Americold Realty Trust

Overview

Americold is a global leader in temperature-controlled logistics and real estate, connecting producers, processors, distributors, and retailers. It is a self-administered, self-managed publicly traded REIT focused on owning and operating specialized temperature-controlled warehouse real estate and related services. The company offers a full suite of cold-chain solutions across storage, handling, and transportation through an integrated global network. Its primary reporting segments are Warehouse, Transportation, and Third-Party Managed.

Global footprint (as of December 31, 2025)

• Total temperature-controlled warehouses: 231
• Global capacity: ~1.4 billion cubic feet
• Geographic breakdown:
  • North America: 188
  • Europe: 23
  • Asia-Pacific: 18
  • South America: 2
• Joint venture exposure: minority interest in RSA Cold Holdings Limited (2 warehouses in Dubai)
• International presence: 42 warehouses outside North America owned or leased; 1 warehouse outside the United States managed for a third party

Portfolio by segment (as of December 31, 2025)

• Production-advantaged facilities
  • Warehouses: 67
  • Capacity: ~406.8 million cubic feet
  • Pallet positions: ~1.8 million
• Forward distribution-focused facilities
  • Warehouses: 102
  • Capacity: ~649.9 million cubic feet
  • Pallet positions: ~2.5 million
• Retail solutions-focused facilities
  • Warehouses: 27
  • Capacity: ~175.6 million cubic feet
  • Pallet positions: ~0.6 million
• Port-oriented facilities
  • Warehouses: 32
  • Capacity: ~184.4 million cubic feet
  • Pallet positions: ~0.6 million
• Ownership vs. leases: Owns over 75% of warehouses (excluding ground leases)

Customers

• Total customers served: 2,962 (as of December 31, 2025)
• Customer concentration in Warehouse segment:
  • The 25 largest Warehouse customers accounted for ~52% of Warehouse segment revenues in 2025 (52% in 2025; 51% in 2024; 49% in 2023)
  • Top 25 customers’ average relationship duration exceeds 35 years
• Customer mix: retailers, producers, and other food-market participants with long-standing relationships

Workforce and labor

• Global workforce: ~12,690 associates (as of December 31, 2025)
• Geographic distribution:
  • North America: 9,716 (77%)
  • Europe: 1,300 (10%)
  • Asia-Pacific: 1,556 (12%)
  • South America: 118 (1%)
• Union presence: ~23% of associates represented by unions; 85 of 231 warehouses have unionized associates under 77 collective bargaining agreements
• Labor activity: 19 agreements renewed in 2025; ~9 agreements expected in 2026 (affecting ~3% of associates)
• Safety: TRIR (Total Recordable Incident Rate) of 1.92 in 2025 (industry average 3.4)

Capital activity and strategic initiatives

• Selected transactions:
  • March 17, 2025: Acquired a temperature-controlled storage facility and related operations in Baytown (Houston area) for total cash consideration of $108.4 million
  • April 30, 2025: Sold a 14.99% equity interest in the SuperFrio joint venture (Brazil) for the BRL-equivalent of $27.5 million; recognized a net $2.4 million gain for the year ended December 31, 2025
• Project Orion (transformation program launched February 2023):
  • Implementing a cloud-based ERP and related initiatives for centralized billing, global payroll and HR, upgraded warehouse maintenance, global procurement, and shared services in select regions
  • Implementation costs to date: $227.7 million
  • Expected benefits: improved revenue analytics and pricing governance, cost reductions, and working-capital efficiency
• Growth and portfolio strategy:
  • Focus on capital discipline and portfolio optimization across a dense, integrated network
  • Organic growth through expanded services, deeper customer relationships, and penetration of under-served segments
  • Expansion into adjacent temperature-sensitive categories where appropriate
• International exposure: 42 warehouses outside North America and one warehouse outside the U.S. managed for a third party (as of 2025)

Business model and competitive positioning

• Core asset class: mission-critical temperature-controlled real estate; ownership and operation support financing and tax advantages under the REIT structure
• Operations emphasize integrated service offerings across a connected network, including production-adjacent storage, forward distribution, retail fulfillment, and port-related activity
• Sources of competitive advantage:
  • Scale and network density
  • Standardized processes and technology platforms
  • Ability to support multiple use cases and adapt facilities to changing customer needs
• Revenue characteristics:
  • Mix of fixed commitments and flexible arrangements; seasonal demand is mitigated through fixed-commitment contracts with some customers
• Tax and regulatory framework:
  • Qualified as a REIT for U.S. federal income tax purposes
  • Manages taxable REIT subsidiary (TRS) considerations and related asset tests, tax compliance, and implications for distributions and hedging strategies

Summary: Americold operates a global, vertically integrated cold-storage and logistics platform anchored by a large portfolio of temperature-controlled warehouses. It generates revenue through Warehouse, Transportation, and Third-Party Managed services, serves nearly 3,000 customers, employs about 12,690 people, and pursues growth through acquisitions, technology transformation (Project Orion), and expansion of owned/leased real estate and value-added cold-chain solutions across a diversified geographic footprint.