Exhibit 99.2

Financial Supplement		Second Quarter 2024

Table of Contents
Overview	PAGE
Corporate Profile	3
Earnings Release	5
Selected Quarterly Financial Data	15
Financial Information
Condensed Consolidated Balance Sheets	17
Condensed Consolidated Statements of Operations	18
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and Adjusted FFO	19
Reconciliation of Net (Loss) Income to NAREIT EBITDAre, and Core EBITDA	21
Acquisition, Cyber Incident and Other, Net	22
Debt Detail and Maturities	23
Operations Overview
Revenue and Contribution (NOI) by Segment	24
Global Warehouse Economic and Physical Occupancy Trend	25
Global Warehouse Portfolio	26
Fixed Commitment and Lease Maturity Schedules	28
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures	30
Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance	31
Same-Store Financial Performance	33
Same-Store Key Operating Metrics	35
Same-Store Historical Performance Trend	37
External Growth and Capital Deployment	38
Unconsolidated Joint Ventures (Investments in Partially Owned Entities)	39
2024 Guidance	41
Notes and Definitions	42

2

Financial Supplement		Second Quarter 2024

Corporate Profile

Americold Realty Trust, Inc. together with its subsidiaries (“ART”, “Americold”, the “Company”, “us” or “we”) is a Maryland corporation that operates as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is a global leader in temperature-controlled storage, logistics, real estate and value added services, and is focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. The REIT operates 239 warehouses globally, totaling approximately 1.4 billion cubic feet,with 195 in North America, 25 in Europe, 17 in Asia-Pacific, and 2 in South America as of June 30, 2024.

Our business includes three primary business segments: warehouse, transportation and third-party managed. We have minority interests in two joint ventures: SuperFrio (operates 35 temperature-controlled warehouses in Brazil), and RSA (operates 2 temperature-controlled warehouses in Dubai).

Corporate Headquarters

10 Glenlake Parkway, Suite 600, South Tower

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

George F. Chappelle, Jr.: Chief Executive Officer and Director

E. Jay Wells: Chief Financial Officer and Executive Vice President

Robert S. Chambers: President, Americas

Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President

Nathan H. Harwell: Chief Legal Officer and Executive Vice President

R. Scott Henderson: Chief Investment Officer and Executive Vice President

Michael P. Spires: Chief Information Officer and Executive Vice President

M. Bryan Verbarendse: Chief Operating Officer - North America and Executive Vice President

Richard C. Winnall: President, International

Robert E. Harris, Jr.: Chief Accounting Officer and Senior Vice President

Board of Directors

Mark R. Patterson: Chairman of the Board of Directors

George J. Alburger, Jr.: Director

Kelly H. Barrett: Director

Robert L. Bass: Director

George F. Chappelle, Jr.: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: Director

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit our website: www.americold.com.

(Please proceed to the Investors section.)

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

3

Financial Supplement		Second Quarter 2024

Analyst Coverage
Firm	Analyst Name	Contact	Email
Baird Equity Research	Nicholas Thillman	414-298-5053	nthillman@rwbaird.com
Bank of America Merrill Lynch	Joshua Dennerlein	646-855-1681	joshua.dennerlein@bofa.com
Barclays	Brendan Lynch	212-526-9428	brendan.lynch@barclays.com
BNP Paribas Exane Research	Nate Crossett	646-725-3716	nate.crossett@exanebnpparibas.com
Citi	Craig Mailman	212-816-4471	craig.mailman@citi.com
Evercore ISI	Samir Khanal / Steve Sakwa	212-888-3796 / 212-446-9462	samir.khanal@evercoreisi.com / steve.sakwa@evercoreisi.com
Green Street Advisors	Vince Tibone	949-640-8780	vtibone@greenstreet.com
J.P. Morgan	Michael W. Mueller	212-622-6689	michael.w.mueller@jpmorgan.com
KeyBanc	Todd Thomas	917-368-2286	tthomas@key.com
MorningStar Research Services	Suryansh Sharma	314-585-6793	suryansh.sharma@morningstar.com
Raymond James	William A. Crow	727-567-2594	bill.crow@raymondjames.com
RBC	Michael Carroll	440-715-2649	michael.carroll@rbccm.com
Scotiabank	Greg McGinniss	212-225-6906	greg.mcginniss@scotiabank.com
Truist	Ki Bin Kim	212-303-4124	kibin.kim@truist.com
Wells Fargo Securities	Blaine Heck	410-662-2556	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	646-582-9250	arosivach@wolferesearch.com

Stock Listing Information

The shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol “COLD”.

Credit Ratings

DBRS Morningstar
Credit Rating:	BBB	(Stable Trend)
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Moody’s
Issuer Rating:	Baa3	(Stable Outlook)

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

4

Financial Supplement		Second Quarter 2024

AMERICOLD ANNOUNCES SECOND QUARTER 2024 RESULTS

Achieves Double Digit Same Store NOI Growth,

Record Services Margins for a Second Consecutive Quarter and Raises Full Year Earnings Guidance

Atlanta, GA, August 8, 2024 - Americold Realty Trust, Inc. (NYSE: COLD) (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 second quarter ended June 30, 2024.

George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “As the operational and financial results of the second quarter highlight, it's been another great quarter for organic growth at Americold as we produced double digit year-over-year growth in Global Warehouse Same Store NOI, Same Store Warehouse Services Margins, and ultimately AFFO. The efforts the team has put in over the past almost three years to build a productive, stabilized workforce have created a solid foundation in which we were not only able to expand, but continue to produce sustainable services margins across any macroeconomic environment, which supported the improvement in our outlook for the year. Further, the significant investments we have made in our technology and the processes we have put in place have resulted in enhanced revenue capture, and better labor and cost management. We have also been investing back into our business by doubling the capital deployment development guide from last year to $200 - $300 million this year, and are tracking to potentially exceed that number. All of these efforts sets Americold up extremely well for the eventual return of consumer demand.”

Second Quarter 2024 Highlights

•Total revenue of $661.0 million, a 1.7% change from $649.6 million in Q2 2023.

•Net loss of $64.4 million, or $0.23 loss per diluted common share.

•Total Company NOI increased 17.1% to $215.5 million from $184.1 million in Q2 2023.     

•Total Company NOI margin increased 427 bps to 32.6% from 28.3% in Q2 2023.

•Global Warehouse same store services margin increased to 13.2% from 1.1% in Q2 2023 on a constant currency basis.

•Core FFO of $95.0 million, or $0.33 per diluted common share.

•AFFO of $109.4 million, or $0.38 per diluted common share.

•Core EBITDA of $165.5 million increased $30.8 million, or 22.9% from $134.7 million in Q2 2023.

•Core EBITDA margin of 25.0% increased 430 basis points from 20.7% in Q2 2023.

•Global Warehouse segment same store revenue increased 3.4% on an actual basis, or increased 5.3% on a constant currency basis.

•Global Warehouse segment same store NOI increased 17.3%, or 19.3% on a constant currency basis.

5

Financial Supplement		Second Quarter 2024

2024 Outlook

The table below includes the details of our 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.

	As of	As of	As of
	August 8, 2024	May 9, 2024	February 22, 2024
Warehouse segment same store revenue growth (constant currency)	2.0% - 4.0%	2.5% - 5.5%	2.5% - 5.5%
Warehouse segment same store NOI growth (constant currency)	900 - 1000 bps higher than associated revenue	700 - 750 bps higher than associated revenue	400 - 450 bps higher than associated revenue
Warehouse segment non-same store NOI	$(7)M - $1M	$(7)M - $1M	$(3)M - $9M
Transportation and Managed segment NOI	$42M - $47M	$42M - $47M	$45M - $50M
Total selling, general and administrative expense (inclusive of share-based compensation expense of $23M - $25M and $5M - $7M of Orion amortization)	$247M - $261M	$247M - $261M	$247M - $261M
Interest expense	$133M - $141M	$135M - $143M	$141M - $149M
Current income tax expense	$7M - $10M	$9M - $12M	$9M - $12M
Deferred income tax benefit	$6M - $8M	$6M - $8M	$6M - $8M
Non real estate depreciation and amortization expense	$133M - $141M	$127M - $135M	$127M - $135M
Total maintenance capital expenditures	$80M - $90M	$80M - $90M	$80M - $90M
Development starts (1)	$200M - $300M	$200M - $300M	$200M - $300M
AFFO per share	$1.44 - $1.50	$1.38 - $1.46	$1.32 - $1.42
Assumed FX rates	1 ARS = 0.0011 USD 1 AUS = 0.6614 USD 1 BRL = 0.0170 USD 1 CAD = 0.7330 USD 1 EUR = 1.079 USD 1 GBP = 1.2680 USD 1 NZD = 0.6113 USD 1 PLN = 0.2498 USD	1 ARS = 0.0012 USD 1 AUS = 0.6576 USD 1 BRL = 0.1925 USD 1 CAD = 0.7401 USD 1 EUR = 1.0857 USD 1 GBP = 1.2684 USD 1 NZD = 0.6128 USD 1 PLN = 0.2507 USD	1 ARS = 0.0012 USD 1 AUS = 0.6615 USD 1 BRL = 0.2016 USD 1 CAD = 0.7438 USD 1 EUR = 1.0914 USD 1 GBP = 1.2662 USD 1 NZD = 0.6168 USD 1 PLN = 0.2520 USD

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, August 8, 2024 at 8:00 a.m. Eastern Time to discuss its second quarter 2024 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13743083. The telephone replay will be available starting shortly after the call until August 22, 2024.

The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

6

Financial Supplement		Second Quarter 2024

Second Quarter 2024 Total Company Financial Results

Total revenue for the second quarter of 2024 was $661.0 million, a 1.7% change from the $649.6 million from the same quarter of the prior year, which was the result of growth within our Global Warehouse segment, partially offset by changes in our Transportation and Third-party managed segments. The growth within our Global Warehouse segment was driven by our pricing initiatives and rate escalations, partially offset by lower economic occupancy and throughput.

Total NOI for the second quarter of 2024 was $215.5 million, an increase of 17.1% from the same quarter of the prior year. This increase is a result of strong variable cost control driving higher warehouse services margins, in addition to the drivers of revenue growth mentioned above.

For the second quarter of 2024, the Company reported net loss of $64.4 million, or $0.23 loss per diluted share, compared to net loss of $104.8 million, or $0.39 loss per diluted share, for the comparable quarter of the prior year.

Core EBITDA was $165.5 million for the second quarter of 2024, compared to $134.7 million for the comparable quarter of the prior year. This reflects a 22.9% increase over prior year on an actual basis, and 24.7% on a constant currency basis. The increase is due to the same factors driving the increase in NOI mentioned above.

For the second quarter of 2024, Core FFO was $95.0 million, or $0.33 per diluted share, compared to $62.5 million, or $0.23 per diluted share, for the second quarter of 2023.

For the second quarter of 2024, AFFO was $109.4 million, or $0.38 per diluted share, compared to $75.6 million, or $0.28 per diluted share, for the second quarter of 2023.

Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

Second Quarter 2024 Global Warehouse Segment Results

The following table presents revenues, contribution (NOI) and margins for our same store and non-same store warehouses with a reconciliation to the total financial metrics of our warehouse segment for the three and six months ended June 30, 2024. Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

7

Financial Supplement		Second Quarter 2024

	Three Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual		Constant Currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	235						237			n/a		n/a
Rent and storage	$	267,671		$	273,751		$	275,183		(2.7)	%	(0.5)	%
Warehouse services	332,716			337,351			305,987			8.7	%	10.3	%
Total revenue	$	600,387		$	611,102		$	581,170		3.3	%	5.2	%
Global Warehouse contribution (NOI)	$	204,531		$	208,100		$	172,842		18.3	%	20.4	%
Global Warehouse margin	34.1		%	34.1		%	29.7		%	433 bps		431 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,311			n/a			4,580			(5.9)	%	n/a
Average physical occupied pallets	3,740			n/a			4,187			(10.7)	%	n/a
Average physical pallet positions	5,519			n/a			5,424			1.8	%	n/a
Economic occupancy percentage	78.1		%	n/a			84.4		%	-634 bps		n/a
Physical occupancy percentage	67.8		%	n/a			77.2		%	-943 bps		n/a
Total rent and storage revenue per average economic occupied pallet	$	62.09		$	63.50		$	60.08		3.3	%	5.7	%
Total rent and storage revenue per average physical occupied pallet	$	71.57		$	73.20		$	65.72		8.9	%	11.4	%
Global Warehouse services metrics:
Throughput pallets	9,024			n/a			9,118			(1.0)	%	n/a
Total warehouse services revenue per throughput pallet	$	36.87		$	37.38		$	33.56		9.9	%	11.4	%
SAME STORE WAREHOUSE
Number of same store warehouses	226						226			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	257,924		$	263,984		$	264,134		(2.4)	%	(0.1)	%
Warehouse services	324,767			329,372			299,417			8.5	%	10.0	%
Total same store revenue	$	582,691		$	593,356		$	563,551		3.4	%	5.3	%
Global Warehouse same store contribution (NOI)	$	206,604		$	210,247		$	176,205		17.3	%	19.3	%
Global Warehouse same store margin	35.5		%	35.4		%	31.3		%	419 bps		417 bps
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,165			n/a			4,468			(6.8)	%	n/a
Average physical occupied pallets	3,615			n/a			4,099			(11.8)	%	n/a
Average physical pallet positions	5,245			n/a			5,277			(0.6)	%	n/a
Economic occupancy percentage	79.4		%	n/a			84.7		%	-526 bps		n/a
Physical occupancy percentage	68.9		%	n/a			77.7		%	-875 bps		n/a
Same store rent and storage revenue per average economic occupied pallet	$	61.94		$	63.38		$	59.12		4.8	%	7.2	%
Same store rent and storage revenue per average physical occupied pallet	$	71.34		$	73.02		$	64.44		10.7	%	13.3	%
Global Warehouse same store services metrics:
Throughput pallets	8,717			n/a			8,873			(1.8)	%	n/a
Same store warehouse services revenue per throughput pallet	$	37.26		$	37.79		$	33.74		10.4	%	12.0	%

8

Financial Supplement		Second Quarter 2024

	Three Months Ended June 30,									Change
Dollars and units in thousands, except per pallet data	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual	Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	9						11			n/a	n/a
Global Warehouse non-same store revenue:
Rent and storage	$	9,747		$	9,767		$	11,049		n/r	n/r
Warehouse services	7,949			7,979			6,570			n/r	n/r
Total non-same store revenue	$	17,696		$	17,746		$	17,619		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	(2,073)		$	(2,147)		$	(3,363)		n/r	n/r
Global Warehouse non-same store margin	(11.7)		%	(12.1)		%	(19.1)		%	n/r	n/r
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	146			n/a			112			n/r	n/a
Average physical occupied pallets	125			n/a			88			n/r	n/a
Average physical pallet positions	274			n/a			147			n/r	n/a
Economic occupancy percentage	53.3		%	n/a			76.2		%	n/r	n/a
Physical occupancy percentage	45.6		%	n/a			59.9		%	n/r	n/a
Non-same store rent and storage revenue per average economic occupied pallet	$	66.76		$	66.90		$	98.65		n/r	n/r
Non-same store rent and storage revenue per average physical occupied pallet	$	77.98		$	78.14		$	125.56		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	307			n/a			245			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	25.89		$	25.99		$	26.82		n/r	n/r

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

9

Financial Supplement		Second Quarter 2024

	Six Months Ended June 30,									Change
Dollars in thousands	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	235						237			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	537,095		$	548,390		$	546,591		(1.7)	%	0.3	%
Warehouse services	661,002			669,779			629,631			5.0	%	6.4	%
Total revenue	$	1,198,097		$	1,218,169		$	1,176,222		1.9	%	3.6	%
Global Warehouse contribution (NOI)	$	401,662		$	408,064		$	347,669		15.5	%	17.4	%
Global Warehouse margin	33.5		%	33.5		%	29.6		%	397 bps		394 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,353			n/a			4,566			(4.7)	%	n/a
Average physical occupied pallets	3,775			n/a			4,188			(9.9)	%	n/a
Average physical pallet positions	5,525			n/a			5,421			1.9	%	n/a
Economic occupancy percentage	78.8		%	n/a			84.2		%	-544 bps		n/a
Physical occupancy percentage	68.3		%	n/a			77.3		%	-893 bps		n/a
Total rent and storage revenue per average economic occupied pallet	$	123.39		$	125.98		$	119.70		3.1	%	5.2	%
Total rent and storage revenue per average physical occupied pallet	$	142.28		$	145.27		$	130.50		9.0	%	11.3	%
Global Warehouse services metrics:
Throughput pallets	18,075			n/a			18,770			(3.7)	%	n/a
Total warehouse services revenue per throughput pallet	$	36.57		$	37.06		$	33.54		9.0	%	10.5	%
SAME STORE WAREHOUSE
Number of same store warehouses	226						226			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	514,220		$	525,434		$	528,184		(2.6)	%	(0.5)	%
Warehouse services	645,183			653,819			616,395			4.7	%	6.1	%
Total same store revenue	$	1,159,403		$	1,179,253		$	1,144,579		1.3	%	3.0	%
Global Warehouse same store contribution (NOI)	$	407,187		$	413,633		$	360,924		12.8	%	14.6	%
Global Warehouse same store margin	35.1		%	35.1		%	31.5		%	359 bps		354 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,204			n/a			4,460			(5.7)	%	n/a
Average physical occupied pallets	3,649			n/a			4,103			(11.1)	%	n/a
Average physical pallet positions	5,245			n/a			5,277			(0.6)	%	n/a
Economic occupancy percentage	80.2		%	n/a			84.5		%	-437 bps		n/a
Physical occupancy percentage	69.6		%	n/a			77.8		%	-818 bps		n/a
Same store rent and storage revenue per average economic occupied pallet	$	122.34		$	124.98		$	118.42		3.3	%	5.5	%
Same store rent and storage revenue per average physical occupied pallet	$	140.94		$	143.99		$	128.73		9.5	%	11.9	%
Global Warehouse same store services metrics:
Throughput pallets	17,398			n/a			18,269			(4.8)	%	n/a
Same store warehouse services revenue per throughput pallet	$	37.08		$	37.58		$	33.74		9.9	%	11.4	%

10

Financial Supplement		Second Quarter 2024

	Six Months Ended June 30,									Change
Dollars in thousands	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual	Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	9						11
Global Warehouse non-same store revenue:
Rent and storage	$	22,875		$	22,956		$	18,407		n/r	n/r
Warehouse services	15,819			15,960			13,236			n/r	n/r
Total non-same store revenue	$	38,694		$	38,916		$	31,643		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	(5,525)		$	(5,569)		$	(13,255)		n/r	n/r
Global Warehouse non-same store margin	(14.3)		%	(14.3)		%	(41.9)		%	n/r	n/r
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	149			n/a			106			n/r	n/a
Average physical occupied pallets	126			n/a			85			n/r	n/a
Average physical pallet positions	280			n/a			144			n/r	n/a
Economic occupancy percentage	53.2		%	n/a			73.6		%	n/r	n/a
Physical occupancy percentage	45.0		%	n/a			59.0		%	n/r	n/a
Non-same store rent and storage revenue per average economic occupied pallet	$	153.52		$	154.07		$	173.65		n/r	n/r
Non-same store rent and storage revenue per average physical occupied pallet	$	181.55		$	182.19		$	216.55		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	677			n/a			501			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	23.37		$	23.57		$	26.42		n/r	n/r

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

For the second quarter of 2024, Global Warehouse segment revenue was $600.4 million, an increase of $19.2 million, or 3.3%, compared to $581.2 million for the second quarter of 2023. This growth was principally driven by our pricing initiatives and rate escalations. This was partially offset by lower occupancy and throughput pallets due to consumer buying habits.

Global Warehouse segment contribution (NOI) was $204.5 million for the second quarter of 2024 as compared to $172.8 million for the second quarter of 2023, an increase of $31.7 million or 18.3%. Global Warehouse segment contribution (NOI) increased due to higher revenue, strong variable cost controls and labor efficiencies. Global Warehouse segment margin was 34.1% for the second quarter of 2024, a 433 basis point increase as to compared to the second quarter of 2023, driven by improvement in our warehouse services margin.

Fixed Commitment Rent and Storage Revenue

As of June 30, 2024, $618.0 million of the Company’s annualized rent and storage revenues were derived from customers with fixed commitment storage contracts. This compares to $597.9 million at the end of the first quarter of 2024 and $521.3 million at the end of the second quarter of 2023. We continue to make progress on commercializing business under this type of arrangement. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 56.6% of rent and storage revenue was generated from fixed commitment storage contracts.

11

Financial Supplement		Second Quarter 2024

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. For the second quarter of 2024, economic occupancy for the total warehouse segment was 78.1% and warehouse segment same store pool was 79.4%, representing a 1,035 basis point and 1,049 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 634 basis points, and the warehouse segment same store pool decreased 526 basis points as compared to the second quarter of 2023.

Real Estate Portfolio

As of June 30, 2024, the Company’s portfolio consists of 239 facilities. The Company ended the second quarter of 2024 with 235 facilities in its Global Warehouse segment portfolio and four facilities in its Third-party managed segment. The same store population consists of 226 facilities for the quarter ended June 30, 2024. The non-same store facility count consists of: five sites in the expansion and development phase, two facilities that we purchased in 2023, one facility that requires capital investment in anticipation of repurposing, and one site in which we have ceased operations and intend to lease to a third party.

Balance Sheet Activity and Liquidity

As of June 30, 2024, the Company had total liquidity of approximately $553.7 million, including cash and capacity on its revolving credit facility. Total net debt outstanding was $3.3 billion (inclusive of $177.0 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA was approximately 5.3x. The Company’s total debt outstanding includes $3.2 billion of unsecured debt, which excludes sale-leaseback and financing lease obligations. The Company’s real estate debt has a remaining weighted average term of 4.6 years and carries a weighted average contractual interest rate of 4.0%. As of June 30, 2024, 82% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

Dividend

On May 21, 2024, the Company’s Board of Directors declared a dividend of $0.22 per share for the second quarter of 2024, which was paid on July 15, 2024 to common stockholders of record as of June 28, 2024.

