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) August 3, 2023

Americold Realty Trust, Inc.

(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.   ☐

Securities registered pursuant to Section 12(b) of the Act:

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

Item 2.02 — Results of Operations and Financial Condition.

On August 3, 2023, Americold Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the second quarter ended June 30, 2023. 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”. The information in Item 2.02 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, as amended (the “Exchange Act”), 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, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 7.01 — Regulation FD Disclosure.

The information set forth in Item 2.02 is incorporated by reference into this Item 7.01. The information in Items 2.20 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, as amended (the “Exchange Act”) 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, as amended, or the Exchange Act, 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 August 3, 2023 for the second quarter ended June 30, 2023.
99.2	Supplemental Information Package for the second quarter ended June 30, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: August 3, 2023

AMERICOLD REALTY TRUST, INC.
By:	/s/ Marc J. Smernoff
	Name: Marc J. Smernoff
	Title: Chief Financial Officer, Treasurer and Executive Vice President

EX-99.1

Exhibit 99.1

AMERICOLD REALTY TRUST, INC. ANNOUNCES SECOND QUARTER 2023 RESULTS

Delivers Strong Operational Results and Raises Annual Guidance

With Three Consecutive Quarters of Record Economic Occupancy, Americold Shifts Focus to Growth

Atlanta, GA, August 3, 2023 - Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the second quarter ended June 30, 2023.

George Chappelle, Chief Executive Officer of Americold Realty Trust, Inc., stated, “We are pleased with our second quarter results where we delivered AFFO per share of $0.28. This performance was primarily driven by our global warehouse same store pool, which generated revenue growth of 3.9% and NOI growth of 13.8%, versus prior year, both on a constant currency basis. Our strong same-store pool results were driven by meaningful economic occupancy growth and our continued pricing initiatives. Our same store economic occupancy increased by 687 basis points over prior year to 84.8%, a record-setting, second quarter level. Additionally, this quarter, we derived 48.5% of rent and storage revenue from fixed commitment storage contracts, which is another record-setting level for Americold.”

“As a result of the progress we have made around economic occupancy and pricing initiatives in our same store pool, we are increasing our full year 2023 AFFO per share guidance to the range of $1.20 to $1.30. This guidance increase reflects both a strong first half of the year in combination with continued progress throughout the second half of the year.”

“Lastly, during the quarter, we announced our agreement with Canadian Pacific Kansas City, or CPKC, one of North America's largest railroad companies. Our agreement with CPKC is a strategic collaboration in which Americold will build, own and operate cold storage facilities on the land located on CPKC’s railroad network. Similar to our recent DP World announcement, our agreement with CPKC illustrates Americold’s unique ability to create value by collaborating with global leaders in the supply-chain. We look forward to continuing to support our customers’ growth through these exclusive collaborations as well as through other traditional greenfield development and expansion opportunities.”

Second Quarter 2023 Highlights

•Total revenue decreased 11.0% to $649.6 million.

•Total NOI increased 9.4% to $184.1 million.

•Net loss of $104.8 million, or $0.39 loss per diluted common share.

•Core EBITDA increased 12.1% to $134.7 million, and increased 13.5% on a constant currency basis.

•Core FFO of $62.5 million, or $0.23 per diluted common share.

•AFFO of $75.6 million, or $0.28 per diluted common share.

•Global Warehouse segment revenue increased 3.0% to $581.2 million.

•Global Warehouse segment NOI increased 14.5% to $172.8 million.

•Global Warehouse segment same store revenue increased 2.8%, or 3.9% on a constant currency basis, Global Warehouse segment same store NOI increased by 12.7%, or 13.8% on a constant currency basis.

•Completed the Atlanta Phase 2 development project for approximately $39 million, consisting of 6.3 million cubic feet and 24,000 pallet positions.

•Completed the purchase of our previously leased Green Bay facility for $20.1 million.

•Sold our minority ownership interest in the LATAM JV to Patria, the majority owner, for proceeds of $37 million.

Year to Date 2023 Highlights

•Total revenue decreased 7.6% to $1.33 billion.

•Total NOI increased 13.8% to $371.6 million.

•Core EBITDA increased 15.9% to $267.8 million, or 17.6% on a constant currency basis.

•Net loss of $107.3 million, or $0.40 loss per diluted common share.

•Core FFO of $123.3 million, or $0.46 per diluted common share.

•AFFO of $155.4 million, or $0.57 per diluted common share.

•Global Warehouse segment revenue increased 6.4% to $1.18 billion.

•Global Warehouse segment NOI increased 17.0% to $347.7 million.

•Global Warehouse segment same store revenue increased 6.7%, or 8.1% on a constant currency basis, Global Warehouse segment same store NOI increased 18.5%, or 19.9% on a constant currency basis.

Second Quarter 2023 Total Company Financial Results

Total revenue for the second quarter of 2023 was $649.6 million, a 11.0% decrease, which was driven by decreases in our Third-party managed and Transportation segments, largely offset by growth within our Global Warehouse segment. The growth within our Global Warehouse segment was driven by our pricing initiatives, rate escalations, improvements in economic occupancy and incremental revenue from recently completed expansion and development projects, partially offset by a decline in throughput due to the inability to move product in certain warehouses during the cyber incident.

Total NOI for the second quarter of 2023 was $184.1 million, an increase of 9.4% from the same quarter of the prior year. This increase is a result of the improvement in our Global Warehouse segment as previously mentioned above, partially offset by ongoing inflationary pressure on operating costs.

For the second quarter of 2023, the Company reported net loss of $104.8 million, or $0.39 loss per diluted share, compared to net income of $4.0 million, or $0.01 loss per diluted share, for the same quarter of the prior year.

Core EBITDA was $134.7 million for the second quarter of 2023, compared to $120.2 million for the same quarter of the prior year. This reflects a 12.1% increase over prior year on an actual basis, and 13.5% on a constant currency basis. The increase is due to the same factors driving the increase in NOI mentioned above.

For the second quarter of 2023, Core FFO was $62.5 million, or $0.23 per diluted share, compared to $65.4 million, or $0.24 per diluted share, for the second quarter of 2022.

For the second quarter of 2023, AFFO was $75.6 million, or $0.28 per diluted share, compared to $73.9 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.

Second Quarter 2023 Global Warehouse Segment Results

For the second quarter of 2023, Global Warehouse segment revenue was $581.2 million, an increase of $16.8 million, or 3.0%, compared to $564.4 million for the second quarter of 2022. This growth was principally driven by growth in our same store pool resulting from higher economic occupancy, our pricing initiative, and rate escalations. Additionally, our non-same store pool contributed revenue from our recently completed development projects and acquisitions. This was partially offset by lower throughput pallets in our same store pool as a result of the inability to move product for a period of time during the cyber incident and the unfavorable impact of foreign currency translation.

Global Warehouse segment contribution (NOI) was $172.8 million for the second quarter of 2023 as compared to $151.0 million for the second quarter of 2022. Global Warehouse segment contribution (NOI) increased due to the drivers of warehouse revenue increase mentioned above, partially offset by the impact of inflationary pressures, start-up costs for our developments, and the unfavorable impact of foreign currency translation. Global Warehouse segment margin was 29.7% for the second quarter of 2023, a 299 basis point increase compared to the same quarter of the prior year.

We had 220 same store warehouses for the three months ended June 30, 2023. The following table presents revenues, contribution (NOI) and margins for our same store and non-same store warehouses with a reconciliation to the total financial metrics of our warehouse segment for the three months ended June 30, 2023. Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

	Three Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant Currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	237						240			n/a		n/a
Rent and storage	$	275,183		$	278,327		$	242,351		13.5	%	14.8	%
Warehouse services	305,987			309,388			322,028			(5.0)	%	(3.9)	%
Total revenue	$	581,170		$	587,715		$	564,379		3.0	%	4.1	%
Global Warehouse contribution (NOI)	$	172,842		$	174,676		$	150,985		14.5	%	15.7	%
Global Warehouse margin	29.7		%	29.7		%	26.8		%	299 bps		297 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,580			n/a			4,203			9.0	%	n/a
Average physical occupied pallets	4,187			n/a			3,888			7.7	%	n/a
Average physical pallet positions	5,424			n/a			5,432			(0.2)	%	n/a
Economic occupancy percentage	84.4		%	n/a			77.4		%	705 bps		n/a
Physical occupancy percentage	77.2		%	n/a			71.6		%	562 bps		n/a
Total rent and storage revenue per economic occupied pallet	$	60.08		$	60.76		$	57.64		4.2	%	5.4	%
Total rent and storage revenue per physical occupied pallet	$	65.72		$	66.48		$	62.34		5.4	%	6.6	%
Global Warehouse services metrics:
Throughput pallets	9,118			n/a			10,056			(9.3)	%	n/a
Total warehouse services revenue per throughput pallet	$	33.56		$	33.93		$	32.02		4.8	%	6.0	%
SAME STORE WAREHOUSE
Number of same store warehouses	220						220			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	256,892		$	259,801		$	229,696		11.8	%	13.1	%
Warehouse services	296,205			299,473			308,574			(4.0)	%	(2.9)	%
Total same store revenue	$	553,097		$	559,274		$	538,270		2.8	%	3.9	%
Global Warehouse same store contribution (NOI)	$	171,864		$	173,584		$	152,543		12.7	%	13.8	%
Global Warehouse same store margin	31.1		%	31.0		%	28.3		%	273 bps		270 bps
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,335			n/a			4,018			7.9	%	n/a
Average physical occupied pallets	3,983			n/a			3,707			7.4	%	n/a
Average physical pallet positions	5,110			n/a			5,153			(0.8)	%	n/a
Economic occupancy percentage	84.8		%	n/a			78.0		%	687 bps		n/a
Physical occupancy percentage	77.9		%	n/a			71.9		%	599 bps		n/a
Same store rent and storage revenue per economic occupied pallet	$	59.26		$	59.93		$	57.17		3.6	%	4.8	%
Same store rent and storage revenue per physical occupied pallet	$	64.50		$	65.23		$	61.96		4.1	%	5.3	%
Global Warehouse same store services metrics:
Throughput pallets	8,678			n/a			9,571			(9.3)	%	n/a
Same store warehouse services revenue per throughput pallet	$	34.13		$	34.51		$	32.24		5.9	%	7.0	%

	Three Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual	Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	17						20			n/a	n/a
Global Warehouse non-same store revenue:
Rent and storage	$	18,291		$	18,526		$	12,655		n/r	n/r
Warehouse services	9,782			9,915			13,454			n/r	n/r
Total non-same store revenue	$	28,073		$	28,441		$	26,109		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	978		$	1,092		$	(1,558)		n/r	n/r
Global Warehouse non-same store margin	3.5		%	3.8		%	(6.0)		%	n/r	n/r
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	245			n/a			187			n/r	n/a
Average physical occupied pallets	204			n/a			181			n/r	n/a
Average physical pallet positions	314			n/a			280			n/r	n/a
Economic occupancy percentage	78.0		%	n/a			66.7		%	n/r	n/a
Physical occupancy percentage	65.0		%	n/a			64.6		%	n/r	n/a
Non-same store rent and storage revenue per economic occupied pallet	$	74.61		$	75.57		$	67.77		n/r	n/r
Non-same store rent and storage revenue per physical occupied pallet	$	89.57		$	90.72		$	70.04		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	440			n/a			485			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	22.21		$	22.52		$	27.72		n/r	n/r

(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) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

	Six Months Ended June 30,									Change
Dollars in thousands	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	237						240			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	546,591		$	554,239		$	472,108		15.8	%	17.4	%
Warehouse services	629,631			637,989			633,196			(0.6)	%	0.8	%
Total revenue	$	1,176,222		$	1,192,228		$	1,105,304		6.4	%	7.9	%
Global Warehouse contribution (NOI)	$	347,669		$	352,040		$	297,243		17.0	%	18.4	%
Global Warehouse margin	29.6		%	29.5		%	26.9		%	267 bps		264 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,566			n/a			4,189			9.0	%	n/a
Average physical occupied pallets	4,188			n/a			3,846			8.9	%	n/a
Average physical pallet positions	5,421			n/a			5,435			(0.3)	%	n/a
Economic occupancy percentage	84.2		%	n/a			77.1		%	716 bps		n/a
Physical occupancy percentage	77.3		%	n/a			70.8		%	650 bps		n/a
Total rent and storage revenue per economic occupied pallet	$	119.70		$	121.37		$	112.69		6.2	%	7.7	%
Total rent and storage revenue per physical occupied pallet	$	130.50		$	132.33		$	122.75		6.3	%	7.8	%
Global Warehouse services metrics:
Throughput pallets	18,770			n/a			19,913			(5.7)	%	n/a
Total warehouse services revenue per throughput pallet	$	33.54		$	33.99		$	31.80		5.5	%	6.9	%
SAME STORE WAREHOUSE
Number of same store warehouses	220						220			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	514,283		$	521,233		$	447,781		14.9	%	16.4	%
Warehouse services	610,220			618,034			606,598			0.6	%	1.9	%
Total same store revenue	$	1,124,503		$	1,139,267		$	1,054,379		6.7	%	8.1	%
Global Warehouse same store contribution (NOI)	$	352,872		$	356,912		$	297,664		18.5	%	19.9	%
Global Warehouse same store margin	31.4		%	31.3		%	28.2		%	315 bps		310 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,330			n/a			3,998			8.3	%	n/a
Average physical occupied pallets	3,984			n/a			3,663			8.7	%	n/a
Average physical pallet positions	5,110			n/a			5,157			(0.9)	%	n/a
Economic occupancy percentage	84.7		%	n/a			77.5		%	722 bps		n/a
Physical occupancy percentage	78.0		%	n/a			71.0		%	692 bps		n/a
Same store rent and storage revenue per economic occupied pallet	$	118.77		$	120.37		$	112.01		6.0	%	7.5	%
Same store rent and storage revenue per physical occupied pallet	$	129.10		$	130.84		$	122.23		5.6	%	7.0	%
Global Warehouse same store services metrics:
Throughput pallets	17,868			n/a			18,902			(5.5)	%	n/a
Same store warehouse services revenue per throughput pallet	$	34.15		$	34.59		$	32.09		6.4	%	7.8	%

	Six Months Ended June 30,									Change
Dollars in thousands	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual	Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	17						20			n/a	n/a
Global Warehouse non-same store revenue:
Rent and storage	$	32,308		$	33,007		$	24,326		n/r	n/r
Warehouse services	19,412			19,955			26,599			n/r	n/r
Total non-same store revenue	$	51,720		$	52,962		$	50,925		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	(5,205)		$	(4,870)		$	(422)		n/r	n/r
Global Warehouse non-same store margin	(10.1)		%	(9.2)		%	(0.8)		%	n/r	n/r
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	236			n/a			192			n/r	n/a
Average physical occupied pallets	205			n/a			183			n/r	n/a
Average physical pallet positions	310			n/a			278			n/r	n/a
Economic occupancy percentage	76.1		%	n/a			69.0		%	n/r	n/a
Physical occupancy percentage	65.9		%	n/a			65.8		%	n/r	n/a
Non-same store rent and storage revenue per economic occupied pallet	$	136.76		$	139.71		$	126.92		n/r	n/r
Non-same store rent and storage revenue per physical occupied pallet	$	157.84		$	161.25		$	133.18		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	902			n/a			1,011			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	21.52		$	22.13		$	26.31		n/r	n/r

(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) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

Fixed Commitment Rent and Storage Revenue

As of June 30, 2023, $521.3 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $480.4 million at the end of the first quarter of 2023 and $379.3 million at the end of the second quarter of 2022. We continue to make progress on commercializing business under this type of arrangement. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 48.5% of rent and storage revenue was 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. For the second quarter of 2023, economic occupancy for the total warehouse segment was 84.4% and warehouse segment same store pool was 84.8%, representing a 726 basis point and 690 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment increased 705 basis points, and the warehouse segment same store pool increased 687 basis points as compared to the second quarter of 2022. The growth in occupancy reflects our customer service initiatives, paired with customers’ increased food production levels throughout the end of 2022 and 2023.

