8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 20, 2020

AMERICOLD REALTY TRUST

(Exact name of registrant as specified in its charter)

Maryland	001-34723	93-0295215
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

10 Glenlake Parkway,	South Tower, Suite 600
Atlanta,	Georgia	30328
(Address of principal executive offices)		(Zip Code)

(678) 441-1400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per share	COLD	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Item 2.02 — Results of Operations and Financial Condition.

Item 7.01— Regulation FD Disclosure.

On February 20, 2020, Americold Realty Trust (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and year ended December 31, 2019. A copy of the press release as well as a copy of the supplemental information referred to in the press release are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference.     

The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition,” and Item 7.01, “Regulation FD.” The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.    

Item 8.01 - Other Events.

On February 20, 2020, the Company issued a press release announcing that it had entered into a definitive agreement to acquire a 15% interest in SuperFrio Armazéns Gerais S.A. (“SuperFrio”), a privately-held provider of temperature-controlled warehousing and logistics services in Brazil, for an aggregate purchase price of approximately BRL $118 million.

A copy of the press release is furnished with this report as Exhibit 99.3 and incorporated herein by reference.

Item 9.01 — Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated February 20, 2020 for the fourth quarter ended December 31, 2019.
99.2	Supplemental Information Package for the fourth quarter ended December 31, 2019.
99.3	Press release dated February 20, 2020 announcing strategic joint venture to own 15% of SuperFrio

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 20, 2020

AMERICOLD REALTY TRUST
By:	/s/ Marc J. Smernoff
	Name: Marc J. Smernoff
	Title: Chief Financial Officer and Executive Vice President

EX-99.1

Exhibit 99.1

AMERICOLD REALTY TRUST ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 RESULTS

Atlanta, GA, February 20, 2020 - Americold Realty Trust (NYSE: COLD) (the “Company”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the fourth quarter and year ended December 31, 2019.

Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “Our full year 2019 results reflect the continued execution of our strategy to drive long-term cash flow growth and shareholder value. We did this in three ways: by organically growing our core business, by completing and integrating strategic acquisitions, and by developing advanced temperature-controlled warehouses. We drove organic growth in our same store portfolio and realized total revenue growth and NOI growth of 3.5% and 5.1%, respectively, on a constant currency basis by leveraging the Americold Operating System. We completed $1.4 billion of strategic acquisitions during 2019 and delivered advanced temperature-controlled expansions in Chicago, Chesapeake and North Little Rock, while making significant progress at our ongoing development projects in Savannah and Atlanta. Through these actions, we grew the portfolio by 17% in 2019, to over one billion refrigerated cubic feet, while maintaining a low leveraged, flexible balance sheet. We also earned industry-leading recognition for the energy efficiency of our portfolio.”  

Mr. Boehler continued, “We are off to a strong start in 2020, having completed our previously announced platform acquisition of Nova Cold in Canada, and enhanced our market position in the upper midwest through the acquisition of Newport Cold Storage. We are excited to announce two additional growth projects including our customer driven expansion in Auckland, NZ and our investment in SuperFrio, a leading temperature-controlled operator in Brazil, via a strategic joint venture with Patria. These investments, combined with the Americold operating platform will enhance our ability to serve our customers, drive stable cash flow growth, and create long term value for our shareholders.”

Fourth Quarter and Full Year 2019 Highlights

• Total revenue increased 16.9% to $486.0 million for the fourth quarter 2019; Total revenue increased 11.2% to $1.78 billion for the full year 2019.

• Total NOI increased 26.8% to $137.8 million for the fourth quarter 2019; Total NOI increased 17.9% to $478.3 million for the full year 2019.

• Core EBITDA increased 28.8% to $109.1 million, or 29.6% on a constant currency basis, for the fourth quarter 2019; Core EBITDA increased 19.7% to $367.1 million, or 21.0% on a constant currency basis, for the full year 2019.

• Net income of $20.8 million, or $0.10 per diluted common share for the fourth quarter 2019; Net income of $48.2 million, or $0.26 per diluted common share for the full year 2019.

• Core FFO of $64.6 million, or $0.33 per diluted common share for the fourth quarter 2019; Core FFO of $219.7 million, or $1.19 per diluted common share for the full year 2019.

• AFFO of $59.7 million, or $0.30 per diluted common share for the fourth quarter 2019; AFFO of $214.5 million, or $1.17 per diluted common share for the full year 2019.

• Global Warehouse segment revenue increased 25.6% to $383.8 million for the fourth quarter 2019; Global Warehouse segment revenue increased 17.0% to $1.38 billion for the full year 2019.

• Global Warehouse segment NOI increased 28.9% to $129.5 million for the fourth quarter 2019; Global Warehouse segment NOI increased 19.5% to $447.6 million for the full year 2019.

• Global Warehouse segment same store revenue grew 3.4%, or 4.5% on a constant currency basis, with same store segment NOI improving 9.1%, or 10.0% on a constant currency basis for the fourth quarter 2019. Global Warehouse segment same store revenue grew 1.9%, or 3.5% on a constant currency basis, with same store segment NOI improving 3.9%, or 5.1% on a constant currency basis, in each case, for the full year 2019.

• Completed the acquisition of MHW Group on November 19, 2019 for a total purchase price $54.2 million, consisting of two facilities in Pennsylvania and Maryland

• Announced the acquisition of Nova Cold for CAD $337 million, which subsequently closed on January 2, 2020.

Fourth Quarter2019 Total Company Financial Results

Total revenue for the fourth quarter of 2019 was $486.0 million, a 16.9% increase from the same quarter of the prior year. This growth was driven by the incremental revenue from the 2019 acquisitions, contractual rate escalations and growth in fixed commitment storage contracts. Additionally, the launch of the Chicago expansion and the stabilization of the Middleboro, MA facility also contributed to this growth. These factors were partially offset by the translation impact of the strengthening US dollar.

For the fourth quarter of 2019, the Company reported net income of $20.8 million, or $0.10 per diluted share, compared to $2.7 million for the same quarter of the prior year.

Total NOI for the fourth quarter of 2019 was $137.8 million, an increase of 26.8% from the same quarter of the prior year.

Core EBITDA was $109.1 million for the fourth quarter of 2019, compared to $84.7 million for the same quarter of the prior year. This reflects a 28.8% increase over prior year, or 29.6% on a constant currency basis, largely impacted by increased Core EBITDA from acquisitions and organic growth. Core EBITDA margin increased by 208 basis points to 22.4%. This growth and margin improvement was driven by the previously discussed items combined with disciplined cost controls through the Americold Operating System of power and facility related costs,partially offset by the translation impact of the strengthening US dollar, and startup costs related to the Chicago development project.

For the fourth quarter of 2019, Core FFO was $64.6 million, or $0.33 per diluted share, compared to $53.2 million for same quarter of the prior year. The year-over-year increase is driven primarily by increased FFO as a result of acquisitions.

For the fourth quarter of 2019, AFFO was $59.7 million, or $0.30 per diluted share, compared to $49.3 million for same quarter of the prior year. AFFO excludes certain expenses and income items that do not represent core expenses and income streams.

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.

Fourth Quarter2019 Global Warehouse Segment Results

For the fourth quarter of 2019, Global Warehouse segment revenue was $383.8 million, an increase of $78.3 million, or 25.6%, compared to $305.5 million for the fourth quarter of 2018. This growth was driven by the incremental revenue from the 2019 acquisitions as well as the same revenue growth factors mentioned above.

Warehouse segment NOI was $129.5 million for the fourth quarter of 2019, which reflects growth of 28.9%. Global Warehouse segment margin was 33.8% for the fourth quarter of 2019, an 86 basis point increase compared to the same quarter of the prior year. The year-over-year growth was driven by incremental NOI from the 2019 acquisitions, the previously mentioned revenue trends, continued portfolio management and cost controls through the Americold Operating System of our power and facility related costs.

The following tables summarize the global warehouse and same store financial results and metrics for the quarter and year ended December 31, 2019 and 2018:

	Three Months Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	167						144			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	158,105		$	159,221		$	133,650		18.3	%	19.1	%
Warehouse services	225,673			227,806			171,808			31.4	%	32.6	%
Total revenue	$	383,778		$	387,027		$	305,458		25.6	%	26.7	%
Global Warehouse contribution (NOI)	$	129,547		$	130,413		$	100,491		28.9	%	29.8	%
Global Warehouse margin	33.8		%	33.7		%	32.9		%	86 bps		80 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	3,045			n/a			2,564			18.8	%	n/a
Average economic occupied pallets	3,185			n/a			2,663			19.6	%	n/a
Average physical pallet positions	3,833			n/a			3,182			20.5	%	n/a
Physical occupancy percentage	79.5		%	n/a			80.6		%	-112 bps		n/a
Economic occupancy percentage	83.1		%	n/a			83.7		%	-60 bps		n/a
Total rent and storage revenue per physical occupied pallet	$	51.92		$	52.28		$	52.13		(0.4	)%	0.3	%
Total rent and storage revenue per economic occupied pallet	$	49.64		$	49.99		$	50.18		(1.1	)%	(0.4	)%
Global Warehouse same store services metrics:
Throughput pallets	8,229			n/a			6,963			18.2	%	n/a
Total warehouse services revenue per throughput pallet	$	27.43		$	27.68		$	24.67		11.2	%	12.2	%
SAME STORE WAREHOUSE
Number of same store warehouses	137						137			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	130,295		$	131,370		$	128,990		1.0	%	1.8	%
Warehouse services	177,345			179,458			168,501			5.2	%	6.5	%
Total same store revenue	$	307,640		$	310,828		$	297,491		3.4	%	4.5	%
Global Warehouse same store contribution (NOI)	$	106,954		$	107,832		$	98,001		9.1	%	10.0	%
Global Warehouse same store margin	34.8		%	34.7		%	32.9		%	182 bps		175 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average physical occupied pallets	2,471			n/a			2,471			—	%	n/a
Average economic occupied pallets	2,597			n/a			2,566			1.2	%	n/a
Average physical pallet positions	3,070			n/a			3,074			(0.1	)%	n/a
Physical occupancy percentage	80.5		%	n/a			80.4		%	10 bps		n/a
Economic occupancy percentage	84.6		%	n/a			83.5		%	112 bps		n/a
Same store rent and storage revenue per physical occupied pallet	$	52.73		$	53.16		$	52.19		1.0	%	1.9	%
Same store rent and storage revenue per economic occupied pallet	$	50.18		$	50.59		$	50.27		(0.2	)%	0.6	%
Global Warehouse same store services metrics:
Throughput pallets	6,770			n/a			6,793			(0.3	)%	n/a
Same store warehouse services revenue per throughput pallet	$	26.20		$	26.51		$	24.81		5.6	%	6.9	%

	Three Months Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses	30						7			n/a		n/a
Global Warehouse non-same store revenue:
Rent and storage	$	27,810		$	27,851		$	4,660		n/r		n/r
Warehouse services	48,328			48,348			3,307			n/r		n/r
Total non-same store revenue	$	76,138		$	76,199		$	7,967		n/r		n/r
Global Warehouse non-same store contribution (NOI)	$	22,593		$	22,581		$	2,490		n/r		n/r
Global Warehouse non-same store margin	29.7		%	29.6		%	31.3		%	n/r		n/r
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average physical occupied pallets	574			n/a			92			n/r		n/a
Average economic occupied pallets	588			n/a			97			n/r		n/a
Average physical pallet positions	762			n/a			107			n/r		n/a
Physical occupancy percentage	75.3		%	n/a			85.8		%	n/r		n/a
Economic occupancy percentage	77.2		%	n/a			90.8		%	n/r		n/a
Non-same store rent and storage revenue per physical occupied pallet	$	48.43		$	48.50		$	50.58		(4.3	)%	(4.1	)%
Non-same store rent and storage revenue per economic occupied pallet	$	47.26		$	47.33		$	47.80		(1.1	)%	(1.0	)%
Global Warehouse non-same store services metrics:
Throughput pallets	1,459			n/a			170			n/r		n/a
Non-same store warehouse services revenue per throughput pallet	$	33.13		$	33.14		$	19.43		70.5	%	70.6	%

	Year Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	167						144			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	582,509		$	589,402		$	514,755		13.2	%	14.5	%
Warehouse services	794,708			806,792			662,157			20.0	%	21.8	%
Total revenue	$	1,377,217		$	1,396,194		$	1,176,912		17.0	%	18.6	%
Global Warehouse contribution (NOI)	$	447,591		$	452,028		$	374,534		19.5	%	20.7	%
Global Warehouse margin	32.5		%	32.4		%	31.8		%	68 bps		55 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	2,728			n/a			2,458			11.0	%	n/a
Average economic occupied pallets	2,865			n/a			2,565			11.7	%	n/a
Average physical pallet positions	3,604			n/a			3,193			12.9	%	n/a
Physical occupancy percentage	75.7		%	n/a			77.0		%	-129 bps		n/a
Economic occupancy percentage	79.5		%	n/a			80.3		%	-81 bps		n/a
Total rent and storage revenue per physical occupied pallet	$	213.52		$	216.05		$	209.41		2.0	%	3.2	%
Total rent and storage revenue per economic occupied pallet	$	203.29		$	205.69		$	200.72		1.3	%	2.5	%
Global Warehouse same store services metrics:
Throughput pallets	30,090			n/a			26,945			11.7	%	n/a
Total warehouse services revenue per throughput pallet	$	26.41		$	26.81		$	24.57		7.5	%	9.1	%
SAME STORE WAREHOUSE
Number of same store warehouses	136						136			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	499,151		$	505,811		$	495,130		0.8	%	2.2	%
Warehouse services	668,673			680,640			650,806			2.7	%	4.6	%
Total same store revenue	$	1,167,824		$	1,186,451		$	1,145,936		1.9	%	3.5	%
Global Warehouse same store contribution (NOI)	$	380,572		$	384,988		$	366,188		3.9	%	5.1	%
Global Warehouse same store margin	32.6		%	32.4		%	32.0		%	63 bps		49 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage:
Average physical occupied pallets	2,284			n/a			2,347			(2.6	)%	n/a
Average economic occupied pallets	2,414			n/a			2,447			(1.4	)%	n/a
Average physical pallet positions	3,034			n/a			3,048			(0.4	)%	n/a
Physical occupancy percentage	75.3		%	n/a			77.0		%	-171 bps		n/a
Economic occupancy percentage	79.5		%	n/a			80.3		%	-76 bps		n/a
Same store rent and storage revenue per physical occupied pallet	$	218.50		$	221.42		$	211.01		3.5	%	4.9	%
Same store rent and storage revenue per economic occupied pallet	$	206.81		$	209.57		$	202.30		2.2	%	3.6	%
Global Warehouse same store services:
Throughput pallets	26,149			n/a			26,422			(1.0	)%	n/a
Same store warehouse services revenue per throughput pallet	$	25.57		$	26.03		$	24.63		3.8	%	5.7	%

	Year Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses	31						8			n/a		n/a
Global Warehouse non-same store revenue:
Rent and storage	$	83,358		$	83,591		$	19,625		n/r		n/r
Warehouse services	126,035			126,152			11,351			n/r		n/r
Total non-same store revenue	$	209,393		$	209,743		$	30,976		n/r		n/r
Global Warehouse non-same store contribution (NOI)	$	67,019		$	67,040		$	8,346		n/r		n/r
Global Warehouse non-same store margin	32.0		%	32.0		%	26.9		%	n/r		n/r
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage:
Average physical occupied pallets	444			n/a			112			n/r		n/a
Average economic occupied pallets	452			n/a			117			n/r		n/a
Average physical pallet positions	570			n/a			145			n/r		n/a
Physical occupancy percentage	77.9		%	n/a			76.9		%	n/r		n/a
Economic occupancy percentage	79.3		%	n/a			80.7		%	n/r		n/a
Non-same store rent and storage revenue per physical occupied pallet	$	187.89		$	188.41		$	175.85		6.8	%	7.1	%
Non-same store rent and storage revenue per economic occupied pallet	$	184.46		$	184.98		$	167.62		10.0	%	10.4	%
Global Warehouse non-same store services:
Throughput pallets	3,941			n/a			523			n/r		n/a
Non-same store warehouse services revenue per throughput pallet	$	31.98		$	32.01		$	21.72		47.2	%	47.4	%

(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.

