8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 7, 2019

AMERICOLD REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland	001-34723	93-0295215
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

10 Glenlake Parkway, South Tower, Suite 600 Atlanta, Georgia	30328
(Address of principal executive offices)	(Zip Code)

(678) 441-1400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares of beneficial interest, $0.01 par value per share	COLD	New York Stock Exchange

Item 2.02 — Results of Operations and Financial Condition.

Item 7.01— Regulation FD Disclosure.

On November 7, 2019, Americold Realty Trust (the “Company”) issued a press release announcing the Company’s financial results for the third quarter and year ended September 30, 2019. A copy of the press release as well as a copy of the supplemental information referred to in the press release are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference.     

The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition,” and Item 7.01, “Regulation FD.” The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.    

Item 9.01 — Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated November 7, 2019 for the third quarter ended September 30, 2019.
99.2	Supplemental Information Package for the third quarter ended September 30, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 7, 2019

AMERICOLD REALTY TRUST
By:	/s/ Marc Smernoff
	Name: Marc Smernoff
	Title: Chief Financial Officer and Executive Vice President

EX-99.1

Exhibit 99.1

AMERICOLD REALTY TRUST ANNOUNCES THIRD QUARTER 2019 RESULTS

Atlanta, GA, November 7, 2019- Americold Realty Trust (NYSE: COLD) (the “Company”), the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses, today announced financial and operating results for the third quarter ended September 30, 2019.

Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “The third quarter was strong, with total company revenue growth of 16.0%, total company NOI growth of 18.9%, and Core EBITDA growth of 21.6%. This growth was driven by contribution from our second quarter acquisitions, continued operating efficiency gains, and solid performance from our core same store portfolio. At the same time, we continue to benefit from our integration efforts to realize synergies as we implement our Americold Operating System and commercial business practices. Additionally, we continued to make steady progress on our five active expansion and development projects.”

“As we look ahead to the end of the year and into 2020, underlying supply and demand dynamics within our industry remain steady. We continue to see a wealth of potential opportunities. Our strong balance sheet supports our ability to execute a multi-pronged growth strategy, and we have demonstrated our ability to integrate new properties and portfolios efficiently and effectively. We remain committed to providing world class service to our existing and new customers, and driving stable cash flow growth and creating long term value for our shareholders.”

Third Quarter2019 Highlights

• Total revenue of $466.2 million, a 16.0% increase over the same quarter last year.

• Total NOI of $120.7 million, an 18.9% increase over the same quarter last year.

• Core EBITDA of $93.4 million, a 21.6% increase over the same quarter last year, or a 23.4% increase on a constant currency basis.

• Net income of $27.1 million, or $0.14 per diluted common share, compared to net income of $24.5 million in the same quarter last year.

• Core FFO of $59.1 million, or $0.30 per diluted common share, compared to $43.9 million in the same quarter last year.

• AFFO of $52.4 million, or $0.27 per diluted common share, compared to $41.4 million in the same quarter last year.

• Global Warehouse segment revenue of $365.6 million, a 23.0% increase over the same quarter last year.

• Global Warehouse segment NOI of $113.4 million, a 21.1% increase over the same quarter last year.

• Global Warehouse segment same store revenue grew 2.0%, or 3.3% on a constant currency basis, with same store segment NOI improving 1.0%, or 2.3% on a constant currency basis.

• Sold minority interest in its China joint venture for approximately $15.0 million in cash proceeds.

• Received Baa3/stable rating from Moody's, which reduced the Company's $800 million Unsecured Revolver spread by 55 basis points to L+90, and its $475 million Unsecured Term Loan A spread by 45 basis points to L+100

Year to Date 2019 Highlights

• Total revenue increased 9.3% to $1,297.7 million.

• Total NOI increased 14.7% to $340.5 million.

• Core EBITDA increased 16.2% to $258.0 million for the year to date 2019, or a 17.8% increase on a constant currency basis.

• Net income of $27.4 million, or $0.15 per diluted common share, compared to net income of $45.3 million for the same period of the prior year.

• Core FFO of $155.1 million, or $0.87 per diluted common share for the year to date 2019.

• AFFO of $154.8 million, or $0.87 per diluted common share for the year to date 2019.

• Global Warehouse segment revenue of $993.4 million, a 14.0% increase over the prior period.

• Global Warehouse segment NOI increased 16.1% to $318.0 million for the year to date 2019.

• Global Warehouse segment same store revenue grew 1.3%, or 3.2% on a constant currency basis, with same store segment NOI improving 2.1%, or 3.4% on a constant currency basis, for the year to date 2019.

Third Quarter2019 Total Company Financial Results

Total revenue for the third quarter of 2019 was $466.2 million, a 16.0% increase from the same quarter of the prior year. This growth was driven by the incremental revenue from the 2019 acquisitions, improvements in contractual rate escalations, growth in fixed commitment storage contracts, and one additional business day compared to the same quarter last year. Additionally, the launch of the Chicago expansion and the stabilization of the Middleboro, MA facility also contributed to this growth. These factors were partially offset by the translation impact of the strengthening US dollar.

For the third quarter of 2019, the Company reported net income of $27.1 million, or $0.14 per diluted share, compared to $24.5 million for the same quarter of the prior year. Net income for the current quarter included $4.3 million of gain from the sale of partially owned entities, and recognition of a $7.8 million deferred tax benefit. Net income for the prior quarter included a $3.7 million benefit related to refundable Alternative Minimum Tax credits that are no longer subject to limitation under the Tax Cut and Jobs Act.

Total NOI for the third quarter of 2019 was $120.7 million, an increase of 18.9% from the same quarter of the prior year.

Core EBITDA was $93.4 million for the third quarter of 2019, compared to $76.8 million for the same quarter of the prior year. This reflects a 21.6% increase over prior year, or 23.4% on a constant currency basis, largely impacted by increased Core EBITDA from acquisitions. Additionally, Core EBITDA margin increased by 92 basis points to 20.0%. This growth and margin improvement was partially offset by higher health insurance costs related to an increase in high dollar claims, the translation impact of the strengthening US dollar, and startup costs related to its Chicago development project.

For the third quarter of 2019, Core FFO was $59.1 million, or $0.30 per diluted share, compared to $43.9 million for same quarter of the prior year. The year-over-year increase is driven primarily by increased FFO as a result of acquisitions.

For the third quarter of 2019, AFFO was $52.4 million, or $0.27 per diluted share, compared to $41.4 million for same quarter of the prior year. AFFO excludes certain expenses and income items that do not represent core expenses and income streams.

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.

Third Quarter2019 Global Warehouse Segment Results

For the third quarter of 2019, Global Warehouse segment revenues were $365.6 million, an increase of $68.4 million, or 23.0%, compared to $297.2 million for the third quarter of 2018. This growth was driven by the incremental revenue from the 2019 acquisitions as well as the same revenue growth factors mentioned above.

Warehouse segment NOI was $113.4 million for the third quarter of 2019, which reflects growth of 21.1%. The year-over-year growth was driven by incremental NOI from its 2019 acquisitions, the previously mentioned revenue trends, and disciplined power and facility related cost controls through the Americold Operating System. Global Warehouse segment margin was 31.0% for the third quarter of 2019, a 48 basis point decline compared to the same quarter of the prior year. The decrease in margin was primarily due to higher health insurance costs related to an increase in high dollar claims, the translation impact of the strengthening US dollar, and startup costs related to its Chicago development project.

The following tables summarize the global warehouse and same store financial results and metrics for the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	165						144			n/a		n/a
Global Warehouse revenues:
Rent and storage	$	155,998		$	157,426		$	130,044		20.0	%	21.1	%
Warehouse services	209,595			212,101			167,181			25.4	%	26.9	%
Total revenues	$	365,593		$	369,527		$	297,225		23.0	%	24.3	%
Global Warehouse contribution (NOI)	$	113,408		$	114,618		$	93,638		21.1	%	22.4	%
Global Warehouse margin	31.0		%	31.0		%	31.5		%	-48 bps		-49 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	2,857			2,857			2,439			17.1	%	n/a
Average economic occupied pallets	2,997			2,997			2,550			17.5	%	n/a
Average physical pallet positions	3,792			3,792			3,166			19.8	%	n/a
Physical occupancy percentage	75.3		%	75.3		%	77.0		%	-169 bps		n/a
Economic occupancy percentage	79.0		%	79.0		%	80.6		%	-152 bps		n/a
Total rent and storage revenues per physical occupied pallet	$	54.60		$	55.10		$	53.32		2.4	%	3.3	%
Total rent and storage revenues per economic occupied pallet	$	52.06		$	52.53		$	50.99		2.1	%	3.0	%
Global Warehouse same store services metrics:
Throughput pallets	7,975			7,975			6,726			18.6	%	n/a
Total warehouse services revenues per throughput pallet	$	26.28		$	26.60		$	24.85		5.8	%	7.0	%
SAME STORE WAREHOUSE
Number of same store warehouses	138						138			n/a		n/a
Global Warehouse same store revenues:
Rent and storage	$	128,956		$	130,388		$	127,120		1.4	%	2.6	%
Warehouse services	169,070			171,561			165,065			2.4	%	3.9	%
Total same store revenues	$	298,026		$	301,949		$	292,185		2.0	%	3.3	%
Global Warehouse same store contribution (NOI)	$	92,681		$	93,883		$	91,754		1.0	%	2.3	%
Global Warehouse same store margin	31.1		%	31.1		%	31.4		%	-30 bps		-31 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average physical occupied pallets	2,318			2,318			2,385			(2.8	)%	n/a
Average economic occupied pallets	2,446			2,446			2,486			(1.6	)%	n/a
Average physical pallet positions	3,090			3,090			3,098			(0.3	)%	n/a
Physical occupancy percentage	75.0		%	75.0		%	77.0		%	-196 bps		n/a
Economic occupancy percentage	79.2		%	79.2		%	80.2		%	-108 bps		n/a
Same store rent and storage revenues per physical occupied pallet	$	55.62		$	56.24		$	53.30		4.4	%	5.5	%
Same store rent and storage revenues per economic occupied pallet	$	52.71		$	53.30		$	51.13		3.1	%	4.2	%
Global Warehouse same store services metrics:
Throughput pallets	6,635			6,635			6,645			(0.1	)%	n/a
Same store warehouse services revenues per throughput pallet	$	25.48		$	25.86		$	24.84		2.6	%	4.1	%

	Nine Months Ended September 30,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	165						144			n/a		n/a
Global Warehouse revenues:
Rent and storage	$	424,403		$	430,294		$	381,104		11.4	%	12.9	%
Warehouse services	569,036			578,955			490,350			16.0	%	18.1	%
Total revenues	$	993,439		$	1,009,249		$	871,454		14.0	%	15.8	%
Global Warehouse contribution (NOI)	$	318,044		$	321,786		$	274,043		16.1	%	17.4	%
Global Warehouse margin	32.0		%	31.9		%	31.4		%	57 bps		44 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	2,622			2,622			2,423			8.2	%	n/a
Average economic occupied pallets	2,758			2,758			2,531			9.0	%	n/a
Average physical pallet positions	3,528			3,528			3,196			10.4	%	n/a
Physical occupancy percentage	74.3		%	74.3		%	75.8		%	-146 bps		n/a
Economic occupancy percentage	78.2		%	78.2		%	79.2		%	-99 bps		n/a
Total rent and storage revenues per physical occupied pallet	$	161.84		$	164.09		$	157.29		2.9	%	4.3	%
Total rent and storage revenues per economic occupied pallet	$	153.88		$	156.02		$	150.59		2.2	%	3.6	%
Global Warehouse same store services metrics:
Throughput pallets	21,862			21,862			19,982			9.4	%	n/a
Total warehouse services revenues per throughput pallet	$	26.03		$	26.48		$	24.54		6.1	%	7.9	%
SAME STORE WAREHOUSE
Number of same store warehouses	137						137			n/a		n/a
Global Warehouse same store revenues:
Rent and storage	$	373,396		$	379,287		$	371,013		0.6	%	2.2	%
Warehouse services	492,734			502,629			483,862			1.8	%	3.9	%
Total same store revenues	$	866,130		$	881,916		$	854,875		1.3	%	3.2	%
Global Warehouse same store contribution (NOI)	$	274,743		$	278,464		$	269,200		2.1	%	3.4	%
Global Warehouse same store margin	31.7		%	31.6		%	31.5		%	23 bps		8 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage:
Average physical occupied pallets	2,253			2,253			2,337			(3.6	)%	n/a
Average economic occupied pallets	2,383			2,383			2,440			(2.4	)%	n/a
Average physical pallet positions	3,055			3,055			3,072			(0.6	)%	n/a
Physical occupancy percentage	73.8		%	73.8		%	76.1		%	-233 bps		n/a
Economic occupancy percentage	78.0		%	78.0		%	79.4		%	-145 bps		n/a
Same store rent and storage revenues per physical occupied pallet	$	165.72		$	168.33		$	158.74		4.4	%	6.0	%
Same store rent and storage revenues per economic occupied pallet	$	156.72		$	159.19		$	152.03		3.1	%	4.7	%
Global Warehouse same store services:
Throughput pallets	19,459			19,459			19,715			(1.3	)%	n/a
Same store warehouse services revenues per throughput pallet	$	25.32		$	25.83		$	24.54		3.2	%	5.3	%

⁽¹⁾ The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(n/a = not applicable)

Fixed Commitment Rent and Storage Revenue

For the third quarter of 2019, $244 million of the Company's rent and storage revenues were derived from customers with fixed commitment storage contracts. This compares to $232 million for the second quarter of 2019 and $215 million for the third quarter of 2018. The Company's recent acquisitions had a lower percentage of fixed committed contracts as a percentage of rent and storage revenue. On a combined pro forma basis, 40.0% of rent and storage revenues were generated from fixed commitment storage contracts.

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company's customers have space available when needed. At times, these customers may be paying for space that is not physically occupied. For the third quarter of 2019, economic occupancy for the total warehouse segment was 79.0% and warehouse segment same store pool was 79.2%, representing a 369 basis point and 414 basis point increase above physical occupancy, respectively. For the third quarter of 2019, physical occupancy for the total warehouse segment was 75.3% and warehouse segment same store pool was 75.0%.