Real Estate Portfolio

As of June 30, 2023, the Company’s portfolio consists of 242 facilities. The Company ended the second quarter of 2023 with 237 facilities in its Global Warehouse segment portfolio, five facilities in its Third-party managed segment, and 26 facilities in its Other segment. The same store population consists of 220 facilities for the quarter ended June 30, 2023. The remaining 17 non-same store population includes the De Bruyn Cold Storage acquisition, 10 facilities in expansion or redevelopment, a temporarily leased facility in Australia, two facilities we previously leased and purchased during 2022, a facility in which we ceased operations in order to prepare for leasing to a third-party, a site previously leased that was purchased at the end of June, and a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity.

Balance Sheet Activity and Liquidity

As of June 30, 2023, the Company had total liquidity of approximately $454.6 million, including cash and capacity on its revolving credit facility. Total debt outstanding was $3.6 billion (inclusive of $243.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 93% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA was approximately 6.6x. The Company’s total debt outstanding includes $3.3 billion of real estate debt, which excludes sale-leaseback and financing lease obligations. The Company’s real estate debt has a remaining weighted average term of 5.6 years and carries a weighted average contractual interest rate of 4.0%. As of June 30, 2023, 80.0% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

Dividend

On May 16, 2023, the Company’s Board of Directors declared a dividend of $0.22 per share for the second quarter of 2023, which was paid on July 14, 2023 to common stockholders of record as of June 30, 2023.

2023 Outlook

The Company is increasing its annual AFFO per share guidance to be within the range of $1.20 - $1.30. Refer to page 40 of this Financial Supplement for the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and 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, August 3, 2023 at 5:00 p.m. Eastern Time to discuss its second quarter 2023 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 fifteen 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#13737834. The telephone replay will be available starting shortly after the call until August 17, 2023.

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 a global leader in temperature-controlled logistics real estate and value added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 242 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. 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 NAREIT FFO, core FFO, AFFO, EBITDAre, Core EBITDA; same store segment revenue, contribution (NOI), margin, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included beginning on page 41, and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included herein. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

Forward-Looking Statements

This press release 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: rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions, including, among others, the impact on labor availability, raw material availability, manufacturing and food production and transportation; risks related to rising construction costs; 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; uncertainty of revenues, given the nature of our customer contracts; 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 anticipated cost savings and revenue improvements; 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; difficulties in expanding our operations into new markets, including international markets; uncertainties and risks related to public health crises, such as the COVID-19 pandemic; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions, loss of critical and confidential information, an adverse impact on our results and reputation, incurring additional and significant costs to address any malicious attack including costs to remediate and implement proactive, preventative actions against cyber breaches including those related to the cyber matter which occurred on April 26, 2023. disruption caused by implementation of the new ERP system, potential cost overruns, timing and control risks and failure to recognize anticipated cost savings and increased productivity from the implementation of the new ERP system; defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer

restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation, including in the international markets; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers to provide transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including as a result of our lack of control over such investments, financial condition of JV partners, disputes with JV partners, regulatory risks, brand recognition risks and the failure of such entities to perform in accordance with projections; risks related to natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; 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; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy 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 stockholders to replace our directors and affect the price of our common stock, $0.01 par value per share; the potential dilutive effect of our common stock offerings; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

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 press release include those regarding our 2023 outlook and our migration of our customers to fixed commitment storage contracts, estimates related to the impact of the lost business and operational disruption of the cybersecurity incident on our warehouse and transportation segment, as well as estimates of cybersecurity recovery costs; statements related to expected recoveries from cyber and business interruption insurance, and potential disputes over the extent of insurance coverage, and timing for receipt of any insurance proceeds; statements related to potential additional recovery costs; statements related to continued investments in information technology with the intention of strengthening our information security infrastructure; and statements related to actions we are taking in response to the findings of the forensic investigation and to improve the resiliency of our information security infrastructure. 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, 2022, and 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, Inc.

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	June 30, 2023		December 31, 2022
Assets
Property, buildings and equipment:
Land	$	797,381	$	786,975
Buildings and improvements	4,373,257		4,245,607
Machinery and equipment	1,438,824		1,407,874
Assets under construction	494,617		526,811
	7,104,079		6,967,267
Accumulated depreciation	(2,042,566)		(1,901,450)
Property, buildings and equipment – net	5,061,513		5,065,817
Operating lease right-of-use assets	356,636		352,553
Accumulated depreciation – operating leases	(91,095)		(76,334)
Operating leases – net	265,541		276,219
Financing leases:
Buildings and improvements	13,544		13,546
Machinery and equipment	139,629		127,009
	153,173		140,555
Accumulated depreciation – financing leases	(67,163)		(57,626)
Financing leases – net	86,010		82,929
Cash, cash equivalents and restricted cash	48,873		53,063
Accounts receivable – net of allowance of $15,891 and $15,951 at June 30, 2023 and December 31, 2022, respectively	465,571		430,042
Identifiable intangible assets – net	914,173		925,223
Goodwill	1,036,332		1,033,637
Investments in partially owned entities and other	36,957		78,926
Other assets	194,421		158,705
Assets of discontinued operations - held for sale	106,368		—
Total assets	$	8,215,759	$	8,104,561
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit	$	723,436	$	500,052
Accounts payable and accrued expenses	527,073		557,540
Senior unsecured notes and term loans – net of deferred financing costs of $11,848and $13,044, in the aggregate, at June 30, 2023 and December 31, 2022, respectively	2,590,127		2,569,281
Sale-leaseback financing obligations	166,654		171,089
Financing lease obligations	76,502		77,561
Operating lease obligations	255,819		264,634
Unearned revenue	31,180		32,046
Pension and postretirement benefits	1,580		1,531
Deferred tax liability – net	133,236		135,098
Multi-employer pension plan withdrawal liability	7,641		7,851
Liabilities of discontinued operations - held for sale	112,752		—
Total liabilities	4,626,000		4,316,683
Equity
Stockholders’ equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares;270,186,276and 269,814,956 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	2,702		2,698
Paid-in capital	5,203,891		5,191,969
Accumulated deficit and distributions in excess of net earnings	(1,641,872)		(1,415,198)
Accumulated other comprehensive loss	10,377		(6,050)
Total stockholders’ equity	3,575,098		3,773,419
Noncontrolling interests:
Noncontrolling interests in Operating Partnership	14,661		14,459
Total equity	3,589,759		3,787,878
Total liabilities and equity	$	8,215,759	$	8,104,561

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Rent, storage and warehouse services	$	581,170	$	564,379	$	1,176,222	$	1,105,304
Transportation services	58,072		81,891		126,150		160,801
Third-party managed services	10,368		83,486		23,727		169,346
Total revenues	649,610		729,756		1,326,099		1,435,451
Operating expenses:
Rent, storage and warehouse services cost of operations	408,328		413,394		828,553		808,061
Transportation services cost of operations	48,263		68,306		104,681		138,687
Third-party managed services cost of operations	8,968		79,765		21,248		162,124
Depreciation and amortization	84,892		82,690		169,916		165,310
Selling, general and administrative	53,785		56,273		116,640		113,875
Acquisition, cyber incident and other, net	27,235		5,663		34,382		15,738
Gain from sale of real estate	(2,528)		—		(2,337)		—
Total operating expenses	628,943		706,091		1,273,083		1,403,795
Operating income	20,667		23,665		53,016		31,656
Other (expense) income:
Interest expense	(36,431)		(26,545)		(70,854)		(52,318)
Loss on debt extinguishment, modifications and termination of derivative instruments	(627)		(627)		(1,172)		(1,244)
Other, net	(415)		(962)		1,018		1,396
Loss from investments in partially owned entities	(709)		(359)		(1,357)		(823)
Impairment of related party loan receivable	(21,972)		—		(21,972)		—
Loss on put option	(56,576)		—		(56,576)		—
Loss from continuing operations before income taxes	(96,063)		(4,828)		(97,897)		(21,333)
Income tax (expense) benefit:
Current	(1,923)		(817)		(3,900)		(1,998)
Deferred	1,459		12,886		5,080		14,775
Total income tax (expense) benefit	(464)		12,069		1,180		12,777
Net (loss) income:
Net (loss) income from continuing operations	(96,527)		7,241		(96,717)		(8,556)
Loss from discontinued operations, net of tax	(8,275)		(3,288)		(10,656)		(4,936)
Net (loss) income	$	(104,802)	$	3,953	$	(107,373)	$	(13,492)
Net (loss) income attributable to noncontrolling interests	(78)		18		(87)		(20)
Net (loss) income attributable to Americold Realty Trust, Inc.	$	(104,724)	$	3,935	$	(107,286)	$	(13,472)
Weighted average common stock outstanding – basic	270,462		269,497		270,387		269,464
Weighted average common stock outstanding – diluted	270,462		270,384		270,387		269,464
Net (loss) income per common share from continuing operations - basic	$	(0.36)	$	0.03	$	(0.36)	$	(0.03)
Net loss per common share from discontinued operations - basic	$	(0.03)	$	(0.02)	$	(0.04)	$	(0.02)
Basic (loss) earnings per share(1)	$	(0.39)	$	0.01	$	(0.40)	$	(0.05)
Net (loss) income per common share from continuing operations - diluted	$	(0.36)	$	0.03	$	(0.36)	$	(0.03)
Net loss per common share from discontinued operations - diluted	$	(0.03)	$	(0.02)	$	(0.04)	$	(0.02)
Diluted (loss) earnings per share(1)	$	(0.39)	$	0.01	$	(0.40)	$	(0.05)

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts)
	Three Months Ended										YTD
	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		2023
Net (loss) income	$	(104,802)	$	(2,571)	$	2,955	$	(8,937)	$	3,953	$	(107,373)
Adjustments:
Real estate related depreciation	54,740		54,541		53,094		53,139		51,738		109,281
(Gain) loss on sale of real estate	(2,528)		191		(21)		5,710		—		(2,337)
Net loss on asset disposals	—		—		175		893		4		—
Impairment charges on real estate assets	—		—		—		3,407		—		—
Our share of reconciling items related to partially owned entities	232		903		1,209		822		1,346		1,135
NAREIT FFO(b)	$	(52,358)	$	53,064	$	57,412	$	55,034	$	57,041	$	706
Adjustments:
Net loss on sale of non-real estate assets	289		420		2,274		310		72		709
Acquisition, cyber incident and other, net	27,235		7,147		11,899		4,874		5,663		34,382
Goodwill impairment	—		—		—		3,209		—		—
Loss on debt extinguishment, modifications and termination of derivative instruments	627		545		933		1,040		627		1,172
Foreign currency exchange loss (gain)	212		(458)		(2,477)		2,487		1,290		(246)
Gain on extinguishment of New Market Tax Credit Structure	—		—		—		—		(3,410)		—
Loss on deconsolidation of subsidiary contributed to LATAM joint venture	—		—		—		—		4,148		—
Our share of reconciling items related to partially owned entities	(27)		128		127		136		(36)		101
Loss from discontinued operations, net of tax	8,275		—		—		—		—		8,275
Impairment of related party loan receivable	21,972		—		—		—		—		21,972
Loss on put option	56,576		—		—		—		—		56,576
Gain on sale of LATAM JV	(304)		—		—		—		—		(304)
Core FFO(b)	$	62,497	$	60,846	$	70,168	$	67,090	$	65,395	$	123,343
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,279		1,240		1,305		1,222		1,160		2,519
Amortization of below/above market leases	375		402		534		540		549		777
Non-real estate asset impairment	—		—		764		—		—		—
Straight-line net rent	361		(491)		333		133		77		(130)
Deferred income tax benefit	(1,459)		(3,621)		(3,412)		(4,374)		(12,886)		(5,080)
Share-based compensation expense	4,639		6,970		5,036		6,720		7,032		11,609
Non-real estate depreciation and amortization	30,152		30,483		29,373		30,530		30,952		60,635
Maintenance capital expenditures	(22,590)		(16,244)		(26,701)		(22,586)		(20,118)		(38,834)
Our share of reconciling items related to partially owned entities	303		304		819		57		1,713		607
Adjusted FFO(b)	$	75,557	$	79,889	$	78,219	$	79,332	$	73,874	155,446

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts)
	Three Months Ended										YTD
	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		2023
NAREIT Funds from operations(b)	$	(52,358)	$	53,064	$	57,412	$	55,034	$	57,041	$	706
Core FFO(b)	$	62,497	$	60,846	$	70,168	$	67,090	$	65,395	$	123,343
Adjusted FFO(b)	$	75,557	$	79,889	$	78,219	$	79,332	$	73,874	$	155,446
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	270,462		270,230		269,826		269,586		269,497		270,387
Dilutive stock options and unvested restricted stock units	695		778		944		1,105		887		688
Weighted average dilutive shares	271,157		271,008		270,770		270,691		270,384		271,075
NAREIT FFO - basic per share(b)	$	(0.19)	$	0.20	$	0.21	$	0.20	$	0.21	$	0.01
NAREIT FFO - diluted per share(b)	$	(0.19)	$	0.20	$	0.21	$	0.20	$	0.21	$	0.01
Core FFO - basic per share (b)	$	0.23	$	0.23	$	0.26	$	0.25	$	0.24	$	0.46
Core FFO - diluted per share(b)	$	0.23	$	0.22	$	0.26	$	0.25	$	0.24	$	0.46
Adjusted FFO - basic per share (b)	$	0.28	$	0.30	$	0.29	$	0.29	$	0.27	$	0.57
Adjusted FFO - diluted per share(b)	$	0.28	$	0.29	$	0.29	$	0.29	$	0.27	$	0.57

(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.

