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, 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.
|
|
As of |
|
As of |
|
As of |
|
|
August 8, 2024 |
|
May 9, 2024 |
|
February 22, 2024 |
Warehouse segment same store
revenue growth (constant currency) |
|
2.0% - 4.0% |
|
2.5% - 5.5% |
|
2.5% - 5.5% |
Warehouse segment same store
NOI growth (constant currency) |
|
900 - 1000 bps higher than associated revenue |
|
700 - 750 bps higher than associated revenue |
|
400 - 450 bps higher than associated revenue |
Warehouse segment non-same
store NOI |
|
$(7)M - $1M |
|
$(7)M - $1M |
|
$(3)M - $9M |
Transportation and Managed
segment NOI |
|
$42M - $47M |
|
$42M - $47M |
|
$45M - $50M |
Total selling, general and
administrative expense (inclusive of share-based compensation
expense of $23M - $25M and $5M - $7M of Orion amortization) |
|
$247M - $261M |
|
$247M - $261M |
|
$247M - $261M |
Interest expense |
|
$133M - $141M |
|
$135M - $143M |
|
$141M - $149M |
Current income tax
expense |
|
$7M - $10M |
|
$9M - $12M |
|
$9M - $12M |
Deferred income tax
benefit |
|
$6M - $8M |
|
$6M - $8M |
|
$6M - $8M |
Non real estate depreciation
and amortization expense |
|
$133M - $141M |
|
$127M - $135M |
|
$127M - $135M |
Total maintenance capital
expenditures |
|
$80M - $90M |
|
$80M - $90M |
|
$80M - $90M |
Development starts (1) |
|
$200M - $300M |
|
$200M - $300M |
|
$200M - $300M |
AFFO per share |
|
$1.44 - $1.50 |
|
$1.38 - $1.46 |
|
$1.32 - $1.42 |
Assumed FX rates |
|
1 ARS = 0.0011 USD1 AUS = 0.6614 USD1 BRL = 0.0170 USD1 CAD =
0.7330 USD1 EUR = 1.079 USD1 GBP = 1.2680 USD1 NZD = 0.6113 USD1
PLN = 0.2498 USD |
|
1 ARS = 0.0012 USD1 AUS = 0.6576 USD1 BRL = 0.1925 USD1 CAD =
0.7401 USD1 EUR = 1.0857 USD1 GBP = 1.2684 USD1 NZD = 0.6128 USD1
PLN = 0.2507 USD |
|
1 ARS = 0.0012 USD1 AUS = 0.6615 USD1 BRL = 0.2016 USD1 CAD =
0.7438 USD1 EUR = 1.0914 USD1 GBP = 1.2662 USD1 NZD = 0.6168 USD1
PLN = 0.2520 USD |
|
Investor Webcast and Conference
CallThe Company will hold a webcast and conference call on
Thursday, August 8, 2024 at 8:00 a.m. Eastern Time to discuss
its second quarter 2024 results. A live webcast of the call will be
available via the Investors section of Americold Realty Trust’s
website at www.americold.com. To listen to the live webcast, please
go to the site at least fifteen minutes prior to the scheduled
start time in order to register, download and install any necessary
audio software. Shortly after the call, a replay of the webcast
will be available for 90 days on the Company’s website.
The conference call can also be accessed by
dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can
be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and
providing the conference ID#13743083. The telephone replay will be
available starting shortly after the call until August 22,
2024.
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 2024 Total Company
Financial ResultsTotal revenue for the second quarter of
2024 was $661.0 million, a 1.7% change from the $649.6 million from
the same quarter of the prior year, which was the result of growth
within our Global Warehouse segment, partially offset by changes in
our Transportation and Third-party managed segments. The growth
within our Global Warehouse segment was driven by our pricing
initiatives and rate escalations, partially offset by lower
economic occupancy and throughput.
Total NOI for the second quarter of 2024 was
$215.5 million, an increase of 17.1% from the same quarter of the
prior year. This increase is a result of strong variable cost
control driving higher warehouse services margins, in addition to
the drivers of revenue growth mentioned above.
For the second quarter of 2024, the Company
reported net loss of $64.4 million, or $0.23 loss per diluted
share, compared to net loss of $104.8 million, or $0.39 loss per
diluted share, for the comparable quarter of the prior year.
Core EBITDA was $165.5 million for the second
quarter of 2024, compared to $134.7 million for the comparable
quarter of the prior year. This reflects a 22.9% increase over
prior year on an actual basis, and 24.7% on a constant currency
basis. The increase is due to the same factors driving the increase
in NOI mentioned above.
For the second quarter of 2024, Core FFO was
$95.0 million, or $0.33 per diluted share, compared to $62.5
million, or $0.23 per diluted share, for the second quarter of
2023.
For the second quarter of 2024, AFFO was $109.4
million, or $0.38 per diluted share, compared to $75.6 million, or
$0.28 per diluted share, for the second quarter of 2023.
Please see the Company’s supplemental financial
information for the definitions and reconciliations of non-GAAP
financial measures to the most comparable GAAP financial
measures.
Second Quarter 2024 Global Warehouse
Segment ResultsThe following table presents revenues,
contribution (NOI) and margins for our same store and non-same
store warehouses with a reconciliation to the total financial
metrics of our warehouse segment for the three and six months ended
June 30, 2024. Refer to our “Real Estate Portfolio” section
below for the composition of our non-same store pool.
|
Three Months Ended June 30, |
|
Change |
Dollars and units in
thousands, except per pallet data |
2024 Actual |
|
2024 Constant
Currency(1) |
|
2023 Actual |
|
Actual |
|
Constant Currency |
|
|
|
|
|
|
|
|
|
|
TOTAL WAREHOUSE
SEGMENT |
|
|
|
|
|
|
|
|
|
Number of total
warehouses |
|
235 |
|
|
|
|
|
237 |
|
|
n/a |
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
Rent and storage |
$ |
267,671 |
|
|
$ |
273,751 |
|
|
$ |
275,183 |
|
|
(2.7 |
)% |
|
(0.5 |
)% |
Warehouse services |
|
332,716 |
|
|
|
337,351 |
|
|
|
305,987 |
|
|
8.7 |
% |
|
10.3 |
% |
Total revenue |
$ |
600,387 |
|
|
$ |
611,102 |
|
|
$ |
581,170 |
|
|
3.3 |
% |
|
5.2 |
% |
Global Warehouse
contribution (NOI) |
$ |
204,531 |
|
|
$ |
208,100 |
|
|
$ |
172,842 |
|
|
18.3 |
% |
|
20.4 |
% |
Global Warehouse
margin |
|
34.1 |
% |
|
|
34.1 |
% |
|
|
29.7 |
% |
|
433 |
bps |
|
431 |
bps |
|
|
|
|
|
|
|
|
|
|
Global Warehouse rent
and storage metrics: |
|
|
|
|
|
|
|
|
|
Average economic occupied pallets |
|
4,311 |
|
|
|
n/a |
|
|
|
4,580 |
|
|
(5.9 |
)% |
|
n/a |
|
Average physical occupied pallets |
|
3,740 |
|
|
|
n/a |
|
|
|
4,187 |
|
|
(10.7 |
)% |
|
n/a |
|
Average physical pallet positions |
