EX-99.1 2 q32020-pressrelease.htm EX-99.1 Document

Exhibit 99.1

AMERICOLD REALTY TRUST ANNOUNCES THIRD QUARTER 2020 RESULTS

Atlanta, GA, November 5, 2020 - Americold Realty Trust (NYSE: COLD) (the “Company”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the third quarter ended September 30, 2020.
Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “Our third quarter results demonstrate the ongoing stability of our temperature controlled warehouse business. We delivered total company revenue growth and NOI growth of 6.7% and 12.1%, respectively, driven by our acquisition activity and continued organic growth. We continue to benefit from our market share, as well as the diversity of our portfolio as measured by geography, customer, commodity, sector, facility type and node in the supply chain. Within our warehouse segment, for the quarter we delivered same store revenue and NOI growth of 1.2% and 7.9% and on a year to date basis same store revenue and NOI growth of 3.6% and 6.5%, all on a constant currency basis.”
Mr. Boehler continued, “We continue to position Americold for long-term growth and we are very pleased with our recent acquisitions in Dallas and Tampa, the progress of our active development projects, and our continued ramp-up toward stabilization at recently delivered facilities. Our strategic growth continued subsequent to quarter end. In October we signed a definitive agreement to acquire Agro Merchants Group, the fourth largest temperature-controlled warehouse company globally and the third largest in Europe, for $1.74 billion in cash and common stock. This strategic acquisition enhances our global market position, establishes our presence in Europe with a leading operator, adds complementary assets in the United States, South America and Australia, and provides attractive long term growth and synergy opportunities. Additionally, we completed the acquisition of Halls Warehouse Corporation for $480 million with eight facilities located near the Port of Newark, New Jersey. We also announced two expansion projects which will start during the fourth quarter of 2020, including a build-to-suit expansion in Arkansas for a top tier customer and an expansion of our Calgary facility, which was acquired earlier in the year with the Nova Cold acquisition.
These growth initiatives will be financed with a combination of proceeds from recent equity offerings and debt private placements. The debt private placement consists of €750 million senior unsecured notes, priced at an attractive weighted average coupon of 1.63% and duration of 11 years. We expect to close this private placement concurrent with the closing of the Agro acquisition. In summary, we believe these strategic initiatives will favorably contribute to our long-term growth as we remain focused on our core mission to support our customers as an integral part of the global food supply chain, and will result in shareholder value creation over time.”
Third Quarter 2020 Highlights
•Total revenue increased 6.7% to $497.5 million
•Total NOI increased 12.1% to $135.3 million.
•Core EBITDA increased 11.5% to $104.1 million.
•Net income of $12.4 million, or $0.06 per diluted common share.
•Core FFO of $58.6 million, or $0.28 per diluted common share.
•AFFO of $62.7 million, or $0.30 per diluted common share.
•Global Warehouse segment revenue increased 6.1% to $388.0 million.


•Global Warehouse segment NOI increased 12.7% to $127.8 million.
•Global Warehouse segment same store revenue increased 1.6%, or 1.2% on a constant currency basis, same store segment NOI increased by 8.1%, or increased by 7.9% on a constant currency basis.
•Completed the acquisitions of two previously leased facilities in New Zealand for $8.1 million, AM-C Warehouses for $85.0 million and Caspers Cold Storage for $25.5 million.
•Completed the disposition of our Quarry segment assets for $9.0 million on July 1, 2020.
•Under its 2020 ATM Equity Program, the Company entered into forward sale agreements to sell 3,873,550 common shares for gross proceeds of $145.0 million.
Year to Date 2020 Highlights
•Total revenue increased 12.8% to $1,464.0 million.
•Total NOI increased 17.2% to 399.1 million.
•Core EBITDA increased 19.6% to $308.7 million, or 20.3% on a constant currency basis.
•Net income of $68.5 million, or $0.33 per diluted common share.
•Core FFO of $173.8 million, or $0.84 per diluted common share.
•AFFO of $191.0 million, or $0.93 per diluted common share.
•Global Warehouse segment revenue increased 14.9% to $1,141.5 million.
•Global Warehouse segment NOI increased 17.8% to $374.7 million.
•Global Warehouse segment same store revenue increased 2.7%, or 3.6% on a constant currency basis, same store segment NOI increased 5.8%, or 6.5% on a constant currency basis.
Subsequent Event Highlights
•Entered into a definitive agreement to acquire Agro Merchants Group, the fourth largest global cold-storage operator, for $1.74 billion, expected to close late 2020 or early 2021.
•On October 15, 2020, the Company completed an underwritten registered public offering pursuant to forward sale agreements in which the forward purchasers borrowed and sold to the underwriters in the public offering 31,900,000 common shares (excluding 4,785,000 common shares that may be issued in connection with the underwriters’ exercise of their option to purchase additional common shares) at $38.00 per share.
•Priced a €750 million dollar unsecured debt private placement, which is equivalent to $877 million US dollars. The debt consists of a €400 million tranche with a coupon of 1.62% and a maturity date of January 2031, plus a €350 million tranche with a coupon of 1.65% and a maturity date of January 2033. The notes are expected to close and fund concurrently with the closing of the Agro acquisition.
•Completed the Halls acquisition, an eight facility operator in New Jersey, for $480 million on November 2, 2020.
•Announced the expansion of our Russellville, Arkansas facility for $84 million to create a highly-automated build for one of our top tier customers, Conagra. The construction is expected to begin late during the fourth quarter, with targeted completion by the fourth quarter of 2022.
•Announced the expansion of our Calgary, Canada facility for $11 million for conventional, multi-tenant use. The construction is expected to begin immediately, with targeted completion by the fourth quarter of 2021.

