Delivered
Year-Over-Year Revenue and Occupancy Growth Reflect Continued Industry Stabilization
Advanced Strategic Joint Venture to Strengthen Balance Sheet and Enhance Financial Flexibility
"Americold delivered another quarter of strong results, with Adjusted FFO of
"Importantly, we are not waiting for a market recovery to drive value creation. We entered the year with a clear set of priorities focused on strengthening the business, and we made meaningful progress on each of them during the second quarter. We are advancing towards closing our joint venture with EQT, which we expect will significantly improve our balance sheet, enhance our financial flexibility and provide a strategic platform to pursue future developments. Our initiatives to actively manage our portfolio, improve our cost structure and expand customer relationships, demonstrate that our strategy is delivering tangible results and that Americold can win in the market.”
"Our team continues to execute well, and the strength of our first-half operating performance, combined with the improving trends we are seeing across the business, gives us the confidence to increase our full-year Adjusted FFO guidance to a range of
Second Quarter 2026 Highlights
- Total revenues of
$662.9 million , a 1.9% increase from$650.7 million in Q2 2025 and an increase of 0.6% on a constant currency basis. - Net loss of
$342.8 million , or$1.19 loss per diluted share, as compared to a net income of$0.01 per diluted share in Q2 2025 primarily due to impairment charges recognized during the quarter. Global Warehouse segment same store revenues increased 2.2% on an actual basis and increased 1.1% on a constant currency basis as compared to Q2 2025.Global Warehouse same store services margin decreased to 14.8% in Q2 2026 from 15.2% in Q2 2025.Global Warehouse segment same store NOI decreased 1.5%, or 2.2% on a constant currency basis, as compared to Q2 2025.- Adjusted FFO of
$102.0 million , or$0.35 per diluted share, a 2.8% decrease from Q2 2025 Adjusted FFO per diluted share of$0.36 . - Core EBITDA remained flat at
$159.1 million in Q2 2026 and Q2 2025, with a 0.6% decrease on a constant currency basis. - Core EBITDA margin of 24.0%, decreased from 24.4% in Q2 2025.
2026 Outlook
The table below includes the details of our annual guidance as of
| As of | |||
| Unadjusted(1) | Unadjusted(1) | ||
| Warehouse segment same store revenues (constant currency) | |||
| Warehouse segment same store NOI (constant currency) | |||
| Total Company NOI (constant currency) | |||
| Total selling, general and administrative expense (guidance is inclusive of approximately | |||
| Core EBITDA | |||
| Interest expense | |||
| Current income tax expense | |||
| Total maintenance capital expenditures | |||
| Adjusted FFO per share | |||
| (1) The ranges for these metrics exclude the projected impacts of the joint venture transaction which was announced on | |||
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
Investor Webcast and Conference Call
The Company will hold a webcast and conference call on
The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13761099. The telephone replay will be available starting shortly after the call until
The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
Second Quarter 2026 Total Company Financial Results
As of
Total revenues for the second quarter of 2026 were
For the second quarter of 2026,
Total NOI for the second quarter of 2026 was
For the second quarter of 2026, the Company reported a net loss of
Core EBITDA was
For the second quarter of 2026, Core FFO was
For the second quarter of 2026, Adjusted FFO was
Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.
Balance Sheet Activity and Liquidity
As of
Dividend
On
About the Company
Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 224 operating facilities across
Non-GAAP Measures
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs.
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the
Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2026 outlook, and statements about the joint venture transaction with EQT. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended
Contacts:
Investor Relations
Telephone: 678-459-1959
Email: investor.relations@americold.com
Second Quarter 2026 Global Warehouse Segment Results
As of
The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three and six months ended
| Three Months Ended | Change | ||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||
| TOTAL WAREHOUSE SEGMENT | |||||||||||||||||
| Rent and storage | $ | 253,665 | $ | 252,128 | $ | 256,732 | (1.2)% | (1.8)% | |||||||||
| Warehouse services(3) | 349,908 | 344,957 | 345,919 | 1.2 | % | (0.3)% | |||||||||||
| Total revenues | $ | 603,573 | $ | 597,085 | $ | 602,651 | 0.2 | % | (0.9)% | ||||||||
| Power | 38,114 | 37,915 | 35,544 | 7.2 | % | 6.7 | % | ||||||||||
| Other facilities costs(4)(5) | 60,379 | 59,914 | 61,804 | (2.3)% | (3.1)% | ||||||||||||
| Labor | 254,904 | 250,811 | 253,853 | 0.4 | % | (1.2)% | |||||||||||
| Other services costs(4)(6) | 48,441 | 48,205 | 48,536 | (0.2)% | (0.7)% | ||||||||||||
| $ | 401,838 | $ | 396,845 | $ | 399,737 | 0.5 | % | (0.7)% | |||||||||
| $ | 201,735 | $ | 200,240 | $ | 202,914 | (0.6)% | (1.3)% | ||||||||||
| Rent and storage contribution (NOI)(7) | $ | 155,172 | $ | 154,299 | $ | 159,384 | (2.6)% | (3.2)% | |||||||||
| Services contribution (NOI)(8) | $ | 46,563 | $ | 45,941 | $ | 43,530 | 7.0 | % | 5.5 | % | |||||||
