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EX - 99.1 5 q22021 - pressrelease.htm EX - 99.1 Exhibit 99.1 AMERICOLD REALTY TRUST ANNOUNCES SECOND QUARTER 2021 RESULTS Atlanta , GA , August 5 , 2021 - Americold Realty Trust ( NYSE : COLD ) ( the " Company " ) , the world's largest publicly traded REIT focused on the ownership , operation , acquisition and development of temperature - controlled warehouses , today announced financial and operating results for the second quarter ended June 30 , 2021 . Fred Boehler , President and Chief Executive Officer of Americold Realty Trust , stated , " We continued to produce strong growth across our platform , with our Global Warehouse segment revenue up 35 % and NOI up 20 % in the second quarter 2021 , as we benefited from strategic acquisitions completed over the last year . We remain confident in the global demand for all types of food in our diverse portfolio . However , the global food supply chain continues to be impacted by the ongoing effects of COVID , especially limitations on production due to disruptions and challenges in the labor market . While we anticipate these issues will improve in the coming quarters , it will limit near term performance , which will result in our 2021 results being softer than originally anticipated . " " From an external growth perspective , we continue to execute on strategic developments and acquisitions . During the second quarter , we started on three new developments in Atlanta , GA , Dunkirk , NY and Dublin , Ireland totaling $ 111 million . Subsequent to quarter end , we acquired ColdCo Logistics in St. Louis , MO , and we entered into purchase agreements to acquire Newark Facility Management in Newark , NJ and Lago Cold Stores in Brisbane , Australia for a combined total of $ 488 million . While we cannot control the current macro environment , we continue to invest to strengthen our market leadership position and to create meaningful sustained value over the coming years for stakeholders . " " As we look to the future , our food manufacturing clients are working diligently to return to pre - COVID production and inventory levels . We expect a gradual recovery , but based on feedback from our customers , we do not expect to get back to normalized inventory levels until mid 2022 . In the meantime , we benefit from the scale and diversity of our portfolio , the effectiveness of the Americold Operating System , and the discipline of our commercial processes . Additionally , we are proud of our commitment to corporate responsibility , as demonstrated by our partnership with Feed the Children and Tyson Foods to launch an Alliance to Defeat Hunger with a 10 - city tour across the US to help feed nearly two million families in need across rural communities . " Second Quarter 2021 Highlights • Total revenue increased 35.7 % to $ 654.7 million . • Total NOI increased 21.0 % to $ 155.3 million . • Core EBITDA increased 17.7 % on an actual basis , and 14.8 % on a constant currency basis , to $ 118.3 million . • Net loss of $ 13.4 million , or $ 0.05 loss per diluted common share . • Core FFO of $ 38.6 million , or $ 0.15 per diluted common share . • AFFO of $ 71.7 million , or $ 0.28 per diluted common share . • Global Warehouse segment revenue increased 35.3 % to $ 503.7 million . • Global Warehouse segment NOI increased 20.2 % to $ 144.4 million . • Global Warehouse segment same store revenue increased 2.1 % , and was flat on a constant currency basis , Global Warehouse segment same store segment NOI decreased by 0.8 % , or 2.5 % on a constant currency basis .