Third Quarter 2020 Total Company Financial Results


Total revenue for the third quarter of 2020 was $497.5 million, a 6.7% increase from the same quarter of the prior year. This growth was driven by the incremental revenue from accretive acquisitions, recently completed development projects, revenue in our Managed segment driven by higher pass through of costs due to elevated retail volumes and same store revenue growth.
For the third quarter of 2020, the Company reported net income of $12.4 million, or $0.06 per diluted share, compared to net income of $27.1 million, or $0.14 per diluted share, for the same quarter of the prior year.
Total NOI for the third quarter of 2020 was $135.3 million, an increase of 12.1% from the same quarter of the prior year.
Core EBITDA was $104.1 million for the third quarter of 2020, compared to $93.4 million for the same quarter of the prior year. This reflects an 11.5% increase over prior year on an actual and constant currency basis, driven primarily from acquisition contribution, organic growth in our core business, and higher health insurance costs in the prior comparable period. These increases were partially offset by the incremental costs incurred in response to COVID-19 and higher SG&A.
For the third quarter of 2020, Core FFO was $58.6 million, or $0.28 per diluted share, compared to $59.1 million, or $0.30 per diluted share, for same quarter of the prior year.
For the third quarter of 2020, AFFO was $62.7 million, or $0.30 per diluted share, compared to $52.4 million, or $0.27 per diluted share, for the same quarter of the prior year.
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 Quarter 2020 Global Warehouse Segment Results
For the third quarter of 2020, Global Warehouse segment revenue was $388.0 million, an increase of $22.4 million, or 6.1%, compared to $365.6 million for the third quarter of 2019. This growth was driven by the recently completed acquisitions and development projects, paired with contractual rate escalations, partially offset by lower throughput associated with the protein and food service sectors.
Warehouse segment NOI was $127.8 million for the third quarter of 2020, an increase of 12.7%. Global Warehouse segment margin was 32.9% for the third quarter of 2020, an 190 basis point increase compared to the same quarter of the prior year. The year-over-year growth in segment NOI was driven by the previously mentioned revenue trends. The Company continues to incur incremental expenses to address the risks and challenges of COVID-19. These incremental COVID-19 expenses include higher sanitation costs of $0.9 million and higher personal protective equipment (“PPE”) costs of $0.3 million. The Company has experienced certain inefficiencies due to social distancing, staggered schedules, and other changes to processes, all of which it expects to incur going forward. The Company expects to recover these costs through ongoing revenue as it signs new business and renews existing business. The Company’s results include the impact of these items. Additionally, the growth is reflective of the higher health insurance costs and Rochelle start up costs, both incurred in the prior comparable period.