About the Company

Americold is 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, Americold owns and/or operates 239 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, same store segment revenue, contribution (NOI) and margin, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical

12

Financial Supplement		Second Quarter 2024

calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

Forward-Looking Statements

This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes, and those related to the cyber matter which occurred on April 26, 2023; risks related to implementation of the new ERP system, defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers to provide transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include those regarding our 2024 outlook and our migration of our customers to fixed commitment storage contracts. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, and

13

Financial Supplement		Second Quarter 2024

other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

Contacts:

Americold Realty Trust, Inc.

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

14

Financial Supplement		Second Quarter 2024

Selected Quarterly Financial Data

In thousands, except per share amounts	As of
Capitalization:	Q2 24		Q1 24		Q4 23		Q3 23		Q2 23
Fully diluted common stock outstanding at quarter end(1)	286,815		286,350		285,771		285,869		272,479
Common stock share price at quarter end	$25.54		$24.92		$30.27		$30.41		$32.30
Market value of common equity	$7,325,255		$7,135,842		$8,650,288		$8,693,276		$8,801,072
Gross debt (2)	$3,379,881		$3,280,056		$3,262,970		$3,165,843		$3,568,567
Less: cash and cash equivalents	44,198		59,204		60,392		53,831		48,873
Net debt	$3,335,683		$3,220,852		$3,202,578		$3,112,012		$3,519,694
Total enterprise value	$10,660,938		$10,356,694		$11,852,866		$11,805,288		$12,320,766
Net debt / total enterprise value	31.3	%	31.1	%	27.0	%	26.4	%	28.6	%
Net debt to pro forma Core EBITDA(2)	5.33x		5.40x		5.58x		5.68x		6.59x
	Three Months Ended
Selected Operational Data:	Q2 24		Q1 24		Q4 23		Q3 23		Q2 23
Warehouse segment revenue	$600,387		$597,710		$612,262		$602,605		$581,170
Total revenue	660,955		664,980		679,291		667,939		649,610
Operating income (loss)	63,368		41,831		(194,321)		33,000		20,667
Net (loss) income from continuing operations	(64,409)		9,802		(226,800)		(2,299)		(96,527)
Net (loss) income	(64,409)		9,802		(226,800)		(2,096)		(104,802)
Total warehouse segment contribution (NOI) (3)	204,531		197,131		197,102		177,832		172,842
Total segment contribution (NOI) (3)	215,483		210,836		209,835		189,120		184,051
Selected Other Data:
Core EBITDA (4)	$165,482		$155,844		$160,270		$144,047		$134,687
Core EBITDA margin (4)	25.0	%	23.4	%	23.6	%	21.6	%	20.7	%
Core funds from operations (FFO) (4)	95,023		77,316		84,764		69,587		62,497
Adjusted funds from operations (AFFO) (4)	109,397		104,913		108,017		88,162		75,557
Net (loss) income per share - basic	$(0.23)		$0.03		$(0.80)		$(0.01)		$(0.39)
Net (loss) income per share - diluted	$(0.23)		$0.03		$(0.80)		$(0.01)		$(0.39)
Core FFO per diluted share (4)	$0.33		$0.27		$0.30		$0.25		$0.23
AFFO per diluted share (4)	$0.38		$0.37		$0.38		$0.32		$0.28
Dividend distributions declared per common share (5)	$0.22		$0.22		$0.22		$0.22		$0.22
Diluted AFFO payout ratio (6)	57.9	%	59.5	%	57.9	%	68.8	%	78.6	%
Portfolio Statistics:
Total global warehouses	239		241		245		243		242
Average economic occupancy	78.1	%	79.4	%	82.7	%	83.0	%	84.4	%
Average physical occupancy	67.8	%	68.9	%	73.6	%	74.7	%	77.2	%
Total global same-store warehouses	226		226		219		219		220

15

Financial Supplement		Second Quarter 2024

(1)Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method
	As of
(2) Net Debt to Core EBITDA Computation	6/30/2024		12/31/2023
Total debt, net of deferred financing costs	$	3,370,627	$	3,252,392
Deferred financing costs	9,254		10,578
Gross debt	$3,379,881		$3,262,970
Adjustments:
Less: cash, cash equivalents and restricted cash	44,198		60,392
Net debt	$	3,335,683	$	3,202,578
Core EBITDA - last twelve months	$625,643		$572,080
Net Core EBITDA from acquisitions (a)	318		2,069
Pro forma Core EBITDA - last twelve months	$625,961		$574,149
Net debt to pro forma Core EBITDA	5.33x		5.58x
(a) As of June 30, 2024, amount includes three months of Core EBITDA from the Safeway acquisition prior to Americold’s ownership. As of December 31, 2023, amount includes nine months of Core EBITDA from the Safeway acquisition prior to Americold’s ownership as well as the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased.
(3) Reconciliation of segment contribution (NOI)
	Three Months Ended
	Q2 24		Q1 24		Q4 23	Q3 23	Q2 23
Warehouse segment contribution (NOI)	$204,531		$197,131		$197,102	$177,832	$172,842
Transportation segment contribution (NOI)	8,850		11,522		10,912	9,659	9,809
Third-party managed segment contribution (NOI)	2,102		2,183		1,821	1,629	1,400
Total segment contribution (NOI)	$215,483		$210,836		$209,835	$189,120	$184,051
Depreciation and amortization expense	(89,649)		(92,095)		(94,099)	(89,728)	(84,892)
Selling, general and administrative expense	(59,453)		(65,426)		(57,763)	(52,383)	(53,785)
Acquisition, cyber incident and other expense, net	(3,013)		(14,998)		(15,774)	(13,931)	(27,235)
Gain (loss) from sale of real estate	—		3,514		(5)	(78)	2,528
Impairment of indefinite and long-lived assets	—		—		(236,515)	—	—
U.S. GAAP operating income (loss)	$63,368		$41,831		($194,321)	$33,000	$20,667
(4) See “Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO” and “Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA” pages 19-21
(5) Distributions per common share	Three Months Ended
	Q2 24		Q1 24		Q4 23	Q3 23	Q2 23
Distributions declared on common stock during the quarter	$63,238		$62,976		$62,645	$62,868	$59,921
Common stock outstanding at quarter end	284,079		284,034		283,699	283,517	270,186
Distributions declared per common share	$0.22		$0.22		$0.22	$0.22	$0.22
(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share

16

Financial Supplement		Second Quarter 2024

Financial Information

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	June 30, 2024		December 31, 2023
Assets
Property, buildings, and equipment:
Land	$	816,949	$	820,831
Buildings and improvements	4,458,632		4,464,359
Machinery and equipment	1,575,540		1,565,431
Assets under construction	510,085		452,312
	7,361,206		7,302,933
Accumulated depreciation	(2,330,672)		(2,196,196)
Property, buildings, and equipment – net	5,030,534		5,106,737
Operating leases - net	231,822		247,302
Financing leases - net	105,770		105,164
Cash, cash equivalents, and restricted cash	44,198		60,392
Accounts receivable – net of allowance of $21,672 and $21,647 at June 30, 2024 and December 31, 2023, respectively	429,080		426,048
Identifiable intangible assets – net	874,788		897,414
Goodwill	790,612		794,004
Investments in and advances to partially owned entities	41,481		38,113
Other assets	254,168		194,078
Total assets	$	7,802,453	$	7,869,252
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit	$	619,636	$	392,156
Accounts payable and accrued expenses	570,818		568,764
Senior unsecured notes and term loans – net of deferred financing costs of $9,254and $10,578, in the aggregate, at June 30, 2024 and December 31, 2023, respectively	2,574,022		2,601,122
Sale-leaseback financing obligations	81,201		161,937
Financing lease obligations	95,768		97,177
Operating lease obligations	226,764		240,251
Unearned revenue	27,290		28,379
Deferred tax liability - net	129,512		135,797
Other liabilities	7,854		9,082
Total liabilities	4,332,865		4,234,665
Equity
Stockholders' equity
Common stock, $0.01 par value per share – 500,000,000 authorized shares;284,079,137and 283,699,120 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	2,840		2,837
Paid-in capital	5,635,353		5,625,907
Accumulated deficit and distributions in excess of net earnings	(2,176,035)		(1,995,975)
Accumulated other comprehensive income (loss)	(14,313)		(16,640)
Total stockholders’ equity	3,447,845		3,616,129
Noncontrolling interests	21,743		18,458
Total equity	3,469,588		3,634,587
Total liabilities and equity	$	7,802,453	$	7,869,252

17

Financial Supplement		Second Quarter 2024

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Rent, storage, and warehouse services	$	600,387	$	581,170	$	1,198,097	$	1,176,222
Transportation services	50,637		58,072		107,490		126,150
Third-party managed services	9,931		10,368		20,348		23,727
Total revenues	660,955		649,610		1,325,935		1,326,099
Operating expenses:
Rent, storage, and warehouse services cost of operations	395,856		408,328		796,435		828,553
Transportation services cost of operations	41,787		48,263		87,118		104,681
Third-party managed services cost of operations	7,829		8,968		16,063		21,248
Depreciation and amortization	89,649		84,892		181,744		169,916
Selling, general, and administrative	59,453		53,785		124,879		116,640
Acquisition, cyber incident, and other, net	3,013		27,235		18,011		34,382
Gain from sale of real estate	—		(2,528)		(3,514)		(2,337)
Total operating expenses	597,587		628,943		1,220,736		1,273,083
Operating income	63,368		20,667		105,199		53,016
Other income (expense):
Interest expense	(33,180)		(36,431)		(66,610)		(70,854)
Loss on debt extinguishment and termination of derivative instruments	(110,682)		(627)		(115,864)		(1,172)
Loss from investments in partially owned entities	(1,034)		(709)		(1,983)		(1,357)
Loss on put option	—		(56,576)		—		(56,576)
Impairment of related party loan receivable	—		(21,972)		—		(21,972)
Other, net	14,623		(415)		24,149		1,018
Loss from continuing operations before income taxes	(66,905)		(96,063)		(55,109)		(97,897)
Income tax (expense) benefit:
Current income tax	(1,857)		(1,923)		(3,232)		(3,900)
Deferred income tax	4,353		1,459		3,734		5,080
Total income tax benefit (expense)	2,496		(464)		502		1,180
Net Loss
Net loss from continuing operations	(64,409)		(96,527)		(54,607)		(96,717)
Net loss from discontinued operations	—		(8,275)		—		(10,656)
Net loss	$	(64,409)	$	(104,802)	$	(54,607)	$	(107,373)
Net loss attributable to noncontrolling interests	(300)		(78)		(238)		(87)
Net loss attributable to Americold Realty Trust, Inc.	$	(64,109)	$	(104,724)	$	(54,369)	$	(107,286)
Weighted average common stock outstanding – basic	284,683		270,462		284,664		270,387
Weighted average common stock outstanding – diluted	284,683		270,462		284,664		270,387
Net loss per common share from continuing operations - basic	$	(0.23)	$	(0.36)	$	(0.19)	$	(0.36)
Net loss per common share from discontinued operations - basic	—		(0.03)		—		$	(0.04)
Basic loss per share	$	(0.23)	$	(0.39)	$	(0.19)	$	(0.40)
Net loss per common share from continuing operations - diluted	$	(0.23)	$	(0.36)	$	(0.19)	$	(0.36)
Net loss per common share from discontinued operations - diluted	—		$	(0.03)	$	—	$	(0.04)
Diluted loss per share	$	(0.23)	$	(0.39)	$	(0.19)	$	(0.40)