| 33.4 | % | 33.5 | % | 33.7 | % | -30 bps | -20 bps | ||||||||||
| Rent and storage margin(9) | 61.2 | % | 61.2 | % | 62.1 | % | -90 bps | -90 bps | |||||||||
| Warehouse services margin(10) | 13.3 | % | 13.3 | % | 12.6 | % | 70 bps | 70 bps | |||||||||
| Average economic occupied pallets(11) | 3,926 | n/a | 4,057 | (3.2)% | n/a | ||||||||||||
| Average physical occupied pallets(12) | 3,484 | n/a | 3,454 | 0.9 | % | n/a | |||||||||||
| Average physical pallet positions(12) | 5,168 | n/a | 5,499 | (6.0)% | n/a | ||||||||||||
| Economic occupancy percentage(11) | 76.0 | % | n/a | 73.8 | % | 220 bps | n/a | ||||||||||
| Physical occupancy percentage(12) | 67.4 | % | n/a | 62.8 | % | 460 bps | n/a | ||||||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 64.61 | $ | 64.22 | $ | 63.28 | 2.1 | % | 1.5 | % | |||||||
| Total rent and storage revenues per average physical occupied pallet | $ | 72.81 | $ | 72.37 | $ | 74.33 | (2.0)% | (2.6)% | |||||||||
| Throughput pallets(3) | 8,926 | n/a | 9,017 | (1.0)% | n/a | ||||||||||||
| Total warehouse services revenues per throughput pallet | $ | 39.20 | $ | 38.65 | $ | 38.36 | 2.2 | % | 0.8 | % | |||||||
| (1) The adjustments from our | |||||||||||||||||
| (2) Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||||||
| (3) Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. | |||||||||||||||||
| (4) Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||||||
| (5) Includes real estate rent expense of | |||||||||||||||||
| (6) Includes non-real estate rent expense (equipment lease and rentals) of | |||||||||||||||||
| (7) Calculated as warehouse rent and storage revenues less power and other facilities costs. | |||||||||||||||||
| (8) Calculated as warehouse services revenues less labor and other services costs. | |||||||||||||||||
| (9) Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues. | |||||||||||||||||
| (10) Calculated as warehouse services contribution (NOI) divided by warehouse services revenues. | |||||||||||||||||
| (11) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period. | |||||||||||||||||
| (12) We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period. | |||||||||||||||||
| (n/a = not applicable) | |||||||||||||||||
| Three Months Ended | Change | ||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||
| SAME STORE WAREHOUSE | |||||||||||||||||
| Number of same store warehouses(2) | 212 | 212 | |||||||||||||||
| Same store revenues(3): | |||||||||||||||||
| Rent and storage | $ | 240,953 | $ | 239,533 | $ | 239,808 | 0.5 | % | (0.1)% | ||||||||
| Warehouse services(4) | 339,134 | 334,489 | 328,012 | 3.4 | % | 2.0 | % | ||||||||||
| Total same store revenues | $ | 580,087 | $ | 574,022 | $ | 567,820 | 2.2 | % | 1.1 | % | |||||||
| Same store cost of operations(3)(4): | |||||||||||||||||
| Power | 36,134 | 35,950 | 32,475 | 11.3 | % | 10.7 | % | ||||||||||
| Other facilities costs(5) | 56,697 | 56,300 | 56,088 | 1.1 | % | 0.4 | % | ||||||||||
| Labor | 242,559 | 238,714 | 235,443 | 3.0 | % | 1.4 | % | ||||||||||
| Other services costs(5) | 46,482 | 46,258 | 42,682 | 8.9 | % | 8.4 | % | ||||||||||
| Total same store cost of operations | $ | 381,872 | $ | 377,222 | $ | 366,688 | 4.1 | % | 2.9 | % | |||||||
| Same store contribution (NOI) | $ | 198,215 | $ | 196,800 | $ | 201,132 | (1.5)% | (2.2)% | |||||||||
| Same store rent and storage contribution (NOI)(6) | $ | 148,122 | $ | 147,283 | $ | 151,245 | (2.1)% | (2.6)% | |||||||||
| Same store services contribution (NOI)(7) | $ | 50,093 | $ | 49,517 | $ | 49,887 | 0.4 | % | (0.7)% | ||||||||
| Same store margin | 34.2 | % | 34.3 | % | 35.4 | % | -120 bps | -110 bps | |||||||||
| Same store rent and storage margin(8) | 61.5 | % | 61.5 | % | 63.1 | % | -160 bps | -160 bps | |||||||||
| Same store services margin(9) | 14.8 | % | 14.8 | % | 15.2 | % | -40 bps | -40 bps | |||||||||
| Same store rent and storage metrics: | |||||||||||||||||
| Average economic occupied pallets(10) | 3,811 | n/a | 3,833 | (0.6)% | n/a | ||||||||||||
| Average physical occupied pallets(11) | 3,390 | n/a | 3,277 | 3.4 | % | n/a | |||||||||||
| Average physical pallet positions(11) | 4,905 | n/a | 4,947 | (0.8)% | n/a | ||||||||||||
| Economic occupancy percentage(10) | 77.7 | % | n/a | 77.5 | % | 20 bps | n/a | ||||||||||
| Physical occupancy percentage(11) | 69.1 | % | n/a | 66.2 | % | 290 bps | n/a | ||||||||||
| Same store rent and storage revenues per average economic occupied pallet | $ | 63.23 | $ | 62.85 | $ | 62.56 | 1.1 | % | 0.5 | % | |||||||
| Same store rent and storage revenues per average physical occupied pallet | $ | 71.08 | $ | 70.66 | $ | 73.18 | (2.9)% | (3.4)% | |||||||||
| Same store services metrics: | |||||||||||||||||
| Throughput pallets(4) | 8,682 | n/a | 8,632 | 0.6 | % | n/a | |||||||||||
| Same store warehouse services revenues per throughput pallet | $ | 39.06 | $ | 38.53 | $ | 38.00 | 2.8 | % | 1.4 | % | |||||||
| (1) The adjustments from our | |||||||||||||||||
| (2) Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, if the site is held for sale. | |||||||||||||||||
| (3) Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||||||
| (4) Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. | |||||||||||||||||
| (5) Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||||||
| (6) Calculated as same store rent and storage revenues less same store power and other facilities costs. | |||||||||||||||||
| (7) Calculated as same store warehouse services revenues less same store labor and other services costs. | |||||||||||||||||
