Americold Announces Second Quarter 2025 Results

Launched Three Innovative and Demand-Driven Development Projects Delivered $0.36 AFFO per share Updated 2025 Full-Year Outlook ATLANTA, GA., Aug. 07, 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 second quarter ended June 30, 2025. George Chappelle, Chief Executive Officer of Americold Realty Trust, said, “Our team continues to execute well in the current market, despite the impacts from multiple headwinds that are constraining occupancy levels across the industry. During the second quarter we made strong progress on our four key operational priorities and won new business, while continuing to manage the business tightly. As a result, the first half of the year has largely been in-line with expectations, demonstrating the resilience and breadth of our various operating levers.” “We continue to position the Company for future growth. Specifically, we launched three innovative and demand-driven projects during the second quarter – our development in Kansas City in partnership with CPKC, our expansion in Allentown, and finally our state-of-the-art flagship build with DP World in the Port of Jebel Ali in Dubai. All three of these facilities are seeing strong customer demand, and we look forward to their financial contributions for years to come.” “Looking to the second half of the year, we expect the challenging demand environment to continue, with occupancy and throughput levels remaining below typical seasonality trends. As a result of these headwinds, we are adjusting our AFFO/share guidance range to $1.39 - $1.45. We remain focused on controlling what we can control, including lowering costs, improving efficiencies and capturing new business opportunities. Longer term, cold storage remains a mission-critical asset, and we believe that the breadth and magnitude of our network, in combination with our history of operational excellence positions us to maximize growth as industry volumes improve. I want to thank our associates around the world who continue to deliver for our customers, and I am looking forward to the future that we will help create.” Second Quarter 2025 Highlights Total revenues of $650.7 million, a 1.5% decrease from $661.0 million in Q2 2024 and a decrease of 1.5% on a constant currency basis.Net income of $1.6 million, or $0.01 per diluted share, as compared to a net loss of $0.23 per diluted share in Q2 2024.Global Warehouse segment same store revenues decreased 1.5% on an actual and constant currency basis as compared to Q2 2024.Global Warehouse same store services margin increased to 13.3% from 12.4% in Q2 2024.Global Warehouse segment same store NOI decreased 4.2% on an actual and constant currency basis, as compared to Q2 2024.Adjusted FFO of $103.6 million, or $0.36 per diluted share, a 5.6% decrease from Q2 2024 Adjusted FFO per diluted share.Core EBITDA of $159.1 million, decreased $6.4 million, or 3.9% (3.8% on a constant currency basis) from $165.5 million in Q2 2024.Core EBITDA margin of 24.4%, decreased from 25.0% in Q2 2024. 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 August 7, 2025May 8, 2025Warehouse segment same store revenue growth (constant currency)(4.0)% - 0.0%0.0% - 2.0%Warehouse segment same store NOI growth (constant currency)50 to 100 bps lower than associated revenues100 bps higher than associated revenuesWarehouse segment non-same store NOI$7M - $13M$7M - $13MTransportation and Third-Party Managed segment NOI$40M - $44M$40M - $44MTotal selling, general and administrative expense (guidance as of August 7, 2025 is inclusive of share-based compensation expense of $30M - $32M and $14M - $16M of Project Orion amortization)$270M - $280M$270M - $280MInterest expense$153M - $157M$153M - $157MCurrent income tax expense$6M - $8M$8M - $10MNon real estate depreciation and amortization expense$139M - $149M$139M - $149MTotal maintenance capital expenditures$60M - $70M$80M - $85MDevelopment starts(1)$200M - $300M$200M - $300MAdjusted FFO per share$1.39 - $1.45$1.42 - $1.52(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, August 7, 2025 at 8:00 a.m. Eastern Time to discuss its second quarter 2025 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website. The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13750776. The telephone replay will be available starting