Americold Realty Trust (COLD) Q4 2024 earnings summary

Executive summary

• Achieved double-digit adjusted FFO per share growth for full year 2024, with a 16% increase year-over-year and $125 million incremental same store warehouse services NOI, surpassing the $100 million target.

• Delivered strong operational and financial results in Q4 and 2024, with notable improvements in service, productivity, and customer recognition.

• Announced $79 million new facility in Canada, $34 million expansion in New Zealand, and major projects in Dallas-Fort Worth, Kansas City, and Sydney.

• Focused on productivity, efficiency, and margin improvement, especially in warehouse services.

• Positioned for future growth and return of consumer demand, with targeted investments and strategic partnerships.

Financial highlights

• Full year 2024 total revenues were $2.67 billion, up 0.3% (1.2% constant currency); Q4 revenues were $666.4 million, down 1.9% year-over-year.

• Full year net loss was $94.7 million ($0.33/share), improved from $1.18 loss per share in 2023; Q4 net loss was $36.4 million ($0.13/share), improved from $0.80 loss per share in Q4 2023.

• Adjusted FFO for 2024 was $420.4 million ($1.47/share), up 15.9% year-over-year; Q4 Adjusted FFO was $105.9 million ($0.37/share), down 2.1% from Q4 2023.

• Core EBITDA for 2024 was $634.1 million, up 10.8% year-over-year; Q4 Core EBITDA was $155.6 million, down 2.9% year-over-year.

• Same-store warehouse services margin rose to 13.0% in 2024 from 3.8% in 2023; rent and storage revenue from fixed-commitment contracts rose to 59%.

Outlook and guidance

• 2025 Adjusted FFO per share guidance is $1.51–$1.59, midpoint $1.55, representing a 5% increase from 2024.

• Warehouse same store revenue growth (constant currency) expected at 2%–4%, with NOI growth 200 bps higher.

• Economic occupancy projected to be flat year-over-year, with throughput volumes up 1%–2%.

• Service margins expected to remain above 12% in 2025.

• Development starts forecasted at $200 million–$300 million for 2025.