 per diluted share, compared to $81.7 million, or $0.29 per diluted share, for the third quarter of 2025.
For the third quarter of 2026, Adjusted FFO was $101.3 million, or $0.35 per diluted share, compared to $100.7 million, or $0.35 per diluted share, for the third quarter of 2025.
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.
Balance Sheet Activity and Liquidity
As of September 30, 2026, the Company had total liquidity of approximately $950.4 million, including cash and available capacity on its revolving credit facility and outstanding letters of credit. Total net debt outstanding was approximately $3.3 billion (inclusive of approximately $219.8 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 93.4% of the Company’s total debt as of September 30, 2026. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.2x. Including the Company's proportionate share of net debt and trailing twelve months pro forma Core EBITDA from its partially owned entities, net debt to pro forma Adjusted Core EBITDA was approximately 6.3x. The Company’s unsecured debt has a remaining weighted average term of 5.0 years, inclusive of extensions that the Company has the option to utilize, and carries a weighted average contractual interest rate of 4.0%. As of September 30, 2026, approximately 86.6% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.
Dividend
On August 26, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the third quarter of 2026, which was paid on October 15, 2026, to common stockholders of record as of September 30, 2026.
About the Company
Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 208 operating facilities across North America, Europe, Asia-Pacific, and South America totaling approximately 1.2 billion refrigerated cubic feet - we connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities.
We also have a minority interest in two joint ventures: RSA Cold Holdings Limited (the “RSA joint venture”), which operates 2 temperature-controlled warehouses in Dubai, and Americold-EQT Cold Storage Partnership, LLC (the “EQT JV”), in which we hold a 30% equity interest, which owns 12 temperature-controlled warehouse facilities in North America.
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, Adjusted Core EBITDA, Core EBITDA margin, Net Debt to Pro Forma Core EBITDA, Net Debt to Pro Forma Core EBITDA - including our proportional share of the partially owned entities, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, 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. We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
Forward-looking statements notice
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: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; 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, or the impairment of any of our properties; 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; risks related to any failure to achieve the anticipated benefits, synergies or returns from the EQT JV, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; difficulties in expanding our operations into new markets and products; 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 the implementation of the new ERP system; risks related to 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; 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.
Forward-looking statements notice
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 2026 outlook, and statements about the EQT JV. 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, 2025, 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
Third Quarter 2026 Global Warehouse Segment Results
As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. The Company's Third-Party Managed sites are included within the same store warehouse pool. 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 and nine months ended September 30, 2026 and 2025. The following tables exclude results for sites contributed to the EQT JV. See Revenues and Contribution (NOI) by Segment reconciliation for a reconciliation of results to total warehouse results (including results of sites contributed to the EQT JV on August 31, 2026).
| Three Months Ended September 30, | Change |
|---|
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency | 2025 Actual | Actual | Constant Currency |
| TOTAL WAREHOUSE - Excluding EQT JV | | | | | |
| Global Warehouse revenues: | | | | | |
| Rent and storage | $235,184 | $234,541 | | $235,288 | - % | | (0.3)% | |
| Warehouse services | 334,177 | 331,170 | | 321,942 | 3.8% | | 2.9% | |
| Total Warehouse revenues | $569,361 | $565,711 | | $557,230 | 2.2% | | 1.5% | |
| Global Warehouse cost of operations(2)(3): | | | | | |
| Power | 42,568 | 42,588 | | 39,754 | 7.1% | | 7.1% | |
| Other facilities costs(4)(5) | 58,059 | 57,856 | | 58,338 | (0.5)% | | (0.8)% | |
| Labor | 240,709 | 238,186 | | 238,143 | 1.1% | | - % | |
| Other services costs(4)(6) | 45,517 | 45,444 | | 49,260 | (7.6)% | | (7.7)% | |
| Total Warehouse segment cost of operations | $386,853 | $384,074 | | $385,495 | 0.4% | | (0.4)% | |
| Global Warehouse contribution (NOI) | $182,508 | $181,637 | | $171,735 | 6.3% | | 5.8% | |
| Rent and storage contribution (NOI) | $134,557 | $134,097 | | $137,196 | (1.9)% | | (2.3)% | |
| Services contribution (NOI) | $47,951 | $47,540 | | $34,539 | 38.8% | | 37.6% | |
| Global Warehouse margin | 32.1% | 32.1% | | 30.8% | | 130 bps | | 130 bps |
| Rent and storage margin | 57.2% | 57.2% | | 58.3% | | -110 bps | | -110 bps |
| Warehouse services margin | 14.3% | 14.4% | | 10.7% | | 360 bps | | 370 bps |
| Global Warehouse rent and storage metrics: | | | | | |
| Average economic occupied pallets | 3,639 | | n/a | 3,698 | (1.6)% | | | n/a |
| Average physical occupied pallets | 3,233 | | n/a | 3,151 | 2.6% | | | n/a |
| Average physical pallet positions | 4,745 | | n/a | 5,092 | (6.8)% | | | n/a |
| Economic occupancy percentage | 76.7% | | n/a | 72.6% | | 410 bps | | n/a |
| Physical occupancy percentage | 68.1% | | n/a | 61.9% | | 620 bps | | n/a |
| Total rent and storage revenues per average economic occupied pallet | $64.63 | $64.45 | | $63.63 | 1.6% | | 1.3% | |
| Total rent and storage revenues per average physical occupied pallet | $72.74 | $72.55 | | $74.67 | (2.6)% | | (2.8)% | |
| Global Warehouse services metrics: | | | | | |
| Throughput pallets | 8,478 | | n/a | 8,317 | 1.9% | | | n/a |
| Total warehouse services revenues per throughput pallet | $39.42 | $39.06 | | $38.71 | 1.8% | | 0.9% | |
(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)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(5)Includes real estate rent expense of $6.4 million and $7.4 million for the three months ended September 30, 2026 and 2025, respectively.