(n/a = not applicable)

(n/r = not relevant)

Fixed Commitment Rent and Storage Revenue

As of December 31, 2019, $251.1 million of the Company’s rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $243.9 million at the end of the third quarter of 2019 and $220.2 million at the end of 2018. The Company’s recent acquisitions had a lower percentage of fixed committed contracts as a percentage of rent and storage revenue. On a combined pro forma basis, assuming acquisitions during 2019 occurred at the beginning of the year, 40.6% of rent and storage revenue were generated from fixed commitment storage contracts.

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. At times, these customers may be paying for space that is not physically occupied. For the fourth quarter of 2019, economic occupancy for the total warehouse segment was 83.1% and warehouse segment same store pool was 84.6%, representing a 365 basis point and 410 basis point increase above physical occupancy, respectively. For the fourth quarter of 2019, physical occupancy for the total warehouse segment was 79.5% and warehouse segment same store pool was 80.5%.

Real Estate Portfolio

As of December 31, 2019, the Company’s portfolio consists of 178 facilities, two more than what was reported as of the third quarter 2019. The Company ended the fourth quarter of 2019 with 167 facilities in its Global Warehouse segment portfolio and 11 facilities in its Third-party managed segment portfolio. During the fourth quarter, the Company exited a leased facility within the campus of sites in Paisley, New Zealand and as a result moved it to the non-same store category. Additionally, the Company acquired two sites in connection with the MHW Acquisition, which were added to the non-same store category. The same store population consists of 137 facilities for the quarter ended December 31, 2019. The remaining 30 non-same store Warehouse facilities include the 26 facilities that were acquired in 2019, and four legacy facilities.

Balance Sheet Activity and Liquidity

At December 31, 2019, the Company had total liquidity of approximately $1.4 billion, including cash and capacity on its revolving credit facility and $136.3 million and $233.6 million of net proceeds available from its September 2018 and April 2019 equity forwards, respectively. Total debt outstanding was $1.9 billion (inclusive of $173.9 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 76% was in an unsecured structure. The Company has no material debt maturities until 2022, assuming the Company exercises the one-year extension option on its revolver. At quarter end, its net debt to pro forma Core EBITDA was approximately 4.2x. Of the Company’s total debt outstanding, $1.7 billion relates to real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company’s real estate debt has a remaining weighted average term of 6.3 years and carries a weighted average contractual interest rate of 4.23%. As of December 31, 2019, 92% of the Company’s total debt outstanding was at a fixed rate, inclusive of interest rate swaps.

Dividend

On December 10, 2019, the Company’s Board of Trustees declared a dividend of $0.20 per share for the fourth quarter of 2019, which was paid on January 15, 2020 to common shareholders of record as of December 31, 2019.

2020 Outlook

The Company announced guidance for 2020 as follows:

• Global warehouse segment same store revenue growth to range between 2 and 4 percent on an actual and constant currency basis and same store NOI growth to be 100 to 200 basis points higher than the associated revenue.

• Managed and Transportation NOI is expected in the range of $28 to $31 million.

• Selling, general and administrative expense is expected in the range of $135 to $140 million.

• Current income tax expense of $11 to $13 million.

• Deferred income tax benefit of $1 to $3 million.

• Non-real estate depreciation and amortization expense of $66 to $68 million.

• Total recurring maintenance capital expenditures is expected in the range of $65 to $75 million.

• Development starts of $75 to $200 million.

• Anticipated AFFO per share of $1.22 to $1.30.

• Please refer to our supplemental for currency translation rates embedded in this guidance.

The Company’s guidance is provided for informational purposes based on current plans and assumptions as 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.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, February 20, 2020 at 5:00 p.m. Eastern Time to discuss fourth quarter and full year 2019 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 five 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# 13698379. The telephone replay will be available starting shortly after the call until March 5, 2020.

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.

About the Company

Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 178 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA and same store segment revenue and contribution. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to FFO, a reconciliation from FFO to core FFO and AFFO, and definitions of FFO, and core FFO are included within the supplemental. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to EBITDAre and Core EBITDA, a definition of Core EBITDA and definitions of net debt to Core EBITDA are included within the supplemental.

Forward-Looking Statements

This document 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 adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; defaults or non-renewals of contracts with customers; potential bankruptcy or insolvency of our customers; uncertainty of revenue, given the nature of our customer contracts; increased interest rates and operating costs; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financing; decreased storage rates or increased vacancy rates; risks related to current and potential international operations

and properties; our failure to realize the intended benefits from our recent acquisitions including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; our failure to successfully integrate and operate acquired properties or businesses, including but not limited to: Cloverleaf Cold Storage, Lanier Cold Storage, MHW Group, Inc. and PortFresh Holdings, LLC; difficulties in identifying properties to be acquired and completing acquisitions; acquisition risks, including the failure of such acquisitions to perform in accordance with projections; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns in respect thereof; difficulties in expanding our operations into new markets, including international markets; our failure to maintain our status as a REIT; our operating partnership’s failure to qualify as a partnership for federal income tax purposes; uncertainties and risks related to natural disasters and global climate change; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; labor and power costs; changes in real estate and zoning laws and increases in real property tax rates; the competitive environment in which we operate; our relationship with our employees, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements; liabilities as a result of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the potential dilutive effect of our common share offerings; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share; and risks related to our forward sale agreement entered into with Bank of America, N.A. in September 2018, as amended, including substantial dilution to our earnings per share or substantial cash payment obligations.

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. Examples of forward-looking statements included in this document include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. 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, 2018 and our 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.

Contacts:

Americold Realty Trust

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	December 31, 2019			December 31, 2018
Assets
Property, buildings and equipment:
Land	$	526,226		$	385,232
Buildings and improvements	2,696,732			1,849,749
Machinery and equipment	817,617			577,175
Assets under construction	108,639			85,983
	4,149,214			2,898,139
Accumulated depreciation and depletion	(1,216,553		)	(1,097,624		)
Property, buildings and equipment – net	2,932,661			1,800,515
Operating lease right-of-use assets	77,723			—
Accumulated depreciation – operating leases	(18,110		)	—
Operating leases – net	59,613			—
Financing leases:
Buildings and improvements	11,227			11,227
Machinery and equipment	76,811			49,276
	88,038			60,503
Accumulated depreciation – financing leases	(29,697		)	(21,317		)
Financing leases – net	58,341			39,186
Cash and cash equivalents	234,303			208,078
Restricted cash	6,310			6,019
Accounts receivable – net of allowance of $6,927 and $5,706 at December 31, 2019 and 2018, respectively	214,842			194,279
Identifiable intangible assets – net	284,758			25,056
Goodwill	318,483			186,095
Investments in partially owned entities	—			14,541
Other assets	61,372			58,659
Total assets	$	4,170,683		$	2,532,428
Liabilities and shareholders’ equity
Liabilities:
Borrowings under revolving line of credit	$	—		$	—
Accounts payable and accrued expenses	350,963			253,080
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $12,996 and $13,943 in the aggregate, at December 31, 2019 and 2018, respectively	1,695,447			1,351,014
Sale-leaseback financing obligations	115,759			118,920
Financing lease obligations	58,170			40,787
Operating lease obligations	62,342			—
Unearned revenue	16,423			18,625
Pension and postretirement benefits	12,706			16,317
Deferred tax liability – net	17,119			17,992
Multiemployer pension plan withdrawal liability	8,736			8,938
Total liabilities	2,337,665			1,825,673
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – authorized 250,000,000 shares; 191,799,909 and 148,234,959 issued and outstanding at December 31, 2019 and 2018, respectively	1,918			1,482
Paid-in capital	2,582,087			1,356,133
Accumulated deficit and distributions in excess of net earnings	(736,861		)	(638,345		)
Accumulated other comprehensive loss	(14,126		)	(12,515		)
Total shareholders’ equity	1,833,018			706,755
Total liabilities and shareholders’ equity	$	4,170,683		$	2,532,428

Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended December 31,						Years Ended December 31,
	2019			2018			2019			2018
Revenues:
Rent, storage and warehouse services	$	383,778		$	305,458		$	1,377,217		$	1,176,912
Third-party managed services	64,442			66,852			252,939			259,034
Transportation services	35,571			41,363			144,844			158,790
Other	2,193			2,144			8,705			8,899
Total revenues	485,984			415,817			1,783,705			1,603,635
Operating expenses:
Rent, storage and warehouse services cost of operations	254,231			204,967			929,626			802,378
Third-party managed services cost of operations	61,327			63,281			241,178			244,274
Transportation services cost of operations	30,706			36,956			126,777			143,055
Cost of operations related to other revenues	1,966			1,935			7,867			8,279
Depreciation, depletion and amortization	47,750			29,792			163,348			117,653
Selling, general and administrative	33,048			27,646			129,310			110,825
Acquisition, litigation and other	10,377			(832		)	40,614			3,935
Impairment of long-lived assets	—			—			13,485			747
Loss (gain) from sale of real estate	—			901			34			(7,471		)
Total operating expenses	439,405			364,646			1,652,239			1,423,675
Operating income	46,579			51,171			131,466			179,960
Other (expense) income:
Interest expense	(23,827		)	(23,054		)	(94,408		)	(93,312		)
Interest income	1,080			1,387			6,286			3,996
Bridge loan commitment fees	—			—			(2,665		)	—
Loss on debt extinguishment and modifications	—			(26,174		)	—			(47,559		)
Foreign currency exchange gain (loss), net	76			(43		)	10			2,882
Other (expense) income, net	(863		)	(717		)	(1,870		)	(532		)
Loss from investments in partially owned entities	—			(745		)	(111		)	(1,069		)
Gain on sale of partially owned entities	—			—			4,297			—
Income before income tax (expense) benefit	23,045			1,825			43,005			44,366
Income tax (expense) benefit:
Current	(716		)	(206		)	(5,544		)	467
Deferred	(1,520		)	1,059			10,701			3,152
Total income tax (expense) benefit	(2,236		)	853			5,157			3,619
Net income	$	20,809		$	2,678		$	48,162		$	47,985
Less distributions on preferred shares of beneficial interest - Series A	—			—			—			(1		)
Less distributions on preferred shares of beneficial interest - Series B	—			—			—			(1,817		)
Net income attributable to common shares of beneficial interest	$	20,809		$	2,678		$	48,162		$	46,167
Weighted average common shares outstanding – basic	192,393			148,592			179,598			141,415
Weighted average common shares outstanding – diluted	197,922			151,524			183,950			144,338
Net income per common share of beneficial interest - basic	$	0.11		$	0.02		$	0.26		$	0.31
Net income per common share of beneficial interest - diluted	$	0.10		$	0.02		$	0.26		$	0.31

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
	Three Months Ended															Year Ended
	Q4 19			Q3 19			Q2 19			Q1 19			Q4 18			FY 2019			FY 2018
Net income (loss)	$	20,809		$	27,091		$	4,891		$	(4,629	)	$	2,678		$	48,162		$	47,985
Adjustments:
Real estate related depreciation and depletion	32,555			31,238			28,518			22,665			22,405			114,976			88,246
Net loss (gain) on sale of depreciable real estate	—			—			34			—			—			34			(7,471		)
Net loss (gain) on asset disposals	237			7			—			138			913			382			(65		)
Impairment charges on certain real estate assets	—			—			—			12,555			—			12,555			747
Real estate depreciation on China JV	—			232			269			289			398			790			1,202
NAREIT Funds from operations	$	53,601		$	58,568		$	33,712		$	31,018		$	26,394		$	176,899		$	130,644
Less distributions on preferred shares of beneficial interest	—			—			—			—			—			—			(1,817		)
Funds from operations attributable to common shareholders	$	53,601		$	58,568		$	33,712		$	31,018		$	26,394		$	176,899		$	128,827
Adjustments:
Net loss (gain) on sale of non-real estate assets	227			212			167			(118		)	110			488			(739		)
Non-real estate impairment	—			—			930			—			—			930			—
Acquisition, litigation and other expenses, excluding 2018 RSU modification expense(a)	10,377			3,780			17,964			8,493			(834		)	40,614			1,893
Stock-based compensation expense, IPO grants	492			777			556			607			1,433			2,432			4,208
Bridge loan commitment fees	—			—			2,665			—			—			2,665			—
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			—			26,174			—			47,559
Foreign currency exchange (gain) loss	(76		)	43			83			(60		)	43			(10		)	(2,882		)
Excise tax settlement	—			—			—			—			(128		)	—			(128		)
Alternative minimum tax receivable from TCJA	—			—			—			—			—			—			(3,745		)
Gain from sale of partially owned entities	—			(4,297		)	—			—			—			(4,297		)	—
Core FFO applicable to common shareholders	$	64,621		$	59,083		$	56,077		$	39,940		$	53,192		$	219,721		$	174,993
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,524			1,526			1,522			1,456			1,414			6,028			6,176
Amortization of below/above market leases	37			38			38			38			37			151			151
Straight-line net rent	(83		)	(150		)	(151		)	(137		)	(86		)	(521		)	(179		)
Deferred income tax expense (benefit)	1,520			(7,809		)	(3,352		)	(1,060		)	(1,059		)	(10,701		)	(3,152		)
Stock-based compensation expense, excluding IPO grants	3,210			2,593			2,628			2,032			994			10,463			6,474
Non-real estate depreciation and amortization	15,194			13,828			11,919			7,431			7,387			48,372			29,407
Non-real estate depreciation and amortization on China JV	—			108			107			102			107			317			538
Recurring maintenance capital expenditures (b)	(26,307		)	(16,772		)	(10,734		)	(5,487		)	(12,652		)	(59,300		)	(43,975		)
Adjusted FFO applicable to common shareholders	$	59,716		$	52,445		$	58,054		$	44,315		$	49,334		$	214,530		$	170,433

