Americold Announces Third Quarter 2026 Results

(NYSE:COLD) Americold Realty Trust, Inc. announced its financial and operating results for the third quarter ended September 30, 2026. The company reported total revenues of $691.6 million for Q3 2026, a 4.2% increase from $663.7 million in Q3 2025, and a 3.3% increase on a constant currency basis. Net income for Q3 2026 was $683.4 million, or $2.38 per diluted share, compared to a net loss of $0.04 per diluted share in Q3 2025, primarily due to a one-time gain from the formation of the EQT joint venture. Adjusted FFO for the quarter was $101.3 million, or $0.35 per diluted share, consistent with Q3 2025. Core EBITDA was $159.4 million, up 7.5% from Q3 2025, with a margin of 23.0% compared to 22.3% in the prior year. Global Warehouse segment same store revenues increased 5.7% on an actual basis and 4.9% on a constant currency basis, while same store NOI increased 6.0% (5.5% constant currency). The company closed its joint venture with EQT on August 31, 2026, reducing outstanding debt by $1.15 billion and lowering the net leverage ratio by a full turn. As of September 30, 2026, Americold had total liquidity of approximately $950.4 million and total net debt outstanding of approximately $3.3 billion. Unsecured debt comprised 93.4% of total debt, with a weighted average term of 5.0 years and a weighted average contractual interest rate of 4.0%. Approximately 86.6% of total debt was at a fixed rate. Net debt to pro forma Core EBITDA was approximately 6.2x, and including partially owned entities, net debt to pro forma Adjusted Core EBITDA was approximately 6.3x. The company increased its full-year AFFO outlook to a range of $1.31 to $1.33 per share. Warehouse segment same store revenues (constant currency) are now guided to $2.06 billion to $2.10 billion, and warehouse segment same store NOI (constant currency) to $680 million to $700 million. Total company NOI (constant currency) is guided to $800 million to $830 million. Total SG&A expense is projected at $260 million to $265 million, including $228 million to $233 million of core SG&A, $23 million to $24 million of share-based compensation, and $8 million to $10 million of Project Orion deferred costs amortization. Core EBITDA is projected at $585 million to $610 million. Interest expense is expected to be $155 million to $160 million, and current income tax expense (excluding EQT JV impact) is projected at $7 million to $9 million. Total maintenance capital expenditures are forecast at $60 million to $70 million. On August 26, 2026, the Board declared a dividend of $0.23 per share for Q3 2026, paid on October 15, 2026 to shareholders of record as of September 30, 2026. The company retained a 30% interest in the EQT JV and serves as day-to-day property manager. Global Warehouse segment margin (excluding EQT JV sites) was 32.1% for Q3 2026, a 130 basis point increase from Q3 2025. The company benefited from lower SG&A costs and a $12.1 million net gain on the sale of real estate, offset by higher interest expense and depreciation and amortization. The company will hold a webcast and conference call on November 5, 2026 at 8:00 a.m. Eastern Time to discuss results.

Americold Launches Global Innovation Center to Advance Technology, Operations and Customer Solutions

(NYSE:COLD) Americold Realty Trust announced the opening of its new Global Innovation Center at its Atlanta headquarters. The Global Innovation Center integrates technology, automation, data and analytics, business solutions, and operational expertise to accelerate decision-making, improve execution, and develop value-creating solutions for Americold and its customers. The centerpiece of the center is the Global Operations Command Center, which centralizes 24/7 oversight of Americold's automated facilities worldwide. This centralized approach allows Americold to monitor and manage automated operations from a single location, enabling real-time optimization, rapid problem-solving, and coordinated support. The model is designed to strengthen operational resilience and redundancy while creating efficiencies. Rob Chambers, Chief Executive Officer of Americold, stated that the Global Operations Command Center provides a fundamentally different way to manage and optimize the automated network, allowing for faster response, continuous performance optimization, and more efficient support for automated facilities globally. Over time, Americold sees the potential to extend these capabilities across its conventional network. Anita Nanda has been appointed as Chief Technology & Solutions Officer to lead Americold's broader technology and solutions strategy. Nanda emphasized that uniting Technology and Solutions teams provides a clearer path from identifying needs to developing, deploying, and scaling solutions, and that the Global Innovation Center offers an environment for collaborative work that delivers operational and customer outcomes. Nanda was instrumental in designing and implementing the Global Operations Command Center and will oversee the global Technology and Solutions organization, including enterprise technology, automation, cybersecurity, business solutions, data and analytics, and digital transformation. Her expanded role is intended to more directly connect technology strategy and solutions development with operational priorities and customer needs. Nanda has over two decades of experience in technology, engineering, automation, and operations, joined Americold in 2022, and has held leadership roles including Senior Vice President, Global Development and Automation, and interim leader of the Technology organization. She also serves on the Board of Directors of the Controlled Environment Building Association (CEBA). The Global Innovation Center is currently open to Americold associates and is expected to welcome customers in the first quarter of 2027. Americold operates more than 220 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.4 billion refrigerated cubic feet.

Americold Realty Trust, Inc. and EQT Announce a $1.3 Billion North American Cold Storage Joint Venture

Americold Realty Trust (NYSE: COLD) and EQT announced the formation of a new joint venture focused on cold storage warehouse facilities in North America. Americold will contribute 12 cold storage facilities valued at over $1.3 billion, totaling approximately 124 million cubic feet of capacity and over 400,000 pallet positions. EQT will acquire a 70% interest, while Americold retains 30% and will manage the platform. Americold expects to receive about $1.1 billion in net cash proceeds, which will be used to repay outstanding debt. The transaction is expected to close in the third quarter of 2026, subject to customary conditions and approvals.