art-20240716

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 16, 2024

Americold Realty Trust, Inc.

(Exact name of registrant as specified in its charter)


Maryland	001-34723	93-0295215
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


10 Glenlake Parkway,	South Tower, Suite 600
Atlanta,	Georgia	30328
(Address of principal executive offices)		(Zip Code)

(678) 441-1400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.01 par value per share

COLD

New York Stock Exchange

Item 7.01. Regulation FD Disclosure.

Americold Realty Trust, Inc. (the “Company”) posted on its website at www.americold.com an investor presentation dated July 16, 2024, containing supplemental financial and operational information regarding the Company. In addition to being available on the Company’s website, the supplemental information is furnished hereto as Exhibit 99.1.

The information furnished in Item 7.01 of this Current Report on Form 8-K and the attached Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the ”Exchange Act”), is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Investor presentation dated July 16, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 16, 2024


			Americold Realty Trust, Inc.

			By:			/s/ E. Jay Wells
						Name: E. Jay Wells
						Title: Chief Financial Officer and Executive Vice President

cold-benchmark

Cold Storage Industry Benchmarking Summary As the established publicly-traded cold storage platform, Americold is advantageously positioned relative to its closest competitor and compares favorably across many quantitative and qualitative aspects  Americold operates more efficiently relative to its size. COLD operates a business with EBITDA margins that are only 120 bps lower than its larger competitor, which is ~ 2.0x larger by total revenue.  Segment-level NOI margins are not an apples-to-apples comparison as operating expense vs. corporate overhead cost allocation differs across companies.  G&A expense as a % of total revenue ~ 100 bps lower(1) for Americold relative to its larger peer and is likely attributable to either (i) more efficient corporate overhead cost structure or (ii) operating expense vs corporate overhead cost allocation. Americold operates a more efficient business relative to its overall sizeA LINE Δ Adj. EBITDA Margin 23.4% 24.6% (1.2%) G&A Exp. as a % of Revenue 8.6% 9.6% (1.0%) Select Operating Metrics Q1 2024  Americold’s total same store warehousing revenues per pallet are ~ 16% higher than its larger competitor, refuting the perception that particular properties are on the higher-end of the cold storage quality spectrum.  Americold has similar or more efficient pricing power across the reported historical periods, illustrating customers are willing to pay higher rents for Americold facilities.  In terms of density, Americold has ~ 13% more pallet positions per cubic foot within their warehouses, demonstrating Americold’s ability to operate more efficiently within their physical footprint across the portfolio relative to its larger competitor. When pallet positions per cubic foot are normalized across both companies, Americold’s occupancy is ~ 600 bps higher than Lineage. Americold’s unit-level economic outperformance supports overall portfolio qualityB C  Americold’s more efficient unit-level economics affirms the quality of Americold’s portfolio.  Customer perception of the quality of Americold’s portfolio is also affirmed by their willingness to commit to long-term contracts as evidenced by Americold having a higher share of revenue under fixed commitment contracts.  Americold has not publicly disclosed the information necessary to calculate a weighted average age of its portfolio per the methodology described in Lineage’s initial S-11; so an analogous calculation for Americold’s portfolio is not publicly discernible. Asset age references are not supported by publicly-disclosed information D Q1 24 SS Total Warehouse Rev. Per Economic Occ. Pallet Δ 16% $118 Q1 24 Pallet Positions Per 1,000 Cubic Ft. $136 3.8 3.4 2023 SS Total Warehouse Rev. Per Economic Occ. Pallet % of Total Rent & Storage Rev. Under Fixed Commitments $474$529 54% 42% Source: Lineage, Inc. S-11 filed on 6/26/2024; Americold public filings as of 3/31/2024. (1) General and administrative expenses as a % of total revenue calculated for the trailing twelve months as of 03/31/2024. Δ 13% Δ 12% Δ 12% Pallet / Cubic Ft. Adj Occupancy 79% 73%Δ 6%