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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.

Americold Realty Trust, Inc. (COLD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Interest Income

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Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

COLD

COLD fundamentals

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