Americold Realty Trust (COLD) Investor presentation summary

Key investment highlights

• Global market leader in temperature-controlled warehousing with a highly integrated, mission-critical network.

• Strong food industry fundamentals and diversified customer base drive stable demand across cycles.

• Experienced management and best-in-class governance support growth and alignment of interests.

• Substantial internal and external growth opportunities, including organic initiatives and acquisitions.

• Investment grade, flexible balance sheet positions the company for continued expansion.

Business overview and portfolio

• Operates 239 warehouses globally, with 1.4bn cubic feet capacity and ~3,300 customers.

• North America represents 17.8% market share; presence in Europe, Asia-Pacific, and South America.

• $11.6bn total enterprise value and $8.1bn equity market cap as of September 2024.

• Warehouse segment generates 90% of revenue and 94% of NOI.

Integrated operations and customer relationships

• Real estate value driven by strategic locations, scale, and full-service offerings.

• Long-standing relationships with top 25 customers, averaging ~37 years, with no customer over 6% of revenue.

• 58% of warehouse rent and storage revenue now from fixed storage committed contracts, smoothing cash flows.