The following tables summarize the global warehouse and same store financial results and metrics for the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Change
Dollars in thousands2020 actual
2020 constant currency(1)
2019 actualActualConstant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses175165n/an/a
Global Warehouse revenue:
Rent and storage$166,355 $166,641 $155,998 6.6 %6.8 %
Warehouse services221,669 220,414 209,595 5.8 %5.2 %
Total revenue$388,024 $387,055 $365,593 6.1 %5.9 %
Global Warehouse contribution (NOI)$127,756 $127,596 $113,408 12.7 %12.5 %
Global Warehouse margin32.9 %33.0 %31.0 %190 bps195 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets3,144 n/a2,999 4.8 %n/a
Average physical occupied pallets2,849 n/a2,857 (0.3)%n/a
Average physical pallet positions4,074 n/a3,792 7.4 %n/a
Economic occupancy percentage77.2 %n/a79.1 %-190 bpsn/a
Physical occupancy percentage69.9 %n/a75.3 %-542 bpsn/a
Total rent and storage revenue per economic occupied pallet$52.91 $53.00 $52.02 1.7 %1.9 %
Total rent and storage revenue per physical occupied pallet$58.40 $58.50 $54.60 7.0 %7.1 %
Global Warehouse services metrics:
Throughput pallets7,918 n/a7,975 (0.7)%n/a
Total warehouse services revenue per throughput pallet$27.99 $27.84 $26.28 6.5 %5.9 %
SAME STORE WAREHOUSE
Number of same store warehouses135135n/an/a
Global Warehouse same store revenue:
Rent and storage$127,551 $127,816 $125,824 1.4 %1.6 %
Warehouse services169,514 168,233 166,639 1.7 %1.0 %
Total same store revenue$297,065 $296,049 $292,463 1.6 %1.2 %
Global Warehouse same store contribution (NOI)$99,710 $99,514 $92,199 8.1 %7.9 %
Global Warehouse same store margin33.6 %33.6 %31.5 %204 bps209 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets2,381 n/a2,382 — %n/a
Average physical occupied pallets2,130 n/a2,261 (5.8)%n/a
Average physical pallet positions3,030 n/a3,027 0.1 %n/a
Economic occupancy percentage78.6 %n/a78.7 %-13 bpsn/a
Physical occupancy percentage70.3 %n/a74.7 %-442 bpsn/a
Same store rent and storage revenue per economic occupied pallet$53.58 $53.69 $52.82 1.4 %1.6 %
Same store rent and storage revenue per physical occupied pallet$59.89 $60.02 $55.64 7.6 %7.9 %
Global Warehouse same store services metrics:
Throughput pallets6,286 n/a6,538 (3.9)%n/a
Same store warehouse services revenue per throughput pallet$26.97 $26.76 $25.49 5.8 %5.0 %


Three Months Ended September 30,Change
Dollars in thousands2020 actual
2020 constant currency(1)
2019 actualActualConstant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses4030n/an/a
Global Warehouse non-same store revenue:
Rent and storage$38,804 $38,825 $30,174 28.6 %28.7 %
Warehouse services52,155 52,181 42,956 21.4 %21.5 %
Total non-same store revenue$90,959 $91,006 $73,130 24.4 %24.4 %
Global Warehouse non-same store contribution (NOI)$28,046 $28,082 $21,209 32.2 %32.4 %
Global Warehouse non-same store margin30.8 %30.9 %29.0 %183 bps186 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets763 n/a616 23.9 %n/a
Average physical occupied pallets719 n/a596 20.7 %n/a
Average physical pallet positions1,044 n/a765 36.5 %n/a
Economic occupancy percentage73.1 %n/a80.6 %-747 bpsn/a
Physical occupancy percentage68.9 %n/a77.9 %-901 bpsn/a
Non-same store rent and storage revenue per economic occupied pallet$50.83 $50.86 $48.95 3.8 %3.9 %
Non-same store rent and storage revenue per physical occupied pallet$53.98 $54.01 $50.66 6.6 %6.6 %
Global Warehouse non-same store services metrics:
Throughput pallets1,633 n/a1,437 13.6 %n/a
Non-same store warehouse services revenue per throughput pallet$31.94 $31.96 $29.89 6.9 %6.9 %



