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1. Company Snapshot

1.a. Company Description

Americold is the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses.Based in Atlanta, Georgia, Americold owns and operates 185 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina.Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

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1.b. Last Insights on COLD

Breaking News: Americold Realty Trust Inc. reported Q4 2025 earnings, with AFFO per share of $0.38, a 3% year-over-year increase, and beating expectations. The company's CEO stated that the results were solid, despite a challenging cold storage industry backdrop. Americold introduced 2026 key priorities to support future growth. The company surpassed Q4 FFO estimates, with FFO of $0.38 per share, compared to $0.37 per share a year ago. Some analysts consider Americold a potential pick for 2026 rebound. A recommendation is to hold by some analysts.

1.c. Company Highlights

2. Americold Realty Trust's 2025 Earnings: A Mixed Bag

Americold Realty Trust reported a fourth-quarter AFFO of $0.38 per share, slightly ahead of expectations. However, the actual EPS came out at -$0.30877, relative to estimates at $0.37. The company's total company NOI increased year-over-year, driven by gains in storage and handling rates. Services margins reached nearly 14% in the fourth quarter, and the full-year margin of 12.7% is up nearly 1,000 basis points over the past two years. Revenue per pallet is expected to be down approximately 100 to 200 basis points, and economic occupancy is expected to be flat to down by as much as 300 basis points.

Publication Date: Feb -20

📋 Highlights
  • 2025 Financial Performance: Delivered Q4 AFFO of $0.38/share, 12.7% full-year services margin (up 1,000 bps from 2023), and core EBITDA/NOI growth YoY.
  • Deleveraging Initiative: Targeting $50M annualized cost savings, $30M in transformation savings, and evaluating joint ventures or asset sales to strengthen balance sheet and maintain investment-grade status.
  • Portfolio Optimization: Exited/idled 10 assets in 2025, 9 more planned in 2026 (2 already executed), reducing same-store warehouses from 219 to 215 to stabilize occupancy and profitability.
  • 2026 AFFO Guidance: Outlook of $1.20–$1.30/share, with same-store NOI of $735M–$785M, same-store revenue of $2.2B–$2.27B, and revenue per pallet down 100–200 bps due to contract renewals.
  • Strategic Growth Focus: Expanding into pet food, floral, e-commerce, and pharmacy sectors (e.g., On The Run contract) and advancing four developments (Port Saint John, Christchurch, etc.) on time/budget.

Financial Performance and Outlook

For 2026, Americold expects AFFO to be between $1.20 and $1.30 per share. The company is confident that its five priorities will position it well to manage through near-term headwinds and establish a strong foundation for future growth. The guidance assumes continued pressure on revenue and does not incorporate any transactions that have not yet been announced. The second half of the year tends to experience higher volumes due to the agricultural harvest and holiday season.

Deleveraging and Cost Structure

Americold is making meaningful progress on its initiative to delever its balance sheet through a traditional REIT joint venture or selling certain non-strategic assets. The company aims to reduce its leverage level to maintain an investment-grade rating. On a cost structure basis, Americold is focused on unlocking $30 million in annualized cost savings and reducing Project Orion and transformation-related cash spend by approximately $50 million. As Rob mentioned, "we want to get to a leverage level that will allow us to continue to be investment-grade rated."

Valuation and Growth Prospects

With a P/E Ratio of -34.69 and an EV/EBITDA of 27.69, the market is pricing in significant growth prospects. Analysts estimate next year's revenue growth at 5.9%. The company's dividend yield is 6.62%, which is attractive for income investors. However, the Net Debt / EBITDA ratio is high at 14.52, indicating a need for deleveraging. Americold's efforts to consolidate its business, mothball underperforming warehouses, and drive organic growth will be crucial in achieving its growth prospects.

Operational Highlights

The company has initiated a robust portfolio management process, resulting in a favorable transaction. Americold is also driving organic growth by expanding its aperture and leveraging its value proposition into new sectors. The company has seen momentum in this initiative, with wins in the floral sector and a new contract with On The Run, a well-known gas and convenience store chain in Australia.

3. NewsRoom

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Tariffs, Tensions, And Repriced Risk

Feb -22

Source: seekingalpha.com

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Americold Realty Trust Inc. $COLD Shares Acquired by Berkeley Capital Partners LLC

Feb -20

Source: defenseworld.net

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Americold Realty Trust (NYSE:COLD) Trading Up 10.1% After Better-Than-Expected Earnings

Feb -20

Source: defenseworld.net

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REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts Approach

Feb -19

Source: marketbeat.com

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Compared to Estimates, Americold Realty Trust (COLD) Q4 Earnings: A Look at Key Metrics

Feb -19

Source: zacks.com

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Americold Realty Trust, Inc. (COLD) Q4 2025 Earnings Call Transcript

Feb -19

Source: seekingalpha.com

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Americold Realty Trust Inc. (COLD) Surpasses Q4 FFO Estimates

Feb -19

Source: zacks.com

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Americold Announces Fourth Quarter and Full Year 2025 Results

Feb -19

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.56%)

6. Segments

Warehouse

Expected Growth: 8.5%

Americold Realty Trust's 8.5% warehouse growth is driven by increasing demand for cold storage from e-commerce growth, rising online grocery sales, and expanding food delivery services. Additionally, the need for efficient logistics and supply chain management, coupled with the company's strategic acquisitions and development of new facilities, contribute to its growth momentum.

