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 third quarter ended September 30, 2025.

Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, “Over the past two months as CEO of Americold, I’ve had the opportunity to visit several of our geographic regions both domestically and internationally, connecting with our teams and reinforcing our shared values and operating priorities. I have long been impressed by the unwavering commitment to operational excellence and strong execution demonstrated by our teams. This focus and dedication has been instrumental in navigating through the current market conditions and allowed us to deliver third-quarter AFFO of $0.35 per share, in-line with expectations, despite the ongoing industry headwinds.”

“In additional to connecting with our associates around the world, I’ve also spent considerable time engaging with our major customers and strategic partners. Americold has a strong reputation as an industry leader, servicing some of the largest food retailers and producers in the world. These relationships often span decades, and our global scale and presence at all key nodes in the cold chain provides us with attractive and unique future growth opportunities. We are also exploring ways to further leverage our partnerships and evaluate adjacent categories to strategically drive occupancy throughout our network. I remain confident in the long-term potential of the business and believe we are well-positioned to reap the rewards of the investments we have made in labor, operational excellence, technology, and commercial leadership to grow shareholder value.”

Third Quarter 2025 Highlights

• Total revenues of $663.7 million, a 1.6% decrease from $674.2 million in Q3 2024 and a decrease of 1.5% on a constant currency basis.

• Net loss of $11.4 million, or $0.04 loss per diluted share, as compared to a net loss of $0.01 per diluted share in Q3 2024.

• Global Warehouse segment same store revenues decreased 1.6% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q3 2024.

• Global Warehouse same store services margin decreased to 12.3% from 13.6% in Q3 2024.

• Global Warehouse segment same store NOI decreased 2.9%, or 2.8% on a constant currency basis, as compared to Q3 2024.

• Adjusted FFO of $100.7 million, or $0.35 per diluted share, consistent with Q3 2024 Adjusted FFO per diluted share of $0.35.

• Core EBITDA of $148.3 million, decreased $9.0 million, or 5.7% (5.4% on a constant currency basis) from $157.2 million in Q3 2024.

• Core EBITDA margin of 22.3%, decreased from 23.3% in Q3 2024.

2025 Outlook

The table below includes the details of our reaffirmed 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.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, November 6, 2025 at 8:00 a.m. Eastern Time to discuss its third 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#13750777. The telephone replay will be available starting shortly after the call until November 20, 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.

Third Quarter 2025 Total Company Financial Results

Total revenues for the third quarter of 2025 were $663.7 million, a 1.6% decrease from $674.2 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation revenue.

Total NOI for the third quarter of 2025 was $205.0 million, a decrease of 2.0% (1.9% 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 third quarter of 2025, the Company reported net loss of $11.4 million, or a net loss of $0.04 per diluted share, compared to a net loss of $3.7 million, or a net loss of $0.01 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the same factors driving the decrease in NOI mentioned above along with an increase in both Selling, general, and administrative expenses and Acquisition, cyber incident, and other, net during the third quarter of 2025. The increase in Selling, general, and administrative is primarily related to the go live of Project Orion.

Core EBITDA was $148.3 million for the third quarter of 2025, compared to $157.2 million for the comparable quarter of the prior year. This decrease (5.7% on an actual basis and 5.4% on a constant currency basis) was primarily driven by lower volumes in the warehouse segment and an increase in Selling, general, and administrative costs mentioned above.

For the third quarter of 2025, Core FFO was $81.7 million compared to $83.9 million for the third quarter of 2024, or $0.29 per diluted share for both the third quarter of 2025 and 2024.

For the third quarter of 2025, Adjusted FFO was $100.7 million compared to $100.1 million for the third quarter of 2024, or $0.35 per diluted share for both the third quarter of 2025 and 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.

Third 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 nine months ended September 30, 2025 and 2024.

(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 $8.5 million for the three months ended September 30, 2025 and 2024, respectively.

(3)   Includes non-real estate rent expense (equipment lease and rentals) of $2.6 million and $3.0 million for the three months ended September 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)

(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)

(1)   The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)   As of September 30, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

(3)   Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.

(4)   Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)   We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(6)   We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

(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 $21.3 million and $26.9 million for the nine months ended September 30, 2025 and 2024, respectively.

(3)   Includes non-real estate rent expense (equipment lease and rentals) of $7.4 million and $9.5 million for the nine months ended September 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)

(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)

(1)   The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)   As of September 30, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

(3)   Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.

(4)   Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)   We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(6)   We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

Warehouse Results

For the third quarter of 2025, Global Warehouse segment revenues were $607.0 million, a decrease of $5.2 million, or 0.8% on both an actual and constant currency basis, compared to $612.2 million for the third quarter of 2024. This decrease was principally driven by lower overall volumes due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry, partially offset by annual rate increases in the normal course of operations.

Global Warehouse segment contribution (NOI) was $195.0 million for the third quarter of 2025 as compared to $198.6 million for the third quarter of 2024, a decrease of $3.6 million, or a decrease of 1.8% on an actual basis and a decrease of 1.7% constant currency basis. Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 32.1% for the third quarter of 2025, a 30 basis point decrease compared to the third quarter of 2024, primarily driven by lower volumes.

Fixed Commitment Rent and Storage Revenues

As of September 30, 2025, $619.1 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment rent and storage contracts compared to $617.4 million at the end of the second quarter of 2025 and $623.8 million at the end of the third quarter of 2024. On a combined basis, 60.0% of rent and storage revenues were generated from fixed commitment storage contracts or leases. On a combined basis, 63.6% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.

Economic and Physical Occupancy

Fixed commitment storage contracts are designed to ensure the Company’s customers have space available when needed. For the third quarter of 2025, economic occupancy for the total warehouse segment was 73.8%, representing a 1,100 basis point increase above physical occupancy. For the third quarter of 2025, economic occupancy for the warehouse segment same store pool was 75.5%, representing a 1,100 basis point increase above physical occupancy. Economic occupancy for the total warehouse segment decreased 290 basis points, and the warehouse segment same store pool decreased 280 basis points as compared to the third quarter of 2024. This decrease was principally driven by lower overall volumes due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry, partially offset by annual rate increases in the normal course of operations.

Real Estate Portfolio

As of September 30, 2025, the Company’s portfolio consists of 235 facilities. The Company ended the third quarter of 2025 with 232 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 September 30, 2025. As of September 30, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

Balance Sheet Activity and Liquidity

As of September 30, 2025, the Company had total liquidity of approximately $798.9 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $4.1 billion (inclusive of approximately $207.9 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.0% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.7x. The Company’s unsecured debt has a remaining weighted average term of 4.6 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of September 30, 2025, approximately 91.2% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

Dividend

On September 3, 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 third quarter of 2025, which was paid on October 15, 2025 to common stockholders of record as of September 30, 2025.