Real Estate Portfolio

As of September 30, 2019, the Company's portfolio consists of 176 facilities, two less than what was reported as of the second quarter 2019. The Company ended the third quarter of 2019 with 165 facilities in its Global Warehouse segment portfolio and 11 facilities in its Third Party Managed segment portfolio. During the third quarter, the Company exited a leased facility in Heyburn, Idaho that was classified as non-same store. Additionally, the Company exited the operations of one of its Third Party Managed facilities in Crete, Nebraska. The same store population consists of 138 facilities as of September 30, 2019, which is unchanged from the second quarter of 2019. The remaining twenty-seven non-same store Warehouse facilities include the 24 facilities that were acquired in 2019, and three legacy facilities that are in various stages of operational stabilization.

Balance Sheet Activity and Liquidity

At September 30, 2019, the Company had total liquidity of approximately $1.5 billion, including cash and capacity on its revolving credit facility and $137 million and $235 million of net proceeds from its September 2018 and April 2019 equity forwards, respectively. Total debt outstanding was $1.9 billion (inclusive of $174 million of capital leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 76% was in an unsecured structure. The Company has no material debt maturities until 2022, assuming the one-year extension option is exercised on its revolver. At quarter end, its net debt to pro forma Core EBITDA was approximately 4.1x. Of the Company's total debt outstanding, $1.7 billion relates to real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company's real estate debt has a remaining weighted average term of 6.5 years and carries a weighted average contractual interest rate of 4.29%. As of September 30, 2019, 92% of the Company's total debt outstanding was at a fixed rate, inclusive of the $225 million interest rate swap that was entered into during the third quarter of 2019.

Dividend

On August 22, 2019, the Company's Board of Trustees declared a dividend of $0.20 per share for the third quarter of 2019, which was paid on October 15, 2019 to common shareholders of record as of September 30, 2019.

2019 Outlook

The Company updated guidance for full year 2019 as follows:

• Global warehouse segment same store revenue growth to range between 2 and 4 percent on a constant currency basis and same store NOI growth to be 100 to 200 basis points higher than the associated revenue. Given the higher than expected healthcare costs experienced year to date, the Company now expects same store NOI growth for this year to be in the bottom half of its stated range of 100 to 200 basis points higher than the associated revenue growth.

• Selling, general, and administrative expense, as a percentage of total revenue, is expected to range between 7.0 and 7.2 percent.

• Total recurring maintenance capital expenditures is now expected in the range of $50 to $60 million.

• Total expansion and development capital expenditures is expected to aggregate in a range of $205 to $215 million, which includes spending related to the Company's announced development projects.

• Anticipated AFFO payout ratio of 65 to 68 percent.

• Full year weighted average diluted share count of 180 to 184 million shares.

The Company's guidance is provided for informational purposes based on current plans and assumptions as is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, November 7, 2019 at 5:00 p.m. Eastern Time to discuss third quarter2019 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust's website at www.americold.com. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

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# 13695203. The telephone replay will be available starting shortly after the call until November 21, 2019.

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.

About the Company

Americold is the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 176 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA and same store segment revenue and contribution. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to FFO, a reconciliation from FFO to core FFO and AFFO, and definitions of FFO, and core FFO are included within the supplemental. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to EBITDAre and Core EBITDA, a definition of Core EBITDA and definitions of net debt to Core EBITDA are included within the supplemental.

Forward-Looking Statements

This document 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 adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; defaults or non-renewals of contracts with customers; potential bankruptcy or insolvency of our customers; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financing; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; our failure to realize the intended benefits from our recent acquisitions including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; our failure to successfully integrate and operate acquired properties or businesses, including but not limited to: Cloverleaf Cold Storage, Lanier Cold Storage and PortFresh Holdings, LLC; difficulties in identifying properties to be acquired and completing acquisitions; acquisition risks, including the failure of such acquisitions to perform in accordance with projections; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns in respect thereof; difficulties in expanding our operations into new markets, including international markets; our failure to maintain our status as a REIT; our operating partnership’s failure to qualify as a partnership for federal income tax purposes; uncertainties and risks related to natural disasters and global climate change; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; labor and power costs; changes in real estate and zoning laws and increases in real property tax rates; the competitive environment in which we operate; our relationship with our employees, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements; liabilities as a result of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the potential dilutive effect of our common share offerings; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share, or our common shares; and risks related to our forward sale agreement entered into with Bank of America, N.A. in September 2018, as amended, or the 2018 forward sale agreement, and our forward sale agreement entered into with Bank of America, N.A. in April 2019, or the 2019 forward sale agreement, including substantial dilution to our earnings per share or substantial cash payment obligations.

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. Examples of forward-looking statements included in this document include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. 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 December 31, 2018 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 and our other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contacts:

Americold Realty Trust

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	September 30, 2019			December 31, 2018
Assets
Property, plant, and equipment:
Land	$	516,354		$	385,232
Buildings and improvements	2,612,087			1,849,749
Machinery and equipment	792,661			577,175
Assets under construction	105,917			85,983
	4,027,019			2,898,139
Accumulated depreciation and depletion	(1,192,126		)	(1,097,624		)
Property, plant, and equipment – net	2,834,893			1,800,515
Operating lease right-of-use assets	73,362			—
Accumulated depreciation – operating leases	(14,575		)	—
Operating leases – net	58,787			—
Financing leases:
Buildings and improvements	11,227			11,227
Machinery and equipment	72,217			49,276
	83,444			60,503
Accumulated depreciation – financing leases	(26,347		)	(21,317		)
Financing leases – net	57,097			39,186
Cash and cash equivalents	310,116			208,078
Restricted cash	6,872			6,019
Accounts receivable – net of allowance of $6,042 and $5,706 at September 30, 2019 and December 31, 2018, respectively	210,912			194,279
Identifiable intangible assets – net	288,232			25,056
Goodwill	310,640			186,095
Investments in partially owned entities	—			14,541
Other assets	64,642			58,659
Total assets	$	4,142,191		$	2,532,428
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and accrued expenses	314,173			253,080
Mortgage notes, senior unsecured notes and term loan – net of unamortized deferred financing costs of $13,750 and $13,943, in the aggregate, at September 30, 2019 and December 31, 2018, respectively	1,696,350			1,351,014
Sale-leaseback financing obligations	116,628			118,920
Financing lease obligations	57,258			40,787
Operating lease obligations	61,849			—
Unearned revenue	17,925			18,625
Pension and postretirement benefits	16,257			16,317
Deferred tax liability – net	14,385			17,992
Multi-employer pension plan withdrawal liability	8,787			8,938
Total liabilities	2,303,612			1,825,673
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – authorized 250,000,000 shares; 191,750,746 and 148,234,959 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	1,918			1,482
Paid-in capital	2,579,318			1,356,133
Accumulated deficit and distributions in excess of net earnings	(718,874		)	(638,345		)
Accumulated other comprehensive loss	(23,783		)	(12,515		)
Total shareholders’ equity	1,838,579			706,755
Total liabilities and shareholders’ equity	$	4,142,191		$	2,532,428
See accompanying notes to condensed consolidated financial statements.

Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues:
Rent, storage, and warehouse services	$	365,593		$	297,225		$	993,439		$	871,454
Third-party managed services	62,846			62,551			188,497			192,182
Transportation services	35,685			40,193			109,273			117,427
Other	2,058			2,041			6,512			6,755
Total revenues	466,182			402,010			1,297,721			1,187,818
Operating expenses:
Rent, storage, and warehouse services cost of operations	252,185			203,587			675,395			597,411
Third-party managed services cost of operations	60,263			58,998			179,851			180,993
Transportation services cost of operations	31,045			36,045			96,071			106,099
Cost of operations related to other revenues	1,983			1,896			5,901			6,344
Depreciation, depletion and amortization	45,065			29,402			115,598			87,861
Selling, general and administrative	32,476			27,323			96,262			83,179
Acquisition, litigation and other	3,780			1,194			30,237			4,768
Loss (gain) from sale of real estate	—			12			34			(8,372		)
Impairment of long-lived assets	—			—			13,485			747
Total operating expenses	426,797			358,457			1,212,834			1,059,030
Operating income	39,385			43,553			84,887			128,788
Other income (expense):
Loss from investments in partially owned entities	(165		)	(437		)	(111		)	(324		)
Gain from sale of partially owned entities	4,297			—			4,297			—
Interest expense	(24,907		)	(22,834		)	(70,581		)	(70,258		)
Bridge loan commitment fees	—			—			(2,665		)	—
Interest income	1,798			877			5,206			2,610
Loss on debt extinguishment and modifications	—			—			—			(21,385		)
Foreign currency exchange (loss) gain, net	(43		)	734			(66		)	2,926
Other (expense) income, net	(249		)	96			(1,007		)	184
Income before income tax (expense) benefit	20,116			21,989			19,960			42,541
Income tax (expense) benefit:
Current	(834		)	3,063			(4,828		)	672
Deferred	7,809			(512		)	12,221			2,093
Total income tax benefit	6,975			2,551			7,393			2,765
Net income	$	27,091		$	24,540		$	27,353		$	45,306
Less distributions on preferred shares of beneficial interest - Series A	—			—			—			(1		)
Less distributions on preferred shares of beneficial interest - Series B	—			—			—			(1,817		)
Net income attributable to common shares of beneficial interest	$	27,091		$	24,540		$	27,353		$	43,488
Weighted average common shares outstanding – basic	192,325			144,948			175,010			138,438
Weighted average common shares outstanding – diluted	197,363			147,626			178,970			141,191
Net income per common share of beneficial interest - basic	$	0.14		$	0.17		$	0.15		$	0.31
Net income per common share of beneficial interest - diluted	$	0.14		$	0.17		$	0.15		$	0.31

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
	Three Months Ended
	Q3 19			Q2 19			Q1 19			Q4 18			Q3 18			YTD 19
Net income (loss)	$	27,091		$	4,891		$	(4,629	)	$	2,678		$	24,540		$	27,353
Adjustments:
Real estate related depreciation and depletion	31,238			28,518			22,665			22,405			21,903			82,421
Net loss on sale of depreciable real estate	—			34			—			—			—			34
Net loss (gain) on asset disposals	7			—			138			913			(65		)	145
Impairment charges on certain real estate assets	—			—			12,555			—			—			12,555
Real estate depreciation on China JV	232			269			289			398			292			790
NAREIT Funds from operations	$	58,568		$	33,712		$	31,018		$	26,394		$	46,670		$	123,298
Adjustments:
Net loss (gain) on sale of non-real estate assets	212			167			(118		)	110			(314		)	261
Non-real estate impairment	—			930			—			—			—			930
Non-offering related equity issuance expenses (a)	(29		)	(164		)	1,511			(34		)	605			1,318
Non-recurring public company implementation costs (b)	—			—			—			544			496			—
Acquisition, diligence and integration costs(c)	2,671			15,014			1,441			599			21			19,126
Stock-based compensation expense, IPO grants	777			556			607			1,433			845			1,940
Severance, reduction in workforce costs and equity acceleration(d)	1,031			2,641			4,293			(73		)	73			7,965
Terminated site operations costs (e)	(90		)	6			338			(1,870		)	—			254
Litigation and other related settlement costs (f)	197			467			910			—			—			1,574
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			26,174			—			—
Foreign currency exchange loss (gain)	43			83			(60		)	43			(734		)	66
Excise tax settlement	—			—			—			(128		)	—			—
Alternative Minimum Tax receivable from Tax Cuts & Jobs Act	—			—			—			—			(3,745		)	—
Bridge loan commitment fees	—			2,665			—			—			—			2,665
Gain on sale of partially owned entities	(4,297		)	—			—			—			—			(4,297		)
Core FFO applicable to common shareholders	$	59,083		$	56,077		$	39,940		$	53,192		$	43,917		$	155,100
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,526			1,522			1,456			1,414			1,532			4,504
Amortization of below/above market leases	38			38			38			37			38			114
Straight-line net rent	(150		)	(151		)	(137		)	(86		)	(62		)	(438		)
Deferred income taxes (benefit) expense	(7,809		)	(3,352		)	(1,060		)	(1,059		)	512			(12,221		)
Stock-based compensation expense, excluding IPO grants	2,593			2,628			2,032			994			1,226			7,253
Non-real estate depreciation and amortization	13,828			11,919			7,431			7,387			7,499			33,178
Non-real estate depreciation and amortization on China JV	108			107			102			107			132			317
Recurring maintenance capital expenditures (g)	(16,772		)	(10,734		)	(5,487		)	(12,652		)	(13,377		)	(32,993		)
Adjusted FFO applicable to common shareholders	$	52,445		$	58,054		$	44,315		$	49,334		$	41,417		$	154,814

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
	Three Months Ended
	Q3 19			Q2 19		Q1 19		Q4 18		Q3 18		YTD 19
NAREIT Funds from operations	$	58,568		$	33,712	$	31,018	$	26,394	$	46,670	$	123,298
Core FFO applicable to common shareholders	59,083			56,077		39,940		53,192		43,917		$	155,100
Adjusted FFO applicable to common shareholders	$	52,445		$	58,054	$	44,315	$	49,334	$	41,417	$	154,814
Reconciliation of weighted average and fully diluted shares:
Weighted average basic shares for net income calculation	192,325			182,325		149,404		148,592		144,948		175,010
Dilutive stock options, unvested restricted stock units, equity forward contract	5,038			3,792		3,041		2,932		2,678		3,960
Weighted average dilutive shares	197,363			186,117		152,445		151,524		147,626		178,970
Common shares equivalents (h)	(2,777		)	8,523		13		482		3,931		15,616
Fully diluted common shares outstanding(i)	194,586			194,640		152,458		152,006		151,557		194,586
NAREIT FFO - basic per share	$	0.30		$	0.18	$	0.21	$	0.18	$	0.32	$	0.70
NAREIT FFO - diluted per share	0.30			0.18		0.20		0.17		0.32		0.69
NAREIT FFO - fully diluted per share	0.30			0.17		0.20		0.17		0.31		0.63
Core FFO - basic per share	0.31			0.31		0.27		0.36		0.30		0.89
Core FFO - diluted per share	0.30			0.30		0.26		0.35		0.30		0.87
Core FFO - fully diluted per share	0.30			0.29		0.26		0.35		0.29		0.80
Adjusted FFO - basic per share	0.27			0.32		0.30		0.33		0.29		0.88
Adjusted FFO - diluted per share	0.27			0.31		0.29		0.33		0.28		0.87
Adjusted FFO - fully diluted per share	$	0.27		0.30		$	0.29	$	0.32	$	0.27	$	0.80

(a)	Represents one-time costs and professional fees associated with secondary offerings on behalf of selling shareholders during the first quarter of 2019, and non-offering related expenses in connection with our IPO, our follow-on offering in September 2018, and our follow-on offering in April 2019.
(b)	Represents one-time costs associated with the implementation of financial reporting systems and processes needed to convert the organization to a public company.
(c)	Represents costs associated with mergers and acquisition activity including: advisory, legal, accounting, valuation and other professional or consulting fees. Acquisition expense includes key employee retention costs. Integration costs include pre- and post-acquisition costs of work performed to facilitate integration into the Company’s "Americold Operating System" (AOS), information systems and processes. The majority of integration costs consist of professional service fees.
(d)	Represents certain contractual and negotiated severance and separation costs from exited former executives, reduction in headcount due to synergies achieved through acquisitions or operational efficiencies, reduction in workforce costs associated with exiting or selling non-strategic warehouses, and accelerated expense for stock awards that vest in advance of the original vesting date due to executive termination and trustee resignation.
(e)	Represents repair expenses incurred to return leased sites to their original physical state at lease inception in connection with the termination of the applicable underlying lease. Repair and maintenance expenses associated with our ordinary course operations are reflected as operating expenses on our statement of operations.
(f)	Represents costs associated with litigation charges outside of the normal course of business including professional service fees and settlement amounts.
(g)	Recurring 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.
(h)	Fully diluted common share equivalents outstanding at each respective quarterly period end.
(i)	Assumes i) the exercise of all outstanding stock options and conversion of all outstanding restricted stock units at the beginning of the quarter, and ii) the follow-on public offering of 4 million common shares in Q3 18 and 42 million in Q2 19 were outstanding for the entire quarter.

Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
	Three Months Ended															Trailing Twelve Months Ended
	Q3 19			Q2 19			Q1 19			Q4 18			Q3 18			Q3 19
Net income (loss)	$	27,091		$	4,891		$	(4,629	)	$	2,678		$	24,540		$	30,031
Adjustments:
Depreciation, depletion and amortization	45,065			40,437			30,096			29,792			29,402			145,390
Interest expense	24,907			24,098			21,576			23,054			22,834			93,635
Income tax (benefit) expense	(6,975		)	(906		)	488			(853		)	(2,551		)	(8,246		)
EBITDA	$	90,088		$	68,520		$	47,531		$	54,671		$	74,225		$	260,810
Adjustments:
Net loss on sale of depreciable real estate	—			34			—			913			—			947
Adjustment to reflect share of EBITDAre of partially owned entities	519			592			615			250			265			1,976
NAREIT EBITDAre	$	90,607		$	69,146		$	48,146		$	55,834		$	74,490		$	263,733
Adjustments:
Severance, reduction in workforce costs and equity acceleration (a)	1,031			2,641			4,294			(73		)	73			7,893
Terminated site operations cost (b)	(90		)	6			338			(1,870		)	—			(1,616		)
Non-offering related equity issuance expenses (c)	(29		)	(164		)	1,511			(34		)	605			1,284
Non-recurring public company implementation costs (d)	—			—			—			544			496			544
Acquisition, diligence and integration costs (e)	2,671			15,014			1,441			599			21			19,725
Litigation and other related settlement costs (f)	197			467			910			—			—			1,574
Loss from investments in partially owned entities	165			68			(122		)	745			437			856
Gain on sale of partially owned entities	(4,297		)	—			—			—			—			(4,297		)
Impairment of long-lived assets	—			930			12,555			—			—			13,485
Loss (gain) on foreign currency exchange	43			83			(60		)	43			(734		)	109
Stock-based compensation expense	3,372			3,185			2,639			2,429			2,070			11,625
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			26,174			—			26,174
Net loss (gain) on sale of non-real estate assets	218			168			20			534			(379		)	940
Reduction in EBITDAre from partially owned entities	(519		)	(592		)	(615		)	(250		)	(265		)	(1,976		)
Bridge loan commitment fees	—			2,665			—			—			—			2,665
Core EBITDA	$	93,369		$	93,617		$	71,057		$	84,675		$	76,814		$	342,718

(a)	Represents certain contractual and negotiated severance and separation costs from exited former executives, reduction in headcount due to synergies achieved through acquisitions or operational efficiencies, reduction in workforce costs associated with exiting or selling non-strategic warehouses, and accelerated expense for stock awards that vest in advance of the original vesting date due to executive termination and trustee resignation.
(b)	Represents repair expenses incurred to return leased sites to their original physical state at lease inception in connection with the termination of the applicable underlying lease. Repair and maintenance expenses associated with our ordinary course operations are reflected as operating expenses on our statement of operations.
(c)	Represents one-time costs and professional fees associated with secondary offering on behalf of selling shareholders during the first quarter of 2019, and non-offering related expenses in connection with our IPO, our follow-on offering in September 2018, and our follow-on offering in April 2019.
(d)	Represents one-time costs associated with the implementation of financial reporting systems and processes needed to convert the organization to a public company.
(e)	Represents costs associated with mergers and acquisition activity including: advisory, legal, accounting, valuation and other professional or consulting fees. Acquisition expense includes key employee retention costs. Integration costs include pre- and post-acquisition costs of work performed to facilitate integration into the Company’s AOS, information systems and processes. The majority of integration costs consist of professional service fees.
(f)	Represents costs associated with litigation charges outside of the normal course of business including professional service fees and settlement amounts.

Revenue and Contribution by Segment
(In thousands - unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Segment revenues:
Warehouse	$	365,593		$	297,225		$	993,439		$	871,454
Third-party managed	62,846			62,551			188,497			192,182
Transportation	35,685			40,193			109,273			117,427
Other	2,058			2,041			6,512			6,755
Total revenues	466,182			402,010			1,297,721			1,187,818
Segment contribution:
Warehouse	113,408			93,638			318,044			274,043
Third-party managed	2,583			3,553			8,646			11,189
Transportation	4,640			4,148			13,202			11,328
Other	75			145			611			411
Total segment contribution	120,706			101,484			340,503			296,971
Reconciling items:
Depreciation, depletion and amortization	(45,065		)	(29,402		)	(115,598		)	(87,861		)
Selling, general and administrative expense	(32,476		)	(27,323		)	(96,262		)	(83,179		)
(Loss) gain from sale of real estate	—			(12		)	(34		)	8,372
Acquisition, litigation and other	(3,780		)	(1,194		)	(30,237		)	(4,768		)
Impairment of long-lived assets	—			—			(13,485		)	(747		)
Loss from investments in partially owned entities	(165		)	(437		)	(111		)	(324		)
Gain from sale of partially owned entities	4,297			—			4,297			—
Interest expense	(24,907		)	(22,834		)	(70,581		)	(70,258		)
Bridge loan commitment fees	—			—			(2,665		)	—
Interest income	1,798			877			5,206			2,610
Loss on debt extinguishment and modification	—			—			—			(21,385		)
Foreign currency exchange (loss) gain	(43		)	734			(66		)	2,926
Other (expense) income, net	(249		)	96			(1,007		)	184
Income before income tax benefit	$	20,116		$	21,989		$	19,960		$	42,541

We view and manage our business through three primary business segments—warehouse, third-party managed and transportation. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, blast freezing, case-picking, kitting and repackaging and other recurring handling services.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services to many of our key customers underscores our ability to offer a complete and integrated suite of services across the cold chain.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation services, we charge a fixed fee.

We also operate a limestone quarry on the land we own around our Carthage, Missouri warehouse, which contains substantial limestone deposits. We do not view the operation of the quarry as an integral part of our business.

Notes and Definitions

We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, non-real estate asset impairment, non-offering related equity issuance expenses, non-recurring public company implementation costs, stock-based compensation expense for the IPO retention grants, severance, reduction in workforce costs and equity acceleration, acquisition, diligence and integration related costs, terminated site operations costs, bridge loan commitment fees, litigation and other related settlements, loss on debt extinguishment and modification, and foreign currency exchange gain or loss. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring 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 FFO and Core FFO as a measure 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 financing costs, pension withdrawal liability and above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, stock-based compensation expense from grants of stock options and restricted stock units under our equity incentive plans, excluding IPO grants, non-real estate depreciation, depletion or amortization (including in respect of the China JV), and recurring maintenance capital expenditures. 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.

FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. 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 consolidated statements of operations included in our annual and quarterly reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from 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 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. The table above reconciles FFO, Core FFO and Adjusted FFO to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, earnings before interest expense, taxes, depreciation, depletion and amortization, gains or losses on disposition of depreciated property, including gains or losses on change of control, impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustment to reflect share of EBITDAre of unconsolidated affiliates. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.

We also calculate our Core EBITDA as EBITDAre further adjusted for impairment charges on intangible and long-lived assets, severance, reduction in workforce costs and equity acceleration, terminated site operations costs, non-offering related equity issuance expenses, non-recurring public company implementation costs, acquisition, diligence and integration related costs, bridge loan commitment fees, litigation and other related settlements, loss on debt extinguishment and modification, stock-based compensation expense, foreign currency exchange gain or loss, loss or gain on other asset disposals, loss or income on partially owned entities, gain on sale of partially owned entities and reduction in EBITDAre from partially owned entities. 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 EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including:

• these measures do not reflect our historical or future cash requirements for recurring 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, depletion and amortization are non-cash charges, the assets being depreciated, depleted and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 20 of the Company's supplemental financial information reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

EX-99.2

Exhibit 99.2

Financial Supplement		Third Quarter 2019

Table of Contents
Overview	PAGE
Corporate Profile	3
Earnings Release	5
Selected Quarterly Financial Data	14
Financial Information
Condensed Consolidated Balance Sheets	16
Condensed Consolidated Statements of Operations	17
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and AFFO	18
Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA	20
Acquisition, Litigation, & Other	21
Debt Detail and Maturities	22
Operations Overview
Revenue and Contribution by Segment	23
Global Warehouse Physical and Economic Occupancy Trend	24
Global Warehouse Portfolio	25
Fixed Commitment and Lease Maturity Schedules	27
Recurring Maintenance Capital Expenditures and Repair and Maintenance Expenses	29
Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance	30
Same-store Financial Performance	32
Same-store Key Operating Metrics	34
External Growth and Capital Deployment	36
2019 Guidance	37
Notes and Definitions	38

2

Financial Supplement		Third Quarter 2019

Corporate Profile

We are the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses. We are organized as a self-administered and self-managed REIT with proven operating, development and acquisition expertise. As of September 30, 2019, we operated a global network of 176 temperature-controlled warehouses encompassing over 1 billion cubic feet, with 158 warehouses in the United States, six warehouses in Australia, seven warehouses in New Zealand, two warehouses in Argentina and three warehouses in Canada.

Corporate Headquarters

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

Fred W. Boehler: Chief Executive Officer, President and Trustee

Marc J. Smernoff: Chief Financial Officer and Executive Vice President

Carlos V. Rodriguez: Chief Operating Officer and Executive Vice President

James A. Harron: Chief Investment Officer and Executive Vice President

James C. Snyder, Jr.: Chief Legal Officer and Executive Vice President

Sanjay Lall: Chief Information Officer and Executive Vice President

Khara Julien: Chief Human Resources Officer and Executive Vice President

David K. Stuver: Executive Vice President, Business Development and Supply Chain Solutions

Thomas C. Novosel: Chief Accounting Officer and Senior Vice President

Board of Trustees

Mark R. Patterson: Chairman of the Board of Trustees

George J. Alburger, Jr.: Trustee

Kelly H. Barrett: Trustee

Fred W. Boehler: Chief Executive Officer, President and Trustee

Antonio F. Fernandez: Trustee

James R. Heistand: Trustee

Michelle M. MacKay: Trustee

David J. Neithercut: Trustee

Andrew P. Power: Trustee

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit our website: www.americold.com

(Please proceed to the Investors section)

Analyst Coverage
Firm	Analyst Name	Contact
Baird Equity Research	David B. Rodgers	216-737-7341
Bank of America Merrill Lynch	Joshua Dennerlein	646-855-1681
Berenberg Capital Markets	Nate Crossett	646-949-9030
Citi	Emmanuel Korchman	212-816-1382
J.P. Morgan	Michael W. Mueller	212-622-6689
Raymond James	William A. Crow	727-567-2594
RBC	Michael Carroll	440-715-2649
SunTrust Robinson Humphrey	Ki Bin Kim	212-303-4124

3

Financial Supplement		Third Quarter 2019

Stock Listing Information

The shares of Americold Realty Trust are traded on the New York Stock Exchange under the symbol "COLD".

Credit Ratings

DBRS Morningstar
Credit Rating:	BBB	(Stable Outlook)
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Moody's
Issuer Rating:	Baa3	(Stable Outlook)

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

4

Financial Supplement		Third Quarter 2019

AMERICOLD REALTY TRUST ANNOUNCES THIRD QUARTER 2019 RESULTS

Atlanta, GA, November 7, 2019- Americold Realty Trust (NYSE: COLD) (the “Company”), the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses, today announced financial and operating results for the third quarter ended September 30, 2019.

Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “The third quarter was strong, with total company revenue growth of 16.0%, total company NOI growth of 18.9%, and Core EBITDA growth of 21.6%. This growth was driven by contribution from our second quarter acquisitions, continued operating efficiency gains, and solid performance from our core same store portfolio. At the same time, we continue to benefit from our integration efforts to realize synergies as we implement our Americold Operating System and commercial business practices. Additionally, we continued to make steady progress on our five active expansion and development projects.”

“As we look ahead to the end of the year and into 2020, underlying supply and demand dynamics within our industry remain steady. We continue to see a wealth of potential opportunities. Our strong balance sheet supports our ability to execute a multi-pronged growth strategy, and we have demonstrated our ability to integrate new properties and portfolios efficiently and effectively. We remain committed to providing world class service to our existing and new customers, and driving stable cash flow growth and creating long term value for our shareholders.”

Third Quarter2019 Highlights

• Total revenue of $466.2 million, a 16.0% increase over the same quarter last year.

• Total NOI of $120.7 million, an 18.9% increase over the same quarter last year.

• Core EBITDA of $93.4 million, a 21.6% increase over the same quarter last year, or a 23.4% increase on a constant currency basis.

• Net income of $27.1 million, or $0.14 per diluted common share, compared to net income of $24.5 million in the same quarter last year.

• Core FFO of $59.1 million, or $0.30 per diluted common share, compared to $43.9 million in the same quarter last year.

• AFFO of $52.4 million, or $0.27 per diluted common share, compared to $41.4 million in the same quarter last year.