18

Financial Supplement		Second Quarter 2024

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO
(In thousands, except per share amounts)
	Three Months Ended										YTD
	Q2 24		Q1 24		Q4 23		Q3 23		Q2 23		2024
Net (loss) income	$	(64,409)	$	9,802	$	(226,800)	$	(2,096)	$	(104,802)	$	(54,607)
Adjustments:
Real estate related depreciation	56,410		56,275		57,183		56,373		54,740		112,685
(Gain) loss from sale of real estate	—		(3,514)		5		78		(2,528)		(3,514)
Net loss (gain) on asset disposals	53		40		260		(25)		—		93
Our share of reconciling items related to partially owned entities	418		148		280		290		232		566
NAREIT FFO	$	(7,528)	$	62,751	$	(169,072)	$	54,620	$	(52,358)	$	55,223
Adjustments:
Net (gain) loss on sale of non-real estate assets	(548)		(20)		3,312		(296)		289		(568)
Acquisition, cyber incident and other, net	3,013		14,998		15,774		13,931		27,235		18,011
Goodwill impairment	—		—		236,515		—		—		—
Loss on debt extinguishment and termination of derivative instruments	110,682		5,182		627		683		627		115,864
Foreign currency exchange (gain) loss	(11,321)		373		(28)		705		212		(10,948)
Gain on legal settlement related to prior period operations	—		(6,104)		(2,180)		—		—		(6,104)
Project Orion deferred costs amortization	581		—		—		—		—		581
Our share of reconciling items related to partially owned entities	144		136		(184)		147		(27)		280
Net (gain) loss from discontinued operations	—		—		—		(203)		8,275		—
Impairment of related party receivable	—		—		—		—		21,972		—
Loss on put option	—		—		—		—		56,576		—
Gain on sale of LATAM JV	—		—		—		—		(304)		—
Core FFO	$	95,023	$	77,316	$	84,764	$	69,587	$	62,497	$	172,339
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,294		1,289		1,290		1,286		1,279		2,583
Amortization of below/above market leases	360		368		360		369		375		728
Straight-line rental expense adjustment	367		589		597		544		361		956
Deferred income tax (benefit) expense	(4,353)		619		(3,228)		(2,473)		(1,459)		(3,734)
Stock-based compensation expense	6,064		6,619		5,780		6,203		4,639		12,683
Non-real estate depreciation and amortization	33,239		35,820		36,916		33,355		30,152		69,059
Maintenance capital expenditures (a)	(22,832)		(17,933)		(18,670)		(20,907)		(22,590)		(40,765)
Our share of reconciling items related to partially owned entities	235		226		208		198		303		461
Adjusted FFO	$	109,397	$	104,913	$	108,017	$	88,162	$	75,557	$	214,310

19

Financial Supplement		Second Quarter 2024

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued)
(In thousands except per share amounts)
	Three Months Ended										YTD
	Q2 24		Q1 24		Q4 23		Q3 23		Q2 23		2024
NAREIT FFO	$	(7,528)	$	62,751	$	(169,072)	$	54,620	$	(52,358)	$	55,223
Core FFO	$	95,023	$	77,316	$	84,764	$	69,587	$	62,497	$	172,339
Adjusted FFO	$	109,397	$	104,913	$	108,017	$	88,162	$	75,557	$	214,310
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	284,683		284,644		284,263		278,137		270,462		284,664
Dilutive stock options and unvested restricted stock units	327		234		502		519		695		280
Weighted average dilutive shares	285,010		284,878		284,765		278,656		271,157		284,944
NAREIT FFO - basic per share	$	(0.03)	$	0.22	$	(0.59)	$	0.20	$	(0.19)	$	0.19
NAREIT FFO - diluted per share	$	(0.03)	$	0.22	$	(0.59)	$	0.20	$	(0.19)	$	0.19
Core FFO - basic per share	$	0.33	$	0.27	$	0.30	$	0.25	$	0.23	$	0.61
Core FFO - diluted per share	$	0.33	$	0.27	$	0.30	$	0.25	$	0.23	$	0.60
Adjusted FFO - basic per share	$	0.38	$	0.37	$	0.38	$	0.32	$	0.28	$	0.75
Adjusted FFO - diluted per share	$	0.38	$	0.37	$	0.38	$	0.32	$	0.28	$	0.75

(a)Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.

20

Financial Supplement		Second Quarter 2024

Reconciliation of Net (Loss) Income to NAREIT EBITDAre, and Core EBITDA
(In thousands)
	Three Months Ended															Trailing Twelve Months Ended
	Q2 24			Q1 24			Q4 23			Q3 23			Q2 23			Q2 24
Net (loss) income	$	(64,409)		$	9,802		$	(226,800)		$	(2,096)		$	(104,802)		$	(283,503)
Adjustments:
Depreciation and amortization	89,649			92,095			94,099			89,728			84,892			365,571
Interest expense	33,180			33,430			33,681			35,572			36,431			135,863
Income tax (benefit) expense	(2,496)			1,994			(601)			(492)			464			(1,595)
(Gain) loss from sale of real estate	—			(3,514)			5			78			(2,528)			(3,431)
Adjustment to reflect share of EBITDAre of partially owned entities	1,520			1,470			1,533			1,495			3,085			6,018
NAREIT EBITDAre	$	57,444		$	135,277		$	(98,083)		$	124,285		$	17,542		$	218,923
Adjustments:
Acquisition, cyber incident and other, net	3,013			14,998			15,774			13,931			27,235			47,716
Loss (gain) from investments in partially owned entities	1,034			949			(174)			259			709			2,068
Impairment of indefinite and long-lived assets	—			—			236,515			—			—			236,515
Foreign currency exchange (gain) loss	(11,321)			373			(28)			705			212			(10,271)
Stock-based compensation expense	6,064			6,619			5,780			6,203			4,639			24,666
Loss on debt extinguishment and termination of derivative instruments	110,682			5,182			627			683			627			117,174
(Gain) loss on other asset disposals	(495)			20			3,572			(321)			289			2,776
Gain on legal settlement related to prior period operations	—			(6,104)			(2,180)			—			—			(8,284)
Project Orion deferred costs amortization	581			—			—			—			—			581
Reduction in EBITDAre from partially owned entities	(1,520)			(1,470)			(1,533)			(1,495)			(3,085)			(6,018)
Gain from sale of partially owned entities	—			—			—			—			(304)			—
Net (gain) loss from discontinued operations	—			—			—			(203)			8,275			(203)
Impairment of related party receivable	—			—			—			—			21,972			—
Loss on put option	—			—			—			—			56,576			—
Core EBITDA	$	165,482		$	155,844		$	160,270		$	144,047		$	134,687		$	625,643
Total revenue	$	660,955		$	664,980		$	679,291		$	667,939		$	649,610		$	2,673,165
Core EBITDA margin	25.0		%	23.4		%	23.6		%	21.6		%	20.7		%	23.4		%

21

Financial Supplement		Second Quarter 2024

Acquisition, cyber incident and other, net

Dollars in thousands

This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our Quarterly Report on Form 10-Q.

In addition to the costs recorded to Acquisition, cyber incident and other disclosed in the table below, the Company has invested $69.4 million as of June 30, 2024 and $20.3 million as of June 30, 2023 since the inception of Project Orion which is included in “Other Assets” on the condensed consolidated balance sheet.

	Three Months Ended June 30,				Six Months Ended June 30,
Acquisition, cyber incident and other, net	2024		2023		2024		2023
Project Orion expenses	$	11,984	$	2,543	$	19,798	$	4,488
Acquisition and integration related costs	1,345		2,402		2,351		4,188
Severance costs	1,030		2,793		4,864		6,209
Other, net	(462)		499		(833)		499
Cyber incident related costs, net of insurance recoveries	(10,884)		18,998		(8,169)		18,998
Total Acquisition, cyber incident and other, net	$	3,013	$	27,235	$	18,011	$	34,382

22

Financial Supplement		Second Quarter 2024

Debt Detail and Maturities
(In thousands)
	As of June 30, 2024
Indebtedness:	Carrying Value		Contractual Interest Rate(1)	Effective Interest Rate(2)	Stated Maturity Date(3)
Unsecured Debt(4)
Senior Unsecured Revolving Credit Facility - C$35M(5)	$	25,601	CORRA + 0.84%	6.31%	08/2027
Senior Unsecured Revolving Credit Facility - USD(5)	360,000		SOFR + 0.84%	6.65%	08/2027
Senior Unsecured Revolving Credit Facility - A$197M(5)	131,523		BBSW + 0.84%	5.57%	08/2027
Senior Unsecured Revolving Credit Facility - €71M(5)	75,709		EURIBOR + 0.84%	4.87%	08/2027
Senior Unsecured Revolving Credit Facility - NZD44M(5)	26,803		BKBM + 0.84%	6.88%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-1 - USD(6)	375,000		SOFR + 0.94%	4.58%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M	182,865		CORRA + 0.94%	4.78%	01/2028
Senior Unsecured Term Loan A Facility Tranche A-3 - USD	270,000		SOFR + 0.94%	4.27%	01/2028
Series A Unsecured notes - USD	200,000		4.68%	4.77%	01/2026
Series B Unsecured notes - USD	400,000		4.86%	4.92%	01/2029
Series C Unsecured notes - USD	350,000		4.10%	4.15%	01/2030
Series D Unsecured notes - €400M	429,552		1.62%	1.67%	01/2031
Series E Unsecured notes - €350M	375,859		1.65%	1.70%	01/2033
Total Unsecured Debt	$	3,202,912	3.99%	4.16%	4.6 years
Sale-leaseback financing obligations	81,201		10.07%
Financing lease obligations	95,768		4.09%
Total Debt Outstanding	$	3,379,881	4.14%
Less: unamortized deferred financing costs	(9,254)
Total Book Value of Debt	$	3,370,627
Rate Type			% of Total
Fixed(7)	$	2,760,245	82%
Variable-unhedged	619,636		18%
Total Gross Debt Outstanding	$	3,379,881	100%
Debt Type			% of Total
Unsecured	$	3,202,912	95%
Secured	176,969		5%
Total Debt Outstanding	$	3,379,881	100%

1.As of June 30, 2024, the adjusted daily SOFR rate of our Senior Unsecured Revolving Credit Facility was 5.42%, the adjusted daily CORRA rate was 5.08%, the one-month EURIBOR rate was 3.65%, the one-month BBSW rate was 4.35%, the one-month BKBM rate was 5.65%. Our Senior Unsecured Term Loan Tranche A-1 is hedged at a weighted average of 4.29%. Our Senior Unsecured Term Loan Tranche A-2 is hedged at a weighted average of 4.53%. Our Senior Unsecured Term Loan Tranche A-3 is hedged at a weighted average of 4.09%. Included in the SOFR and CORRA rates above, there are adjustments of 0.10% and 0.30%, respectively.

