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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Operating activities:      
Net income $ 27,353 $ 45,306  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 115,598 87,861  
Amortization of deferred financing costs and pension withdrawal liability 4,504 4,762  
Amortization of above/below market leases 114 114  
Loss on debt extinguishment and modification, non-cash 0 21,105  
Foreign exchange loss (gain) 66 (2,926)  
Income from investments in partially owned entities 111 324  
Gain from sale of partially owned entities (4,297) 0  
Share-based compensation expense 9,195 6,213  
Share-based compensation expense (modification and acceleration of equity awards) 3,044 2,042  
Deferred income tax benefit (12,221) (2,093)  
Loss (gain) from sale of real estate 34 (8,372)  
Loss (gain) on other asset disposals 336 (699)  
Impairment of long-lived assets 13,485 747  
Provision for doubtful accounts receivable 1,483 954  
Changes in operating assets and liabilities:      
Accounts receivable (493) (14,005)  
Accounts payable and accrued expenses (22,060) (11,183)  
Other 15,669 (4,990)  
Net cash provided by operating activities 151,921 125,160  
Investing activities:      
Return of investment in joint venture 2,000 0  
Proceeds from sale of investments in partially owned entities 14,250 0  
Proceeds from sale of property, plant, and equipment 973 18,512  
Business combinations, net of cash acquired (1,319,929) 0  
Acquisitions of property, plant, and equipment, net of cash acquired (35,161) 0  
Additions to property, plant, and equipment (151,065) (96,106)  
Net cash used in investing activities (1,488,932) (77,594)  
Financing activities:      
Distributions paid on common shares (96,811) (48,537)  
Proceeds from stock options exercised 10,204 9,897  
Share purchases for taxes, net of proceeds from employee share-based transactions (6,127) (11,221)  
Proceeds from revolving line of credit 100,000 0  
Repayment on revolving line of credit (100,000) 0  
Payment of underwriters’ costs 0 (8,205)  
Reimbursement of underwriters’ costs 0 8,952  
Repayment of sale-leaseback financing obligations (2,292) (1,876)  
Repayment of financing lease obligations (9,374) (7,476)  
Payment of debt issuance costs (2,047) (7,279)  
Repayment of term loan, mortgage notes, notes payable and construction loans (8,735) (895,421)  
Proceeds from term loan 0 525,000  
Proceeds from issuance of senior unsecured notes 350,000 0  
Net proceeds from initial and follow-on public offerings 1,206,627 586,925  
Proceeds from construction loans 0 1,097  
Net cash provided by financing activities 1,441,445 149,906  
Net increase in cash, cash equivalents and restricted cash 104,434 197,472  
Effect of foreign currency translation on cash, cash equivalents and restricted cash (1,543) (2,180)  
Cash, cash equivalents and restricted cash:      
Beginning of period 214,097 69,963  
End of period 316,988 265,255  
Supplemental disclosures of cash flows information:      
Acquisition of fixed assets under financing lease obligations 26,122 10,585  
Acquisition of fixed assets under operating lease obligations 8,308 0  
Interest paid – net of amounts capitalized 56,859 65,210  
Income taxes paid – net of refunds 3,091 5,574  
Acquisition of property, plant, and equipment on accrual 32,337 16,400  
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the ending cash, cash equivalents and restricted cash balances above:      
Cash and cash equivalents     $ 310,116
Restricted cash     6,872
Total cash, cash equivalents and restricted cash 214,097 69,963 316,988
Allocation of purchase price of property, plant and equipment to:      
Cash paid for acquisition of property, plant and equipment 35,161 0  
Allocation of purchase price to business combinations:      
Goodwill     310,640
Series A      
Financing activities:      
Redemption and distributions paid on preferred shares of beneficial interest – Series A 0 (133)  
Series B      
Financing activities:      
Distributions paid on preferred shares of beneficial interest – Series B 0 (1,817)  
Americold Realty Operating Partnership, L.P.      
