What is the revenue and EPS growth rate for Americold Realty year over year?

What were the key takeaways from Americold Realty's earnings call?

Did Americold Realty beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Americold Realty next quarter?

What does Americold Realty do and what are its main business segments?

What guidance did Americold Realty's management provide for the next earnings period?

What factors drove the changes in Americold Realty's revenue and profit?

What were the key takeaways from Americold Realty’s earnings call?

- **Strategic Focus on High-Margin Nodes**: Production-attached (30%) and retail (10%) facilities drive long-term growth, while 4PL distribution (50%) faces speculative capacity headwinds.
- **2026 Industry Challenges**: 100-200bps pricing decline and 200-300bps occupancy drop expected, but 10% cap rate and $800M liquidity provide stability.
- **Operational Strength**: 60% fixed commitments maintained, handling margins >12%, and $1B development pipeline balanced with credit priorities.
- **Intrinsic Value Discount**: Trading at 10% cap rate vs. peers, despite 5.5M pallet portfolio with long-term agreements.

**【CEO Summary Section】**
- Highlighted the company's strategic focus on four cold chain nodes: production-attached facilities (30% of capacity), 4PL distribution centers (50% of capacity), retail distribution centers (10% of capacity), and port facilities (10% of capacity).
- Emphasized the competitive advantage of production-attached and retail facilities, which operate under long-term fixed commitments and generate higher margins.
- Acknowledged industry challenges from speculative capacity additions (3 million pallet positions in North America over 4 years) and macroeconomic pressures (consumer inflation, interest rates).
- Noted 2026 headwinds, including 100-200bps pricing headwinds and 200-300bps economic occupancy decline, but expressed confidence in long-term recovery.
- Highlighted portfolio management initiatives, including exiting low-occupancy leased facilities and moving inventory to owned sites.
- Stressed the company's intrinsic value, trading at a 10% cap rate and below peers, despite owning 5.5 million pallet positions with long-term agreements.

**【CFO Financial Commentary】**
- Q3 2025 AFFO per share: $0.35 (in line with expectations).
- Same-store economic occupancy: 75.5% (down year-over-year, flat sequentially).
- Same-store NOI contraction due to seasonal power costs.
- Rent/storage revenue per pallet increased sequentially and year-over-year, driven by fixed commitments (60% of revenue).
- Services revenue per throughput pallet also increased.
- Net debt to pro forma core EBITDA: 6.7x, with $800M liquidity.
- Development pipeline: $1B opportunities, balanced with dividend and credit profile priorities.
- 2026 outlook: pricing headwinds of 100-200bps, economic occupancy decline of 200-300bps.

**【Q&A Highlights】**
- **Throughput Trends**: Challenged by muted demand, especially from lower-income consumers; seasonal lift in Q4 expected but no inflection point visibility.
- **Cost Control**: Handling margins >12%, driven by labor matching throughput and Project Orion productivity initiatives.
- **Fixed Commitments**: 60% of revenue from fixed commitments maintained; renewals in 4PL distribution centers face pressure but production-attached and retail facilities remain stable.
- **Sales Pipeline**: 2025 new business wins at record levels, but slower materialization due to customer inventory caution.
- **New Competitors**: Speculative developers struggling with business models; potential exits could create acquisition opportunities.
- **Power Costs**: Mitigated through solar programs, LED lighting, and cost pass-throughs.
- **Share Repurchases**: Not prioritized; focus on dividend, development, and strategic partnerships.

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