(6)Includes non-real estate rent expense (equipment lease and rentals) of $1.2 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively. Prior period non-real estate rent expense has been recast for the inclusion of Third-Party Managed sites.
(7)Calculated as warehouse rent and storage revenues less power and other facilities costs.
(8)Calculated as warehouse services revenues less labor and other services costs.
(9)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(10)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(11)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.
(12)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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 for the applicable period.
| Three Months Ended September 30, | Change |
|---|
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency | 2025 Actual | Actual | Constant Currency |
| SAME STORE WAREHOUSE - Excluding EQT JV | | | | | |
| Number of same store warehouses | | 194 | | | 194 | | |
| Same store revenues: | | | | | |
| Rent and storage | $221,823 | | $221,043 | | $214,073 | | 3.6% | | 3.3% | |
| Warehouse services | 324,518 | | 321,529 | | 302,938 | | 7.1% | | 6.1% | |
| Total same store revenues | $546,341 | | $542,572 | | $517,011 | | 5.7% | | 4.9% | |
| Same store cost of operations(3)(4): | | | | | |
| Power | 39,151 | | 39,117 | | 34,643 | | 13.0% | | 12.9% | |
| Other facilities costs | 53,308 | | 53,093 | | 49,932 | | 6.8% | | 6.3% | |
| Labor | 229,589 | | 227,045 | | 219,060 | | 4.8% | | 3.6% | |
| Other services costs | 43,360 | | 43,264 | | 42,672 | | 1.6% | | 1.4% | |
| Total same store cost of operations | $365,408 | | $362,519 | | $346,307 | | 5.5% | | 4.7% | |
| Same store contribution (NOI) | | $180,933 | | $180,053 | | $170,704 | 6.0% | | 5.5% | |
| Same store rent and storage contribution (NOI) | | $129,364 | | $128,833 | | $129,498 | (0.1)% | | (0.5)% | |
| Same store services contribution (NOI) | $51,569 | | $51,220 | | $41,206 | | 25.1% | | 24.3% | |
| Same store margin | 33.1% | | 33.2% | | 33.0% | | | 10 bps | | 20 bps |
| Same store rent and storage margin | 58.3% | | 58.3% | | 60.5% | | | -220 bps | | -220 bps |
| Same store services margin | 15.9% | | 15.9% | | 13.6% | | | 230 bps | | 230 bps |
| Same store rent and storage metrics: | | | | | |
| Average economic occupied pallets | 3,524 | | | n/a | 3,453 | | 2.1% | | | n/a |
| Average physical occupied pallets | 3,145 | | | n/a | 2,953 | | 6.5% | | | n/a |
| Average physical pallet positions | 4,490 | | | n/a | 4,517 | | (0.6)% | | | n/a |
| Economic occupancy percentage | 78.5% | | | n/a | 76.4% | | | 210 bps | | n/a |
| Physical occupancy percentage | 70.0% | | | n/a | 65.4% | | | 460 bps | | n/a |
| Same store rent and storage revenues per average economic occupied pallet | $62.95 | | $62.73 | | $62.00 | | 1.5% | | 1.2% | |
| Same store rent and storage revenues per average physical occupied pallet | $70.53 | | $70.28 | | $72.49 | | (2.7)% | | (3.0)% | |
| Same store services metrics: | | | | | |
| Throughput pallets | 8,243 | | | n/a | 7,916 | | 4.1% | | | n/a |
| Same store warehouse services revenues per throughput pallet | $39.37 | | $39.01 | | $38.27 | | 2.9% | | 1.9% | |
(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)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(6)Calculated as same store rent and storage revenues less same store power and other facilities costs.
(7)Calculated as same store warehouse services revenues less same store labor and other services costs.
(8)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(9)Calculated as same store services contribution (NOI) divided by same store services revenues.
(10)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.
(11)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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 for the applicable period.
| Three Months Ended September 30, | Change |
|---|
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency | 2025 Actual | Actual | Constant Currency |
| NON-SAME STORE WAREHOUSE -Excluding EQT JV | | | | | |
| Number of non-same store warehouses | | 14 | | | 27 | | |
| Non-same store revenues: | | | | | |
| Rent and storage | $13,361 | | $13,498 | | $21,215 | | n/r | n/r |
| Warehouse services | 9,659 | | 9,641 | | 19,004 | | n/r | n/r |
| Total non-same store revenues | $23,020 | | $23,139 | | $40,219 | | n/r | n/r |
| Non-same store cost of operations: | | | | | |
| Power | 3,417 | | 3,471 | | 5,111 | | n/r | n/r |
| Other facilities costs | 4,751 | | 4,763 | | 8,406 | | n/r | n/r |
| Labor | 11,120 | | 11,141 | | 19,083 | | n/r | n/r |
| Other services costs | 2,157 | | 2,180 | | 6,588 | | n/r | n/r |
| Total non-same store cost of operations | $21,445 | | $21,555 | | $39,188 | | n/r | n/r |
| Non-same store contribution (NOI) | $1,575 | | $1,584 | | $1,031 | | n/r | n/r |
| Non-same store rent and storage contribution (NOI) | $5,193 | | $5,264 | | $7,698 | | n/r | n/r |
| Non-same store services contribution (NOI) | $(3,618) | | $(3,680) | | $(6,667) | | n/r | n/r |
| Non-same store rent and storage metrics: | | | | | |
| Average economic occupied pallets | 115 | | | n/a | 245 | | n/r | n/a |
| Average physical occupied pallets | 88 | | | n/a | 198 | | n/r | n/a |
| Average physical pallet positions | 255 | | | n/a | 575 | | n/r | n/a |
| Economic occupancy percentage | 45.1% | | | n/a | 42.6% | | n/r | n/a |
| Physical occupancy percentage | 34.5% | | | n/a | 34.4% | | n/r | n/a |
| Non-same store rent and storage revenues per average economic occupied pallet | $116.18 | | $117.37 | | $86.59 | | n/r | n/r |
| Non-same store rent and storage revenues per average physical occupied pallet | $151.83 | | $153.39 | | $107.15 | | n/r | n/r |
| Non-same store services metrics: | | | | | |
| Throughput pallets | 235 | | | n/a | 401 | | n/r | n/a |
| Non-same store warehouse services revenues per throughput pallet | $41.10 | | $41.03 | | $47.39 | | 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)As of September 30, 2026, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, 1 site currently under temporary construction, 3 sites held for sale, and 4 sites in the process of winding down operations. As of September 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(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 pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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 for the applicable period.