shortly after the call until August 21, 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. Second Quarter 2025 Total Company Financial Results Total revenues for the second quarter of 2025 were $650.7 million, a 1.5% decrease from $661.0 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue. Total NOI for the second quarter of 2025 was $211.7 million, a decrease of 1.8% (1.7% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in warehouse segment NOI which was primarily due to lower volumes. For the second quarter of 2025, the Company reported net income of $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or a net loss of $0.23 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the Loss on debt extinguishment and termination of derivative instruments recognized during the second quarter of 2024 of $110.7 million offset by increased Acquisition, cyber incident, and other, net costs and Selling, general, and administrative costs during the second quarter of 2025. Core EBITDA was $159.1 million for the second quarter of 2025, compared to $165.5 million for the comparable quarter of the prior year. This decrease (3.9% on an actual basis and 3.8% on a constant currency basis) was primarily driven by lower volumes in the warehouse segment and an increase in Selling, general, and administrative costs, primarily due to increased costs associated with the go-live of Project Orion in North America and Asia Pacific. For the second quarter of 2025, Core FFO was $75.8 million, or $0.27 per diluted share, compared to $95.0 million, or $0.33 per diluted share, for the second quarter of 2024. For the second quarter of 2025, Adjusted FFO was $103.6 million, or $0.36 per diluted share, compared to $109.4 million, or $0.38 per diluted share, for the second quarter of 2024. Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures. Second Quarter 2025 Global Warehouse Segment Results The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three and six months ended June 30, 2025 and 2024. Three Months Ended June 30, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency TOTAL WAREHOUSE SEGMENT Global Warehouse revenues: Rent and storage $256,732 $256,861 $267,671 (4.1)% (4.0)%Warehouse services 337,338 337,527 332,716 1.4% 1.4%Total revenues $594,070 $594,388 $600,387 (1.1)% (1.0)%Global Warehouse cost of operations: Power 35,544 35,500 37,082 (4.1)% (4.3)%Other facilities costs(2) 59,675 59,739 62,385 (4.3)% (4.2)%Labor 248,241 248,573 245,626 1.1% 1.2%Other services costs(3) 49,605 49,533 50,763 (2.3)% (2.4)%Total warehouse segment cost of operations $393,065 $393,345 $395,856 (0.7)% (0.6)% Global Warehouse contribution (NOI) $201,005 $201,043 $204,531 (1.7)% (1.7)%Rent and storage contribution (NOI)(4) $161,513 $161,622 $168,204 (4.0)% (3.9)%Services contribution (NOI)(5) $39,492 $39,421 $36,327 8.7% 8.5%Global Warehouse margin 33.8% 33.8% 34.1% -30 bps -30 bpsRent and storage margin(6) 62.9% 62.9% 62.8% 10 bps 10 bpsWarehouse services margin(7) 11.7% 11.7% 10.9% 80 bps 80 bps Global Warehouse rent and storage metrics: Average economic occupied pallets(8) 4,057 n/a 4,311 (5.9)% n/aAverage physical occupied pallets(9) 3,454 n/a 3,740 (7.6)% n/aAverage physical pallet positions 5,499 n/a 5,519 (0.4)% n/aEconomic occupancy percentage(8) 73.8% n/a 78.1% -430 bps n/aPhysical occupancy percentage(9) 62.8% n/a 67.8% -500 bps n/aTotal rent and storage revenues per average economic occupied pallet $63.28 $63.31 $62.09 1.9% 2.0%Total rent and storage revenues per average physical occupied pallet $74.33 $74.37 $71.57 3.9% 3.9%Global Warehouse services metrics: Throughput pallets 8,784 n/a 9,024 (2.7)% n/aTotal warehouse services revenues per throughput pallet $38.40 $38.43 $36.87 4.1% 4.2%(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) Includes real estate rent expense of $7.4 million and $9.2 million for the three months ended June 30, 2025 and 2024, respectively.(3) Includes non-real estate rent expense (equipment lease and rentals) of $2.4 million and $3.0 million for the three months ended June 30, 2025 and 2024, respectively.(4) Calculated as warehouse rent and storage revenues less power and other facilities costs.(5) Calculated as warehouse services revenues less labor and other services costs.(6) Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues. (7) Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.