|
5,519 |
|
|
|
n/a |
|
|
|
5,424 |
|
|
1.8 |
% |
|
n/a |
|
Economic occupancy
percentage |
|
78.1 |
% |
|
|
n/a |
|
|
|
84.4 |
% |
|
-634 |
bps |
|
n/a |
|
Physical occupancy
percentage |
|
67.8 |
% |
|
|
n/a |
|
|
|
77.2 |
% |
|
-943 |
bps |
|
n/a |
|
Total rent and storage revenue
per average economic occupied pallet |
$ |
62.09 |
|
|
$ |
63.50 |
|
|
$ |
60.08 |
|
|
3.3 |
% |
|
5.7 |
% |
Total rent and storage revenue
per average physical occupied pallet |
$ |
71.57 |
|
|
$ |
73.20 |
|
|
$ |
65.72 |
|
|
8.9 |
% |
|
11.4 |
% |
Global Warehouse
services metrics: |
|
|
|
|
|
|
|
|
|
Throughput pallets |
|
9,024 |
|
|
|
n/a |
|
|
|
9,118 |
|
|
(1.0 |
)% |
|
n/a |
|
Total warehouse services
revenue per throughput pallet |
$ |
36.87 |
|
|
$ |
37.38 |
|
|
$ |
33.56 |
|
|
9.9 |
% |
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
SAME STORE
WAREHOUSE |
|
|
|
|
|
|
|
|
|
Number of same store
warehouses |
|
226 |
|
|
|
|
|
226 |
|
|
n/a |
|
|
n/a |
|
Global Warehouse same
store revenue: |
|
|
|
|
|
|
|
|
|
Rent and storage |
$ |
257,924 |
|
|
$ |
263,984 |
|
|
$ |
264,134 |
|
|
(2.4 |
)% |
|
(0.1 |
)% |
Warehouse services |
|
324,767 |
|
|
|
329,372 |
|
|
|
299,417 |
|
|
8.5 |
% |
|
10.0 |
% |
Total same store revenue |
$ |
582,691 |
|
|
$ |
593,356 |
|
|
$ |
563,551 |
|
|
3.4 |
% |
|
5.3 |
% |
Global Warehouse same
store contribution (NOI) |
$ |
206,604 |
|
|
$ |
210,247 |
|
|
$ |
176,205 |
|
|
17.3 |
% |
|
19.3 |
% |
Global Warehouse same
store margin |
|
35.5 |
% |
|
|
35.4 |
% |
|
|
31.3 |
% |
|
419 |
bps |
|
417 |
bps |
|
|
|
|
|
|
|
|
|
|
Global Warehouse same
store rent and storage metrics: |
|
|
|
|
|
|
|
|
|
Average economic occupied pallets |
|
4,165 |
|
|
|
n/a |
|
|
|
4,468 |
|
|
(6.8 |
)% |
|
n/a |
|
Average physical occupied pallets |
|
3,615 |
|
|
|
n/a |
|
|
|
4,099 |
|
|
(11.8 |
)% |
|
n/a |
|
Average physical pallet positions |
|
5,245 |
|
|
|
n/a |
|
|
|
5,277 |
|
|
(0.6 |
)% |
|
n/a |
|
Economic occupancy
percentage |
|
79.4 |
% |
|
|
n/a |
|
|
|
84.7 |
% |
|
-526 |
bps |
|
n/a |
|
Physical occupancy
percentage |
|
68.9 |
% |
|
|
n/a |
|
|
|
77.7 |
% |
|
-875 |
bps |
|
n/a |
|
Same store rent and storage
revenue per average economic occupied pallet |
$ |
61.94 |
|
|
$ |
63.38 |
|
|
$ |
59.12 |
|
|
4.8 |
% |
|
7.2 |
% |
Same store rent and storage
revenue per average physical occupied pallet |
$ |
71.34 |
|
|
$ |
73.02 |
|
|
$ |
64.44 |
|
|
10.7 |
% |
|
13.3 |
% |
Global Warehouse same
store services metrics: |
|
|
|
|
|
|
|
|
|
Throughput pallets |
|
8,717 |
|
|
|
n/a |
|
|
|
8,873 |
|
|
(1.8 |
)% |
|
n/a |
|
Same store warehouse services
revenue per throughput pallet |
$ |
37.26 |
|
|
$ |
37.79 |
|
|
$ |
33.74 |
|
|
10.4 |
% |
|
12.0 |
% |
|
|
Three Months Ended June 30, |
|
Change |
Dollars and units in
thousands, except per pallet data |
2024 Actual |
|
2024 Constant
Currency(1) |
|
2023 Actual |
|
Actual |
|
Constant Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-SAME STORE
WAREHOUSE |
|
|
|
|
|
|
|
|
|
Number of non-same store
warehouses(2) |
|
9 |
|
|
|
|
|
11 |
|
|
n/a |
|
n/a |
Global Warehouse
non-same store revenue: |
|
|
|
|
|
|
|
|
|
Rent and storage |
$ |
9,747 |
|
|
$ |
9,767 |
|
|
$ |
11,049 |
|
|
n/r |
|
n/r |
Warehouse services |
|
7,949 |
|
|
|
7,979 |
|
|
|
6,570 |
|
|
n/r |
|
n/r |
Total non-same store
revenue |
$ |
17,696 |
|
|
$ |
17,746 |
|
|
$ |
17,619 |
|
|
n/r |
|
n/r |
Global Warehouse
non-same store contribution (NOI) |
$ |
(2,073 |
) |
|
$ |
(2,147 |
) |
|
$ |
(3,363 |
) |
|
n/r |
|
n/r |
Global Warehouse
non-same store margin |
(11.7 |
)% |
|
(12.1 |
)% |
|
(19.1 |
)% |
|
n/r |
|
n/r |
|
|
|
|
|
|
|
|
|
|
Global
Warehouse non-same store rent and storage metrics: |
|
|
|
|
|
|
|
|
Average economic occupied pallets |
|
146 |
|
|
|
n/a |
|
|
|
112 |
|
|
n/r |
|
n/a |
Average physical occupied pallets |
|
125 |
|
|
|
n/a |
|
|
|
88 |
|
|
n/r |
|
n/a |
Average physical pallet positions |
|
274 |
|
|
|
n/a |
|
|
|
147 |
|
|
n/r |
|
n/a |
Economic occupancy
percentage |
|
53.3 |
% |
|
|
n/a |
|
|
|
76.2 |
% |
|
n/r |
|
n/a |
Physical occupancy
percentage |
|
45.6 |
% |
|
|
n/a |
|
|
|
59.9 |
% |
|
n/r |
|
n/a |
Non-same store rent and
storage revenue per average economic occupied pallet |
$ |
66.76 |
|
|
$ |
66.90 |
|
|
$ |
98.65 |
|
|
n/r |
|
n/r |
Non-same store rent and
storage revenue per average physical occupied pallet |
$ |
77.98 |
|
|
$ |
78.14 |
|
|
$ |
125.56 |
|
|
n/r |
|
n/r |
Global Warehouse
non-same store services metrics: |
|
|
|
|
|
|
|
|
|
Throughput pallets |
|
307 |
|
|
|
n/a |
|
|
|
245 |
|
|
n/r |
|
n/a |
Non-same store warehouse
services revenue per throughput pallet |
$ |
25.89 |
|
|
$ |
25.99 |
|
|
$ |
26.82 |
|
|
n/r |
|
n/r |
|
(1) The
adjustments from our U.S. GAAP operating results to calculate
our operating results on a constant currency basis are the effect
of changes in foreign currency exchange rates relative to the
comparable prior period. (2) Refer to our “Real Estate Portfolio”
section below for the composition of our non-same store pool.(n/a =
not applicable)(n/r = not relevant) |
|
|
Six Months Ended June 30, |
|
Change |
Dollars in thousands |
2024 Actual |
|
2024 Constant Currency(1) |
|
2023 Actual |
|
Actual |
|
Constant currency |
|
|
|
|
|
|
|
|
|
|
TOTAL WAREHOUSE
SEGMENT |
|
|
|
|
|
|
|
|
|
Number of total
warehouses |
|
235 |
|
|
|
|
|
237 |
|
|
n/a |
|
|
n/a |
|
Global Warehouse
revenue: |
|
|
|
|
|
|
|
|
|
Rent and storage |
$ |
537,095 |
|
|
$ |
548,390 |
|
|
$ |
546,591 |
|
|
(1.7 |
)% |
|
0.3 |
% |
Warehouse services |
|
661,002 |
|
|
|
669,779 |
|
|
|
629,631 |
|
|
5.0 |
% |
|
6.4 |
% |
Total revenue |
$ |
1,198,097 |
|
|
$ |
1,218,169 |
|
|
$ |
1,176,222 |
|
|
1.9 |
% |
|
3.6 |
% |
Global Warehouse
contribution (NOI) |
$ |
401,662 |
|
|
$ |
408,064 |
|
|
$ |
347,669 |
|
|
15.5 |
% |
|
17.4 |
% |
Global Warehouse
margin |
|
33.5 |
% |
|
|
33.5 |
% |
|
|
29.6 |
% |
|
397 |
bps |
|
394 |
bps |
Units in thousands except per
pallet data |
|
|
|
|
|
|
|
|
|
Global Warehouse rent
and storage metrics: |
|
|
|
|
|
|
|
|
|
Average economic occupied pallets |
|
4,353 |
|
|
|
n/a |
|
|
|
4,566 |
|
|
(4.7 |
)% |
|
n/a |
|
Average physical occupied pallets |
|
3,775 |
|
|
|
n/a |
|
|
|
4,188 |
|
|
(9.9 |
)% |
|
n/a |
|
Average physical pallet positions |
|
5,525 |
|
|
|
n/a |
|
|
|
5,421 |
|
|
1.9 |
% |
|
n/a |
|
Economic occupancy