• Global Warehouse segment revenue of $365.6 million, a 23.0% increase over the same quarter last year.

• Global Warehouse segment NOI of $113.4 million, a 21.1% increase over the same quarter last year.

• Global Warehouse segment same store revenue grew 2.0%, or 3.3% on a constant currency basis, with same store segment NOI improving 1.0%, or 2.3% on a constant currency basis.

• Sold minority interest in its China joint venture for approximately $15.0 million in cash proceeds.

• Received Baa3/stable rating from Moody's, which reduced the Company's $800 million Unsecured Revolver spread by 55 basis points to L+90, and its $475 million Unsecured Term Loan A spread by 45 basis points to L+100

5

Financial Supplement		Third Quarter 2019

Year to Date 2019 Highlights

• Total revenue increased 9.3% to $1,297.7 million.

• Total NOI increased 14.7% to $340.5 million.

• Core EBITDA increased 16.2% to $258.0 million for the year to date 2019, or a 17.8% increase on a constant currency basis.

• Net income of $27.4 million, or $0.15 per diluted common share, compared to net income of $45.3 million for the same period of the prior year.

• Core FFO of $155.1 million, or $0.87 per diluted common share for the year to date 2019.

• AFFO of $154.8 million, or $0.87 per diluted common share for the year to date 2019.

• Global Warehouse segment revenue of $993.4 million, a 14.0% increase over the prior period.

• Global Warehouse segment NOI increased 16.1% to $318.0 million for the year to date 2019.

• Global Warehouse segment same store revenue grew 1.3%, or 3.2% on a constant currency basis, with same store segment NOI improving 2.1%, or 3.4% on a constant currency basis, for the year to date 2019.

Third Quarter2019 Total Company Financial Results

Total revenue for the third quarter of 2019 was $466.2 million, a 16.0% increase from the same quarter of the prior year. This growth was driven by the incremental revenue from the 2019 acquisitions, improvements in contractual rate escalations, growth in fixed commitment storage contracts, and one additional business day compared to the same quarter last year. Additionally, the launch of the Chicago expansion and the stabilization of the Middleboro, MA facility also contributed to this growth. These factors were partially offset by the translation impact of the strengthening US dollar.

For the third quarter of 2019, the Company reported net income of $27.1 million, or $0.14 per diluted share, compared to $24.5 million for the same quarter of the prior year. Net income for the current quarter included $4.3 million of gain from the sale of partially owned entities, and recognition of a $7.8 million deferred tax benefit. Net income for the prior quarter included a $3.7 million benefit related to refundable Alternative Minimum Tax credits that are no longer subject to limitation under the Tax Cut and Jobs Act.

Total NOI for the third quarter of 2019 was $120.7 million, an increase of 18.9% from the same quarter of the prior year.

Core EBITDA was $93.4 million for the third quarter of 2019, compared to $76.8 million for the same quarter of the prior year. This reflects a 21.6% increase over prior year, or 23.4% on a constant currency basis, largely impacted by increased Core EBITDA from acquisitions. Additionally, Core EBITDA margin increased by 92 basis points to 20.0%. This growth and margin improvement was partially offset by higher health insurance costs related to an increase in high dollar claims, the translation impact of the strengthening US dollar, and startup costs related to its Chicago development project.

For the third quarter of 2019, Core FFO was $59.1 million, or $0.30 per diluted share, compared to $43.9 million for same quarter of the prior year. The year-over-year increase is driven primarily by increased FFO as a result of acquisitions.

For the third quarter of 2019, AFFO was $52.4 million, or $0.27 per diluted share, compared to $41.4 million for same quarter of the prior year. AFFO excludes certain expenses and income items that do not represent core expenses and income streams.

6

Financial Supplement		Third Quarter 2019

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.

Third Quarter2019 Global Warehouse Segment Results

For the third quarter of 2019, Global Warehouse segment revenues were $365.6 million, an increase of $68.4 million, or 23.0%, compared to $297.2 million for the third quarter of 2018. This growth was driven by the incremental revenue from the 2019 acquisitions as well as the same revenue growth factors mentioned above.

Warehouse segment NOI was $113.4 million for the third quarter of 2019, which reflects growth of 21.1%. The year-over-year growth was driven by incremental NOI from its 2019 acquisitions, the previously mentioned revenue trends, and disciplined power and facility related cost controls through the Americold Operating System. Global Warehouse segment margin was 31.0% for the third quarter of 2019, a 48 basis point decline compared to the same quarter of the prior year. The decrease in margin was primarily due to higher health insurance costs related to an increase in high dollar claims, the translation impact of the strengthening US dollar, and startup costs related to its Chicago development project.

The following tables summarize the global warehouse and same store financial results and metrics for the three and nine months ended September 30, 2019 and 2018:

7

Financial Supplement		Third Quarter 2019

	Three Months Ended September 30,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	165						144			n/a		n/a
Global Warehouse revenues:
Rent and storage	$	155,998		$	157,426		$	130,044		20.0	%	21.1	%
Warehouse services	209,595			212,101			167,181			25.4	%	26.9	%
Total revenues	$	365,593		$	369,527		$	297,225		23.0	%	24.3	%
Global Warehouse contribution (NOI)	$	113,408		$	114,618		$	93,638		21.1	%	22.4	%
Global Warehouse margin	31.0		%	31.0		%	31.5		%	-48 bps		-49 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	2,857			2,857			2,439			17.1	%	n/a
Average economic occupied pallets	2,997			2,997			2,550			17.5	%	n/a
Average physical pallet positions	3,792			3,792			3,166			19.8	%	n/a
Physical occupancy percentage	75.3		%	75.3		%	77.0		%	-169 bps		n/a
Economic occupancy percentage	79.0		%	79.0		%	80.6		%	-152 bps		n/a
Total rent and storage revenues per physical occupied pallet	$	54.60		$	55.10		$	53.32		2.4	%	3.3	%
Total rent and storage revenues per economic occupied pallet	$	52.06		$	52.53		$	50.99		2.1	%	3.0	%
Global Warehouse same store services metrics:
Throughput pallets	7,975			7,975			6,726			18.6	%	n/a
Total warehouse services revenues per throughput pallet	$	26.28		$	26.60		$	24.85		5.8	%	7.0	%
SAME STORE WAREHOUSE
Number of same store warehouses	138						138			n/a		n/a
Global Warehouse same store revenues:
Rent and storage	$	128,956		$	130,388		$	127,120		1.4	%	2.6	%
Warehouse services	169,070			171,561			165,065			2.4	%	3.9	%
Total same store revenues	$	298,026		$	301,949		$	292,185		2.0	%	3.3	%
Global Warehouse same store contribution (NOI)	$	92,681		$	93,883		$	91,754		1.0	%	2.3	%
Global Warehouse same store margin	31.1		%	31.1		%	31.4		%	-30 bps		-31 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average physical occupied pallets	2,318			2,318			2,385			(2.8	)%	n/a
Average economic occupied pallets	2,446			2,446			2,486			(1.6	)%	n/a
Average physical pallet positions	3,090			3,090			3,098			(0.3	)%	n/a
Physical occupancy percentage	75.0		%	75.0		%	77.0		%	-196 bps		n/a
Economic occupancy percentage	79.2		%	79.2		%	80.2		%	-108 bps		n/a
Same store rent and storage revenues per physical occupied pallet	$	55.62		$	56.24		$	53.30		4.4	%	5.5	%
Same store rent and storage revenues per economic occupied pallet	$	52.71		$	53.30		$	51.13		3.1	%	4.2	%
Global Warehouse same store services metrics:
Throughput pallets	6,635			6,635			6,645			(0.1	)%	n/a
Same store warehouse services revenues per throughput pallet	$	25.48		$	25.86		$	24.84		2.6	%	4.1	%

8

Financial Supplement		Third Quarter 2019

	Nine Months Ended September 30,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	165						144			n/a		n/a
Global Warehouse revenues:
Rent and storage	$	424,403		$	430,294		$	381,104		11.4	%	12.9	%
Warehouse services	569,036			578,955			490,350			16.0	%	18.1	%
Total revenues	$	993,439		$	1,009,249		$	871,454		14.0	%	15.8	%
Global Warehouse contribution (NOI)	$	318,044		$	321,786		$	274,043		16.1	%	17.4	%
Global Warehouse margin	32.0		%	31.9		%	31.4		%	57 bps		44 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	2,622			2,622			2,423			8.2	%	n/a
Average economic occupied pallets	2,758			2,758			2,531			9.0	%	n/a
Average physical pallet positions	3,528			3,528			3,196			10.4	%	n/a
Physical occupancy percentage	74.3		%	74.3		%	75.8		%	-146 bps		n/a
Economic occupancy percentage	78.2		%	78.2		%	79.2		%	-99 bps		n/a
Total rent and storage revenues per physical occupied pallet	$	161.84		$	164.09		$	157.29		2.9	%	4.3	%
Total rent and storage revenues per economic occupied pallet	$	153.88		$	156.02		$	150.59		2.2	%	3.6	%
Global Warehouse same store services metrics:
Throughput pallets	21,862			21,862			19,982			9.4	%	n/a
Total warehouse services revenues per throughput pallet	$	26.03		$	26.48		$	24.54		6.1	%	7.9	%
SAME STORE WAREHOUSE
Number of same store warehouses	137						137			n/a		n/a
Global Warehouse same store revenues:
Rent and storage	$	373,396		$	379,287		$	371,013		0.6	%	2.2	%
Warehouse services	492,734			502,629			483,862			1.8	%	3.9	%
Total same store revenues	$	866,130		$	881,916		$	854,875		1.3	%	3.2	%
Global Warehouse same store contribution (NOI)	$	274,743		$	278,464		$	269,200		2.1	%	3.4	%
Global Warehouse same store margin	31.7		%	31.6		%	31.5		%	23 bps		8 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage:
Average physical occupied pallets	2,253			2,253			2,337			(3.6	)%	n/a
Average economic occupied pallets	2,383			2,383			2,440			(2.4	)%	n/a
Average physical pallet positions	3,055			3,055			3,072			(0.6	)%	n/a
Physical occupancy percentage	73.8		%	73.8		%	76.1		%	-233 bps		n/a
Economic occupancy percentage	78.0		%	78.0		%	79.4		%	-145 bps		n/a
Same store rent and storage revenues per physical occupied pallet	$	165.72		$	168.33		$	158.74		4.4	%	6.0	%
Same store rent and storage revenues per economic occupied pallet	$	156.72		$	159.19		$	152.03		3.1	%	4.7	%
Global Warehouse same store services:
Throughput pallets	19,459			19,459			19,715			(1.3	)%	n/a
Same store warehouse services revenues per throughput pallet	$	25.32		$	25.83		$	24.54		3.2	%	5.3	%

⁽¹⁾ The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(n/a = not applicable)

9

Financial Supplement		Third Quarter 2019

Fixed Commitment Rent and Storage Revenue

For the third quarter of 2019, $244 million of the Company's rent and storage revenues were derived from customers with fixed commitment storage contracts. This compares to $232 million for the second quarter of 2019 and $215 million for the third quarter of 2018. The Company's recent acquisitions had a lower percentage of fixed committed contracts as a percentage of rent and storage revenue. On a combined pro forma basis, 40.0% of rent and storage revenues were generated from fixed commitment storage contracts.

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company's customers have space available when needed. At times, these customers may be paying for space that is not physically occupied. For the third quarter of 2019, economic occupancy for the total warehouse segment was 79.0% and warehouse segment same store pool was 79.2%, representing a 369 basis point and 414 basis point increase above physical occupancy, respectively. For the third quarter of 2019, physical occupancy for the total warehouse segment was 75.3% and warehouse segment same store pool was 75.0%.

Real Estate Portfolio

As of September 30, 2019, the Company's portfolio consists of 176 facilities, two less than what was reported as of the second quarter 2019. The Company ended the third quarter of 2019 with 165 facilities in its Global Warehouse segment portfolio and 11 facilities in its Third Party Managed segment portfolio. During the third quarter, the Company exited a leased facility in Heyburn, Idaho that was classified as non-same store. Additionally, the Company exited the operations of one of its Third Party Managed facilities in Crete, Nebraska. The same store population consists of 138 facilities as of September 30, 2019, which is unchanged from the second quarter of 2019. The remaining twenty-seven non-same store Warehouse facilities include the 24 facilities that were acquired in 2019, and three legacy facilities that are in various stages of operational stabilization.

Balance Sheet Activity and Liquidity

At September 30, 2019, the Company had total liquidity of approximately $1.5 billion, including cash and capacity on its revolving credit facility and $137 million and $235 million of net proceeds from its September 2018 and April 2019 equity forwards, respectively. Total debt outstanding was $1.9 billion (inclusive of $174 million of capital leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 76% was in an unsecured structure. The Company has no material debt maturities until 2022, assuming the one-year extension option is exercised on its revolver. At quarter end, its net debt to pro forma Core EBITDA was approximately 4.1x. Of the Company's total debt outstanding, $1.7 billion relates to real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company's real estate debt has a remaining weighted average term of 6.5 years and carries a weighted average contractual interest rate of 4.29%. As of September 30, 2019, 92% of the Company's total debt outstanding was at a fixed rate, inclusive of the $225 million interest rate swap that was entered into during the third quarter of 2019.

Dividend

On August 22, 2019, the Company's Board of Trustees declared a dividend of $0.20 per share for the third quarter of 2019, which was paid on October 15, 2019 to common shareholders of record as of September 30, 2019.

10

Financial Supplement		Third Quarter 2019

2019 Outlook

The Company updated guidance for full year 2019 as follows:

• Global warehouse segment same store revenue growth to range between 2 and 4 percent on a constant currency basis and same store NOI growth to be 100 to 200 basis points higher than the associated revenue. Given the higher than expected healthcare costs experienced year to date, the Company now expects same store NOI growth for this year to be in the bottom half of its stated range of 100 to 200 basis points higher than the associated revenue growth.

• Selling, general, and administrative expense, as a percentage of total revenue, is expected to range between 7.0 and 7.2 percent.

• Total recurring maintenance capital expenditures is now expected in the range of $50 to $60 million.

• Total expansion and development capital expenditures is expected to aggregate in a range of $205 to $215 million, which includes spending related to the Company's announced development projects.

• Anticipated AFFO payout ratio of 65 to 68 percent.

• Full year weighted average diluted share count of 180 to 184 million shares.