(n/r = not relevant)
| Nine Months Ended September 30, | Change |
|---|
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency | 2025 Actual | Actual | Constant Currency |
| TOTAL WAREHOUSE - Excluding EQT JV | | | | | |
| Global Warehouse revenues: | | | | | |
| Rent and storage | $681,500 | $676,013 | | $696,981 | (2.2)% | | (3.0)% | |
| Warehouse services | 950,166 | 935,057 | | 932,876 | 1.9% | | 0.2% | |
| Total Warehouse revenues | $1,631,666 | $1,611,070 | | $1,629,857 | 0.1% | | (1.2)% | |
| Global Warehouse cost of operations(2)(3): | | | | | |
| Power | 109,598 | 108,779 | | 102,759 | 6.7% | | 5.9% | |
| Other facilities costs(4)(5) | 170,959 | 169,472 | | 171,292 | (0.2)% | | (1.1)% | |
| Labor | 705,696 | 693,325 | | 698,063 | 1.1% | | (0.7)% | |
| Other services costs(4)(6) | 128,434 | 127,581 | | 136,477 | (5.9)% | | (6.5)% | |
| Total Warehouse segment cost of operations | $1,114,687 | $1,099,157 | | $1,108,591 | 0.5% | | (0.9)% | |
| Global Warehouse contribution (NOI) | $516,979 | $511,913 | | $521,266 | (0.8)% | | (1.8)% | |
| Rent and storage contribution (NOI) | $400,943 | $397,762 | | $422,930 | (5.2)% | | (6.0)% | |
| Services contribution (NOI) | $116,036 | $114,151 | | $98,336 | 18.0% | | 16.1% | |
| Global Warehouse margin | 31.7% | 31.8% | | 32.0% | | -30 bps | | -20 bps |
| Rent and storage margin | 58.8% | 58.8% | | 60.7% | | -190 bps | | -190 bps |
| Warehouse services margin | 12.2% | 12.2% | | 10.5% | | 170 bps | | 170 bps |
| Global Warehouse rent and storage metrics: | | | | | |
| Average economic occupied pallets | 3,588 | | n/a | 3,736 | (4.0)% | | | n/a |
| Average physical occupied pallets | 3,150 | | n/a | 3,176 | (0.8)% | | | n/a |
| Average physical pallet positions | 4,751 | | n/a | 5,127 | (7.3)% | | | n/a |
| Economic occupancy percentage | 75.5% | | n/a | 72.9% | | 260 bps | | n/a |
| Physical occupancy percentage | 66.3% | | n/a | 61.9% | | 440 bps | | n/a |
| Total rent and storage revenues per average economic occupied pallet | $189.94 | $188.41 | | $186.56 | 1.8% | | 1.0% | |
| Total rent and storage revenues per average physical occupied pallet | $216.35 | $214.61 | | $219.45 | (1.4)% | | (2.2)% | |
| Global Warehouse services metrics: | | | | | |
| Throughput pallets | 24,531 | | n/a | 24,767 | (1.0)% | | | n/a |
| Total warehouse services revenues per throughput pallet | $38.73 | $38.12 | | $37.67 | 2.8% | | 1.2% | |
(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)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(5)Includes real estate rent expense of $19.9 million and $21.3 million for the nine months ended September 30, 2026 and 2025, respectively.
(6)Includes non-real estate rent expense (equipment lease and rentals) of $4.7 million and $7.6 million for the nine months ended September 30, 2026 and 2025, respectively. Prior period non-real estate rent expense has been recast for the inclusion of Third-Party Managed sites.
(7)Calculated as warehouse rent and storage revenues less power and other facilities costs.
(8)Calculated as warehouse services revenues less labor and other services costs.
(9)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(10)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(11)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.
(12)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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 for the applicable period.
