Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

A summary of the preliminary fair values of the assets acquired and liabilities assumed and the measurement period adjustments recorded during this quarter is as follows (in thousands):

	Initial Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Preliminary Amounts Recognized as of the Acquisition Date (as Adjusted)
Assets
Land	$	29,352	$	3,208	$	32,560
Buildings and improvements	239,708		(87,428)		152,280
Machinery and equipment	63,596		(38,248)		25,348
Assets under construction	—		41		41
Operating lease right-of-use assets	26,400		1,400		27,800
Cash and cash equivalents	7,894		—		7,894
Accounts receivable	11,894		—		11,894
Goodwill	42,737		130,744		173,481
Acquired identifiable intangibles:
Customer relationships	102,732		(7,232)		95,500
Other assets	303		—		303
Total assets	524,616		2,485		527,101
Liabilities
Accounts payable and accrued expenses	4,006		2,047		6,053
Operating lease obligations	26,400		—		26,400
Deferred tax liability	5,012		438		5,450
Total liabilities	35,418		2,485		37,903
Total consideration for the Hall’s acquisition	$	489,198	$	—	$	489,198

A summary of the preliminary fair values of the assets acquired and liabilities assumed and the measurement period adjustments recorded during this quarter is as follows (in thousands):

	Initial Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Preliminary Amounts Recognized as of the Acquisition Date (as Adjusted)
Assets
Land	$	95,286	$	20,779	$	116,065
Building and improvements	778,170		(237,877)		540,293
Machinery and equipment	206,453		52,954		259,407
Assets under construction	—		15,416		15,416
Operating lease right-of-use assets	191,229		22,924		214,153
Financing lease asset	46,845		(4,679)		42,166
Cash and cash equivalents	47,534		(1)		47,533
Accounts receivable	78,423		(1,132)		77,291
Goodwill	346,673		47,406		394,079
Acquired identifiable intangibles:
Customer relationships	333,501		56,599		390,100
Investment in partially owned entities	21,638		(9,738)		11,900
Other assets	20,038		12,528		32,566
Total assets	2,165,790		(24,821)		2,140,969
Liabilities
Accounts payable and accrued expenses	90,860		14,843		105,703
Operating lease obligations	191,229		2,975		194,204
Financing lease obligations	46,845		(7,190)		39,655
Sale-leaseback obligations	73,075		—		73,075
Deferred tax liability	175,719		(35,449)		140,270
Total liabilities	577,728		(24,821)		552,907
Total consideration for the Agro acquisition	$	1,588,062	$	—	$	1,588,062

Pro Forma Information

The accompanying unaudited pro forma consolidated financial statements exclude the results of the AM-C, Bowman Stores, Halls, KMT Brrr!, Lanier and Liberty Freezers acquisitions, which were deemed immaterial individually and in the aggregate based on quantitative and qualitative considerations. Additionally, the Company has not presented pro forma combined results of operations for the acquisitions of Nova Cold and Newport, because the results of operations as reported in the accompanying Condensed Consolidated Statements of Operations would not have been materially different. These statements are provided for illustrative purposes only and do not purport to represent what the actual Consolidated Statements of Operations of the Company would have been had the Agro acquisition occurred on the dates assumed, nor are they necessarily indicative of what the results of operations would be for any future periods.

Pro forma (unaudited)
(in thousands, except per share data)
	Three Months Ended		Six Months Ended
	June 30, 2020
Total revenue	$	603,944	$	1,216,189
Net income attributable to Americold Realty Trust	$	21,473	$	27,746
Net income per share, diluted(1)	$	0.09	$	0.11

(1)Adjusted to give effect to the issuance of 46.1 million common shares in connection with the Agro Acquisition.