The Company's guidance is provided for informational purposes based on current plans and assumptions as is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, November 7, 2019 at 5:00 p.m. Eastern Time to discuss third quarter2019 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust's website at www.americold.com. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

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# 13695203. The telephone replay will be available starting shortly after the call until November 21, 2019.

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.

11

Financial Supplement		Third Quarter 2019

About the Company

Americold is the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 176 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA and same store segment revenue and contribution. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to FFO, a reconciliation from FFO to core FFO and AFFO, and definitions of FFO, and core FFO are included within the supplemental. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to EBITDAre and Core EBITDA, a definition of Core EBITDA and definitions of net debt to Core EBITDA are included within the supplemental.

Forward-Looking Statements

This document 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 adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; defaults or non-renewals of contracts with customers; potential bankruptcy or insolvency of our customers; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financing; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; our failure to realize the intended benefits from our recent acquisitions including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; our failure to successfully integrate and operate acquired properties or businesses, including but not limited to: Cloverleaf Cold Storage, Lanier Cold Storage and PortFresh Holdings, LLC; difficulties in identifying properties to be acquired and completing acquisitions; acquisition risks, including the failure of such acquisitions to perform in accordance with projections; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns in respect thereof; difficulties in expanding our operations into new markets, including international markets; our failure to maintain our status as a REIT; our operating partnership’s failure to qualify as a partnership for federal income tax purposes; uncertainties and risks related to natural disasters and global climate change; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; labor and power costs; changes in real estate and zoning laws and increases in real property tax rates; the competitive environment in which we operate; our relationship with our employees, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements; liabilities as a result

12

Financial Supplement		Third Quarter 2019

of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the potential dilutive effect of our common share offerings; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share, or our common shares; and risks related to our forward sale agreement entered into with Bank of America, N.A. in September 2018, as amended, or the 2018 forward sale agreement, and our forward sale agreement entered into with Bank of America, N.A. in April 2019, or the 2019 forward sale agreement, including substantial dilution to our earnings per share or substantial cash payment obligations.

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. Examples of forward-looking statements included in this document include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. 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 December 31, 2018 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 and our other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contacts:

Americold Realty Trust

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

13

Financial Supplement		Third Quarter 2019

Selected Quarterly Financial Data

In thousands, except per share amounts - unaudited	As of
Capitalization:	Q3 19		Q2 19		Q1 19		Q4 18		Q3 18
Fully diluted common shares outstanding at quarter end (1)	194,586		194,640		152,458		152,006		151,557
Common stock share price at quarter end	$37.07		$32.42		$30.51		$25.54		$25.02
Market value of common equity	$7,213,303		$6,310,229		$4,651,494		$3,882,233		$3,791,956
Gross debt (2)	$1,883,986		$1,897,734		$1,522,396		$1,524,664		$1,551,440
Less: cash and cash equivalents	310,116		320,805		172,838		208,078		226,807
Net debt	$1,573,870		$1,576,929		$1,349,558		$1,316,586		$1,324,633
Total enterprise value	$8,787,173		$7,887,158		$6,001,052		$5,198,819		$5,116,589
Net debt / total enterprise value	17.9	%	20.0	%	22.5	%	25.3	%	25.9	%
Net debt to pro forma Core EBITDA (2)	4.12x		4.14x		4.41x		4.29x		4.40x
	Three Months Ended
Selected Operational Data:	Q3 19		Q2 19		Q1 19		Q4 18		Q3 18
Warehouse segment revenues	$365,593		$338,231		$289,615		$305,458		$297,225
Total revenues	466,182		438,460		393,079		415,817		402,010
Operating income (3)	39,385		29,085		16,417		51,171		43,553
Net income (loss)	27,091		4,891		(4,629)		2,678		24,540
Total warehouse segment contribution (NOI) (4)	113,408		113,817		90,819		100,491		93,638
Total segment contribution (NOI) (4)	120,706		121,119		98,678		108,678		101,484
Selected Other Data:
Core EBITDA (5)	93,369		93,617		71,057		84,675		76,814
Core funds from operations (1)	59,083		56,077		39,941		53,192		43,917
Adjusted funds from operations (1)	52,445		58,054		44,316		49,334		41,417
Earnings Measurements:
Net income (loss) per share - basic	$0.14		$0.03		$(0.03)		$0.02		$0.17
Net income (loss) per share - diluted	$0.14		$0.03		$(0.03)		$0.02		$0.17
Core FFO per diluted share (1)	$0.30		$0.30		$0.26		$0.35		$0.30
AFFO per diluted share (1)	$0.27		$0.31		$0.29		$0.33		$0.28
Dividend distributions declared per common share (6)	$0.20		$0.20		$0.20		$0.19		$0.19
Diluted AFFO payout ratio (7)	74.1	%	64.5	%	69.0	%	57.6	%	67.9	%
Portfolio Statistics:
Total global warehouses	176		178		155		155		156
Ending physical occupancy	75.3	%	73.0	%	74.6	%	80.6	%	77.0	%
Ending economic occupancy	79.0	%	76.8	%	78.8	%	83.7	%	80.6	%
Total global same-store warehouses	138		138		137		136		137

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Financial Supplement		Third Quarter 2019

(1) See "Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and AFFO"
	As of
(2) Net Debt to Core EBITDA Computation	09/30/2019			12/31/2018
Total debt	$	1,870,236		$	1,510,721
Deferred financing costs	13,750			13,943
Gross debt	1,883,986			1,524,664
Adjustments:
Less: cash and cash equivalents	310,116			208,078
Net debt	$	1,573,870		$	1,316,586
Core EBITDA - last twelve months	$	342,718		$	306,777
Core EBITDA from acquisitions (a)	39,374			—
Pro forma Core EBITDA - last twelve months	$	382,092		$	306,777
Pro Forma Net Debt to Core EBITDA	4.12x			4.29x
(a) Includes 7 months of Core EBITDA from acquisitions prior to Americold's ownership.
(3) Certain prior period amounts have been reclassified to conform to the current period presentation.
(4) Reconciliation of segment contribution (NOI)
	Three Months Ended
	Q3 19			Q2 19			Q1 19			Q4 18			Q3 18
Warehouse segment contribution (NOI)	$	113,408		$	113,817		$	90,819		$	100,491		$	93,638
Third-party managed segment contribution (NOI)	2,583			2,804			3,259			3,571			3,553
Transportation segment contribution (NOI)	4,640			4,206			4,356			4,407			4,148
Quarry segment contribution (NOI)	75			292			244			209			145
Total segment contribution (NOI)	$	120,706		$	121,119		$	98,678		$	108,678		$	101,484
Depreciation, depletion and amortization	(45,065		)	(40,437		)	(30,096		)	(29,792		)	(29,402		)
Selling, general and administrative (3)	(32,476		)	(32,669		)	(31,117		)	(27,646		)	(27,323		)
Acquisition, litigation and other	(3,780		)	(17,964		)	(8.493		)	832			(1,194		)
Loss from sale of real estate	—			(34		)	—			(901		)	(12		)
Impairment of long-lived assets	—			(930		)	(12,555		)	—			—
U.S. GAAP operating income	$	39,385		$	29,085		$	16,417		$	51,171		$	43,553
(5) See "Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA"
(6) Distributions per common share	Three Months Ended
	Q3 19			Q2 19			Q1 19			Q4 18			Q3 18
Distributions declared on common shares during the quarter	$	38,795		$	38,764		$	30,235		$	28,218		$	28,072
Common shares outstanding at quarter end	191,751			191,634			149,133			148,235			147,862
Distributions declared per common share of beneficial interest	$	0.2000		$	0.2000		$	0.2000		$	0.1875		$	0.1875
(7) Calculated as distributions declared on common shares divided by AFFO per fully diluted share

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Financial Supplement		Third Quarter 2019

Financial Information

Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	September 30, 2019			December 31, 2018
Assets
Property, plant, and equipment:
Land	$	516,354		$	385,232
Buildings and improvements	2,612,087			1,849,749
Machinery and equipment	792,661			577,175
Assets under construction	105,917			85,983
	4,027,019			2,898,139
Accumulated depreciation and depletion	(1,192,126		)	(1,097,624		)
Property, plant, and equipment – net	2,834,893			1,800,515
Operating lease right-of-use assets	73,362			—
Accumulated depreciation – operating leases	(14,575		)	—
Operating leases – net	58,787			—
Financing leases:
Buildings and improvements	11,227			11,227
Machinery and equipment	72,217			49,276
	83,444			60,503
Accumulated depreciation – financing leases	(26,347		)	(21,317		)
Financing leases – net	57,097			39,186
Cash and cash equivalents	310,116			208,078
Restricted cash	6,872			6,019
Accounts receivable – net of allowance of $6,042 and $5,706 at September 30, 2019 and December 31, 2018, respectively	210,912			194,279
Identifiable intangible assets – net	288,232			25,056
Goodwill	310,640			186,095
Investments in partially owned entities	—			14,541
Other assets	64,642			58,659
Total assets	$	4,142,191		$	2,532,428
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and accrued expenses	314,173			253,080
Mortgage notes, senior unsecured notes and term loan – net of unamortized deferred financing costs of $13,750 and $13,943, in the aggregate, at September 30, 2019 and December 31, 2018, respectively	1,696,350			1,351,014
Sale-leaseback financing obligations	116,628			118,920
Financing lease obligations	57,258			40,787
Operating lease obligations	61,849			—
Unearned revenue	17,925			18,625
Pension and postretirement benefits	16,257			16,317
Deferred tax liability – net	14,385			17,992
Multi-employer pension plan withdrawal liability	8,787			8,938
Total liabilities	2,303,612			1,825,673
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – authorized 250,000,000 shares; 191,750,746 and 148,234,959 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	1,918			1,482
Paid-in capital	2,579,318			1,356,133
Accumulated deficit and distributions in excess of net earnings	(718,874		)	(638,345		)
Accumulated other comprehensive loss	(23,783		)	(12,515		)
Total shareholders’ equity	1,838,579			706,755
Total liabilities and shareholders’ equity	$	4,142,191		$	2,532,428

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Financial Supplement		Third Quarter 2019

Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues:
Rent, storage, and warehouse services	$	365,593		$	297,225		$	993,439		$	871,454
Third-party managed services	62,846			62,551			188,497			192,182
Transportation services	35,685			40,193			109,273			117,427
Other	2,058			2,041			6,512			6,755
Total revenues	466,182			402,010			1,297,721			1,187,818
Operating expenses:
Rent, storage, and warehouse services cost of operations	252,185			203,587			675,395			597,411
Third-party managed services cost of operations	60,263			58,998			179,851			180,993
Transportation services cost of operations	31,045			36,045			96,071			106,099
Cost of operations related to other revenues	1,983			1,896			5,901			6,344
Depreciation, depletion and amortization	45,065			29,402			115,598			87,861
Selling, general and administrative	32,476			27,323			96,262			83,179
Acquisition, litigation and other	3,780			1,194			30,237			4,768
Loss (gain) from sale of real estate	—			12			34			(8,372		)
Impairment of long-lived assets	—			—			13,485			747
Total operating expenses	426,797			358,457			1,212,834			1,059,030
Operating income	39,385			43,553			84,887			128,788
Other income (expense):
Loss from investments in partially owned entities	(165		)	(437		)	(111		)	(324		)
Gain on sale of partially owned entities	4,297			—			4,297			—
Interest expense	(24,907		)	(22,834		)	(70,581		)	(70,258		)
Bridge loan commitment fees	—			—			(2,665		)	—
Interest income	1,798			877			5,206			2,610
Loss on debt extinguishment and modifications	—			—			—			(21,385		)
Foreign currency exchange (loss) gain, net	(43		)	734			(66		)	2,926
Other (expense) income, net	(249		)	96			(1,007		)	184
Income before income tax (expense) benefit	20,116			21,989			19,960			42,541
Income tax (expense) benefit:
Current	(834		)	3,063			(4,828		)	672
Deferred	7,809			(512		)	12,221			2,093
Total income tax benefit	6,975			2,551			7,393			2,765
Net income	$	27,091		$	24,540		$	27,353		$	45,306
Less distributions on preferred shares of beneficial interest - Series A	—			—			—			(1		)
Less distributions on preferred shares of beneficial interest - Series B	—			—			—			(1,817		)
Net income attributable to common shares of beneficial interest	$	27,091		$	24,540		$	27,353		$	43,488
Weighted average common shares outstanding – basic	192,325			144,948			175,010			138,438
Weighted average common shares outstanding – diluted	197,363			147,626			178,970			141,191
Net income per common share of beneficial interest - basic	$	0.14		$	0.17		$	0.15		$	0.31
Net income per common share of beneficial interest - diluted	$	0.14		$	0.17		$	0.15		$	0.31

17

Financial Supplement		Third Quarter 2019

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
	Three Months Ended
	Q3 19			Q2 19			Q1 19			Q4 18			Q3 18			YTD 19
Net income (loss)	$	27,091		$	4,891		$	(4,629	)	$	2,678		$	24,540		$	27,353
Adjustments:
Real estate related depreciation and depletion	31,238			28,518			22,665			22,405			21,903			82,421
Net loss on sale of depreciable real estate	—			34			—			—			—			34
Net loss (gain) on asset disposals	7			—			138			913			(65		)	145
Impairment charges on certain real estate assets	—			—			12,555			—			—			12,555
Real estate depreciation on China JV	232			269			289			398			292			790
NAREIT Funds from operations	$	58,568		$	33,712		$	31,018		$	26,394		$	46,670		$	123,298
Adjustments:
Net loss (gain) on sale of non-real estate assets	212			167			(118		)	110			(314		)	261
Non-real estate impairment	—			930			—			—			—			930
Non-offering related equity issuance expenses (a)	(29		)	(164		)	1,511			(34		)	605			1,318
Non-recurring public company implementation costs (b)	—			—			—			544			496			—
Acquisition, diligence and integration costs(c)	2,671			15,014			1,441			599			21			19,126
Stock-based compensation expense, IPO grants	777			556			607			1,433			845			1,940
Severance, reduction in workforce costs and equity acceleration(d)	1,031			2,641			4,293			(73		)	73			7,965
Terminated site operations costs (e)	(90		)	6			338			(1,870		)	—			254
Litigation and other related settlement costs (f)	197			467			910			—			—			1,574
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			26,174			—			—
Foreign currency exchange loss (gain)	43			83			(60		)	43			(734		)	66
Excise tax settlement	—			—			—			(128		)	—			—
Alternative Minimum Tax receivable from Tax Cuts & Jobs Act	—			—			—			—			(3,745		)	—
Bridge loan commitment fees	—			2,665			—			—			—			2,665
Gain on sale of partially owned entities	(4,297		)	—			—			—			—			(4,297		)
Core FFO applicable to common shareholders	$	59,083		$	56,077		$	39,940		$	53,192		$	43,917		$	155,100
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,526			1,522			1,456			1,414			1,532			4,504
Amortization of below/above market leases	38			38			38			37			38			114
Straight-line net rent	(150		)	(151		)	(137		)	(86		)	(62		)	(438		)
Deferred income taxes (benefit) expense	(7,809		)	(3,352		)	(1,060		)	(1,059		)	512			(12,221		)
Stock-based compensation expense, excluding IPO grants	2,593			2,628			2,032			994			1,226			7,253
Non-real estate depreciation and amortization	13,828			11,919			7,431			7,387			7,499			33,178
Non-real estate depreciation and amortization on China JV	108			107			102			107			132			317
Recurring maintenance capital expenditures (g)	(16,772		)	(10,734		)	(5,487		)	(12,652		)	(13,377		)	(32,993		)
Adjusted FFO applicable to common shareholders	$	52,445		$	58,054		$	44,315		$	49,334		$	41,417		$	154,814