| (8) Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues. | |||||||||||||||||
| (9) Calculated as same store services contribution (NOI) divided by same store services revenues. | |||||||||||||||||
| (10) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period. | |||||||||||||||||
| (11) We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period. | |||||||||||||||||
| (n/a = not applicable) | |||||||||||||||||
| Three Months Ended | Change | ||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||
| NON-SAME STORE WAREHOUSE | |||||||||||||||
| Number of non-same store warehouses(2) | 12 | 25 | |||||||||||||
| Non-same store revenues(3): | |||||||||||||||
| Rent and storage | $ | 12,712 | $ | 12,595 | $ | 16,924 | n/r | n/r | |||||||
| Warehouse services | 10,774 | 10,468 | 17,907 | n/r | n/r | ||||||||||
| Total non-same store revenues | $ | 23,486 | $ | 23,063 | $ | 34,831 | n/r | n/r | |||||||
| Non-same store cost of operations(3): | |||||||||||||||
| Power | 1,980 | 1,965 | 3,069 | n/r | n/r | ||||||||||
| Other facilities costs | 3,682 | 3,614 | 5,716 | n/r | n/r | ||||||||||
| Labor | 12,345 | 12,097 | 18,410 | n/r | n/r | ||||||||||
| Other services costs | 1,959 | 1,947 | 5,854 | n/r | n/r | ||||||||||
| Total non-same store cost of operations | $ | 19,966 | $ | 19,623 | $ | 33,049 | n/r | n/r | |||||||
| Non-same store contribution (NOI) | $ | 3,520 | $ | 3,440 | $ | 1,782 | n/r | n/r | |||||||
| Non-same store rent and storage contribution (NOI)(4) | $ | 7,050 | $ | 7,016 | $ | 8,139 | n/r | n/r | |||||||
| Non-same store services contribution (NOI)(5) | $ | (3,530 | ) | $ | (3,576 | ) | $ | (6,357 | ) | n/r | n/r | ||||
| Non-same store rent and storage metrics: | |||||||||||||||
| Average economic occupied pallets(6) | 115 | n/a | 224 | n/r | n/a | ||||||||||
| Average physical occupied pallets(7) | 94 | n/a | 177 | n/r | n/a | ||||||||||
| Average physical pallet positions(7) | 263 | n/a | 552 | n/r | n/a | ||||||||||
| Economic occupancy percentage(6) | 43.7 | % | n/a | 40.6 | % | n/r | n/a | ||||||||
| Physical occupancy percentage(7) | 35.7 | % | n/a | 32.1 | % | n/r | n/a | ||||||||
| Non-same store rent and storage revenues per average economic occupied pallet | $ | 110.54 | $ | 109.52 | $ | 75.55 | n/r | n/r | |||||||
| Non-same store rent and storage revenues per average physical occupied pallet | $ | 135.23 | $ | 133.99 | $ | 95.62 | n/r | n/r | |||||||
| Non-same store services metrics: | |||||||||||||||
| Throughput pallets | 244 | n/a | 385 | n/r | n/a | ||||||||||
| Non-same store warehouse services revenues per throughput pallet | $ | 44.16 | $ | 42.90 | $ | 46.51 | n/r | n/r | |||||||
| (1) The adjustments from our | |||||||||||||||
| (2) As of | |||||||||||||||
| (3) Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||||
| (4) Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs. | |||||||||||||||
| (5) Calculated as non-same store warehouse services revenues less non-same store labor and other services costs. | |||||||||||||||
| (6) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period. | |||||||||||||||
| (7) We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period. | |||||||||||||||
| (n/a = not applicable) | |||||||||||||||
| (n/r = not relevant) | |||||||||||||||
| Six Months Ended | Change | ||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||
| TOTAL WAREHOUSE SEGMENT | |||||||||||||||||
| Rent and storage | $ | 499,720 | $ | 494,876 | $ | 511,311 | (2.3)% | (3.2)% | |||||||||
| Warehouse services(3) | 681,766 | 669,666 | 676,327 | 0.8 | % | (1.0)% | |||||||||||
| Total revenues | $ | 1,181,486 | $ | 1,164,542 | $ | 1,187,638 | (0.5)% | (1.9)% | |||||||||
| Power | 71,937 | 71,099 | 67,255 | 7.0 | % | 5.7 | % | ||||||||||
| Other facilities costs(4)(5) | 121,602 | 120,245 | 121,527 | 0.1 | % | (1.1)% | |||||||||||
| Labor | 507,622 | 497,773 | 501,297 | 1.3 | % | (0.7)% | |||||||||||
| Other services costs(4)(6) | 91,884 | 91,119 | 96,051 | (4.3)% | (5.1)% | ||||||||||||
| $ | 793,045 | $ | 780,236 | $ | 786,130 | 0.9 | % | (0.7)% | |||||||||
| $ | 388,441 | $ | 384,306 | $ | 401,508 | (3.3)% | (4.3)% | ||||||||||
| Rent and storage contribution (NOI)(7) | $ | 306,181 | $ | 303,532 | $ | 322,529 | (5.1)% | (5.9)% | |||||||||
| Services contribution (NOI)(8) | $ | 82,260 | $ | 80,774 | $ | 78,979 | 4.2 | % | 2.3 | % | |||||||
| 32.9 | % | 33.0 | % | 33.8 | % | -90 bps | -80 bps | ||||||||||
| Rent and storage margin(9) | 61.3 | % | 61.3 | % | 63.1 | % | -180 bps | -180 bps | |||||||||
| Warehouse services margin(10) | 12.1 | % | 12.1 | % | 11.7 | % | 40 bps | 40 bps | |||||||||
| Average economic occupied pallets(11) | 3,928 | n/a | 4,093 | (4.0)% | n/a | ||||||||||||
| Average physical occupied pallets(12) | 3,428 | n/a | 3,477 | (1.4)% | n/a | ||||||||||||
| Average physical pallet positions(12) | 5,160 | n/a | 5,512 | (6.4)% | n/a | ||||||||||||
| Economic occupancy percentage(11) | 76.1 | % | n/a | 74.3 | % | 180 bps | n/a | ||||||||||
| Physical occupancy percentage(12) | 66.4 | % | n/a | 63.1 | % | 330 bps | n/a | ||||||||||
| Total rent and storage revenues per average economic occupied pallet | $ | 127.22 | $ | 125.99 | $ | 124.92 | 1.8 | % | 0.9 | % | |||||||
| Total rent and storage revenues per average physical occupied pallet | $ | 145.78 | $ | 144.36 | $ | 147.06 | (0.9)% | (1.8)% | |||||||||
| Throughput pallets(3) | 17,668 | n/a | 18,027 | (2.0)% | n/a | ||||||||||||