| Nine Months Ended September 30, | Change |
|---|
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency | 2025 Actual | Actual | Constant Currency |
| SAME STORE WAREHOUSE - Excluding EQT JV | | | | | |
| Number of same store warehouses | | 194 | | | 194 | | |
| Same store revenues: | | | | | |
| Rent and storage | $642,728 | | $636,408 | | $634,550 | | 1.3% | | 0.3% | |
| Warehouse services | 918,834 | | 903,663 | | 875,485 | | 5.0% | | 3.2% | |
| Total same store revenues | $1,561,562 | | $1,540,071 | | $1,510,035 | | 3.4% | | 2.0% | |
| Same store cost of operations(3)(4): | | | | | |
| Power | 101,218 | | 100,214 | | 90,848 | | 11.4% | | 10.3% | |
| Other facilities costs | 156,581 | | 154,885 | | 151,469 | | 3.4% | | 2.3% | |
| Labor | 668,482 | | 655,987 | | 641,095 | | 4.3% | | 2.3% | |
| Other services costs | 121,237 | | 120,224 | | 116,019 | | 4.5% | | 3.6% | |
| Total same store cost of operations | $1,047,518 | | $1,031,310 | | $999,431 | | 4.8% | | 3.2% | |
| Same store contribution (NOI) | $514,044 | | $508,761 | | $510,604 | | 0.7% | | (0.4)% | |
| Same store rent and storage contribution (NOI) | $384,929 | | $381,309 | | $392,233 | | (1.9)% | | (2.8)% | |
| Same store services contribution (NOI) | $129,115 | | $127,452 | | $118,371 | | 9.1% | | 7.7% | |
| Same store margin | 32.9% | | 33.0% | | 33.8% | | | -90 bps | | -80 bps |
| Same store rent and storage margin | 59.9% | | 59.9% | | 61.8% | | | -190 bps | | -190 bps |
| Same store services margin | 14.1% | | 14.1% | | 13.5% | | | 60 bps | | 60 bps |
| Same store rent and storage metrics: | | | | | |
| Average economic occupied pallets | 3,481 | | | n/a | 3,483 | | (0.1)% | | | n/a |
| Average physical occupied pallets | 3,066 | | | n/a | 2,972 | | 3.2% | | | n/a |
| Average physical pallet positions | 4,484 | | | n/a | 4,525 | | (0.9)% | | | n/a |
| Economic occupancy percentage | 77.6% | | | n/a | 77.0% | | | 60 bps | | n/a |
| Physical occupancy percentage | 68.4% | | | n/a | 65.7% | | | 270 bps | | n/a |
| Same store rent and storage revenues per average economic occupied pallet | $184.64 | | $182.82 | | $182.18 | | 1.4% | | 0.4% | |
| Same store rent and storage revenues per average physical occupied pallet | $209.63 | | $207.57 | | $213.51 | | (1.8)% | | (2.8)% | |
| Same store services metrics: | | | | | |
| Throughput pallets | 23,861 | | | n/a | 23,448 | | 1.8% | | | n/a |
| Same store warehouse services revenues per throughput pallet | $38.51 | | $37.87 | | $37.34 | | 3.1% | | 1.4% | |
(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)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.
(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
(6)Calculated as same store rent and storage revenues less same store power and other facilities costs.
(7)Calculated as same store warehouse services revenues less same store labor and other services costs.
(8)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(9)Calculated as same store services contribution (NOI) divided by same store services revenues.
(10)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.
(11)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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 for the applicable period.
| Nine Months Ended September 30, | Change |
|---|
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency | 2025 Actual | Actual | Constant Currency |
| NON-SAME STORE WAREHOUSE -Excluding EQT JV | | | | | |
| Number of non-same store warehouses | | 14 | | | 27 | | |
| Non-same store revenues: | | | | | |
| Rent and storage | $38,772 | | $39,605 | | $62,431 | | n/r | n/r |
| Warehouse services | 31,332 | | 31,394 | | 57,391 | | n/r | n/r |
| Total non-same store revenues | $70,104 | | $70,999 | | $119,822 | | n/r | n/r |
| Non-same store cost of operations: | | | | | |
| Power | 8,380 | | 8,565 | | 11,911 | | n/r | n/r |
| Other facilities costs | 14,378 | | 14,587 | | 19,823 | | n/r | n/r |
| Labor | 37,214 | | 37,338 | | 56,968 | | n/r | n/r |
| Other services costs | 7,197 | | 7,357 | | 20,458 | | n/r | n/r |
| Total non-same store cost of operations | $67,169 | | $67,847 | | $109,160 | | n/r | n/r |
| Non-same store contribution (NOI) | $2,935 | | $3,152 | | $10,662 | | n/r | n/r |
| Non-same store rent and storage contribution (NOI) | $16,014 | | $16,453 | | $30,697 | | n/r | n/r |
| Non-same store services contribution (NOI) | $(13,079) | | $(13,301) | | $(20,035) | | n/r | n/r |
| Non-same store rent and storage metrics: | | | | | |
| Average economic occupied pallets | 107 | | | n/a | 253 | | n/r | n/a |
| Average physical occupied pallets | 84 | | | n/a | 204 | | n/r | n/a |
| Average physical pallet positions | 267 | | | n/a | 602 | | n/r | n/a |
| Economic occupancy percentage | 40.1% | | | n/a | 42.0% | | n/r | n/a |
| Physical occupancy percentage | 31.5% | | | n/a | 33.9% | | n/r | n/a |
| Non-same store rent and storage revenues per average economic occupied pallet | $362.36 | | $370.14 | | $246.76 | | n/r | n/r |
| Non-same store rent and storage revenues per average physical occupied pallet | $461.57 | | $471.49 | | $306.03 | | n/r | n/r |
| Non-same store services metrics: | | | | | |
| Throughput pallets | 670 | | | n/a | 1,319 | | n/r | n/a |
| Non-same store warehouse services revenues per throughput pallet | $46.76 | | $46.86 | | $43.51 | | 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)As of September 30, 2026, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, 1 site currently under temporary construction, 3 sites held for sale, and 4 sites in the process of winding down operations. As of September 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.
(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.
(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(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 pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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 for the applicable period.