Transportation

Expected Growth: 9.03%

Americold Realty Trust's 9.03% growth in Transportation is driven by increasing demand for cold storage and logistics services, particularly in the e-commerce and food delivery sectors. Additionally, the company's strategic acquisitions and expansion into new markets have contributed to its growth, along with its focus on providing temperature-controlled infrastructure and supply chain solutions.

Third-party Managed

Expected Growth: 9.33%

Americold Realty Trust's 9.33% growth in third-party managed segment is driven by increasing demand for temperature-controlled storage, strategic acquisitions, and expansion of existing facilities. Additionally, the company's focus on providing value-added services, such as inventory management and transportation solutions, has contributed to its growth.

7. Detailed Products

Temperature-Controlled Warehousing

Americold Realty Trust, Inc. provides temperature-controlled warehousing services for perishable goods, including food, pharmaceuticals, and other temperature-sensitive products.

Cold Storage

Americold Realty Trust, Inc. offers cold storage services for frozen and refrigerated products, including meat, dairy, and other perishable goods.

Inventory Management

Americold Realty Trust, Inc. provides inventory management services, including tracking, reporting, and order fulfillment, to help customers manage their inventory efficiently.

Order Fulfillment

Americold Realty Trust, Inc. offers order fulfillment services, including picking, packing, and shipping, to help customers get their products to market quickly and efficiently.

Transportation Management

Americold Realty Trust, Inc. provides transportation management services, including logistics and freight management, to help customers move their products efficiently.

Value-Added Services

Americold Realty Trust, Inc. offers value-added services, including product labeling, packaging, and kitting, to help customers customize their products.

8. Americold Realty Trust, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Americold Realty Trust, Inc. operates in the cold storage industry, which has a moderate threat of substitutes. While there are alternative storage options, such as dry storage, the unique requirements of cold storage limit the availability of substitutes.

Bargaining Power Of Customers

Americold Realty Trust, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's cold storage services are often essential to its customers' operations, giving Americold a degree of pricing power.

Bargaining Power Of Suppliers

Americold Realty Trust, Inc. relies on a network of suppliers for goods and services, including construction materials, equipment, and labor. While the company has some bargaining power due to its scale, suppliers still have some negotiating power, particularly in markets with limited competition.

Threat Of New Entrants

The cold storage industry has significant barriers to entry, including high capital costs, complex regulatory requirements, and the need for specialized expertise. These barriers limit the threat of new entrants and give Americold Realty Trust, Inc. a degree of protection.

Intensity Of Rivalry

The cold storage industry is highly competitive, with several large players competing for market share. Americold Realty Trust, Inc. faces intense competition from established players, which can lead to pricing pressure and a focus on operational efficiency.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 45.82%
Debt Cost 4.45%
Equity Weight 54.18%
Equity Cost 6.70%
WACC 5.67%
Leverage 84.57%

11. Quality Control: Americold Realty Trust, Inc. passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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STAG Industrial

A-Score: 6.5/10

Value: 3.3

Growth: 5.4

Quality: 6.5

Yield: 7.0

Momentum: 7.0

Volatility: 9.7

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Terreno Realty

A-Score: 6.2/10

Value: 2.5

Growth: 6.9

Quality: 7.4

Yield: 6.0

Momentum: 6.0

Volatility: 8.7

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Rexford Industrial Realty

A-Score: 6.2/10

Value: 2.8

Growth: 6.9

Quality: 6.2

Yield: 7.0

Momentum: 6.0

Volatility: 8.3

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First Industrial Realty Trust

A-Score: 6.2/10

Value: 2.1

Growth: 5.6

Quality: 6.8

Yield: 6.0

Momentum: 7.0

Volatility: 9.7

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LXP Industrial Trust

A-Score: 5.9/10

Value: 3.7

Growth: 2.1

Quality: 5.6

Yield: 9.0

Momentum: 6.0

Volatility: 9.0

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Americold Realty Trust

A-Score: 4.3/10

Value: 5.1

Growth: 3.0

Quality: 2.0

Yield: 9.0

Momentum: 0.5

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.41$

Current Price

13.41$

Potential

-0.00%

Expected Cash-Flows