18

Financial Supplement		Third Quarter 2019

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
	Three Months Ended
	Q3 19			Q2 19		Q1 19		Q4 18		Q3 18		YTD 19
NAREIT Funds from operations	$	58,568		$	33,712	$	31,018	$	26,394	$	46,670	$	123,298
Core FFO applicable to common shareholders	59,083			56,077		39,940		53,192		43,917		155,100
Adjusted FFO applicable to common shareholders	$	52,445		$	58,054	$	44,315	$	49,334	$	41,417	$	154,814
Reconciliation of weighted average and fully diluted shares:
Weighted average basic shares for net income calculation	192,325			182,325		149,404		148,592		144,948		175,010
Dilutive stock options, unvested restricted stock units, equity forward contract	5,038			3,792		3,041		2,932		2,678		3,960
Weighted average dilutive shares	197,363			186,117		152,445		151,524		147,626		178,970
Common shares equivalents (h)	(2,777		)	8,523		13		482		3,931		15,616
Fully diluted common shares outstanding(i)	194,586			194,640		152,458		152,006		151,557		194,586
NAREIT FFO - basic per share	$	0.30		$	0.18	$	0.21	$	0.18	$	0.32	$	0.70
NAREIT FFO - diluted per share	0.30			0.18		0.20		0.17		0.32		0.69
NAREIT FFO - fully diluted per share	0.30			0.17		0.20		0.17		0.31		0.63
Core FFO - basic per share	0.31			0.31		0.27		0.36		0.30		0.89
Core FFO - diluted per share	0.30			0.30		0.26		0.35		0.30		0.87
Core FFO - fully diluted per share	0.30			0.29		0.26		0.35		0.29		0.80
Adjusted FFO - basic per share	0.27			0.32		0.30		0.33		0.29		0.88
Adjusted FFO - diluted per share	0.27			0.31		0.29		0.33		0.28		0.87
Adjusted FFO - fully diluted per share	$	0.27		0.30		$	0.29	$	0.32	$	0.27	$	0.80

(a)	Represents one-time costs and professional fees associated with secondary offerings on behalf of selling shareholders during the first quarter of 2019, and non-offering related expenses in connection with our IPO, our follow-on offering in September 2018, and our follow-on offering in April 2019.
(b)	Represents one-time costs associated with the implementation of financial reporting systems and processes needed to convert the organization to a public company.
(c)	Represents costs associated with mergers and acquisition activity including: advisory, legal, accounting, valuation and other professional or consulting fees. Acquisition expense includes key employee retention costs. Integration costs include pre- and post-acquisition costs of work performed to facilitate integration into the Company’s "Americold Operating System" (AOS), information systems and processes. The majority of integration costs consist of professional service fees.
(d)	Represents certain contractual and negotiated severance and separation costs from exited former executives, reduction in headcount due to synergies achieved through acquisitions or operational efficiencies, reduction in workforce costs associated with exiting or selling non-strategic warehouses, and accelerated expense for stock awards that vest in advance of the original vesting date due to executive termination and trustee resignation.
(e)	Represents repair expenses incurred to return leased sites to their original physical state at lease inception in connection with the termination of the applicable underlying lease. Repair and maintenance expenses associated with our ordinary course operations are reflected as operating expenses on our statement of operations.
(f)	Represents costs associated with litigation charges outside of the normal course of business including professional service fees and settlement amounts.
(g)	Recurring 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.
(h)	Fully diluted common share equivalents outstanding at each respective quarterly period end.
(i)	Assumes i) the exercise of all outstanding stock options and conversion of all outstanding restricted stock units at the beginning of the quarter, and ii) the follow-on public offering of 4 million common shares in Q3 18 and 42 million in Q2 19 were outstanding for the entire quarter.

19

Financial Supplement		Third Quarter 2019

Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
	Three Months Ended															Trailing Twelve Months Ended
	Q3 19			Q2 19			Q1 19			Q4 18			Q3 18			Q3 19
Net income (loss)	$	27,091		$	4,891		$	(4,629	)	$	2,678		$	24,540		$	30,031
Adjustments:
Depreciation, depletion and amortization	45,065			40,437			30,096			29,792			29,402			145,390
Interest expense	24,907			24,098			21,576			23,054			22,834			93,635
Income tax (benefit) expense	(6,975		)	(906		)	488			(853		)	(2,551		)	(8,246		)
EBITDA	$	90,088		$	68,520		$	47,531		$	54,671		$	74,225		$	260,810
Adjustments:
Net loss on sale of depreciable real estate	—			34			—			913			—			947
Adjustment to reflect share of EBITDAre of partially owned entities	519			592			615			250			265			1,976
NAREIT EBITDAre	$	90,607		$	69,146		$	48,146		$	55,834		$	74,490		$	263,733
Adjustments:
Severance, reduction in workforce costs and equity acceleration (a)	1,031			2,641			4,294			(73		)	73			7,893
Terminated site operations cost (b)	(90		)	6			338			(1,870		)	—			(1,616		)
Non-offering related equity issuance expenses (c)	(29		)	(164		)	1,511			(34		)	605			1,284
Non-recurring public company implementation costs (d)	—			—			—			544			496			544
Acquisition, diligence and integration costs (e)	2,671			15,014			1,441			599			21			19,725
Litigation and other related settlement costs (f)	197			467			910			—			—			1,574
Loss from investments in partially owned entities	165			68			(122		)	745			437			856
Gain on sale of partially owned entities	(4,297		)	—			—			—			—			(4,297		)
Impairment of long-lived assets	—			930			12,555			—			—			13,485
Loss (gain) on foreign currency exchange	43			83			(60		)	43			(734		)	109
Stock-based compensation expense	3,372			3,185			2,639			2,429			2,070			11,625
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			26,174			—			26,174
Net loss (gain) on sale of non-real estate assets	218			168			20			534			(379		)	940
Reduction in EBITDAre from partially owned entities	(519		)	(592		)	(615		)	(250		)	(265		)	(1,976		)
Bridge loan commitment fees	—			2,665			—			—			—			2,665
Core EBITDA	$	93,369		$	93,617		$	71,057		$	84,675		$	76,814		$	342,718

(a)	Represents certain contractual and negotiated severance and separation costs from exited former executives, reduction in headcount due to synergies achieved through acquisitions or operational efficiencies, reduction in workforce costs associated with exiting or selling non-strategic warehouses, and accelerated expense for stock awards that vest in advance of the original vesting date due to executive termination and trustee resignation.
(b)	Represents repair expenses incurred to return leased sites to their original physical state at lease inception in connection with the termination of the applicable underlying lease. Repair and maintenance expenses associated with our ordinary course operations are reflected as operating expenses on our statement of operations.
(c)	Represents one-time costs and professional fees associated with secondary offering on behalf of selling shareholders during the first quarter of 2019, and non-offering related expenses in connection with our IPO, our follow-on offering in September 2018, and our follow-on offering in April 2019.
(d)	Represents one-time costs associated with the implementation of financial reporting systems and processes needed to convert the organization to a public company.
(e)	Represents costs associated with mergers and acquisition activity including: advisory, legal, accounting, valuation and other professional or consulting fees. Acquisition expense includes key employee retention costs. Integration costs include pre- and post-acquisition costs of work performed to facilitate integration into the Company’s AOS, information systems and processes. The majority of integration costs consist of professional service fees.
(f)	Represents costs associated with litigation charges outside of the normal course of business including professional service fees and settlement amounts.

20

Financial Supplement		Third Quarter 2019

Acquisition, Litigation, & Other

Dollars in thousands

The Company reported a new financial statement line referred to as “Acquisition, litigation and other” within our Statement of Operations during 2019 due to various material charges incurred in the current period, and reclassified certain costs from SG&A in the comparable prior periods to conform with the new presentation. This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our Quarterly Report on Form 10-Q.

	Three Months Ended September 30,					Nine Months Ended September 30,
Acquisition, litigation, and other	2019			2018		2019		2018
Acquisition related costs	$	2,671		$	21	$	19,126	$	72
Litigation	197			—		1,574		—
Other:
Severance, equity award modifications and acceleration	1,031			—		7,965		2,053
Non-offering related equity issuance expenses	(29		)	604		1,318		1,846
Non-recurring public company implementation costs	—			496		—		658
Terminated site operations costs	(90		)	73		254		139
Total other	912			1,173		9,537		4,696
Total acquisition, litigation, and other	$	3,780		$	1,194	$	30,237	$	4,768

21

Financial Supplement		Third Quarter 2019

Debt Detail and Maturities
(In thousands - unaudited)
	As of September 30, 2019
Indebtedness:	Carrying Value			Contractual Interest Rate(3)	Effective Interest Rate(4)	Stated Maturity Date(5)
Unsecured Debt
2018 Senior Unsecured Revolving Credit Facility(1)(2)	$	—		L+0.90%	0.36%	1/2022
2018 Senior Unsecured Term Loan A Facility(2)(6)	475,000			L+1.00%	3.21%	1/2023
Series A 4.68% notes due 2026	200,000			4.68%	4.77%	1/2026
Series B 4.86% notes due 2029	400,000			4.86%	4.92%	1/2029
Series C 4.10% notes due 2030	350,000			4.10%	4.15%	1/2030
Total Unsecured Debt	$	1,425,000		4.04%	4.34%	7.1 years
2013 Mortgage Loans (15 cross-collateralized warehouses)
Senior Note	183,100			3.81%	4.14%	5/2023
Mezzanine A	70,000			7.38%	7.55%	5/2023
Mezzanine B	32,000			11.50%	11.75%	5/2023
Total 2013 Mortgage Loans	$	285,100		5.55%	5.83%	3.6 years
Total Real Estate Debt	$	1,710,100		4.29%	4.59%	6.5 years
Sale-leaseback obligations	116,628
Capitalized lease obligations	57,258
Total Debt Outstanding	$	1,883,986
Less: deferred financing costs	(13,750		)
Total Book Value of Debt	$	1,870,236
Rate Type				% of Total
Fixed	1,733,986			92%
Variable	150,000			8%
Total Debt Outstanding	$	1,883,986		100%
Debt Type				% of Total
Unsecured	1,425,000			76%
Secured	458,986			24%
Total Debt Outstanding	$	1,883,986		100%

(1) Revolver maturity assumes one year extension option. The borrowing capacity as of September 30, 2019 is $800 million less $29.0 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $800 million committed.

(2) L = one-month LIBOR.

(3) Interest rates as of September 30, 2019. At September 30, 2019, the one-month LIBOR rate on our Senior Unsecured Term Loan was 2.04%.

(4) The effective interest rates presented include the amortization of loan costs.

(5) Subtotals of stated maturity dates represent remaining weighted average life of the debt.

(6) On January 4, 2019, the Company entered into a swap agreement to set the LIBOR portion of interest expense on $100 million of the Senior Unsecured Term Loan principal at a rate of 2.48%. This results in a fixed interest rate of 3.48% (2.48% + 1.00%) on $100 million of the Senior Unsecured Term Loan principal. The swap is effective January 31, 2019 through January 31, 2024. On August 15, 2019, the Company entered into a swap agreement to set the LIBOR portion of interest expense on $225 million of the Senior Unsecured Term Loan principal at a rate of 1.30%. This results in a fixed interest rate of 2.30% (1.30% + 1.00%) on $225 million of the Senior Unsecured Term Loan principal. The swap is effective August 30, 2019 through August 30, 2024.

22

Financial Supplement		Third Quarter 2019

Operations Overview

Revenue and Contribution by Segment
(In thousands - unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Segment revenues:
Warehouse	$	365,593		$	297,225		$	993,439		$	871,454
Third-party managed	62,846			62,551			188,497			192,182
Transportation	35,685			40,193			109,273			117,427
Other	2,058			2,041			6,512			6,755
Total revenues	466,182			402,010			1,297,721			1,187,818
Segment contribution:
Warehouse	113,408			93,638			318,044			274,043
Third-party managed	2,583			3,553			8,646			11,189
Transportation	4,640			4,148			13,202			11,328
Other	75			145			611			411
Total segment contribution	120,706			101,484			340,503			296,971
Reconciling items:
Depreciation, depletion and amortization	(45,065		)	(29,402		)	(115,598		)	(87,861		)
Selling, general and administrative expense	(32,476		)	(27,323		)	(96,262		)	(83,179		)
(Loss) gain from sale of real estate	—			(12		)	(34		)	8,372
Acquisition, litigation and other	(3,780		)	(1,194		)	(30,237		)	(4,768		)
Impairment of long-lived assets	—			—			(13,485		)	(747		)
Loss from investments in partially owned entities	(165		)	(437		)	(111		)	(324		)
Gain from sale of partially owned entities	4,297			—			4,297			—
Interest expense	(24,907		)	(22,834		)	(70,581		)	(70,258		)
Bridge loan commitment fees	—			—			(2,665		)	—
Interest income	1,798			877			5,206			2,610
Loss on debt extinguishment and modification	—			—			—			(21,385		)
Foreign currency exchange (loss) gain	(43		)	734			(66		)	2,926
Other (expense) income, net	(249		)	96			(1,007		)	184
Income before income tax benefit	$	20,116		$	21,989		$	19,960		$	42,541

We view and manage our business through three primary business segments—warehouse, third-party managed and transportation. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, blast freezing, case-picking, kitting and repackaging and other recurring handling services.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services to many of our key customers underscores our ability to offer a complete and integrated suite of services across the cold chain.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation services, we charge a fixed fee.