Nine Months Ended September 30,Change
Dollars in thousands2020 actual
2020 constant currency(1)
2019 actualActualConstant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses175165n/an/a
Global Warehouse revenue:
Rent and storage$492,328 $496,019 $424,403 16.0 %16.9 %
Warehouse services649,175 654,138 569,036 14.1 %15.0 %
Total revenue$1,141,503 $1,150,157 $993,439 14.9 %15.8 %
Global Warehouse contribution (NOI)$374,661 $376,952 $318,044 17.8 %18.5 %
Global Warehouse margin32.8 %32.8 %32.0 %81 bps76 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets3,188 n/a2,759 15.5 %n/a
Average physical occupied pallets2,930 n/a2,622 11.7 %n/a
Average physical pallet positions4,043 n/a3,528 14.6 %n/a
Economic occupancy percentage78.9 %n/a78.2 %66 bpsn/a
Physical occupancy percentage72.5 %n/a74.3 %-188 bpsn/a
Total rent and storage revenue per economic occupied pallet$154.41 $155.57 $153.84 0.4 %1.1 %
Total rent and storage revenue per physical occupied pallet$168.06 $169.32 $161.84 3.8 %4.6 %
Global Warehouse services metrics:
Throughput pallets23,834 n/a21,862 9.0 %n/a
Total warehouse services revenue per throughput pallet$27.24 $27.45 $26.03 4.6 %5.5 %
SAME STORE WAREHOUSE
Number of same store warehouses135135n/an/a
Global Warehouse same store revenue:
Rent and storage$378,390 $381,754 $365,551 3.5 %4.4 %
Warehouse services495,785 500,499 485,737 2.1 %3.0 %
Total same store revenue$874,175 $882,253 $851,288 2.7 %3.6 %
Global Warehouse same store contribution (NOI)$290,221 $292,287 $274,391 5.8 %6.5 %
Global Warehouse same store margin33.2 %33.1 %32.2 %97 bps90 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets2,417 n/a2,355 2.6 %n/a
Average physical occupied pallets2,190 n/a2,232 (1.9)%n/a
Average physical pallet positions3,028 n/a3,027 — %n/a
Economic occupancy percentage79.8 %n/a77.8 %201 bpsn/a
Physical occupancy percentage72.3 %n/a73.7 %-142 bpsn/a
Same store rent and storage revenue per economic occupied pallet$156.57 $157.96 $155.25 0.9 %1.7 %
Same store rent and storage revenue per physical occupied pallet$172.80 $174.34 $163.81 5.5 %6.4 %
Global Warehouse same store services metrics:
Throughput pallets18,890 n/a19,170 (1.5)%n/a
Same store warehouse services revenue per throughput pallet$26.25 $26.49 $25.34 3.6 %4.5 %


Nine Months Ended September 30,Change
Dollars in thousands2020 actual
2020 constant currency(1)
2019 actualActualConstant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses4030n/an/a
Global Warehouse non-same store revenue:
Rent and storage$113,938 $114,265 $58,852 93.6 %94.2 %
Warehouse services153,390 153,639 83,299 84.1 %84.4 %
Total non-same store revenue$267,328 $267,904 $142,151 88.1 %88.5 %
Global Warehouse non-same store contribution (NOI)$84,440 $84,665 $43,653 93.4 %94.0 %
Global Warehouse non-same store margin31.6 %31.6 %30.7 %88 bps89 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets772 n/a404 91.0 %n/a
Average physical occupied pallets740 n/a391 89.3 %n/a
Average physical pallet positions1,015 n/a501 102.7 %n/a
Economic occupancy percentage76.1 %n/a80.7 %-464 bpsn/a
Physical occupancy percentage72.9 %n/a78.0 %-514 bpsn/a
Non-same store rent and storage revenue per economic occupied pallet$147.65 $148.08 $145.66 1.4 %1.7 %
Non-same store rent and storage revenue per physical occupied pallet$154.01 $154.45 $150.60 2.3 %2.6 %
Global Warehouse non-same store services metrics:
Throughput pallets4,943 n/a2,692 83.6 n/a
Non-same store warehouse services revenue per throughput pallet$31.03 $31.08 $30.94 0.3 %0.5 %
(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
As of September 30, 2020, $279.7 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $270.0 million at the end of the second quarter of 2020 and $244.0 million at the end of the third quarter of 2019. During the third quarter of 2020 we brought a long-term protein customer onto the fixed commitment pricing structure. 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, assuming a full twelve months of acquisitions revenue, 42.1% of rent and storage revenue were generated from fixed commitment storage contracts, which is a 70 basis point increase over the second quarter of 2020.

Economic and Physical Occupancy
Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. For the third quarter of 2020, economic occupancy for the total warehouse segment was 77.2% and warehouse segment same store pool was 78.6%, representing a 726 basis point and 829 basis point increase above physical occupancy, respectively. For the third quarter of 2020, physical occupancy for the total warehouse segment was 69.9% and warehouse segment same store pool was 70.3%.



Real Estate Portfolio
As of September 30, 2020, the Company’s portfolio consists of 185 facilities. The Company ended the third quarter of 2020 with 175 facilities in its Global Warehouse segment portfolio and 10 facilities in its Third-party managed segment. During the third quarter of 2020, the Company added two facilities in Dallas, Texas through the AM-C acquisition, one of which is owned and one of which is leased, and one facility in Tampa, Florida through the Caspers acquisition. Additionally, the Company exited the operations of one Third-party managed facility in Canada. The same store population consists of 135 facilities for the quarter ended September 30, 2020. The remaining 40 non-same store population includes the 34 facilities that were acquired since the beginning of 2019 and six legacy facilities.

