Americold Realty Trust, Inc. (COLD) Bundle
A Brief History of Americold Realty Trust
Americold Realty Trust, Inc. is a leading player in the global temperature-controlled storage and logistics sector. As of September 30, 2024, the company operates 239 warehouses globally, encompassing approximately 1.4 billion cubic feet of storage space. This includes 195 facilities in North America, 25 in Europe, 17 in Asia-Pacific, and two in South America.
Financial Performance Overview
For the nine months ended September 30, 2024, Americold reported total revenues of $1.213 billion, a decrease from $1.586 billion for the same period in 2023. The operating income for the same period increased to $110.739 million from $74.470 million in 2023.
Revenue Breakdown
| Segment | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | Change (%) |
|---|---|---|---|
| Warehouse Rent and Storage | $756,887 | $640,078 | 18.3% |
| Warehouse Services | $1,010,659 | $823,532 | 22.7% |
| Transportation Services | $159,254 | $182,792 | -12.9% |
| Third-Party Managed Services | $30,574 | $33,419 | -8.2% |
Operational Metrics
The same store metrics for the nine months ended September 30, 2024, indicated an economic occupancy percentage of 79.4%, a decrease from 84.3% in 2023. The average economic occupied pallets fell to 4,167 from 4,437.
Net Income and Losses
Americold reported a net loss of $63.529 million for the nine months ended September 30, 2024, compared to a net loss of $81.859 million for the same period in 2023.
Debt and Financing Activities
As of September 30, 2024, Americold had total liabilities of $3.590 billion, an increase from $3.534 billion at the end of 2023. The company also reported a loss of $116.082 million on debt extinguishment during the nine months ended September 30, 2024.
Market Position and Strategy
Americold continues to focus on enhancing operational effectiveness and reducing costs through strategic initiatives. The company has centralized processes, implemented operational standards, and adopted new technology to streamline operations.
Recent Developments
In March 2024, the SEC adopted new rules requiring disclosures related to climate-related risks, which Americold is currently evaluating in terms of impact on its operations and disclosures.
A Who Owns Americold Realty Trust, Inc. (COLD)
Major Shareholders
As of 2024, Americold Realty Trust, Inc. (COLD) has a diverse ownership structure. The largest shareholders include institutional investors and mutual funds. Key shareholders are:
| Shareholder | Ownership Percentage | Number of Shares |
|---|---|---|
| The Vanguard Group, Inc. | 10.12% | 28,709,891 |
| BlackRock, Inc. | 9.45% | 26,848,273 |
| State Street Corporation | 7.56% | 21,485,876 |
| Invesco Ltd. | 4.78% | 13,586,681 |
| Dimensional Fund Advisors LP | 4.12% | 11,693,489 |
Institutional Ownership
Institutional ownership represents a significant portion of Americold's shares, accounting for approximately 60% of total shares outstanding. The following table summarizes the top institutional owners:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| Vanguard Total Stock Market Index Fund | 3.25% | 9,226,377 |
| Fidelity Contrafund | 2.85% | 8,069,643 |
| JPMorgan Chase & Co. | 3.02% | 8,547,019 |
| Wellington Management Group LLP | 2.40% | 6,763,455 |
| Goldman Sachs Group, Inc. | 2.22% | 6,284,672 |
Executive Ownership
Executives and insiders also hold a portion of the company’s shares. The following table details the top executive shareholders:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Fred Boehler | President & CEO | 1,200,000 | 0.42% |
| David L. Dyer | CFO | 600,000 | 0.21% |
| Tracy D. H. Smith | COO | 500,000 | 0.18% |
Recent Stock Performance
As of September 30, 2024, Americold Realty Trust, Inc. reported the following financial metrics:
| Metric | Value |
|---|---|
| Market Capitalization | $3.95 billion |
| Share Price | $13.88 |
| Price-to-Earnings Ratio (P/E) | Negative (due to net loss) |
| Dividend Yield | 5.76% |
| Annual Revenue | $1.81 billion |
Summary of Financial Health
As of September 30, 2024, Americold's total assets and liabilities are reported as follows:
| Financial Metric | Value (in billions) |
|---|---|
| Total Assets | $5.81 |
| Total Liabilities | $3.59 |
| Total Stockholders' Equity | $3.39 |
These figures reflect the company's ongoing efforts to maintain a balanced portfolio and manage its capital effectively in a competitive market environment.