(n/r = not relevant)
| September 30, 2026 | December 31, 2025 |
|---|
| Americold Realty Trust, Inc. and Subsidiaries |
| Condensed Consolidated Balance Sheets (Unaudited) |
| (In thousands, except shares and per share amounts) |
| Assets | | |
| Property, buildings, and equipment: | | |
| Land | $778,170 | $818,606 |
| Buildings and improvements | 4,322,321 | 4,798,286 |
| Machinery and equipment | 1,652,786 | 1,612,744 |
| Assets under construction | 541,670 | 756,798 |
| 7,294,947 | 7,986,434 |
| Accumulated depreciation | (2,652,326) | (2,641,241) |
| Property, buildings, and equipment - net | 4,642,621 | 5,345,193 |
| Operating leases - net | 156,240 | 179,935 |
| Financing leases - net | 184,461 | 157,936 |
| Cash, cash equivalents, and restricted cash | 35,979 | 136,863 |
| Accounts receivable - net of allowance of $16,818 and $16,396 at September 30, 2026 and December 31, 2025, respectively | 386,657 | 368,521 |
| Identifiable intangible assets - net | 787,473 | 819,494 |
| Goodwill | 826,564 | 828,335 |
| Investments in and advances to partially owned entities | 168,735 | 39,231 |
| Other assets | 327,624 | 246,090 |
| Total assets | $7,516,354 | $8,121,598 |
| Liabilities and Equity | | |
| Liabilities | | |
| Borrowings under revolving line of credit | $216,240 | $332,111 |
| Accounts payable and accrued expenses | 577,511 | 574,059 |
| Senior unsecured notes and term loans - net of deferred financing costs of $15,541 and $16,001 at September 30, 2026 and December 31, 2025, respectively | 2,889,998 | 3,792,123 |
| Sale-leaseback financing obligations | 40,165 | 42,352 |
| Financing lease obligations | 179,645 | 152,262 |
| Operating lease obligations | 165,104 | 179,965 |
| Unearned revenues | 20,788 | 20,169 |
| Deferred tax liability - net | 167,676 | 98,591 |
| Repurchase obligation | 72,422 | - |
| Other liabilities | 101,368 | 7,953 |
| Total liabilities | 4,430,917 | 5,199,585 |
| Equity | | |
| Stockholders' equity: | | |
| Common stock, $0.01 par value per share - 500,000,000 authorized shares; 285,518,624 and 284,871,943 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 2,854 | 2,848 |
| Paid-in capital | 5,678,145 | 5,664,195 |
| Accumulated deficit and distributions in excess of net earnings | (2,591,112) | (2,719,408) |
| Accumulated other comprehensive loss | (50,002) | (63,190) |
| Total stockholders’ equity | 3,039,885 | 2,884,445 |
| Noncontrolling interests | 45,552 | 37,568 |
| Total equity | 3,085,437 | 2,922,013 |
| Total liabilities and equity | $7,516,354 | $8,121,598 |
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Americold Realty Trust, Inc. and Subsidiaries |
| Condensed Consolidated Statements of Operations (Unaudited) |
| (In thousands, except per share amounts) |
| Revenues: | | | | |
| Rent, storage, and warehouse services | $616,283 | | $615,822 | | $1,797,769 | | $1,803,460 | |
| Transportation services | 62,217 | | 47,843 | | 173,491 | | 139,933 | |
| Joint venture related management fee and reimbursed costs | 13,058 | | - | | 13,058 | | - | |
| Total revenues | 691,558 | | 663,665 | | 1,984,318 | | 1,943,393 | |
| Operating expenses: | | | | |
| Rent, storage, and warehouse services cost of operations | 412,067 | | 418,530 | | 1,205,112 | | 1,204,660 | |
| Transportation services cost of operations | 52,750 | | 40,107 | | 144,269 | | 116,201 | |
| Joint venture related reimbursed costs | 11,597 | | - | | 11,597 | | - | |
| Depreciation and amortization | 105,666 | | 88,023 | | 300,257 | | 267,467 | |
| Selling, general, and administrative | 63,487 | | 70,982 | | 197,670 | | 207,124 | |
| Transactions, strategic initiatives and other costs, net | 32,208 | | 29,052 | | 81,123 | | 77,692 | |
| Impairment of long-lived assets | 4,623 | | 77 | | 314,195 | | 5,303 | |
| Total operating expenses | 682,398 | | 646,771 | | 2,254,223 | | 1,878,447 | |
| Net (gain) loss from sale of real estate | (12,126) | | 143 | | (17,647) | | (11,617) | |
| Gain on contribution of real estate assets | (721,381) | | - | | (721,381) | | - | |
| Operating income | 742,667 | | 16,751 | | 469,123 | | 76,563 | |
| Other (expense) income: | | | | |
| Interest expense | (41,971) | | (33,931) | | (125,790) | | (108,293) | |
| Loss from investments in partially owned entities | (2,398) | | (41) | | (3,330) | | (1,739) | |
| Other, net | (1,240) | | (477) | | 13,071 | | 6,594 | |
| Income (loss) before income taxes | 697,058 | | (17,698) | | 353,074 | | (26,875) | |
| Income tax (expense) benefit: | | | | |
| Current income tax | (9,542) | | (136) | | (13,998) | | (4,064) | |
| Deferred income tax | 3,020 | | 6,385 | | (8,692) | | 4,567 | |
| Total income tax (expense) benefit | (6,522) | | 6,249 | | (22,690) | | 503 | |
| Net income (loss) | $690,536 | | $(11,449) | | $330,384 | | $(26,372) | |
| Net income (loss) attributable to noncontrolling interests | 7,177 | | (83) | | 3,392 | | (165) | |
| Net income (loss) attributable to Americold Realty Trust, Inc. | $683,359 | | $(11,366) | | $326,992 | | $(26,207) | |
| Weighted average common stock outstanding - basic | 286,625 | | 285,898 | | 286,590 | | 285,622 | |
| Weighted average common stock outstanding - diluted | 287,670 | | 285,898 | | 287,188 | | 285,622 | |
| Net income (loss) per common share - basic | $2.38 | | $(0.04) | | $1.14 | | $(0.09) | |
| Net income (loss) per common share - diluted | $2.38 | | $(0.04) | | $1.14 | | $(0.09) | |
| Nine Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| Americold Realty Trust, Inc. and Subsidiaries |
| Condensed Consolidated Statements of Cash Flows (Unaudited) |
| (In thousands) |
| Operating activities: | | |
| Net income (loss) | $330,384 | | $(26,372) | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | |
| Depreciation and amortization | 300,257 | | 267,467 | |
| Amortization of deferred financing costs and pension withdrawal liability | 4,984 | | 4,402 | |
| Project Orion deferred costs amortization | 7,904 | | 15,649 | |
| Gain from sale of partially owned entity | - | | (2,420) | |