| Total warehouse services revenues per throughput pallet | $ | 38.59 | $ | 37.90 | $ | 37.52 | 2.9 | % | 1.0 | % | |||||||
| (1) The adjustments from our | |||||||||||||||||
| (2) Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||||||
| (3) Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. | |||||||||||||||||
| (4) Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||||||
| (5) Includes real estate rent expense of | |||||||||||||||||
| (6) Includes non-real estate rent expense (equipment lease and rentals) of | |||||||||||||||||
| (7) Calculated as warehouse rent and storage revenues less power and other facilities costs. | |||||||||||||||||
| (8) Calculated as warehouse services revenues less labor and other services costs. | |||||||||||||||||
| (9) Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues. | |||||||||||||||||
| (10) Calculated as warehouse services contribution (NOI) divided by warehouse services revenues. | |||||||||||||||||
| (11) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period. | |||||||||||||||||
| (12) We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period. | |||||||||||||||||
| (n/a = not applicable) | |||||||||||||||||
| Six Months Ended | Change | ||||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||||
| SAME STORE WAREHOUSE | |||||||||||||||||
| Number of same store warehouses(2) | 212 | 212 | |||||||||||||||
| Same store revenues(3): | |||||||||||||||||
| Rent and storage | $ | 475,630 | $ | 470,976 | $ | 476,770 | (0.2)% | (1.2)% | |||||||||
| Warehouse services(4) | 661,651 | 650,094 | 643,769 | 2.8 | % | 1.0 | % | ||||||||||
| Total same store revenues | $ | 1,137,281 | $ | 1,121,070 | $ | 1,120,539 | 1.5 | % | — | % | |||||||
| Same store cost of operations(3)(4): | |||||||||||||||||
| Power | 67,875 | 67,077 | 61,736 | 9.9 | % | 8.7 | % | ||||||||||
| Other facilities costs(5) | 113,627 | 112,422 | 112,450 | 1.0 | % | — | % | ||||||||||
| Labor | 482,265 | 472,830 | 467,389 | 3.2 | % | 1.2 | % | ||||||||||
| Other services costs(5) | 87,997 | 87,259 | 84,188 | 4.5 | % | 3.6 | % | ||||||||||
| Total same store cost of operations | $ | 751,764 | $ | 739,588 | $ | 725,763 | 3.6 | % | 1.9 | % | |||||||
| Same store contribution (NOI) | $ | 385,517 | $ | 381,482 | $ | 394,776 | (2.3)% | (3.4)% | |||||||||
| Same store rent and storage contribution (NOI)(6) | $ | 294,128 | $ | 291,477 | $ | 302,584 | (2.8)% | (3.7)% | |||||||||
| Same store services contribution (NOI)(7) | $ | 91,389 | $ | 90,005 | $ | 92,192 | (0.9)% | (2.4)% | |||||||||
| Same store margin | 33.9 | % | 34.0 | % | 35.2 | % | -130 bps | -120 bps | |||||||||
| Same store rent and storage margin(8) | 61.8 | % | 61.9 | % | 63.5 | % | -170 bps | -160 bps | |||||||||
| Same store services margin(9) | 13.8 | % | 13.8 | % | 14.3 | % | -50 bps | -50 bps | |||||||||
| Same store rent and storage metrics: | |||||||||||||||||
| Average economic occupied pallets(10) | 3,820 | n/a | 3,864 | (1.1)% | n/a | ||||||||||||
| Average physical occupied pallets(11) | 3,339 | n/a | 3,296 | 1.3 | % | n/a | |||||||||||
| Average physical pallet positions(11) | 4,906 | n/a | 4,955 | (1.0)% | n/a | ||||||||||||
| Economic occupancy percentage(10) | 77.9 | % | n/a | 78.0 | % | -10 bps | n/a | ||||||||||
| Physical occupancy percentage(11) | 68.1 | % | n/a | 66.5 | % | 160 bps | n/a | ||||||||||
| Same store rent and storage revenues per average economic occupied pallet | $ | 124.51 | $ | 123.29 | $ | 123.39 | 0.9 | % | (0.1)% | ||||||||
| Same store rent and storage revenues per average physical occupied pallet | $ | 142.45 | $ | 141.05 | $ | 144.65 | (1.5)% | (2.5)% | |||||||||
| Same store services metrics: | |||||||||||||||||
| Throughput pallets(4) | 17,183 | n/a | 17,230 | (0.3)% | n/a | ||||||||||||
| Same store warehouse services revenues per throughput pallet | $ | 38.51 | $ | 37.83 | $ | 37.36 | 3.1 | % | 1.3 | % | |||||||
| (1) The adjustments from our | |||||||||||||||||
| (2) Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, if the site is held for sale. | |||||||||||||||||
| (3) Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||||||
| (4) Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. | |||||||||||||||||
| (5) Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||||||
| (6) Calculated as same store rent and storage revenues less same store power and other facilities costs. | |||||||||||||||||
| (7) Calculated as same store warehouse services revenues less same store labor and other services costs. | |||||||||||||||||
| (8) Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues. | |||||||||||||||||
| (9) Calculated as same store services contribution (NOI) divided by same store services revenues. | |||||||||||||||||
| (10) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period. | |||||||||||||||||
| (11) We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period. | |||||||||||||||||
| (n/a = not applicable) | |||||||||||||||||
| Six Months Ended | Change | ||||||||||||||
| Dollars and units in thousands, except per pallet data | 2026 Actual | 2026 Constant Currency(1) | 2025 Actual | Actual | Constant Currency | ||||||||||
| NON-SAME STORE WAREHOUSE | |||||||||||||||
| Number of non-same store warehouses(2) | 12 | 25 | |||||||||||||
| Non-same store revenues(3): | |||||||||||||||
| Rent and storage | $ | 24,090 | $ | 23,900 | $ | 34,541 | n/r | n/r | |||||||
| Warehouse services | 20,115 | 19,572 | 32,558 | n/r | n/r | ||||||||||
| Total non-same store revenues | $ | 44,205 | $ | 43,472 | $ | 67,099 | n/r | n/r | |||||||