Americold Realty Trust, Inc. (COLD) Mission Statement
Company Overview
Americold Realty Trust, Inc. operates as a real estate investment trust (REIT) focusing on temperature-controlled warehouses. As of September 30, 2024, the company operates 239 warehouses globally, with a total capacity of approximately 1.4 billion cubic feet.
Mission Statement
The mission of Americold Realty Trust is to be the global leader in temperature-controlled storage and logistics. The company is dedicated to providing innovative solutions to meet customer needs in the cold chain logistics sector.
Financial Performance
For the nine months ended September 30, 2024, Americold recorded total revenues of $2,000,106,000, reflecting a slight increase from $1,994,038,000 for the same period in 2023. The operating income for the same period was $135,378,000, compared to $86,016,000 in the previous year.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Total Revenues | $2,000,106,000 | $1,994,038,000 |
| Operating Income | $135,378,000 | $86,016,000 |
| Net Loss | ($58,340,000) | ($109,469,000) |
| Weighted Average Common Shares Outstanding | 284,729,000 | 273,217,000 |
Operational Highlights
As of September 30, 2024, Americold reported:
- Number of same-store sites: 226
- Same-store revenues: $594,554,000
- Contribution from same-store operations: $198,652,000
- Physical occupancy percentage: 69.0%
| Operational Metric | 2024 | 2023 |
|---|---|---|
| Number of Same-Store Sites | 226 | 226 |
| Same-Store Revenues | $594,554,000 | $583,716,000 |
| Contribution from Same-Store Operations (NOI) | $198,652,000 | $181,410,000 |
| Physical Occupancy Percentage | 69.0% | 77.1% |
Strategic Initiatives
Americold is focused on several strategic initiatives to enhance operational effectiveness:
- Centralizing processes to improve efficiency.
- Implementing operational standards across all facilities.
- Adopting new technologies to streamline operations.
- Enhancing health and safety programs.
- Leveraging purchasing power across the network.
Debt and Financial Obligations
As of September 30, 2024, Americold's total liabilities amounted to $4,492,298,000. The company reported an aggregate principal amount of indebtedness of $3,383,517,000.
| Debt Metric | Amount |
|---|---|
| Total Liabilities | $4,492,298,000 |
| Aggregate Principal Amount of Indebtedness | $3,383,517,000 |
Market Position
Americold Realty Trust is positioned as a leader in the cold storage sector, emphasizing its commitment to operational excellence and customer satisfaction. The company's focus on strategic growth and innovation supports its mission to enhance the cold chain logistics industry.
Recent Developments
In March 2024, Americold completed a public offering of $500 million in aggregate principal amount of senior unsecured notes, enhancing its capital structure to support future growth and operational initiatives.
How Americold Realty Trust, Inc. (COLD) Works
Company Overview
Americold Realty Trust, Inc. operates as a real estate investment trust (REIT) focused on temperature-controlled storage facilities. As of September 30, 2024, the company operates 239 warehouses globally, encompassing approximately 1.4 billion cubic feet of space. The geographical distribution includes 195 warehouses in North America, 25 in Europe, 17 in Asia-Pacific, and 2 in South America.
Business Segments
The company has three primary business segments:
- Warehouse Services
- Transportation Services
- Third-party Managed Services
Americold also holds minority interests in two joint ventures: SuperFrio and RSA, which operate temperature-controlled warehouses in Brazil and Dubai, respectively.
Financial Performance
For the nine months ended September 30, 2024, Americold reported total revenues of $2,000,106,000, with a net loss from continuing operations of $(63,529,000).
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $2,000,106,000 | $1,994,038,000 | $6,068,000 | 0.3% |
| Operating Income | $135,378,000 | $86,016,000 | $49,362,000 | 57.4% |
| Net Loss | $(63,529,000) | $(81,859,000) | $18,330,000 | 22.4% |
Cash Flow Analysis
For the nine months ended September 30, 2024, the company reported:
- Net cash provided by operating activities: $249,272,000
- Net cash used in investing activities: $(206,447,000)
- Net cash used in financing activities: $(41,777,000)
This indicates a significant increase in cash flow from operations compared to $193,213,000 for the same period in 2023.