(8) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(9) We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(n/a = not applicable) Three Months Ended June 30, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency SAME STORE WAREHOUSE Number of same store warehouses 223 223 Same store revenues: Rent and storage $247,212 $247,335 $259,427 (4.7)% (4.7)%Warehouse services 325,882 326,010 322,446 1.1% 1.1%Total same store revenues $573,094 $573,345 $581,873 (1.5)% (1.5)%Same store cost of operations: Power 34,106 34,059 35,379 (3.6)% (3.7)%Other facilities costs 57,262 57,320 56,025 2.2% 2.3%Labor 237,173 237,455 235,609 0.7% 0.8%Other services costs 45,327 45,250 46,857 (3.3)% (3.4)%Total same store cost of operations $373,868 $374,084 $373,870 —% 0.1% Same store contribution (NOI) $199,226 $199,261 $208,003 (4.2)% (4.2)%Same store rent and storage contribution (NOI)(2) $155,844 $155,956 $168,023 (7.2)% (7.2)%Same store services contribution (NOI)(3) $43,382 $43,305 $39,980 8.5% 8.3%Same store margin 34.8% 34.8% 35.7% -90 bps -90 bpsSame store rent and storage margin(4) 63.0% 63.1% 64.8% -180 bps -170 bpsSame store services margin(5) 13.3% 13.3% 12.4% 90 bps 90 bps Same store rent and storage metrics: Average economic occupied pallets(6) 3,972 n/a 4,203 (5.5)% n/aAverage physical occupied pallets(7) 3,387 n/a 3,637 (6.9)% n/aAverage physical pallet positions 5,263 n/a 5,278 (0.3)% n/aEconomic occupancy percentage(6) 75.5% n/a 79.6% -410 bps n/aPhysical occupancy percentage(7) 64.4% n/a 68.9% -450 bps n/aSame store rent and storage revenues per average economic occupied pallet $62.24 $62.27 $61.72 0.8% 0.9%Same store rent and storage revenues per average physical occupied pallet $72.99 $73.02 $71.33 2.3% 2.4%Same store services metrics: Throughput pallets 8,577 n/a 8,819 (2.7)% n/aSame store warehouse services revenues per throughput pallet $37.99 $38.01 $36.56 3.9% 4.0%(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 June 30, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency NON-SAME STORE WAREHOUSE Number of non-same store warehouses(2) 11 12 Non-same store revenues: Rent and storage $9,520 $9,526 $8,244 n/r n/rWarehouse services 11,456 11,517 10,270 n/r n/rTotal non-same store revenues $20,976 $21,043 $18,514 n/r n/rNon-same store cost of operations: Power 1,438 1,441 1,703 n/r n/rOther facilities costs 2,413 2,419 6,360 n/r n/rLabor 11,068 11,118 10,017 n/r n/rOther services costs 4,278 4,283 3,906 n/r n/rTotal non-same store cost of operations $19,197 $19,261 $21,986 n/r n/r Non-same store contribution (NOI) $1,779 $1,782 $(3,472) n/r n/rNon-same store rent and storage contribution (NOI)(3) $5,669 $5,666 $181 n/r n/rNon-same store services contribution (NOI)(4) $(3,890) $(3,884) $(3,653) n/r n/r Non-same store rent and storage metrics: Average economic occupied pallets(5) 85 n/a 108 n/r n/aAverage physical occupied pallets(6) 67 n/a 103 n/r n/aAverage physical pallet positions 236 n/a 241 n/r n/aEconomic occupancy percentage(5) 36.0% n/a 44.8% n/r n/aPhysical occupancy percentage(6) 28.4% n/a 42.7% n/r n/aNon-same store rent and storage revenues per average economic occupied pallet $112.00 $112.07 $76.33 n/r n/rNon-same store rent and storage revenues per average physical occupied pallet $142.09 $142.18 $80.04 n/r n/rNon-same store services metrics: Throughput pallets 207 n/a 205 n/r n/aNon-same store warehouse services revenues per throughput pallet $55.34 $55.64 $50.10 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 June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.(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) Six Months Ended June 30, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency TOTAL WAREHOUSE SEGMENT Global Warehouse revenues: Rent and storage $511,311 $513,762 $537,095 (4.8)% (4.3)%Warehouse services 658,116 661,494 661,002 (0.4)% 0.1%Total revenues $1,169,427 $1,175,256 $1,198,097 (2.4)% (1.9)%Global Warehouse cost of operations: Power 67,253 67,586 70,415 (4.5)% (4.0)%Other facilities costs(2) 117,225 117,834 127,980 (8.4)% (7.9)%Labor 489,153 491,966 493,799 (0.9)% (0.4)%Other services costs(3) 98,206 98,628 104,241 (5.8)% (5.4)%Total warehouse segment cost of operations $771,837 $776,014 $796,435 (3.1)% (2.6)% Global Warehouse contribution (NOI) $397,590 $399,242 $401,662 (1.0)% (0.6)%Rent and storage contribution (NOI)(4) $326,833 $328,342 $338,700 (3.5)% (3.1)%Services contribution (NOI)(5) $70,757 $70,900 $62,962 12.4% 12.6%Global Warehouse margin 34.0% 34.0% 33.5% 50 bps 50 bpsRent and storage margin(6) 63.9% 63.9% 63.1% 80 bps 80 bpsWarehouse services margin(7) 10.8% 10.7% 9.5% 130 bps 120 bps Global Warehouse rent and storage metrics: Average economic occupied pallets(8) 4,093 n/a 4,353 (6.0)% n/aAverage physical occupied pallets(9) 3,477 n/a 3,775 (7.9)% n/aAverage physical pallet positions 5,512 n/a 5,525 (0.2)% n/aEconomic occupancy percentage(8) 74.3% n/a 78.8% -450 bps n/aPhysical occupancy percentage(9) 63.1% n/a 68.3% -520 bps n/aTotal rent and storage revenues per average economic occupied pallet $124.92 $125.52 $123.39 1.2% 1.7%Total rent and storage revenues per average physical occupied pallet $147.06 $147.76 $142.28 3.4% 3.9%Global Warehouse services metrics: Throughput pallets 17,515 n/a 18,075 (3.1)% n/aTotal warehouse services revenues per throughput pallet $37.57 $37.77 $36.57 2.7% 3.3%(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 $13.9 million and $18.4 million for the six months ended June 30, 2025 and 2024, respectively.(3) Includes non-real estate rent expense (equipment lease and rentals) of $4.8 million and $6.5 million for the six months ended June 30, 2025 and 2024, respectively.(4) Calculated as warehouse rent and storage revenues less power and other facilities costs.(5) Calculated as warehouse services revenues less labor and other services costs.(6) Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues. (7) Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.(8) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(9) We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(n/a = not applicable) Six Months Ended June 30, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency SAME STORE WAREHOUSE Number of same store warehouses 223 223 Same store revenues: Rent and storage $492,408 $494,852 $516,198 (4.6)% (4.1)%Warehouse services 640,705 644,015 638,938 0.3% 0.8%Total same store revenues $1,133,113 $1,138,867 $1,155,136 (1.9)% (1.4)%Same store cost of operations: Power 64,762 65,093 66,292 (2.3)% (1.8)%Other facilities costs 114,507 115,110 112,592 1.7% 2.2%Labor 471,813 474,573 471,026 0.2% 0.8%Other services costs 90,090 90,504 96,021 (6.2)% (5.7)%Total same store cost of operations $741,172 $745,280 $745,931 (0.6)% (0.1)% Same store contribution (NOI) $391,941 $393,587 $409,205 (4.2)% (3.8)%Same store rent and storage contribution (NOI)(2) $313,139 $314,649 $337,314 (7.2)% (6.7)%Same store services contribution (NOI)(3) $78,802 $78,938 $71,891 9.6% 9.8%Same store margin 34.6% 34.6% 35.4% -80 bps -80 bpsSame store rent and storage margin(4) 63.6% 63.6% 65.3% -170 bps -170 bpsSame store services margin(5) 12.3% 12.3% 11.3% 100 bps 100 bps Same store rent and storage metrics: Average economic occupied pallets(6) 4,008 n/a 4,235 (5.4)% n/aAverage physical occupied pallets(7) 3,411 n/a 3,668 (7.0)% n/aAverage physical pallet positions 5,271 n/a 5,279 (0.2)% n/aEconomic occupancy percentage(6) 76.0% n/a 80.2% -420 bps n/aPhysical occupancy percentage(7) 64.7% n/a 69.5% -480 bps n/aSame store rent and storage revenues per average economic occupied pallet $122.86 $123.47 $121.89 0.8% 1.3%Same store rent and storage revenues per average physical occupied pallet $144.36 $145.08 $140.73 2.6% 3.1%Same store services metrics: Throughput pallets 17,138 n/a 17,634 (2.8)% n/aSame store warehouse services revenues per throughput pallet $37.39 $37.58 $36.23 3.2% 3.7%(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) 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) Six Months Ended June 30, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency NON-SAME STORE WAREHOUSE Number of non-same store warehouses(2) 11 12 Non-same store revenues: Rent and storage $18,903 $18,910 $20,897 n/r n/rWarehouse services 17,411 17,479 22,064 n/r n/rTotal non-same store revenues $36,314 $36,389 $42,961 n/r n/rNon-same store cost of operations: Power 2,491 2,493 4,123 n/r n/rOther facilities costs 2,718 2,724 15,388 n/r n/rLabor 17,340 17,393 22,773 n/r n/rOther services costs 8,116 8,124 8,220 n/r n/rTotal non-same store cost of operations $30,665 $30,734 $50,504 n/r n/r Non-same store contribution (NOI) $5,649 $5,655 $(7,543) n/r n/rNon-same store rent and storage contribution (NOI)(3) $13,694 $13,693 $1,386 n/r n/rNon-same store services contribution (NOI)(4) $(8,045) $(8,038) $(8,929) n/r n/r Non-same store rent and storage metrics: Average economic occupied pallets(5) 85 n/a 118 n/r n/aAverage physical occupied pallets(6) 66 n/a 107 n/r n/aAverage physical pallet positions 241 n/a 246 n/r n/aEconomic occupancy percentage(5) 35.3% n/a 48.0% n/r n/aPhysical occupancy percentage(6) 27.4% n/a 43.5% n/r n/aNon-same store rent and storage revenues per average economic occupied pallet $222.39 $222.47 $177.09 n/r n/rNon-same store rent and storage revenues per average physical occupied pallet $286.41 $286.52 $195.30 n/r n/rNon-same store services metrics: Throughput pallets 377 n/a 441 n/r n/aNon-same store warehouse services revenues per throughput pallet $46.18 $46.36 $50.03 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 June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.(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 second quarter of 2025, Global Warehouse segment revenues were $594.1 million, a decrease of $6.3 million, or 1.1% (1.0% decrease on a constant currency basis), compared to $600.4 million for the second quarter of 2024. This decrease was principally driven by lower volumes and throughput pallets due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels, partially offset by annual rate increases in the normal course of operations. Global Warehouse segment contribution (NOI) was $201.0 million for the second quarter of 2025 as compared to $204.5 million for the second quarter of 2024, a decrease of $3.5 million, or a decrease of 1.7% on an actual and constant currency basis. Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 33.8% for the second quarter of 2025, a 30 basis point decrease compared to the second quarter of 2024, driven by lower volumes. Fixed Commitment Rent and Storage Revenues As of June 30, 2025, $617.4 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment rent and storage contracts compared to $629.3 million at the end of the first quarter of 2025 and $618.0 million at the end of the second quarter of 2024. On a combined basis, 59.7% of rent and storage revenues were generated from fixed commitment storage contracts or leases. On a combined basis, 61.4% 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 second quarter of 2025, economic occupancy for the total warehouse segment was 73.8% and the warehouse segment same store pool was 75.5%, representing a 1,100 and 1,110 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 430 basis points, and the warehouse segment same store pool decreased 410 basis points as compared to the second quarter of 2024. This was primarily due to lower overall volumes due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels which are primarily caused by growing consumer conservatism amid ongoing regulatory shifts. Real Estate Portfolio As of June 30, 2025, the Company’s portfolio consists of 237 facilities. The Company ended the second quarter of 2025 with 234 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 223 facilities for the quarter ended June 30, 2025. As of June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase. Balance Sheet Activity and Liquidity As of June 30, 2025, the Company had total liquidity of approximately $937.0 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $3.9 billion (inclusive of approximately $193.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.2% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 6.3x. The Company’s unsecured debt has a remaining weighted average term of 4.9 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of June 30, 2025, approximately 92.7% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. Dividend On May 20, 2025, the Company’s Board of Directors declared a 5% increase in the dividend, as compared to the prior year, to $0.23 per share for the second quarter of 2025, which was paid on July 15, 2025 to common stockholders of record as of June 30, 2025. 