percentage |
|
78.8 |
% |
|
|
n/a |
|
|
|
84.2 |
% |
|
-544 |
bps |
|
n/a |
|
Physical occupancy
percentage |
|
68.3 |
% |
|
|
n/a |
|
|
|
77.3 |
% |
|
-893 |
bps |
|
n/a |
|
Total rent and storage revenue
per average economic occupied pallet |
$ |
123.39 |
|
|
$ |
125.98 |
|
|
$ |
119.70 |
|
|
3.1 |
% |
|
5.2 |
% |
Total rent and storage revenue
per average physical occupied pallet |
$ |
142.28 |
|
|
$ |
145.27 |
|
|
$ |
130.50 |
|
|
9.0 |
% |
|
11.3 |
% |
Global Warehouse
services metrics: |
|
|
|
|
|
|
|
|
|
Throughput pallets |
|
18,075 |
|
|
|
n/a |
|
|
|
18,770 |
|
|
(3.7 |
)% |
|
n/a |
|
Total warehouse services
revenue per throughput pallet |
$ |
36.57 |
|
|
$ |
37.06 |
|
|
$ |
33.54 |
|
|
9.0 |
% |
|
10.5 |
% |
|
|
|
|
|
|
|
|
|
|
SAME STORE
WAREHOUSE |
|
|
|
|
|
|
|
|
|
Number of same store
warehouses |
|
226 |
|
|
|
|
|
226 |
|
|
n/a |
|
|
n/a |
|
Global Warehouse same
store revenue: |
|
|
|
|
|
|
|
|
|
Rent and storage |
$ |
514,220 |
|
|
$ |
525,434 |
|
|
$ |
528,184 |
|
|
(2.6 |
)% |
|
(0.5 |
)% |
Warehouse services |
|
645,183 |
|
|
|
653,819 |
|
|
|
616,395 |
|
|
4.7 |
% |
|
6.1 |
% |
Total same store revenue |
$ |
1,159,403 |
|
|
$ |
1,179,253 |
|
|
$ |
1,144,579 |
|
|
1.3 |
% |
|
3.0 |
% |
Global Warehouse same
store contribution (NOI) |
$ |
407,187 |
|
|
$ |
413,633 |
|
|
$ |
360,924 |
|
|
12.8 |
% |
|
14.6 |
% |
Global Warehouse same
store margin |
|
35.1 |
% |
|
|
35.1 |
% |
|
|
31.5 |
% |
|
359 |
bps |
|
354 |
bps |
Units in thousands except per
pallet data |
|
|
|
|
|
|
|
|
|
Global Warehouse same
store rent and storage metrics: |
|
|
|
|
|
|
|
|
|
Average economic occupied pallets |
|
4,204 |
|
|
|
n/a |
|
|
|
4,460 |
|
|
(5.7 |
)% |
|
n/a |
|
Average physical occupied pallets |
|
3,649 |
|
|
|
n/a |
|
|
|
4,103 |
|
|
(11.1 |
)% |
|
n/a |
|
Average physical pallet positions |
|
5,245 |
|
|
|
n/a |
|
|
|
5,277 |
|
|
(0.6 |
)% |
|
n/a |
|
Economic occupancy
percentage |
|
80.2 |
% |
|
|
n/a |
|
|
|
84.5 |
% |
|
-437 bps |
|
n/a |
|
Physical occupancy
percentage |
|
69.6 |
% |
|
|
n/a |
|
|
|
77.8 |
% |
|
-818 bps |
|
n/a |
|
Same store rent and storage
revenue per average economic occupied pallet |
$ |
122.34 |
|
|
$ |
124.98 |
|
|
$ |
118.42 |
|
|
3.3 |
% |
|
5.5 |
% |
Same store rent and storage
revenue per average physical occupied pallet |
$ |
140.94 |
|
|
$ |
143.99 |
|
|
$ |
128.73 |
|
|
9.5 |
% |
|
11.9 |
% |
Global Warehouse same
store services metrics: |
|
|
|
|
|
|
|
|
|
Throughput pallets |
|
17,398 |
|
|
|
n/a |
|
|
|
18,269 |
|
|
(4.8 |
)% |
|
n/a |
|
Same store warehouse services
revenue per throughput pallet |
$ |
37.08 |
|
|
$ |
37.58 |
|
|
$ |
33.74 |
|
|
9.9 |
% |
|
11.4 |
% |
|
|
Six Months Ended June 30, |
|
Change |
Dollars in thousands |
2024 Actual |
|
2024 Constant Currency(1) |
|
2023 Actual |
|
Actual |
|
Constant currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-SAME STORE
WAREHOUSE |
|
|
|
|
|
|
|
|
|
Number of non-same store
warehouses(2) |
|
9 |
|
|
|
|
|
11 |
|
|
|
|
|
Global Warehouse
non-same store revenue: |
|
|
|
|
|
|
|
|
|
Rent and storage |
$ |
22,875 |
|
|
$ |
22,956 |
|
|
$ |
18,407 |
|
|
n/r |
|
n/r |
Warehouse services |
|
15,819 |
|
|
|
15,960 |
|
|
|
13,236 |
|
|
n/r |
|
n/r |
Total non-same store
revenue |
$ |
38,694 |
|
|
$ |
38,916 |
|
|
$ |
31,643 |
|
|
n/r |
|
n/r |
Global Warehouse
non-same store contribution (NOI) |
$ |
(5,525 |
) |
|
$ |
(5,569 |
) |
|
$ |
(13,255 |
) |
|
n/r |
|
n/r |
Global Warehouse
non-same store margin |
(14.3 |
)% |
|
(14.3 |
)% |
|
(41.9 |
)% |
|
n/r |
|
n/r |
Units in thousands except per
pallet data |
|
|
|
|
|
|
|
|
|
Global
Warehouse non-same store rent and storage metrics: |
|
|
|
|
|
|
|
|
Average economic occupied pallets |
|
149 |
|
|
|
n/a |
|
|
|
106 |
|
|
n/r |
|
n/a |
Average physical occupied pallets |
|
126 |
|
|
|
n/a |
|
|
|
85 |
|
|
n/r |
|
n/a |
Average physical pallet positions |
|
280 |
|
|
|
n/a |
|
|
|
144 |
|
|
n/r |
|
n/a |
Economic occupancy
percentage |
|
53.2 |
% |
|
|
n/a |
|
|
|
73.6 |
% |
|
n/r |
|
n/a |
Physical occupancy
percentage |
|
45.0 |
% |
|
|
n/a |
|
|
|
59.0 |
% |
|
n/r |
|
n/a |
Non-same store rent and
storage revenue per average economic occupied pallet |
$ |
153.52 |
|
|
$ |
154.07 |
|
|
$ |
173.65 |
|
|
n/r |
|
n/r |
Non-same store rent and
storage revenue per average physical occupied pallet |
$ |
181.55 |
|
|
$ |
182.19 |
|
|
$ |
216.55 |
|
|
n/r |
|
n/r |
Global Warehouse
non-same store services metrics: |
|
|
|
|
|
|
|
|
|
Throughput pallets |
|
677 |
|
|
|
n/a |
|
|
|
501 |
|
|
n/r |
|
n/a |
Non-same store warehouse
services revenue per throughput pallet |
$ |
23.37 |
|
|
$ |
23.57 |
|
|
$ |
26.42 |
|
|
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) Refer to our “Real Estate Portfolio”
section below for the composition of our non-same store pool.(n/a =
not applicable)(n/r = not relevant) |
|
For the second quarter of 2024, Global Warehouse
segment revenue was $600.4 million, an increase of $19.2 million,
or 3.3%, compared to $581.2 million for the second quarter of 2023.
This growth was principally driven by our pricing initiatives and
rate escalations. This was partially offset by lower occupancy and
throughput pallets due to consumer buying habits.
Global Warehouse segment contribution (NOI) was
$204.5 million for the second quarter of 2024 as compared to $172.8
million for the second quarter of 2023, an increase of $31.7
million or 18.3%. Global Warehouse segment contribution (NOI)
increased due to higher revenue, strong variable cost controls and
labor efficiencies. Global Warehouse segment margin was 34.1% for
the second quarter of 2024, a 433 basis point increase as to
compared to the second quarter of 2023, driven by improvement in
our warehouse services margin.
Fixed Commitment Rent and Storage
RevenueAs of June 30, 2024, $618.0 million of the
Company’s annualized rent and storage revenues were derived from
customers with fixed commitment storage contracts. This compares to
$597.9 million at the end of the first quarter of 2024 and $521.3
million at the end of the second quarter of 2023. We continue to
make progress on commercializing business under this type of
arrangement. On a combined pro forma basis, assuming a full twelve
months of acquisitions revenue, 56.6% of rent and storage revenue
was generated from fixed commitment storage contracts.
