$COLD

AMERICOLD REALTY TRUST

CIK:0001455863|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 662,890	$ 650,748	$ 1,292,760	$ 1,279,728
Operating expenses:
Total segment expenses	450,203	439,092	884,564	862,224
Depreciation and amortization	102,931	90,462	194,591	179,444
Selling, general, and administrative	62,864	66,907	134,183	136,142
Transactions, strategic initiatives and other costs, net	28,470	23,226	48,915	48,640
Impairment of long-lived assets	309,572	5,226	309,572	5,226
Net gain from sale of real estate	(3,316)	(11,760)	(5,521)	(11,760)
Total operating expenses	950,724	613,153	1,566,304	1,219,916
Operating (loss) income	(287,834)	37,595	(273,544)	59,812
Other (expense) income:
Interest expense	(42,300)	(38,245)	(83,819)	(74,362)
Loss from investments in partially owned entities	(520)	(335)	(932)	(1,698)
Other, net	6,928	5,775	14,311	7,071
(Loss) income before income taxes	(323,726)	4,790	(343,984)	(9,177)
Income tax expense
Current income tax	(1,516)	(1,995)	(4,456)	(3,928)
Deferred income tax	(21,218)	(1,245)	(11,712)	(1,818)
Total income tax expense	(22,734)	(3,240)	(16,168)	(5,746)
Net (loss) income	(346,460)	1,550	(360,152)	(14,923)
Net (loss) income attributable to noncontrolling interests	(3,650)	11	(3,785)	(82)
Net (loss) income attributable to Americold Realty Trust, Inc.	$ (342,810)	$ 1,539	$ (356,367)	$ (14,841)
Weighted average common stock outstanding – basic (in shares)	286,881	285,604	286,572	285,484
Weighted average common stock outstanding – diluted (in shares)	286,881	285,794	286,572	285,484
Net (loss) income per common share - basic (in USD per share)	$ (1.19)	$ 0.01	$ (1.24)	$ (0.05)
Net (loss) income per common share - diluted (in USD per share)	$ (1.19)	$ 0.01	$ (1.24)	$ (0.05)
Rent, storage, and warehouse services
Operating expenses:
Total segment expenses	$ 401,838	$ 399,737	$ 793,045	$ 786,130
Transportation services cost of operations
Operating expenses:
Total segment expenses	48,365	39,355	91,519	76,094
Operating Segments
Revenues:
Total revenues	662,890	650,748	1,292,760	1,279,728
Operating expenses:
Total segment expenses	401,838	399,737	793,045	786,130
Operating Segments \| Rent, storage, and warehouse services
Revenues:
Total revenues	603,573	602,651	1,181,486	1,187,638
Operating Segments \| Transportation services cost of operations
Revenues:
Total revenues	$ 59,317	$ 48,097	$ 111,274	$ 92,090