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 237 temperature-controlled warehouses, with approximately 1.5 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 We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (“NOI”) and margin, same store revenues and NOI, certain constant currency metrics, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs. Forward-Looking Statements This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new ERP system, defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT. Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2025 outlook and our migration of our customers to fixed commitment storage contracts. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law. Contacts:Americold Realty Trust, Inc.Investor Relations Telephone: 678-459-1959Email: investor.relations@americold.com Americold Realty Trust, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except shares and per share amounts) June 30, 2025 December 31, 2024Assets Property, buildings, and equipment: Land $832,480 $806,981 Buildings and improvements 4,577,009 4,462,565 Machinery and equipment 1,671,187 1,598,502 Assets under construction 886,925 606,233 7,967,601 7,474,281 Accumulated depreciation (2,616,706) (2,453,597)Property, buildings, and equipment – net 5,350,895 5,020,684 Operating leases - net 178,868 222,294 Financing leases - net 122,440 104,216 Cash, cash equivalents, and restricted cash 101,376 47,652 Accounts receivable – net of allowance of $19,117 and $24,426 at June 30, 2025 and December 31, 2024, respectively 366,456 386,924 Identifiable intangible assets – net 839,730 838,660 Goodwill 828,457 784,042 Investments in and advances to partially owned entities 35,618 40,252 Other assets 265,779 291,230 Total assets $8,089,619 $7,735,954 Liabilities and Equity Liabilities Borrowings under revolving line of credit $293,570 $255,052 Accounts payable and accrued expenses 579,642 603,411 Senior unsecured notes and term loans – net of deferred financing costs of $17,486 and $13,882 at June 30, 2025 and December 31, 2024, respectively 3,544,831 3,031,462 Sale-leaseback financing obligations 77,031 79,001 Financing lease obligations 116,133 95,784 Operating lease obligations 175,963 219,099 Unearned revenues 21,952 21,979 Deferred tax liability - net 127,596 115,772 Other liabilities 7,581 7,389 Total liabilities 4,944,299 4,428,949 Equity Stockholders' equity: Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,745,001 and 284,265,041 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 2,847 2,842 Paid-in capital 5,657,220 5,646,879 Accumulated deficit and distributions in excess of net earnings (2,487,951) (2,341,654)Accumulated other comprehensive loss (58,468) (27,279)Total stockholders’ equity 3,113,648 3,280,788 Noncontrolling interests 31,672 26,217 Total equity 3,145,320 3,307,005 Total liabilities and equity $8,089,619 $7,735,954 Americold Realty Trust, Inc. and SubsidiariesCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Rent, storage, and warehouse services $594,070 $600,387 $1,169,427 $1,198,097 Transportation services 48,097 50,637 92,090 107,490 Third-party managed services 8,581 9,931 18,211 20,348 Total revenues 650,748 660,955 1,279,728 1,325,935 Operating expenses: Rent, storage, and warehouse services cost of operations 393,065 395,856 771,837 796,435 Transportation services cost of operations 39,355 41,787 76,094 87,118 Third-party managed services cost of operations 6,672 7,829 14,293 16,063 Depreciation and amortization 90,462 89,649 179,444 181,744 Selling, general, and administrative 66,907 59,453 136,142 124,879 Acquisition, cyber incident, and other, net 23,226 3,013 48,640 18,011 Impairment of long-lived assets 5,226 — 5,226 — Net gain from sale of real estate (11,760) — (11,760) (3,514)Total operating expenses 613,153 597,587 1,219,916 1,220,736 Operating Income 37,595 63,368 59,812 105,199 Other income (expense): Interest expense (38,245) (33,180) (74,362) (66,610)Loss on debt extinguishment and termination of derivative instruments — (110,682) — (115,864)Loss from investments in partially owned entities (335) (1,034) (1,698) (1,983)Other, net 5,775 14,623 7,071 24,149 Income (loss) before income taxes 4,790 (66,905) (9,177) (55,109) Income tax (expense) benefit: Current income tax (1,995) (1,857) (3,928) (3,232)Deferred income tax (1,245) 4,353 (1,818) 3,734 Total income tax (expense) benefit (3,240) 2,496 (5,746) 502 Net income (loss) $1,550 $(64,409) $(14,923) $(54,607)Net income (loss) attributable to noncontrolling interests 11 (300) (82) (238)Net