2.The effective interest rates presented include the amortization of loan costs and are based on the hedged rate for the $375.0 million TLA Tranche A-1, the C$250.0 million TLA Tranche A-2, and the $270.0 million Tranche A-3. Subtotals of stated effective interest rates represent weighted average interest rates.

3.Subtotals of stated maturity dates represent remaining weighted average life of the debt and assuming the exercise of extension options on the TLA Tranche A-1 and Senior Unsecured Revolving Credit Facility.

4.Borrowing currency and value presented in caption unless USD denominated.

5.The Senior Unsecured Revolving Credit maturity assumes two six-month extension options. The borrowing capacity as of June 30, 2024 is $1.2 billion less $20.8 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $1.2 billion committed.

6.The Senior Unsecured Term Loan Tranche A-1 maturity assumes two twelve-month extension options.

7.The total includes borrowings with a variable interest rate that have been effectively hedged through interest rate swaps.

23

Financial Supplement		Second Quarter 2024

Operations Overview

Revenue and Contribution (NOI) by Segment
(in thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Segment revenues:
Warehouse	$	600,387	$	581,170	$	1,198,097	$	1,176,222
Transportation	50,637		58,072		107,490		126,150
Third-party managed	9,931		10,368		20,348		23,727
Total revenues	660,955		649,610		1,325,935		1,326,099
Segment contribution:
Warehouse	204,531		172,842		401,662		347,669
Transportation	8,850		9,809		20,372		21,469
Third-party managed	2,102		1,400		4,285		2,479
Total segment contribution	215,483		184,051		426,319		371,617
Reconciling items:
Depreciation and amortization expense	(89,649)		(84,892)		(181,744)		(169,916)
Selling, general, and administrative expense	(59,453)		(53,785)		(124,879)		(116,640)
Acquisition, cyber incident, and other expense, net	(3,013)		(27,235)		(18,011)		(34,382)
Gain from sale of real estate	—		2,528		3,514		2,337
Interest expense	(33,180)		(36,431)		(66,610)		(70,854)
Other, net	14,623		(415)		24,149		1,018
Loss on debt extinguishment and termination of derivative instruments	(110,682)		(627)		(115,864)		(1,172)
Impairment of related party loan receivable	—		(21,972)		—		(21,972)
Loss on put option	—		(56,576)		—		(56,576)
Loss from investments in partially owned entities	(1,034)		(709)		(1,983)		(1,357)
Loss from continuing operations before income taxes	$	(66,905)	$	(96,063)	$	(55,109)	$	(97,897)

We view and manage our business through three primary business segments—warehouse, transportation, third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.

24

Financial Supplement		Second Quarter 2024

Global Warehouse Economic and Physical Occupancy Trend

Note: Dotted lines represent incremental economic occupancy percentage.

We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

Historically, providers of temperature-controlled warehouse space have offered storage services to customers on an as-utilized, on-demand basis. We have entered into fixed storage commitments with certain customers which give us, among other things, additional clarity around the expected occupancy of our warehouses. As of June 30, 2024, we had entered into contracts featuring fixed storage commitments or leases with 311 of our customers in our warehouse segment. Customers with fixed storage provisions commit to occupy a certain number of pallets at a designated storage rate for the applicable portion of their contractual term, whether the customer elects to physically store goods in a warehouse or not. As a result, certain pallets in our warehouses may generate storage revenue pursuant to fixed storage commitments despite not being physically occupied. To the extent that a customer with a fixed storage provision elects not to utilize all of its committed pallets in a particular warehouse, we have the flexibility to deploy those pallets to facilitate shorter-term customers that desire space on an as-utilized, on demand basis.

25

Financial Supplement		Second Quarter 2024

Global Warehouse Portfolio

Country / Region	# of warehouses	Cubic feet (in millions)	% of total cubic feet		Pallet positions (in thousands)	Average economic occupancy (1)		Average physical occupancy (1)		Revenues (2) (in millions)		Segment contribution (NOI) (2)(3) (in millions)		Total customers (4)
Warehouse Segment Portfolio (5)
United States
East	53	351.0	25	%	1,218	76	%	61	%	$	319.3	$	106.4	1,035
Southeast	48	315.6	22	%	1,024	76	%	64	%	216.8		55.5		670
Central	41	268.2	19	%	1,087	82	%	73	%	226.4		88.2		702
West	45	262.3	18	%	1,142	81	%	69	%	210.2		87.3		591
Canada	5	32.6	2	%	120	89	%	87	%	23.6		9.7		70
North America Total	192	1,229.7	86	%	4,591	79	%	67	%	$	996.3	$	347.1	2,248
Netherlands	6	31.5	2	%	112	68	%	68	%	21.3		4.1		269
United Kingdom	5	39.3	3	%	244	81	%	75	%	25.5		11.3		109
Spain	4	15.2	1	%	77	58	%	58	%	10.7		2.7		259
Portugal	4	11.5	1	%	58	65	%	65	%	5.9		1.1		143
Ireland	3	9.5	1	%	59	69	%	59	%	10.4		2.2		165
Austria	1	4.2	—	%	44	71	%	71	%	11.4		2.9		119
Poland	2	3.5	—	%	14	90	%	90	%	3.9		1.3		49
Europe Total	25	114.7	8	%	608	72	%	69	%	$	89.1	$	25.6	1,042
Australia	10	59.1	4	%	219	87	%	81	%	87.8		19.8		127
New Zealand	6	16.9	1	%	84	95	%	81	%	18.9		7.2		46
Asia-Pacific Total	16	76.0	5	%	303	89	%	81	%	$	106.7	$	27.0	170
Argentina	2	9.7	1	%	23	73	%	73	%	6.0		2.0		47
South America Total	2	9.7	1	%	23	73	%	73	%	$	6.0	$	2.0	47
Warehouse Segment Total / Average	235	1,430.1	100	%	5,525	79	%	68	%	$	1,198.1	$	401.7	3,491
Third-Party Managed Portfolio
North America	3	14.9	100	%	—	—		—		$	8.6	$	1.6	3
Asia-Pacific	1	—	—	%	—	—		—		11.7		2.7		1
Third-Party Managed Total / Average	4	14.9	100	%	—	—		—		$	20.3	$	4.3	4
Portfolio Total / Average	239	1,445.0	100	%	5,525	79	%	68	%	$	1,218.4	$	406.0	3,491

(1)Refer to the preceding section Global Warehouse Economic and Physical Occupancy Trend for our definitions of economic occupancy and physical occupancy.

(2)Six months ended June 30, 2024.

(3)We use the term “segment contribution (NOI)” to mean a segment’s revenues less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses and corporate-level acquisition, cyber incident and other, net). The applicable segment contribution (NOI) from our owned and leased warehouses and our third-party managed warehouses is included in our warehouse segment contribution (NOI) and third-party managed segment contribution (NOI), respectively.

(4)We serve some of our customers in multiple geographic regions and in multiple facilities within geographic regions. As a result, the total number of customers that we serve is less than the total number of customers reflected in the table above that we serve in each geographic region.

(5)As of June 30, 2024, we owned 168 of our North American warehouses and 40 of our international warehouses, and we leased 24 of our North American warehouses and three of our international warehouses. As of June 30, 2024, fourteen of our owned facilities were located on land that we lease pursuant to long-term ground leases.

26

Financial Supplement		Second Quarter 2024

_______________________________________________

(1)Retail reflects a broad variety of product types from retail customers.

(2)Packaged foods reflects a broad variety of temperature-controlled meals and foodstuffs.

(3)Distributors reflects a broad variety of product types from distributor customers.

____________________

Note: June 30, 2024 LTM Revenue and NOI pro forma 2023 acquisitions.

June 30, 2024 warehouse segment cubic feet includes all 2023 acquisitions.

27

Financial Supplement		Second Quarter 2024

Fixed Commitment and Lease Maturity Schedules

The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of June 30, 2024. The information set forth in the table assumes no exercise of extension options under these contracts and leases.

Contract Expiration Year	Number of Contracts	Annualized Committed Rent & Storage Revenue (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the six months ended June 30, 2024		Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the six months ended  June 30, 2024(1) (in thousands)		Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month	118	$	59,927	5.5	%	$	183,571	$	59,927
2024	145	102,422		9.4	%	246,712		100,998
2025	146	135,814		12.4	%	267,176		139,023
2026	80	142,936		13.1	%	268,471		146,530
2027	34	31,807		2.9	%	70,815		33,372
2028	20	26,684		2.4	%	85,452		29,056
2029+	28	118,451		10.9	%	318,529		126,387
Total	571	$	618,041	56.6	%	$	1,440,726	$	635,293

____________________

Note: June 30, 2024 LTM total revenue and rent and storage revenue pro forma 2023 acquisitions.

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of June 30, 2024, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended June 30, 2024, multiplied by 12.

(2)Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of June 30, 2024 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

28

Financial Supplement		Second Quarter 2024

The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of June 30, 2024. These leases had a weighted average remaining term of 44 months as of June 30, 2024.

Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1) (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the six months ended June 30, 2024			Leased Square Footage (in thousands)	% Leased Square Footage		Annualized Rent at Expiration(2) (in thousands)
Month-to-Month	2	$	5	—	%		9	0.2	%	$	5
2024	34	7,556		0.7	%		778	21.0	%	7,577
2025	29	11,192		1.0	%		671	18.1	%	11,290
2026	13	6,123		0.6	%		487	13.1	%	6,450
2027	10	3,748		0.3	%		245	6.6	%	4,039
2028	11	7,680		0.7	%		713	19.2	%	8,037
2029+	11	15,293		1.4	%		804	21.7	%	19,226
Total	110	$	51,597	4.7	%	—	3,707	100	%	$	56,624

____________________

Note: June 30, 2024 LTM rent and storage revenue pro forma 2023 acquisitions.

(1)Represents monthly rental payments under the relevant leases as of June 30, 2024, multiplied by 12.

(2)Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.

29

Financial Supplement		Second Quarter 2024

Maintenance Capital Expenditures, Repair and Maintenance Expenses and

External Growth, Expansion and Development Capital Expenditures

We utilize a strategic and preventative approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and ensure that our warehouses meet the “mission-critical” role they serve in the cold chain.

Maintenance Capital Expenditures

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands, except per cubic foot amounts)
Real estate	$	20,830	$	20,430	$	37,165	$	35,329
Personal property	1,104		1,367		1,950		1,692
Information technology	898		793		1,650		1,813
Maintenance capital expenditures(1)	$	22,832	$	22,590	$	40,765	$	38,834
Maintenance capital expenditures per cubic foot	$	0.016	$	0.015	$	0.028	$	0.026

(1) Excludes a nominal amount and $0.3 million of deferred acquisition maintenance capital expenditures incurred for three months ended June 30, 2024 and 2023, respectively. Excludes a nominal amount and $0.6 million deferred acquisition maintenance capital expenditures incurred for the six months ended June 30, 2024 and 2023, respectively.