Balance Sheet Activity and Liquidity
As of September 30, 2020, the Company had total liquidity of approximately $1.2 billion, including cash and capacity on its revolving credit facility and $291.4 million of net proceeds available from equity forward contracts. Total debt outstanding was $2.0 billion (inclusive of $193.0 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 77% was in an unsecured structure. The Company has no material debt maturities until 2023. At quarter end, its net debt to pro forma Core EBITDA was approximately 4.3x. Of the Company’s total debt outstanding, $1.8 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 6.0 years and carries a weighted average contractual interest rate of 3.59%. As of September 30, 2020, 86% of the Company’s total debt outstanding was at a fixed rate, inclusive of interest rate swaps.

The Company’s equity forwards, the respective contractual latest settlement dates, and net proceeds are detailed in the table below:
Outstanding Equity Forward Data
in millions, except share price amounts
pro forma for 4Q equity raise
Quarter RaisedForward Shares
Net Share Price2
Net Proceeds Contractual Outside Settlement DateTarget Use of Net Proceeds
3Q 20186.000$21.99$132.03/18/2022Fund the Ahold Development
2Q 2020 - 3Q 20202.429$36.24$88.07/1/2021Fund the Calgary and Arkansas expansions
3Q 20201.917$37.25$71.09/1/2021Fund Halls acquisition
4Q 202023.698$36.67$869.010/13/2021Agro acquisition ($737M), Transaction Expenses ($41M), IT Integration and Startup costs ($46M), and Agro's development in Ireland ($45M)
4Q 20201
8.202$36.67$301.010/13/2021Fund Halls acquisition
42.246$34.59$1,461.0
(1) Estimated remaining shares & net proceeds after close of Agro acquisition, Transaction Expenses, IT Integration + Startup costs, and Agro's development in Ireland. Does not include any shares from the underwriters option to purchase up to 4.8 million additional shares.
(2) Net of underwriter fee, forward costs and dividends paid.



Proforma Leverage Profile
As of September 30, 2020, pro forma for the new private placement and the Agro and Halls transactions, our total debt outstanding is $2.7 billion and our net debt to pro forma Core EBITDA is 4.5x. Our real estate debt has a weighted averaged remaining term of approximately 8 years and carries a weighted average contractual interest rate of 3.21%.

Dividend
On September 11, 2020, the Company’s Board of Trustees declared a dividend of $0.21 per share for the third quarter of 2020, which was paid on October 15, 2020 to common shareholders of record as of September 30, 2020.

2020 Outlook
The Company is tightening its AFFO per share guidance to $1.26-$1.29 from $1.24-$1.30 for 2020. Please note that this guidance includes the impact of the Halls acquisition, and assumes a year end closing for Agro. While the Agro acquisition results in an increase in the number of Americold shares outstanding, it does so for only 1-2 days. Therefore, we do not anticipate a material impact to our per share metrics for the full year 2020. Certain components are updated as follows:
•SG&A expense from a range of $135-$140 million to $140-$143 million
•Managed & Transportation segment NOI from a range of $28-$31 million to $30-$31 million
•Deferred tax income benefit from a range of $2-$4 million to $4-$5 million
•Non-real estate depreciation and amortization from a range of $70-$72 million to $71-$74 million; subject to the Halls acquisition purchase price allocation
•Total maintenance capital expenditures from a range of $65-$73 million to $66-$70 million

