Americold Realty Trust (COLD) Q3 2024 earnings summary

Executive summary

• Achieved double-digit constant currency same store NOI growth and record services margins for the third consecutive quarter, with AFFO reaching $100.1 million ($0.35/share), up 10.9%–11% year-over-year.

• Announced a $148 million automated expansion in Dallas-Fort Worth, exceeding development guidance, and completed a Dubai expansion.

• Raised $500 million in inaugural public bond offering to support portfolio growth.

• Productivity gains and Project Orion technology drove incremental warehouse services NOI and identified over 400 AI opportunities for further enhancements.

• ESG progress highlighted by a GRESB score increase to 81/100, ranking first in its peer group.

Financial highlights

• Q3 2024 total revenue was $674.2 million, up 0.9% year-over-year; constant currency growth was 2.1%.

• Net loss of $3.7 million, or $0.01 per diluted share, compared to a $2.1 million loss in Q3 2023; nine-month net loss was $58.3 million, improved from $109.5 million prior year.

• Core EBITDA rose 9.1% to $157.2 million; Core FFO was $83.9 million ($0.29/share), up 17.7% year-over-year.

• Total NOI increased 10.6% to $209.2 million; NOI margin rose to 31.0%.

• AFFO per share guidance for 2024 is $1.44–$1.50, representing a 16% increase from 2023.

Outlook and guidance

• 2024 warehouse segment same store revenue growth expected at 1.5%–3.5% (constant currency); NOI growth projected at 850 bps above revenue.

• Maintenance capital expenditures forecasted at $80M–$90M; development starts guidance raised to $300M–$350M for 2024.

• Economic occupancy for 2024 expected to decline 425–633 bps year-over-year; throughput volume to decrease 2.5%–4.5%.

• Project Orion expected to drive future growth, cost reductions, and improved analytics, with substantial completion targeted within three years.