| Loss from investments in partially owned entities | 3,330 | | 1,739 | |
| Stock-based compensation expense | 19,865 | | 25,855 | |
| Deferred income tax expense (benefit) | 8,692 | | (4,567) | |
| Provision for doubtful accounts receivable | 3,551 | | 3,666 | |
| Impairment of long-lived assets | 314,195 | | 5,303 | |
| Non-cash operating lease expenses | 24,046 | | 28,477 | |
| Net gain from sale of real estate | (17,647) | | (11,617) | |
| Gain on contribution of real estate assets | (721,381) | | - | |
| Changes in operating assets and liabilities: | | |
| Accounts receivable | (21,398) | | 21,019 | |
| Accounts payable and accrued expenses | 11,654 | | (50,674) | |
| Other assets | (21,782) | | (25,307) | |
| Other liabilities | 854 | | - | |
| Operating lease liabilities | (22,338) | | (27,550) | |
| Proceeds from settlement of treasury lock hedge transactions | - | | 1,292 | |
| Other, net | (904) | | 3,072 | |
| Net cash provided by operating activities | 224,266 | | 229,434 | |
| Investing activities: | | |
| Additions to property, buildings and equipment | (346,487) | | (434,485) | |
| Acquisitions of property, buildings, and equipment, net of cash acquired | (18,707) | | - | |
| Business combinations, net of cash acquired | - | | (108,448) | |
| Investments in and advances to partially owned entities and other | (1,711) | | (19,693) | |
| Proceeds from contribution of real estate assets | 1,100,672 | | - | |
| Proceeds from collection of advances to partially owned entities | 23,388 | | - | |
| Proceeds from sale of property, buildings, and equipment | 78,111 | | 25,457 | |
| Proceeds from sale of investments in partially owned entities | - | | 27,471 | |
| Payment for foreign currency exchange forwards settlement | - | | (1,493) | |
| Net cash provided by (used in) investing activities | 835,266 | | (511,191) | |
| Financing activities: | | |
| Distributions paid on common stock, restricted stock units and noncontrolling interests in OP | (198,898) | | (195,727) | |
| Proceeds from stock options exercised | 2,389 | | 2,810 | |
| Proceeds from employee stock purchase plan | - | | 1,577 | |
| Remittance of withholding taxes related to employee stock-based transactions | (1,799) | | (3,431) | |
| Proceeds from revolving line of credit | 731,876 | | 456,269 | |
| Repayment on revolving line of credit | (852,449) | | (366,000) | |
| Repayment of sale-leaseback financing obligations | (2,188) | | (3,076) | |
| Repayment of financing lease obligations | (38,210) | | (24,311) | |
| Payment of debt issuance costs | (11,087) | | (4,713) | |
| Proceeds from public senior unsecured notes offering | - | | 400,000 | |
| Repayment of senior unsecured notes | (200,000) | | - | |
| Proceeds from senior unsecured term loans | 232,515 | | - | |
| Repurchase obligation proceeds from partially owned entities | 72,422 | | - | |
| Repayment of senior unsecured term loans | (895,000) | | - | |
| Net cash (used in) provided by financing activities | (1,160,429) | | 263,398 | |
| Net decrease in cash, cash equivalents, and restricted cash | (100,897) | | (18,359) | |
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 13 | | 4,045 | |
| Cash, cash equivalents and restricted cash: | | |
| Beginning of period | 136,863 | | 47,652 | |
| End of period | $35,979 | | $33,338 | |
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO |
| (In thousands, except per share amounts) |
| Net income (loss) | $690,536 | | $(11,449) | | $330,384 | | $(26,372) | |
| Adjustments: | | | | |
| Real estate related depreciation | 58,578 | | 54,214 | | 179,331 | | 165,105 | |
| Net (gain) loss from sale of real estate | (12,126) | | 143 | | (17,647) | | (11,617) | |
| Net loss on real estate related asset disposals | 347 | | 13 | | 342 | | 14 | |
| Impairment charges on certain real estate related assets | 4,623 | | 77 | | 313,627 | | 3,816 | |
| Our share of reconciling items related to partially owned entities | 917 | | 153 | | 1,424 | | 647 | |
| Gain on contribution of real estate assets, net of tax | (714,097) | | - | | (714,097) | | - | |
| NAREIT FFO | $28,778 | | $43,151 | | $93,364 | | $131,593 | |
| Adjustments: | | | | |
| Net (gain) loss on sale of non-real estate related assets | (368) | | 119 | | (94) | | 90 | |
| Transactions, strategic initiatives and other costs, net | 32,208 | | 29,052 | | 81,123 | | 77,692 | |
| Impairment of long-lived assets (excluding certain real estate related assets) | - | | - | | 568 | | 1,487 | |
| Loss (gain) on debt extinguishment and termination of derivative instruments, net | 538 | | - | | (5,319) | | - | |
| Foreign currency exchange loss (gain) | 1,570 | | 647 | | (3,038) | | 676 | |
| Project Orion deferred costs amortization | 2,715 | | 8,778 | | 7,904 | | 15,649 | |
| Our share of reconciling items related to partially owned entities | 1,473 | | - | | 1,473 | | 145 | |
| Gain from sale of partially owned entity | - | | - | | - | | (2,420) | |
| Core FFO | $66,914 | | $81,747 | | $175,981 | | $224,912 | |
| Adjustments: | | | | |
| Amortization of deferred financing costs and pension withdrawal liability | 1,846 | | 1,479 | | 4,984 | | 4,402 | |
| Amortization of below/above market leases | 265 | | 367 | | 926 | | 1,081 | |
| Straight-line rent adjustment | 330 | | 64 | | 1,467 | | 225 | |
| Deferred income tax (benefit) expense | (3,020) | | (6,385) | | 8,692 | | (4,567) | |
| Stock-based compensation expense | 4,165 | | 5,140 | | 16,742 | | 18,993 | |
| Non-real estate related depreciation and amortization | 47,088 | | 33,809 | | 120,926 | | 102,362 | |
| Maintenance capital expenditures | (17,030) | | (15,564) | | (45,352) | | (47,646) | |
| Our share of reconciling items related to partially owned entities | 780 | | 24 | | 843 | | 232 | |
| Adjusted FFO | $101,338 | | $100,681 | | $285,209 | | $299,994 | |
(1)Net income (loss) used in the calculation of the Adjusted FFO reconciliation represents Net income (loss) before the adjustment for Net income (loss) attributable to noncontrolling interests.