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 5, 2020 at 5:00 p.m. Eastern Time to discuss third quarter 2020 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# 13711305. The telephone replay will be available starting shortly after the call until November 19, 2020.
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, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 185 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 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 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 the following: adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; uncertainties and risks related to natural disasters, global climate change and public health crises, including ongoing COVID-19 pandemic; 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; or the inability of our customers to otherwise perform under their contracts, including as a result of the ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs, including as a result of the COVID-19 pandemic; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; 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 complete the announced Agro Merchants acquisition; our failure to successfully integrate and operate acquired or developed properties or businesses; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize the anticipated cost savings and revenue improvements; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; our Operating Partnership’s failure to qualify as a partnership for federal income tax purposes; 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 applicable governmental regulations and taxation legislation, including in the international markets; additional risks with respect to the addition of European operations and properties; 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 and employment related litigation; 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 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, of our common shares; the potential dilutive effect of our common share offerings; and risks related to any forward sale agreement, including the 2018 forward sale agreement, the 2020 ATM forward sale agreements and the 2020 forward sale agreements, or collectively, our forward sale agreements, 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 acquisition and 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, 2019, in our Quarterly Report for the quarter ended March 31, 2020, in our Form 8-K filed April 16, 2020 and in our Form 8-K filed on October 13, 2020, 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, 2020December 31, 2019
Assets
 Property, buildings and equipment:
Land$533,822 $526,226 
Buildings and improvements2,954,633 2,696,732 
Machinery and equipment907,006 817,617 
Assets under construction182,297 108,639 
4,577,758 4,149,214 
Accumulated depreciation and depletion(1,339,562)(1,216,553)
Property, buildings and equipment – net3,238,196 2,932,661 
Operating lease right-of-use assets68,512 77,723 
Accumulated depreciation – operating leases(22,065)(18,110)
Operating leases – net46,447 59,613 
 Financing leases:
Buildings and improvements13,627 11,227 
Machinery and equipment104,561 76,811 
118,188 88,038 
Accumulated depreciation – financing leases(36,212)(29,697)
Financing leases – net81,976 58,341 
 Cash and cash equivalents173,913 234,303 
 Restricted cash7,441 6,310 
Accounts receivable – net of allowance of $12,452 and $6,927 at September 30, 2020 and December 31, 2019, respectively217,486 214,842 
 Identifiable intangible assets – net363,698 284,758 
 Goodwill399,301 318,483 
 Investments in partially owned entities21,536 — 
 Other assets68,112 61,372 
Total assets$4,618,106 $4,170,683 
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and accrued expenses$356,734 $350,963 
Mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of $13,607 and $12,996, in the aggregate, at September 30, 2020 and December 31, 2019, respectively1,827,484 1,695,447 
Sale-leaseback financing obligations113,023 115,759 
Financing lease obligations79,973 58,170 
Operating lease obligations49,198 62,342 
Unearned revenue17,172 16,423 
Pension and postretirement benefits9,589 12,706 
Deferred tax liability – net47,481 17,119 
Multiemployer pension plan withdrawal liability8,580 8,736 
Total liabilities2,509,234 2,337,665 
 Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – 325,000,000 and 250,000,000 authorized shares; 203,679,575 and 191,799,909 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively2,037 1,918 
Paid-in capital2,936,762 2,582,087 
Accumulated deficit and distributions in excess of net earnings(797,935)(736,861)
Accumulated other comprehensive loss(31,992)(14,126)
Total shareholders’ equity2,108,872 1,833,018 
Total liabilities and shareholders’ equity$4,618,106 $4,170,683 



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,
2020201920202019
Revenues:
Rent, storage and warehouse services$388,024 $365,593 $1,141,503 $993,439 
Third-party managed services75,338 62,846 213,213 188,497 
Transportation services34,096 35,685 104,874 109,273 
Other— 2,058 4,459 6,512 
Total revenues497,458 466,182 1,464,049 1,297,721 
Operating expenses:
Rent, storage and warehouse services cost of operations260,268 252,185 766,842 675,395 
Third-party managed services cost of operations71,945 60,263 202,752 179,851 
Transportation services cost of operations29,909 31,045 91,110 96,071 
Cost of operations related to other revenues17 1,983 4,286 5,901 
Depreciation, depletion and amortization53,569 45,065 157,572 115,598 
Selling, general and administrative35,969 32,476 105,202 96,262 
Acquisition, litigation and other5,282 3,780 9,771 30,237 
Impairment of long-lived assets2,615 — 6,282 13,485 
Loss (gain) from sale of real estate427 — (21,448)34 
Total operating expenses460,001 426,797 1,322,369 1,212,834 
Operating income37,457 39,385 141,680 84,887 
Other income (expense):
Interest expense(23,066)(24,907)(70,114)(70,581)
Interest income179 1,798 1,027 5,206 
Bridge loan commitment fees— — — (2,665)
Loss on debt extinguishment and modifications— — (781)— 
Foreign currency exchange loss, net(196)(43)(373)(66)
Other expense, net(1,083)(249)(168)(1,007)
Gain from sale of partially owned entities— 4,297 — 4,297 
Loss from investments in partially owned entities(98)(165)(254)(111)
Income before income tax (expense) benefit13,193 20,116 71,017 19,960 
Income tax (expense) benefit:
Current(2,103)(834)(6,823)(4,828)
Deferred1,284 7,809 4,353 12,221 
Total income tax (expense) benefit(819)6,975 (2,470)7,393 
Net income$12,374 $27,091 $68,547 $27,353 
Weighted average common shares outstanding – basic204,289 192,325 202,380 175,010 
Weighted average common shares outstanding – diluted208,500 197,363 206,051 178,970 
Net income per common share of beneficial interest - basic$0.06 $0.14 $0.33 $0.15 
Net income per common share of beneficial interest - diluted$0.06 $0.14 $0.33 $0.15 