Repair and Maintenance Expenses

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands, except per cubic foot amounts)
Real estate	$	10,349	$	12,304	$	24,937	$	21,106
Personal property	18,919		17,096		35,223		37,061
Repair and maintenance expenses	$	29,268	$	29,400	$	60,160	$	58,167
Repair and maintenance expenses per cubic foot	$	0.020	$	0.020	$	0.042	$	0.039

External Growth, Expansion and Development Capital Expenditures

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Business combinations	$	—	$	40,743	$	—	$	40,743
Asset acquisitions	—		20,081		—		20,081
Expansion and development initiatives(2)	32,881		19,567		62,833		48,290
Information technology	2,759		1,721		3,739		3,334
Growth and expansion capital expenditures	$	35,640	$	82,112	$	66,572	$	112,448

(2)We capitalized interest, insurance, compensation and travel expense of employees incurring direct and incremental costs to the development of $9.3 millionand $5.3 million for the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, respectively, we capitalized interest, insurance, compensation and travel expense of employees incurring direct and incremental costs to the development of $17.6 millionand $10.6 million.

30

Financial Supplement		Second Quarter 2024

TOTAL GLOBAL WAREHOUSE SEGMENT FINANCIAL AND OPERATING PERFORMANCE

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended June 30, 2024 and 2023.

	Three Months Ended June 30,									Change
	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual		Constant Currency
	(Dollars in thousands)
Rent and storage	$	267,671		$	273,751		$	275,183		(2.7)	%	(0.5)	%
Warehouse services	332,716			337,351			305,987			8.7	%	10.3	%
Total warehouse segment revenue	$	600,387		$	611,102		$	581,170		3.3	%	5.2	%
Power	37,082			38,124			35,992			3.0	%	5.9	%
Other facilities costs (2)	62,385			64,065			61,172			2.0	%	4.7	%
Labor	245,626			248,879			253,802			(3.2)	%	(1.9)	%
Other services costs (3)	50,763			51,934			57,362			(11.5)	%	(9.5)	%
Total warehouse segment cost of operations	$	395,856		$	403,002		$	408,328		(3.1)	%	(1.3)	%
Warehouse segment contribution (NOI)	$	204,531		$	208,100		$	172,842		18.3	%	20.4	%
Warehouse rent and storage contribution (NOI) (4)	$	168,204		$	171,562		$	178,019		(5.5)	%	(3.6)	%
Warehouse services contribution (NOI) (5)	$	36,327		$	36,538		$	(5,177)		(801.7)	%	(805.8)	%
Total warehouse segment margin	34.1		%	34.1		%	29.7		%	433 bps		431 bps
Rent and storage margin(6)	62.8		%	62.7		%	64.7		%	-185 bps		-202 bps
Warehouse services margin(7)	10.9		%	10.8		%	(1.7)		%	1261 bps		1252 bps

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $9.2 million and $9.5 million for the three months ended June 30, 2024 and 2023, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $3.0 million and $3.4 million for the three months ended June 30, 2024 and 2023, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

31

Financial Supplement		Second Quarter 2024

The following table presents the operating results of our warehouse segment for the six months ended ended June 30, 2024 and 2023.

	Six Months Ended June 30,									Change
	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual		Constant Currency
	(Dollars in thousands)
Rent and storage	$	537,095		$	548,390		$	546,591		(1.7)	%	0.3	%
Warehouse services	661,002			669,779			629,631			5.0	%	6.4	%
Total warehouse segment revenues	1,198,097			1,218,169			1,176,222			1.9	%	3.6	%
Power	70,415			72,494			72,040			(2.3)	%	0.6	%
Other facilities costs (2)	127,980			131,108			121,972			4.9	%	7.5	%
Labor	493,799			500,011			512,343			(3.6)	%	(2.4)	%
Other services costs (3)	104,241			106,492			122,198			(14.7)	%	(12.9)	%
Total warehouse segment cost of operations	$	796,435		$	810,105		$	828,553		(3.9)	%	(2.2)	%
Warehouse segment contribution (NOI)	$	401,662		$	408,064		$	347,669		15.5	%	17.4	%
Warehouse rent and storage contribution (NOI) (4)	$	338,700		$	344,788		$	352,579		(3.9)	%	(2.2)	%
Warehouse services contribution (NOI) (5)	$	62,962		$	63,276		$	(4,910)		(1,382.3)	%	(1,388.7)	%
Total warehouse segment margin	33.5		%	33.5		%	29.6		%	397 bps		394 bps
Rent and storage margin(6)	63.1		%	62.9		%	64.5		%	-144 bps		-163 bps
Warehouse services margin(7)	9.5		%	9.4		%	(0.8)		%	1031 bps		1023 bps

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $18.4 million and $18.9 million, on an actual basis, for the six months ended ended June 30, 2024 and 2023, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $6.5 million and $7.1 million, on an actual basis, for the six months ended June 30, 2024 and 2023, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

32

Financial Supplement		Second Quarter 2024

Same-store Financial Performance - The following table presents revenues, cost of operations, NOI and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the three months ended June 30, 2024 and 2023.

	Three Months Ended June 30,									Change
	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual		Constant Currency
Number of same store warehouses	226						226			n/a		n/a
Same store revenues:	(Dollars in thousands)
Rent and storage	$	257,924		$	263,984		$	264,134		(2.4)	%	(0.1)	%
Warehouse services	324,767			329,372			299,417			8.5	%	10.0	%
Total same store revenues	$	582,691		$	593,356		$	563,551		3.4	%	5.3	%
Same store cost of operations:
Power	35,494			36,533			34,167			3.9	%	6.9	%
Other facilities costs	59,193			60,800			57,190			3.5	%	6.3	%
Labor	234,276			237,487			240,574			(2.6)	%	(1.3)	%
Other services costs	47,124			48,289			55,415			(15.0)	%	(12.9)	%
Total same store cost of operations	$	376,087		$	383,109		$	387,346		(2.9)	%	(1.1)	%
Same store contribution (NOI)	$	206,604		$	210,247		$	176,205		17.3	%	19.3	%
Same store rent and storage contribution (NOI)(2)	$	163,237		$	166,651		$	172,777		(5.5)	%	(3.5)	%
Same store services contribution (NOI)(3)	$	43,367		$	43,596		$	3,428		1,165.1	%	1,171.8	%
Total same store margin	35.5		%	35.4		%	31.3		%	419 bps		417 bps
Same store rent and storage margin(4)	63.3		%	63.1		%	65.4		%	-212 bps		-228 bps
Same store services margin(5)	13.4		%	13.2		%	1.1		%	1221 bps		1209 bps
Number of non-same store warehouses(6)	9						11			n/a		n/a
Non-same store revenues:
Rent and storage	$	9,747		$	9,767		$	11,049		n/r		n/r
Warehouse services	7,949			7,979			6,570			n/r		n/r
Total non-same store revenues	$	17,696		$	17,746		$	17,619		n/r		n/r
Non-same store cost of operations:
Power	1,588			1,591			1,825			n/r		n/r
Other facilities costs	3,192			3,265			3,982			n/r		n/r
Labor	11,350			11,392			13,228			n/r		n/r
Other services costs	3,639			3,645			1,947			n/r		n/r
Total non-same store cost of operations	$	19,769		$	19,893		$	20,982		n/r		n/r
Non-same store contribution (NOI)	$	(2,073)		$	(2,147)		$	(3,363)		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	4,967		$	4,911		$	5,242		n/r		n/r
Non-same store services contribution (NOI)(3)	$	(7,040)		$	(7,058)		$	(8,605)		n/r		n/r
Total warehouse segment revenues	$	600,387		$	611,102		$	581,170		3.3	%	5.2	%
Total warehouse cost of operations	$	395,856		$	403,002		$	408,328		(3.1)	%	(1.3)	%
Total warehouse segment contribution (NOI)	$	204,531		$	208,100		$	172,842		18.3	%	20.4	%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Calculated as rent and storage revenues less power and other facilities costs.
(3)	Calculated as warehouse services revenues less labor and other services costs.
(4)	Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(5)	Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.
(6)	The non-same store facility count consists of: five sites in the expansion and development phase, two facilities that we purchased in 2023, one facility that requires capital investment in anticipation of repurposing, and one site in which we have ceased operations and intend to lease to a third party.

33

Financial Supplement		Second Quarter 2024

The following table presents revenues, cost of operations, NOI and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the six months ended June 30, 2024 and 2023.

	Six Months Ended June 30,									Change
	2024 Actual			2024 Constant Currency(1)			2023 Actual			Actual		Constant Currency
Number of same store warehouses	226						226			n/a		n/a
Same store revenues:	(Dollars in thousands)
Rent and storage	$	514,220		$	525,434		$	528,184		(2.6)	%	(0.5)	%
Warehouse services	645,183			653,819			616,395			4.7	%	6.1	%
Total same store revenues	1,159,403			1,179,253			1,144,579			1.3	%	3.0	%
Same store cost of operations:
Power	66,719			68,787			68,976			(3.3)	%	(0.3)	%
Other facilities costs	118,388			121,413			114,460			3.4	%	6.1	%
Labor	469,836			475,911			487,037			(3.5)	%	(2.3)	%
Other services costs	97,273			99,509			113,182			(14.1)	%	(12.1)	%
Total same store cost of operations	$	752,216		$	765,620		$	783,655		(4.0)	%	(2.3)	%
Same store contribution (NOI)	$	407,187		$	413,633		$	360,924		12.8	%	14.6	%
Same store rent and storage contribution (NOI)(2)	$	329,113		$	335,234		$	344,748		(4.5)	%	(2.8)	%
Same store services contribution (NOI)(3)	$	78,074		$	78,399		$	16,176		382.7	%	384.7	%
Total same store margin	35.1		%	35.1		%	31.5		%	359 bps		354 bps
Same store rent and storage margin(4)	64.0		%	63.8		%	65.3		%	-127 bps		-147 bps
Same store services margin(5)	12.1		%	12.0		%	2.6		%	948 bps		937 bps
Number of non-same store warehouses(6)	9						11			n/a		n/a
Non-same store revenues:
Rent and storage	$	22,875		$	22,956		$	18,407		n/r		n/r
Warehouse services	15,819			15,960			13,236			n/r		n/r
Total non-same store revenues	38,694			38,916			31,643			n/r		n/r
Non-same store cost of operations:
Power	3,696			3,707			3,064			n/r		n/r
Other facilities costs	9,592			9,695			7,512			n/r		n/r
Labor	23,963			24,100			25,306			n/r		n/r
Other services costs	6,968			6,983			9,016			n/r		n/r
Total non-same store cost of operations	$	44,219		$	44,485		$	44,898		n/r		n/r
Non-same store contribution (NOI)	$	(5,525)		$	(5,569)		$	(13,255)		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	9,587		$	9,554		$	7,831		n/r		n/r
Non-same store services contribution (NOI)(3)	$	(15,112)		$	(15,123)		$	(21,086)		n/r		n/r
Total warehouse segment revenues	$	1,198,097		$	1,218,169		$	1,176,222		1.9	%	3.6	%
Total warehouse cost of operations	$	796,435		$	810,105		$	828,553		(3.9)	%	(2.2)	%
Total warehouse segment contribution (NOI)	$	401,662		$	408,064		$	347,669		15.5	%	17.4	%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Calculated as rent and storage revenues less power and other facilities costs.
(3)	Calculated as warehouse services revenues less labor and other services costs.
(4)	Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(5)	Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.
(6)	The non-same store facility count consists of: five sites in the expansion and development phase, two facilities that we purchased in 2023, one facility that requires capital investment in anticipation of repurposing, and one site in which we have ceased operations and intend to lease to a third party.

