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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

Americold Realty Trust's recent performance was negatively impacted by industry-wide headwinds, including oversupply and weak demand. The company's Q3 2025 earnings call revealed a 2% sequential increase in total revenue, but high leverage and declining occupancy rates have pressured current earnings and investor sentiment. Institutional investors, such as Asset Management One Co. Ltd. and Teacher Retirement System of Texas, have sold shares, decreasing their stakes by 4.9% and 7.7%, respectively. Additionally, the company's cold storage business model faces unique risks, including rising competition and cyclical pressures.

1.c. Company Highlights

2. Americold Realty Trust's Q3 2025 Earnings: A Closer Look

Americold Realty Trust reported AFFO per share of $0.35 for Q3 2025, in line with expectations. However, the company's same-store economic occupancy declined to 75.5% year-over-year, reflecting demand pressure in the market. Same-store throughput increased slightly sequentially from Q2, largely due to the start of the annual agricultural harvest. The company's rent and storage revenue per economic pallet increased on both a sequential and year-over-year basis. Net debt to pro forma core EBITDA was 6.7x with approximately $800 million of available liquidity.

Publication Date: Nov -11

📋 Highlights
  • AFFO Performance: Delivered AFFO per share of $0.35, in line with expectations despite industry challenges.
  • Economic Occupancy: Same-store economic occupancy declined to 75.5%, reflecting demand pressures and excess capacity.
  • Development Pipeline: Maintains a robust $1 billion pipeline of customer-driven development opportunities.
  • 2026 Guidance: Anticipates pricing headwinds of 100-200 bps and 200-300 bps decline in economic occupancy due to low-demand environment.
  • Liquidity & Debt: Net debt to pro forma core EBITDA at 6.7x, with $800 million in available liquidity, reflecting disciplined capital allocation.

Financial Performance

The company's financial results were impacted by seasonal increases in power costs, which led to a contraction in same-store NOI. Customer churn remained in the low single digits, while rent and storage revenue from fixed commitments held steady at 60%. The company's development pipeline remains strong with approximately $1 billion of attractive opportunities.

Operational Highlights

Americold is managing the business to set itself up for long-term success, leaning into opportunities and finding new ways to grow. The company is focused on driving its business and growing relationships with customers, particularly in the retail and quick-service restaurant sectors. Americold is also exploring new opportunities, such as triple-net lease deals and commodities outside of food, to drive growth.

Challenges Ahead

The company expects pressure on pricing and economic occupancy in 2026, with a potential headwind of 100-200 basis points in pricing and a decline in economic occupancy by 200-300 basis points. Despite these near-term headwinds, Americold is confident in the long-term strength of the business, driven by its mission-critical infrastructure and diversified portfolio.

Valuation

Americold's current valuation metrics indicate a potentially undervalued stock. The company's P/S Ratio is 1.23, and its Dividend Yield is 8.06%. With a Net Debt / EBITDA ratio of 11.53, the company's leverage is relatively high. However, its EV/EBITDA ratio is 20.25, which may indicate a reasonable valuation considering the company's growth prospects.

Outlook

Analysts estimate revenue growth of 2.3% for next year. However, the actual EPS for Q3 2025 was -0.04, missing estimates of 0.35. Americold's management team is working to maximize the value of its assets for customers and shareholders, and the company's focus on driving new business and defending its market share is expected to help absorb capacity and drive growth.

3. NewsRoom

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Head-To-Head Contrast: Americold Realty Trust (NYSE:COLD) & SL Green Realty (NYSE:SLG)

Dec -01

Source: defenseworld.net

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Boston Partners Reduces Stake in Americold Realty Trust Inc. $COLD

Nov -29

Source: defenseworld.net

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Americold Offers 8.6% Dividend Yield While Waiting For Market Thaw

Nov -29

Source: seekingalpha.com

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Americold Named 2025 GRESB Sector Leader for Sustainability Excellence

Nov -26

Source: globenewswire.com

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Americold Realty Trust Inc. $COLD Stock Holdings Lifted by American Century Companies Inc.

Nov -26

Source: defenseworld.net

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Americold REIT: Potential Dividend Shocker Freezing Returns - Sell

Nov -25

Source: seekingalpha.com

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Contrasting American Tower (NYSE:AMT) & Americold Realty Trust (NYSE:COLD)

Nov -25

Source: defenseworld.net

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Americold Realty Trust Inc. (NYSE:COLD) Given Average Rating of “Hold” by Brokerages

Nov -15

Source: defenseworld.net

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: 6.1/10

Value: 3.4

Growth: 5.4

Quality: 7.2

Yield: 7.0

Momentum: 4.0

Volatility: 9.3

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LXP Industrial Trust

A-Score: 5.9/10

Value: 3.6

Growth: 2.2

Quality: 6.6

Yield: 9.0

Momentum: 5.0

Volatility: 9.0

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First Industrial Realty Trust

A-Score: 5.9/10

Value: 2.5

Growth: 5.6

Quality: 8.0

Yield: 6.0

Momentum: 4.0

Volatility: 9.3

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Terreno Realty

A-Score: 5.8/10

Value: 2.4

Growth: 6.9

Quality: 7.4

Yield: 6.0

Momentum: 4.0

Volatility: 8.3

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Rexford Industrial Realty

A-Score: 5.7/10

Value: 3.0

Growth: 7.0

Quality: 6.4

Yield: 7.0

Momentum: 3.0

Volatility: 8.0

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Americold Realty Trust

A-Score: 4.3/10

Value: 4.9

Growth: 3.0

Quality: 2.4

Yield: 9.0

Momentum: 0.0

Volatility: 6.7

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

10.75$

Current Price

10.75$

Potential

-0.00%

Expected Cash-Flows