Investor Presentation
Fall 2023
Disclaimer
This presentation 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: the impact of supply chain disruptions, including, among other, the impact of labor availability, raw material availability, manufacturing and food production and transportation; uncertainties and risks related to public health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; 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, and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; 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; 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 or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; defaults or non-renewals of significant customer contracts, including as a result of the ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs, including as a result of the ongoing COVID-19 pandemic; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; 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; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; geopolitical conflicts, such as the on-going conflict between Russia and Ukraine; inflation and rising interest rates; labor and power costs; labor shortages; changes in applicable governmental regulations and tax legislation, including in the international markets; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; our relationship with our associates; the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; uninsured losses or losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with the use of third-party trucking service providers to provide transportation services to our customers; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange 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 shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share; the potential dilutive effect of our common share offerings.
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 document include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. 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, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and our 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.
Key Investment Highlights
Global Market Leader
Focused on Temperature-Controlled Warehouses
Integrated Network of Strategically-Located,
High-Quality,"Mission-Critical"Warehouses
Infrastructure Supported by Best-in-Class IT and Operating Platforms
Provides a Significant Competitive Advantage
Fall 2023
Strong and Stable Food Industry Fundamentals Drive
Growing Demand for Our Business Across Cycles
Experienced Management Team, Alignment of Interest and
Best-In-Class Corporate Governance
Substantial Internal and External Growth Opportunities
Expected to Drive Attractive Risk-Adjusted Returns Over Time
Investment Grade, Flexible Balance Sheet
Positioned for Growth
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Company Snapshot
Global leader in temperature-controlled logistics real estate and value added services focused on the ownership,
operation, development and acquisition of temperature-controlled warehouses
Portfolio Overview | |||||||
Warehouses | Ownership | Total | Average | Geographic | Estimate of N.A. | Number of | Number of |
Type | Capacity | Facility Size | Operations | Market Share | Customers | Pallet Positions | |
242 | 193 owned (1), | 1.5bn cubic feet | 6.1mm cubic | North America, | 18.2% (2) | ~4,400 | ~5.4mm |
44 capital / | / 45.5mm | feet / 188K | Europe, Asia- | ||||
operating leased, | square feet | square feet | Pacific and South | ||||
5 managed | America |
Financial Highlights
$12.7bn | Total Enterprise Value (3) | ||
$9.1bn | Equity Market Cap (3) | ||
8.1% / 19.9% | YTD Total Revenue / NOI Growth Rate (4) | ||
$534mm | LTM PF Core EBITDA (5) | ||
$0.88 | 2Q23 Annualized Dividend per Share |
LTM 6/30/23 Segment Breakdown (6)
Revenue | Contribution / NOI(7) | |||
Warehouse | Warehouse | |||
88% | 93% | |||
LTM 6/30/23 | LTM 6/30/23 | |||
TOTAL | ||||
TOTAL | ||||
CONTRIBUTION | ||||
REVENUE | ||||
(NOI) | ||||
$2,689mm | ||||
$739mm | ||||
1% | Third-Party | 1% | ||
10% | 6% | Third-Party | ||
Managed | ||||
Managed | ||||
Transportation | Transportation |
Note: Figures as of June 30, 2023. Figures may not sum due to rounding | ||||
(1) | Includes 14 ground leased assets | EBITDA from the sale of the Cherokee facility, the Montreal facility and deconsolidation of Chile upon | ||
(2) | 2023 GCCA North American Top 25 List (May 2023), per GCCA website. Capacity from 2020 GCCA Global | contribution to the LATAM JV, partially offset by the facility lease expense for sites that it previously | 2 | |
Cold Storage Capacity Report (August 2020) | incurred operating lease expense for but was subsequently purchased | |||
(3) | Based on COLD share price of $33.53 as of September 1, 2023 | (6) | Excludes amount from strategic exit of certain third-party managed sites | |
(4) | Represents share of Revenues and NOI from Same Store Warehouse Segment on a constant currency | (7) | Segment contribution refers to segment's revenues less segment specific operating expenses (excludes | |
basis | any depreciation and amortization, impairment charges and corporate level SG&A). Contribution for our | |||
(5) | Amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of | warehouse segment equates to net operating income ("NOI") |
Largest Fully Integrated Network of Temperature-Controlled Warehouses
An indispensable component of food infrastructure from "farm to fork"
Restaurant Government | Hotel | |||
Farm | Food Service | School | Sports | Hospital |
Distribution Center | ||||
Fork | ||||
Production Advantaged | Distribution | Supermarket | ||
Warehouse | Center / | |||
Public | ||||
Food | Warehouse | |||
Producer | Retail | |||
Distribution Center | ||||
e-Commerce | ||||
Fulfillment | ||||
Food Producers | Americold Realty Trust | Food Distribution + Retailers |
Tradewater Distribution Center Atlanta, GA
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Disclaimer
Americold Realty Trust published this content on 08 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2023 12:58:01 UTC.