Economic and Physical
OccupancyContracts that contain fixed commitments are
designed to ensure the Company’s customers have space available
when needed. For the second quarter of 2024, economic occupancy for
the total warehouse segment was 78.1% and warehouse segment same
store pool was 79.4%, representing a 1,035 basis point and 1,049
basis point increase above physical occupancy, respectively.
Economic occupancy for the total warehouse segment decreased 634
basis points, and the warehouse segment same store pool decreased
526 basis points as compared to the second quarter of 2023.
Real Estate Portfolio As of
June 30, 2024, the Company’s portfolio consists of 239
facilities. The Company ended the second quarter of 2024 with 235
facilities in its Global Warehouse segment portfolio and four
facilities in its Third-party managed segment. The same store
population consists of 226 facilities for the quarter ended
June 30, 2024. The non-same store facility count consists of:
five sites in the expansion and development phase, two facilities
that we purchased in 2023, one facility that requires capital
investment in anticipation of repurposing, and one site in which we
have ceased operations and intend to lease to a third party.
Balance Sheet Activity and
LiquidityAs of June 30, 2024, the Company had total
liquidity of approximately $553.7 million, including cash and
capacity on its revolving credit facility. Total net debt
outstanding was $3.3 billion (inclusive of $177.0 million of
financing leases/sale lease-backs and exclusive of unamortized
deferred financing fees), of which 95% was in an unsecured
structure. At quarter end, net debt to pro forma Core EBITDA was
approximately 5.3x. The Company’s total debt outstanding includes
$3.2 billion of unsecured debt, which excludes sale-leaseback
and financing lease obligations. The Company’s real estate debt has
a remaining weighted average term of 4.6 years and carries a
weighted average contractual interest rate of 4.0%. As of
June 30, 2024, 82% of the Company’s total debt outstanding was
at a fixed rate, inclusive of hedged variable-rate for fixed-rate
debt. The Company has no material debt maturities until 2026,
inclusive of extension options.
DividendOn May 21, 2024,
the Company’s Board of Directors declared a dividend of $0.22 per
share for the second quarter of 2024, which was paid on
July 15, 2024 to common stockholders of record as of
June 28, 2024.
About the CompanyAmericold is a
global leader in temperature-controlled logistics real estate and
value added services. Focused on the ownership, operation,
acquisition and development of temperature-controlled warehouses,
Americold owns and/or operates 239 temperature-controlled
warehouses, with approximately 1.4 billion refrigerated cubic feet
of storage, in North America, Europe, Asia-Pacific, and South
America. Americold’s facilities are an integral component of the
supply chain connecting food producers, processors, distributors
and retailers to consumers.
Non-GAAP Financial MeasuresThis
press release contains non-GAAP financial measures, including
NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA,
Core EBITDA margin, same store segment revenue, contribution (NOI)
and margin, and maintenance capital expenditures. Definitions of
these non-GAAP metrics are included in our quarterly financial
supplement, and reconciliations of these non-GAAP measures to their
most comparable 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 StatementsThis
press release contains statements about future events and
expectations that constitute forward-looking statements.
Forward-looking statements are based on our beliefs, assumptions
and expectations of our future financial and operating performance
and growth plans, taking into account the information currently
available to us. These statements are not statements of historical
fact. Forward-looking statements involve risks and uncertainties
that may cause our actual results to differ materially from the
expectations of future results we express or imply in any
forward-looking statements, and you should not place undue reliance
on such statements. Factors that could contribute to these
differences include the following: rising inflationary pressures,
increased interest rates and operating costs; labor and power
costs; labor shortages; our relationship with our associates, the
occurrence of any work stoppages or any disputes under our
collective bargaining agreements and employment related litigation;
the impact of supply chain disruptions; risks related to rising
construction costs; risks related to expansions of existing
properties and developments of new properties, including failure to
meet budgeted or stabilized returns within expected time frames, or
at all, in respect thereof; uncertainty of revenues, given the
nature of our customer contracts; acquisition risks, including the
failure to identify or complete attractive acquisitions or failure
to realize the intended benefits from our recent acquisitions;
difficulties in expanding our operations into new markets;
uncertainties and risks related to public health crises; a failure
of our information technology systems, systems conversions and
integrations, cybersecurity attacks or a breach of our information
security systems, networks or processes, and those related to the
cyber matter which occurred on April 26, 2023; 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 to provide
transportation services to our customers; liabilities as a result
of our participation in multi-employer pension plans; risks related
to the partial ownership of properties, including our JV
investments; risks related to natural disasters; adverse economic
or real estate developments in our geographic markets or the
temperature-controlled warehouse industry; changes in real estate
and zoning laws and increases in real property tax rates; general
economic conditions; risks associated with the ownership of real
estate generally and temperature-controlled warehouses in
particular; possible environmental liabilities; uninsured losses or
losses in excess of our insurance coverage; financial market
fluctuations; our failure to obtain necessary outside financing on
attractive terms, or at all; risks related to, or restrictions
contained in, our debt financings; decreased storage rates or
increased vacancy rates; the potential dilutive effect of our
common stock offerings, including our ongoing at the market
program; the cost and time requirements as a result of our
operation as a publicly traded REIT; and our failure to maintain
our status as a REIT.
Words such as “anticipates,” “believes,”
“continues,” “estimates,” “expects,” “goal,” “objectives,”
“intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,”
“long-term,” “projections,” “assumptions,” “projects,” “guidance,”
“forecasts,” “outlook,” “target,” “trends,” “should,” “could,”
“would,” “will” and similar expressions are intended to identify
such forward-looking statements, although not all forward-looking
statements may contain such words. Examples of forward-looking
statements included in this press release include those regarding