We also operate a limestone quarry on the land we own around our Carthage, Missouri warehouse, which contains substantial limestone deposits. We do not view the operation of the quarry as an integral part of our business.

23

Financial Supplement		Third Quarter 2019

Global Warehouse Physical and Economic Occupancy Trend

Note: Dotted lines represent incremental economic occupancy percentage.

We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer's contract, and subtracting the physical pallet positions.

Historically, providers of temperature-controlled warehouse space have offered storage services to customers on an as-utilized, on-demand basis. We have entered into fixed storage commitments with certain customers which give us, among other things, additional clarity around the expected occupancy of our warehouses. As of September 30, 2019, we had entered into contracts featuring fixed storage commitments or leases with 127 of our customers in our warehouse segment. Customers with fixed storage provisions commit to occupy a certain number of pallets at a designated storage rate for the applicable portion of their contractual term, whether the customer elects to physically store goods in a warehouse or not. As a result, certain pallets in our warehouses may generate storage revenue pursuant to fixed storage commitments despite not being physically occupied. We refer to economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period. To the extent that a customer with a fixed storage provision elects not to utilize all of its committed pallets in a particular warehouse, we have the flexibility to deploy those pallets to facilitate shorter-term customers that desire space on an as-utilized, on demand basis.

24

Financial Supplement		Third Quarter 2019

Global Warehouse Portfolio

Unaudited

Country / Region	# of warehouses	Cubic feet (in millions)	% of total cubic feet		Pallet positions (in thousands)	Average physical occupancy (1)		Revenues (2) (in millions)		Applicable segment contribution (NOI) (2)(3) (in millions)		Total customers (4)
Owned / Leased (5)
United States
Central	41	256.1	25	%	984.7	75	%	$	221.1	$	79.8	845
East	26	194.2	19	%	646.9	73	%	206.8		62.0		803
Southeast	47	245.6	24	%	678.8	77	%	211.6		63.4		791
West	37	230.0	23	%	985.4	70	%	207.6		77.7		696
United States Total / Average	151	925.9	92	%	3,295.8	74	%	$	847.1	$	282.9	2,388
International
Australia	5	47.6	5	%	137.7	80	%	$	118.1	$	27.6	61
New Zealand	7	22.8	2	%	72.5	88	%	22.2		6.5		68
Argentina	2	9.7	1	%	21.6	76	%	6.0		1.0		57
International Total / Average	14	80.1	8	%	231.8	82	%	$	146.3	$	35.1	183
Owned / Leased Total / Average	165	1,006.0	100	%	3,527.6	74	%	$	993.4	$	318.0	2,571
Third-Party Managed
United States	7	38.5	73	%	—	—		$	164.4	$	5.6	4
Australia (6)	1	—	—	%	—	—		10.6		1.9		1
Canada	3	14.3	27	%	—	—		13.6		1.2		2
Third-Party Managed Total / Average	11	52.8	100	%	—	—		$	188.5	$	8.6	7
Portfolio Total / Average	176	1,058.8	100	%	3,527.6	74	%	$	1,181.9	$	326.6	2,572

(1) We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the nine months ended September 30, 2019. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(2) Nine months ended September 30, 2019.

(3) We use the term “segment contribution (NOI)” to mean a segment’s revenues less its cost of operations (excluding any depreciation, depletion and amortization, impairment charges and corporate-level selling, general and administrative expenses). The applicable segment contribution (NOI) from our owned and leased warehouses and our third-party managed warehouses is included in our warehouse segment contribution (NOI) and third-party managed segment contribution (NOI), respectively.

(4) We serve some of our customers in multiple geographic regions and in multiple facilities within geographic regions. As a result, the total number of customers that we serve is less than the total number of customers reflected in the table above that we serve in each geographic region.

(5) As of September 30, 2019, we owned 131 of our U.S. warehouses and ten of our international warehouses, and we leased 20 of our U.S. warehouses and four of our international warehouses. As of September 30, 2019, seven of our owned facilities were located on land that we lease pursuant to long-term ground leases.

(6) Constitutes non-refrigerated, or “ambient,” warehouse space. This facility contains 330,527 square feet of ambient space.

25

Financial Supplement		Third Quarter 2019

_______________________________________________

(1) Retail reflects a broad variety of product types from retail customers.

(2) Packaged foods reflects a broad variety of temperature-controlled meals and foodstuffs.

(3) Distributors reflects a broad variety of product types from distributor customers.

____________________

Note: September 30, 2019 LTM Revenue pro forma 2019 acquisitions.

Totals may not foot due to rounding.

26

Financial Supplement		Third Quarter 2019

Fixed Commitment and Lease Maturity Schedules

Unaudited

The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of September 30, 2019. The information set forth in the table assumes no exercise of extension options under these contracts and leases.

Contract Expiration Year	Number of Contracts	Annualized Committed Rent & Storage Revenue (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended September 30, 2019		Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Twelve Months Ended September 30, 2019(1) (in thousands)		Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month	36	$	35,606	5.8	%	$	87,299	$	35,606
2019	21	16,514		2.7	%	27,307		15,965
2020	38	20,104		3.3	%	73,152		20,463
2021	40	39,240		6.4	%	171,197		39,950
2022	28	46,894		7.7	%	111,743		49,144
2023	23	38,647		6.3	%	89,604		41,327
2024	16	20,193		3.3	%	38,750		22,382
2025	1	1,558		—	%	3,290		1,807
2026	2	7,302		1.2	%	9,691		7,510
2027	3	4,656		0.8	%	7,958		4,992
2028	1	1,080		—	%	1,617		1,080
2029 and thereafter	3	12,166		2.0	%	26,786		14,337
Total	212	$	243,960	40.0	%	$	648,394	$	254,563

____________________

Note: September 30, 2019 LTM total revenue and rent and storage revenue pro forma 2019 acquisitions.

(1) Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of September 30, 2019, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended September 30, 2019, multiplied by 12.

(2) Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of September 30, 2019 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

27

Financial Supplement		Third Quarter 2019

The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of September 30, 2019. These leases had a weighted average remaining term of 36 months as of September 30, 2019.

Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1) (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended September 30, 2019		Leased Square Footage (in thousands)	% Leased Square Footage		Annualized Rent at Expiration(2) (in thousands)
Month-to-Month	3	$	305	0.1	%	31	1.4	%	$	305
2019	6	1,732		0.3	%	251	11.4	%	1,732
2020	15	3,980		0.7	%	435	19.7	%	4,017
2021	13	1,680		0.3	%	456	20.6	%	1,847
2022	4	1,235		0.2	%	132	6.0	%	1,275
2023	4	3,616		0.6	%	549	24.8	%	3,779
2024	3	768		0.1	%	174	7.9	%	805
2025 and thereafter	3	2,638		0.4	%	182	8.2	%	2,887
Total	51	$	15,954	2.6	%	2,210	100	%	$	16,647

____________________

Note: September 30, 2019 LTM rent and storage revenue pro forma 2019 acquisitions.

(1) Represents monthly rental payments under the relevant leases as of September 30, 2019, multiplied by 12.

(2) Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.

28

Financial Supplement		Third Quarter 2019

Recurring Maintenance Capital Expenditures and Repair and Maintenance Expenses

We utilize a strategic and preventative approach to recurring maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and ensure that our warehouses meet the “mission-critical” role they serve in the cold chain.

Recurring Maintenance Capital Expenditures

The following table sets forth our recurring maintenance capital expenditures for the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(In thousands, except per cubic foot amounts)
Real estate	$	15,172	$	11,858	$	27,474	$	27,172
Personal property	1,081		583		2,805		1,702
Information technology	519		936		2,714		2,449
Total recurring maintenance capital expenditures	$	16,772	$	13,377	$	32,993	$	31,323
Total recurring maintenance capital expenditures per cubic foot	$	0.016	$	0.014	$	0.030	$	0.034

Repair and Maintenance Expenses

The following table sets forth our repair and maintenance expenses for the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(In thousands, except per cubic foot amounts)
Real estate	$	6,171	$	6,580	$	18,060	$	16,748
Personal property	7,879		8,125		23,899		23,927
Total repair and maintenance expenses	$	14,050	$	14,705	$	41,959	$	40,675
Repair and maintenance expenses per cubic foot	$	0.013	$	0.016	$	0.039	$	0.044

Growth and Expansion Capital Expenditures

The following table sets forth our growth and expansion capital expenditures for the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019		2018
	(In thousands - unaudited)
Acquisitions, net of cash acquired and adjustments	$	(3,338	)	$	—	$	1,326,663	$	—
Expansion and development initiatives	50,106			16,970		154,962		56,345
Information technology	1,147			995		3,198		2,548
Total growth and expansion capital expenditures	$	47,915		$	17,965	$	1,484,823	$	58,893

29

Financial Supplement		Third Quarter 2019

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended September 30, 2019 and 2018.

	Three Months Ended September 30,									Change
	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
	(Dollars in thousands - unaudited)
Rent and storage	$	155,998		$	157,426		$	130,044		20.0	%	21.1	%
Warehouse services	209,595			212,101			167,181			25.4	%	26.9	%
Total warehouse segment revenues	365,593			369,527			297,225			23.0	%	24.3	%
Power	26,356			26,556			20,920			26.0	%	26.9	%
Other facilities costs (2)	29,529			29,818			26,392			11.9	%	13.0	%
Labor	162,014			163,984			130,598			24.1	%	25.6	%
Other services costs (3)	34,286			34,551			25,677			33.5	%	34.6	%
Total warehouse segment cost of operations	252,185			254,909			203,587			23.9	%	25.2	%
Warehouse segment contribution (NOI)	$	113,408		$	114,618		$	93,638		21.1	%	22.4	%
Warehouse rent and storage contribution (NOI) (4)	$	100,113		$	101,052		$	82,732		21.0	%	22.1	%
Warehouse services contribution (NOI) (5)	$	13,295		$	13,566		$	10,906		21.9	%	24.4	%
Total warehouse segment margin	31.0		%	31.0		%	31.5		%	-48 bps		-49 bps
Rent and storage margin(6)	64.2		%	64.2		%	63.6		%	56 bps		57 bps
Warehouse services margin(7)	6.3		%	6.4		%	6.5		%	-18 bps		-13 bps

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Includes real estate rent expense of $3.1 million and $3.3 million for the third quarter2019 and 2018, respectively.

(3) Includes non-real estate rent expense (equipment lease and rentals) of $2.7 million and $3.6 million for the third quarter of 2019 and 2018, respectively.

(4) Calculated as rent and storage revenues less power and other facilities costs.

(5) Calculated as warehouse services revenues less labor and other services costs.

(6) Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7) Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

30

Financial Supplement		Third Quarter 2019

The following table presents the operating results of our warehouse segment for the nine months ended September 30, 2019 and 2018.

	Nine Months Ended September 30,									Change
	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
	(Dollars in thousands - unaudited)
Rent and storage	$	424,403		$	430,294		$	381,104		11.4	%	12.9	%
Warehouse services	569,036			578,955			490,350			16.0	%	18.1	%
Total warehouse segment revenues	993,439			1,009,249			871,454			14.0	%	15.8	%
Power	61,738			62,816			55,665			10.9	%	12.8	%
Other facilities costs (2)	83,545			84,964			79,305			5.3	%	7.1	%
Labor	443,346			451,797			390,052			13.7	%	15.8	%
Other services costs (3)	86,766			87,886			72,389			19.9	%	21.4	%
Total warehouse segment cost of operations	675,395			687,463			597,411			13.1	%	15.1	%
Warehouse segment contribution (NOI)	$	318,044		$	321,786		$	274,043		16.1	%	17.4	%
Warehouse rent and storage contribution (NOI) (4)	$	279,120		$	282,514		$	246,134		13.4	%	14.8	%
Warehouse services contribution (NOI) (5)	$	38,924		$	39,272		$	27,909		39.5	%	40.7	%
Total warehouse segment margin	32.0		%	31.9		%	31.4		%	57 bps		44 bps
Rent and storage margin(6)	65.8		%	65.7		%	64.6		%	118 bps		107 bps
Warehouse services margin(7)	6.8		%	6.8		%	5.7		%	115 bps		109 bps

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Includes real estate rent expense of $9.4 million and $10.8 million for the nine months ended September 30, 2019 and 2018, respectively

(3) Includes non-real estate rent expense of $8.7 million and $10.3 million for the nine months ended September 30, 2019 and 2018, respectively.

(4) Calculated as rent and storage revenues less power and other facilities costs.

(5) Calculated as warehouse services revenues less labor and other services costs.

(6) Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7) Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

31

Financial Supplement		Third Quarter 2019

Same-store Financial Performance

The following table presents revenues, cost of operations, contribution (NOI) and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the three months ended September 30, 2019 and 2018.

	Three Months Ended September 30,									Change
	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
Number of same store warehouses	138						138			n/a		n/a
Same store revenues:	(Dollars in thousands - unaudited)
Rent and storage	$	128,956		$	130,388		$	127,120		1.4	%	2.6	%
Warehouse services	169,070			171,561			165,065			2.4	%	3.9	%
Total same store revenues	298,026			301,949			292,185			2.0	%	3.3	%
Same store cost of operations:
Power	20,525			20,725			20,578			(0.3	)%	0.7	%
Other facilities costs	25,815			26,101			25,760			0.2	%	1.3	%
Labor	133,489			135,460			128,854			3.6	%	5.1	%
Other services costs	25,516			25,780			25,239			1.1	%	2.1	%
Total same store cost of operations	$	205,345		$	208,066		$	200,431		2.5	%	3.8	%
Same store contribution (NOI)	$	92,681		$	93,883		$	91,754		1.0	%	2.3	%
Same store rent and storage contribution (NOI)(2)	$	82,616		$	83,562		$	80,782		2.3	%	3.4	%
Same store services contribution (NOI)(3)	$	10,065		$	10,321		$	10,972		(8.3	)%	(5.9	)%
Total same store margin	31.1		%	31.1		%	31.4		%	-30 bps		-31 bps
Same store rent and storage margin(4)	64.1		%	64.1		%	63.5		%	52 bps		54 bps
Same store services margin(5)	6.0		%	6.0		%	6.6		%	-69 bps		-63 bps
Number of non-same store warehouses	27						6			n/a		n/a
Non-same store revenues:
Rent and storage	$	27,042		$	27,038		$	2,924		n/r		n/r
Warehouse services	40,525			40,540			2,116			n/r		n/r
Total non-same store revenues	67,567			67,578			5,040			n/r		n/r
Non-same store cost of operations:
Power	5,831			5,831			342			n/r		n/r
Other facilities costs	3,714			3,717			632			n/r		n/r
Labor	28,525			28,524			1,744			n/r		n/r
Other services costs	8,770			8,771			438			n/r		n/r
Total non-same store cost of operations	$	46,840		$	46,843		$	3,156		n/r		n/r
Non-same store contribution (NOI)	$	20,727		$	20,735		$	1,884		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	17,497		$	17,490		$	1,950		n/r		n/r
Non-same store services contribution (NOI)(3)	$	3,230		$	3,245		$	(66	)	n/r		n/r
Total warehouse segment revenues	$	365,593		$	369,527		$	297,225		23.0	%	24.3	%
Total warehouse cost of operations	$	252,185		$	254,909		$	203,587		23.9	%	25.2	%
Total warehouse segment contribution	$	113,408		$	114,618		$	93,638		21.1	%	22.4	%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Calculated as rent and storage revenues less power and other facilities costs.
(3)	Calculated as warehouse services revenues less labor and other services costs.
(4)	Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(5)	Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.