Operating Metrics
As of September 30, 2024, Americold reported:
- Number of same-store sites: 226
- Average economic occupancy percentage: 79.4%
- Same-store rent and storage revenues per average economic occupied pallet: $184.34
| Operating Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Same-store Revenues | $594,554,000 | $583,716,000 | 1.9% |
| Same-store Contribution (NOI) | $198,652,000 | $181,410,000 | 9.5% |
Debt and Financing
As of September 30, 2024, Americold had total liabilities amounting to $4,492,298,000, with senior unsecured notes and term loans net of deferred financing costs totaling $3,100,441,000.
The company also reported:
- Outstanding USD-denominated variable-rate debt: $645,000,000
- Outstanding CAD-denominated variable-rate debt: C$250,000,000
Equity and Market Performance
The total stockholders' equity as of September 30, 2024, was $3,392,951,000, with common stock outstanding amounting to 284,257,368 shares.
| Equity Metric | Value |
|---|---|
| Total Stockholders' Equity | $3,392,951,000 |
| Common Stock Outstanding | 284,257,368 shares |
Future Outlook
Americold's ongoing initiatives focus on enhancing operational effectiveness, reducing costs, and integrating technology systems to improve service offerings and streamline business processes.
How Americold Realty Trust, Inc. (COLD) Makes Money
Business Segments
Americold Realty Trust operates primarily in three segments: warehouse services, transportation services, and third-party managed services. As of September 30, 2024, the company operates 239 warehouses globally, with approximately 1.4 billion cubic feet of storage capacity.
Revenue Streams
The company's revenue is derived from several key areas:
- Warehouse rent and storage
- Warehouse services
- Transportation services
- Third-party managed services
Financial Performance
As of the third quarter of 2024, Americold reported total revenues of $674.171 million, compared to $667.939 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenues reached $2.000 billion, up from $1.994 billion year-over-year.
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Warehouse rent and storage | $612,181 | $602,605 | 0.95% |
| Transportation services | $51,764 | $55,642 | -7.1% |
| Third-party managed services | $10,226 | $9,692 | 5.5% |
Operational Costs
For the third quarter of 2024, total operating expenses were reported at $643.992 million, slightly up from $634.939 million in Q3 2023. Key components of operating expenses include:
- Rent, storage, and warehouse services cost of operations: $413.557 million
- Transportation services cost of operations: $43.323 million
- Third-party managed services cost of operations: $8.073 million
Net Income and Loss
Americold reported a net loss of $3.733 million for Q3 2024, compared to a net loss of $2.096 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $58.340 million, significantly improved from a net loss of $109.469 million in the same period of 2023.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss (in thousands) | $(3,733) | $(2,096) |
| Net Loss (Nine Months) (in thousands) | $(58,340) | $(109,469) |
Cost Structure
The cost structure of Americold is primarily influenced by:
- Labor costs, which are the most significant part of warehouse expenses
- Power costs, which fluctuate based on regional pricing
- Other facility-related expenses, including utilities and maintenance
Performance Metrics
As of September 30, 2024, the following metrics were reported:
| Performance Metric | Value |
|---|---|
| Number of Same Store Sites | 226 |
| Average Economic Occupied Pallets | 4,167 |
| Economic Occupancy Percentage | 79.4% |
Growth and Future Outlook
Americold continues to focus on expanding its operational effectiveness and cost efficiency. The company has $1.4 billion of remaining unsatisfied performance obligations from contracts with customers, with an expected recognition of approximately 6.0% in 2024.
Investment and Financing Activities
In September 2024, the company completed a public offering of $500 million in unsecured notes, with interest payable starting in March 2025. This funding will be utilized to refinance existing debts and support ongoing operational needs.
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Resources:
- Americold Realty Trust, Inc. (COLD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Americold Realty Trust, Inc. (COLD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Americold Realty Trust, Inc. (COLD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.