34

Financial Supplement		Second Quarter 2024

Same-store Key Operating Metrics

The following table provides certain operating metrics to explain the drivers of our same store performance for the three months ended June 30, 2024 and 2023.

	Three Months Ended June 30,						Change
Units in thousands except per pallet and site data	2024			2023
Number of same store warehouses	226			226			n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	4,165			4,468			(6.8)	%
Economic occupancy percentage	79.4		%	84.7		%	-526 bps
Same store rent and storage revenues per average economic occupied pallet	$	61.94		$	59.12		4.8	%
Constant currency same store rent and storage revenue per average economic occupied pallet	$	63.38		$	59.12		7.2	%
Physical occupancy(2)
Average physical occupied pallets	3,615			4,099			(11.8)	%
Average physical pallet positions	5,245			5,277			(0.6)	%
Physical occupancy percentage	68.9		%	77.7		%	-875 bps
Same store rent and storage revenues per average physical occupied pallet	$	71.34		$	64.44		10.7	%
Constant currency same store rent and storage revenues per average physical occupied pallet	$	73.02		$	64.44		13.3	%
Same store warehouse services:
Throughput pallets	8,717			8,873			(1.8)	%
Same store warehouse services revenues per throughput pallet	$	37.26		$	33.74		10.4	%
Constant currency same store warehouse services revenues per throughput pallet	$	37.79		$	33.74		12.0	%
Number of non-same store warehouses(3)	9			11			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	146			112			n/r
Economic occupancy percentage	53.3		%	76.2		%	n/r
Physical occupancy(2)
Average physical occupied pallets	125			88			n/r
Average physical pallet positions	274			147			n/r
Physical occupancy percentage	45.6		%	59.9		%	n/r
Non-same store warehouse services:
Throughput pallets	307			245			n/r

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(3)The non-same store facility count consists of: five sites in the expansion and development phase, two facilities that we purchased in 2023, one facility that requires capital investment in anticipation of repurposing, and one site in which we have ceased operations and intend to lease to a third party.

35

Financial Supplement		Second Quarter 2024

The following table provides certain operating metrics to explain the drivers of our same store performance for the six months ended June 30, 2024 and 2023.

	Six Months Ended June 30,
Units in thousands except per pallet and site number data	2024			2023			Change
Number of same store sites	226			226			n/a
Same store rent and storage:
Economic occupancy(1)
Average occupied economic pallets	4,204			4,460			(5.7)	%
Economic occupancy percentage	80.2		%	84.5		%	-437 bps
Same store rent and storage revenues per average economic occupied pallet	$	122.34		$	118.42		3.3	%
Constant currency same store rent and storage revenues per average economic occupied pallet	$	124.98		$	118.42		5.5	%
Physical occupancy(2)
Average physical occupied pallets	3,649			4,103			(11.1)	%
Average physical pallet positions	5,245			5,277			(0.6)	%
Physical occupancy percentage	69.6		%	77.8		%	-818 bps
Same store rent and storage revenues per average physical occupied pallet	$	140.94		$	128.73		9.5	%
Constant currency same store rent and storage revenues per average physical occupied pallet	$	143.99		$	128.73		11.9	%
Same store warehouse services:
Throughput pallets (in thousands)	17,398			18,269			(4.8)	%
Same store warehouse services revenues per throughput pallet	$	37.08		$	33.74		9.9	%
Constant currency same store warehouse services revenues per throughput pallet	$	37.58		$	33.74		11.4	%
Number of non-same store sites(3)	9			11			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	149			106			n/r
Economic occupancy percentage	53.2		%	73.6		%	n/r
Physical occupancy(2)
Average physical occupied pallets	126			85			n/r
Average physical pallet positions	280			144			n/r
Physical occupancy percentage	45.0		%	59.0		%	n/r
Non-same store warehouse services:
Throughput pallets (in thousands)	677			501			n/r

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(3)The non-same store facility count consists of: five sites in the expansion and development phase, two facilities that we purchased in 2023, one facility that requires capital investment in anticipation of repurposing, and one site in which we have ceased operations and intend to lease to a third party.

36

Financial Supplement		Second Quarter 2024

2024 Same-store Historical Performance Trend - The following table reflects the actual results of our current same store pool, in USD, for the respective periods.

	Q2 24			Q1 24			Q4 23			Q3 23			Q2 23			Q1 23
Number of same store warehouses	226			226			226			226			226			226
Same store revenues:
Rent and storage	$257,924			$256,296			$263,932			$266,947			$264,134			$264,050
Warehouse services	324,767			320,416			327,606			316,769			299,417			316,978
Total same store revenues	$582,691			$576,712			$591,538			$583,716			$563,551			$581,028
Same store cost of operations:
Power	35,494			31,225			31,529			39,396			34,167			34,809
Other facilities costs	59,193			59,195			60,569			57,367			57,190			57,270
Labor	234,276			235,560			244,348			247,648			240,574			246,463
Other services costs	47,124			50,149			62,731			57,895			55,415			57,767
Total same store cost of operations	$376,087			$376,129			$399,177			$402,306			$387,346			$396,309
Same store contribution (NOI)	$206,604			$200,583			$192,361			$181,410			$176,205			$184,719
Same store rent and storage contribution (NOI)(1)	$163,237			$165,876			$171,834			$170,184			$172,777			$171,971
Same store services contribution (NOI)(2)	$43,367			$34,707			$20,527			$11,226			$3,428			$12,748
Total same store margin	35.5		%	34.8		%	32.5		%	31.1		%	31.3		%	31.8		%
Same store rent and storage margin(3)	63.3		%	64.7		%	65.1		%	63.8		%	65.4		%	65.1		%
Same store services margin(4)	13.4		%	10.8		%	6.3		%	3.5		%	1.1		%	4.0		%
Same store rent and storage:
Economic occupancy
Average economic occupied pallets	4,165			4,242			4,397			4,390			4,468			4,453
Economic occupancy percentage	79.4		%	80.9		%	84.0		%	83.9		%	84.7		%	84.4		%
Same store rent and storage revenues per economic occupied pallet	$61.92			$60.42			$60.03			$60.81			$59.12			$59.30
Physical occupancy
Average physical occupied pallets	3,615			3,683			3,919			3,966			4,099			4,107
Average physical pallet positions	5,245			5,246			5,235			5,235			5,277			5,277
Physical occupancy percentage	68.9		%	70.2		%	74.9		%	75.8		%	77.7		%	77.8		%
Same store rent and storage revenues per physical occupied pallet	$71.35			$69.59			$67.34			$67.30			$64.43			$64.30
Same store warehouse services:
Throughput pallets	8,717			8,681			9,043			9,106			8,873			9,396
Same store warehouse services revenues per throughput pallet	$37.26			$36.91			$36.23			$34.79			$33.74			$33.74
Total non-same store results:
Non-same store warehouse revenue	$	17,696		$	20,998		$	20,724		$	18,889		$	17,619		$	14,024
Non-same store warehouse cost of operations	$	19,769		$	24,450		$	15,984		$	22,467		$	20,982		$	23,916
Non-same store warehouse NOI	$	(2,073)		$	(3,452)		$	4,740		$	(3,578)		$	(3,363)		$	(9,892)
Actual FX rates for the period	Q2 24			Q1 24			Q4 23			Q3 23			Q2 23			Q1 23
1 ARS =	0.001			0.001			0.003			0.003			0.004			0.005
1 AUS =	0.659			0.658			0.652			0.654			0.672			0.684
1 BRL =	0.192			0.202			0.202			0.205			0.206			0.193
1 CAD =	0.731			0.742			0.735			0.745			0.753			0.740
1 CLP =	0.001			0.001			0.001			0.001			0.001			0.001
1 EUR =	1.077			1.086			1.076			1.088			1.084			1.073
1 GBP =	1.262			1.268			1.242			1.266			1.264			1.215
1 NZD =	0.605			0.613			0.604			0.605			0.614			0.630
1 PLN =	0.250			0.251			0.244			0.242			0.243			0.228

(1)Calculated as rent and storage revenues less power and other facilities costs.

(2)Calculated as warehouse services revenues less labor and other services costs.

(3)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(4)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.    

37

Financial Supplement		Second Quarter 2024

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects - Non Same Store
Facility	Opportunity Type	Facility Type  (A = Automated)  (C = Conventional)	Tenant Opportunity	Cubic Feet (in millions)	Pallet Positions (in thousands)	Cost to Complete (in millions)(1)	Expected Stabilized NOI ROIC	Completion Date	Expected Full Stabilized Quarter
Lancaster, PA	Development	Distribution (A)	Build-to-suit	11.4	28	$164	10-12%	Q1 2023	Q3 2025
Gateway, GA Phase 2	Expansion	Distribution (A)	Multi-tenant	6.3	24	$39	10-12%	Q2 2023	Q1 2025
Russellville, AR	Expansion	Production Advantaged (A)	Build-to-suit	13.0	42	$90	10-12%	Q3 2023	Q4 2024
Spearwood, Australia	Expansion	Distribution (A)	Multi-tenant	3.3	20	A$64	10-12%	Q3 2023	Q1 2025
Plainville, CT	Development	Distribution (A)	Build-to-suit	12.1	31	$161	10-12%	Q4 2023	Q4 2025

(1)Cost to complete represents total costs incurred through the completion date. These amounts exclude additional costs incurred to reach stabilization, which do not materially impact the currently disclosed return on invested capital estimates.

Expansion and Development Projects In Process and Announced - Non Same Store
		Facility Type  (A = Automated)  (C = Conventional)		Under Construction		Investment in Expansion / Development (in millions)			Expected Stabilized NOI ROIC	Target Complete Date	Expected Full Stabilized Quarter
Facility	Opportunity Type		Tenant Opportunity	Cubic Feet (millions) (1)	Pallet Positions (thousands) (1)	Cost to Date (2)	Estimate to Complete	Total Estimated Cost
Allentown, PA	Expansion	Distribution (C)	Multi-tenant	14.6	37	$10	$75-$80	$85-$90	10-12%	Q2 2025	Q1 2027
Kansas City, MO	Development	Distribution (C)	Multi-tenant	13.5	22	$10	$117 - $123	$127 - $133	10-12%	Q2 2025	Q1 2026
Sydney, Australia	Expansion	Distribution (C)	Multi-tenant	2.8	13	A$2	A$42- A$44	A$44 - A$46	10-12%	Q1 2026	Q1 2027

(1)Cubic feet and pallet positions are estimates while the facilities are under construction.

(2)Cost as of June 30, 2024.

