AMERICOLD REALTY TRUST (COLD) Company Report

Americold Realty Trust reported Q4 2025 AFFO of $0.38 per share and full-year 2025 AFFO of $1.43 per share.
The company issued 2026 AFFO guidance of $1.20 to $1.30 per share, anticipating economic occupancy to be flat to down by as much as 300 basis points, and projecting total company NOI between $780 million and $845 million.
Chris Papa will be joining as the new Chief Financial Officer, and the company is focused on deleveraging the balance sheet (which stood at 6.8 times at the end of Q4 2025) and achieving $30 million in annualized cost savings.
As part of its portfolio management initiatives, Americold exited or idled 10 sites in North America in 2025 and has identified 9 additional sites for 2026.

Feb 19, 2026, 1:00 PM

Transcript

Americold Realty Trust Reports Q4 2025 Results and Provides 2026 Outlook

COLD

Earnings

Guidance Update

New Projects/Investments

Americold Realty Trust reported Q4 2025 AFFO of $0.38 per share and full-year 2025 AFFO of $1.43 per share, noting a year-over-year increase in NOI, EBITDA, and AFFO dollars for Q4 2025, the first since Q3 2024.
The company provided full-year 2026 AFFO guidance of $1.20 to $1.30 per share, with Q1 expected to be the lowest quarter, and anticipates economic occupancy to be flat to down by as much as 300 basis points.
Key strategic priorities for 2026 include deleveraging the balance sheet to achieve a leverage level of six or below through potential joint ventures or asset sales, and implementing $30 million in annualized cost savings from indirect labor and SG&A.
Americold is also focused on portfolio management, having exited or idled 10 sites in North America in 2025 and identified 9 additional sites for 2026, while committing to maintaining its investment-grade rating and dividend.

Feb 19, 2026, 1:00 PM

Transcript

Americold Realty Trust Reports Q4 2025 Results and Provides 2026 Outlook

COLD

Earnings

Guidance Update

CFO Change

Americold Realty Trust reported Q4 2025 AFFO of $0.38 per share, which was slightly ahead of expectations, and full-year 2025 AFFO of $1.43 per share. The company also experienced a year-over-year increase in Q4 core EBITDA and total company NOI.
For full-year 2026, the company anticipates AFFO between $1.20 and $1.30 per share. The outlook includes expected same-store revenue of approximately $2.2-$2.27 billion and Core EBITDA between $570 million and $620 million.
Key strategic priorities for 2026 involve deleveraging the balance sheet through potential joint ventures or non-strategic asset sales, evaluating the global portfolio to maximize profitability, and rightsizing the cost structure to achieve $30 million in annualized cost savings.
The company expects continued industry headwinds in 2026, including demand and supply pressures and food inflation, which are projected to create pressure on revenue and occupancy. Economic occupancy is expected to be flat to down by as much as 300 basis points.
Chris Papa will be joining Americold as the new Chief Financial Officer.

Feb 19, 2026, 1:00 PM

Transcript

Americold Realty Trust Announces Fourth Quarter and Full Year 2025 Results

COLD

Earnings

Guidance Update

CFO Change

Americold Realty Trust reported total revenues of $658.5 million for the fourth quarter of 2025, a 1.2% decrease from Q4 2024, and a net loss of $88.3 million, or $0.31 loss per diluted share.
For the full year 2025, total revenues were $2.6 billion, a 2.4% decrease from 2024, with a net loss of $114.5 million, or $0.40 loss per diluted share.
The company's Adjusted FFO per diluted share for Q4 2025 increased by 2.7% year-over-year to $0.38, while full-year 2025 Adjusted FFO per diluted share was $1.43, a 2.7% decrease from 2024.
Americold introduced its 2026 outlook, expecting Adjusted FFO per share to be between $1.20 and $1.30 and Core EBITDA to range from $570 million to $620 million.
Key priorities for 2026 include strengthening the balance sheet, enhancing the profitability of its global real estate portfolio, and focusing capital on customer-driven development opportunities, alongside the upcoming addition of Chris Papa as Chief Financial Officer.

Feb 19, 2026, 11:50 AM

8-K

Americold Realty Trust Announces Fourth Quarter and Full Year 2025 Results

COLD

Earnings

Guidance Update

Dividends

Americold Realty Trust reported fourth-quarter 2025 Adjusted FFO per diluted share of $0.38, a 2.7% increase from Q4 2024, and full-year 2025 Adjusted FFO per diluted share of $1.43.
Total revenues for Q4 2025 were $658.5 million and full-year 2025 revenues were $2.6 billion, representing decreases of 1.2% and 2.4% respectively compared to the prior year periods.
The company announced a 5% increase in its dividend to $0.23 per share for the fourth quarter of 2025.
For 2026, Americold introduced an AFFO outlook of $1.20 to $1.30 per share and highlighted strategic priorities to strengthen its balance sheet and enhance profitability.
The Global Warehouse same store services margin improved to 13.9% in Q4 2025 from 12.7% in Q4 2024, and to 12.8% for the full year 2025 from 12.3% in 2024.