| Non-same store cost of operations(3): | |||||||||||||||
| Power | 4,062 | 4,022 | 5,519 | n/r | n/r | ||||||||||
| Other facilities costs | 7,975 | 7,823 | 9,077 | n/r | n/r | ||||||||||
| Labor | 25,357 | 24,943 | 33,908 | n/r | n/r | ||||||||||
| Other services costs | 3,887 | 3,860 | 11,863 | n/r | n/r | ||||||||||
| Total non-same store cost of operations | $ | 41,281 | $ | 40,648 | $ | 60,367 | n/r | n/r | |||||||
| Non-same store contribution (NOI) | $ | 2,924 | $ | 2,824 | $ | 6,732 | n/r | n/r | |||||||
| Non-same store rent and storage contribution (NOI)(4) | $ | 12,053 | $ | 12,055 | $ | 19,945 | n/r | n/r | |||||||
| Non-same store services contribution (NOI)(5) | $ | (9,129 | ) | $ | (9,231 | ) | $ | (13,213 | ) | n/r | n/r | ||||
| Non-same store rent and storage metrics: | |||||||||||||||
| Average economic occupied pallets(6) | 108 | n/a | 229 | n/r | n/a | ||||||||||
| Average physical occupied pallets(7) | 89 | n/a | 181 | n/r | n/a | ||||||||||
| Average physical pallet positions(7) | 254 | n/a | 557 | n/r | n/a | ||||||||||
| Economic occupancy percentage(6) | 42.5 | % | n/a | 41.1 | % | n/r | n/a | ||||||||
| Physical occupancy percentage(7) | 35.0 | % | n/a | 32.5 | % | n/r | n/a | ||||||||
| Non-same store rent and storage revenues per average economic occupied pallet | $ | 223.06 | $ | 221.30 | $ | 150.83 | n/r | n/r | |||||||
| Non-same store rent and storage revenues per average physical occupied pallet | $ | 270.67 | $ | 268.54 | $ | 190.83 | n/r | n/r | |||||||
| Non-same store services metrics: | |||||||||||||||
| Throughput pallets | 485 | n/a | 797 | n/r | n/a | ||||||||||
| Non-same store warehouse services revenues per throughput pallet | $ | 41.47 | $ | 40.35 | $ | 40.85 | n/r | n/r | |||||||
| (1) The adjustments from our | |||||||||||||||
| (2) As of | |||||||||||||||
| (3) Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||||
| (4) Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs. | |||||||||||||||
| (5) Calculated as non-same store warehouse services revenues less non-same store labor and other services costs. | |||||||||||||||
| (6) We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period. | |||||||||||||||
| (7) We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period. | |||||||||||||||
| (n/a = not applicable) | |||||||||||||||
| (n/r = not relevant) | |||||||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||
| (In thousands, except shares and per share amounts) | |||||||
| Assets | |||||||
| Property, buildings, and equipment: | |||||||
| Land | $ | 817,453 | $ | 818,606 | |||
| Buildings and improvements | 4,766,175 | 4,798,286 | |||||
| Machinery and equipment | 1,753,123 | 1,612,744 | |||||
| Assets under construction | 573,897 | 756,798 | |||||
| 7,910,648 | 7,986,434 | ||||||
| Accumulated depreciation | (2,790,561 | ) | (2,641,241 | ) | |||
| Property, buildings, and equipment – net | 5,120,087 | 5,345,193 | |||||
| Operating leases - net | 162,186 | 179,935 | |||||
| Financing leases - net | 177,341 | 157,936 | |||||
| Cash, cash equivalents, and restricted cash | 40,470 | 136,863 | |||||
| Accounts receivable - net of allowance of | 397,253 | 368,521 | |||||
| Identifiable intangible assets – net | 796,956 | 819,494 | |||||
| 826,695 | 828,335 | ||||||
| Investments in and advances to partially owned entities | 15,963 | 39,231 | |||||
| Other assets | 274,186 | 246,090 | |||||
| Total assets | $ | 7,811,137 | $ | 8,121,598 | |||
| Liabilities and Equity | |||||||
| Liabilities | |||||||
| Borrowings under revolving line of credit | $ | 451,285 | $ | 332,111 | |||
| Accounts payable and accrued expenses | 599,607 | 574,059 | |||||
| Senior unsecured notes and term loans - net of deferred financing costs of | 3,790,436 | 3,792,123 | |||||
| Sale-leaseback financing obligations | 40,909 | 42,352 | |||||
| Financing lease obligations | 172,085 | 152,262 | |||||
| Operating lease obligations | 165,195 | 179,965 | |||||
| Unearned revenues | 22,651 | 20,169 | |||||
| Deferred tax liability - net | 110,108 | 98,591 | |||||
| Other liabilities | 7,809 | 7,953 | |||||
| Total liabilities | 5,360,085 | 5,199,585 | |||||
| Equity | |||||||
| Stockholders' equity: | |||||||
| Common stock, | 2,853 | 2,848 | |||||
| Paid-in capital | 5,673,791 | 5,664,195 | |||||
| Accumulated deficit and distributions in excess of net earnings | (3,208,249 | ) | (2,719,408 | ) | |||
| Accumulated other comprehensive loss | (53,889 | ) | (63,190 | ) | |||
| Total stockholders’ equity | 2,414,506 | 2,884,445 | |||||
| Noncontrolling interests | 36,546 | 37,568 | |||||
| Total equity | 2,451,052 | 2,922,013 | |||||
| Total liabilities and equity | $ | 7,811,137 | $ | 8,121,598 | |||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues: | |||||||||||||||
| Rent, storage, and warehouse services | $ | 603,573 | $ | 602,651 | $ | 1,181,486 | $ | 1,187,638 | |||||||
| Transportation services | 59,317 | 48,097 | 111,274 | 92,090 | |||||||||||
| Total revenues | 662,890 | 650,748 | 1,292,760 | 1,279,728 | |||||||||||
| Operating expenses: | |||||||||||||||
| Rent, storage, and warehouse services cost of operations | 401,838 | 399,737 | 793,045 | 786,130 | |||||||||||
| Transportation services cost of operations | 48,365 | 39,355 | 91,519 | 76,094 | |||||||||||
| Depreciation and amortization | 102,931 | 90,462 | 194,591 | 179,444 | |||||||||||
| Selling, general, and administrative | 62,864 | 66,907 | 134,183 | 136,142 | |||||||||||