32

Financial Supplement		Third Quarter 2019

The following table presents revenues, cost of operations, contribution (NOI) and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the nine months ended September 30, 2019 and 2018.

	Nine Months Ended September 30,										Change
	2019 actual			2019 constant currency(1)				2018 actual			Actual		Constant currency
Number of same store warehouses	137							137			n/a		n/a
Same store revenues:	(Dollars in thousands - unaudited)
Rent and storage	$	373,396		$	379,287			$	371,013		0.6	%	2.2	%
Warehouse services	492,734			502,629				483,862			1.8	%	3.9	%
Total same store revenues	866,130			881,916				854,875			1.3	%	3.2	%
Same store cost of operations:
Power	52,245			53,323				54,323			(3.8	)%	(1.8	)%
Other facilities costs	75,176			76,593				75,544			(0.5	)%	1.4	%
Labor	391,766			400,217				384,706			1.8	%	4.0	%
Other services costs	72,200			73,319				71,102			1.5	%	3.1	%
Total same store cost of operations	$	591,387		$	603,452			$	585,675		1.0	%	3.0	%
Same store contribution (NOI)	$	274,743		$	278,464			$	269,200		2.1	%	3.4	%
Same store rent and storage contribution (NOI)(2)	$	245,975		$	249,371			$	241,146		2.0	%	3.4	%
Same store services contribution (NOI)(3)	$	28,768		$	29,093			$	28,054		2.5	%	3.7	%
Total same store margin	31.7		%	31.6		%		31.5		%	23 bps		8 bps
Same store rent and storage margin(4)	65.9		%	65.7		%		65.0		%	88 bps		75 bps
Same store services margin(5)	5.8		%	5.8		%		5.8		%	4 bps		-1 bps
Number of non-same store warehouses	28							7			n/a		n/a
Non-same store revenues:
Rent and storage	$	51,007		$	51,007			$	10,091		n/r		n/r
Warehouse services	76,302			76,326				6,488			n/r		n/r
Total non-same store revenues	127,309			127,333				16,579			n/r		n/r
Non-same store cost of operations:
Power	9,493			9,493				1,342			n/r		n/r
Other facilities costs	8,369			8,371				3,761			n/r		n/r
Labor	51,580			51,580			1	5,346			n/r		n/r
Other services costs	14,566			14,567				1,287			n/r		n/r
Total non-same store cost of operations	$	84,008		$	84,011			$	11,736		n/r		n/r
Non-same store contribution (NOI)	$	43,301		$	43,322			$	4,843		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	33,145		$	33,143			$	4,988		n/r		n/r
Non-same store services contribution (NOI)(3)	$	10,156		$	10,179			$	(145	)	n/r		n/r
Total warehouse segment revenues	$	993,439		$	1,009,249			$	871,454		14.0	%	15.8	%
Total warehouse cost of operations	$	675,395		$	687,463			$	597,411		13.1	%	15.1	%
Total warehouse segment contribution	$	318,044		$	321,786			$	274,043		16.1	%	17.4	%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Calculated as rent and storage revenues less power and other facilities costs.
(3)	Calculated as warehouse services revenues less labor and other services costs.
(4)	Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(5)	Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.

33

Financial Supplement		Third Quarter 2019

Same-store Key Operating Metrics

The following table provides certain operating metrics to explain the drivers of our same store performance for the three months ended September 30, 2019 and 2018.

	Three Months Ended September 30,						Change
Units in thousands except per pallet and site data - unaudited	2019			2018
Number of same store warehouses	138			138			n/a
Same store rent and storage:
Physical occupancy(1)
Average physical occupied pallets	2,318			2,385			(2.8	)%
Average physical pallet positions	3,090			3,098			(0.3	)%
Physical occupancy percentage	75.0		%	77.0		%	-196 bps
Same store rent and storage revenues per physical occupied pallet	$	55.62		$	53.30		4.4	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	56.24		$	53.30		5.5	%
Economic occupancy(2)
Average economic occupied pallets	2,446			2,486			(1.6	)%
Economic occupancy percentage	79.2		%	80.2		%	-108 bps
Same store rent and storage revenues per economic occupied pallet	$	52.71		$	51.13		3.1	%
Constant currency same store rent and storage revenues per economic occupied pallet	$	53.30		$	51.13		4.2	%
Same store warehouse services:
Throughput pallets	6,635			6,645			(0.1	)%
Same store warehouse services revenues per throughput pallet	$	25.48		$	24.84		2.6	%
Constant currency same store warehouse services revenues per throughput pallet	$	25.86		$	24.84		4.1	%
Number of non-same store warehouses	27			6			n/a
Non-same store rent and storage:
Physical occupancy(1)
Average physical occupied pallets	539			54			n/r
Average physical pallet positions	702			68			n/r
Physical occupancy percentage	76.7		%	79.6		%
Economic occupancy(2)
Average economic occupied pallets	550			64			n/r
Economic occupancy percentage	78.4		%	94.3		%
Non-same store warehouse services:
Throughput pallets	1,340			82			n/r

(1) We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(2) We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer's contract, and subtracting the physical pallet positions.

34

Financial Supplement		Third Quarter 2019

The following table provides certain operating metrics to explain the drivers of our same store performance for the nine months ended September 30, 2019 and 2018.

	Nine Months Ended September 30,						Change
Unit in thousands, except per pallet and site data - unaudited	2019			2018
Number of same store warehouses	137			137			n/a
Same store rent and storage:
Physical occupancy(1)
Average physical occupied pallets	2,253			2,337			(3.6	)%
Average physical pallet positions	3,055			3,072			(0.6	)%
Physical occupancy percentage	73.8		%	76.1		%	-233 bps
Same store rent and storage revenues per physical occupied pallet	$	165.72		$	158.74		4.4	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	168.33		$	158.74		6.0	%
Economic occupancy(2)
Average occupied economic pallets	2,383			2,440			(2.4	)%
Economic occupancy percentage	78.0		%	79.4		%	-145 bps
Same store rent and storage revenues per economic occupied pallet	$	156.72		$	152.03		3.1	%
Constant currency same store rent and storage revenues per economic occupied pallet	$	159.19		$	152.03		4.7	%
Same store warehouse services:
Throughput pallets	19,459			19,715			(1.3	)%
Same store warehouse services revenues per throughput pallet	$	25.32		$	24.54		3.2	%
Constant currency same store warehouse services revenues per throughput pallet	$	25.83		$	24.54		5.2	%
Number of non-same store warehouses	28			7			n/a
Non-same store rent and storage:
Physical occupancy(1)
Average physical occupied pallets	369			86			n/r
Average physical pallet positions	472			124			n/r
Physical occupancy percentage	78.1		%	69.0		%
Economic occupancy(2)
Average economic occupied pallets	375			90			n/r
Economic occupancy percentage	79.5		%	72.7		%	n/r
Non-same store warehouse services:
Throughput pallets	2,403			267			n/r

(1) We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(2) We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitment specified in each customer's contract, and subtracting the physical pallet positions.

35

Financial Supplement		Third Quarter 2019

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects
	Opportunity Type	Facility Type	Cubic Feet (in millions)	Pallet Positions (in thousands)	Cost of Expansion / Development		Completion Date
Facility					Total Cost (in millions)	Return on Invested Capital
Clearfield, UT	Expansion	Distribution	5.8	21	$29.0	12-15%	Q4 2017
Middleboro, MA	Development	Production Advantaged	4.4	27	$23.5	8-12%	Q3 2018
Rochelle, IL	Expansion	Distribution	15.7	54	$89.3(1)	12-15%	Q2 2019

Expansion and Development Projects In Process
			Under Construction		Investment in Expansion / Development (in millions)			Expected Stabilized NOI Return on Invested Capital	Target Complete Date
Facility	Opportunity Type	Facility Type	Cubic Feet (millions)(2)	Pallet Positions (thousands)(2)	Cost(3)	Estimate to Complete	Total Estimated Cost
Chesapeake, VA	Expansion	Public	4.5	12	$20	$6-$7	$26-$27	10-12%	Q4 2019
North Little Rock, AR	Expansion	Public	3.2	12	$17	$2-$3	$19-$20	10-12%	Q4 2019
Columbus, OH	Expansion	Public	1.5	5	$3	$4-$5	$7-$8	14-15%	Q1 2020
Savannah, GA	New Build	Distribution	14.8	37	$35(4)	$35-$40	$70-$75	10-15%	Q2 2020
Atlanta, GA	Expansion /Redevelopment	Distribution	18.3	60	$16	$110-$120	$126-$136	10-15%	Q2 2021
Sydney, NSW	Build to Suit	Distribution			$45.5(5)			10-15%

2019 Acquisitions
Facility	City / State	No. of Facilities	Cubic Feet (in millions)	Pallet Positions (in thousands)	Acquisition Price(in millions)	Entry NOI Yield		Expected Stabilized NOI Return on Invested Capital	Date Purchased
PortFresh Holdings, LLC	Savannah, GA	1	4.3	6	$20.0	7.0	%	9-12%	1/31/2019
Cloverleaf Cold Storage(6)	9 states	22	132.0	602	$1,242.9	7.0	%	7-8%	5/1/2019
Lanier Cold Storage	Georgia	2	14.4	51	$82.6	7.9	%	9-10%	5/1/2019

_________________________

(1) Cost to date as of September 30, 2019. Total cost expected to be approximately $92 - $93 million. Remaining spend incurred reflects residual cost and retainage.

(2) Cubic feet and pallet positions are estimates while the facilities are under construction.

(3) Cost as of September 30, 2019.

(4) Includes $15.9 million as part of the PortFresh Holdings, LLC acquisition completed during January 2019.

(5) In April 2019, the Company completed a land purchase in Sydney, Australia for $45.5 million.

(6) Cloverleaf purchase price results in an approximate 7% NOI entry yield which is exclusive of SG&A expense.

36

Financial Supplement		Third Quarter 2019

2019 Guidance

The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

	As of	As of	As of	As of
	Nov. 7, 2019	Aug. 8, 2019	May 7, 2019	Feb. 21, 2019
Warehouse segment same store revenue growth (constant currency)	2.0% - 4.0%	2.0% - 4.0%	2.0% - 4.0%	2.0% - 4.0%
Warehouse segment same store NOI growth (constant currency)	100 - 200 bps higher than associated revenue	100 - 200 bps higher than associated revenue	100 - 200 bps higher than associated revenue	100 - 200 bps higher than associated revenue
Selling, general, and administrative expense as % of total revenue	7.0% - 7.2%	7.0% - 7.2%	6.8% - 7.2%	6.8% - 7.2%
Total recurring maintenance capital expenditures	$50mm - $60mm	$56mm - $66mm	$56mm - $66mm	$50mm - $60mm
Total expansion and development capital expenditures (1)	$205mm - $215mm	$220mm - $250mm	$275mm - $350mm	$225mm - $325mm
AFFO payout ratio	65.0% - 68.0%	65.0% - 68.0%	67.0% - 70.0%	65.0% - 68.0%
Weighted average dilutive share count	180mm - 184mm	180mm - 184mm	182mm - 186mm	155mm - 157mm

(1) Total expansion and development capital expenditures includes spending related to the Company's announced projects in Chicago, Savannah, Atlanta and Australia as well as the three expansions in North Little Rock, Columbus, and Chesapeake.

37

Financial Supplement		Third Quarter 2019

Notes and Definitions

We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, non-real estate asset impairment, non-offering related equity issuance expenses, non-recurring public company implementation costs, stock-based compensation expense for the IPO retention grants, severance, reduction in workforce costs and equity acceleration, acquisition, diligence and integration related costs, terminated site operations costs, bridge loan commitment fees, litigation and other related settlements, loss on debt extinguishment and modification, and foreign currency exchange gain or loss. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring 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 FFO and Core FFO as a measure 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 financing costs, pension withdrawal liability and above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, stock-based compensation expense from grants of stock options and restricted stock units under our equity incentive plans, excluding IPO grants, non-real estate depreciation, depletion or amortization (including in respect of the China JV), and recurring maintenance capital expenditures. 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.

FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. 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 consolidated statements of operations included in our annual and quarterly reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from 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 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. The table above reconciles FFO, Core FFO and Adjusted FFO to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, earnings before interest expense, taxes, depreciation, depletion and amortization, gains or losses on disposition of depreciated property, including gains or losses on change of control, impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustment to reflect share of EBITDAre of unconsolidated affiliates. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.

We also calculate our Core EBITDA as EBITDAre further adjusted for impairment charges on intangible and long-lived assets, severance, reduction in workforce costs and equity acceleration, terminated site operations costs, non-offering related equity issuance expenses, non-recurring public company implementation costs, acquisition, diligence and integration related costs, bridge loan commitment fees, litigation and other related settlements, loss on debt extinguishment and modification, stock-based compensation expense, foreign currency exchange gain or loss, loss or gain on other asset disposals, loss or income on partially owned entities, gain on sale of partially owned entities and reduction in EBITDAre from partially owned entities. 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 EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including:

• these measures do not reflect our historical or future cash requirements for recurring 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, depletion and amortization are non-cash charges, the assets being depreciated, depleted and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 20 reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

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