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
	Three Months Ended										Year Ended
	Q4 19		Q3 19		Q2 19		Q1 19		Q4 18		FY 2019		FY 2018
NAREIT Funds from operations	$	53,601	$	58,568	$	33,712	$	31,018	$	26,394	$	176,899	$	130,644
Funds from operations attributable to common shareholders	53,601		58,568		33,712		31,018		26,394		176,899		128,827
Core FFO applicable to common shareholders	64,621		59,083		56,077		39,940		53,192		219,721		174,993
Adjusted FFO applicable to common shareholders	$	59,716	$	52,445	$	58,054	$	44,315	$	49,334	$	214,530	$	170,433
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	192,393		192,325		182,325		149,404		148,592		179,598		141,415
Dilutive stock options, unvested restricted stock units, equity forward contract	5,529		5,038		3,792		3,041		2,932		4,352		2,923
Weighted average dilutive shares	197,922		197,363		186,117		152,445		151,524		183,950		144,338
NAREIT FFO - basic per share	$	0.28	$	0.30	$	0.18	$	0.21	$	0.18	$	0.98	$	0.91
NAREIT FFO - diluted per share	0.27		0.30		0.18		0.20		0.17		0.96		0.89
Core FFO - basic per share	0.34		0.31		0.31		0.27		0.36		1.22		1.24
Core FFO - diluted per share	0.33		0.30		0.30		0.26		0.35		1.19		1.21
Adjusted FFO - basic per share	0.31		0.27		0.32		0.30		0.33		1.19		1.21
Adjusted FFO - diluted per share	0.30		0.27		0.31		0.29		0.33		1.17		1.18

(a)	Refer to Acquisition, Litigation and Other summary for further details. The 2018 total excludes the $2.1 million RSU modification charge that is included within the Acquisition, litigation and other financial statement line item, thus amounts do not tie in total.
(b)	Recurring 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.

Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
	Three Months Ended															Year Ended
	Q4 19			Q3 19			Q2 19			Q1 19			Q4 18			FY 2019			FY 2018
Net income (loss)	$	20,809		$	27,091		$	4,891		$	(4,629	)	$	2,678		$	48,162		$	47,985
Adjustments:
Depreciation, depletion and amortization	47,750			45,065			40,437			30,096			29,792			163,348			117,653
Interest expense	23,827			24,907			24,098			21,576			23,054			94,408			93,312
Income tax expense (benefit)	2,236			(6,975		)	(906		)	488			(853		)	(5,157		)	(3,619		)
EBITDA	$	94,622		$	90,088		$	68,520		$	47,531		$	54,671		$	300,761		$	255,331
Adjustments:
Net loss (gain) on sale of depreciable real estate	—			—			34			—			913			34			(7,471		)
Adjustment to reflect share of EBITDAre of partially owned entities	—			519			592			615			250			1,726			1,664
NAREIT EBITDAre	$	94,622		$	90,607		$	69,146		$	48,146		$	55,834		$	302,521		$	249,524
Adjustments:
Acquisition, litigation and other expenses, excluding 2018 RSU modification expense(a)	10,377			3,780			17,964			8,493			(834		)	40,614			1,893
Bridge loan commitment fees	—			—			2,665			—			—			2,665			—
Loss (gain) from investments in partially owned entities	—			165			68			(122		)	745			111			1,069
Gain from sale of partially owned entities	—			(4,297		)	—			—			—			(4,297		)	—
Asset impairment	—			—			930			12,555			—			13,485			747
(Gain) loss on foreign currency exchange	(76		)	43			83			(60		)	43			(10		)	(2,882		)
Stock-based compensation expense	3,699			3,372			3,185			2,639			2,429			12,895			10,683
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			—			26,174			—			47,559
Loss (gain) on real estate and other asset disposals	464			218			168			20			534			870			(152		)
Reduction in EBITDAre from partially owned entities	—			(519		)	(592		)	(615		)	(250		)	(1,726		)	(1,664		)
Core EBITDA	$	109,086		$	93,369		$	93,617		$	71,056		$	84,675		$	367,128		$	306,777

(a) Refer to Acquisition, Litigation and Other summary for further details. The 2018 total excludes the $2.1 million RSU modification charge that is included within the Acquisition, litigation and other financial statement line item, thus amounts do not tie in total.

Revenue and Contribution by Segment
(In thousands - unaudited)
	Three Months Ended December 31,						Years Ended December 31,
	2019			2018			2019			2018
Segment revenues:
Warehouse	$	383,778		$	305,458		$	1,377,217		$	1,176,912
Third-party managed	64,442			66,852			252,939			259,034
Transportation	35,571			41,363			144,844			158,790
Other	2,193			2,144			8,705			8,899
Total revenues	485,984			415,817			1,783,705			1,603,635
Segment contribution:
Warehouse	129,547			100,491			447,591			374,534
Third-party managed	3,115			3,571			11,761			14,760
Transportation	4,865			4,407			18,067			15,735
Other	227			209			838			620
Total segment contribution	137,754			108,678			478,257			405,649
Reconciling items:
Depreciation, depletion and amortization	(47,750		)	(29,792		)	(163,348		)	(117,653		)
Selling, general and administrative expense	(33,048		)	(27,646		)	(129,310		)	(110,825		)
Acquisition, litigation and other	(10,377		)	832			(40,614		)	(3,935		)
Impairment of long-lived assets	—			—			(13,485		)	(747		)
(Loss) gain from sale of real estate	—			(901		)	(34		)	7,471
Interest expense	(23,827		)	(23,054		)	(94,408		)	(93,312		)
Interest income	1,080			1,387			6,286			3,996
Bridge loan commitment fees	—			—			(2,665		)	—
Loss on debt extinguishment, modifications and termination of derivative instruments	—			(26,174		)	—			(47,559		)
Foreign currency exchange gain (loss)	76			(43		)	10			2,882
Other expense, net	(863		)	(717		)	(1,870		)	(532		)
Loss from investments in partially owned entities	—			(745		)	(111		)	(1,069		)
Gain from sale of partially owned entities	—			—			4,297			—
Income before income tax benefit	$	23,045		$	1,825		$	43,005		$	44,366

We view and manage our business through three primary business segments—warehouse, third-party managed and transportation. 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, blast freezing, case-picking, kitting and repackaging and other recurring handling services.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers. 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 to many of our key customers underscores our ability to offer a complete and integrated suite of services across the cold chain.

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 services, we charge a fixed fee.

We also operate a limestone quarry on the land we own around our Carthage, Missouri warehouse, which contains substantial limestone deposits. We do not view the operation of the quarry as an integral part of our business.

Notes and Definitions

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 assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. 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 FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, non-real estate asset impairment, acquisition, litigation and other expenses, excluding 2018 RSU modification expense, share-based compensation expense, IPO grants, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments, foreign currency exchange gain or loss, gain from sale of partially owned entities, excise tax settlement and Alternative Minimum Tax receivable from TCJA. 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 FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring 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 FFO and Core FFO as a measure 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 financing costs, pension withdrawal liability and above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, stock-based compensation expense from grants of stock options and restricted stock units under our equity incentive plans, excluding IPO grants, non-real estate depreciation, depletion or amortization (including in respect of the China JV), and recurring maintenance capital expenditures. 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 annual and quarterly 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 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, earnings before interest expense, taxes, depreciation, depletion and amortization, gains or losses on disposition of depreciated property, including gains or losses on change of control, impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustment to reflect share of EBITDAre of unconsolidated affiliates. 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 impairment charges on intangible and long-lived assets, gain or loss on depreciable real property asset disposals, acquisition, litigation and other expenses, bridge loan commitment fees, loss on debt extinguishment and modifications, share-based compensation expense, foreign currency exchange gain or loss, loss on partially owned entities, gain on sale of partially owned entities, impairment of partially owned entities, and multi-employer pension plan withdrawal expense. 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 EBITDA but which we do not believe are indicative of our core business operations. EBITDA and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDA and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDA and Core EBITDA have limitations as analytical tools, including:

• these measures do not reflect our historical or future cash requirements for recurring 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, depletion and amortization are non-cash charges, the assets being depreciated, depleted and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 21 of our financial supplement reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

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

EX-99.2

Exhibit 99.2

Financial Supplement		Fourth Quarter 2019

Table of Contents
Overview	PAGE
Corporate Profile	3
Earnings Release	5
Selected Quarterly Financial Data	15
Financial Information
Consolidated Balance Sheets	17
Consolidated Statements of Operations	18
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and AFFO	19
Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA	21
Acquisition, Litigation and Other	22
Debt Detail and Maturities	23
Operations Overview
Revenue and Contribution by Segment	24
Global Warehouse Economic and Physical Occupancy Trend	25
Global Warehouse Portfolio	26
Fixed Commitment and Lease Maturity Schedules	28
Recurring 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
External Growth and Capital Deployment	37
2020 Guidance	38
Notes and Definitions	39

2

Financial Supplement		Fourth Quarter 2019

Corporate Profile

We are the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. We are organized as a self-administered and self-managed REIT with proven operating, development and acquisition expertise. As of December 31, 2019, we operated a global network of 178 temperature-controlled warehouses encompassing over one billion cubic feet, with 160 warehouses in the United States, six warehouses in Australia, seven warehouses in New Zealand, two warehouses in Argentina and three warehouses in Canada.

Corporate Headquarters

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

Fred W. Boehler: Chief Executive Officer, President and Trustee

Marc J. Smernoff: Chief Financial Officer and Executive Vice President

Carlos V. Rodriguez: Chief Operating Officer and Executive Vice President

Robert Chambers: Chief Commercial Officer and Executive Vice President

James A. Harron: Chief Investment Officer and Executive Vice President

James C. Snyder, Jr.: Chief Legal Officer and Executive Vice President

Sanjay Lall: Chief Information Officer and Executive Vice President

Khara Julien: Chief Human Resources Officer and Executive Vice President

David K. Stuver: Executive Vice President, Supply Chain Solutions

Thomas C. Novosel: Chief Accounting Officer and Senior Vice President

Board of Trustees

Mark R. Patterson: Chairman of the Board of Trustees

George J. Alburger, Jr.: Trustee

Kelly H. Barrett: Trustee

Fred W. Boehler: Chief Executive Officer, President and Trustee

Antonio F. Fernandez: Trustee

James R. Heistand: Trustee

Michelle M. MacKay: Trustee

David J. Neithercut: Trustee

Andrew P. Power: Trustee

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)

Analyst Coverage
Firm	Analyst Name	Contact
Baird Equity Research	David B. Rodgers	216-737-7341
Bank of America Merrill Lynch	Joshua Dennerlein	646-855-1681
Berenberg Capital Markets	Nate Crossett	646-949-9030
Citi	Emmanuel Korchman	212-816-1382
J.P. Morgan	Michael W. Mueller	212-622-6689
Raymond James	William A. Crow	727-567-2594
RBC	Michael Carroll	440-715-2649
SunTrust Robinson Humphrey	Ki Bin Kim	212-303-4124

3

Financial Supplement		Fourth Quarter 2019

Stock Listing Information

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

Credit Ratings

DBRS Morningstar
Credit Rating:	BBB	(Stable Outlook)
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		Fourth Quarter 2019

AMERICOLD REALTY TRUST ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 RESULTS

Atlanta, GA, February 20, 2020 - Americold Realty Trust (NYSE: COLD) (the “Company”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the fourth quarter and year ended December 31, 2019.

Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “Our full year 2019 results reflect the continued execution of our strategy to drive long-term cash flow growth and shareholder value. We did this in three ways: by organically growing our core business, by completing and integrating strategic acquisitions, and by developing advanced temperature-controlled warehouses. We drove organic growth in our same store portfolio and realized total revenue growth and NOI growth of 3.5% and 5.1%, respectively, on a constant currency basis by leveraging the Americold Operating System. We completed $1.4 billion of strategic acquisitions during 2019 and delivered advanced temperature-controlled expansions in Chicago, Chesapeake and North Little Rock, while making significant progress at our ongoing development projects in Savannah and Atlanta. Through these actions, we grew the portfolio by 17% in 2019, to over one billion refrigerated cubic feet, while maintaining a low leveraged, flexible balance sheet. We also earned industry-leading recognition for the energy efficiency of our portfolio.”  

Mr. Boehler continued, “We are off to a strong start in 2020, having completed our previously announced platform acquisition of Nova Cold in Canada, and enhanced our market position in the upper midwest through the acquisition of Newport Cold Storage. We are excited to announce two additional growth projects including our customer driven expansion in Auckland, NZ and our investment in SuperFrio, a leading temperature-controlled operator in Brazil, via a strategic joint venture with Patria. These investments, combined with the Americold operating platform will enhance our ability to serve our customers, drive stable cash flow growth, and create long term value for our shareholders.”

Fourth Quarter and Full Year 2019 Highlights

• Total revenue increased 16.9% to $486.0 million for the fourth quarter 2019; Total revenue increased 11.2% to $1.78 billion for the full year 2019.

• Total NOI increased 26.8% to $137.8 million for the fourth quarter 2019; Total NOI increased 17.9% to $478.3 million for the full year 2019.

• Core EBITDA increased 28.8% to $109.1 million, or 29.6% on a constant currency basis, for the fourth quarter 2019; Core EBITDA increased 19.7% to $367.1 million, or 21.0% on a constant currency basis, for the full year 2019.

• Net income of $20.8 million, or $0.10 per diluted common share for the fourth quarter 2019; Net income of $48.2 million, or $0.26 per diluted common share for the full year 2019.

• Core FFO of $64.6 million, or $0.33 per diluted common share for the fourth quarter 2019; Core FFO of $219.7 million, or $1.19 per diluted common share for the full year 2019.