(b)During the three months ended June 30, 2023, managementexcludedlosses from discontinued operations from Core FFO applicable to common stockholders, and Adjusted FFO applicable to common stockholders andincluded certain losses from discontinued operations for NAREIT FFO and all of the related per share amounts for Core, NAREIT, and Adjusted FFO. For purposes of comparability using this same approach, the following adjusted historical results recasted are as follows:

	Three Months Ended - Recasted								YTD Recasted
(In thousands except per share amounts)	Q1 23		Q4 22		Q3 22		Q2 22		2023
NAREIT FFO	$	52,432	$	56,457	$	54,466	$	56,018	$	74
Core FFO	$	62,547	$	71,157	$	68,004	$	67,811	$	125,044
Adjusted FFO applicable to common shareholders	$	81,506	$	78,717	$	80,207	$	74,490	$	157,063
NAREIT FFO - basic per share	$	0.19	$	0.21	$	0.20	$	0.21	—
NAREIT FFO - diluted per share	$	0.19	$	0.21	$	0.20	$	0.21	—
Core FFO - basic per share	$	0.23	$	0.26	$	0.25	$	0.25	$	0.46
Core FFO - diluted per share	$	0.23	$	0.26	$	0.25	$	0.25	$	0.46
Adjusted FFO - basic per share	$	0.30	$	0.29	$	0.30	$	0.28	$	0.58
Adjusted FFO - diluted per share	$	0.30	$	0.29	$	0.30	$	0.28	$	0.58

Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands)
	Three Months Ended										Trailing Twelve Months Ended
	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		Q2 23
Net (loss) income	$	(104,802)	$	(2,571)	$	2,955	$	(8,937)	$	3,953	$	(113,355)
Adjustments:
Depreciation and amortization	84,892		85,024		82,467		83,669		82,690		336,052
Interest expense	36,431		34,423		33,407		30,402		26,545		134,663
Income tax benefit	464		(1,644)		(2,691)		(3,368)		(12,069)		(7,239)
EBITDA	$	16,985	$	115,232	$	116,138	$	101,766	$	101,119	$	350,121
Adjustments:
Loss (gain) on sale of real estate	(2,528)		191		(21)		5,710		—		3,352
Adjustment to reflect share of EBITDAre of partially owned entities	3,085		2,883		5,019		3,383		6,215		14,370
NAREIT EBITDAre(a)	$	17,542	$	118,306	$	121,136	$	110,859	$	107,334	$	367,843
Adjustments:
Acquisition, cyber incident and other, net	27,235		7,147		11,899		4,874		5,663		51,155
Loss from investments in partially owned entities	709		3,029		2,101		1,440		3,647		7,279
Impairment of indefinite and long-lived assets	—		—		764		6,616		—		7,380
Foreign currency exchange (gain) loss	212		(458)		(2,477)		2,487		1,290		(236)
Share-based compensation expense	4,639		6,970		5,036		6,720		7,032		23,365
Loss on debt extinguishment, modifications and termination of derivative instruments	627		545		933		1,040		628		3,145
Loss (gain) on real estate and other asset disposals	289		420		2,449		1,203		76		4,361
Gain on extinguishment of New Market Tax Credit Structure	—		—		—		—		(3,410)		—
Loss on deconsolidation of subsidiary contributed to LATAM joint venture	—		—		—		—		4,148		—
Reduction in EBITDAre from partially owned entities	(3,085)		(2,883)		(5,019)		(3,383)		(6,215)		(14,370)
Gain from sale of partially owned entities	(304)		—		—		—		—		(304)
Loss from discontinued operations, net of tax	8,275		—		—		—		—		8,275
Impairment of related party loan receivable	21,972		—		—		—		—		21,972
Loss on put option	56,576		—		—		—		—		56,576
Core EBITDA	$	134,687	$	133,076	$	136,822	$	131,856	$	120,193	536,441

(a)During the three months ended June 30, 2023, management included certain losses from discontinued operations in NAREIT EBITDAre. For purposes of comparability using this same approach, the following adjusted historical results recasted are as follows:

	Three Months Ended - Recasted				Trailing Twelve Months Ended - Recasted
(In thousands)	Q1 23	Q4 22	Q3 22	Q2 22	Q2 2023
NAREIT EBITDAre	$116,872	$117,602	$108,487	$102,460	$360,503

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Segment revenues:
Warehouse	$	581,170	$	564,379	$	1,176,222	$	1,105,304
Transportation	58,072		81,891		126,150		160,801
Third-party managed	10,368		83,486		23,727		169,346
Total revenues	649,610		729,756		1,326,099		1,435,451
Segment contribution:
Warehouse	172,842		150,985		347,669		297,243
Transportation	9,809		13,585		21,469		22,114
Third-party managed	1,400		3,721		2,479		7,222
Total segment contribution	184,051		168,291		371,617		326,579
Reconciling items:
Depreciation and amortization	(84,892)		(82,690)		(169,916)		(165,310)
Selling, general and administrative	(53,785)		(56,273)		(116,640)		(113,875)
Acquisition, cyber incident and other, net	(27,235)		(5,663)		(34,382)		(15,738)
Gain from sale of real estate	2,528		—		2,337		—
Interest expense	(36,431)		(26,545)		(70,854)		(52,318)
Loss on debt extinguishment, modifications and termination of derivative instruments	(627)		(627)		(1,172)		(1,244)
Other (expense) income, net	(415)		(962)		1,018		1,396
Loss from investments in partially owned entities	(709)		(359)		(1,357)		(823)
Impairment of related party receivable	(21,972)		—		(21,972)		—
Loss on put option	(56,576)		—		(56,576)		—
Loss from continuing operations before income taxes	$	(96,063)	$	(4,828)	$	(97,897)	$	(21,333)

We view and manage our business through three primary business segments—warehouse, transportation, third-party managed. 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,case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

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 or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. 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 allows us to offer a complete and integrated suite of services across the cold chain.

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, real estate asset impairment and our share of reconciling items for 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, acquisition, cyber incident and other, net, goodwill impairment, loss on debt extinguishment, modifications and termination of derivative instruments,and foreign currency exchange gains and losses, discontinued operations from assets held for sale, impairment of related party loan receivable, and loss on fair value of put. We also adjust for the impact of Core FFO attributable to gain on extinguishment of New Market Tax Structure, loss on deconsolidation of subsidiary contributed to the LATAM joint venture, our share of reconciling items related to partially owned entities, and gain from disposition of partially owned entities. 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 and pension withdrawal liability, amortization of above or below market leases, non-real estate asset impairment, straight-line net rent, benefit or expense from deferred income taxes, stock-based compensation expense, non-real estate depreciation and amortization and maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of partially owned entities and discontinued operations. 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 quarterly and annual 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 (loss) 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 and amortization, net gain on sale of real estate, net of withholding taxes, and adjustment to reflect share of EBITDAre of partially owned entities. 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, cyber and other, net, loss from investments in partially owned entities, impairment of indefinite and long-lived assets (when applicable), foreign currency exchange loss or gain, stock-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, net gain on other asset disposals, reduction in EBITDAre from partially owned entities, discontinued operations, impairment of related party loan receivable, loss on fair value of put, gain on extinguishment of new market tax credit structure, and loss on deconsolidation of subsidiary contributed to LATAM joint venture.. 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 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 and amortization are non-cash charges, the assets being depreciated 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 21 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.

Net debt to proforma Core EBITDA is calculated using total debt, plus capital lease obligations, less cash and cash equivalents, divided by pro-forma Core EBITDA. We calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, dispositions and for rent expense associated with lease buy-outs and lease exits. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. The pro-forma adjustment for leased facilities exited or purchased reflects the add-back for the related lease expense from the last year. The pro-forma adjustment for dispositions reduces Core EBITDA for the earnings of facilities disposed of or exited during the year, including the strategic exit of certain third-party managed business.

We define our “same store” population once a year at the beginning of the current calendar year. Our same store population includes properties that were owned or leased for the entirety of two comparable periods and that have reported at least twelve months of consecutive normalized operations prior to January 1 of the prior calendar year. We define “normalized operations” as properties that have been open for operation or lease after development or significant modification, including the expansion of a warehouse footprint or a warehouse rehabilitation subsequent to an event, such as a natural disaster or similar event causing disruption to operations. In addition, our definition of “normalized operations” takes into account changes in the ownership structure (e.g., purchase of acquired properties will be included in the “same store” population if owned by us as of the first business day of each year, of the prior calendar year and still owned by us as of the end of the current reporting period, unless the property is under development). The “same store” pool is also adjusted to remove properties that were sold or entering development subsequent to the beginning of the current calendar year. As such, the “same store” population for the period ended December 31, 2022 includes all properties that we owned at January 2, which had both been owned and had reached “normalized operations” by January 2, 2022.

We calculate “same store revenue” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, cyber incident and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. The tables beginning on page 33 of our financial supplement provide reconciliations for same store revenues and same store contribution (NOI).

We define “maintenance capital expenditures” as 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. 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. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. See the tables on page 30 of our financial supplement for additional information regarding our maintenance capital expenditures.

We define “total real estate debt” as the aggregate of the following: mortgage notes, senior unsecured notes, term loans and borrowings under our revolving line of credit. We define “total debt outstanding” as the aggregate of the following: total real estate debt, sale-leaseback financing obligations and financing lease obligations. See the tables on page 23 of our financial supplement for additional information regarding our indebtedness.

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

EX-99.2

Exhibit 99.2

Financial Supplement		Second Quarter 2023

Table of Contents
Overview	PAGE
Corporate Profile	3
Earnings Release	5
Selected Quarterly Financial Data	15
Financial Information
Consolidated Balance Sheets	17
Consolidated Statements of Operations	18
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO	19
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA	21
Acquisition, Cyber Incident and Other, net	22
Debt Detail and Maturities	23
Operations Overview
Revenue and Contribution (NOI) by Segment	24
Global Warehouse Economic and Physical Occupancy Trend	25
Global Warehouse Portfolio	26
Fixed Commitment and Lease Maturity Schedules	28
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures	30
Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance	31
Same-store Financial Performance	33
Same-store Key Operating Metrics	35
Same-store Historical Performance Trend	37
External Growth and Capital Deployment	38
Unconsolidated Joint Ventures (Investments in Partially Owned Entities)	39
2023 Guidance	40
Notes and Definitions	41

2

Financial Supplement		Second Quarter 2023

Corporate Profile

We are a global leader in temperature-controlled logistics real estate and value added services, and are focused on the ownership, operation, acquisition 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 June 30, 2023, we operated a global network of 242 temperature-controlled warehouses encompassing approximately 1.5 billion cubic feet, with 195 warehouses in North America, 27 in Europe, 18 warehouses in Asia-Pacific, and 2 warehouses in South America. In addition, we hold two minority interests in joint ventures, one with SuperFrio, which owns or operates 35 temperature-controlled warehouses in Brazil, and one with the RSA JV, which owns one temperature-controlled warehouse in Dubai. Lastly, we hold 26 warehouses in Brazil that are classified as held-for-sale and the related operations as discontinued operations.

Corporate Headquarters

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

George F. Chappelle Jr.: Chief Executive Officer and Director

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

Robert S. Chambers: Chief Commercial Officer and Executive Vice President

Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President

R. Scott Henderson: Chief Investment Officer and Executive Vice President

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

Michael P. Spires: Chief Information Officer and Executive Vice President

Richard C. Winnall: Chief Operating Officer - International and Executive Vice President

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

Board of Directors

Mark R. Patterson: Chairman of the Board of Directors

George J. Alburger, Jr.: Director

Kelly H. Barrett: Director

Robert L. Bass: Director

George F. Chappelle Jr.: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: Director

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)

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

3

Financial Supplement		Second Quarter 2023

Analyst Coverage
Firm	Analyst Name	Contact	Email
Baird Equity Research	Nicholas Thillman	414-298-5053	nthillman@rwbaird.com
Bank of America Merrill Lynch	Joshua Dennerlein	646-855-1681	joshua.dennerlein@bofa.com
Barclays	Anthony Powell	212-526-8768	anthony.powell@barclays.com
BNP Paribas Exane Research	Nate Crossett	646-725-3716	nate.crossett@exanebnpparibas.com
Citi	Craig Mailman	212-816-4471	craig.mailman@citi.com
Evercore ISI	Samir Khanal / Steve Sakwa	212-888-3796 / 212-446-9462	samir.khanal@evercoreisi.com / steve.sakwa@evercoreisi.com
Green Street Advisors	Vince Tibone	949-640-8780	vtibone@greenstreet.com
J.P. Morgan	Michael W. Mueller	212-622-6689	michael.w.mueller@jpmorgan.com
KeyBanc	Todd Thomas	917-368-2286	tthomas@key.com
MorningStar Research Services	Suryansh Sharma	314-585-6793	suryansh.sharma@morningstar.com
Raymond James	William A. Crow	727-567-2594	bill.crow@raymondjames.com
RBC	Michael Carroll	440-715-2649	michael.carroll@rbccm.com
Truist	Ki Bin Kim	212-303-4124	kibin.kim@truist.com
Wolfe Research	Andrew Rosivach	646-582-9250	arosivach@wolferesearch.com

Stock Listing Information

The shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol “COLD”.

Credit Ratings

DBRS Morningstar
Credit Rating:	BBB	(Stable Trend)
Fitch
Issuer Default Rating:	BBB	(Negative 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		Second Quarter 2023

AMERICOLD REALTY TRUST, INC. ANNOUNCES SECOND QUARTER 2023 RESULTS

Delivers Strong Operational Results and Raises Annual Guidance

With Three Consecutive Quarters of Record Economic Occupancy, Americold Shifts Focus to Growth

Atlanta, GA, August 3, 2023 - Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the second quarter ended June 30, 2023.

George Chappelle, Chief Executive Officer of Americold Realty Trust, Inc., stated, “We are pleased with our second quarter results where we delivered AFFO per share of $0.28. This performance was primarily driven by our global warehouse same store pool, which generated revenue growth of 3.9% and NOI growth of 13.8%, versus prior year, both on a constant currency basis. Our strong same-store pool results were driven by meaningful economic occupancy growth and our continued pricing initiatives. Our same store economic occupancy increased by 687 basis points over prior year to 84.8%, a record-setting, second quarter level. Additionally, this quarter, we derived 48.5% of rent and storage revenue from fixed commitment storage contracts, which is another record-setting level for Americold.”

“As a result of the progress we have made around economic occupancy and pricing initiatives in our same store pool, we are increasing our full year 2023 AFFO per share guidance to the range of $1.20 to $1.30. This guidance increase reflects both a strong first half of the year in combination with continued progress throughout the second half of the year.”

“Lastly, during the quarter, we announced our agreement with Canadian Pacific Kansas City, or CPKC, one of North America's largest railroad companies. Our agreement with CPKC is a strategic collaboration in which Americold will build, own and operate cold storage facilities on the land located on CPKC’s railroad network. Similar to our recent DP World announcement, our agreement with CPKC illustrates Americold’s unique ability to create value by collaborating with global leaders in the supply-chain. We look forward to continuing to support our customers’ growth through these exclusive collaborations as well as through other traditional greenfield development and expansion opportunities.”

Second Quarter 2023 Highlights

•Total revenue decreased 11.0% to $649.6 million.

•Total NOI increased 9.4% to $184.1 million.

•Net loss of $104.8 million, or $0.39 loss per diluted common share.

•Core EBITDA increased 12.1% to $134.7 million, and increased 13.5% on a constant currency basis.

•Core FFO of $62.5 million, or $0.23 per diluted common share.

•AFFO of $75.6 million, or $0.28 per diluted common share.

•Global Warehouse segment revenue increased 3.0% to $581.2 million.

•Global Warehouse segment NOI increased 14.5% to $172.8 million.

•Global Warehouse segment same store revenue increased 2.8%, or 3.9% on a constant currency basis, Global Warehouse segment same store NOI increased by 12.7%, or 13.8% on a constant currency basis.

•Completed the Atlanta Phase 2 development project for approximately $39 million, consisting of 6.3 million cubic feet and 24,000 pallet positions.

5

Financial Supplement		Second Quarter 2023

•Completed the purchase of our previously leased Green Bay facility for $20.1 million.

•Sold our minority ownership interest in the LATAM JV to Patria, the majority owner, for proceeds of $37 million.

Year to Date 2023 Highlights

•Total revenue decreased 7.6% to $1.33 billion.

•Total NOI increased 13.8% to $371.6 million.

•Core EBITDA increased 15.9% to $267.8 million, or 17.6% on a constant currency basis.

•Net loss of $107.3 million, or $0.40 loss per diluted common share.

•Core FFO of $123.3 million, or $0.46 per diluted common share.

•AFFO of $155.4 million, or $0.57 per diluted common share.

•Global Warehouse segment revenue increased 6.4% to $1.18 billion.

•Global Warehouse segment NOI increased 17.0% to $347.7 million.

•Global Warehouse segment same store revenue increased 6.7%, or 8.1% on a constant currency basis, Global Warehouse segment same store NOI increased 18.5%, or 19.9% on a constant currency basis.

Second Quarter 2023 Total Company Financial Results

Total revenue for the second quarter of 2023 was $649.6 million, a 11.0% decrease, which was driven by decreases in our Third-party managed and Transportation segments, largely offset by growth within our Global Warehouse segment. The growth within our Global Warehouse segment was driven by our pricing initiatives, rate escalations, improvements in economic occupancy and incremental revenue from recently completed expansion and development projects, partially offset by a decline in throughput due to the inability to move product in certain warehouses during the cyber incident.

Total NOI for the second quarter of 2023 was $184.1 million, an increase of 9.4% from the same quarter of the prior year. This increase is a result of the improvement in our Global Warehouse segment as previously mentioned above, partially offset by ongoing inflationary pressure on operating costs.

