COLD
Americold Realty Trust, Inc.12.60
-0.19-1.49%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details delevering, portfolio exits
Q&A largely reaffirmed prepared remarks on persistent demand weakness—flattish customer sales from price gains offsetting volume drops—but revealed more favorable renewal trends than last quarter's informal flat-to-down 300bps occupancy view, aided by portfolio exits. Management targets leverage below 6x via sizable unannounced JV or asset sales, with no dilution details yet. Fixed-contract retention stays high, though customers pare pallet footprints; US supply excess (15% pallet positions) past peak. Ten sites exited 2025, nine more planned. Dividend commitment holds firm. Investors track delevering timeline.
Key Stats
Market Cap
3.60BP/E (TTM)
-Basic EPS (TTM)
-0.22Dividend Yield
0.07%Recent Filings
10-K
FY2025 results
Americold's FY2025 capped a tough year with Warehouse revenues down 1.6% y/y to levels reflecting softer demand, yet Q4 showed sequential stabilization as economic occupancy held steady versus Q3 while physical occupancy ticked up modestly (derived). Margins expanded 40bps y/y to 33.6% on disciplined cost cuts—labor efficiencies and lower power offsetting occupancy pressure—but Q4 rent/storage pricing per pallet accelerated 2.3% y/y, signaling momentum amid portfolio optimization. Non-same store NOI swung positive on development ramps, while Transportation dipped 14% on volume exits. Debt stands at $4.1B (86% fixed), with $136M cash bolstering liquidity. No 2026 guidance disclosed. Labor shortages threaten quarterly ramps.
8-K
Q4 AFFO up 3%, cautious 2026 guide
Americold released Q4 and full-year 2025 results on February 19, 2026, posting $658.5M revenues (down 1.2% YoY) yet lifting AFFO per share 3% to $0.38 amid cold storage headwinds. Same-store services margin hit 13.9% (up 120 bps) via cost cuts and site exits, while Core EBITDA climbed 4.7% to $162.9M. AFFO guidance: $1.20-$1.30/share. Priorities target balance sheet strength.
8-K
CFO transition announced
Americold Realty Trust appointed Christopher Papa as EVP and CFO effective February 23, 2026, with $650,000 base salary, $2.5M initial RSU grant, $1.7M annual award target, and $500,000 sign-on bonus. Scott Henderson steps in as interim CFO from January 26 while retaining CIO duties; Jay Wells departed without disagreements. Leadership bolsters growth execution. 2025 AFFO guidance reaffirmed.
8-K
Secures $250M delayed draw facility
Americold Realty Trust secured a $250 million unsecured delayed draw term loan facility on December 19, 2025, via a second amendment to its credit agreement with Bank of America. The facility targets repayment of ~$200 million in 4.68% senior notes due January 8, 2026, plus general corporate needs. New liquidity smooths debt maturities.
8-K
Appoints two directors, forms Finance Committee
Americold Realty Trust appointed Joseph Reece and Stephen Sleigh to its board on December 22, 2025, expanding from 9 to 11 members under a cooperation agreement with activist investor Ancora, who beneficially owns 7.4 million shares. The board formed a five-member Finance Committee, chaired by David Neithercut with Reece as vice chair, to advise on capital allocation and portfolio optimization. Board shrinks by one post-2026 meeting. New voices sharpen strategy.
IPO
Website
Employees
Sector
Industry
AMT
American Tower Corporation (REI
179.13-1.13
CUBE
CubeSmart
35.79-0.76
GOOD
Gladstone Commercial Corporatio
10.91+0.01
GRP-UN
Granite Real Estate Inc.
57.84+0.69
LINE
Lineage, Inc.
34.38-1.79
LPA
Logistic Properties of the Amer
2.73-0.25
PLD
Prologis, Inc.
127.61-2.04
PLYM
Plymouth Industrial REIT, Inc.
21.85-0.01
SITC
SITE Centers Corp.
6.31-0.06
STAG
Stag Industrial, Inc.
37.17-0.39