• AFFO of $59.7 million, or $0.30 per diluted common share for the fourth quarter 2019; AFFO of $214.5 million, or $1.17 per diluted common share for the full year 2019.

• Global Warehouse segment revenue increased 25.6% to $383.8 million for the fourth quarter 2019; Global Warehouse segment revenue increased 17.0% to $1.38 billion for the full year 2019.

5

Financial Supplement		Fourth Quarter 2019

• Global Warehouse segment NOI increased 28.9% to $129.5 million for the fourth quarter 2019; Global Warehouse segment NOI increased 19.5% to $447.6 million for the full year 2019.

• Global Warehouse segment same store revenue grew 3.4%, or 4.5% on a constant currency basis, with same store segment NOI improving 9.1%, or 10.0% on a constant currency basis for the fourth quarter 2019. Global Warehouse segment same store revenue grew 1.9%, or 3.5% on a constant currency basis, with same store segment NOI improving 3.9%, or 5.1% on a constant currency basis, in each case, for the full year 2019.

• Completed the acquisition of MHW Group on November 19, 2019 for a total purchase price $54.2 million, consisting of two facilities in Pennsylvania and Maryland

• Announced the acquisition of Nova Cold for CAD $337 million, which subsequently closed on January 2, 2020.

Fourth Quarter2019 Total Company Financial Results

Total revenue for the fourth quarter of 2019 was $486.0 million, a 16.9% increase from the same quarter of the prior year. This growth was driven by the incremental revenue from the 2019 acquisitions, contractual rate escalations and growth in fixed commitment storage contracts. Additionally, the launch of the Chicago expansion and the stabilization of the Middleboro, MA facility also contributed to this growth. These factors were partially offset by the translation impact of the strengthening US dollar.

For the fourth quarter of 2019, the Company reported net income of $20.8 million, or $0.10 per diluted share, compared to $2.7 million for the same quarter of the prior year.

Total NOI for the fourth quarter of 2019 was $137.8 million, an increase of 26.8% from the same quarter of the prior year.

Core EBITDA was $109.1 million for the fourth quarter of 2019, compared to $84.7 million for the same quarter of the prior year. This reflects a 28.8% increase over prior year, or 29.6% on a constant currency basis, largely impacted by increased Core EBITDA from acquisitions and organic growth. Core EBITDA margin increased by 208 basis points to 22.4%. This growth and margin improvement was driven by the previously discussed items combined with disciplined cost controls through the Americold Operating System of power and facility related costs,partially offset by the translation impact of the strengthening US dollar, and startup costs related to the Chicago development project.

For the fourth quarter of 2019, Core FFO was $64.6 million, or $0.33 per diluted share, compared to $53.2 million for same quarter of the prior year. The year-over-year increase is driven primarily by increased FFO as a result of acquisitions.

For the fourth quarter of 2019, AFFO was $59.7 million, or $0.30 per diluted share, compared to $49.3 million for same quarter of the prior year. AFFO excludes certain expenses and income items that do not represent core expenses and income streams.

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.

6

Financial Supplement		Fourth Quarter 2019

Fourth Quarter2019 Global Warehouse Segment Results

For the fourth quarter of 2019, Global Warehouse segment revenue was $383.8 million, an increase of $78.3 million, or 25.6%, compared to $305.5 million for the fourth quarter of 2018. This growth was driven by the incremental revenue from the 2019 acquisitions as well as the same revenue growth factors mentioned above.

Warehouse segment NOI was $129.5 million for the fourth quarter of 2019, which reflects growth of 28.9%. Global Warehouse segment margin was 33.8% for the fourth quarter of 2019, an 86 basis point increase compared to the same quarter of the prior year. The year-over-year growth was driven by incremental NOI from the 2019 acquisitions, the previously mentioned revenue trends, continued portfolio management and cost controls through the Americold Operating System of our power and facility related costs.

The following tables summarize the global warehouse and same store financial results and metrics for the quarter and year ended December 31, 2019 and 2018:

7

Financial Supplement		Fourth Quarter 2019

	Three Months Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	167						144			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	158,105		$	159,221		$	133,650		18.3	%	19.1	%
Warehouse services	225,673			227,806			171,808			31.4	%	32.6	%
Total revenue	$	383,778		$	387,027		$	305,458		25.6	%	26.7	%
Global Warehouse contribution (NOI)	$	129,547		$	130,413		$	100,491		28.9	%	29.8	%
Global Warehouse margin	33.8		%	33.7		%	32.9		%	86 bps		80 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	3,045			n/a			2,564			18.8	%	n/a
Average economic occupied pallets	3,185			n/a			2,663			19.6	%	n/a
Average physical pallet positions	3,833			n/a			3,182			20.5	%	n/a
Physical occupancy percentage	79.5		%	n/a			80.6		%	-112 bps		n/a
Economic occupancy percentage	83.1		%	n/a			83.7		%	-60 bps		n/a
Total rent and storage revenue per physical occupied pallet	$	51.92		$	52.28		$	52.13		(0.4	)%	0.3	%
Total rent and storage revenue per economic occupied pallet	$	49.64		$	49.99		$	50.18		(1.1	)%	(0.4	)%
Global Warehouse same store services metrics:
Throughput pallets	8,229			n/a			6,963			18.2	%	n/a
Total warehouse services revenue per throughput pallet	$	27.43		$	27.68		$	24.67		11.2	%	12.2	%
SAME STORE WAREHOUSE
Number of same store warehouses	137						137			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	130,295		$	131,370		$	128,990		1.0	%	1.8	%
Warehouse services	177,345			179,458			168,501			5.2	%	6.5	%
Total same store revenue	$	307,640		$	310,828		$	297,491		3.4	%	4.5	%
Global Warehouse same store contribution (NOI)	$	106,954		$	107,832		$	98,001		9.1	%	10.0	%
Global Warehouse same store margin	34.8		%	34.7		%	32.9		%	182 bps		175 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average physical occupied pallets	2,471			n/a			2,471			—	%	n/a
Average economic occupied pallets	2,597			n/a			2,566			1.2	%	n/a
Average physical pallet positions	3,070			n/a			3,074			(0.1	)%	n/a
Physical occupancy percentage	80.5		%	n/a			80.4		%	10 bps		n/a
Economic occupancy percentage	84.6		%	n/a			83.5		%	112 bps		n/a
Same store rent and storage revenue per physical occupied pallet	$	52.73		$	53.16		$	52.19		1.0	%	1.9	%
Same store rent and storage revenue per economic occupied pallet	$	50.18		$	50.59		$	50.27		(0.2	)%	0.6	%
Global Warehouse same store services metrics:
Throughput pallets	6,770			n/a			6,793			(0.3	)%	n/a
Same store warehouse services revenue per throughput pallet	$	26.20		$	26.51		$	24.81		5.6	%	6.9	%

8

Financial Supplement		Fourth Quarter 2019

	Three Months Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses	30						7			n/a		n/a
Global Warehouse non-same store revenue:
Rent and storage	$	27,810		$	27,851		$	4,660		n/r		n/r
Warehouse services	48,328			48,348			3,307			n/r		n/r
Total non-same store revenue	$	76,138		$	76,199		$	7,967		n/r		n/r
Global Warehouse non-same store contribution (NOI)	$	22,593		$	22,581		$	2,490		n/r		n/r
Global Warehouse non-same store margin	29.7		%	29.6		%	31.3		%	n/r		n/r
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average physical occupied pallets	574			n/a			92			n/r		n/a
Average economic occupied pallets	588			n/a			97			n/r		n/a
Average physical pallet positions	762			n/a			107			n/r		n/a
Physical occupancy percentage	75.3		%	n/a			85.8		%	n/r		n/a
Economic occupancy percentage	77.2		%	n/a			90.8		%	n/r		n/a
Non-same store rent and storage revenue per physical occupied pallet	$	48.43		$	48.50		$	50.58		(4.3	)%	(4.1	)%
Non-same store rent and storage revenue per economic occupied pallet	$	47.26		$	47.33		$	47.80		(1.1	)%	(1.0	)%
Global Warehouse non-same store services metrics:
Throughput pallets	1,459			n/a			170			n/r		n/a
Non-same store warehouse services revenue per throughput pallet	$	33.13		$	33.14		$	19.43		70.5	%	70.6	%

9

Financial Supplement		Fourth Quarter 2019

	Year Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses	167						144			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	582,509		$	589,402		$	514,755		13.2	%	14.5	%
Warehouse services	794,708			806,792			662,157			20.0	%	21.8	%
Total revenue	$	1,377,217		$	1,396,194		$	1,176,912		17.0	%	18.6	%
Global Warehouse contribution (NOI)	$	447,591		$	452,028		$	374,534		19.5	%	20.7	%
Global Warehouse margin	32.5		%	32.4		%	31.8		%	68 bps		55 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average physical occupied pallets	2,728			n/a			2,458			11.0	%	n/a
Average economic occupied pallets	2,865			n/a			2,565			11.7	%	n/a
Average physical pallet positions	3,604			n/a			3,193			12.9	%	n/a
Physical occupancy percentage	75.7		%	n/a			77.0		%	-129 bps		n/a
Economic occupancy percentage	79.5		%	n/a			80.3		%	-81 bps		n/a
Total rent and storage revenue per physical occupied pallet	$	213.52		$	216.05		$	209.41		2.0	%	3.2	%
Total rent and storage revenue per economic occupied pallet	$	203.29		$	205.69		$	200.72		1.3	%	2.5	%
Global Warehouse same store services metrics:
Throughput pallets	30,090			n/a			26,945			11.7	%	n/a
Total warehouse services revenue per throughput pallet	$	26.41		$	26.81		$	24.57		7.5	%	9.1	%
SAME STORE WAREHOUSE
Number of same store warehouses	136						136			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	499,151		$	505,811		$	495,130		0.8	%	2.2	%
Warehouse services	668,673			680,640			650,806			2.7	%	4.6	%
Total same store revenue	$	1,167,824		$	1,186,451		$	1,145,936		1.9	%	3.5	%
Global Warehouse same store contribution (NOI)	$	380,572		$	384,988		$	366,188		3.9	%	5.1	%
Global Warehouse same store margin	32.6		%	32.4		%	32.0		%	63 bps		49 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage:
Average physical occupied pallets	2,284			n/a			2,347			(2.6	)%	n/a
Average economic occupied pallets	2,414			n/a			2,447			(1.4	)%	n/a
Average physical pallet positions	3,034			n/a			3,048			(0.4	)%	n/a
Physical occupancy percentage	75.3		%	n/a			77.0		%	-171 bps		n/a
Economic occupancy percentage	79.5		%	n/a			80.3		%	-76 bps		n/a
Same store rent and storage revenue per physical occupied pallet	$	218.50		$	221.42		$	211.01		3.5	%	4.9	%
Same store rent and storage revenue per economic occupied pallet	$	206.81		$	209.57		$	202.30		2.2	%	3.6	%
Global Warehouse same store services:
Throughput pallets	26,149			n/a			26,422			(1.0	)%	n/a
Same store warehouse services revenue per throughput pallet	$	25.57		$	26.03		$	24.63		3.8	%	5.7	%

10

Financial Supplement		Fourth Quarter 2019

	Year Ended December 31,									Change
Dollars in thousands	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses	31						8			n/a		n/a
Global Warehouse non-same store revenue:
Rent and storage	$	83,358		$	83,591		$	19,625		n/r		n/r
Warehouse services	126,035			126,152			11,351			n/r		n/r
Total non-same store revenue	$	209,393		$	209,743		$	30,976		n/r		n/r
Global Warehouse non-same store contribution (NOI)	$	67,019		$	67,040		$	8,346		n/r		n/r
Global Warehouse non-same store margin	32.0		%	32.0		%	26.9		%	n/r		n/r
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage:
Average physical occupied pallets	444			n/a			112			n/r		n/a
Average economic occupied pallets	452			n/a			117			n/r		n/a
Average physical pallet positions	570			n/a			145			n/r		n/a
Physical occupancy percentage	77.9		%	n/a			76.9		%	n/r		n/a
Economic occupancy percentage	79.3		%	n/a			80.7		%	n/r		n/a
Non-same store rent and storage revenue per physical occupied pallet	$	187.89		$	188.41		$	175.85		6.8	%	7.1	%
Non-same store rent and storage revenue per economic occupied pallet	$	184.46		$	184.98		$	167.62		10.0	%	10.4	%
Global Warehouse non-same store services:
Throughput pallets	3,941			n/a			523			n/r		n/a
Non-same store warehouse services revenue per throughput pallet	$	31.98		$	32.01		$	21.72		47.2	%	47.4	%

(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.

(n/a = not applicable)

(n/r = not relevant)

Fixed Commitment Rent and Storage Revenue

As of December 31, 2019, $251.1 million of the Company’s rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $243.9 million at the end of the third quarter of 2019 and $220.2 million at the end of 2018. The Company’s recent acquisitions had a lower percentage of fixed committed contracts as a percentage of rent and storage revenue. On a combined pro forma basis, assuming acquisitions during 2019 occurred at the beginning of the year, 40.6% of rent and storage revenue were generated from fixed commitment storage contracts.

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. At times, these customers may be paying for space that is not physically occupied. For the fourth quarter of 2019, economic occupancy for the total warehouse segment was 83.1% and warehouse segment same store pool was 84.6%, representing a 365 basis point and 410 basis point increase above physical occupancy, respectively. For the fourth quarter of 2019, physical occupancy for the total warehouse segment was 79.5% and warehouse segment same store pool was 80.5%.

11

Financial Supplement		Fourth Quarter 2019

Real Estate Portfolio

As of December 31, 2019, the Company’s portfolio consists of 178 facilities, two more than what was reported as of the third quarter 2019. The Company ended the fourth quarter of 2019 with 167 facilities in its Global Warehouse segment portfolio and 11 facilities in its Third-party managed segment portfolio. During the fourth quarter, the Company exited a leased facility within the campus of sites in Paisley, New Zealand and as a result moved it to the non-same store category. Additionally, the Company acquired two sites in connection with the MHW Acquisition, which were added to the non-same store category. The same store population consists of 137 facilities for the quarter ended December 31, 2019. The remaining 30 non-same store Warehouse facilities include the 26 facilities that were acquired in 2019, and four legacy facilities.