For the second quarter of 2023, the Company reported net loss of $104.8 million, or $0.39 loss per diluted share, compared to net income of $4.0 million, or $0.01 loss per diluted share, for the same quarter of the prior year.

Core EBITDA was $134.7 million for the second quarter of 2023, compared to $120.2 million for the same quarter of the prior year. This reflects a 12.1% increase over prior year on an actual basis, and 13.5% on a constant currency basis. The increase is due to the same factors driving the increase in NOI mentioned above.

For the second quarter of 2023, Core FFO was $62.5 million, or $0.23 per diluted share, compared to $65.4 million, or $0.24 per diluted share, for the second quarter of 2022.

For the second quarter of 2023, AFFO was $75.6 million, or $0.28 per diluted share, compared to $73.9 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.

6

Financial Supplement		Second Quarter 2023

Second Quarter 2023 Global Warehouse Segment Results

For the second quarter of 2023, Global Warehouse segment revenue was $581.2 million, an increase of $16.8 million, or 3.0%, compared to $564.4 million for the second quarter of 2022. This growth was principally driven by growth in our same store pool resulting from higher economic occupancy, our pricing initiative, and rate escalations. Additionally, our non-same store pool contributed revenue from our recently completed development projects and acquisitions. This was partially offset by lower throughput pallets in our same store pool as a result of the inability to move product for a period of time during the cyber incident and the unfavorable impact of foreign currency translation.

Global Warehouse segment contribution (NOI) was $172.8 million for the second quarter of 2023 as compared to $151.0 million for the second quarter of 2022. Global Warehouse segment contribution (NOI) increased due to the drivers of warehouse revenue increase mentioned above, partially offset by the impact of inflationary pressures, start-up costs for our developments, and the unfavorable impact of foreign currency translation. Global Warehouse segment margin was 29.7% for the second quarter of 2023, a 299 basis point increase compared to the same quarter of the prior year.

We had 220 same store warehouses for the three months ended June 30, 2023. The following table presents revenues, contribution (NOI) and margins for our same store and non-same store warehouses with a reconciliation to the total financial metrics of our warehouse segment for the three months ended June 30, 2023. Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

7

Financial Supplement		Second Quarter 2023

	Three Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant Currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	237						240			n/a		n/a
Rent and storage	$	275,183		$	278,327		$	242,351		13.5	%	14.8	%
Warehouse services	305,987			309,388			322,028			(5.0)	%	(3.9)	%
Total revenue	$	581,170		$	587,715		$	564,379		3.0	%	4.1	%
Global Warehouse contribution (NOI)	$	172,842		$	174,676		$	150,985		14.5	%	15.7	%
Global Warehouse margin	29.7		%	29.7		%	26.8		%	299 bps		297 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,580			n/a			4,203			9.0	%	n/a
Average physical occupied pallets	4,187			n/a			3,888			7.7	%	n/a
Average physical pallet positions	5,424			n/a			5,432			(0.2)	%	n/a
Economic occupancy percentage	84.4		%	n/a			77.4		%	705 bps		n/a
Physical occupancy percentage	77.2		%	n/a			71.6		%	562 bps		n/a
Total rent and storage revenue per economic occupied pallet	$	60.08		$	60.76		$	57.64		4.2	%	5.4	%
Total rent and storage revenue per physical occupied pallet	$	65.72		$	66.48		$	62.34		5.4	%	6.6	%
Global Warehouse services metrics:
Throughput pallets	9,118			n/a			10,056			(9.3)	%	n/a
Total warehouse services revenue per throughput pallet	$	33.56		$	33.93		$	32.02		4.8	%	6.0	%
SAME STORE WAREHOUSE
Number of same store warehouses	220						220			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	256,892		$	259,801		$	229,696		11.8	%	13.1	%
Warehouse services	296,205			299,473			308,574			(4.0)	%	(2.9)	%
Total same store revenue	$	553,097		$	559,274		$	538,270		2.8	%	3.9	%
Global Warehouse same store contribution (NOI)	$	171,864		$	173,584		$	152,543		12.7	%	13.8	%
Global Warehouse same store margin	31.1		%	31.0		%	28.3		%	273 bps		270 bps
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,335			n/a			4,018			7.9	%	n/a
Average physical occupied pallets	3,983			n/a			3,707			7.4	%	n/a
Average physical pallet positions	5,110			n/a			5,153			(0.8)	%	n/a
Economic occupancy percentage	84.8		%	n/a			78.0		%	687 bps		n/a
Physical occupancy percentage	77.9		%	n/a			71.9		%	599 bps		n/a
Same store rent and storage revenue per economic occupied pallet	$	59.26		$	59.93		$	57.17		3.6	%	4.8	%
Same store rent and storage revenue per physical occupied pallet	$	64.50		$	65.23		$	61.96		4.1	%	5.3	%
Global Warehouse same store services metrics:
Throughput pallets	8,678			n/a			9,571			(9.3)	%	n/a
Same store warehouse services revenue per throughput pallet	$	34.13		$	34.51		$	32.24		5.9	%	7.0	%

8

Financial Supplement		Second Quarter 2023

	Three Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual	Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	17						20			n/a	n/a
Global Warehouse non-same store revenue:
Rent and storage	$	18,291		$	18,526		$	12,655		n/r	n/r
Warehouse services	9,782			9,915			13,454			n/r	n/r
Total non-same store revenue	$	28,073		$	28,441		$	26,109		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	978		$	1,092		$	(1,558)		n/r	n/r
Global Warehouse non-same store margin	3.5		%	3.8		%	(6.0)		%	n/r	n/r
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	245			n/a			187			n/r	n/a
Average physical occupied pallets	204			n/a			181			n/r	n/a
Average physical pallet positions	314			n/a			280			n/r	n/a
Economic occupancy percentage	78.0		%	n/a			66.7		%	n/r	n/a
Physical occupancy percentage	65.0		%	n/a			64.6		%	n/r	n/a
Non-same store rent and storage revenue per economic occupied pallet	$	74.61		$	75.57		$	67.77		n/r	n/r
Non-same store rent and storage revenue per physical occupied pallet	$	89.57		$	90.72		$	70.04		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	440			n/a			485			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	22.21		$	22.52		$	27.72		n/r	n/r

(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) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

9

Financial Supplement		Second Quarter 2023

	Six Months Ended June 30,									Change
Dollars in thousands	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	237						240			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	546,591		$	554,239		$	472,108		15.8	%	17.4	%
Warehouse services	629,631			637,989			633,196			(0.6)	%	0.8	%
Total revenue	$	1,176,222		$	1,192,228		$	1,105,304		6.4	%	7.9	%
Global Warehouse contribution (NOI)	$	347,669		$	352,040		$	297,243		17.0	%	18.4	%
Global Warehouse margin	29.6		%	29.5		%	26.9		%	267 bps		264 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,566			n/a			4,189			9.0	%	n/a
Average physical occupied pallets	4,188			n/a			3,846			8.9	%	n/a
Average physical pallet positions	5,421			n/a			5,435			(0.3)	%	n/a
Economic occupancy percentage	84.2		%	n/a			77.1		%	716 bps		n/a
Physical occupancy percentage	77.3		%	n/a			70.8		%	650 bps		n/a
Total rent and storage revenue per economic occupied pallet	$	119.70		$	121.37		$	112.69		6.2	%	7.7	%
Total rent and storage revenue per physical occupied pallet	$	130.50		$	132.33		$	122.75		6.3	%	7.8	%
Global Warehouse services metrics:
Throughput pallets	18,770			n/a			19,913			(5.7)	%	n/a
Total warehouse services revenue per throughput pallet	$	33.54		$	33.99		$	31.80		5.5	%	6.9	%
SAME STORE WAREHOUSE
Number of same store warehouses	220						220			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	514,283		$	521,233		$	447,781		14.9	%	16.4	%
Warehouse services	610,220			618,034			606,598			0.6	%	1.9	%
Total same store revenue	$	1,124,503		$	1,139,267		$	1,054,379		6.7	%	8.1	%
Global Warehouse same store contribution (NOI)	$	352,872		$	356,912		$	297,664		18.5	%	19.9	%
Global Warehouse same store margin	31.4		%	31.3		%	28.2		%	315 bps		310 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,330			n/a			3,998			8.3	%	n/a
Average physical occupied pallets	3,984			n/a			3,663			8.7	%	n/a
Average physical pallet positions	5,110			n/a			5,157			(0.9)	%	n/a
Economic occupancy percentage	84.7		%	n/a			77.5		%	722 bps		n/a
Physical occupancy percentage	78.0		%	n/a			71.0		%	692 bps		n/a
Same store rent and storage revenue per economic occupied pallet	$	118.77		$	120.37		$	112.01		6.0	%	7.5	%
Same store rent and storage revenue per physical occupied pallet	$	129.10		$	130.84		$	122.23		5.6	%	7.0	%
Global Warehouse same store services metrics:
Throughput pallets	17,868			n/a			18,902			(5.5)	%	n/a
Same store warehouse services revenue per throughput pallet	$	34.15		$	34.59		$	32.09		6.4	%	7.8	%

10

Financial Supplement		Second Quarter 2023

	Six Months Ended June 30,									Change
Dollars in thousands	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual	Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	17						20			n/a	n/a
Global Warehouse non-same store revenue:
Rent and storage	$	32,308		$	33,007		$	24,326		n/r	n/r
Warehouse services	19,412			19,955			26,599			n/r	n/r
Total non-same store revenue	$	51,720		$	52,962		$	50,925		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	(5,205)		$	(4,870)		$	(422)		n/r	n/r
Global Warehouse non-same store margin	(10.1)		%	(9.2)		%	(0.8)		%	n/r	n/r
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	236			n/a			192			n/r	n/a
Average physical occupied pallets	205			n/a			183			n/r	n/a
Average physical pallet positions	310			n/a			278			n/r	n/a
Economic occupancy percentage	76.1		%	n/a			69.0		%	n/r	n/a
Physical occupancy percentage	65.9		%	n/a			65.8		%	n/r	n/a
Non-same store rent and storage revenue per economic occupied pallet	$	136.76		$	139.71		$	126.92		n/r	n/r
Non-same store rent and storage revenue per physical occupied pallet	$	157.84		$	161.25		$	133.18		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	902			n/a			1,011			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	21.52		$	22.13		$	26.31		n/r	n/r

(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) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

Fixed Commitment Rent and Storage Revenue

As of June 30, 2023, $521.3 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $480.4 million at the end of the first quarter of 2023 and $379.3 million at the end of the second quarter of 2022. We continue to make progress on commercializing business under this type of arrangement. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 48.5% of rent and storage revenue was 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. For the second quarter of 2023, economic occupancy for the total warehouse segment was 84.4% and warehouse segment same store pool was 84.8%, representing a 726 basis point and 690 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment increased 705 basis points, and the warehouse segment same store pool increased 687 basis points as compared to the second quarter of 2022. The growth in occupancy reflects our customer service initiatives, paired with customers’ increased food production levels throughout the end of 2022 and 2023.

11

Financial Supplement		Second Quarter 2023

Real Estate Portfolio

As of June 30, 2023, the Company’s portfolio consists of 242 facilities. The Company ended the second quarter of 2023 with 237 facilities in its Global Warehouse segment portfolio, five facilities in its Third-party managed segment, and 26 facilities in its Other segment. The same store population consists of 220 facilities for the quarter ended June 30, 2023. The remaining 17 non-same store population includes the De Bruyn Cold Storage acquisition, 10 facilities in expansion or redevelopment, a temporarily leased facility in Australia, two facilities we previously leased and purchased during 2022, a facility in which we ceased operations in order to prepare for leasing to a third-party, a site previously leased that was purchased at the end of June, and a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity.

Balance Sheet Activity and Liquidity

As of June 30, 2023, the Company had total liquidity of approximately $454.6 million, including cash and capacity on its revolving credit facility. Total debt outstanding was $3.6 billion (inclusive of $243.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 93% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA was approximately 6.6x. The Company’s total debt outstanding includes $3.3 billion of real estate debt, which excludes sale-leaseback and financing lease obligations. The Company’s real estate debt has a remaining weighted average term of 5.6 years and carries a weighted average contractual interest rate of 4.0%. As of June 30, 2023, 80.0% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

Dividend

On May 16, 2023, the Company’s Board of Directors declared a dividend of $0.22 per share for the second quarter of 2023, which was paid on July 14, 2023 to common stockholders of record as of June 30, 2023.

2023 Outlook

The Company is increasing its annual AFFO per share guidance to be within the range of $1.20 - $1.30. Refer to page 40 of this Financial Supplement for the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and 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, August 3, 2023 at 5:00 p.m. Eastern Time to discuss its second quarter 2023 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 fifteen 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#13737834. The telephone replay will be available starting shortly after the call until August 17, 2023.

12

Financial Supplement		Second Quarter 2023

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 a global leader in temperature-controlled logistics real estate and value added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 242 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. 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 NAREIT FFO, core FFO, AFFO, EBITDAre, Core EBITDA; same store segment revenue, contribution (NOI), margin, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included beginning on page 41, and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included herein. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

Forward-Looking Statements

This press release 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: rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions, including, among others, the impact on labor availability, raw material availability, manufacturing and food production and transportation; risks related to rising construction costs; 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; uncertainty of revenues, given the nature of our customer contracts; 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 anticipated cost savings and revenue improvements; 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; difficulties in expanding our operations into new markets, including international markets; uncertainties and risks related to public health crises, such as the COVID-19 pandemic; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions, loss of critical and confidential information, an adverse impact on our results and reputation, incurring additional and significant costs to address any malicious attack including costs to remediate and implement proactive, preventative actions against cyber breaches including those related to the cyber matter which occurred on April 26, 2023. disruption caused by implementation of the new ERP system, potential cost overruns, timing and control risks and failure to recognize anticipated cost savings and increased productivity from the implementation of the new ERP system; defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental

13

Financial Supplement		Second Quarter 2023

regulations and tax legislation, including in the international markets; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers to provide transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including as a result of our lack of control over such investments, financial condition of JV partners, disputes with JV partners, regulatory risks, brand recognition risks and the failure of such entities to perform in accordance with projections; risks related to natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; 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; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy 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 stockholders to replace our directors and affect the price of our common stock, $0.01 par value per share; the potential dilutive effect of our common stock offerings; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

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 press release include those regarding our 2023 outlook and our migration of our customers to fixed commitment storage contracts, estimates related to the impact of the lost business and operational disruption of the cybersecurity incident on our warehouse and transportation segment, as well as estimates of cybersecurity recovery costs; statements related to expected recoveries from cyber and business interruption insurance, and potential disputes over the extent of insurance coverage, and timing for receipt of any insurance proceeds; statements related to potential additional recovery costs; statements related to continued investments in information technology with the intention of strengthening our information security infrastructure; and statements related to actions we are taking in response to the findings of the forensic investigation and to improve the resiliency of our information security infrastructure. 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, 2022, and 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, Inc.

