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Americold Realty Trust Inc

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Long-Term Demand for Cold Storage Should Benefit Americold Realty

Business Strategy and Outlook

Americold Realty has built its business by owning and operating cold storage facilities as well as providing ancillary services to attract and retain tenants. The company is the only publicly traded real estate investment trust in the United States focused on cold storage facilities. Over 80% of its revenue derives from the U.S., where Americold is the second-largest player by market share behind rival Lineage Logistics. Although cold storage shares similarities with traditional industrial real estate, it is a unique space that contributes less than 3% of total industrial square footage in the U.S. While industrial real estate typically features multiyear commitments for space, much of cold storage space is rented on an as-needed basis, adding some risk of short-term shocks to food supply or demand but also allowing pricing to recalibrate more quickly.

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