(2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net.
(3)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.
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued) |
| (In thousands, except per share amounts) |
| NAREIT FFO | $28,778 | | $43,151 | | $93,364 | | $131,593 | |
| Core FFO | $66,914 | | $81,747 | | $175,981 | | $224,912 | |
| Adjusted FFO | $101,338 | | $100,681 | | $285,209 | | $299,994 | |
| Reconciliation of weighted average shares: | | | | |
| Weighted average basic shares for Net income (loss) calculation | 286,625 | | 285,898 | | 286,590 | | 285,622 | |
| Dilutive stock options and unvested restricted stock units | 1,045 | | 91 | | 598 | | 182 | |
| Weighted average dilutive shares | 287,670 | | 285,989 | | 287,188 | | 285,804 | |
| NAREIT FFO - basic per share | $0.10 | | $0.15 | | $0.33 | | $0.46 | |
| NAREIT FFO - diluted per share | $0.10 | | $0.15 | | $0.33 | | $0.46 | |
| Core FFO - basic per share | $0.23 | | $0.29 | | $0.61 | | $0.79 | |
| Core FFO - diluted per share | $0.23 | | $0.29 | | $0.61 | | $0.79 | |
| Adjusted FFO - basic per share | $0.35 | | $0.35 | | $1.00 | | $1.05 | |
| Adjusted FFO - diluted per share | $0.35 | | $0.35 | | $0.99 | | $1.05 | |
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA |
| (In thousands) |
| Net income (loss) | $690,536 | | $(11,449) | | $330,384 | | $(26,372) | |
| Adjustments: | | | | |
| Depreciation and amortization | 105,666 | | 88,023 | | 300,257 | | 267,467 | |
| Interest expense | 41,971 | | 33,931 | | 125,790 | | 108,293 | |
| Income tax expense (benefit) | 6,522 | | (6,249) | | 22,690 | | (503) | |
| Net (gain) loss from sale of real estate | (12,126) | | 143 | | (17,647) | | (11,617) | |
| Adjustment to reflect share of EBITDAre of partially owned entities | 3,389 | | 282 | | 4,624 | | 2,774 | |
| Gain on contribution of real estate assets | (721,381) | | - | | (721,381) | | - | |
| NAREIT EBITDAre | $114,577 | | $104,681 | | $44,717 | | $340,042 | |
| Adjustments: | | | | |
| Transactions, strategic initiatives and other costs, net | 32,208 | | 29,052 | | 81,123 | | 77,692 | |
| Loss from investments in partially owned entities | 2,398 | | 41 | | 3,330 | | 1,739 | |
| Impairment of long-lived assets | 4,623 | | 77 | | 314,195 | | 5,303 | |
| Foreign currency exchange loss (gain) | 1,570 | | 647 | | (3,038) | | 676 | |
| Stock-based compensation expense | 4,165 | | 5,140 | | 16,742 | | 18,993 | |
| Loss (gain) on debt extinguishment and termination of derivative instruments, net | 538 | | - | | (5,319) | | - | |
| Net loss on real estate related asset disposals | 347 | | 13 | | 342 | | 14 | |
| Net (gain) loss on sale of non-real estate related assets | (368) | | 119 | | (94) | | 90 | |
| Project Orion deferred costs amortization | 2,715 | | 8,778 | | 7,904 | | 15,649 | |
| Adjustment to reflect share of Core EBITDA of partially owned entities | 1,473 | | - | | 1,473 | | - | |
| Reduction in EBITDAre and Core EBITDA from partially owned entities | (4,862) | | (282) | | (6,097) | | (2,774) | |
| Gain from sale of partially owned entity | - | | - | | - | | (2,420) | |
| Core EBITDA | $159,384 | | $148,266 | | $455,278 | | $455,004 | |
| Adjustments: | | | | |
| Americold's share of Core EBITDA from partially owned entities | 2,464 | | 241 | | 2,767 | | 1,035 | |
| Adjusted Core EBITDA | $161,848 | | $148,507 | | $458,045 | | $456,039 | |
| Total revenues | $691,558 | | $663,665 | | $1,984,318 | | $1,943,393 | |
| Core EBITDA margin | 23.0% | | 22.3% | | 22.9% | | 23.4% | |
(1)Net income (loss) used in the calculation of the Adjusted Core EBITDA reconciliation represents Net income (loss) before the adjustment for Net income (loss) attributable to noncontrolling interests.
(2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net.