Operating activities:      
Net income 27,353 45,306  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 115,598 87,861  
Amortization of deferred financing costs and pension withdrawal liability 4,504 4,762  
Amortization of above/below market leases 114 114  
Loss on debt extinguishment and modification, non-cash 0 21,105  
Foreign exchange loss (gain) 66 (2,926)  
Income from investments in partially owned entities 111 324  
Gain from sale of partially owned entities (4,297) 0  
Share-based compensation expense 9,195 6,213  
Share-based compensation expense (modification and acceleration of equity awards) 3,044 2,042  
Deferred income tax benefit (12,221) (2,093)  
Loss (gain) from sale of real estate 34 (8,372)  
Loss (gain) on other asset disposals 336 (699)  
Impairment of long-lived assets 13,485 747  
Provision for doubtful accounts receivable 1,483 954  
Changes in operating assets and liabilities:      
Accounts receivable (493) (14,005)  
Accounts payable and accrued expenses (22,060) (11,183)  
Other 15,669 (4,990)  
Net cash provided by operating activities 151,921 125,160  
Investing activities:      
Return of investment in joint venture 2,000 0  
Proceeds from sale of investments in partially owned entities 14,250 0  
Proceeds from sale of property, plant, and equipment 973 18,512  
Business combinations, net of cash acquired (1,319,929) 0  
Acquisitions of property, plant, and equipment, net of cash acquired (35,161) 0  
Additions to property, plant, and equipment (151,065) (96,106)  
Net cash used in investing activities (1,488,932) (77,594)  
Financing activities:      
Distributions to parent (96,811) (58,692)  
Proceeds from revolving line of credit 100,000 0  
Repayment on revolving line of credit (100,000) 0  
Repayment of sale-leaseback financing obligations (2,292) (1,876)  
Repayment of financing lease obligations (9,374) (7,476)  
Payment of debt issuance costs (2,047) (7,279)  
Repayment of term loan, mortgage notes, notes payable and construction loans (8,735) (895,421)  
Proceeds from term loan 0 525,000  
Proceeds from issuance of senior unsecured notes 350,000 0  
Proceeds from construction loans 0 1,097  
General partner contributions 1,210,704 594,553  
Net cash provided by financing activities 1,441,445 149,906  
Net increase in cash, cash equivalents and restricted cash 104,434 197,472  
Effect of foreign currency translation on cash, cash equivalents and restricted cash (1,543) (2,180)  
Cash, cash equivalents and restricted cash:      
Beginning of period 214,097 69,963  
End of period 316,988 265,255  
Supplemental disclosures of cash flows information:      
Acquisition of fixed assets under financing lease obligations 26,122 10,585  
Acquisition of fixed assets under operating lease obligations 8,308 0  
Interest paid – net of amounts capitalized 56,859 65,210  
Income taxes paid – net of refunds 3,091 5,574  
Acquisition of property, plant, and equipment on accrual 32,337 16,400  
Reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the ending cash, cash equivalents and restricted cash balances above:      
Cash and cash equivalents     310,116
Restricted cash     6,872
Total cash, cash equivalents and restricted cash 214,097 69,963 316,988
Allocation of purchase price of property, plant and equipment to:      
Cash paid for acquisition of property, plant and equipment 35,161 $ 0  
Allocation of purchase price to business combinations:      
Goodwill     310,640
Port Fresh Holdings, LLC      
Investing activities:      
Acquisitions of property, plant, and equipment, net of cash acquired (35,923)    
Allocation of purchase price of property, plant and equipment to:      
Investments in land, building and improvements 31,561    
Machinery and equipment 3,410    
Assembled workforce 351    
Other assets 601    
Cash paid for acquisition of property, plant and equipment 35,923    
Port Fresh Holdings, LLC | Americold Realty Operating Partnership, L.P.      
Investing activities:      
Acquisitions of property, plant, and equipment, net of cash acquired (35,923)    
Allocation of purchase price of property, plant and equipment to:      
Investments in land, building and improvements 31,561    
Machinery and equipment 3,410    
Assembled workforce 351    
Other assets 601    
Cash paid for acquisition of property, plant and equipment $ 35,923    
Cloverleaf and Lanier      
Allocation of purchase price to business combinations:      
Land     65,414
Building and improvements     714,767
Machinery and equipment     154,272
Assets under construction     19,977
Operating and finance lease right-of-use assets     1,336
Cash and cash equivalents     4,978
Restricted cash     526
Accounts receivable     22,873
Goodwill     125,550
Acquired identifiable intangibles:      
Other assets     7,017
Accounts payable and accrued expenses     (41,475)
Notes payable     (3,878)
Operating and finance lease obligations     (1,336)
Unearned revenue     (3,536)
Pension and postretirement benefits     (859)
Deferred tax liability     (9,138)
Total consideration     1,325,433
Cloverleaf and Lanier | Americold Realty Operating Partnership, L.P.      
Allocation of purchase price to business combinations:      
Land     65,414
Building and improvements     714,767
Machinery and equipment     154,272
Assets under construction     19,977
Operating and finance lease right-of-use assets     1,336
Cash and cash equivalents     4,978
Restricted cash     526
Accounts receivable     22,873
Goodwill     125,550
Acquired identifiable intangibles:      
Other assets     7,017
Accounts payable and accrued expenses     (41,475)
Notes payable     (3,878)
Operating and finance lease obligations     (1,336)
Unearned revenue     (3,536)
Pension and postretirement benefits     (859)
Deferred tax liability     (9,138)
Total consideration     1,325,433
Customer relationships | Cloverleaf and Lanier      
Acquired identifiable intangibles:      
Identifiable intangibles     267,319
Customer relationships | Cloverleaf and Lanier | Americold Realty Operating Partnership, L.P.      
Acquired identifiable intangibles:      
Identifiable intangibles     267,319
Trade names and trademarks | Cloverleaf and Lanier      
Acquired identifiable intangibles:      
Identifiable intangibles     1,626
Trade names and trademarks | Cloverleaf and Lanier | Americold Realty Operating Partnership, L.P.      
Acquired identifiable intangibles:      
Identifiable intangibles     $ 1,626