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (360,152)	$ (14,923)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	194,591	179,444
Amortization of deferred financing costs and pension withdrawal liability	3,138	2,923
Project Orion deferred costs amortization	5,189	6,871
Gain from sale of partially owned entity	0	(2,420)
Loss from investments in partially owned entities	932	1,698
Stock-based compensation expense	14,043	15,805
Deferred income tax expense	11,712	1,818
Provision for doubtful accounts receivable	2,322	1,344
Impairment of long-lived assets	309,572	5,226
Non-cash operating lease expenses	16,639	18,951
Net gain from sale of real estate	(5,521)	(11,760)
Changes in operating assets and liabilities:
Accounts receivable	(30,524)	26,937
Accounts payable and accrued expenses	19,415	(36,265)
Other assets	(22,924)	(27,006)
Operating lease liabilities	(15,617)	(18,449)
Proceeds from settlement of treasury lock hedge transactions	0	1,292
Other, net	(2,815)	(967)
Net cash provided by operating activities	140,000	150,519
Investing activities:
Additions to property, buildings and equipment	(250,422)	(290,218)
Acquisitions of property, buildings, and equipment, net of cash acquired	(18,707)	0
Business combinations, net of cash acquired	0	(108,448)
Investments in and advances to partially owned entities and other, net	0	(19,216)
Proceeds from collection of advances to partially owned entities	23,388	0
Proceeds from sale of property, buildings, and equipment	30,008	21,581
Proceeds from sale of investments in partially owned entities	0	27,471
Net cash used in investing activities	(215,733)	(368,830)
Financing activities:
Distributions paid on common stock, restricted stock units and noncontrolling interests in OP	(132,595)	(129,632)
Proceeds from stock options exercised	2,047	2,293
Proceeds from employee stock purchase plan	0	1,577
Remittance of withholding taxes related to employee stock-based transactions	(2,456)	(2,646)
Proceeds from revolving line of credit	618,718	314,735
Repayment on revolving line of credit	(505,448)	(298,000)
Repayment of sale-leaseback financing obligations	(1,444)	(1,969)
Repayment of financing lease obligations	(21,775)	(14,854)
Payment of debt issuance costs	(10,436)	(4,186)
Proceeds from public senior unsecured notes offering	0	400,000
Repayment of senior unsecured notes	(200,000)	0
Proceeds from senior unsecured term loans	232,515	0
Net cash (used in) provided by financing activities	(20,874)	267,318
Net (decrease) increase in cash, cash equivalents, and restricted cash	(96,607)	49,007
Effect of foreign currency translation on cash, cash equivalents and restricted cash	214	4,717
Cash, cash equivalents and restricted cash:
Beginning of period	136,863	47,652
End of period	40,470	101,376
Supplemental disclosures of non-cash investing and financing activities:
Addition of property, buildings, and equipment on accrual	45,753	36,178
Operating leases	2,015	8,215
Finance leases	41,685	35,988
Supplemental disclosures of cash flows information:
Interest paid – net of amounts capitalized	84,831	64,650
Income taxes paid – net of refunds	$ 2,952	$ 3,986

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, buildings, and equipment:
Land	$ 817,453	$ 818,606
Buildings and improvements	4,766,175	4,798,286
Machinery and equipment	1,753,123	1,612,744
Assets under construction	573,897	756,798
Property, buildings and equipment - gross	7,910,648	7,986,434
Accumulated depreciation	(2,790,561)	(2,641,241)
Property, buildings, and equipment – net	5,120,087	5,345,193
Operating leases - net	162,186	179,935
Financing leases - net	177,341	157,936
Cash, cash equivalents, and restricted cash	40,470	136,863
Accounts receivable - net of allowance of $16,260 and $16,396 at June 30, 2026 and December 31, 2025, respectively	397,253	368,521
Identifiable intangible assets – net	796,956	819,494
Goodwill	826,695	828,335
Investments in and advances to partially owned entities	15,963	39,231
Other assets	274,186	246,090
Total assets	7,811,137	8,121,598
Liabilities
Borrowings under revolving line of credit	451,285	332,111
Accounts payable and accrued expenses	599,607	574,059
Senior unsecured notes and term loans - net of deferred financing costs of $16,939 and $16,001 at June 30, 2026 and December 31, 2025, respectively	3,790,436	3,792,123
Sale-leaseback financing obligations	40,909	42,352
Financing lease obligations	172,085	152,262
Operating lease obligations	165,195	179,965
Unearned revenues	22,651	20,169
Deferred tax liability - net	110,108	98,591
Other liabilities	7,809	7,953
Total liabilities	5,360,085	5,199,585
Commitments and contingencies (Note 8 - Commitments and Contingencies)
Stockholders' equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 285,432,128 and 284,871,943 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,853	2,848
Paid-in capital	5,673,791	5,664,195
Accumulated deficit and distributions in excess of net earnings	(3,208,249)	(2,719,408)
Accumulated other comprehensive loss	(53,889)	(63,190)
Total stockholders’ equity	2,414,506	2,884,445
Noncontrolling interests	36,546	37,568
Total equity	2,451,052	2,922,013
Total liabilities and equity	$ 7,811,137	$ 8,121,598