Recent Acquisitions - Non Same Store
Facility	Metropolitan Area	No. of Facilities	Cubic Feet (in millions)	Pallet Positions (in thousands)	Acquisition Price(in millions) (1)	Net Entry NOI Yield (1)		Expected Three Year Stabilized NOI ROIC	Date Purchased	Expected Full Stabilized Quarter
Ormeau	Australia	1	2.1	10	A$36.1	—		9-10%	7/7/2023	Q2 2026
Safeway	New Jersey	1	6.0	17	$37.0	8.9	%	9-10%	10/5/2023	Q3 2026

(1) Inclusive of expenses required to integrate and reach stabilization.

38

Financial Supplement		Second Quarter 2024

Unconsolidated Joint Ventures (Investments in Partially Owned Entities)

As of June 30, 2024, the Company owned a 14.99% equity share in the Brazil-based SuperFrio. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

SuperFrio
	As of
Summary Balance Sheet - at the JV’s 100% share in BRLs	Q2 24			Q1 24			Q4 23			Q3 23			Q2 23
	($’s in thousands)
Net book value of property, buildings and equipment	R$	1,133,020		R$	1,135,219		R$	1,116,560		R$	1,107,455		R$	1,119,533
Other assets	493,244			508,905			490,036			463,194			476,615
Total assets	1,626,264			1,644,124			1,606,596			1,570,649			1,596,148
Debt	725,877			731,429			686,298			646,243			666,362
Other liabilities	538,700			518,764			496,756			500,639			492,444
Equity	361,687			393,931			423,542			423,767			437,342
Total liabilities and equity	R$	1,626,264		R$	1,644,124		R$	1,606,596		R$	1,570,649		R$	1,596,148
Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%
BRL/USD quarter-end rate	0.1789			0.1994			0.2061			0.1987			0.2089
Americold’s pro rata share of debt at BRL/USD rate	$	19,466		$	21,877		$	21,217		$	19,261		$	20,880
	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs	Q2 24			Q1 24			Q4 23			Q3 23			Q2 23
	($’s in thousands)
Revenues	R$	149,150		R$	145,274		R$	169,006		R$	161,229		R$	158,418
Cost of operations	112,283			111,612			110,295			110,741			113,467
Selling, general and administrative expense	6,126			7,400			7,523			7,464			8,111
M&A expense	5,664			3,228			(5,677)			4,896			(919)
Depreciation & amortization	17,084			18,654			20,315			19,658			19,846
Total operating expenses	141,157			140,894			132,456			142,759			140,505
Operating income	7,993			4,380			36,550			18,470			17,913
Interest expense	36,683			30,349			31,831			31,292			32,977
Other (income) expense	(1,023)			(779)			(981)			(906)			(1,532)
Current income tax expense (benefit)	722			586			(347)			1,012			890
Deferred income tax (benefit) expense	(634)			(634)			124			(732)			(78)
Non-operating expenses	35,748			29,522			30,627			30,666			32,257
Net (loss) gain	R$	(27,755)		R$	(25,142)		R$	5,923		R$	(12,196)		R$	(14,344)
Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%
BRL/USD average rate	0.1917			0.2019			0.2019			0.2047			0.2022
Americold’s pro rata share of NOI	$	1,059		$	1,019		$	1,778		$	1,550		$	1,363
Americold’s pro rata share of Net (loss) gain	$	(798)		$	(761)		$	179		$	(374)		$	(435)
Americold’s pro rata share of Core FFO	$	(370)		$	(371)		$	309		$	73		$	(225)
Americold’s pro rata share of AFFO	$	(227)		$	(159)		$	526		$	275		$	85

39

Financial Supplement		Second Quarter 2024

As of June 30, 2024, the Company owned a 49% equity share in the Dubai-based RSA joint venture. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

RSA
	As of
Summary Balance Sheet - at the JV’s 100% share in AED	Q2 24			Q1 24			Q4 23			Q3 23			Q2 23
	(in thousands)
Net book value of property, buildings and equipment	67,102			43,395			35,636			32,531			28,802
Other assets	11,043			3,763			5,918			6,605			4,668
Total assets	78,145			47,158			41,554			39,136			33,470
Debt	49,793			25,028			15,936			14,532			10,094
Other liabilities	10,871			3,540			5,428			4,378			3,460
Equity	17,481			18,590			20,190			20,226			19,916
Total liabilities and equity	78,145			47,158			41,554			39,136			33,470
Americold’s ownership percentage	49		%	49		%	49		%	49		%	49		%
AED/USD quarter-end rate	0.2723			0.2723			0.2723			0.2723			0.2723
Americold’s pro rata share of debt at AED/USD rate	$	6,644		$	3,339		$	2,126		$	1,939		$	1,347
	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in AED	Q2 24			Q1 24			Q4 23			Q3 23			Q2 23
	(in thousands)
Revenues	3,835			2,762			4,778			4,924			3,751
Cost of operations	4,313			3,755			4,169			3,973			3,047
Depreciation & amortization	415			414			417			412			395
Total operating expenses	4,728			4,169			4,586			4,385			3,442
Operating (loss) income	(893)			(1,407)			192			539			309
Interest expense	216			193			228			229			208
Non-operating expenses	216			193			228			229			208
Net (loss) gain	(1,109)			(1,600)			(36)			310			101
Americold’s ownership percentage	49		%	49		%	49		%	49		%	49		%
AED/USD quarter-end rate	0.2723			0.2723			0.2723			0.2723			0.2723
Americold’s pro rata share of NOI	$	(64)		$	(132)		$	81		$	127		$	94
Americold’s pro rata share of Net (loss) gain	$	(148)		$	(213)		$	(5)		$	41		$	13

40

Financial Supplement		Second Quarter 2024

2024 Guidance

The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

	As of	As of	As of
	August 8, 2024	May 9, 2024	February 22, 2024
Warehouse segment same store revenue growth (constant currency)	2.0% - 4.0%	2.5% - 5.5%	2.5% - 5.5%
Warehouse segment same store NOI growth (constant currency)	900 - 1000 bps higher than associated revenue	700 - 750 bps higher than associated revenue	400 - 450 bps higher than associated revenue
Warehouse segment non-same store NOI	$(7)M - $1M	$(7)M - $1M	$(3)M - $9M
Transportation and Managed segment NOI	$42M - $47M	$42M - $47M	$45M - $50M
Total selling, general and administrative expense (inclusive of share-based compensation expense of $23M - $25M and $5M - $7M of Orion amortization)	$247M - $261M	$247M - $261M	$247M - $261M
Interest expense	$133M - $141M	$135M - $143M	$141M - $149M
Current income tax expense	$7M - $10M	$9M - $12M	$9M - $12M
Deferred income tax benefit	$6M - $8M	$6M - $8M	$6M - $8M
Non real estate depreciation and amortization expense	$133M - $141M	$127M - $135M	$127M - $135M
Total maintenance capital expenditures	$80M - $90M	$80M - $90M	$80M - $90M
Development starts (1)	$200M - $300M	$200M - $300M	$200M - $300M
AFFO per share	$1.44 - $1.50	$1.38 - $1.46	$1.32 - $1.42
Assumed FX rates	1 ARS = 0.0011 USD 1 AUS = 0.6614 USD 1 BRL = 0.0170 USD 1 CAD = 0.7330 USD 1 EUR = 1.079 USD 1 GBP = 1.2680 USD 1 NZD = 0.6113 USD 1 PLN = 0.2498 USD	1 ARS = 0.0012 USD 1 AUS = 0.6576 USD 1 BRL = 0.1925 USD 1 CAD = 0.7401 USD 1 EUR = 1.0857 USD 1 GBP = 1.2684 USD 1 NZD = 0.6128 USD 1 PLN = 0.2507 USD	1 ARS = 0.0012 USD 1 AUS = 0.6615 USD 1 BRL = 0.2016 USD 1 CAD = 0.7438 USD 1 EUR = 1.0914 USD 1 GBP = 1.2662 USD 1 NZD = 0.6168 USD 1 PLN = 0.2520 USD

(1)Represents the aggregate invested capital for initiated development opportunities.

41

Financial Supplement		Second Quarter 2024

Notes and Definitions

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (‘NOI”) and margin, same store revenue and NOI, and maintenance capital expenditures.

We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization impairment charge on real estate related assets and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of Net (gain) loss on sale of non-real estate assets, Acquisition, cyber incident and other, net, Goodwill impairment, Loss on debt extinguishment and termination of derivative instruments, Foreign currency exchange (gain) loss, Gain on legal settlement related to prior period operations, Project Orion deferred costs amortization, Net (gain) loss from discontinued operations, Impairment of related party receivable, Loss on put option, and Gain on sale of LATAM JV. We also adjust for the impact of Core FFO on our share of reconciling items for partially owned entities, and gain from disposition of partially owned entities. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited.

We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability, Amortization of below/above market leases, Straight-line rental expense adjustment, Deferred income tax (benefit) expense, Stock-based compensation expense, Non-real estate depreciation and amortization, and Maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of partially owned entities and discontinued operations. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our consolidated statements of operations included in our quarterly and annual reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. The table above reconciles FFO, Core FFO and Adjusted FFO to net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, net (loss) income before interest expense, taxes, depreciation and amortization, net gain on sale of real estate, net of withholding taxes, and adjustment to reflect share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.

We also calculate our Core EBITDA as EBITDAre further adjusted for Acquisition, cyber incident and other, net, Loss (gain) from investments in partially owned entities, Impairment of indefinite and long-lived assets, Foreign currency exchange (gain) loss, Stock-based compensation expense ,Loss on debt extinguishment and termination of derivative instruments, (Gain) loss on other asset disposals, Gain on legal settlement related to prior period operations, Project Orion deferred costs amortization, Gain from sale of partially owned entities, Net (gain) loss from discontinued operations, Impairment of related party receivable, and Loss on put option.We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by revenues. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including:

NOI is calculated as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of indefinite and long-lived assets; gain or loss on sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business.

•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;

•these measures do not reflect changes in, or cash requirements for, our working capital needs;

•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

•although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

42

Financial Supplement		Second Quarter 2024

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, contribution (‘NOI”) and margin, same store revenue and NOI, total real estate debt, total debt outstanding and maintenance capital expenditures.

Net debt to proforma Core EBITDA is calculated using total debt, plus deferred financing costs, less cash and cash equivalents, divided by pro-forma Core EBITDA. We calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, dispositions and for rent expense associated with lease buy-outs and lease exits. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. The pro-forma adjustment for leased facilities exited or purchased reflects the add-back for the related lease expense from the last year. The pro-forma adjustment for dispositions reduces Core EBITDA for the earnings of facilities disposed of or exited during the year, including the strategic exit of certain third-party managed business.

We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development or significant modification (e.g., expansion or rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2023) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that were sold or entered development subsequent to the beginning of the current calendar year. Beginning January of 2024, changes in ownership structure (e.g., purchase of a previously leased warehouse) no longer results in a facility being excluded from the same store population, as management believes that actively managing its real estate is normal course of operations. Additionally, management began to classify new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year.

We calculate “same store revenue” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, cyber incident and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP.

We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards.

We define “total real estate debt” as the aggregate of the following: mortgage notes, senior unsecured notes, term loans and borrowings under our revolving line of credit. We define “total debt outstanding” as the aggregate of the following: total real estate debt, sale-leaseback financing obligations and financing lease obligations.

All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

43