income (loss) attributable to Americold Realty Trust, Inc. $1,539 $(64,109) $(14,841) $(54,369) Weighted average common stock outstanding – basic 285,604 284,683 285,484 284,664 Weighted average common stock outstanding – diluted 285,794 284,683 285,484 284,664 Net income (loss) per common share - basic $0.01 $(0.23) $(0.05) $(0.19)Net income (loss) per common share - diluted $0.01 $(0.23) $(0.05) $(0.19) Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO(In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) $1,550 $(64,409) $(14,923) $(54,607)Adjustments: Real estate related depreciation 55,292 56,410 110,891 112,685 Net gain from sale of real estate (11,760) — (11,760) (3,514)Net loss on real estate related asset disposals — 53 1 93 Impairment charges on certain real estate assets 3,739 — 3,739 — Our share of reconciling items related to partially owned entities 279 418 494 566 NAREIT FFO $49,100 $(7,528) $88,442 $55,223 Adjustments: Net gain on sale of non-real assets (163) (548) (29) (568)Acquisition, cyber incident, and other, net 23,226 3,013 48,640 18,011 Impairment of long-lived assets (excluding certain real estate assets) 1,487 — 1,487 — Loss on debt extinguishment and termination of derivative instruments — 110,682 — 115,864 Foreign currency exchange (gain) loss (192) (11,321) 29 (10,948)Gain on legal settlement related to prior period operations — — — (6,104)Project Orion deferred costs amortization 4,762 581 6,871 581 Our share of reconciling items related to partially owned entities 27 144 145 280 Gain from sale of partially owned entity (2,420) — (2,420) — Core FFO $75,827 $95,023 $143,165 $172,339 Adjustments: Amortization of deferred financing costs and pension withdrawal liability 1,523 1,294 2,923 2,583 Amortization of below/above market leases 363 360 714 728 Straight-line rent adjustment 77 367 161 956 Deferred income tax expense (benefit) 1,245 (4,353) 1,818 (3,734)Stock-based compensation expense(1) 6,594 6,064 13,853 12,683 Non-real estate depreciation and amortization 35,170 33,239 68,553 69,059 Maintenance capital expenditures(2) (17,283) (22,832) (32,082) (40,765)Our share of reconciling items related to partially owned entities 71 235 208 461 Adjusted FFO $103,587 $109,397 $199,313 $214,310 (1) Stock-based compensation expense excludes any stock compensation expense associated with non-routine employee awards, 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 Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)(In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 NAREIT FFO $49,100 $(7,528) $88,442 $55,223 Core FFO $75,827 $95,023 $143,165 $172,339 Adjusted FFO $103,587 $109,397 $199,313 $214,310 Reconciliation of weighted average shares: Weighted average basic shares for net income calculation 285,604 284,683 285,484 284,664 Dilutive stock options and unvested restricted stock units 190 327 228 280 Weighted average dilutive shares 285,794 285,010 285,712 284,944 NAREIT FFO - basic per share $0.17 $(0.03) $0.31 $0.19 NAREIT FFO - diluted per share $0.17 $(0.03) $0.31 $0.19 Core FFO - basic per share $0.27 $0.33 $0.50 $0.61 Core FFO - diluted per share $0.27 $0.33 $0.50 $0.60 Adjusted FFO - basic per share $0.36 $0.38 $0.70 $0.75 Adjusted FFO - diluted per share $0.36 $0.38 $0.70 $0.75 Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA(In thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) $1,550 $(64,409) $(14,923) $(54,607)Adjustments: Depreciation and amortization 90,462 89,649 179,444 181,744 Interest expense 38,245 33,180 74,362 66,610 Income tax expense (benefit) 3,240 (2,496) 5,746 (502)Net gain from sale of real estate (11,760) — (11,760) (3,514)Adjustment to reflect share of EBITDAre of partially owned entities 976 1,520 2,492 2,990 NAREIT EBITDAre $122,713 $57,444 $235,361 $192,721 Adjustments: Acquisition, cyber incident, and other, net 23,226 3,013 48,640 18,011 Loss from investments in partially owned entities 335 1,034 1,698 1,983 Impairment of long-lived assets 5,226 — 5,226 — Foreign currency exchange (gain) loss (192) (11,321) 29 (10,948)Stock-based compensation expense(1) 6,594 6,064 13,853 12,683 Loss on debt extinguishment and termination of derivative instruments — 110,682 — 115,864 Loss on other asset disposals (163) (495) (28) (475)Gain on legal settlement related to prior period operations — — — (6,104)Project Orion deferred costs amortization 4,762 581 6,871 581 Reduction in EBITDAre from partially owned entities (976) (1,520) (2,492) (2,990)Gain from sale of partially owned entity (2,420) — (2,420) — Core EBITDA $159,105 $165,482 $306,738 $321,326 Total revenues $650,748 $660,955 $1,279,728 $1,325,935 Core EBITDA margin 24.4% 25.0% 24.0% 24.2%(1) Stock-based compensation expense excludes any stock compensation expense associated with non-routine employee awards, which are recognized within Acquisition, cyber incident, and other, net. Revenues and Contribution (NOI) by Segment(In thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Segment revenues: Warehouse $594,070 $600,387 $1,169,427 $1,198,097 Transportation 48,097 50,637 92,090 107,490 Third-party managed 8,581 9,931 18,211 20,348 Total revenues 650,748 660,955 1,279,728 1,325,935 Segment contribution: Warehouse 201,005 204,531 397,590 401,662 Transportation 8,742 8,850 15,996 20,372 Third-party managed 1,909 2,102 3,918 4,285 Total segment contribution (NOI) 211,656 215,483 417,504 426,319 Reconciling items: Depreciation and amortization expense (90,462) (89,649) (179,444) (181,744)Selling, general, and administrative expense (66,907) (59,453) (136,142) (124,879)Acquisition, cyber incident, and other, net (23,226) (3,013) (48,640) (18,011)Impairment of long-lived assets (5,226) — (5,226) — Net gain from sale of real estate 11,760 — 11,760 3,514 Interest expense (38,245) (33,180) (74,362) (66,610)Loss on debt extinguishment and termination of derivative instruments — (110,682) — (115,864)Loss from investments in partially owned entities (335) (1,034) (1,698) (1,983)Other, net 5,775 14,623 7,071 24,149 Income (loss) before income taxes $4,790 $(66,905) $(9,177) $(55,109) 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 DefinitionsWe use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (“NOI”) and margin, same store revenues and NOI, certain constant currency metrics, and maintenance capital expenditures.We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs.We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of Net gain on sale of non-real assets; Acquisition, cyber incident, and other, net; Impairment of long-lived assets (excluding certain real estate assets); Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange (gain) loss; Gain on legal settlement related to prior period operations; 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 expense (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.NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our consolidated statements of operations included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net 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 from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange (gain) loss; Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; Reduction in EBITDAre 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 calculate Core EBITDA margin as Core EBITDA divided by revenues. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including: these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;these measures do not reflect changes in, or cash requirements for, our working capital needs;these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;these measures do not reflect our tax expense or the cash requirements to pay our taxes; andalthough 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 long-lived assets; Net gain from sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business.We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2024) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) does not result in a facility being excluded from the same store population, as management believes that actively managing its real estate is normal course of operations. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year.We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Impairment of long-lived assets, Selling, general, and administrative, Acquisition, cyber incident, and other, net and Net gain from sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP.We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards.All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

Americold Announces Second Quarter 2025 Results

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