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

14

Financial Supplement		Second Quarter 2023

Selected Quarterly Financial Data

In thousands, except per share amounts	As of
Capitalization:	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22
Fully diluted common stock outstanding at quarter end(1)	272,479		272,522		271,702		271,748		271,736
Common stock share price at quarter end	$32.30		$28.45		$28.31		$24.60		$30.04
Market value of common equity	$8,801,072		$7,753,251		$7,691,884		$6,685,001		$8,162,949
Gross debt (2)	$3,568,567		$3,450,715		$3,331,027		$3,230,012		$3,223,017
Less: cash and cash equivalents	48,873		47,222		53,063		45,693		74,616
Net debt	$3,519,694		$3,403,493		$3,277,964		$3,184,319		$3,148,401
Total enterprise value	$12,320,766		$11,156,744		$10,969,848		$9,869,320		$11,311,350
Net debt / total enterprise value	28.6	%	30.5	%	29.9	%	32.3	%	27.8	%
Net debt to pro forma Core EBITDA(2)	6.59x		6.54x		6.61x		6.49x		6.60x
	Three Months Ended
Selected Operational Data:	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22
Warehouse segment revenue	$581,170		$595,052		$598,690		$598,977		$564,379
Total revenue	649,610		676,489		721,504		757,780		729,756
Operating income	20,667		32,349		33,044		23,170		23,665
Net (loss) income from continuing operations	(96,527)		(190)		4,917		(7,453)		7,241
Net (loss) income	(104,802)		(2,571)		2,955		(8,937)		3,953
Total warehouse segment contribution (NOI) (3)	172,842		174,827		172,327		166,662		150,985
Total segment contribution (NOI) (3)	184,051		187,566		188,226		181,158		168,291
Selected Other Data:
Core EBITDA (4)	$134,687		$133,076		$136,822		$131,856		$120,193
Core funds from operations (1)	62,497		60,846		70,168		67,090		65,396
Adjusted funds from operations (1)	75,557		79,889		78,219		79,332		73,875
Net (loss) income per share - basic	$(0.39)		$(0.01)		$0.01		$(0.03)		$0.01
Net (loss) income per share - diluted	$(0.39)		$(0.01)		$0.01		$(0.03)		$0.01
Core FFO per diluted share (4)	$0.23		$0.22		$0.26		$0.25		$0.24
AFFO per diluted share (4)	$0.28		$0.29		$0.29		$0.29		$0.27
Dividend distributions declared per common share (5)	$0.22		$0.22		$0.22		$0.22		$0.22
Diluted AFFO payout ratio (6)	78.6	%	75.9	%	75.9	%	75.9	%	81.5	%
Portfolio Statistics:
Total global warehouses	242		243		242		249		249
Average economic occupancy	84.4	%	84.0	%	83.8	%	80.1	%	77.4	%
Average physical occupancy	77.2	%	77.3	%	78.1	%	74.3	%	71.5	%
Total global same-store warehouses	220		221		208		212		213

15

Financial Supplement		Second Quarter 2023

(1) Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method
	As of
(2) Net Debt to Core EBITDA Computation	06/30/2023		12/31/2022
Total debt	$	3,556,719	$	3,317,983
Deferred financing costs	11,848		13,044
Gross debt	$3,568,567		$3,331,027
Adjustments:
Less: cash, cash equivalents and restricted cash	48,873		53,063
Net debt	$	3,519,694	$	3,277,964
Core EBITDA - last twelve months	$536,441		$499,766
Net Core EBITDA from acquisitions, dispositions and lease exits (a)	(2,370)		(3,588)
Pro forma Core EBITDA - last twelve months	$534,071		$496,178
Net debt to pro forma Core EBITDA	6.59x		6.61x
(a) As of June 30, 2023, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility, the Montreal facility, and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased.
(3) Reconciliation of segment contribution (NOI)
	Three Months Ended
	Q2 23		Q1 23		Q4 22	Q3 22	Q2 22
Warehouse segment contribution (NOI)	$172,842		$174,827		$172,327	$166,662	$150,985
Transportation segment contribution (NOI)	9,809		11,660		14,452	10,836	13,585
Third-party managed segment contribution (NOI)	1,400		1,079		1,447	3,660	3,721
Total segment contribution (NOI)	$184,051		$187,566		$188,226	$181,158	$168,291
Depreciation and amortization	(84,892)		(85,024)		(82,467)	(83,669)	(82,690)
Selling, general and administrative	(53,785)		(62,855)		(60,073)	(57,119)	(56,273)
Acquisition, cyber incident and other, net	(27,235)		(7,147)		(11,899)	(4,874)	(5,663)
Gain (loss) from sale of real estate	2,528		(191)		21	(5,710)	—
Impairment of indefinite and long-lived assets	—		—		(764)	(6,616)	—
U.S. GAAP operating income	$20,667		$32,349		$33,044	$23,170	$23,665
(4) See “Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO” and “Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, and Core EBITDA” pages 19-21
(5) Distributions per common share	Three Months Ended
	Q2 23		Q1 23		Q4 22	Q3 22	Q2 22
Distributions declared on common stock during the quarter	$59,921		$59,932		$59,751	$59,763	$59,759
Common stock outstanding at quarter end	270,186		270,096		269,815	269,396	269,291
Distributions declared per common share	$0.22		$0.22		$0.22	$0.22	$0.22
(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share

16

Financial Supplement		Second Quarter 2023

Financial Information

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	June 30, 2023		December 31, 2022
Assets
Property, buildings and equipment:
Land	$	797,381	$	786,975
Buildings and improvements	4,373,257		4,245,607
Machinery and equipment	1,438,824		1,407,874
Assets under construction	494,617		526,811
	7,104,079		6,967,267
Accumulated depreciation	(2,042,566)		(1,901,450)
Property, buildings and equipment – net	5,061,513		5,065,817
Operating lease right-of-use assets	356,636		352,553
Accumulated depreciation – operating leases	(91,095)		(76,334)
Operating leases – net	265,541		276,219
Financing leases:
Buildings and improvements	13,544		13,546
Machinery and equipment	139,629		127,009
	153,173		140,555
Accumulated depreciation – financing leases	(67,163)		(57,626)
Financing leases – net	86,010		82,929
Cash, cash equivalents and restricted cash	48,873		53,063
Accounts receivable – net of allowance of $15,891 and $15,951 at June 30, 2023 and December 31, 2022, respectively	465,571		430,042
Identifiable intangible assets – net	914,173		925,223
Goodwill	1,036,332		1,033,637
Investments in partially owned entities and other	36,957		78,926
Other assets	194,421		158,705
Assets of discontinued operations - held for sale	106,368		—
Total assets	$	8,215,759	$	8,104,561
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit	$	723,436	$	500,052
Accounts payable and accrued expenses	527,073		557,540
Senior unsecured notes and term loans – net of deferred financing costs of $11,848and $13,044, in the aggregate, at June 30, 2023 and December 31, 2022, respectively	2,590,127		2,569,281
Sale-leaseback financing obligations	166,654		171,089
Financing lease obligations	76,502		77,561
Operating lease obligations	255,819		264,634
Unearned revenue	31,180		32,046
Pension and postretirement benefits	1,580		1,531
Deferred tax liability – net	133,236		135,098
Multi-employer pension plan withdrawal liability	7,641		7,851
Liabilities of discontinued operations - held for sale	112,752		—
Total liabilities	4,626,000		4,316,683
Equity
Stockholders’ equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares;270,186,276and 269,814,956 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	2,702		2,698
Paid-in capital	5,203,891		5,191,969
Accumulated deficit and distributions in excess of net earnings	(1,641,872)		(1,415,198)
Accumulated other comprehensive loss	10,377		(6,050)
Total stockholders’ equity	3,575,098		3,773,419
Noncontrolling interests:
Noncontrolling interests in Operating Partnership	14,661		14,459
Total equity	3,589,759		3,787,878
Total liabilities and equity	$	8,215,759	$	8,104,561

17

Financial Supplement		Second Quarter 2023

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Rent, storage and warehouse services	$	581,170	$	564,379	$	1,176,222	$	1,105,304
Transportation services	58,072		81,891		126,150		160,801
Third-party managed services	10,368		83,486		23,727		169,346
Total revenues	649,610		729,756		1,326,099		1,435,451
Operating expenses:
Rent, storage and warehouse services cost of operations	408,328		413,394		828,553		808,061
Transportation services cost of operations	48,263		68,306		104,681		138,687
Third-party managed services cost of operations	8,968		79,765		21,248		162,124
Depreciation and amortization	84,892		82,690		169,916		165,310
Selling, general and administrative	53,785		56,273		116,640		113,875
Acquisition, cyber incident and other, net	27,235		5,663		34,382		15,738
Gain from sale of real estate	(2,528)		—		(2,337)		—
Total operating expenses	628,943		706,091		1,273,083		1,403,795
Operating income	20,667		23,665		53,016		31,656
Other (expense) income:
Interest expense	(36,431)		(26,545)		(70,854)		(52,318)
Loss on debt extinguishment, modifications and termination of derivative instruments	(627)		(627)		(1,172)		(1,244)
Other, net	(415)		(962)		1,018		1,396
Loss from investments in partially owned entities	(709)		(359)		(1,357)		(823)
Impairment of related party loan receivable	(21,972)		—		(21,972)		—
Loss on put option	(56,576)		—		(56,576)		—
Loss from continuing operations before income taxes	(96,063)		(4,828)		(97,897)		(21,333)
Income tax (expense) benefit:
Current	(1,923)		(817)		(3,900)		(1,998)
Deferred	1,459		12,886		5,080		14,775
Total income tax (expense) benefit	(464)		12,069		1,180		12,777
Net (loss) income:
Net (loss) income from continuing operations	(96,527)		7,241		(96,717)		(8,556)
Loss from discontinued operations, net of tax	(8,275)		(3,288)		(10,656)		(4,936)
Net (loss) income	$	(104,802)	$	3,953	$	(107,373)	$	(13,492)
Net (loss) income attributable to noncontrolling interests	(78)		18		(87)		(20)
Net (loss) income attributable to Americold Realty Trust, Inc.	$	(104,724)	$	3,935	$	(107,286)	$	(13,472)
Weighted average common stock outstanding – basic	270,462		269,497		270,387		269,464
Weighted average common stock outstanding – diluted	270,462		270,384		270,387		269,464
Net (loss) income per common share from continuing operations - basic	$	(0.36)	$	0.03	$	(0.36)	$	(0.03)
Net loss per common share from discontinued operations - basic	$	(0.03)	$	(0.02)	$	(0.04)	$	(0.02)
Basic (loss) earnings per share(1)	$	(0.39)	$	0.01	$	(0.40)	$	(0.05)
Net (loss) income per common share from continuing operations - diluted	$	(0.36)	$	0.03	$	(0.36)	$	(0.03)
Net loss per common share from discontinued operations - diluted	$	(0.03)	$	(0.02)	$	(0.04)	$	(0.02)
Diluted (loss) earnings per share(1)	$	(0.39)	$	0.01	$	(0.40)	$	(0.05)

18

Financial Supplement		Second Quarter 2023

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts)
	Three Months Ended										YTD
	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		2023
Net (loss) income	$	(104,802)	$	(2,571)	$	2,955	$	(8,937)	$	3,953	$	(107,373)
Adjustments:
Real estate related depreciation	54,740		54,541		53,094		53,139		51,738		109,281
(Gain) loss on sale of real estate	(2,528)		191		(21)		5,710		—		(2,337)
Net loss on asset disposals	—		—		175		893		4		—
Impairment charges on real estate assets	—		—		—		3,407		—		—
Our share of reconciling items related to partially owned entities	232		903		1,209		822		1,346		1,135
NAREIT FFO(b)	$	(52,358)	$	53,064	$	57,412	$	55,034	$	57,041	$	706
Adjustments:
Net loss on sale of non-real estate assets	289		420		2,274		310		72		709
Acquisition, cyber incident and other, net	27,235		7,147		11,899		4,874		5,663		34,382
Goodwill impairment	—		—		—		3,209		—		—
Loss on debt extinguishment, modifications and termination of derivative instruments	627		545		933		1,040		627		1,172
Foreign currency exchange loss (gain)	212		(458)		(2,477)		2,487		1,290		(246)
Gain on extinguishment of New Market Tax Credit Structure	—		—		—		—		(3,410)		—
Loss on deconsolidation of subsidiary contributed to LATAM joint venture	—		—		—		—		4,148		—
Our share of reconciling items related to partially owned entities	(27)		128		127		136		(36)		101
Loss from discontinued operations, net of tax	8,275		—		—		—		—		8,275
Impairment of related party loan receivable	21,972		—		—		—		—		21,972
Loss on put option	56,576		—		—		—		—		56,576
Gain on sale of LATAM JV	(304)		—		—		—		—		(304)
Core FFO(b)	$	62,497	$	60,846	$	70,168	$	67,090	$	65,395	$	123,343
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,279		1,240		1,305		1,222		1,160		2,519
Amortization of below/above market leases	375		402		534		540		549		777
Non-real estate asset impairment	—		—		764		—		—		—
Straight-line net rent	361		(491)		333		133		77		(130)
Deferred income tax benefit	(1,459)		(3,621)		(3,412)		(4,374)		(12,886)		(5,080)
Share-based compensation expense	4,639		6,970		5,036		6,720		7,032		11,609
Non-real estate depreciation and amortization	30,152		30,483		29,373		30,530		30,952		60,635
Maintenance capital expenditures	(22,590)		(16,244)		(26,701)		(22,586)		(20,118)		(38,834)
Our share of reconciling items related to partially owned entities	303		304		819		57		1,713		607
Adjusted FFO(b)	$	75,557	$	79,889	$	78,219	$	79,332	$	73,874	155,446

19

Financial Supplement		Second Quarter 2023

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts)
	Three Months Ended										YTD
	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		2023
NAREIT Funds from operations(b)	$	(52,358)	$	53,064	$	57,412	$	55,034	$	57,041	$	706
Core FFO(b)	$	62,497	$	60,846	$	70,168	$	67,090	$	65,395	$	123,343
Adjusted FFO(b)	$	75,557	$	79,889	$	78,219	$	79,332	$	73,874	$	155,446
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	270,462		270,230		269,826		269,586		269,497		270,387
Dilutive stock options and unvested restricted stock units	695		778		944		1,105		887		688
Weighted average dilutive shares	271,157		271,008		270,770		270,691		270,384		271,075
NAREIT FFO - basic per share(b)	$	(0.19)	$	0.20	$	0.21	$	0.20	$	0.21	$	0.01
NAREIT FFO - diluted per share(b)	$	(0.19)	$	0.20	$	0.21	$	0.20	$	0.21	$	0.01
Core FFO - basic per share (b)	$	0.23	$	0.23	$	0.26	$	0.25	$	0.24	$	0.46
Core FFO - diluted per share(b)	$	0.23	$	0.22	$	0.26	$	0.25	$	0.24	$	0.46
Adjusted FFO - basic per share (b)	$	0.28	$	0.30	$	0.29	$	0.29	$	0.27	$	0.57
Adjusted FFO - diluted per share(b)	$	0.28	$	0.29	$	0.29	$	0.29	$	0.27	$	0.57

(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.

