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Americold Realty Trust COLD

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Morningstar’s Analysis

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Americold Realty Reports Mixed Q4 Results With Supply Chain Disruptions Hampering Performance

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Americold Realty reported muted fourth-quarter results, with a few idiosyncratic factors providing a drag on the firm’s profitability. Despite these items, cold storage remains well positioned with a fundamentally recession resistant business model. During the fourth quarter, Americold reported core funds from operations, or FFO, of $0.39 per share--a modest increase as compared with $0.33 during the fourth quarter of 2019. Meanwhile, full-year FFO came in at $1.24 per share, higher than the figure of $1.19 during 2019. Fourth quarter net operating income, or NOI, increased 11% on a year-over-year basis, with annual NOI increasing 15.3%. Although these figures seem positive, Americold reported a net loss of $0.21 per share during the fourth quarter, largely driven by a non-cash charge due to a currency hedge, acquisition related litigation expenses, and a cyber security related incident. Despite the mixed nature of this quarter’s earnings results, we will be maintaining our $33 per share fair value estimate for no-moat rated Americold Realty.

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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 Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 16,300