Balance Sheet Activity and Liquidity

At December 31, 2019, the Company had total liquidity of approximately $1.4 billion, including cash and capacity on its revolving credit facility and $136.3 million and $233.6 million of net proceeds available from its September 2018 and April 2019 equity forwards, respectively. Total debt outstanding was $1.9 billion (inclusive of $173.9 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 76% was in an unsecured structure. The Company has no material debt maturities until 2022, assuming the Company exercises the one-year extension option on its revolver. At quarter end, its net debt to pro forma Core EBITDA was approximately 4.2x. Of the Company’s total debt outstanding, $1.7 billion relates to real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company’s real estate debt has a remaining weighted average term of 6.3 years and carries a weighted average contractual interest rate of 4.23%. As of December 31, 2019, 92% of the Company’s total debt outstanding was at a fixed rate, inclusive of interest rate swaps.

Dividend

On December 10, 2019, the Company’s Board of Trustees declared a dividend of $0.20 per share for the fourth quarter of 2019, which was paid on January 15, 2020 to common shareholders of record as of December 31, 2019.

2020 Outlook

The Company announced guidance for 2020 as follows:

• Global warehouse segment same store revenue growth to range between 2 and 4 percent on an actual and constant currency basis and same store NOI growth to be 100 to 200 basis points higher than the associated revenue.

• Managed and Transportation NOI is expected in the range of $28 to $31 million.

• Selling, general and administrative expense is expected in the range of $135 to $140 million.

• Current income tax expense of $11 to $13 million.

• Deferred income tax benefit of $1 to $3 million.

• Non-real estate depreciation and amortization expense of $66 to $68 million.

• Total recurring maintenance capital expenditures is expected in the range of $65 to $75 million.

• Development starts of $75 to $200 million.

• Anticipated AFFO per share of $1.22 to $1.30.

• Please refer to our supplemental for currency translation rates embedded in this guidance.

12

Financial Supplement		Fourth Quarter 2019

The Company’s guidance is provided for informational purposes based on current plans and assumptions as 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.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, February 20, 2020 at 5:00 p.m. Eastern Time to discuss fourth quarter and full year 2019 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 five 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# 13698379. The telephone replay will be available starting shortly after the call until March 5, 2020.

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.

About the Company

Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 178 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA and same store segment revenue and contribution. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to FFO, a reconciliation from FFO to core FFO and AFFO, and definitions of FFO, and core FFO are included within the supplemental. A reconciliation from U.S. GAAP net income (loss) available to common shareholders to EBITDAre and Core EBITDA, a definition of Core EBITDA and definitions of net debt to Core EBITDA are included within the supplemental.

Forward-Looking Statements

This document 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 adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the

13

Financial Supplement		Fourth Quarter 2019

ownership of real estate and temperature-controlled warehouses in particular; defaults or non-renewals of contracts with customers; potential bankruptcy or insolvency of our customers; uncertainty of revenue, given the nature of our customer contracts; increased interest rates and operating costs; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financing; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; our failure to realize the intended benefits from our recent acquisitions including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; our failure to successfully integrate and operate acquired properties or businesses, including but not limited to: Cloverleaf Cold Storage, Lanier Cold Storage, MHW Group, Inc. and PortFresh Holdings, LLC; difficulties in identifying properties to be acquired and completing acquisitions; acquisition risks, including the failure of such acquisitions to perform in accordance with projections; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns in respect thereof; difficulties in expanding our operations into new markets, including international markets; our failure to maintain our status as a REIT; our operating partnership’s failure to qualify as a partnership for federal income tax purposes; uncertainties and risks related to natural disasters and global climate change; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; labor and power costs; changes in real estate and zoning laws and increases in real property tax rates; the competitive environment in which we operate; our relationship with our employees, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements; liabilities as a result of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the potential dilutive effect of our common share offerings; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share; and risks related to our forward sale agreement entered into with Bank of America, N.A. in September 2018, as amended, including substantial dilution to our earnings per share or substantial cash payment obligations.

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. Examples of forward-looking statements included in this document include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. 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, 2018 and our 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.

Contacts:

Americold Realty Trust

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

14

Financial Supplement		Fourth Quarter 2019

Selected Quarterly Financial Data

In thousands, except per share amounts - unaudited	As of
Capitalization:	Q4 19		Q3 19		Q2 19		Q1 19		Q4 18
Fully diluted common shares outstanding at quarter end(1)	197,784		198,641		197,231		153,840		152,490
Common stock share price at quarter end	$35.06		$37.07		$32.42		$30.51		$25.54
Market value of common equity	$6,934,307		$7,363,622		$6,394,229		$4,693,658		$3,894,595
Gross debt (2)	$1,882,372		$1,883,986		$1,897,734		$1,522,396		$1,524,664
Less: cash and cash equivalents	234,303		310,116		320,805		172,838		208,078
Net debt	$1,648,069		$1,573,870		$1,576,929		$1,349,558		$1,316,586
Total enterprise value	$8,582,376		$8,937,492		$7,971,158		$6,043,216		$5,211,181
Net debt / total enterprise value	19.2	%	17.6	%	19.8	%	22.3	%	25.3	%
Net debt to pro forma Core EBITDA(2)	4.18x		4.12x		4.14x		4.41x		4.29x
	Three Months Ended
Selected Operational Data:	Q4 19		Q3 19		Q2 19		Q1 19		Q4 18
Warehouse segment revenue	$383,778		$365.593		$338,231		$289,615		$305,458
Total revenue	485,984		466,182		438,460		393,079		415,817
Operating income (3)	46,579		39,385		29,085		16,417		51,171
Net income (loss)	20,809		27,091		4,891		(4,629)		2,678
Total warehouse segment contribution (NOI) (4)	129,547		113,408		113,817		90,819		100,491
Total segment contribution (NOI) (4)	137,754		120,706		121,119		98,678		108,678
Selected Other Data:
Core EBITDA (5)	$109,086		$93,369		$93,617		$71,057		$84,675
Core funds from operations (1)	64,621		59,083		56,077		39,941		53,192
Adjusted funds from operations (1)	59,716		52,445		58,054		44,316		49,334
Earnings Measurements:
Net income (loss) per share - basic	$0.11		$0.14		$0.03		$(0.03)		$0.02
Net income (loss) per share - diluted	$0.10		$0.14		$0.03		$(0.03)		$0.02
Core FFO per diluted share (5)	$0.33		$0.30		$0.30		$0.26		$0.35
AFFO per diluted share (5)	$0.30		$0.27		$0.31		$0.29		$0.33
Dividend distributions declared per common share (6)	$0.20		$0.20		$0.20		$0.20		$0.19
Diluted AFFO payout ratio (7)	66.7	%	74.1	%	64.5	%	69.0	%	57.6	%
Portfolio Statistics:
Total global warehouses	178		176		178		155		155
Ending economic occupancy	83.1	%	79.0	%	76.8	%	78.8	%	83.7	%
Ending physical occupancy	79.5	%	75.3	%	73.0	%	74.6	%	80.6	%
Total global same-store warehouses	137		138		138		137		136

15

Financial Supplement		Fourth Quarter 2019

(1) Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock units, and incorporates forward contracts using the treasury stock method
	As of
(2) Net Debt to Core EBITDA Computation	12/31/2019			12/31/2018
Total debt	$	1,869,376		$	1,510,721
Deferred financing costs	12,996			13,943
Gross debt	$1,882,372			$1,524,664
Adjustments:
Less: cash and cash equivalents	234,303			208,078
Net debt	$	1,648,069		$	1,316,586
Core EBITDA - last twelve months	$367,128			$306,777
Core EBITDA from acquisitions (a)	26,745			—
Pro forma Core EBITDA - last twelve months	$393,873			$306,777
Net debt to pro forma Core EBITDA	4.18x			4.29x
(a) Includes 4 months of Core EBITDA from Cloverleaf and Lanier acquisitions prior to Americold’s ownership, plus 10.5 months of Core EBITDA from the MHW acquisition prior to Americold’s ownership.
(3) Certain prior period amounts have been reclassified to conform to the current period presentation.
(4) Reconciliation of segment contribution (NOI)
	Three Months Ended
	Q4 19			Q3 19			Q2 19		Q1 19		Q4 18
Warehouse segment contribution (NOI)	$129,547			$113,408			$113,817		$90,819		$100,491
Third-party managed segment contribution (NOI)	3,115			2,583			2,804		3,259		3,571
Transportation segment contribution (NOI)	4,865			4,640			4,206		4,356		4,407
Quarry segment contribution (NOI)	227			75			292		244		209
Total segment contribution (NOI)	$137,754			$120,706			$121,119		$98,678		$108,678
Depreciation, depletion and amortization	(47,750		)	(45,065		)	(40,437	)	(30,096	)	(29,792	)
Selling, general and administrative (3)	(33,048		)	(32,476		)	(32,669	)	(31,117	)	(27,646	)
Acquisition, litigation and other (3)	(10,377		)	(3,780		)	(17,964	)	(8,493	)	832
Loss from sale of real estate	—			—			(34	)	—		(901	)
Impairment of long-lived assets	—			—			(930	)	(12,555	)	—
U.S. GAAP operating income	$46,579			$39,385			$29,085		$16,417		$51,171
(5) See “Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA”
(6) Distributions per common share	Three Months Ended
	Q4 19			Q3 19			Q2 19		Q1 19		Q4 18
Distributions declared on common shares during the quarter	$38,796			$38,795			$38,764		$30,235		$28,218
Common shares outstanding at quarter end	197,784			191,751			191,634		149,133		148,235
Distributions declared per common share of beneficial interest	$0.2000			$0.2000			$0.2000		$0.2000		$0.1875
(7) Calculated as distributions declared on common shares divided by AFFO per fully diluted share

16

Financial Supplement		Fourth Quarter 2019

Financial Information

Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	December 31, 2019			December 31, 2018
Assets
Property, buildings and equipment:
Land	$	526,226		$	385,232
Buildings and improvements	2,696,732			1,849,749
Machinery and equipment	817,617			577,175
Assets under construction	108,639			85,983
	4,149,214			2,898,139
Accumulated depreciation and depletion	(1,216,553		)	(1,097,624		)
Property, buildings and equipment – net	2,932,661			1,800,515
Operating lease right-of-use assets	77,723			—
Accumulated depreciation – operating leases	(18,110		)	—
Operating leases – net	59,613			—
Financing leases:
Buildings and improvements	11,227			11,227
Machinery and equipment	76,811			49,276
	88,038			60,503
Accumulated depreciation – financing leases	(29,697		)	(21,317		)
Financing leases – net	58,341			39,186
Cash and cash equivalents	234,303			208,078
Restricted cash	6,310			6,019
Accounts receivable – net of allowance of $6,927 and $5,706 at December 31, 2019 and 2018, respectively	214,842			194,279
Identifiable intangible assets – net	284,758			25,056
Goodwill	318,483			186,095
Investments in partially owned entities	—			14,541
Other assets	61,372			58,659
Total assets	$	4,170,683		$	2,532,428
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and accrued expenses	350,963			253,080
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $12,996 and $13,943 in the aggregate, at December 31, 2019 and 2018, respectively	1,695,447			1,351,014
Sale-leaseback financing obligations	115,759			118,920
Financing lease obligations	58,170			40,787
Operating lease obligations	62,342			—
Unearned revenue	16,423			18,625
Pension and postretirement benefits	12,706			16,317
Deferred tax liability – net	17,119			17,992
Multiemployer pension plan withdrawal liability	8,736			8,938
Total liabilities	2,337,665			1,825,673
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – authorized 250,000,000 shares; 191,799,909 and 148,234,959 issued and outstanding at December 31, 2019 and 2018, respectively	1,918			1,482
Paid-in capital	2,582,087			1,356,133
Accumulated deficit and distributions in excess of net earnings	(736,861		)	(638,345		)
Accumulated other comprehensive loss	(14,126		)	(12,515		)
Total shareholders’ equity	1,833,018			706,755
Total liabilities and shareholders’ equity	$	4,170,683		$	2,532,428

17

Financial Supplement		Fourth Quarter 2019

Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended December 31,						Years Ended December 31,
	2019			2018			2019			2018
Revenues:
Rent, storage and warehouse services	$	383,778		$	305,458		$	1,377,217		$	1,176,912
Third-party managed services	64,442			66,852			252,939			259,034
Transportation services	35,571			41,363			144,844			158,790
Other	2,193			2,144			8,705			8,899
Total revenues	485,984			415,817			1,783,705			1,603,635
Operating expenses:
Rent, storage and warehouse services cost of operations	254,231			204,967			929,626			802,378
Third-party managed services cost of operations	61,327			63,281			241,178			244,274
Transportation services cost of operations	30,706			36,956			126,777			143,055
Cost of operations related to other revenues	1,966			1,935			7,867			8,279
Depreciation, depletion and amortization	47,750			29,792			163,348			117,653
Selling, general and administrative	33,048			27,646			129,310			110,825
Acquisition, litigation and other	10,377			(832		)	40,614			3,935
Impairment of long-lived assets	—			—			13,485			747
Loss (gain) from sale of real estate	—			901			34			(7,471		)
Total operating expenses	439,405			364,646			1,652,239			1,423,675
Operating income	46,579			51,171			131,466			179,960
Other (expense) income:
Interest expense	(23,827		)	(23,054		)	(94,408		)	(93,312		)
Interest income	1,080			1,387			6,286			3,996
Bridge loan commitment fees	—			—			(2,665		)	—
Loss on debt extinguishment and modifications	—			(26,174		)	—			(47,559		)
Foreign currency exchange gain (loss), net	76			(43		)	10			2,882
Other (expense) income, net	(863		)	(717		)	(1,870		)	(532		)
Loss from investments in partially owned entities	—			(745		)	(111		)	(1,069		)
Gain on sale of partially owned entities	—			—			4,297			—
Income before income tax (expense) benefit	23,045			1,825			43,005			44,366
Income tax (expense) benefit:
Current	(716		)	(206		)	(5,544		)	467
Deferred	(1,520		)	1,059			10,701			3,152
Total income tax (expense) benefit	(2,236		)	853			5,157			3,619
Net income	$	20,809		$	2,678		$	48,162		$	47,985
Less distributions on preferred shares of beneficial interest - Series A	—			—			—			(1		)
Less distributions on preferred shares of beneficial interest - Series B	—			—			—			(1,817		)
Net income attributable to common shares of beneficial interest	$	20,809		$	2,678		$	48,162		$	46,167
Weighted average common shares outstanding – basic	192,393			148,592			179,598			141,415
Weighted average common shares outstanding – diluted	197,922			151,524			183,950			144,338
Net income per common share of beneficial interest - basic	$	0.11		$	0.02		$	0.26		$	0.31
Net income per common share of beneficial interest - diluted	$	0.10		$	0.02		$	0.26		$	0.31

