COLD News & Events

Americold Realty Trust and EQT announced the formation of a new joint venture with EQT's Active Core Infrastructure fund focused on the ownership, operation, and potential development of high-quality cold storage warehouse facilities in North America. Under the terms of the agreement, Americold will contribute 12 cold storage facilities to the joint venture with an aggregate value in excess of $1.3B at inception. The facilities are located across the United States and comprise a total of approximately 124 million cubic feet of temperature-controlled capacity, with over 400,000 combined pallet positions. On a standalone basis, this joint venture is expected to be among the largest operators of cold storage facilities in North America. EQT will acquire a 70% interest in the joint venture, and Americold will retain a 30% equity interest and serve as day-to-day manager of the platform to ensure continuity of service and Americold's proven operational excellence for customers. Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction, which is expected to be used to repay outstanding debt.

Sees 2026 total maintenance capital expenditures $60M-$70M.

Reports Q1 revenue $629.9M, consensus $602.15M. "Americold delivered another solid quarter, with results that came in ahead of expectations," said Rob Chambers, CEO. "Our teams remain tightly focused on pricing discipline, cost control, and delivering excellent service to customers. I was particularly encouraged that physical occupancy levels have largely stabilized, reinforcing our view that we should return to more normal seasonal trends as we progress throughout the year. Most importantly, we made meaningful progress this quarter executing on the five key priorities we outlined coming into the year. The joint venture we announced this morning with EQT, a world-class real estate investor, shows meaningful progress towards our goal to strengthen the balance sheet, and highlights the quality and attractiveness of our mission-critical assets and operating platform...With disciplined capital allocation, a sharp focus on execution, and an unwavering commitment to customer service, I believe Americold is well positioned to enhance long-term earnings growth and create lasting value for our shareholders."