our 2024 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, 2023, 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, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
Property, buildings, and equipment: |
|
|
|
Land |
$ |
816,949 |
|
|
$ |
820,831 |
|
Buildings and improvements |
|
4,458,632 |
|
|
|
4,464,359 |
|
Machinery and equipment |
|
1,575,540 |
|
|
|
1,565,431 |
|
Assets under construction |
|
510,085 |
|
|
|
452,312 |
|
|
|
7,361,206 |
|
|
|
7,302,933 |
|
Accumulated depreciation |
|
(2,330,672 |
) |
|
|
(2,196,196 |
) |
Property, buildings, and equipment – net |
|
5,030,534 |
|
|
|
5,106,737 |
|
|
|
|
|
Operating leases - net |
|
231,822 |
|
|
|
247,302 |
|
Financing leases - net |
|
105,770 |
|
|
|
105,164 |
|
|
|
|
|
Cash, cash equivalents, and restricted cash |
|
44,198 |
|
|
|
60,392 |
|
Accounts receivable – net of allowance of $21,672 and $21,647 at
June 30, 2024 and December 31, 2023, respectively |
|
429,080 |
|
|
|
426,048 |
|
Identifiable intangible assets – net |
|
874,788 |
|
|
|
897,414 |
|
Goodwill |
|
790,612 |
|
|
|
794,004 |
|
Investments in and advances to partially owned entities |
|
41,481 |
|
|
|
38,113 |
|
Other assets |
|
254,168 |
|
|
|
194,078 |
|
Total assets |
$ |
7,802,453 |
|
|
$ |
7,869,252 |
|
|
|
|
|
Liabilities and equity |
|
|
|
Liabilities: |
|
|
|
Borrowings under revolving line of credit |
$ |
619,636 |
|
|
$ |
392,156 |
|
Accounts payable and accrued expenses |
|
570,818 |
|
|
|
568,764 |
|
Senior unsecured notes and term loans – net of deferred financing
costs of $9,254 and $10,578, in the aggregate, at June 30,
2024 and December 31, 2023, respectively |
|
2,574,022 |
|
|
|
2,601,122 |
|
Sale-leaseback financing obligations |
|
81,201 |
|
|
|
161,937 |
|
Financing lease obligations |
|
95,768 |
|
|
|
97,177 |
|
Operating lease obligations |
|
226,764 |
|
|
|
240,251 |
|
Unearned revenue |
|
27,290 |
|
|
|
28,379 |
|
Deferred tax liability - net |
|
129,512 |
|
|
|
135,797 |
|
Other liabilities |
|
7,854 |
|
|
|
9,082 |
|
Total liabilities |
|
4,332,865 |
|
|
|
4,234,665 |
|
|
|
|
|
Equity |
|
|
|
Stockholders' equity |
|
|
|
Common stock, $0.01 par value per share – 500,000,000
authorized shares; 284,079,137 and 283,699,120 shares issued and
outstanding at June 30, 2024 and December 31, 2023,
respectively |
|
2,840 |
|
|
|
2,837 |
|
Paid-in capital |
|
5,635,353 |
|
|
|
5,625,907 |
|
Accumulated deficit and distributions in excess of net
earnings |
|
(2,176,035 |
) |
|
|
(1,995,975 |
) |
Accumulated other comprehensive income (loss) |
|
(14,313 |
) |
|
|
(16,640 |
) |
Total stockholders’ equity |
|
3,447,845 |
|
|
|
3,616,129 |
|
Noncontrolling interests |
|
21,743 |
|
|
|
18,458 |
|
Total equity |
|
3,469,588 |
|
|
|
3,634,587 |
|
|
|
|
|
Total liabilities and equity |
$ |
7,802,453 |
|
|
$ |
7,869,252 |
|
|
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, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
Rent, storage, and warehouse services |
$ |
600,387 |
|
|
$ |
581,170 |
|
|
$ |
1,198,097 |
|
|
$ |
1,176,222 |
|
Transportation services |
|
50,637 |
|
|
|
58,072 |
|
|
|
107,490 |
|
|
|
126,150 |
|
Third-party managed services |
|
9,931 |
|
|
|
10,368 |
|
|
|
20,348 |
|
|
|
23,727 |
|
Total revenues |
|
660,955 |
|
|
|
649,610 |
|
|
|
1,325,935 |
|
|
|
1,326,099 |
|
Operating expenses: |
|
|
|
|
|
|
|
Rent, storage, and warehouse services cost of operations |
|
395,856 |
|
|
|
408,328 |
|
|
|
796,435 |
|
|
|
828,553 |
|
Transportation services cost of operations |
|
41,787 |
|
|
|
48,263 |
|
|
|
87,118 |
|
|
|
104,681 |
|
Third-party managed services cost of operations |
|
7,829 |
|
|
|
8,968 |
|
|
|
16,063 |
|
|
|
21,248 |
|
Depreciation and amortization |
|
89,649 |
|
|
|
84,892 |
|
|
|
181,744 |
|
|
|
169,916 |
|
Selling, general, and administrative |
|
59,453 |
|
|
|
53,785 |
|
|
|
124,879 |
|
|
|
116,640 |
|
Acquisition, cyber incident, and other, net |
|
3,013 |
|
|
|
27,235 |
|
|
|
18,011 |
|
|
|
34,382 |
|
Gain from sale of real estate |
|
— |
|
|
|
(2,528 |
) |
|
|
(3,514 |
) |
|
|
(2,337 |
) |
Total operating expenses |
|
597,587 |
|
|
|
628,943 |
|
|
|
1,220,736 |
|
|
|
1,273,083 |
|
|
|
|
|
|
|
|
|
Operating income |
|
63,368 |
|
|
|
20,667 |
|
|
|
105,199 |
|
|
|
53,016 |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
|
(33,180 |
) |
|
|
(36,431 |
) |
|
|
(66,610 |
) |
|
|
(70,854 |
) |
Loss on debt extinguishment and termination of derivative
instruments |
|
(110,682 |
) |
|
|
(627 |
) |
|
|
(115,864 |
) |
|
|
(1,172 |
) |
Loss from investments in partially owned entities |
|
(1,034 |
) |
|
|
(709 |
) |
|
|
(1,983 |
) |
|
|
(1,357 |
) |
Loss on put option |
|
— |
|
|
|
(56,576 |
) |
|
|
— |
|
|
|
(56,576 |
) |
Impairment of related party loan receivable |
|
— |
|
|
|
(21,972 |
) |
|
|
— |
|
|
|
(21,972 |
) |
Other, net |
|
14,623 |
|
|
|
(415 |
) |
|
|
24,149 |
|
|
|
1,018 |
|
Loss from continuing
operations before income taxes |
|
(66,905 |
) |
|
|
(96,063 |
) |
|
|
(55,109 |
) |
|
|
(97,897 |
) |
|
|
|
|
|
|
|
|
Income tax (expense)
benefit: |
|
|
|
|
|
|
|
Current income tax |
|
(1,857 |
) |
|
|
(1,923 |
) |
|
|
(3,232 |
) |
|
|
(3,900 |
) |
Deferred income tax |
|
4,353 |
|
|
|
1,459 |
|
|
|
3,734 |
|
|
|
5,080 |
|
Total income tax benefit
(expense) |
|
2,496 |
|
|
|
(464 |
) |
|
|
502 |
|
|
|
1,180 |
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
Net loss from continuing operations |
|
(64,409 |
) |
|
|
(96,527 |
) |
|
|
(54,607 |
) |
|
|
(96,717 |
) |
Net loss from discontinued operations |
|
— |
|
|
|
(8,275 |
) |
|
|
— |
|
|
|
(10,656 |
) |
Net loss |
$ |
(64,409 |
) |
|
$ |
(104,802 |
) |
|
$ |
(54,607 |
) |
|
$ |
(107,373 |
) |
Net loss attributable to noncontrolling interests |
|
(300 |
) |
|
|
(78 |
) |
|
|
(238 |
) |
|
|
(87 |
) |
Net loss attributable to
Americold Realty Trust, Inc. |
$ |
(64,109 |
) |
|
$ |
(104,724 |
) |
|
$ |
(54,369 |
) |
|
$ |
(107,286 |
) |
|
|
|
|
|
|
|
|
Weighted average common stock
outstanding – basic |
|
284,683 |
|
|
|
270,462 |
|
|
|
284,664 |
|
|
|
270,387 |
|
Weighted average common stock
outstanding – diluted |
|
284,683 |
|
|
|
270,462 |
|
|
|
284,664 |
|
|
|
270,387 |
|
|
|
|
|
|
|
|
|
Net loss per common share from
continuing operations - basic |
$ |
(0.23 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.36 |
) |
Net loss per common share from
discontinued operations - basic |
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
$ |
(0.04 |
) |
Basic loss per share |
$ |
(0.23 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.40 |
) |
|
|
|
|
|
|
|
|
Net loss per common share from
continuing operations - diluted |
$ |
(0.23 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.36 |
) |
Net loss per common share from
discontinued operations - diluted |
|
— |
|
|
$ |
(0.03 |
) |
|
$ |
— |
|
|
$ |
(0.04 |
) |
Diluted loss per share |
$ |
(0.23 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.40 |
) |
|
Reconciliation of Net (Loss) Income to NAREIT FFO, Core
FFO, and Adjusted FFO(In thousands, except per share
amounts) |
|
|
Three Months Ended |
|
YTD |
|
Q2 24 |
Q1 24 |
Q4 23 |
Q3 23 |
Q2 23 |
|
|
2024 |
|
Net (loss) income |
$ |
(64,409 |
) |
$ |
9,802 |
|
$ |
(226,800 |
) |
$ |
(2,096 |