18

Financial Supplement		Fourth Quarter 2019

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
	Three Months Ended															Year Ended
	Q4 19			Q3 19			Q2 19			Q1 19			Q4 18			FY 2019			FY 2018
Net income (loss)	$	20,809		$	27,091		$	4,891		$	(4,629	)	$	2,678		$	48,162		$	47,985
Adjustments:
Real estate related depreciation and depletion	32,555			31,238			28,518			22,665			22,405			114,976			88,246
Net loss (gain) on sale of depreciable real estate	—			—			34			—			—			34			(7,471		)
Net loss (gain) on asset disposals	237			7			—			138			913			382			(65		)
Impairment charges on certain real estate assets	—			—			—			12,555			—			12,555			747
Real estate depreciation on China JV	—			232			269			289			398			790			1,202
NAREIT Funds from operations	$	53,601		$	58,568		$	33,712		$	31,018		$	26,394		$	176,899		$	130,644
Less distributions on preferred shares of beneficial interest	—			—			—			—			—			—			(1,817		)
Funds from operations attributable to common shareholders	$	53,601		$	58,568		$	33,712		$	31,018		$	26,394		$	176,899		$	128,827
Adjustments:
Net loss (gain) on sale of non-real estate assets	227			212			167			(118		)	110			488			(739		)
Non-real estate impairment	—			—			930			—			—			930			—
Acquisition, litigation and other expenses, excluding 2018 RSU modification expense(a)	10,377			3,780			17,964			8,493			(834		)	40,614			1,893
Stock-based compensation expense, IPO grants	492			777			556			607			1,433			2,432			4,208
Bridge loan commitment fees	—			—			2,665			—			—			2,665			—
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			—			26,174			—			47,559
Foreign currency exchange (gain) loss	(76		)	43			83			(60		)	43			(10		)	(2,882		)
Excise tax settlement	—			—			—			—			(128		)	—			(128		)
Alternative minimum tax receivable from TCJA	—			—			—			—			—			—			(3,745		)
Gain from sale of partially owned entities	—			(4,297		)	—			—			—			(4,297		)	—
Core FFO applicable to common shareholders	$	64,621		$	59,083		$	56,077		$	39,940		$	53,192		$	219,721		$	174,993
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,524			1,526			1,522			1,456			1,414			6,028			6,176
Amortization of below/above market leases	37			38			38			38			37			151			151
Straight-line net rent	(83		)	(150		)	(151		)	(137		)	(86		)	(521		)	(179		)
Deferred income tax expense (benefit)	1,520			(7,809		)	(3,352		)	(1,060		)	(1,059		)	(10,701		)	(3,152		)
Stock-based compensation expense, excluding IPO grants	3,210			2,593			2,628			2,032			994			10,463			6,474
Non-real estate depreciation and amortization	15,194			13,828			11,919			7,431			7,387			48,372			29,407
Non-real estate depreciation and amortization on China JV	—			108			107			102			107			317			538
Recurring maintenance capital expenditures (b)	(26,307		)	(16,772		)	(10,734		)	(5,487		)	(12,652		)	(59,300		)	(43,975		)
Adjusted FFO applicable to common shareholders	$	59,716		$	52,445		$	58,054		$	44,315		$	49,334		$	214,530		$	170,433

19

Financial Supplement		Fourth Quarter 2019

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
	Three Months Ended										Year Ended
	Q4 19		Q3 19		Q2 19		Q1 19		Q4 18		FY 2019		FY 2018
NAREIT Funds from operations	$	53,601	$	58,568	$	33,712	$	31,018	$	26,394	$	176,899	$	130,644
Funds from operations attributable to common shareholders	53,601		58,568		33,712		31,018		26,394		176,899		128,827
Core FFO applicable to common shareholders	64,621		59,083		56,077		39,940		53,192		219,721		174,993
Adjusted FFO applicable to common shareholders	$	59,716	$	52,445	$	58,054	$	44,315	$	49,334	$	214,530	$	170,433
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	192,393		192,325		182,325		149,404		148,592		179,598		141,415
Dilutive stock options, unvested restricted stock units, equity forward contract	5,529		5,038		3,792		3,041		2,932		4,352		2,923
Weighted average dilutive shares	197,922		197,363		186,117		152,445		151,524		183,950		144,338
NAREIT FFO - basic per share	$	0.28	$	0.30	$	0.18	$	0.21	$	0.18	$	0.98	$	0.91
NAREIT FFO - diluted per share	0.27		0.30		0.18		0.20		0.17		0.96		0.89
Core FFO - basic per share	0.34		0.31		0.31		0.27		0.36		1.22		1.24
Core FFO - diluted per share	0.33		0.30		0.30		0.26		0.35		1.19		1.21
Adjusted FFO - basic per share	0.31		0.27		0.32		0.30		0.33		1.19		1.21
Adjusted FFO - diluted per share	0.30		0.27		0.31		0.29		0.33		1.17		1.18

(a)	Refer to Acquisition, Litigation and Other summary for further details. The 2018 total excludes the $2.1 million RSU modification charge that is included within the Acquisition, litigation and other financial statement line item, thus amounts do not tie in total.
(b)	Recurring 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		Fourth Quarter 2019

Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
	Three Months Ended															Year Ended
	Q4 19			Q3 19			Q2 19			Q1 19			Q4 18			FY 2019			FY 2018
Net income (loss)	$	20,809		$	27,091		$	4,891		$	(4,629	)	$	2,678		$	48,162		$	47,985
Adjustments:
Depreciation, depletion and amortization	47,750			45,065			40,437			30,096			29,792			163,348			117,653
Interest expense	23,827			24,907			24,098			21,576			23,054			94,408			93,312
Income tax expense (benefit)	2,236			(6,975		)	(906		)	488			(853		)	(5,157		)	(3,619		)
EBITDA	$	94,622		$	90,088		$	68,520		$	47,531		$	54,671		$	300,761		$	255,331
Adjustments:
Net loss (gain) on sale of depreciable real estate	—			—			34			—			913			34			(7,471		)
Adjustment to reflect share of EBITDAre of partially owned entities	—			519			592			615			250			1,726			1,664
NAREIT EBITDAre	$	94,622		$	90,607		$	69,146		$	48,146		$	55,834		$	302,521		$	249,524
Adjustments:
Acquisition, litigation and other expenses, excluding 2018 RSU modification expense(a)	10,377			3,780			17,964			8,493			(834		)	40,614			1,893
Bridge loan commitment fees	—			—			2,665			—			—			2,665			—
Loss (gain) from investments in partially owned entities	—			165			68			(122		)	745			111			1,069
Gain from sale of partially owned entities	—			(4,297		)	—			—			—			(4,297		)	—
Asset impairment	—			—			930			12,555			—			13,485			747
(Gain) loss on foreign currency exchange	(76		)	43			83			(60		)	43			(10		)	(2,882		)
Stock-based compensation expense	3,699			3,372			3,185			2,639			2,429			12,895			10,683
Loss on debt extinguishment, modifications and termination of derivative instruments	—			—			—			—			26,174			—			47,559
Loss (gain) on real estate and other asset disposals	464			218			168			20			534			870			(152		)
Reduction in EBITDAre from partially owned entities	—			(519		)	(592		)	(615		)	(250		)	(1,726		)	(1,664		)
Core EBITDA	$	109,086		$	93,369		$	93,617		$	71,056		$	84,675		$	367,128		$	306,777

(a) Refer to Acquisition, Litigation and Other summary for further details. The 2018 total excludes the $2.1 million RSU modification charge that is included within the Acquisition, litigation and other financial statement line item, thus amounts do not tie in total.

21

Financial Supplement		Fourth Quarter 2019

Acquisition, Litigation and Other

Dollars in thousands

The Company reported a new financial statement line referred to as “Acquisition, litigation and other” within our Statements of Operations during 2019 due to various charges incurred in the current period, and reclassified certain costs from SG&A in the comparable prior periods to conform with the new presentation. This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our 2019 Annual Report on Form 10-K.

	Three Months Ended December 31,					Year Ended December 31,
Acquisition, litigation and other	2019		2018			2019		2018
Acquisition related costs	$	5,159	$	599		$	24,284	$	671
Litigation	2,978		—			4,553		—
Other:
Severance, equity award modifications and acceleration	1,824		(73		)	9,789		2,053
Non-offering related equity issuance expenses	38		(32		)	1,356		1,813
Non-recurring public company implementation costs	—		544			632		(1,804		)
Terminated site operations costs	378		(1,870		)	—		1,202
Total other	2,240		(1,431		)	11,777		3,264
Total acquisition, litigation and other	$	10,377	$	(832	)	$	40,614	$	3,935

22

Financial Supplement		Fourth Quarter 2019

Debt Detail and Maturities
(In thousands - unaudited)
	As of December 31, 2019
Indebtedness:	Carrying Value			Contractual Interest Rate(3)	Effective Interest Rate(4)	Stated Maturity Date(5)
Unsecured Debt
2018 Senior Unsecured Revolving Credit Facility(1)(2)	$	—		L+0.90%	0.36%	1/2022
2018 Senior Unsecured Term Loan A Facility(2)(6)	475,000			L+1.00%	3.14%	1/2023
Series A notes(7)	200,000			4.68%	4.77%	1/2026
Series B notes	400,000			4.86%	4.92%	1/2029
Series C notes	350,000			4.10%	4.15%	1/2030
Total Unsecured Debt	$	1,425,000		3.96%	4.32%	6.9 years
2013 Mortgage Loans (15 cross-collateralized warehouses)
Senior Note	181,443			3.81%	4.14%	5/2023
Mezzanine A	70,000			7.38%	7.55%	5/2023
Mezzanine B	32,000			11.50%	11.75%	5/2023
Total 2013 Mortgage Loans	$	283,443		5.56%	5.84%	3.3 years
Total Real Estate Debt	$	1,708,443		4.23%	4.57%	6.3 years
Sale-leaseback financing obligations	115,759			11.64%
Financing lease obligations	58,170			5.30%
Total Debt Outstanding	$	1,882,372		4.72%
Less: deferred financing costs	(12,996		)
Total Book Value of Debt	$	1,869,376
Rate Type				% of Total
Fixed	1,732,372			92%
Variable	150,000			8%
Total Debt Outstanding	$	1,882,372		100%
Debt Type				% of Total
Unsecured	1,425,000			76%
Secured	457,372			24%
Total Debt Outstanding	$	1,882,372		100%

(1) Revolver maturity assumes one year extension option. The borrowing capacity as of December 31, 2019 is $800 million less $23.0 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $800 million committed.

(2) L = one-month LIBOR.

(3) Interest rates as of December 31, 2019. At December 31, 2019, the one-month LIBOR rate on our Senior Unsecured Term Loan was 1.80%. Subtotals of stated contractual interest rates represent weighted average interest rates. Rates for sale-leasebacks and financing lease obligations represent weighted average interest rates.

(4) The effective interest rates presented include the amortization of loan costs. Subtotals of stated effective interest rates represent weighted average interest rates.

(5) Subtotals of stated maturity dates represent remaining weighted average life of the debt.

(6) On January 4, 2019, the Company entered into a swap agreement to set the LIBOR portion of interest expense on $100 million of the Senior Unsecured Term Loan principal at a rate of 2.48%. This results in a fixed interest rate of 3.48% (2.48% + 1.00%) on $100 million of the Senior Unsecured Term Loan principal. The swap is effective January 31, 2019 through January 31, 2024. On August 15, 2019, the Company entered into a swap agreement to set the LIBOR portion of interest expense on $225 million of the Senior Unsecured Term Loan principal at a rate of 1.30%. This results in a fixed interest rate of 2.30% (1.30% + 1.00%) on $225 million of the Senior Unsecured Term Loan principal. The swap is effective August 30, 2019 through August 30, 2024.

23

Financial Supplement		Fourth Quarter 2019

Operations Overview

Revenue and Contribution by Segment
(In thousands - unaudited)
	Three Months Ended December 31,						Years Ended December 31,
	2019			2018			2019			2018
Segment revenues:
Warehouse	$	383,778		$	305,458		$	1,377,217		$	1,176,912
Third-party managed	64,442			66,852			252,939			259,034
Transportation	35,571			41,363			144,844			158,790
Other	2,193			2,144			8,705			8,899
Total revenues	485,984			415,817			1,783,705			1,603,635
Segment contribution:
Warehouse	129,547			100,491			447,591			374,534
Third-party managed	3,115			3,571			11,761			14,760
Transportation	4,865			4,407			18,067			15,735
Other	227			209			838			620
Total segment contribution	137,754			108,678			478,257			405,649
Reconciling items:
Depreciation, depletion and amortization	(47,750		)	(29,792		)	(163,348		)	(117,653		)
Selling, general and administrative expense	(33,048		)	(27,646		)	(129,310		)	(110,825		)
Acquisition, litigation and other	(10,377		)	832			(40,614		)	(3,935		)
Impairment of long-lived assets	—			—			(13,485		)	(747		)
(Loss) gain from sale of real estate	—			(901		)	(34		)	7,471
Interest expense	(23,827		)	(23,054		)	(94,408		)	(93,312		)
Interest income	1,080			1,387			6,286			3,996
Bridge loan commitment fees	—			—			(2,665		)	—
Loss on debt extinguishment, modifications and termination of derivative instruments	—			(26,174		)	—			(47,559		)
Foreign currency exchange gain (loss)	76			(43		)	10			2,882
Other expense, net	(863		)	(717		)	(1,870		)	(532		)
Loss from investments in partially owned entities	—			(745		)	(111		)	(1,069		)
Gain from sale of partially owned entities	—			—			4,297			—
Income before income tax benefit	$	23,045		$	1,825		$	43,005		$	44,366

We view and manage our business through three primary business segments—warehouse, third-party managed and transportation. 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, blast freezing, case-picking, kitting and repackaging and other recurring handling services.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers. 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 to many of our key customers underscores our ability to offer a complete and integrated suite of services across the cold chain.

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 services, we charge a fixed fee.

We also operate a limestone quarry on the land we own around our Carthage, Missouri warehouse, which contains substantial limestone deposits. We do not view the operation of the quarry as an integral part of our business.

