Americold Realty Trust Inc

Latest Results (14.05.2026):

Americold Realty Trust Inc — First Quarter 2026: Americold reported Q1 2026 results with total revenues of $629.9 million (up 0.1% YoY), a net loss of $13.6 million (‑$0.05 per diluted share), and Adjusted FFO of $81.9 million, or $0.29 per diluted share. Management highlighted stabilized physical occupancy, ongoing cost discipline, and a new $1.3 billion joint venture with EQT announced May 7, 2026.

Top-line and profit/loss

Total revenues were $629.9M (0.1% increase vs Q1 2025; ‑1.9% on a constant currency basis). Americold reported a net loss of $13.6M (‑$0.05 per diluted share), modestly improved versus a ‑$16.4M loss in Q1 2025.

Funds from operations (AFFO/Adjusted FFO)

Adjusted FFO was $81.9M, $0.29 per diluted share (down from $95.7M / $0.34 in Q1 2025). The press release headline also cites $0.29 Q1 AFFO per share.

Core EBITDA and margins

Core EBITDA was $136.8M, down 7.3% YoY (8.4% on constant currency), with Core EBITDA margin at 21.7% versus 23.5% a year earlier.

Warehouse same‑store performance and occupancy

Global Warehouse same‑store revenues rose 0.8% (actual) but fell 1.0% on a constant‑currency basis. Same‑store NOI declined 3.1% (4.5% cc). Same‑store warehouse services margin eased to 12.8% from 13.2%. Management said physical occupancy levels have largely stabilized (same‑store physical occupancy 66.4% vs 66.2% prior year).

Segment trends — Transportation and Warehouse

Warehouse segment revenues were $577.9M (down vs $585.0M in Q1 2025) and Warehouse contribution NOI was $186.7M (down ~6.0%). Transportation revenue grew to $51.96M, and Transportation NOI improved, partially offsetting Warehouse headwinds.

Cost pressures

Higher energy costs and lower volumes were cited drivers of the decline in NOI and margin; power costs rose materially (power expense up ~6.7% in the Global Warehouse segment YoY).

Balance sheet and liquidity

Liquidity was approximately $564.3M as of March 31, 2026. Total net debt was ~ $4.4B and net debt to pro‑forma Core EBITDA was ~7.1x. Unsecured debt represented 95.4% of total debt; weighted average contractual interest rate ~4.0% and weighted average term ~3.9 years; ~80.5% of debt at fixed or hedged rates.

Capital allocation and cash flow

Q1 cash used in investing was $126.0M (capex additions ~$110.0M). Dividend: the Board declared and paid a Q1 2026 common dividend of $0.23 per share (paid April 15, 2026).

Outlook and guidance

2026 guidance ranges (as of Feb 19, 2026) include Adjusted FFO per share $1.20–$1.30, Core EBITDA $570M–$620M, Warehouse same‑store revenues $2.20B–$2.27B, and Warehouse same‑store NOI $735M–$785M. Guidance excludes the May 7 JV impact.

Strategic progress — EQT joint venture

Management emphasized execution on strategic priorities and announced a new $1.3 billion joint venture with EQT to strengthen the balance sheet and monetize mission‑critical assets; the company views this as a meaningful step toward debt and portfolio optimization.