) |
$ |
(104,802 |
) |
|
$ |
(54,607 |
) |
Adjustments: |
|
|
|
|
|
|
|
Real estate related depreciation |
|
56,410 |
|
|
56,275 |
|
|
57,183 |
|
|
56,373 |
|
|
54,740 |
|
|
|
112,685 |
|
(Gain) loss from sale of real estate |
|
— |
|
|
(3,514 |
) |
|
5 |
|
|
78 |
|
|
(2,528 |
) |
|
|
(3,514 |
) |
Net loss (gain) on asset disposals |
|
53 |
|
|
40 |
|
|
260 |
|
|
(25 |
) |
|
— |
|
|
|
93 |
|
Our share of reconciling items related to partially owned
entities |
|
418 |
|
|
148 |
|
|
280 |
|
|
290 |
|
|
232 |
|
|
|
566 |
|
NAREIT FFO |
$ |
(7,528 |
) |
$ |
62,751 |
|
$ |
(169,072 |
) |
$ |
54,620 |
|
$ |
(52,358 |
) |
|
$ |
55,223 |
|
Adjustments: |
|
|
|
|
|
|
|
Net (gain) loss on sale of non-real estate assets |
|
(548 |
) |
|
(20 |
) |
|
3,312 |
|
|
(296 |
) |
|
289 |
|
|
|
(568 |
) |
Acquisition, cyber incident and other, net |
|
3,013 |
|
|
14,998 |
|
|
15,774 |
|
|
13,931 |
|
|
27,235 |
|
|
|
18,011 |
|
Goodwill impairment |
|
— |
|
|
— |
|
|
236,515 |
|
|
— |
|
|
— |
|
|
|
— |
|
Loss on debt extinguishment and termination of derivative
instruments |
|
110,682 |
|
|
5,182 |
|
|
627 |
|
|
683 |
|
|
627 |
|
|
|
115,864 |
|
Foreign currency exchange (gain) loss |
|
(11,321 |
) |
|
373 |
|
|
(28 |
) |
|
705 |
|
|
212 |
|
|
|
(10,948 |
) |
Gain on legal settlement related to prior period operations |
|
— |
|
|
(6,104 |
) |
|
(2,180 |
) |
|
— |
|
|
— |
|
|
|
(6,104 |
) |
Project Orion deferred costs amortization |
|
581 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
581 |
|
Our share of reconciling items related to partially owned
entities |
|
144 |
|
|
136 |
|
|
(184 |
) |
|
147 |
|
|
(27 |
) |
|
|
280 |
|
Net (gain) loss from discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
(203 |
) |
|
8,275 |
|
|
|
— |
|
Impairment of related party receivable |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21,972 |
|
|
|
— |
|
Loss on put option |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
56,576 |
|
|
|
— |
|
Gain on sale of LATAM JV |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(304 |
) |
|
|
— |
|
Core FFO |
$ |
95,023 |
|
$ |
77,316 |
|
$ |
84,764 |
|
$ |
69,587 |
|
$ |
62,497 |
|
|
$ |
172,339 |
|
Adjustments: |
|
|
|
|
|
|
|
Amortization of deferred financing costs and pension withdrawal
liability |
|
1,294 |
|
|
1,289 |
|
|
1,290 |
|
|
1,286 |
|
|
1,279 |
|
|
|
2,583 |
|
Amortization of below/above market leases |
|
360 |
|
|
368 |
|
|
360 |
|
|
369 |
|
|
375 |
|
|
|
728 |
|
Straight-line rental expense adjustment |
|
367 |
|
|
589 |
|
|
597 |
|
|
544 |
|
|
361 |
|
|
|
956 |
|
Deferred income tax (benefit) expense |
|
(4,353 |
) |
|
619 |
|
|
(3,228 |
) |
|
(2,473 |
) |
|
(1,459 |
) |
|
|
(3,734 |
) |
Stock-based compensation expense |
|
6,064 |
|
|
6,619 |
|
|
5,780 |
|
|
6,203 |
|
|
4,639 |
|
|
|
12,683 |
|
Non-real estate depreciation and amortization |
|
33,239 |
|
|
35,820 |
|
|
36,916 |
|
|
33,355 |
|
|
30,152 |
|
|
|
69,059 |
|
Maintenance capital expenditures (a) |
|
(22,832 |
) |
|
(17,933 |
) |
|
(18,670 |
) |
|
(20,907 |
) |
|
(22,590 |
) |
|
|
(40,765 |
) |
Our share of reconciling items related to partially owned
entities |
|
235 |
|
|
226 |
|
|
208 |
|
|
198 |
|
|
303 |
|
|
|
461 |
|
Adjusted FFO |
$ |
109,397 |
|
$ |
104,913 |
|
$ |
108,017 |
|
$ |
88,162 |
|
$ |
75,557 |
|
|
$ |
214,310 |
|
|
|
|
|
|
|
|
|
Reconciliation of Net (Loss) Income to NAREIT FFO, Core
FFO, and Adjusted FFO (continued)(In thousands except per
share amounts) |
|
|
Three Months Ended |
|
YTD |
|
Q2 24 |
Q1 24 |
Q4 23 |
Q3 23 |
Q2 23 |
|
2024 |
|
|
|
|
|
|
|
|
NAREIT FFO |
$ |
(7,528 |
) |
$ |
62,751 |
$ |
(169,072 |
) |
$ |
54,620 |
$ |
(52,358 |
) |
|
$ |
55,223 |
Core FFO |
$ |
95,023 |
|
$ |
77,316 |
$ |
84,764 |
|
$ |
69,587 |
$ |
62,497 |
|
|
$ |
172,339 |
Adjusted FFO |
$ |
109,397 |
|
$ |
104,913 |
$ |
108,017 |
|
$ |
88,162 |
$ |
75,557 |
|
|
$ |
214,310 |
|
|
|
|
|
|
|
|
Reconciliation of
weighted average shares: |
|
|
|
|
|
|
|
Weighted average basic shares
for net income calculation |
|
284,683 |
|
|
284,644 |
|
284,263 |
|
|
278,137 |
|
270,462 |
|
|
|
284,664 |
Dilutive stock options and
unvested restricted stock units |
|
327 |
|
|
234 |
|
502 |
|
|
519 |
|
695 |
|
|
|
280 |
Weighted average dilutive
shares |
|
285,010 |
|
|
284,878 |
|
284,765 |
|
|
278,656 |
|
271,157 |
|
|
|
284,944 |
|
|
|
|
|
|
|
|
NAREIT FFO - basic per
share |
$ |
(0.03 |
) |
$ |
0.22 |
$ |
(0.59 |
) |
$ |
0.20 |
$ |
(0.19 |
) |
|
$ |
0.19 |
NAREIT FFO - diluted per
share |
$ |
(0.03 |
) |
$ |
0.22 |
$ |
(0.59 |
) |
$ |
0.20 |
$ |
(0.19 |
) |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
Core FFO - basic per
share |
$ |
0.33 |
|
$ |
0.27 |
$ |
0.30 |
|
$ |
0.25 |
$ |
0.23 |
|
|
$ |
0.61 |
Core FFO - diluted per
share |
$ |
0.33 |
|
$ |
0.27 |
$ |
0.30 |
|
$ |
0.25 |
$ |
0.23 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
Adjusted FFO - basic per
share |
$ |
0.38 |
|
$ |
0.37 |
$ |
0.38 |
|
$ |
0.32 |
$ |
0.28 |
|
|
$ |
0.75 |
Adjusted FFO - diluted per
share |
$ |
0.38 |
|
$ |
0.37 |
$ |
0.38 |
|
$ |
0.32 |
$ |
0.28 |
|
|
$ |
0.75 |
|
(a) |
|
Maintenance capital expenditures include capital expenditures made
to extend the life of, and provide future economic benefit from,
our existing temperature-controlled warehouse network and its
existing supporting personal property and information
technology. |
Reconciliation of Net (Loss) Income to NAREIT EBITDAre, and
Core EBITDA(In thousands) |
|
|
Three Months Ended |
|
Trailing Twelve Months Ended |
|
Q2 24 |
Q1 24 |
Q4 23 |
Q3 23 |
Q2 23 |
|
Q2 24 |
Net (loss) income |
$ |
(64,409 |
) |
$ |
9,802 |
|
$ |
(226,800 |
) |
$ |
(2,096 |
) |
$ |
(104,802 |
) |
|
$ |
(283,503 |
) |
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
89,649 |
|
|
92,095 |
|
|
94,099 |
|
|
89,728 |
|
|
84,892 |
|
|
|
365,571 |
|
Interest expense |
|
33,180 |
|
|
33,430 |
|
|
33,681 |
|
|
35,572 |
|
|
36,431 |
|
|
|
135,863 |
|
Income tax (benefit) expense |
|
(2,496 |
) |
|
1,994 |
|
|
(601 |
) |
|
(492 |
) |
|
464 |
|
|
|
(1,595 |
) |
(Gain) loss from sale of real estate |
|
— |
|
|
(3,514 |
) |
|
5 |
|
|
78 |
|
|
(2,528 |
) |
|
|
(3,431 |
) |
Adjustment to reflect share of EBITDAre of partially owned
entities |
|
1,520 |
|
|
1,470 |
|
|
1,533 |
|
|
1,495 |
|
|
3,085 |
|
|
|
6,018 |
|
NAREIT EBITDAre |
$ |
57,444 |
|
$ |
135,277 |
|
$ |
(98,083 |
) |
$ |
124,285 |
|
$ |
17,542 |
|
|
$ |
218,923 |
|
Adjustments: |
|
|
|
|
|
|
|
Acquisition, cyber incident and other, net |
|
3,013 |
|
|
14,998 |
|
|
15,774 |
|
|
13,931 |
|
|
27,235 |
|
|
|
47,716 |
|
Loss (gain) from investments in partially owned entities |
|
1,034 |
|
|
949 |
|
|
(174 |
) |
|
259 |
|
|
709 |
|
|
|
2,068 |
|
Impairment of indefinite and long-lived assets |
|
— |
|
|
— |
|
|
236,515 |
|
|
— |
|
|
— |
|
|
|
236,515 |
|
Foreign currency exchange (gain) loss |
|
(11,321 |
) |
|
373 |
|
|
(28 |
) |
|
705 |
|
|
212 |
|
|
|
(10,271 |
) |
Stock-based compensation expense |
|
6,064 |
|
|
6,619 |
|
|
5,780 |
|
|
6,203 |
|
|
4,639 |
|
|
|
24,666 |
|
Loss on debt extinguishment and termination of derivative
instruments |
|
110,682 |
|
|
5,182 |
|
|
627 |
|
|
683 |
|
|
627 |
|
|
|
117,174 |
|
(Gain) loss on other asset disposals |
|
(495 |
) |
|
20 |
|
|
