Americold Realty Trust, Inc. (the “Company”), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the third quarter ended September 30, 2025.

Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, “Over the past two months as CEO of Americold, I’ve had the opportunity to visit several of our geographic regions both domestically and internationally, connecting with our teams and reinforcing our shared values and operating priorities. I have long been impressed by the unwavering commitment to operational excellence and strong execution demonstrated by our teams. This focus and dedication has been instrumental in navigating through the current market conditions and allowed us to deliver third-quarter AFFO of $0.35 per share, in-line with expectations, despite the ongoing industry headwinds.”

“In additional to connecting with our associates around the world, I’ve also spent considerable time engaging with our major customers and strategic partners. Americold has a strong reputation as an industry leader, servicing some of the largest food retailers and producers in the world. These relationships often span decades, and our global scale and presence at all key nodes in the cold chain provides us with attractive and unique future growth opportunities. We are also exploring ways to further leverage our partnerships and evaluate adjacent categories to strategically drive occupancy throughout our network. I remain confident in the long-term potential of the business and believe we are well-positioned to reap the rewards of the investments we have made in labor, operational excellence, technology, and commercial leadership to grow shareholder value.”

Third Quarter 2025 Highlights

  • Total revenues of $663.7 million, a 1.6% decrease from $674.2 million in Q3 2024 and a decrease of 1.5% on a constant currency basis.
  • Net loss of $11.4 million, or $0.04 loss per diluted share, as compared to a net loss of $0.01 per diluted share in Q3 2024.
  • Global Warehouse segment same store revenues decreased 1.6% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q3 2024.
  • Global Warehouse same store services margin decreased to 12.3% from 13.6% in Q3 2024.
  • Global Warehouse segment same store NOI decreased 2.9%, or 2.8% on a constant currency basis, as compared to Q3 2024.
  • Adjusted FFO of $100.7 million, or $0.35 per diluted share, consistent with Q3 2024 Adjusted FFO per diluted share of $0.35.
  • Core EBITDA of $148.3 million, decreased $9.0 million, or 5.7% (5.4% on a constant currency basis) from $157.2 million in Q3 2024.
  • Core EBITDA margin of 22.3%, decreased from 23.3% in Q3 2024.

2025 Outlook

The table below includes the details of our reaffirmed annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.