| Transactions, strategic initiatives and other costs, net | 28,470 | 23,226 | 48,915 | 48,640 | |||||||||||
| Impairment of long-lived assets | 309,572 | 5,226 | 309,572 | 5,226 | |||||||||||
| Net gain from sale of real estate | (3,316 | ) | (11,760 | ) | (5,521 | ) | (11,760 | ) | |||||||
| Total operating expenses | 950,724 | 613,153 | 1,566,304 | 1,219,916 | |||||||||||
| Operating (loss) income | (287,834 | ) | 37,595 | (273,544 | ) | 59,812 | |||||||||
| Other (expense) income: | |||||||||||||||
| Interest expense | (42,300 | ) | (38,245 | ) | (83,819 | ) | (74,362 | ) | |||||||
| Loss from investments in partially owned entities | (520 | ) | (335 | ) | (932 | ) | (1,698 | ) | |||||||
| Other, net | 6,928 | 5,775 | 14,311 | 7,071 | |||||||||||
| (Loss) income before income taxes | (323,726 | ) | 4,790 | (343,984 | ) | (9,177 | ) | ||||||||
| Income tax expense: | |||||||||||||||
| Current income tax | (1,516 | ) | (1,995 | ) | (4,456 | ) | (3,928 | ) | |||||||
| Deferred income tax | (21,218 | ) | (1,245 | ) | (11,712 | ) | (1,818 | ) | |||||||
| Total income tax expense | (22,734 | ) | (3,240 | ) | (16,168 | ) | (5,746 | ) | |||||||
| Net (loss) income | $ | (346,460 | ) | $ | 1,550 | $ | (360,152 | ) | $ | (14,923 | ) | ||||
| Net (loss) income attributable to noncontrolling interests | (3,650 | ) | 11 | (3,785 | ) | (82 | ) | ||||||||
| Net (loss) income attributable to | $ | (342,810 | ) | $ | 1,539 | $ | (356,367 | ) | $ | (14,841 | ) | ||||
| Weighted average common stock outstanding – basic | 286,881 | 285,604 | 286,572 | 285,484 | |||||||||||
| Weighted average common stock outstanding – diluted | 286,881 | 285,794 | 286,572 | 285,484 | |||||||||||
| Net (loss) income per common share - basic | $ | (1.19 | ) | $ | 0.01 | $ | (1.24 | ) | $ | (0.05 | ) | ||||
| Net (loss) income per common share - diluted | $ | (1.19 | ) | $ | 0.01 | $ | (1.24 | ) | $ | (0.05 | ) | ||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
| (In thousands, except shares and per share amounts) | |||||||
| Six Months Ended | |||||||
| 2026 | 2025 | ||||||
| Operating activities: | |||||||
| Net loss | $ | (360,152 | ) | $ | (14,923 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 194,591 | 179,444 | |||||
| Amortization of deferred financing costs and pension withdrawal liability | 3,138 | 2,923 | |||||
| Project Orion deferred costs amortization | 5,189 | 6,871 | |||||
| Gain from sale of partially owned entity | — | (2,420 | ) | ||||
| Loss from investments in partially owned entities | 932 | 1,698 | |||||
| Stock-based compensation expense | 14,043 | 15,805 | |||||
| Deferred income tax expense | 11,712 | 1,818 | |||||
| Provision for doubtful accounts receivable | 2,322 | 1,344 | |||||
| Impairment of long-lived assets | 309,572 | 5,226 | |||||
| Non-cash operating lease expenses | 16,639 | 18,951 | |||||
| Net gain from sale of real estate | (5,521 | ) | (11,760 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (30,524 | ) | 26,937 | ||||
| Accounts payable and accrued expenses | 19,415 | (36,265 | ) | ||||
| Other assets | (22,924 | ) | (27,006 | ) | |||
| Operating lease liabilities | (15,617 | ) | (18,449 | ) | |||
| Proceeds from settlement of treasury lock hedge transactions | — | 1,292 | |||||
| Other, net | (2,815 | ) | (967 | ) | |||
| Net cash provided by operating activities | 140,000 | 150,519 | |||||
| Investing activities: | |||||||
| Additions to property, buildings and equipment | (250,422 | ) | (290,218 | ) | |||
| Acquisitions of property, buildings, and equipment, net of cash acquired | (18,707 | ) | — | ||||
| Business combinations, net of cash acquired | — | (108,448 | ) | ||||
| Investments in and advances to partially owned entities and other, net | — | (19,216 | ) | ||||
| Proceeds from collection of advances to partially owned entities | 23,388 | — | |||||
| Proceeds from sale of property, buildings, and equipment | 30,008 | 21,581 | |||||
| Proceeds from sale of investments in partially owned entities | — | 27,471 | |||||
| Net cash used in investing activities | (215,733 | ) | (368,830 | ) | |||
| Financing activities: | |||||||
| Distributions paid on common stock, restricted stock units and noncontrolling interests in OP | (132,595 | ) | (129,632 | ) | |||
| Proceeds from stock options exercised | 2,047 | 2,293 | |||||
| Proceeds from employee stock purchase plan | — | 1,577 | |||||
| Remittance of withholding taxes related to employee stock-based transactions | (2,456 | ) | (2,646 | ) | |||
| Proceeds from revolving line of credit | 618,718 | 314,735 | |||||
| Repayment on revolving line of credit | (505,448 | ) | (298,000 | ) | |||
| Repayment of sale-leaseback financing obligations | (1,444 | ) | (1,969 | ) | |||
| Repayment of financing lease obligations | (21,775 | ) | (14,854 | ) | |||
| Payment of debt issuance costs | (10,436 | ) | (4,186 | ) | |||
| Proceeds from public senior unsecured notes offering | — | 400,000 | |||||
| Repayment of senior unsecured notes | (200,000 | ) | — | ||||
| Proceeds from senior unsecured term loans | 232,515 | — | |||||
| Net cash (used in) provided by financing activities | (20,874 | ) | 267,318 | ||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (96,607 | ) | 49,007 | ||||
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 214 | 4,717 | |||||
| Cash, cash equivalents and restricted cash: | |||||||
| Beginning of period | 136,863 | 47,652 | |||||
| End of period | $ | 40,470 | $ | 101,376 | |||
| Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO | |||||||||||||
| (In thousands, except per share amounts) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net (loss) income(1) | $ | (346,460 | ) | $ | 1,550 | $ | (360,152 | ) | $ | (14,923 | ) | ||
| Adjustments: | |||||||||||||
| Real estate related depreciation | 64,492 | 55,292 | 120,753 | 110,891 | |||||||||
| Net gain from sale of real estate | (3,316 | ) | (11,760 | ) | (5,521 | ) | (11,760 | ) | |||||
| Net (gain) loss on real estate related asset disposals | — | — | (5 | ) | 1 | ||||||||
| Impairment charges on certain real estate related assets | 309,004 | 3,739 | 309,004 | 3,739 | |||||||||
| Our share of reconciling items related to partially owned entities | 260 | 279 | 507 | 494 | |||||||||
| NAREIT FFO | $ | 23,980 | $ | 49,100 | $ | 64,586 | $ | 88,442 | |||||
| Adjustments: | |||||||||||||
| Net loss (gain) on sale of non-real estate related assets | 515 | (163 | ) | 274 | (29 | ) | |||||||
| Transactions, strategic initiatives and other costs, net | 28,470 | 23,226 | 48,915 | 48,640 | |||||||||
| Impairment of long-lived assets (excluding certain real estate related assets) | 568 | 1,487 | 568 | 1,487 | |||||||||
| Gain on termination of derivative instruments | (5,857 | ) | — | (5,857 | ) | — | |||||||
| Foreign currency exchange loss (gain) | 78 | (192 | ) | (4,608 | ) | 29 | |||||||
| Project Orion deferred costs amortization | 2,607 | 4,762 | 5,189 | 6,871 | |||||||||
| Our share of reconciling items related to partially owned entities | — | 27 | — | 145 | |||||||||
| Gain from sale of partially owned entity | — | (2,420 | ) | — | (2,420 | ) | |||||||
| Core FFO | $ | 50,361 | $ | 75,827 | $ | 109,067 | $ | 143,165 | |||||
| Adjustments: | |||||||||||||
| Amortization of deferred financing costs and pension withdrawal liability | 1,606 | 1,523 | 3,138 | 2,923 | |||||||||
| Amortization of below/above market leases | 296 | 363 | 661 | 714 | |||||||||
| Straight-line rent adjustment | 835 | 77 | 1,137 | 161 | |||||||||
| Deferred income tax expense | 21,218 | 1,245 | 11,712 | 1,818 | |||||||||
| Stock-based compensation expense(2) | 4,983 | 6,594 | 12,577 | 13,853 | |||||||||
| Non-real estate related depreciation and amortization | 38,439 | 35,170 | 73,838 | 68,553 | |||||||||
| Maintenance capital expenditures(3) | (15,818 | ) | (17,283 | ) | (28,322 | ) | (32,082 | ) | |||||
| Our share of reconciling items related to partially owned entities | 30 | 71 | 63 | 208 | |||||||||
| Adjusted FFO | $ | 101,950 | $ | 103,587 | $ | 183,871 | $ | 199,313 | |||||
| (1) Net (loss) income used in the calculation of the Adjusted FFO reconciliation represents Net (loss) income before the adjustment for Net (loss) income attributable to noncontrolling interests. | |||||||||||||
| (2) Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||
| (3) Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. | |||||||||||||
| Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued) | |||||||||
| (In thousands, except per share amounts) | |||||||||
| Three Months Ended | Six Months Ended | ||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||
| NAREIT FFO | $ | 23,980 | $ | 49,100 | $ | 64,586 | $ | 88,442 | |
| Core FFO | $ | 50,361 | $ | 75,827 | $ | 109,067 | $ | 143,165 | |
| Adjusted FFO | $ | 101,950 | $ | 103,587 | $ | 183,871 | $ | 199,313 | |
| Reconciliation of weighted average shares: | |||||||||
| Weighted average basic shares for Net (loss) income calculation | 286,881 | 285,604 | 286,572 | 285,484 | |||||
| Dilutive stock options and unvested restricted stock units | 405 | 190 | 374 | 228 | |||||
| Weighted average dilutive shares | 287,286 | 285,794 | 286,946 | 285,712 | |||||
| NAREIT FFO - basic per share | $ | 0.08 | $ | 0.17 | $ | 0.23 | $ | 0.31 | |
| NAREIT FFO - diluted per share | $ | 0.08 | $ | 0.17 | $ | 0.23 | $ | 0.31 | |
| Core FFO - basic per share | $ | 0.18 | $ | 0.27 | $ | 0.38 | $ | 0.50 | |
| Core FFO - diluted per share | $ | 0.18 | $ | 0.27 | $ | 0.38 | $ | 0.50 | |
| Adjusted FFO - basic per share | $ | 0.36 | $ | 0.36 | $ | 0.64 | $ | 0.70 | |
| Adjusted FFO - diluted per share | $ | 0.35 | $ | 0.36 | $ | 0.64 | $ | 0.70 | |
| Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA | |||||||||||||
| (In thousands) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net (loss) income(1) | $ | (346,460 | ) | $ | 1,550 | $ | (360,152 | ) | $ | (14,923 | ) | ||
| Adjustments: | |||||||||||||
| Depreciation and amortization | 102,931 | 90,462 | 194,591 | 179,444 | |||||||||
| Interest expense | 42,300 | 38,245 | 83,819 | 74,362 | |||||||||
| Income tax expense | 22,734 | 3,240 | 16,168 | 5,746 | |||||||||
| Net gain from sale of real estate | (3,316 | ) | (11,760 | ) | (5,521 | ) | (11,760 | ) | |||||
| Adjustment to reflect share of EBITDAre of partially owned entities | 616 | 976 | 1,235 | 2,492 | |||||||||
| NAREIT EBITDAre | $ | (181,195 | ) | $ | 122,713 | $ | (69,860 | ) | $ | 235,361 | |||
| Adjustments: | |||||||||||||
| Transactions, strategic initiatives and other costs, net | 28,470 | 23,226 | 48,915 | 48,640 | |||||||||
| Loss from investments in partially owned entities | 520 | 335 | 932 | 1,698 | |||||||||
| Impairment of long-lived assets | 309,572 | 5,226 | 309,572 | 5,226 | |||||||||
| Foreign currency exchange loss (gain) | 78 | (192 | ) | (4,608 | ) | 29 | |||||||
| Stock-based compensation expense(2) | 4,983 | 6,594 | 12,577 | 13,853 | |||||||||
| Gain on termination of derivative instruments | (5,857 | ) | — | (5,857 | ) | — | |||||||