3,572 |
|
|
(321 |
) |
|
289 |
|
|
|
2,776 |
|
Gain on legal settlement related to prior period operations |
|
— |
|
|
(6,104 |
) |
|
(2,180 |
) |
|
— |
|
|
— |
|
|
|
(8,284 |
) |
Project Orion deferred costs amortization |
|
581 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
581 |
|
Reduction in EBITDAre from partially owned entities |
|
(1,520 |
) |
|
(1,470 |
) |
|
(1,533 |
) |
|
(1,495 |
) |
|
(3,085 |
) |
|
|
(6,018 |
) |
Gain from sale of partially owned entities |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(304 |
) |
|
|
— |
|
Net (gain) loss from discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
(203 |
) |
|
8,275 |
|
|
|
(203 |
) |
Impairment of related party receivable |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21,972 |
|
|
|
— |
|
Loss on put option |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
56,576 |
|
|
|
— |
|
Core EBITDA |
$ |
165,482 |
|
$ |
155,844 |
|
$ |
160,270 |
|
$ |
144,047 |
|
$ |
134,687 |
|
|
$ |
625,643 |
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
660,955 |
|
$ |
664,980 |
|
$ |
679,291 |
|
$ |
667,939 |
|
$ |
649,610 |
|
|
$ |
2,673,165 |
|
Core EBITDA margin |
|
25.0 |
% |
|
23.4 |
% |
|
23.6 |
% |
|
21.6 |
% |
|
20.7 |
% |
|
|
23.4 |
% |
|
Revenue and Contribution (NOI) by Segment(in
thousands) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Segment revenues: |
|
|
|
|
|
|
|
Warehouse |
$ |
600,387 |
|
|
$ |
581,170 |
|
|
$ |
1,198,097 |
|
|
$ |
1,176,222 |
|
Transportation |
|
50,637 |
|
|
|
58,072 |
|
|
|
107,490 |
|
|
|
126,150 |
|
Third-party managed |
|
9,931 |
|
|
|
10,368 |
|
|
|
20,348 |
|
|
|
23,727 |
|
Total revenues |
|
660,955 |
|
|
|
649,610 |
|
|
|
1,325,935 |
|
|
|
1,326,099 |
|
|
|
|
|
|
|
|
|
Segment contribution: |
|
|
|
|
|
|
|
Warehouse |
|
204,531 |
|
|
|
172,842 |
|
|
|
401,662 |
|
|
|
347,669 |
|
Transportation |
|
8,850 |
|
|
|
9,809 |
|
|
|
20,372 |
|
|
|
21,469 |
|
Third-party managed |
|
2,102 |
|
|
|
1,400 |
|
|
|
4,285 |
|
|
|
2,479 |
|
Total segment contribution |
|
215,483 |
|
|
|
184,051 |
|
|
|
426,319 |
|
|
|
371,617 |
|
|
|
|
|
|
|
|
|
Reconciling items: |
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
(89,649 |
) |
|
|
(84,892 |
) |
|
|
(181,744 |
) |
|
|
(169,916 |
) |
Selling, general, and administrative expense |
|
(59,453 |
) |
|
|
(53,785 |
) |
|
|
(124,879 |
) |
|
|
(116,640 |
) |
Acquisition, cyber incident, and other expense, net |
|
(3,013 |
) |
|
|
(27,235 |
) |
|
|
(18,011 |
) |
|
|
(34,382 |
) |
Gain from sale of real estate |
|
— |
|
|
|
2,528 |
|
|
|
3,514 |
|
|
|
2,337 |
|
Interest expense |
|
(33,180 |
) |
|
|
(36,431 |
) |
|
|
(66,610 |
) |
|
|
(70,854 |
) |
Other, net |
|
14,623 |
|
|
|
(415 |
) |
|
|
24,149 |
|
|
|
1,018 |
|
Loss on debt extinguishment and termination of derivative
instruments |
|
(110,682 |
) |
|
|
(627 |
) |
|
|
(115,864 |
) |
|
|
(1,172 |
) |
Impairment of related party loan receivable |
|
— |
|
|
|
(21,972 |
) |
|
|
— |
|
|
|
(21,972 |
) |
Loss on put option |
|
— |
|
|
|
(56,576 |
) |
|
|
— |
|
|
|
(56,576 |
) |
Loss from investments in partially owned entities |
|
(1,034 |
) |
|
|
(709 |
) |
|
|
(1,983 |
) |
|
|
(1,357 |
) |
Loss from continuing operations before income taxes |
$ |
(66,905 |
) |
|
$ |
(96,063 |
) |
|
$ |
(55,109 |
) |
|
$ |
(97,897 |
) |
|
We view and manage our business through three
primary business segments—warehouse, transportation, third-party
managed. Our core business is our warehouse segment, where we
provide temperature-controlled warehouse storage and related
handling and other warehouse services. In our warehouse segment, we
collect rent and storage fees from customers to store their frozen
and perishable food and other products within our real estate
portfolio. We also provide our customers with handling and other
warehouse services related to the products stored in our buildings
that are designed to optimize their movement through the cold
chain, such as the placement of food products for storage and
preservation, the retrieval of products from storage upon customer
request, case-picking, blast freezing, produce grading and bagging,
ripening, kitting, protein boxing, repackaging, e-commerce
fulfillment, and other recurring handling services.
In our transportation segment, we broker and
manage transportation of frozen and perishable food and other
products for our customers. Our transportation services include
consolidation services (i.e., consolidating a customer’s products
with those of other customers for more efficient shipment), freight
under management services (i.e., arranging for and overseeing
transportation of customer inventory) and dedicated transportation
services, each designed to improve efficiency and reduce
transportation and logistics costs to our customers. We provide
these transportation services at cost plus a service fee or, in the
case of our consolidation or dedicated services, we may charge a
fixed fee. We supplemented our regional, national and truckload
consolidation services with the transportation operations from
various warehouse acquisitions. We also provide multi-modal global
freight forwarding services to support our customers’ needs in
certain markets.
Under our third-party managed segment, we manage
warehouses on behalf of third parties and provide warehouse
management services to leading food manufacturers and retailers in
their owned facilities. We believe using our third-party management
services allows our customers to increase efficiency, reduce costs,
reduce supply-chain risks and focus on their core businesses. We
also believe that providing third-party management services allows
us to offer a complete and integrated suite of services across the
cold chain.
Notes and
Definitions
We use the following non-GAAP financial measures
as supplemental performance measures of our business: NAREIT FFO,
Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA
margin, net debt to pro-forma Core EBITDA, segment contribution
(“NOI”) and margin, same store revenue and NOI, and maintenance
capital expenditures.
We calculate funds from operations, or FFO, in
accordance with the standards established by the Board of Governors
of the National Association of Real Estate Investment Trusts, or
NAREIT. NAREIT defines FFO as net income or loss determined in
accordance with U.S. GAAP, excluding extraordinary items as
defined under U.S. GAAP and gains or losses from sales of
previously depreciated operating real estate and other assets, plus
specified non-cash items, such as real estate asset depreciation
and amortization impairment charge on real estate related assets
and our share of reconciling items for partially owned entities. We
believe that FFO is helpful to investors as a supplemental
performance measure because it excludes the effect of depreciation,
amortization and gains or losses from sales of real estate, all of
which are based on historical costs, which implicitly assumes that
the value of real estate diminishes predictably over time. Since
real estate values instead have historically risen or fallen with
market conditions, FFO can facilitate comparisons of operating
performance between periods and among other equity REITs.