Reconciliation of Net Income to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
 Three Months Ended
Q3 20Q2 20Q1 20Q4 19Q3 19YTD 20
Net income$12,374 $32,662 $23,511 $20,809 $27,091 $68,547 
Adjustments:
Real estate related depreciation and depletion36,289 35,558 35,442 32,555 31,238 107,289 
Net loss (gain) on sale of real estate, net of withholding taxes427 (19,414)(2,096)— — (21,083)
Net loss (gain) on asset disposals1,160 (3)— 237 7 1,157 
Impairment charges on certain real estate assets— 3,181 — — — 3,181 
Real estate depreciation on partially owned entities— (34)34 — 232 — 
Our share of reconciling items related to partially owned entities111 156 — — — 267 
NAREIT Funds from operations$50,361 $52,106 $56,891 $53,601 $58,568 $159,358 
Adjustments:
Net (gain) loss on sale of non-real estate assets(100)(252)(165)227 212 (517)
Non-real estate impairment2,615 486 — — — 3,101 
Acquisition, litigation and other5,282 2,801 1,688 10,377 3,780 9,771 
Share-based compensation expense, IPO grants196 203 373 492 777 772 
Loss on debt extinguishment and modifications— — 781 — — 781 
Foreign currency exchange loss (gain)196 (315)492 (76)43 373 
Gain from sale of partially owned entities— — — — (4,297)— 
Our share of reconciling items related to partially owned entities76 79 — — — 155 
Core FFO applicable to common shareholders$58,626 $55,108 $60,060 $64,621 $59,083 $173,794 
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability1,203 1,196 1,546 1,524 1,526 3,945 
Amortization of below/above market leases39 — 76 37 38 115 
Straight-line net rent(87)(108)(109)(83)(150)(304)
Deferred income tax (benefit) expense(1,284)(967)(2,102)1,520 (7,809)(4,353)
Share-based compensation expense, excluding IPO grants4,373 4,261 3,934 3,210 2,593 12,568 
Non-real estate depreciation and amortization17,280 16,841 16,162 15,194 13,828 50,283 
Non-real estate depreciation and amortization on partially owned entities— (22)22 — 108 — 
Maintenance capital expenditures (a)
(17,534)(15,284)(12,438)(26,307)(16,772)(45,256)
Our share of reconciling items related to partially owned entities125 78 — — — 203 
Adjusted FFO applicable to common shareholders$62,741 $61,103 $67,151 $59,716 $52,445 $190,995 










Reconciliation of Net Income to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
Three Months Ended
Q3 20Q2 20Q1 20Q4 19Q3 19YTD 20
NAREIT Funds from operations$50,361 $52,106 $56,891 $53,601 $58,568 $159,358 
Core FFO applicable to common shareholders$58,626 $55,108 $60,060 $64,621 $59,083 $173,794 
Adjusted FFO applicable to common shareholders$62,741 $61,103 $67,151 $59,716 $52,445 $190,995 
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation204,289 201,787 200,707 192,393 192,325 202,380 
Dilutive stock options, unvested restricted stock units, equity forward contracts4,211 3,511 3,076 5,529 5,038 3,671 
Weighted average dilutive shares 208,500 205,298 203,783 197,922 197,363 206,051 
NAREIT FFO - basic per share$0.25 $0.26 $0.28 $0.28 $0.30 $0.79 
NAREIT FFO - diluted per share$0.24 $0.25 $0.28 $0.27 $0.30 $0.77 
Core FFO - basic per share $0.29 $0.27 $0.30 $0.34 $0.31 $0.86 
Core FFO - diluted per share$0.28 $0.27 $0.29 $0.33 $0.30 $0.84 
Adjusted FFO - basic per share $0.31 $0.30 $0.33 $0.31 $0.27 $0.94 
Adjusted FFO - diluted per share$0.30 $0.30 $0.33 $0.30 $0.27 $0.93 
(a)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.














