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Americold Realty Trust COLD

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Americold Realty Reports Disappointing Q1 Results but Continues to Grow via Acquisitions

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Americold Realty had a disappointing first quarter, though we didn't see anything in the period that would materially affect our long-term outlook or $34 fair value estimate. With the pandemic causing low demand from restaurants in the first quarter, food manufacturers are not fully utilizing inventory space, though management sees that demand ramping up as the vaccination level progresses. As a result, same-store economic occupancy was only 76.7% in the first quarter, 600 basis points lower than the same period in 2020, and same-store physical occupancy was 920 basis points lower to 68.1%. Offsetting the lower occupancy was solid same-store rent growth of 4.7%, which led to same-store revenue falling only 1.8%. While Americold was able to control expenses and keep the same-store figure flat year over year, the revenue decline caused same-store net operating income to fall 5.2%. As a result, Americold reported adjusted funds from operations of just $0.30 per share for the first quarter, $0.03 below the same period in 2020.

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Company Profile

Business Description

Americold Realty Trust is the largest global owner and operator of temperature-controlled warehouses in the United States. The Atlanta, Georgia, based firm derives about 85% of its revenue from the U.S. but has sizable operations in Canada, Australia, and New Zealand. Americold supplements its core business by providing supply management and transportation services to its various customers. It operates as a real estate investment trust.

10 Glenlake Parkway, South Tower, Suite 600
Atlanta, GA, 30328
T +1 678 441-1400
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 16,300

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