(b)During the three months ended June 30, 2023, managementexcludedlosses from discontinued operations from Core FFO applicable to common stockholders, and Adjusted FFO applicable to common stockholders andincluded certain losses from discontinued operations for NAREIT FFO and all of the related per share amounts for Core, NAREIT, and Adjusted FFO. For purposes of comparability using this same approach, the following adjusted historical results recasted are as follows:

	Three Months Ended - Recasted								YTD Recasted
(In thousands except per share amounts)	Q1 23		Q4 22		Q3 22		Q2 22		2023
NAREIT FFO	$	52,432	$	56,457	$	54,466	$	56,018	$	74
Core FFO	$	62,547	$	71,157	$	68,004	$	67,811	$	125,044
Adjusted FFO applicable to common shareholders	$	81,506	$	78,717	$	80,207	$	74,490	$	157,063
NAREIT FFO - basic per share	$	0.19	$	0.21	$	0.20	$	0.21	—
NAREIT FFO - diluted per share	$	0.19	$	0.21	$	0.20	$	0.21	—
Core FFO - basic per share	$	0.23	$	0.26	$	0.25	$	0.25	$	0.46
Core FFO - diluted per share	$	0.23	$	0.26	$	0.25	$	0.25	$	0.46
Adjusted FFO - basic per share	$	0.30	$	0.29	$	0.30	$	0.28	$	0.58
Adjusted FFO - diluted per share	$	0.30	$	0.29	$	0.30	$	0.28	$	0.58

20

Financial Supplement		Second Quarter 2023

Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands)
	Three Months Ended										Trailing Twelve Months Ended
	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		Q2 23
Net (loss) income	$	(104,802)	$	(2,571)	$	2,955	$	(8,937)	$	3,953	$	(113,355)
Adjustments:
Depreciation and amortization	84,892		85,024		82,467		83,669		82,690		336,052
Interest expense	36,431		34,423		33,407		30,402		26,545		134,663
Income tax benefit	464		(1,644)		(2,691)		(3,368)		(12,069)		(7,239)
EBITDA	$	16,985	$	115,232	$	116,138	$	101,766	$	101,119	$	350,121
Adjustments:
Loss (gain) on sale of real estate	(2,528)		191		(21)		5,710		—		3,352
Adjustment to reflect share of EBITDAre of partially owned entities	3,085		2,883		5,019		3,383		6,215		14,370
NAREIT EBITDAre(a)	$	17,542	$	118,306	$	121,136	$	110,859	$	107,334	$	367,843
Adjustments:
Acquisition, cyber incident and other, net	27,235		7,147		11,899		4,874		5,663		51,155
Loss from investments in partially owned entities	709		3,029		2,101		1,440		3,647		7,279
Impairment of indefinite and long-lived assets	—		—		764		6,616		—		7,380
Foreign currency exchange (gain) loss	212		(458)		(2,477)		2,487		1,290		(236)
Share-based compensation expense	4,639		6,970		5,036		6,720		7,032		23,365
Loss on debt extinguishment, modifications and termination of derivative instruments	627		545		933		1,040		628		3,145
Loss (gain) on real estate and other asset disposals	289		420		2,449		1,203		76		4,361
Gain on extinguishment of New Market Tax Credit Structure	—		—		—		—		(3,410)		—
Loss on deconsolidation of subsidiary contributed to LATAM joint venture	—		—		—		—		4,148		—
Reduction in EBITDAre from partially owned entities	(3,085)		(2,883)		(5,019)		(3,383)		(6,215)		(14,370)
Gain from sale of partially owned entities	(304)		—		—		—		—		(304)
Loss from discontinued operations, net of tax	8,275		—		—		—		—		8,275
Impairment of related party loan receivable	21,972		—		—		—		—		21,972
Loss on put option	56,576		—		—		—		—		56,576
Core EBITDA	$	134,687	$	133,076	$	136,822	$	131,856	$	120,193	536,441

(a)During the three months ended June 30, 2023, management included certain losses from discontinued operations in NAREIT EBITDAre. For purposes of comparability using this same approach, the following adjusted historical results recasted are as follows:

	Three Months Ended - Recasted				Trailing Twelve Months Ended - Recasted
(In thousands)	Q1 23	Q4 22	Q3 22	Q2 22	Q2 2023
NAREIT EBITDAre	$116,872	$117,602	$108,487	$102,460	$360,503

21

Financial Supplement		Second Quarter 2023

Acquisition, cyber incident and other, net

Dollars in thousands

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.

In addition to the costs recorded to Acquisition, Cyber Incident and Other disclosed in the table below, the Company has invested $20.3 million since the inception of Project Orion which is included in “Other Assets” on the condensed consolidated balance sheets.

	Three Months Ended June 30,				Six Months Ended June 30,
Acquisition, cyber incident and other, net	2023		2022		2023		2022
Acquisition and integration related costs	$	2,402	$	3,786	$	4,188	$	10,071
Project Orion expenses	2,543		—		4,488		—
Litigation	499		1,179		499		2,379
Severance costs	2,793		910		6,209		3,474
Terminated site operations costs	—		767		—		767
Cyber incident related costs, net of insurance recoveries	18,998		(819)		18,998		(793)
Other, net	—		(160)		—		(160)
Total acquisition, cyber incident and other, net	$	27,235	$	5,663	$	34,382	$	15,738

22

Financial Supplement		Second Quarter 2023

Debt Detail and Maturities
(In thousands)
	As of June 30, 2023
Indebtedness:	Carrying Value		Contractual Interest Rate(1)	Effective Interest Rate(2)	Stated Maturity Date(3)
Unsecured Debt(4)
Senior Unsecured Revolving Credit Facility - C$35M(5)	$	26,432	CDOR+0.84%	6.42%	08/2027
Senior Unsecured Revolving Credit Facility - £78M(5)	99,083		SONIA+0.84%	6.13%	08/2027
Senior Unsecured Revolving Credit Facility - USD(5)	432,000		SOFR + 0.84%	6.32%	08/2027
Senior Unsecured Revolving Credit Facility - A$156M(5)	103,958		BBSW+0.84%	5.33%	08/2027
Senior Unsecured Revolving Credit Facility - €50M(5)	54,000		EURIBOR+0.84%	4.59%	08/2027
Senior Unsecured Revolving Credit Facility - NZD$13M(5)	7,963		BKBM+0.84%	6.83%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-1 - USD	375,000		SOFR + 0.94%	4.90%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M	188,800		CDOR + 0.94%	4.77%	01/2028
Senior Unsecured Term Loan A Facility Tranche A-3 - USD	270,000		SOFR + 0.94%	4.27%	01/2028
Series A notes - USD	200,000		4.68%	4.77%	01/2026
Series B notes - USD	400,000		4.86%	4.92%	01/2029
Series C notes - USD	350,000		4.10%	4.15%	01/2030
Series D notes - €400M	436,360		1.62%	1.67%	01/2031
Series E notes - €350M	381,815		1.65%	1.70%	01/2033
Total Unsecured Real Estate Debt	3,325,411		4.05%	4.21%	5.6 years
Sale-leaseback financing obligations	166,654		10.99%
Financing lease obligations	76,502		3.16%
Total Debt Outstanding	$	3,568,567	4.35%
Less: unamortized deferred financing costs	(11,848)
Total Book Value of Debt	$	3,556,719
Rate Type			% of Total
Fixed	$	2,845,131	80%
Variable-unhedged	723,436		20%
Total Debt Outstanding	$	3,568,567	100%
Debt Type			% of Total
Unsecured	$	3,325,411	93%
Secured	243,156		7%
Total Debt Outstanding	$	3,568,567	100%

(1)Interest rates as of June 30, 2023. At June 30, 2023, the Adjusted SOFR rate on our Senior Unsecured Revolving Credit Facility was 5.05%, the one-month CDOR rate was 5.25%, the one-month EURIBOR rate was 3.42%, the one-month SONIA rate was 4.93%, the one-month BBSW rate was 4.16%, the one-month BKBM rate was 5.66%. The entirety of our Senior Unsecured Term Loan Tranche A-1 is hedged at a weighted average rate of 4.61%. SOFR includes an adjustment of 0.10%, in addition to the margin. SONIA includes an adjustment of 0.03% in addition to our margin.

(2)The effective interest rates presented include the amortization of loan costs and are based on the hedged rate for the $375.0 million TLA Tranche A-1, the C$250.0 million TLA Tranche A-2, and the $270.0 million Tranche A-3. Subtotals of stated effective interest rates represent weighted average interest rates.

(3)Subtotals of stated maturity dates represent remaining weighted average life of the debt and assuming the exercise of extension options on the TLA Tranche A-1 and Senior Unsecured Revolving Credit Facility.

(4)Borrowing currency and value presented in caption unless USD denominated.

(5)The Senior Unsecured Revolving Credit maturity assumes two six-month extension options. The borrowing capacity as of June 30, 2023 is $1.15 billion less $20.8 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $1.15 billion committed.

23

Financial Supplement		Second Quarter 2023

Operations Overview

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Segment revenues:
Warehouse	$	581,170	$	564,379	$	1,176,222	$	1,105,304
Transportation	58,072		81,891		126,150		160,801
Third-party managed	10,368		83,486		23,727		169,346
Total revenues	649,610		729,756		1,326,099		1,435,451
Segment contribution:
Warehouse	172,842		150,985		347,669		297,243
Transportation	9,809		13,585		21,469		22,114
Third-party managed	1,400		3,721		2,479		7,222
Total segment contribution	184,051		168,291		371,617		326,579
Reconciling items:
Depreciation and amortization	(84,892)		(82,690)		(169,916)		(165,310)
Selling, general and administrative	(53,785)		(56,273)		(116,640)		(113,875)
Acquisition, cyber incident and other, net	(27,235)		(5,663)		(34,382)		(15,738)
Gain from sale of real estate	2,528		—		2,337		—
Interest expense	(36,431)		(26,545)		(70,854)		(52,318)
Loss on debt extinguishment, modifications and termination of derivative instruments	(627)		(627)		(1,172)		(1,244)
Other (expense) income, net	(415)		(962)		1,018		1,396
Loss from investments in partially owned entities	(709)		(359)		(1,357)		(823)
Impairment of related party receivable	(21,972)		—		(21,972)		—
Loss on put option	(56,576)		—		(56,576)		—
Loss from continuing operations before income taxes	$	(96,063)	$	(4,828)	$	(97,897)	$	(21,333)

We view and manage our business through three primary business segments—warehouse, transportation, third-party managed. 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,case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

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 or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. 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 allows us to offer a complete and integrated suite of services across the cold chain.

24

Financial Supplement		Second Quarter 2023

Global Warehouse Economic and Physical Occupancy Trend

FY Q1 Q2 Q3 Q4

Note: Dotted lines represent incremental economic occupancy percentage.

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.

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.

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 June 30, 2023, we had entered into contracts featuring fixed storage commitments or leases with 261 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.

25

Financial Supplement		Second Quarter 2023

Global Warehouse Portfolio

Country / Region	# of warehouses	Cubic feet (in millions)	% of total cubic feet		Pallet positions (in thousands)	Average economic occupancy (1)		Average physical occupancy (1)		Revenues (2) (in millions)		Segment contribution (NOI) (2)(3) (in millions)		Total customers (4)
Warehouse Segment Portfolio (5)
United States
East	51	359.8	25	%	1,165	88	%	75	%	$	311.1	$	94.2	1,313
Southeast	49	313.0	21	%	953	85	%	79	%	224.2		49.4		819
Central	41	268.2	18	%	1,090	86	%	80	%	217.3		77.5		836
West	45	273.7	19	%	1,174	76	%	71	%	196.0		66.7		753
Canada	5	32.6	2	%	122	94	%	92	%	22.6		8.1		103
North America Total	191	1,247.3	86	%	4,505	84	%	76	%	$	971.2	$	295.9	2,829
Netherlands	7	36.7	3	%	112	85	%	85	%	26.8		5.0		394
United Kingdom	6	40.1	3	%	244	90	%	86	%	25.9		9.2		184
Spain	4	15.2	1	%	77	72	%	71	%	11.6		2.9		280
Portugal	4	11.5	1	%	58	70	%	70	%	5.9		1.4		190
Ireland	3	9.5	1	%	59	74	%	67	%	9.8		2.0		124
Austria	1	4.2	—	%	44	81	%	81	%	12.2		4.1		150
Poland	2	3.5	—	%	14	94	%	94	%	3.0		0.5		72
Europe Total	27	120.7	8	%	610	83	%	80	%	$	95.2	$	25.1	1,303
Australia	10	57.9	4	%	199	94	%	84	%	84.7		18.5		123
New Zealand	7	20.4	1	%	86	94	%	86	%	18.9		6.4		71
Asia-Pacific Total	17	78.3	5	%	287	94	%	84	%	$	103.6	$	24.9	189
Argentina	2	9.7	1	%	23	79	%	79	%	6.2		1.8		54
South America Total	2	9.7	1	%	23	79	%	79	%	$	6.2	$	1.8	55
Warehouse Segment Total / Average	237	1,456.0	100	%	5,424	86	%	77	%	$	1,176.2	$	347.7	4,358
Third-Party Managed Portfolio
North America	4	20.2	100	%	—	—		—		$	12.3	$	0.5	4
Asia-Pacific	1	—	—	%	—	—		—		11.4		1.9		1
Third-Party Managed Total / Average	5	20.2	100	%	—	—		—		$	23.7	$	2.4	5
Portfolio Total / Average	242	1,476.2	100	%	5,424	84	%	77	%	$	1,199.9	$	350.1	4,358

(1)Refer to the preceding section Global Warehouse Economic and Physical Occupancy Trend for our definitions of economic occupancy and physical occupancy.

(2)Six months ended June 30, 2023.

(3)We use the term “segment contribution (NOI)” to mean a segment’s revenues less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses and corporate-level acquisition, cyber incident and other, net). 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 June 30, 2023, we owned 154 of our North American warehouses and 39 of our international warehouses, and we leased 37 of our North American warehouses and seven of our international warehouses. As of June 30, 2023, fourteen of our owned facilities were located on land that we lease pursuant to long-term ground leases.

26

Financial Supplement		Second Quarter 2023

_______________________________________________

(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: June 30, 2023 LTM Revenue and NOI pro forma 2022 acquisitions.

June 30, 2023 warehouse segment cubic feet includes all 2022 acquisitions.

Totals may not foot due to rounding.

27

Financial Supplement		Second Quarter 2023

Fixed Commitment and Lease Maturity Schedules

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 June 30, 2023. 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 six months ended June 30, 2023		Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the six months ended  June 30, 2023(1) (in thousands)		Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month	223	$	194,997	18.2	%	$	396,233	$	195,127
2024	123	112,816		10.5	%	267,238		114,370
2025	51	61,083		5.7	%	107,018		63,365
2026	24	47,569		4.4	%	95,814		50,778
2027	20	17,489		1.6	%	90,918		20,550
2028	8	7,883		0.7	%	16,903		8,635
2029+	17	79,490		7.4	%	163,141		83,538
Total	466	$	521,327	48.5	%	$	1,137,265	$	536,363

____________________

Note: June 30, 2023 LTM total revenue and rent and storage revenue pro forma 2022 acquisitions.

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of June 30, 2023, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended June 30, 2023, 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 June 30, 2023 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

28

Financial Supplement		Second Quarter 2023

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 June 30, 2023. These leases had a weighted average remaining term of 45 months as of June 30, 2023.

Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1) (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the six months ended June 30, 2023		Leased Square Footage (in thousands)	% Leased Square Footage		Annualized Rent at Expiration(2) (in thousands)
Month-to-Month	—	$	—	—	%	—	—	%	$	—
2023	25	7,499		0.7	%	403	12.9	%	7,499
2024	20	7,500		0.7	%	891	28.5	%	8,213
2025	13	6,337		0.6	%	472	15.1	%	6,569
2026	6	4,057		0.4	%	372	11.9	%	4,343
2027	6	5,222		0.5	%	342	10.9	%	7,057
2028	5	4,768		0.4	%	469	15.0	%	5,120
2029+	4	3,471		0.3	%	176	5.6	%	4,120
Total	79	$	38,854	3.6	%	3,125	100	%	$	42,921

____________________

Note: June 30, 2023 LTM rent and storage revenue pro forma 2022 acquisitions.

(1)Represents monthly rental payments under the relevant leases as of June 30, 2023, multiplied by 12.

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

29

Financial Supplement		Second Quarter 2023

Maintenance Capital Expenditures, Repair and Maintenance Expenses and

External Growth, Expansion and Development Capital Expenditures

We utilize a strategic and preventative approach to 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.

Maintenance Capital Expenditures

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except per cubic foot amounts)
Real estate	$	20,430	$	17,825	$	35,329	$	31,689
Personal property	1,367		1,457		1,692		2,431
Information technology	793		836		1,813		2,104
Maintenance capital expenditures(1)	$	22,590	$	20,118	$	38,834	$	36,224
Maintenance capital expenditures per cubic foot	$	0.015	$	0.014	$	0.026	$	0.025

(1) Excludes $0.3 million and $9.2 million of deferred acquisition maintenance capital expenditures incurred for the three months ended June 30, 2023 and 2022, respectively. Excludes $0.6 million and $11.0 million of deferred acquisition maintenance capital expenditures incurred for the six months ended June 30, 2023 and 2022, respectively.