Reconciliation of Net Income to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
 Three Months EndedTrailing Twelve Months Ended
Q3 20Q2 20Q1 20Q4 19Q3 19Q3 2020
Net income$12,374 $32,662 $23,511 $20,809 $27,091 $89,356 
Adjustments:
Depreciation, depletion and amortization53,569 52,399 51,604 47,750 45,065 205,322 
Interest expense23,066 23,178 23,870 23,827 24,907 93,941 
Income tax expense (benefit)819 1,196 90 2,236 (6,975)4,341 
EBITDA$89,828 $109,435 $99,075 $94,622 $90,088 $392,960 
Adjustments:
Net loss (gain) on sale of real estate, net of withholding taxes427 (19,414)(2,096)— — (21,083)
Adjustment to reflect share of EBITDAre of partially owned entities293 237 60 — 519 590 
NAREIT EBITDAre$90,548 $90,258 $97,039 $94,622 $90,607 $372,467 
Adjustments:
Acquisition, litigation and other5,282 2,801 1,688 10,377 3,780 20,148 
Loss from investments in partially owned entities98 129 27 — 165 254 
Gain from sale of partially owned entities— — — — (4,297)— 
Asset impairment2,615 3,667 — — — 6,282 
Loss (gain) on foreign currency exchange196 (315)492 (76)43 297 
Share-based compensation expense 4,569 4,464 4,307 3,699 3,372 17,039 
Loss on debt extinguishment and modifications— — 781 — — 781 
Loss (gain) on real estate and other asset disposals1,060 (255)(164)464 218 1,105 
Reduction in EBITDAre from partially owned entities(293)(237)(60)— (519)(590)
Core EBITDA$104,075 $100,512 $104,110 $109,086 $93,369 $417,783 




























Revenue and Contribution by Segment
(in thousands - unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Segment revenues:
Warehouse$388,024 $365,593 $1,141,503 $993,439 
Third-party managed75,338 62,846 213,213 188,497 
Transportation34,096 35,685 104,874 109,273 
Other— 2,058 4,459 6,512 
Total revenues497,458 466,182 1,464,049 1,297,721 
Segment contribution:
Warehouse127,756 113,408 374,661 318,044 
Third-party managed3,393 2,583 10,461 8,646 
Transportation4,187 4,640 13,764 13,202 
Other(17)75 173 611 
Total segment contribution135,319 120,706 399,059 340,503 
Reconciling items:
Depreciation, depletion and amortization(53,569)(45,065)(157,572)(115,598)
Selling, general and administrative(35,969)(32,476)(105,202)(96,262)
Acquisition, litigation and other(5,282)(3,780)(9,771)(30,237)
Impairment of long-lived assets(2,615)— (6,282)(13,485)
(Loss) gain from sale of real estate(427)— 21,448 (34)
Interest expense(23,066)(24,907)(70,114)(70,581)
Interest income179 1,798 1,027 5,206 
Bridge loan commitment fees— — — (2,665)
Loss on debt extinguishment and modifications— — (781)— 
Foreign currency exchange loss(196)(43)(373)(66)
Other expense, net(1,083)(249)(168)(1,007)
Loss from investments in partially owned entities(98)(165)(254)(111)
Gain from sale of partially owned entities— 4,297 — 4,297 
Income before income tax (expense) benefit $13,193 $20,116 $71,017 $19,960 
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.
In addition to our primary business segments, we owned a limestone quarry in Carthage, Missouri. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020.




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 our share of reconciling items of partially owned entities. 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, acquisition, litigation and other expenses, share-based compensation expense for the IPO retention grants, bridge loan commitment fees, loss on debt extinguishment and modification and foreign currency exchange gain or loss. We also adjust for the impact of Core FFO attributable to partially owned entities. We have elected to reflect our share of Core FFO attributable to partially owned entities since the Brazil JV is a strategic partnership which we continue to actively participate in on an ongoing basis. The previous joint venture, the China JV, was considered for disposition during the periods presented. 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 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 deferred 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 and amortization, and maintenance capital expenditures. We also adjust for AFFO attributable to our portion of reconciling items of partially owned entities. 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 acquisition, litigation and other expenses, impairment of long-lived assets, loss or gain on other asset disposals, bridge loan commitment fees, loss on debt extinguishment and modifications, share-based compensation expense, foreign currency exchange gain or loss, loss or income on 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 EBITDA but which we do not believe are indicative of our core business operations. EBITDA and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDA and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDA and Core EBITDA have limitations as analytical tools, including:
•these measures do not reflect our historical or future cash requirements for 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 provided above and on page 22 of our financial supplement 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.