Feb 19, 2026, 11:45 AM

Press Release

Americold Partners with On the Run for Convenience Store Distribution

COLD

New Projects/Investments

Revenue Acceleration/Inflection

Americold Realty Trust has formed a new partnership with On the Run (OTR), an Australian P&C brand, to provide storage and distribution services for OTR's supply chain in Adelaide and its national expansion.
This partnership expands Americold's expertise into the convenience segment, building on its strong leadership position in the Quick Service Restaurant (QSR) sector in Asia-Pacific.
Expanding into new sectors, such as convenience retail, is identified as one of Americold's key growth priorities for 2026.

Dec 23, 2025, 2:00 PM

Press Release

Americold Realty Trust Secures $250 Million Delayed Draw Term Loan Facility

COLD

Debt Issuance

On December 19, 2025, Americold Realty Trust, Inc. and its subsidiary, Americold Realty Operating Partnership, L.P., entered into a Second Amendment to their Credit Agreement.
This amendment establishes a new U.S. dollar unsecured delayed draw term loan facility (the "2025 Delayed Draw Facility").
The facility's aggregate principal amount and the portion allocated for debt repayment are detailed in the table below.
The primary use of the 2025 Delayed Draw Facility is to repay the Operating Partnership's 4.68% senior unsecured notes which are due on January 8, 2026, and for general corporate purposes.
Bank of America, N.A. is the sole lender for this facility.

Metric	Q4 2025
2025 Delayed Draw Term Facility Amount ($USD)	$250,000,000
Amount for Senior Unsecured Notes Repayment ($USD)	$200,000,000

Dec 22, 2025, 9:05 PM

8-K

Americold Enters Cooperation Agreement with Ancora, Appoints New Directors, and Forms Finance Committee

COLD

Board Change

New Projects/Investments

M&A

Americold Realty Trust entered into a Cooperation Agreement with Ancora Parties on December 22, 2025, following Ancora's nomination of director candidates for the 2026 annual Shareholder Meeting.
The company appointed Joseph Reece and Stephen Sleigh to its Board of Directors, effective immediately, increasing the Board size from nine to eleven members.
A new Finance Committee was established, composed of five directors including Joseph Reece (Vice Chair) and Stephen Sleigh, with David Neithercut serving as Chair.
This committee is an advisory body responsible for making recommendations to the Board regarding the company's capital allocation strategy and business portfolio.
The Finance Committee will specifically focus on reviewing the company's portfolio for prospective sales or divestitures, identifying opportunities to reduce debt, maintain the dividend, and preserve core assets.

Dec 22, 2025, 12:07 PM

8-K

Americold Realty Trust Reaffirms 2025 Financial Outlook

COLD

Guidance Update

New Projects/Investments

Americold Realty Trust reaffirmed its full-year 2025 financial outlook as previously communicated on November 6, 2025.
The company provided updated 2025 guidance for several key financial metrics, as detailed in the table below.
Americold also outlined plans for cost reductions in 2026, targeting more than $30 million in SG&A and indirect labor savings by the end of Q1 2026, plus an additional $50M+ year-over-year reduction in cash costs.

Metric	FY 2025
Warehouse segment same store revenue growth (constant currency) (%)	(4.0)-0.0
Warehouse segment same store NOI growth (constant currency) (bps)	50 to 100 lower than associated revenues
Warehouse segment non-same store NOI ($USD Millions)	$7-$13
Warehouse segment same store rent and storage revenue per economic occupied pallet (constant currency) (%)	1.0-2.0
Warehouse segment same store services revenue per throughput pallet (constant currency) (%)	1.0-2.0
Transportation and Management segment NOI ($USD Millions)	$40-$44
Total selling – general and administrative expense ($USD Millions)	$270-$280
Interest Expense ($USD Millions)	$145-$149
Current income tax expense ($USD Millions)	$6-$8
Non real estate depreciation and amortization expense ($USD Millions)	$139-$149
Total maintenance capital expenditures ($USD Millions)	$60-$70
AFFO Per Share ($USD)	$1.39-$1.45

Dec 9, 2025, 12:01 PM

8-K

Americold Reports Q3 2025 Results and Forecasts 2026 Headwinds

COLD

Earnings

Guidance Update

Demand Weakening

Americold reported Q3 2025 AFFO per share of $0.35, which was in line with expectations, with same-store economic occupancy at 75.5%, flat sequentially but down year-over-year.
The company reiterated its guidance for the remainder of 2025 and anticipates continued pressure on pricing and economic occupancy throughout 2026.
For 2026, Americold expects a pricing headwind of 100 to 200 basis points and an approximate 200 to 300 basis point decrease in total economic occupancy.
These challenges are attributed to lower consumer demand, food inflation, and the absorption of approximately 3 million pallet positions of speculative capacity added in North America over the past four years, representing over 15% incremental capacity, which is expected to take a couple of years to resolve.