| Net (gain) loss on real estate related asset disposals | — | — | (5 | ) | 1 | ||||||||
| Net loss (gain) on sale of non-real estate related assets | 515 | (163 | ) | 274 | (29 | ) | |||||||
| Project Orion deferred costs amortization | 2,607 | 4,762 | 5,189 | 6,871 | |||||||||
| Reduction in EBITDAre from partially owned entities | (616 | ) | (976 | ) | (1,235 | ) | (2,492 | ) | |||||
| Gain from sale of partially owned entity | — | (2,420 | ) | — | (2,420 | ) | |||||||
| Core EBITDA | $ | 159,077 | $ | 159,105 | $ | 295,894 | $ | 306,738 | |||||
| Total revenues | $ | 662,890 | $ | 650,748 | $ | 1,292,760 | $ | 1,279,728 | |||||
| Core EBITDA margin | 24.0 | % | 24.4 | % | 22.9 | % | 24.0 | % | |||||
| (1) Net (loss) income used in the calculation of the Core EBITDA reconciliation represents Net (loss) income before the adjustment for Net (loss) income attributable to noncontrolling interests. | |||||||||||||
| (2) Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net. | |||||||||||||
| Revenues and Contribution (NOI) by Segment | |||||||||||||||
| (In thousands) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Segment revenues: | |||||||||||||||
| Warehouse(1) | $ | 603,573 | $ | 602,651 | $ | 1,181,486 | $ | 1,187,638 | |||||||
| Transportation | 59,317 | 48,097 | 111,274 | 92,090 | |||||||||||
| Total revenues | 662,890 | 650,748 | 1,292,760 | 1,279,728 | |||||||||||
| Segment contribution: | |||||||||||||||
| Warehouse(1) | 201,735 | 202,914 | 388,441 | 401,508 | |||||||||||
| Transportation | 10,952 | 8,742 | 19,755 | 15,996 | |||||||||||
| Total segment contribution (NOI) | 212,687 | 211,656 | 408,196 | 417,504 | |||||||||||
| Reconciling items: | |||||||||||||||
| Depreciation and amortization expense | (102,931 | ) | (90,462 | ) | (194,591 | ) | (179,444 | ) | |||||||
| Selling, general, and administrative expense | (62,864 | ) | (66,907 | ) | (134,183 | ) | (136,142 | ) | |||||||
| Transactions, strategic initiatives and other costs, net | (28,470 | ) | (23,226 | ) | (48,915 | ) | (48,640 | ) | |||||||
| Impairment of long-lived assets | (309,572 | ) | (5,226 | ) | (309,572 | ) | (5,226 | ) | |||||||
| Net gain from sale of real estate | 3,316 | 11,760 | 5,521 | 11,760 | |||||||||||
| Interest expense | (42,300 | ) | (38,245 | ) | (83,819 | ) | (74,362 | ) | |||||||
| Loss from investments in partially owned entities | (520 | ) | (335 | ) | (932 | ) | (1,698 | ) | |||||||
| Other, net | 6,928 | 5,775 | 14,311 | 7,071 | |||||||||||
| (Loss) income before income taxes | $ | (323,726 | ) | $ | 4,790 | $ | (343,984 | ) | $ | (9,177 | ) | ||||
| (1) As of | |||||||||||||||
Notes and Definitions
We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures.
We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the
We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under
However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited.
We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax expense; Stock-based compensation expense; Non-real estate related depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.
NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net (loss) income and Net (loss) income per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net (loss) income or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net (loss) income, which is the most directly comparable financial measure calculated in accordance with
We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the
We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Gain on termination of derivative instruments; Net (gain) loss on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Project Orion deferred costs amortization; Reduction in EBITDAre from partially owned entities; and Gain from sale of partially owned entity. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net (loss) income or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including:
- these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;
- these measures do not reflect changes in, or cash requirements for, our working capital needs;
- these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
- these measures do not reflect our tax expense or the cash requirements to pay our taxes; and
- although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.
Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. Net debt to proforma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro-forma and/or Core EBITDA. If applicable, we calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, divestitures, exited properties and properties classified as held for sale. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition.
NOI is calculated as Net (loss) income before Interest expense, Income tax expense, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Transactions, strategic initiatives and other costs, net; Net gain from sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business.
We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to
We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net and Net gain from sale of real estate) and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into
We calculated “total enterprise value” as the sum of net debt and our equity capitalization based on the fully diluted unweighted common stock outstanding and the related common stock share price as of
We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards.
We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.