Repair and Maintenance Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except per cubic foot amounts)
Real estate	$	12,304	$	10,288	$	21,106	$	19,131
Personal property	17,096		13,809		37,061		28,255
Repair and maintenance expenses	$	29,400	$	24,097	$	58,167	$	47,386
Repair and maintenance expenses per cubic foot	$	0.020	$	0.016	$	0.039	$	0.032

External Growth, Expansion and Development Capital Expenditures

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Business combinations	$	40,743	$	(209)	$	40,743	$	(812)
Asset acquisitions	20,081		6,876		20,081		6,876
Expansion and development initiatives(2)	19,567		46,770		48,290		105,291
Information technology	1,721		1,020		3,334		1,761
Growth and expansion capital expenditures	$	82,112	$	54,457	$	112,448	$	113,116

(2)We capitalized interest of $3.7 million and $3.4 million for the three months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2022, respectively, we capitalized interest of $7.1 million and $5.9 million. During the three months ended June 30, 2023 and 2022, we capitalized amounts relating to insurance, property taxes, and compensation and travel expense of employees direct and incremental to development of properties of approximately $1.6 million and $1.4 million, respectively, and during the six months ended June 30, 2023 and 2022, we capitalized $3.5 million and $2.9 million, respectively.

30

Financial Supplement		Second Quarter 2023

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended June 30, 2023 and 2022.

	Three Months Ended June 30,									Change
	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant Currency
	(Dollars in thousands)
Rent and storage	$	275,183		$	278,327		$	242,351		13.5	%	14.8	%
Warehouse services	305,987			309,388			322,028			(5.0)	%	(3.9)	%
Total warehouse segment revenue	$	581,170		$	587,715		$	564,379		3.0	%	4.1	%
Power	35,992			36,482			36,070			(0.2)	%	1.1	%
Other facilities costs (2)	61,172			61,831			57,676			6.1	%	7.2	%
Labor	253,802			256,872			250,711			1.2	%	2.5	%
Other services costs (3)	57,362			57,854			68,937			(16.8)	%	(16.1)	%
Total warehouse segment cost of operations	$	408,328		$	413,039		$	413,394		(1.2)	%	(0.1)	%
Warehouse segment contribution (NOI)	$	172,842		$	174,676		$	150,985		14.5	%	15.7	%
Warehouse rent and storage contribution (NOI) (4)	$	178,019		$	180,014		$	148,605		19.8	%	21.1	%
Warehouse services contribution (NOI) (5)	$	(5,177)		$	(5,338)		$	2,380		(317.5)	%	(324.3)	%
Total warehouse segment margin	29.7		%	29.7		%	26.8		%	299 bps		297 bps
Rent and storage margin(6)	64.7		%	64.7		%	61.3		%	337 bps		336 bps
Warehouse services margin(7)	(1.7)		%	(1.7)		%	0.7		%	-243 bps		-246 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 $9.5 million and $10.7 million for the second quarter 2023 and 2022, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $3.4 million and $2.6 million for the second quarter of 2023 and 2022, 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		Second Quarter 2023

The following table presents the operating results of our warehouse segment for the six months ended ended June 30, 2023 and 2022.

	Six Months Ended June 30,									Change
	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant Currency
	(Dollars in thousands)
Rent and storage	$	546,591		$	554,239		$	472,108		15.8	%	17.4	%
Warehouse services	629,631			637,989			633,196			(0.6)	%	0.8	%
Total warehouse segment revenues	1,176,222			1,192,228			1,105,304			6.4	%	7.9	%
Power	72,040			73,580			69,105			4.2	%	6.5	%
Other facilities costs (2)	121,972			123,604			114,247			6.8	%	8.2	%
Labor	512,343			519,396			494,872			3.5	%	5.0	%
Other services costs (3)	122,198			123,608			129,837			(5.9)	%	(4.8)	%
Total warehouse segment cost of operations	$	828,553		$	840,188		$	808,061		2.5	%	4.0	%
Warehouse segment contribution (NOI)	$	347,669		$	352,040		$	297,243		17.0	%	18.4	%
Warehouse rent and storage contribution (NOI) (4)	$	352,579		$	357,055		$	288,756		22.1	%	23.7	%
Warehouse services contribution (NOI) (5)	$	(4,910)		$	(5,015)		$	8,487		(157.9)	%	(159.1)	%
Total warehouse segment margin	29.6		%	29.5		%	26.9		%	267 bps		264 bps
Rent and storage margin(6)	64.5		%	64.4		%	61.2		%	334 bps		326 bps
Warehouse services margin(7)	(0.8)		%	(0.8)		%	1.3		%	-212 bps		-213 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 $18.9 million and $21.3 million, on an actual basis, for the Three and Six June 30, 2023 and 2022, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $7.1 million and $5.7 million, on an actual basis, for the Three and Six June 30, 2023 and 2022, 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.

32

Financial Supplement		Second Quarter 2023

Same-store Financial Performance - The following table presents revenues, cost of operations, 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 June 30, 2023 and 2022.

	Three Months Ended June 30,									Change
	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant Currency
Number of same store warehouses	220						220			n/a		n/a
Same store revenues:	(Dollars in thousands)
Rent and storage	$	256,892		$	259,801		$	229,696		11.8	%	13.1	%
Warehouse services	296,205			299,473			308,574			(4.0)	%	(2.9)	%
Total same store revenues	$	553,097		$	559,274		$	538,270		2.8	%	3.9	%
Same store cost of operations:
Power	32,795			33,265			32,722			0.2	%	1.7	%
Other facilities costs	56,114			56,724			51,778			8.4	%	9.6	%
Labor	238,303			241,212			237,535			0.3	%	1.5	%
Other services costs	54,021			54,489			63,692			(15.2)	%	(14.4)	%
Total same store cost of operations	$	381,233		$	385,690		$	385,727		(1.2)	%	—	%
Same store contribution (NOI)	$	171,864		$	173,584		$	152,543		12.7	%	13.8	%
Same store rent and storage contribution (NOI)(2)	$	167,983		$	169,812		$	145,196		15.7	%	17.0	%
Same store services contribution (NOI)(3)	$	3,881		$	3,772		$	7,347		(47.2)	%	(48.7)	%
Total same store margin	31.1		%	31.0		%	28.3		%	273 bps		270 bps
Same store rent and storage margin(4)	65.4		%	65.4		%	63.2		%	218 bps		215 bps
Same store services margin(5)	1.3		%	1.3		%	2.4		%	-107 bps		-112 bps
Number of non-same store warehouses(6)	17						20			n/a		n/a
Non-same store revenues:
Rent and storage	$	18,291		$	18,526		$	12,655		n/r		n/r
Warehouse services	9,782			9,915			13,454			n/r		n/r
Total non-same store revenues	$	28,073		$	28,441		$	26,109		n/r		n/r
Non-same store cost of operations:
Power	3,197			3,217			3,348			n/r		n/r
Other facilities costs	5,058			5,107			5,898			n/r		n/r
Labor	15,499			15,660			13,176			n/r		n/r
Other services costs	3,341			3,365			5,245			n/r		n/r
Total non-same store cost of operations	$	27,095		$	27,349		$	27,667		n/r		n/r
Non-same store contribution (NOI)	$	978		$	1,092		$	(1,558)		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	10,036		$	10,202		$	3,409		n/r		n/r
Non-same store services contribution (NOI)(3)	$	(9,058)		$	(9,110)		$	(4,967)		n/r		n/r
Total warehouse segment revenues	$	581,170		$	587,715		$	564,379		3.0	%	4.1	%
Total warehouse cost of operations	$	408,328		$	413,039		$	413,394		(1.2)	%	(0.1)	%
Total warehouse segment contribution (NOI)	$	172,842		$	174,676		$	150,985		14.5	%	15.7	%

(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.
(6)	The non-same store facility count of 17 includes a facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, a facility previously leased that we bought during the third quarter of 2022, one recently leased warehouse in Australia, one facility previously leased that we bought during the second quarter of 2022, one warehouse which we ceased operations within as it is being prepared for lease to a third-party, a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity, a facility previously leased that we bought during the second quarter of 2023, and 10 warehouses in expansion or redevelopment.

The following table presents revenues, cost of operations, 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 and Six June 30, 2023 and 2022.

33

Financial Supplement		Second Quarter 2023

	Six Months Ended June 30,									Change
	2023 Actual			2023 Constant Currency(1)			2022 Actual			Actual		Constant Currency
Number of same store warehouses	220						220			n/a		n/a
Same store revenues:	(Dollars in thousands)
Rent and storage	$	514,283		$	521,233		$	447,781		14.9	%	16.4	%
Warehouse services	610,220			618,034			606,598			0.6	%	1.9	%
Total same store revenues	1,124,503			1,139,267			1,054,379			6.7	%	8.1	%
Same store cost of operations:
Power	65,860			67,262			62,784			4.9	%	7.1	%
Other facilities costs	111,916			113,385			102,983			8.7	%	10.1	%
Labor	482,760			489,308			469,706			2.8	%	4.2	%
Other services costs	111,095			112,400			121,242			(8.4)	%	(7.3)	%
Total same store cost of operations	$	771,631		$	782,355		$	756,715		2.0	%	3.4	%
Same store contribution (NOI)	$	352,872		$	356,912		$	297,664		18.5	%	19.9	%
Same store rent and storage contribution (NOI)(2)	$	336,507		$	340,586		$	282,014		19.3	%	20.8	%
Same store services contribution (NOI)(3)	$	16,365		$	16,326		$	15,650		4.6	%	4.3	%
Total same store margin	31.4		%	31.3		%	28.2		%	315 bps		310 bps
Same store rent and storage margin(4)	65.4		%	65.3		%	63.0		%	245 bps		236 bps
Same store services margin(5)	2.7		%	2.6		%	2.6		%	10 bps		6 bps
Number of non-same store warehouses(6)	17						20			n/a		n/a
Non-same store revenues:
Rent and storage	$	32,308		$	33,007		$	24,326		n/r		n/r
Warehouse services	19,412			19,955			26,599			n/r		n/r
Total non-same store revenues	51,720			52,962			50,925			n/r		n/r
Non-same store cost of operations:
Power	6,180			6,318			6,321			n/r		n/r
Other facilities costs	10,056			10,219			11,265			n/r		n/r
Labor	29,583			30,087			25,166			n/r		n/r
Other services costs	11,106			11,208			8,595			n/r		n/r
Total non-same store cost of operations	$	56,925		$	57,832		$	51,347		n/r		n/r
Non-same store contribution (NOI)	$	(5,205)		$	(4,870)		$	(422)		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	16,072		$	16,470		$	6,740		n/r		n/r
Non-same store services contribution (NOI)(3)	$	(21,277)		$	(21,340)		$	(7,162)		n/r		n/r
Total warehouse segment revenues	$	1,176,222		$	1,192,228		$	1,105,304		6.4	%	7.9	%
Total warehouse cost of operations	$	828,553		$	840,188		$	808,061		2.5	%	4.0	%
Total warehouse segment contribution (NOI)	$	347,669		$	352,040		$	297,243		17.0	%	18.4	%

(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.
(6)	The non-same store facility count of 17 includes a facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, a facility previously leased that we bought during the third quarter of 2022, one recently leased warehouse in Australia, one facility previously leased that we bought during the second quarter of 2022, one warehouse which we ceased operations within as it is being prepared for lease to a third-party, a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity, a facility previously leased that we bought during the second quarter of 2023, and 10 warehouses in expansion or redevelopment.

34

Financial Supplement		Second Quarter 2023

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 June 30, 2023 and 2022.

	Three Months Ended June 30,						Change
Units in thousands except per pallet and site data	2023			2022
Number of same store warehouses	220			220			n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	4,335			4,018			7.9	%
Economic occupancy percentage	84.8		%	78.0		%	687 bps
Same store rent and storage revenues per economic occupied pallet	$	59.26		$	57.17		3.6	%
Constant currency same store rent and storage revenue per economic occupied pallet	$	59.93		$	57.17		4.8	%
Physical occupancy(2)
Average physical occupied pallets	3,983			3,707			7.4	%
Average physical pallet positions	5,110			5,153			(0.8)	%
Physical occupancy percentage	77.9		%	71.9		%	599 bps
Same store rent and storage revenues per physical occupied pallet	$	64.50		$	61.96		4.1	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	65.23		$	61.96		5.3	%
Same store warehouse services:
Throughput pallets	8,678			9,571			(9.3)	%
Same store warehouse services revenues per throughput pallet	$	34.13		$	32.24		5.9	%
Constant currency same store warehouse services revenues per throughput pallet	$	34.51		$	32.24		7.0	%
Number of non-same store warehouses(3)	17			20			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	245			187			n/r
Economic occupancy percentage	78.0		%	66.7		%	n/r
Physical occupancy(2)
Average physical occupied pallets	204			181			n/r
Average physical pallet positions	314			280			n/r
Physical occupancy percentage	65.0		%	64.6		%	n/r
Non-same store warehouse services:
Throughput pallets	440			485			n/r

(1)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.

(2)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.

(3)The non-same store facility count of 17 includes a facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, a facility previously leased that we bought during the third quarter of 2022, one recently leased warehouse in Australia, one facility previously leased that we bought during the second quarter of 2022, one warehouse which we ceased operations within as it is being prepared for lease to a third-party, a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity, a facility previously leased that we bought during the second quarter of 2023, and 10 warehouses in expansion or redevelopment.

35

Financial Supplement		Second Quarter 2023

The following table provides certain operating metrics to explain the drivers of our same store performance for the Three and Six June 30, 2023 and 2022.

	Six Months Ended June 30,
Units in thousands except per pallet and site number data	2023			2022			Change
Number of same store sites	220			220			n/a
Same store rent and storage:
Economic occupancy(1)
Average occupied economic pallets	4,330			3,998			8.3	%
Economic occupancy percentage	84.7		%	77.5		%	722 bps
Same store rent and storage revenues per economic occupied pallet	$	118.77		$	112.01		6.0	%
Constant currency same store rent and storage revenues per economic occupied pallet	$	120.37		$	112.01		7.5	%
Physical occupancy(2)
Average physical occupied pallets	3,984			3,663			8.7	%
Average physical pallet positions	5,110			5,157			(0.9)	%
Physical occupancy percentage	78.0		%	71.0		%	692 bps
Same store rent and storage revenues per physical occupied pallet	$	129.10		$	122.23		5.6	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	130.84		$	122.23		7.0	%
Same store warehouse services:
Throughput pallets (in thousands)	17,868			18,902			(5.5)	%
Same store warehouse services revenues per throughput pallet	$	34.15		$	32.09		6.4	%
Constant currency same store warehouse services revenues per throughput pallet	$	34.59		$	32.09		7.8	%
Number of non-same store sites(3)	17			20			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	236			192			n/r
Economic occupancy percentage	76.1		%	69.0		%	n/r
Physical occupancy(2)
Average physical occupied pallets	205			183			n/r
Average physical pallet positions	310			278			n/r
Physical occupancy percentage	65.9		%	65.8		%	n/r
Non-same store warehouse services:
Throughput pallets (in thousands)	902			1,011			n/r

(1)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.

(2)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.

(3)The non-same store facility count of 17 includes a facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, a facility previously leased that we bought during the third quarter of 2022, one recently leased warehouse in Australia, one facility previously leased that we bought during the second quarter of 2022, one warehouse which we ceased operations within as it is being prepared for lease to a third-party, a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity, a facility previously leased that we bought during the second quarter of 2023, and 10 warehouses in expansion or redevelopment.

36

Financial Supplement		Second Quarter 2023

2023 Same-store Historical Performance Trend - The following table reflects the actual results of our current same store pool, in USD, for the respective periods.

