Americold announces second quarter 2024 results

Americold Realty Trust, Inc. (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 second quarter ended June 30, 2024.

George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “As the operational and financial results of the second quarter highlight, it's been another great quarter for organic growth at Americold as we produced double digit year-over-year growth in Global Warehouse Same Store NOI, Same Store Warehouse Services Margins, and ultimately AFFO. The efforts the team has put in over the past almost three years to build a productive, stabilized workforce have created a solid foundation in which we were not only able to expand, but continue to produce sustainable services margins across any macroeconomic environment, which supported the improvement in our outlook for the year. Further, the significant investments we have made in our technology and the processes we have put in place have resulted in enhanced revenue capture, and better labor and cost management. We have also been investing back into our business by doubling the capital deployment development guide from last year to $200 - $300 million this year, and are tracking to potentially exceed that number. All of these efforts sets Americold up extremely well for the eventual return of consumer demand.”

Second Quarter 2024 Highlights

• Total revenue of $661.0 million, a 1.7% change from $649.6 million in Q2 2023.
• Net loss of $64.4 million, or $0.23 loss per diluted common share.
• Total Company NOI increased 17.1% to $215.5 million from $184.1 million in Q2 2023.
• Total Company NOI margin increased 427 bps to 32.6% from 28.3% in Q2 2023.
• Global Warehouse same store services margin increased to 13.2% from 1.1% in Q2 2023 on a constant currency basis.
• Core FFO of $95.0 million, or $0.33 per diluted common share.
• AFFO of $109.4 million, or $0.38 per diluted common share.
• Core EBITDA of $165.5 million increased $30.8 million, or 22.9% from $134.7 million in Q2 2023.
• Core EBITDA margin of 25.0% increased 430 basis points from 20.7% in Q2 2023.
• Global Warehouse segment same store revenue increased 3.4% on an actual basis, or increased 5.3% on a constant currency basis.
• Global Warehouse segment same store NOI increased 17.3%, or 19.3% on a constant currency basis.

2024 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.