24

Financial Supplement		Fourth Quarter 2019

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 December 31, 2019, we had entered into contracts featuring fixed storage commitments or leases with 133 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. We refer to economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period. 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		Fourth Quarter 2019

Global Warehouse Portfolio

Unaudited

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)		Applicable segment contribution (NOI) (2)(3) (in millions)		Total customers (4)
Owned / Leased (5)
United States
Central	41	256.1	25	%	1,011.3	80	%	77	%	$	314.5	$	117.7	851
East	28	216.0	21	%	670.8	77	%	73	%	284.5		84.7		816
Southeast	47	245.6	24	%	707.0	82	%	78	%	300.8		91.5		822
West	37	230.0	22	%	981.9	77	%	72	%	278.8		106.6		678
United States Total / Average	153	947.7	92	%	3,371.0	79	%	75	%	$	1,178.6	$	400.5	2,432
International
Australia	5	47.6	5	%	138.8	83	%	81	%	$	161.2	$	37.2	60
New Zealand	7	20.4	2	%	72.4	93	%	89	%	29.6		8.5		64
Argentina	2	9.7	1	%	21.6	79	%	79	%	7.8		1.4		48
International Total / Average	14	77.7	8	%	232.8	86	%	83	%	$	198.6	$	47.1	173
Owned / Leased Total / Average	167	1,025.4	100	%	3,603.8	80	%	76	%	$	1,377.2	$	447.6	2,601
Third-Party Managed
United States	7	38.5	73	%	—	—		—		$	220.2	$	8.0	4
Australia (6)	1	—	—	%	—	—		—		14.9		2.3		1
Canada	3	14.3	27	%	—	—		—		17.9		1.5		2
Third-Party Managed Total / Average	11	52.8	100	%	—	—		—		$	253.0	$	11.8	7
Portfolio Total / Average	178	1,078.2	100	%	3,603.8	80	%	76	%	$	1,630.2	$	459.4	2,602

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

(2) Year ended December 31, 2019.

(3) We use the term “segment contribution (NOI)” to mean a segment’s revenues less its cost of operations (excluding any depreciation, depletion and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, litigation and other expenses and gain or loss on sale of real estate). 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 December 31, 2019, we owned 133 of our U.S. warehouses and ten of our international warehouses, and we leased 20 of our U.S. warehouses and four of our international warehouses. As of December 31, 2019, seven of our owned facilities were located on land that we lease pursuant to long-term ground leases.

(6) Constitutes non-refrigerated, or “ambient,” warehouse space. This facility contains 330,527 square feet of ambient space.

26

Financial Supplement		Fourth Quarter 2019

_______________________________________________

(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: December 31, 2019 LTM Revenue and NOI pro forma 2019 acquisitions.

Totals may not foot due to rounding.

27

Financial Supplement		Fourth Quarter 2019

Fixed Commitment and Lease Maturity Schedules

Unaudited

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 December 31, 2019. 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 Twelve Months Ended December 31, 2019		Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Twelve Months Ended December 31, 2019(1) (in thousands)		Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month	40	$	38,810	6.3	%	$	86,188	$	38,261
2020	52	31,628		5.1	%	91,120		32,014
2021	43	42,438		6.9	%	190,363		43,202
2022	32	51,703		8.4	%	120,416		56,448
2023	22	38,091		6.2	%	88,095		40,697
2024	17	21,625		3.5	%	46,736		23,131
2025	1	1,558		0.3	%	3,364		1,807
2026	2	7,302		1.2	%	9,978		7,510
2027	3	4,671		0.8	%	12,348		4,992
2028	1	1,099		0.2	%	1,901		1,099
2029 and thereafter	3	12,166		2.0	%	26,658		14,337
Total	216	$	251,091	40.6	%	$	677,167	$	263,498

____________________

Note: December 31, 2019 LTM total revenue and rent and storage revenue pro forma 2019 acquisitions.

(1) Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of December 31, 2019, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended December 31, 2019, 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 December 31, 2019 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

28

Financial Supplement		Fourth Quarter 2019

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 December 31, 2019. These leases had a weighted average remaining term of 37 months as of December 31, 2019.

Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1) (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended December 31, 2019		Leased Square Footage (in thousands)	% Leased Square Footage		Annualized Rent at Expiration(2) (in thousands)
Month-to-Month	2	$	259	—	%	22	1.0	%	$	259
2020	22	5,472		0.9	%	632	28.4	%	5,489
2021	13	2,069		0.3	%	508	22.8	%	2,264
2022	5	1,337		0.2	%	141	6.3	%	1,382
2023	3	2,909		0.5	%	440	19.7	%	2,985
2024	4	1,447		0.2	%	304	13.6	%	1,554
2025	1	1,558		0.3	%	130	5.8	%	1,807
2026 and thereafter	2	1,099		0.2	%	52	2.3	%	1,099
Total	52	$	16,150	2.6	%	2,229	100	%	$	16,839

____________________

Note: December 31, 2019 LTM rent and storage revenue pro forma 2019 acquisitions.

(1) Represents monthly rental payments under the relevant leases as of December 31, 2019, multiplied by 12.

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

29

Financial Supplement		Fourth Quarter 2019

Recurring Maintenance Capital Expenditures, Repair and Maintenance Expenses and

External Growth, Expansion and Development Capital Expenditures

We utilize a strategic and preventative approach to recurring 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.

Recurring Maintenance Capital Expenditures

The following table sets forth our recurring maintenance capital expenditures for the three months and years ended December 31, 2019 and 2018.

	Three Months Ended December 31,				Years Ended December 31,
	2019		2018		2019		2018
	(In thousands, except per cubic foot amounts)
Real estate	$	23,492	$	10,441	$	50,966	$	37,613
Personal property	1,552		1,472		4,357		3,175
Information technology	1,263		738		3,977		3,187
Total recurring maintenance capital expenditures	$	26,307	$	12,651	$	59,300	$	43,975
Total recurring maintenance capital expenditures per cubic foot	$	0.024	$	0.014	$	0.055	$	0.048

Repair and Maintenance Expenses

The following table sets forth our repair and maintenance expenses for the three months and years ended December 31, 2019 and 2018.

	Three Months Ended December 31,				Years Ended December 31,
	2019		2018		2019		2018
	(In thousands, except per cubic foot amounts)
Real estate	$	4,318	$	4,714	$	22,378	$	19,813
Personal property	9,251		8,555		33,150		32,536
Total repair and maintenance expenses	$	13,569	$	13,269	$	55,528	$	52,349
Repair and maintenance expenses per cubic foot	$	0.013	$	0.014	$	0.051	$	0.057

External Growth, Expansion and Development Capital Expenditures

The following table sets forth our external growth, expansion and development capital expenditures for the three months and years ended December 31, 2019 and 2018.

	Three Months Ended December 31,				Years Ended December 31,
	2019		2018		2019		2018
	(In thousands - unaudited)
Acquisitions, net of cash acquired and adjustments	$	50,557	$	—	$	1,377,220	$	—
Expansion and development initiatives	55,632		15,704		210,594		72,049
Information technology	2,659		1,138		5,857		3,686
Total growth and expansion capital expenditures	$	108,848	$	16,842	$	1,593,671	$	75,735

30

Financial Supplement		Fourth Quarter 2019

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended December 31, 2019 and 2018.

	Three Months Ended December 31,									Change
	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
	(Dollars in thousands - unaudited)
Rent and storage	$	158,105		$	159,221		$	133,650		18.3	%	19.1	%
Warehouse services	225,673			227,806			171,808			31.4	%	32.6	%
Total warehouse segment revenue	383,778			387,027			305,458			25.6	%	26.7	%
Power	20,641			20,816			16,666			23.9	%	24.9	%
Other facilities costs (2)	30,006			30,265			25,314			18.5	%	19.6	%
Labor	170,704			172,459			136,028			25.5	%	26.8	%
Other services costs (3)	32,880			33,074			26,959			22.0	%	22.7	%
Total warehouse segment cost of operations	254,231			256,614			204,967			24.0	%	25.2	%
Warehouse segment contribution (NOI)	$	129,547		$	130,413		$	100,491		28.9	%	29.8	%
Warehouse rent and storage contribution (NOI) (4)	$	107,458		$	108,140		$	91,670		17.2	%	18.0	%
Warehouse services contribution (NOI) (5)	$	22,089		$	22,273		$	8,821		150.4	%	152.5	%
Total warehouse segment margin	33.8		%	33.7		%	32.9		%	86 bps		80 bps
Rent and storage margin(6)	68.0		%	67.9		%	68.6		%	-62 bps		-67 bps
Warehouse services margin(7)	9.8		%	9.8		%	5.1		%	465 bps		464 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 $2.8 million and $3.1 million for the fourth quarter2019 and 2018, respectively.

(3) Includes non-real estate rent expense (equipment lease and rentals) of $3.3 million and $3.6 million for the fourth quarter of 2019 and 2018, 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		Fourth Quarter 2019

The following table presents the operating results of our warehouse segment for the years ended December 31, 2019 and 2018.

	Years Ended December 31,									Change
	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
	(Dollars in thousands - unaudited)
Rent and storage	$	582,509		$	589,402		$	514,755		13.2	%	14.5	%
Warehouse services	794,708			806,792			662,157			20.0	%	21.8	%
Total warehouse segment revenue	1,377,217			1,396,194			1,176,912			17.0	%	18.6	%
Power	82,380			83,626			72,332			13.9	%	15.6	%
Other facilities costs (2)	113,551			115,226			104,618			8.5	%	10.1	%
Labor	614,049			624,363			526,080			16.7	%	18.7	%
Other services costs (3)	119,646			120,951			99,348			20.4	%	21.7	%
Total warehouse segment cost of operations	929,626			944,166			802,378			15.9	%	17.7	%
Warehouse segment contribution (NOI)	$	447,591		$	452,028		$	374,534		19.5	%	20.7	%
Warehouse rent and storage contribution (NOI) (4)	$	386,578		$	390,550		$	337,805		14.4	%	15.6	%
Warehouse services contribution (NOI) (5)	$	61,013		$	61,478		$	36,729		66.1	%	67.4	%
Total warehouse segment margin	32.5		%	32.4		%	31.8		%	68 bps		55 bps
Rent and storage margin(6)	66.4		%	66.3		%	65.6		%	74 bps		64 bps
Warehouse services margin(7)	7.7		%	7.6		%	5.5		%	213 bps		207 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 $12.3 million and $13.9 million for the years ended December 31, 2019 and 2018, respectively

(3) Includes non-real estate rent expense of $12.0 million and $13.8 million for the years ended December 31, 2019 and 2018, 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		Fourth Quarter 2019

Same-store Financial Performance

The following table presents revenues, cost of operations, contribution (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 December 31, 2019 and 2018.

	Three Months Ended December 31,									Change
	2019 actual			2019 constant currency(1)			2018 actual			Actual		Constant currency
Number of same store warehouses	137						137			n/a		n/a
Same store revenues:	(Dollars in thousands - unaudited)
Rent and storage	$	130,295		$	131,370		$	128,990		1.0	%	1.8	%
Warehouse services	177,345			179,458			168,501			5.2	%	6.5	%
Total same store revenues	307,640			310,828			297,491			3.4	%	4.5	%
Same store cost of operations:
Power	15,645			15,815			15,854			(1.3	)%	(0.2	)%
Other facilities costs	24,298			24,524			24,072			0.9	%	1.9	%
Labor	137,476			139,210			133,240			3.2	%	4.5	%
Other services costs	23,267			23,447			26,324			(11.6	)%	(10.9	)%
Total same store cost of operations	$	200,686		$	202,996		$	199,490		0.6	%	1.8	%
Same store contribution (NOI)	$	106,954		$	107,832		$	98,001		9.1	%	10.0	%
Same store rent and storage contribution (NOI)(2)	$	90,352		$	91,031		$	89,064		1.4	%	2.2	%
Same store services contribution (NOI)(3)	$	16,602		$	16,801		$	8,937		85.8	%	88.0	%
Total same store margin	34.8		%	34.7		%	32.9		%	182 bps		175 bps
Same store rent and storage margin(4)	69.3		%	69.3		%	69.0		%	30 bps		25 bps
Same store services margin(5)	9.4		%	9.4		%	5.3		%	406 bps		406 bps
Number of non-same store warehouses	30						7			n/a		n/a
Non-same store revenues:
Rent and storage	$	27,810		$	27,851		$	4,660		n/r		n/r
Warehouse services	48,328			48,348			3,307			n/r		n/r
Total non-same store revenues	76,138			76,199			7,967			n/r		n/r
Non-same store cost of operations:
Power	4,996			5,001			812			n/r		n/r
Other facilities costs	5,708			5,741			1,242			n/r		n/r
Labor	33,228			33,249			2,788			n/r		n/r
Other services costs	9,613			9,627			635			n/r		n/r
Total non-same store cost of operations	$	53,545		$	53,618		$	5,477		n/r		n/r
Non-same store contribution (NOI)	$	22,593		$	22,581		$	2,490		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	17,106		$	17,109		$	2,606		n/r		n/r
Non-same store services contribution (NOI)(3)	$	5,487		$	5,472		$	(116	)	n/r		n/r
Total warehouse segment revenues	$	383,778		$	387,027		$	305,458		25.6	%	26.7	%
Total warehouse cost of operations	$	254,231		$	256,614		$	204,967		24.0	%	25.2	%
Total warehouse segment contribution	$	129,547		$	130,413		$	100,491		28.9	%	29.8	%

(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.

33

Financial Supplement		Fourth Quarter 2019

The following table presents revenues, cost of operations, contribution (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 years ended December 31, 2019 and 2018.

	Years Ended December 31,										Change
	2019 actual			2019 constant currency(1)				2018 actual			Actual		Constant currency
Number of same store warehouses	136							136			n/a		n/a
Same store revenue:	(Dollars in thousands - unaudited)
Rent and storage	$	499,151		$	505,811			$	495,130		0.8	%	2.2	%
Warehouse services	668,673			680,640				650,806			2.7	%	4.6	%
Total same store revenue	1,167,824			1,186,451				1,145,936			1.9	%	3.5	%
Same store cost of operations:
Power	67,537			68,760				69,844			(3.3	)%	(1.6	)%
Other facilities costs	97,158			98,684				97,018			0.1	%	1.7	%
Labor	527,687			537,894				516,052			2.3	%	4.2	%
Other services costs	94,870			96,125				96,834			(2.0	)%	(0.7	)%
Total same store cost of operations	$	787,252		$	801,463			$	779,748		1.0	%	2.8	%
Same store contribution (NOI)	$	380,572		$	384,988			$	366,188		3.9	%	5.1	%
Same store rent and storage contribution (NOI)(2)	$	334,456		$	338,367			$	328,268		1.9	%	3.1	%
Same store services contribution (NOI)(3)	$	46,116		$	46,621			$	37,920		21.6	%	22.9	%
Total same store margin	32.6		%	32.4		%		32.0		%	63 bps		49 bps
Same store rent and storage margin(4)	67.0		%	66.9		%		66.3		%	71 bps		60 bps
Same store services margin(5)	6.9		%	6.8		%		5.8		%	107 bps		102 bps
Number of non-same store warehouses	31							8			n/a		n/a
Non-same store revenue:
Rent and storage	$	83,358		$	83,591			$	19,625		n/r		n/r
Warehouse services	126,035			126,152				11,351			n/r		n/r
Total non-same store revenue	209,393			209,743				30,976			n/r		n/r
Non-same store cost of operations:
Power	14,843			14,866				2,488			n/r		n/r
Other facilities costs	16,393			16,542				7,600			n/r		n/r
Labor	86,362			86,469			1	10,028			n/r		n/r
Other services costs	24,776			24,826				2,514			n/r		n/r
Total non-same store cost of operations	$	142,374		$	142,703			$	22,630		n/r		n/r
Non-same store contribution (NOI)	$	67,019		$	67,040			$	8,346		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	52,122		$	52,183			$	9,537		n/r		n/r
Non-same store services contribution (NOI)(3)	$	14,897		$	14,857			$	(1,191	)	n/r		n/r
Total warehouse segment revenue	$	1,377,217		$	1,396,194			$	1,176,912		17.0	%	18.6	%
Total warehouse cost of operations	$	929,626		$	944,166			$	802,378		15.9	%	17.7	%
Total warehouse segment contribution	$	447,591		$	452,028			$	374,534		19.5	%	20.7	%

(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.

