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Americold Realty Trust COLD

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Americold Realty Reports Solid Third-Quarter Results as Cold Storage’s Resilience Continues

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Americold Realty reported impressive third-quarter results considering the disruptive effect the coronavirus crisis has had on supply chains globally. Although industrial real estate has emerged as a darling of the commercial real estate industry amid the coronavirus pandemic, the cold storage industry is likewise proving a great option for investors at the moment. During the third quarter, Americold reported core funds from operations of $0.28 per share, a modest decrease as compared with $0.30 during the third quarter of 2019. Despite the decline, the firm reported third-quarter net operating income of $135 million, an increase of around 12% as compared with a year ago. Americold Realty’s results included several bright spots that lead us to reaffirm our $32 per share fair value estimate for the no-moat rated firm.

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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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 12,600