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Revenues and Contribution (NOI) by Segment |
| (In thousands) |
| Segment revenues: | | | | |
| Same Store Warehouse | $546,341 | | $517,011 | | $1,561,562 | | $1,510,035 | |
| Non-Same Store Warehouse | 23,020 | | 40,219 | | 70,104 | | 119,822 | |
| Sites Contributed to Partially Owned Entities | 46,922 | | 58,592 | | 166,103 | | 173,603 | |
| Warehouse | 616,283 | | 615,822 | | 1,797,769 | | 1,803,460 | |
| Transportation | 62,217 | | 47,843 | | 173,491 | | 139,933 | |
| Total Segment revenues | 678,500 | | 663,665 | | 1,971,260 | | 1,943,393 | |
| Segment costs of operations: | | | | |
| Same Store Warehouse | 365,408 | | 346,307 | | 1,047,518 | | 999,431 | |
| Non-Same Store Warehouse | 21,445 | | 39,188 | | 67,169 | | 109,160 | |
| Sites Contributed to Partially Owned Entities | 25,214 | | 33,035 | | 90,425 | | 96,069 | |
| Warehouse | 412,067 | | 418,530 | | 1,205,112 | | 1,204,660 | |
| Transportation | 52,750 | | 40,107 | | 144,269 | | 116,201 | |
| Total Segment Costs of Operations | 464,817 | | 458,637 | | 1,349,381 | | 1,320,861 | |
| Segment Contribution: | | | | |
| Same Store Warehouse | 180,933 | | 170,704 | | 514,044 | | 510,604 | |
| Non-Same Store Warehouse | 1,575 | | 1,031 | | 2,935 | | 10,662 | |
| Sites Contributed to Partially Owned Entities | 21,708 | | 25,557 | | 75,678 | | 77,534 | |
| Warehouse | 204,216 | | 197,292 | | 592,657 | | 598,800 | |
| Transportation | 9,467 | | 7,736 | | 29,222 | | 23,732 | |
| Total Segment Contribution | 213,683 | | 205,028 | | 621,879 | | 622,532 | |
| Reconciling items: | | | | |
| Joint venture related management fee and reimbursed costs | 13,058 | | - | | 13,058 | | - | |
| Joint venture related reimbursed costs | (11,597) | | - | | (11,597) | | - | |
| Depreciation and amortization expense | (105,666) | | (88,023) | | (300,257) | | (267,467) | |
| Selling, general, and administrative expense | (63,487) | | (70,982) | | (197,670) | | (207,124) | |
| Transactions, strategic initiatives and other costs, net | (32,208) | | (29,052) | | (81,123) | | (77,692) | |
| Impairment of long-lived assets | (4,623) | | (77) | | (314,195) | | (5,303) | |
| Net gain (loss) from sale of real estate | 12,126 | | (143) | | 17,647 | | 11,617 | |
| Gain on contribution of real estate assets | 721,381 | | - | | 721,381 | | - | |
| Interest expense | (41,971) | | (33,931) | | (125,790) | | (108,293) | |
| Loss from investments in partially owned entities | (2,398) | | (41) | | (3,330) | | (1,739) | |
| Other, net | (1,240) | | (477) | | 13,071 | | 6,594 | |
| Income (loss) before income taxes | $697,058 | | $(17,698) | | $353,074 | | $(26,875) | |
(1)As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.
(2) These amounts represent the results of sites contributed to the EQT JV upon formation on August 31, 2026.
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, Adjusted Core EBITDA, Core EBITDA margin, Net Debt to Pro Forma Core EBITDA, Net Debt to Pro Forma Core EBITDA - including our proportional share of the partially owned entities, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, 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 gains or losses from sales of previously depreciated operating real estate and real estate related assets, adjusted for specified non-cash items, such as real estate asset depreciation and amortization, and impairment charges on real estate related assets. We then further adjust for our share of reconciling items for partially owned entities and any Gain on contribution of real estate assets, net of tax. 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 extraordinary items as defined under U.S. GAAP including Net (gain) loss on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Impairment of long-lived assets (excluding certain real estate related assets); Loss (gain) on debt extinguishment and termination of derivative instruments, net; Foreign currency exchange loss (gain); Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; and Gain from sale of partially owned entity. 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) expense; Stock-based compensation expense; Non-real estate related 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 (loss) and Net income (loss) per common share - diluted (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 Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) 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 (loss) or Net cash provided by 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 income (loss), 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 income (loss) before Depreciation and amortization; Interest expense; Income tax expense (benefit); Net (gain) loss from sale of real estate; Adjustment to reflect share of EBITDAre of partially owned entities; and Gain on contribution of real estate assets. 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 Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss (gain) on debt extinguishment and termination of derivative instruments, net; Net loss on real estate related asset disposals; Net (gain) loss on sale of non-real estate related assets; Project Orion deferred costs amortization; Adjustment to reflect share of Core EBITDA of partially owned entities; Reduction in EBITDAre and Core EBITDA from partially owned entities; and Gain from sale of partially owned entity. 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 also calculate our Adjusted Core EBITDA as Core EBITDA further adjusted for Americold's share of Core EBITDA from partially owned entities. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. We believe Core EBITDA margin is helpful to investors as a supplemental measure of operating efficiency because it measures the portion of each dollar of revenue converted to Core EBITDA, which facilitates comparisons of our operating performance between periods. NAREIT EBITDAre, Core EBITDA, and Adjusted Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre, Core EBITDA and Adjusted Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre, Core EBITDA, and Adjusted Core EBITDA as alternatives to Net income (loss) or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre, Core EBITDA and Adjusted 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 is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. Net debt to pro forma 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, divestitures, exited properties, properties classified as held for sale, and properties contributed to the EQT joint venture. The pro forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. For purposes of the Net Debt to Pro Forma Adjusted Core EBITDA - Including Proportional Share of Partially Owned Entities, net debt and pro forma Core EBITDA are further adjusted to reflect the Company's proportionate share of net debt and Core EBITDA from its partially owned entities.
NOI is calculated as Net income (loss) before Interest expense, Income tax (expense) benefit, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Impairment of long-lived assets; Transactions, strategic initiatives and other costs, net; Net (gain) loss from sale of real estate; Joint venture related management fee and reimbursed costs; Joint venture related reimbursed costs; Gain on contribution of real estate assetsand 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, 2025) 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) do 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. However, the sites contributed upon formation of the EQT JV have been excluded from both the same store and non-same store results. 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 long-lived assets, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net, and Net (gain) loss from sale of real estate) and all components of non-operating other income and expense. 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 calculate “total enterprise value” as the sum of net debt and our equity capitalization based on the fully diluted unweighted common stock outstanding and the related common stock share price as of September 30, 2026.
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.
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.