34

Financial Supplement		Fourth Quarter 2019

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 December 31, 2019 and 2018.

	Three Months Ended December 31,						Change
Units in thousands except per pallet and site data - unaudited	2019			2018
Number of same store warehouses	137			137			n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	2,597			2,566			1.2	%
Economic occupancy percentage	84.6		%	83.5		%	112 bps
Same store rent and storage revenues per economic occupied pallet	$	50.18		$	50.27		(0.2	)%
Constant currency same store rent and storage revenue per economic occupied pallet	$	50.59		$	50.27		0.6	%
Physical occupancy(2)
Average physical occupied pallets	2,471			2,471			—	%
Average physical pallet positions	3,070			3,074			(0.1	)%
Physical occupancy percentage	80.5		%	80.4		%	10 bps
Same store rent and storage revenues per physical occupied pallet	$	52.73		$	52.19		1.0	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	53.16		$	52.19		1.9	%
Same store warehouse services:
Throughput pallets	6,770			6,793			(0.3	)%
Same store warehouse services revenues per throughput pallet	$	26.20		$	24.81		5.6	%
Constant currency same store warehouse services revenues per throughput pallet	$	26.51		$	24.81		6.9	%
Number of non-same store warehouses	30			7			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	588			97			n/r
Economic occupancy percentage	77.2		%	90.8		%
Physical occupancy(2)
Average physical occupied pallets	574			92			n/r
Average physical pallet positions	762			107			n/r
Physical occupancy percentage	75.3		%	85.8		%
Non-same store warehouse services:
Throughput pallets	1,459			170			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.

35

Financial Supplement		Fourth Quarter 2019

The following table provides certain operating metrics to explain the drivers of our same store performance for the years ended December 31, 2019 and 2018.

	Years Ended December 31,						Change
Unit in thousands, except per pallet and site data - unaudited	2019			2018
Number of same store warehouses	136			136			n/a
Same store rent and storage:
Economic occupancy(1)
Average occupied economic pallets	2,414			2,447			(1.4	)%
Economic occupancy percentage	79.5		%	80.3		%	-76 bps
Same store rent and storage revenue per economic occupied pallet	$	206.81		$	202.30		2.2	%
Constant currency same store rent and storage revenue per economic occupied pallet	$	209.57		$	202.30		3.6	%
Physical occupancy(2)
Average physical occupied pallets	2,284			2,347			(2.6	)%
Average physical pallet positions	3,034			3,048			(0.4	)%
Physical occupancy percentage	75.3		%	77.0		%	-171 bps
Same store rent and storage revenue per physical occupied pallet	$	218.50		$	211.01		3.5	%
Constant currency same store rent and storage revenue per physical occupied pallet	$	221.42		$	211.01		4.9	%
Same store warehouse services:
Throughput pallets	26,149			26,422			(1.0	)%
Same store warehouse services revenue per throughput pallet	$	25.57		$	24.63		3.8	%
Constant currency same store warehouse services revenue per throughput pallet	$	26.03		$	24.63		5.7	%
Number of non-same store warehouses	31			8			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	452			117			n/r
Economic occupancy percentage	79.3		%	80.7		%	n/r
Physical occupancy(2)
Average physical occupied pallets	444			112			n/r
Average physical pallet positions	570			145			n/r
Physical occupancy percentage	77.9		%	76.9		%
Non-same store warehouse services:
Throughput pallets	3,941			523			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 commitment 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.

36

Financial Supplement		Fourth Quarter 2019

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects
	Opportunity Type	Facility Type	Tenant Opportunity	Cubic Feet (in millions)	Pallet Positions (in thousands)	Cost of Expansion / Development		Completion Date	Expected Full Stabilized Quarter
Facility						Total Cost (in millions)	NOI ROIC
Clearfield, UT	Expansion	Distribution	Multi-tenant	5.8	21	$29.0	12-15%	Q4 2017	Q4 2018
Middleboro, MA	Development	Production Advantaged	Build-to-suit	4.4	27	$23.5	8-12%	Q3 2018	Q4 2018
Rochelle, IL (1)	Expansion	Distribution	Multi-tenant	15.7	54	$89.7	12-15%	Q2 2019	Q1 2021
Chesapeake, VA (2)	Expansion	Public	Multi-tenant	4.5	12	$24.3	10-12%	Q4 2019	Q1 2021
North Little Rock, AR (3)	Expansion	Public	Multi-tenant	3.2	12	$18.9	10-12%	Q4 2019	Q1 2021
Columbus, OH (4)	Expansion	Public	Multi-tenant	1.5	5	$6.3	14-15%	Q1 2020	Q2 2021

Expansion and Development Projects In Process and Announced
				Under Construction		Investment in Expansion / Development (in millions)			Expected Stabilized NOI ROIC	Target Complete Date	Expected Full Stabilized Quarter
Facility	Opportunity Type	Facility Type	Tenant Opportunity	Cubic Feet (millions) (5)	Pallet Positions (thousands) (5)	Cost (6)	Estimate to Complete	Total Estimated Cost
Savannah, GA (7)	New Build	Distribution	Multi-tenant	14.8	37	$57.0	$13-$18	$70-$75	10-15%	Q2 2020	Q3 2021
Atlanta, GA	Expansion /Redevelopment	Distribution	Multi-tenant	18.3	60	$30.6	$95-$105	$126-$136	10-15%	Q2 2021	Q1 2023
Auckland, New Zealand	Expansion	Distribution	Multi-tenant	4.6	27	NZD $0.0	NZD $65.0	NZD $65.0	12-14%	Q2 2021	Q3 2022

Recent Acquisitions
Facility	Metropolitan Area	No. of Facilities	Cubic Feet (in millions)	Pallet Positions (in thousands)	Acquisition Price(in millions)	Net Entry NOI Yield (8)		Expected Three Year Stabilized NOI ROIC	Date Purchased	Expected Full Stabilized Quarter
PortFresh Holdings, LLC	Savannah, GA	1	4.3	6	$20.0	6.7	%	9-12%	1/31/2019	Q2 2022
Cloverleaf Cold Storage (9)	9 states	22	132.0	602	$1,242.9	6.5	%	7-8%	5/1/2019	Q3 2022
Lanier Cold Storage	Georgia	2	14.4	51	$82.6	7.6	%	9-10%	5/1/2019	Q3 2022
MHW Group Inc. (10)	MD and PA	2	19.0	86	$54.2	7.8	%	9-10%	11/19/2019	Q4 2022
Nova Cold Logistics (9)	Canada	4	23.5	81	CAD $337.0	6.1	%	6.5-7.0%	1/2/2020	Q2 2023
Newport Cold	St. Paul, MN	1	6.1	26	$56.0	7.5	%	9-10%	1/2/2020	Q2 2023

_________________________

(1) Cost to date as of December 31, 2019. Total cost expected to be approximately $92 - $93 million. Remaining spend incurred reflects residual cost and retainage.

(2) Cost to date as of December 31, 2019. Total cost expected to be approximately $26 - $27 million. Remaining spend incurred reflects residual cost and retainage.

(3) Cost to date as of December 31, 2019. Total cost expected to be approximately $19 - $20 million. Remaining spend incurred reflects residual cost and retainage.

(4) Cost to date as of December 31, 2019. Total cost expected to be approximately $7 - $8 million. Remaining spend incurred reflects residual cost and retainage.

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

(6) Cost as of December 31, 2019.

(7) Cost includes $15.9 million as part of the PortFresh Holdings, LLC acquisition completed during January 2019.

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

(9) Net Entry NOI Yield metric is exclusive of SG&A expense.

(10) Acquisition price includes a $4.1 million option to purchase land under lease at date of acquisition, which was subsequently exercised during January 2020.

37

Financial Supplement		Fourth Quarter 2019

2020 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
	Feb. 20, 2020
Warehouse segment same store revenue growth (actual and constant currency)	2.0% - 4.0%
Warehouse segment same store NOI growth (actual and constant currency)	100 - 200 bps higher than associated revenue
Managed and Transportation segment NOI	$28mm - $31mm
Total selling, general and administrative expense	$135mm - $140mm
Current income tax expense	$11mm - $13mm
Deferred income tax benefit	$1mm - $3mm
Non real estate amortization and depreciation expense	$66mm - $68mm
Total recurring maintenance capital expenditures	$65mm - $75mm
Development starts (1)	$75mm - $200mm
AFFO per share	$1.22 - $1.30
Assumed FX rates	1 AUS = 0.68 USD 1 NZD = 0.63 USD 1 ARS = 0.018 USD 1 CAD = 0.76 USD 1 BRL = 0.23 USD

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

38

Financial Supplement		Fourth Quarter 2019

Notes and Definitions

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 assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. 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 FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, non-real estate asset impairment, acquisition, litigation and other expenses, excluding 2018 RSU modification expense, share-based compensation expense, IPO grants, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments, foreign currency exchange gain or loss, gain from sale of partially owned entities, excise tax settlement and Alternative Minimum Tax receivable from TCJA. 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 FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of recurring 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 FFO and Core FFO as a measure 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 financing costs, pension withdrawal liability and above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, stock-based compensation expense from grants of stock options and restricted stock units under our equity incentive plans, excluding IPO grants, non-real estate depreciation, depletion or amortization (including in respect of the China JV), and recurring maintenance capital expenditures. 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 annual and quarterly 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 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, earnings before interest expense, taxes, depreciation, depletion and amortization, gains or losses on disposition of depreciated property, including gains or losses on change of control, impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustment to reflect share of EBITDAre of unconsolidated affiliates. 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 impairment charges on intangible and long-lived assets, gain or loss on depreciable real property asset disposals, acquisition, litigation and other expenses, bridge loan commitment fees, loss on debt extinguishment and modifications, share-based compensation expense, foreign currency exchange gain or loss, loss on partially owned entities, gain on sale of partially owned entities, impairment of partially owned entities, and multi-employer pension plan withdrawal expense. 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 EBITDA but which we do not believe are indicative of our core business operations. EBITDA and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDA and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDA and Core EBITDA have limitations as analytical tools, including:

• these measures do not reflect our historical or future cash requirements for recurring 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, depletion and amortization are non-cash charges, the assets being depreciated, depleted and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 21 reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

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

39

EX-99.3

Exhibit 99.3

Americold Realty Trust to Form Strategic Joint Venture in Brazil and Acquire 15% Ownership in SuperFrio for BRL $118 Million

- Leading Temperature Controlled Storage Operator in Brazil -

ATLANTA, February 20, 2020 -- Americold Realty Trust (NYSE: COLD) (the “Company” or “Americold”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, today announced that the Company has entered into a strategic joint venture to own approximately 15% of SuperFrio Armazéns Gerais SA (“SuperFrio”), a leading temperature-controlled storage operator in Brazil, for approximately BRL $118 million (equivalent to approximately USD $28 million based on current exchange rates) in cash consideration. The closing of this transaction is subject to customary closing conditions and is expected to occur in the first quarter of 2020.

Brazil is the ninth largest economy in the world, with a population of approximately 210 million people. Brazil is also a key market in the global food chain, as it is a leading exporter of beef, poultry and other commodities. SuperFrio currently operates 16 facilities, totaling 35.1 million cubic refrigerated feet.

“We are very pleased to announce our partnership with SuperFrio in Brazil. Through this joint venture, we are able to enter a strategic market in terms of both consumption and production. Establishing a presence in Brazil will help us to better service current and future Americold customers. SuperFrio has built a high quality portfolio and a sophisticated platform with a track record of growth and value creation. This agreement allows Americold to partner with leaders in the Brazilian market while providing for future growth through roll-up acquisitions and selective development projects, with the option to acquire full ownership of SuperFrio starting in 2023,” stated Fred Boehler, President and Chief Executive Officer of Americold Realty Trust.

SuperFrio is currently owned by Pátria Investimentos (“Pátria”), a leading Brazilian private equity firm with approximately USD $14 billion of assets under management. Americold will gain a seat on SuperFrio’s Board of Directors and retains the exclusive right to acquire the remaining ownership in the Company during a designated exercise window starting in 2023. Under the terms of the agreement, Americold will commit to fund up to an additional BRL $127 million (equivalent to approximately USD $30 million based on current exchange rates), at its pro-rata share for the joint venture’s acquisition and development activity over the next two years.

The acquisition is expected to be funded with a combination of cash on hand and revolver proceeds, and is expected to be accretive on a leverage neutral basis.

Forward-Looking Statements

This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future financial and operating performance and growth plans, taking into account the information currently available to the Company. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause the Company’s actual results to differ materially from the expectations of future results the Company expresses or implies in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, risks related to the partial ownership of properties.

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. The Company qualifies any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under the heading “Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2018, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. The Company assumes 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.

About Americold Realty Trust

Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 178 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina, as of December 31st, 2019. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Contacts:

Americold Realty Trust

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

XML

Cover Page Document	Feb. 20, 2020
Cover page.
Document Type	8-K
Document Period End Date	Feb. 20, 2020
Entity Registrant Name	AMERICOLD REALTY TRUST
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34723
Entity Tax Identification Number	93-0295215
Entity Address, Address Line One	10 Glenlake Parkway,
Entity Address, Address Line Two	South Tower, Suite 600
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	678
Local Phone Number	441-1400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value per share
Trading Symbol	COLD
Security Exchange Name	NYSE
Amendment Flag	false
Entity Central Index Key	0001455863