We calculate core funds from operations, or Core
FFO, as NAREIT FFO adjusted for the effects of Net (gain) loss on
sale of non-real estate assets, Acquisition, cyber incident and
other, net, Goodwill impairment, 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, Net (gain)
loss from discontinued operations, Impairment of related party
receivable, Loss on put option, and Gain on sale of LATAM JV. We
also adjust for the impact of Core FFO on our share of reconciling
items for partially owned entities, and gain from disposition of
partially owned entities. We believe that Core FFO is helpful to
investors as a supplemental performance measure because it excludes
the effects of certain items which can create significant earnings
volatility, but which do not directly relate to our core business
operations. We believe Core FFO can facilitate comparisons of
operating performance between periods, while also providing a more
meaningful predictor of future earnings potential.
However, because NAREIT FFO and Core FFO add
back real estate depreciation and amortization and do not capture
the level of maintenance capital expenditures necessary to maintain
the operating performance of our properties, both of which have
material economic impacts on our results from operations, we
believe the utility of NAREIT FFO and Core FFO measures of our
performance may be limited.
We calculate adjusted funds from operations, or
Adjusted FFO, as Core FFO adjusted for the effects of Amortization
of deferred financing costs and pension withdrawal liability,
Amortization of below/above market leases, Straight-line rental
expense adjustment, Deferred income tax (benefit) expense,
Stock-based compensation expense, Non-real estate depreciation and
amortization, and Maintenance capital expenditures. We also adjust
for AFFO attributable to our share of reconciling items of
partially owned entities and discontinued operations. We believe
that Adjusted FFO is helpful to investors as a meaningful
supplemental comparative performance measure of our ability to make
incremental capital investments in our business and to assess our
ability to fund distribution requirements from our operating
activities.
FFO, Core FFO and Adjusted FFO are used by
management, investors and industry analysts as supplemental
measures of operating performance of equity REITs. FFO, Core FFO
and Adjusted FFO should be evaluated along with U.S. GAAP net
income and net income per diluted share (the most directly
comparable U.S. GAAP measures) in evaluating our operating
performance. FFO, Core FFO and Adjusted FFO do not represent net
income or cash flows from operating activities in accordance with
U.S. GAAP and are not indicative of our results of operations
or cash flows from operating activities as disclosed in our
consolidated statements of operations included in our quarterly and
annual reports. FFO, Core FFO and Adjusted FFO should be considered
as supplements, but not alternatives, to our net income or cash
flows from operating activities as indicators of our operating
performance. Moreover, other REITs may not calculate FFO in
accordance with the NAREIT definition or may interpret the NAREIT
definition differently than we do. Accordingly, our FFO may not be
comparable to FFO as calculated by other REITs. In addition, there
is no industry definition of Core FFO or Adjusted FFO and, as a
result, other REITs may also calculate Core FFO or Adjusted FFO, or
other similarly-captioned metrics, in a manner different than we
do. The table above reconciles FFO, Core FFO and Adjusted FFO to
net (loss) income, which is the most directly comparable financial
measure calculated in accordance with U.S. GAAP.
We calculate EBITDA for Real Estate, or
EBITDAre, in accordance with the standards established by the Board
of Governors of NAREIT, defined as, net (loss) income before
interest expense, taxes, depreciation and amortization, net gain on
sale of real estate, net of withholding taxes, and adjustment to
reflect share of EBITDAre of partially owned entities. EBITDAre is
a measure commonly used in our industry, and we present EBITDAre to
enhance investor understanding of our operating performance. We
believe that EBITDAre provides investors and analysts with a
measure of operating results unaffected by differences in capital
structures, capital investment cycles and useful life of related
assets among otherwise comparable companies.
We also calculate our Core EBITDA as EBITDAre
further adjusted for Acquisition, cyber incident and other, net,
Loss (gain) from investments in partially owned entities,
Impairment of indefinite and long-lived assets, Foreign currency
exchange (gain) loss, Stock-based compensation expense, Loss on
debt extinguishment and termination of derivative instruments,
(Gain) loss on other asset disposals, Gain on legal settlement
related to prior period operations, Project Orion deferred costs
amortization, Gain from sale of partially owned entities, Net
(gain) loss from discontinued operations, Impairment of related
party receivable, and Loss on put option. We believe that the
presentation of Core EBITDA provides a measurement of our
operations that is meaningful to investors because it excludes the
effects of certain items that are otherwise included in EBITDAre
but which we do not believe are indicative of our core business
operations. We calculate Core EBITDA margin as Core EBITDA divided
by revenues. EBITDAre and Core EBITDA are not measurements of
financial performance under U.S. GAAP, and our EBITDAre and
Core EBITDA may not be comparable to similarly titled measures of
other companies. You should not consider our EBITDAre and Core
EBITDA as alternatives to net income or cash flows from operating
activities determined in accordance with U.S. GAAP. Our
calculations of EBITDAre and Core EBITDA have limitations as
analytical tools, including:
NOI is calculated as earnings before interest
expense, taxes, depreciation and amortization, and excluding
corporate Selling, general, and administrative expense;
Acquisition, cyber incident, and other, net; Impairment of
indefinite and long-lived assets; gain or loss on 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.
- 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.
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, contribution (‘NOI”) and
margin, same store revenue and NOI, total real estate debt, total
debt outstanding and maintenance capital expenditures.
Net debt to proforma Core EBITDA is calculated
using total debt, plus deferred financing costs, less cash and cash
equivalents, divided by pro-forma Core EBITDA. We calculate
pro-forma Core EBITDA as Core EBITDA further adjusted for
acquisitions, dispositions and for rent expense associated with
lease buy-outs and lease exits. The pro-forma adjustment for
acquisitions reflects the Core EBITDA for the period of time prior
to acquisition. The pro-forma adjustment for leased facilities
exited or purchased reflects the add-back for the related lease
expense from the last year. The pro-forma adjustment for
dispositions reduces Core EBITDA for the earnings of facilities
disposed of or exited during the year, including the strategic exit
of certain third-party managed 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 or significant
modification (e.g., expansion or rehabilitation subsequent to a
natural disaster). Acquired properties are included in the “same
store” population if owned by us as of the first business day of
the prior calendar year (e.g. January 1, 2023) and are still owned
by us as of the end of the current reporting period, unless the
property is under development. The “same store” pool is also
adjusted to remove properties that were sold or entered development
subsequent to the beginning of the current calendar year. Beginning
January of 2024, changes in ownership structure (e.g., purchase of
a previously leased warehouse) no longer results in a facility
being excluded from the same store population, as management
believes that actively managing its real estate is normal course of
operations. Additionally, management began to classify new
developments (both conventional and automated facilities) as a
component of the same store pool once the facility is considered
fully operational and both inbounding and outbounding product for
at least twelve consecutive months prior to January 1 of the
current calendar year.
We calculate “same store revenue” as revenues
for the same store population. We calculate “same store
contribution (NOI)” as revenues for the same store population less
its cost of operations (excluding any depreciation and
amortization, impairment charges, corporate-level selling, general
and administrative expenses, corporate-level acquisition, cyber
incident and other, net and gain or loss on sale of real estate).
In order to derive an appropriate measure of period-to-period
operating performance, we also calculate our same store
contribution (NOI) on a constant currency basis to remove the
effects of foreign currency exchange rate movements by using the
comparable prior period exchange rate to translate from local
currency into U.S. dollars for both periods. We evaluate the
performance of the warehouses we own or lease using a “same store”
analysis, and we believe that same store contribution (NOI) is
helpful to investors as a supplemental performance measure because
it includes the operating performance from the population of
properties that is consistent from period to period and also on a
constant currency basis, thereby eliminating the effects of changes
in the composition of our warehouse portfolio and currency
fluctuations on performance measures. Same store contribution (NOI)
is not a measurement of financial performance under U.S. GAAP. In
addition, other companies providing temperature-controlled
warehouse storage and handling and other warehouse services may not
define same store or calculate same store contribution (NOI) in a
manner consistent with our definition or calculation. Same store
contribution (NOI) should be considered as a supplement, but not as
an alternative, to our results calculated in accordance with U.S.
GAAP.
We define “maintenance capital expenditures” as
capital expenditures made to extend the life of, and provide future
economic benefit from, our existing temperature-controlled
warehouse network and its existing supporting personal property and
information technology. Maintenance capital expenditures 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. 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 define “total real estate debt” as the
aggregate of the following: mortgage notes, senior unsecured notes,
term loans and borrowings under our revolving line of credit. We
define “total debt outstanding” as the aggregate of the following:
total real estate debt, sale-leaseback financing obligations and
financing lease obligations.
All quarterly amounts and non-GAAP disclosures within this
filing shall be deemed unaudited.
Americold Realty (NYSE:COLD)
過去 株価チャート
から 9 2024 まで 10 2024
Americold Realty (NYSE:COLD)
過去 株価チャート
から 10 2023 まで 10 2024