	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		Q1 22
Number of same store warehouses	220		220		220		220		220		220
Same store revenues:
Rent and storage	$256,892		$257,392		$254,092		$246,733		$229,696		$218,086
Warehouse services	296,205		314,015		320,091		323,648		308,574		298,023
Total same store revenues	$553,097		$571,407		$574,183		$570,381		$538,270		$516,109
Same store cost of operations:
Power	32,795		33,065		35,088		44,301		32,722		30,062
Other facilities costs	56,114		55,802		53,966		53,382		51,778		51,204
Labor	238,303		244,457		241,061		242,516		237,535		232,171
Other services costs	54,021		57,074		70,318		63,386		63,692		57,551
Total same store cost of operations	$381,233		$390,398		$400,433		$403,585		$385,727		$370,988
Same store contribution (NOI)	$171,864		$181,009		$173,750		$166,796		$152,543		$145,121
Same store rent and storage contribution (NOI)(1)	$167,983		$168,525		$165,038		$149,050		$145,196		$136,820
Same store services contribution (NOI)(2)	$3,881		$12,484		$8,712		$17,746		$7,347		$8,301
Total same store margin	31.1	%	31.7	%	30.3	%	29.2	%	28.3	%	28.1	%
Same store rent and storage margin(3)	65.4	%	65.5	%	65.0	%	60.4	%	63.2	%	62.7	%
Same store services margin(4)	1.3	%	4.0	%	2.7	%	5.5	%	2.4	%	2.8	%
Same store rent and storage:
Economic occupancy
Average economic occupied pallets	4,335		4,325		4,313		4,146		4,018		3,978
Economic occupancy percentage	84.8	%	84.6	%	84.2	%	80.6	%	78.0	%	77.1	%
Same store rent and storage revenues per economic occupied pallet	$59.26		$59.51		$58.91		$59.51		$57.17		$54.82
Physical occupancy
Average physical occupied pallets	3,983		3,985		4,028		3,853		3,707		3,620
Average physical pallet positions	5,110		5,110		5,120		5,146		5,153		5,161
Physical occupancy percentage	77.9	%	78.0	%	78.7	%	74.9	%	71.9	%	70.1	%
Same store rent and storage revenues per physical occupied pallet	$64.50		$64.60		$63.08		$64.03		$61.96		$60.25
Same store warehouse services:
Throughput pallets	8,678		9,191		9,457		9,726		9,571		9,332
Same store warehouse services revenues per throughput pallet	$34.13		$34.17		$33.85		$33.28		$32.24		$31.94
Total non-same store results:
Non-same store warehouse revenue	28,073		23,645		24,507		28,596		26,110		24,816
Non-same store warehouse cost of operations	27,096		29,825		25,928		28,729		27,666		23,679
Non-same store warehouse NOI	977		(6,180)		(1,421)		(133)		(1,556)		1,137
Actual FX rates for the period	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22		Q1 22
1 ARS =	0.004		0.005		0.006		0.007		0.008		0.009
1 AUS =	0.672		0.684		0.658		0.683		0.715		0.724
1 BRL =	0.206		0.193		0.190		0.191		0.204		0.192
1 CAD =	0.753		0.740		0.737		0.766		0.784		0.789
1 CLP =	0.001		0.001		0.001		0.001		0.001		0.001
1 EUR =	1.084		1.073		1.022		1.007		1.065		1.122
1 GBP =	1.264		1.215		1.175		1.177		1.257		1.342
1 NZD =	0.614		0.630		0.604		0.613		0.651		0.676
1 PLN =	0.243		0.228		0.216		0.213		0.229		0.243

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

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

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

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

37

Financial Supplement		Second Quarter 2023

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects
Facility	Opportunity Type	Facility Type  (A = Automated)  (C = Conventional)	Tenant Opportunity	Cubic Feet (in millions)	Pallet Positions (in thousands)	Estimated Total Cost (in millions)(1)	Expected Stabilized NOI ROIC	Completion Date	Expected Full Stabilized Quarter
Auckland, New Zealand	Expansion	Distribution (C)	Multi-tenant	4.6	27	NZ$64	12-14%	Q2 2021	Q3 2022
Lurgan, Northern Ireland	Expansion	Distribution (C)	Multi-tenant	0.7	4	£7	10-12%	Q2 2021	Q3 2022
Calgary, Canada	Expansion	Distribution (C)	Multi-tenant	2.0	7	C$13	10-12%	Q3 2021	Q1 2023
Dunkirk, NY	Development	Production Advantaged (C)	Build-to-suit	7.0	25	$38	10-12%	Q2 2022	Q3 2023
Dublin, Ireland	Development	Distribution (C)	Multi-tenant	6.3	20	€34	10-12%	Q3 2022	Q1 2024
Barcelona	Expansion	Distribution (C)	Multi-tenant	3.3	12	€13	10-12%	Q4 2022	Q3 2024
Lancaster, PA	Development	Distribution (A)	Build-to-suit	11.4	28	$164	10-12%	Q1 2023	Q2 2024
Gateway, GA Phase 2	Expansion	Distribution (A)	Multi-tenant	6.3	24	$39	10-12%	Q2 2023	Q1 2025

(1)Cost to date through June 30, 2023, projects are substantially complete. Additional spending may be incurred for residual cost and retainage.

Expansion and Development Projects In Process and Announced
		Facility Type  (A = Automated)  (C = Conventional)		Under Construction		Investment in Expansion / Development (in millions)			Expected Stabilized NOI ROIC	Target Complete Date	Expected Full Stabilized Quarter
Facility	Opportunity Type		Tenant Opportunity	Cubic Feet (millions) (1)	Pallet Positions (thousands) (1)	Cost (2)	Estimate to Complete	Total Estimated Cost
Russellville, AR	Expansion	Production Advantaged (A)	Build-to-suit	13.0	42	$81	$7-$14	$88-$95	10-12%	Q3 2023	Q4 2024
Plainville, CT	Development	Distribution (A)	Build-to-suit	12.1	31	$157	$13-$17	$170-$174	10-12%	Q3 2023	Q1 2025
Spearwood, Australia	Expansion	Distribution (A)	Multi-tenant	3.3	20	A$59	A$2-A$6	A$60-A$64	10-12%	Q3 2023	Q1 2025

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

(2)Cost as of June 30, 2023.

Recent Acquisitions
Facility	Metropolitan Area	No. of Facilities	Cubic Feet (in millions)	Pallet Positions (in thousands)	Acquisition Price(in millions)	Net Entry NOI Yield (1)		Expected Three Year Stabilized NOI ROIC	Date Purchased	Expected Full Stabilized Quarter
De Bruyn Cold Storage	Australia	1	2.0	21	A$24.9	8.2	%	9-10%	7/1/2022	Q4 2025
Ormeau	Australia	1	2.1	10	A$36.1	—		9-10%	7/7/2023	Q2 2026

(1)Inclusive of expenses required to integrate and reach stabilization.

38

Financial Supplement		Second Quarter 2023

Unconsolidated Joint Ventures (Investments in Partially Owned Entities)

As of June 30, 2023, the Company owned a 14.99% equity share in the Brazil-based SuperFrio. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

SuperFrio
	As of
Summary Balance Sheet - at the JV’s 100% share in BRLs	Q2 23			Q1 23			Q4 22			Q3 22			Q2 22
	($’s in thousands)
Net book value of property, buildings and equipment	R$	1,119,533		R$	1,112,850		R$	1,099,418		R$	1,063,778		R$	1,038,105
Other assets	476,615			466,146			512,948			501,968			456,142
Total assets	1,596,148			1,578,996			1,612,366			1,565,746			1,494,247
Debt	666,362			659,675			679,304			625,015			602,520
Other liabilities	492,444			464,967			461,286			461,636			428,600
Equity	437,342			454,354			471,776			479,095			463,127
Total liabilities and equity	R$	1,596,148		R$	1,578,996		R$	1,612,366		R$	1,565,746		R$	1,494,247
Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%
BRL/USD quarter-end rate	0.2089			0.1975			0.1892			0.1848			0.1900
Americold’s pro rata share of debt at BRL/USD rate	$	20,880		$	19,543		$	19,279		$	17,325		$	17,172
	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs	Q2 23			Q1 23			Q4 22			Q3 22			Q2 22
	($’s in thousands)
Revenues	R$	158,418		R$	156,234		R$	163,109		R$	152,517		R$	139,826
Cost of operations	113,467			110,947			103,302			101,461			93,060
Selling, general and administrative expense	8,111			8,658			13,732			9,704			11,887
M&A expense	(919)			2,751			3,940			4,310			3,652
Depreciation & amortization	19,846			20,070			20,672			18,221			20,014
Total operating expenses	140,505			142,426			141,646			133,696			128,613
Operating income	17,913			13,808			21,463			18,821			11,213
Interest expense	32,977			32,488			28,588			21,374			33,163
Other expense (income)	(1,532)			(1,799)			(631)			(659)			(1,241)
Current income tax expense	890			1,567			1,519			2,868			3,800
Deferred income tax benefit	(78)			(245)			(216)			(4,546)			(11,576)
Non-operating expenses	32,257			32,011			29,260			19,037			24,146
Net loss	R$	(14,344)		R$	(18,203)		R$	(7,797)		R$	(216)		R$	(12,933)
Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%
BRL/USD average rate	0.2022			0.1927			0.1901			0.1907			0.2040
Americold’s pro rata share of NOI	$	1,363		$	1,309		$	1,705		$	1,460		$	1,431
Americold’s pro rata share of Net loss	$	(435)		$	(526)		$	(222)		$	(6)		$	(396)
Americold’s pro rata share of Core FFO	$	(225)		$	(177)		$	163		$	368		$	41
Americold’s pro rata share of AFFO	$	85		$	42		$	378		$	500		$	(46)

39

Financial Supplement		Second Quarter 2023

2023 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
	August 3, 2023	May 4, 2023	February 16, 2023
Warehouse segment same store revenue growth (constant currency)	5.0% - 8.0%	4.5% - 8.5%	3.0% - 6.0%
Warehouse segment same store NOI growth (constant currency)	1000 - 1200 bps higher than associated revenue	750 - 850 bps higher than associated revenue	100 - 300 bps higher than associated revenue
Warehouse segment non-same store NOI	$0M - $5M	$0M - $5M	$0M - $15M
Transportation and Managed segment NOI	$43M - $50M	$43M - $50M	$50M - $57M
Total selling, general and administrative expense (inclusive of share-based compensation expense of $22M - $24M )	$231M - $241M	$228M - $239M	$216M - $234M
Interest expense	$151M - $158M	$151M - $158M	$134M - $140M
Current income tax expense	$7M - $10M	$7M - $9M	$5M - $9M
Deferred income tax benefit	$8M - $12M	$10M - $14M	$10M - $14M
Non real estate depreciation and amortization expense	$118M - $124M	$118M - $126M	$120M - $130M
Total maintenance capital expenditures	$80M - $90M	$80M - $90M	$80M - $90M
Development starts (1)	$100M - $200M	$100M - $200M	$100M - $200M
AFFO per share	$1.20 - $1.30	$1.16 - $1.26	$1.14 - $1.24
Assumed FX rates	1 ARS = 0.0037 USD 1 AUS = 0.6718 USD 1 BRL = 0.2063 USD 1 CAD = 0.7600 USD 1 CLP = 0.0013 USD 1 EUR = 1.0842 USD 1 GBP = 1.2637 USD 1 NZD = 0.6200 USD 1 PLN = 0.2432 USD	1 ARS = 0.0061 USD 1 AUS = 0.6664 USD 1 BRL = 0.1922 USD 1 CAD = 0.7300 USD 1 CLP = 0.0012 USD 1 EUR = 1.071 USD 1 GBP = 1.2144 USD 1 NZD = 0.6228 USD 1 PLN = 0.2283 USD	1 ARS = 0.0061 USD 1 AUS = 0.6616 USD 1 BRL = 0.1900 USD 1 CAD = 0.7331 USD 1 CLP = 0.0011 USD 1 EUR = 1.0565 USD 1 GBP = 1.2320 USD 1 NZD = 0.6120 USD 1 PLN = 0.2274 USD

(1)Represents the aggregate invested capital for initiated development opportunities.

40

Financial Supplement		Second Quarter 2023

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, real estate asset impairment and our share of reconciling items for 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, acquisition, cyber incident and other, net, goodwill impairment, loss on debt extinguishment, modifications and termination of derivative instruments,and foreign currency exchange gains and losses, discontinued operations from assets held for sale, impairment of related party loan receivable, and loss on fair value of put. We also adjust for the impact of Core FFO attributable to gain on extinguishment of New Market Tax Structure, loss on deconsolidation of subsidiary contributed to the LATAM joint venture, our share of reconciling items related to partially owned entities, and gain from disposition of partially owned entities. 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 and pension withdrawal liability, amortization of above or below market leases, non-real estate asset impairment, straight-line net rent, benefit or expense from deferred income taxes, stock-based compensation expense, non-real estate depreciation and amortization and maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of partially owned entities and discontinued operations. 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 quarterly and annual 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 (loss) 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 and amortization, net gain on sale of real estate, net of withholding taxes, and adjustment to reflect share of EBITDAre of partially owned entities. 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, cyber and other, net, loss from investments in partially owned entities, impairment of indefinite and long-lived assets (when applicable), foreign currency exchange loss or gain, stock-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, net gain on other asset disposals, reduction in EBITDAre from partially owned entities, discontinued operations, impairment of related party loan receivable, loss on fair value of put, gain on extinguishment of new market tax credit structure, and loss on deconsolidation of subsidiary contributed to LATAM joint venture.. 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 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 and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

41

Financial Supplement		Second Quarter 2023

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 21 reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

Net debt to proforma Core EBITDA is calculated using total debt, plus capital lease obligations, less cash and cash equivalents, divided by pro-forma Core EBITDA. We calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, dispositions and for rent expense associated with lease buy-outs and lease exits. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. The pro-forma adjustment for leased facilities exited or purchased reflects the add-back for the related lease expense from the last year. The pro-forma adjustment for dispositions reduces Core EBITDA for the earnings of facilities disposed of or exited during the year, including the strategic exit of certain third-party managed business.

We define our “same store” population once a year at the beginning of the current calendar year. Our same store population includes properties that were owned or leased for the entirety of two comparable periods and that have reported at least twelve months of consecutive normalized operations prior to January 1 of the prior calendar year. We define “normalized operations” as properties that have been open for operation or lease after development or significant modification, including the expansion of a warehouse footprint or a warehouse rehabilitation subsequent to an event, such as a natural disaster or similar event causing disruption to operations. In addition, our definition of “normalized operations” takes into account changes in the ownership structure (e.g., purchase of acquired properties will be included in the “same store” population if owned by us as of the first business day of each year, of the prior calendar year and still owned by us as of the end of the current reporting period, unless the property is under development). The “same store” pool is also adjusted to remove properties that were sold or entering development subsequent to the beginning of the current calendar year. As such, the “same store” population for the period ended December 31, 2022 includes all properties that we owned at January 2, which had both been owned and had reached “normalized operations” by January 2, 2022.

We calculate “same store revenue” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, cyber incident and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. The tables beginning on page 33 provide reconciliations for same store revenues and same store contribution (NOI).

We define “maintenance capital expenditures” as 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. 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. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. See the tables on page 30 for additional information regarding our maintenance capital expenditures.

We define “total real estate debt” as the aggregate of the following: mortgage notes, senior unsecured notes, term loans and borrowings under our revolving line of credit. We define “total debt outstanding” as the aggregate of the following: total real estate debt, sale-leaseback financing obligations and financing lease obligations. See the tables on page 23 for additional information regarding our indebtedness.

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

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XML

Cover Page Document	Aug. 03, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 03, 2023
Entity Registrant Name	Americold Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34723
Entity Tax Identification Number	93-0295215
Entity Address, Address Line One	10 Glenlake Parkway,
Entity Address, Address Line Two	South Tower, Suite 600
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	678
Local Phone Number	441-1400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	COLD
Security Exchange Name	NYSE
Amendment Flag	false
Entity Central Index Key	0001455863