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Published: 2023-02-16 16:04:30 ET

EX-99.2 3 q42022-quarterlysupplement.htm EX-99.2 Document

Exhibit 99.2



Financial Supplement						Fourth Quarter 2022


Table of Contents


Overview			PAGE
Corporate Profile			3
Earnings Release			5
Selected Quarterly Financial Data			14

Financial Information
Consolidated Balance Sheets			16
Consolidated Statements of Operations			17
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO			18
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA			20
Acquisition, Litigation and Other, net			21
Debt Detail and Maturities			22

Operations Overview
Revenue and Contribution (NOI) by Segment			23
Global Warehouse Economic and Physical Occupancy Trend			24
Global Warehouse Portfolio			25
Fixed Commitment and Lease Maturity Schedules			27
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures			29

Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance			30
Same-store Financial Performance			32
Same-store Key Operating Metrics			34
Same-store Historical Performance Trend			36

External Growth and Capital Deployment			38

Unconsolidated Joint Ventures (Investments in Partially Owned Entities)			40

2023 Guidance			42

Notes and Definitions			43



Financial Supplement						Fourth Quarter 2022

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, 2022, we operated a global network of 242 temperature-controlled warehouses encompassing approximately 1.4 billion cubic feet, with 195 warehouses in North America, 27 in Europe, 18 warehouses in Asia-Pacific, and two warehouses in South America. In addition, we hold three minority interests in joint ventures, one with SuperFrio, which owns or operates 38 temperature-controlled warehouses in Brazil, one with Comfrio, which owns or operates 28 temperature-controlled warehouses in Brazil, and one with the LATAM JV, which owns one temperature-controlled warehouse in Chile.

Corporate Headquarters

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

George F. Chappelle Jr.: Chief Executive Officer and Director

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

Robert S. Chambers: Chief Commercial Officer and Executive Vice President

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

David C. Moore: Chief Operating Officer - North America and Executive Vice President

Richard C. Winnall: Chief Operating Officer - International and Executive Vice President

Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President

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

Board of Directors

Mark R. Patterson: Chairman of the Board of Directors

George J. Alburger, Jr.: Director

Kelly H. Barrett: Director

Robert L. Bass: Director

George F. Chappelle Jr.: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: Director

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)

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com



Financial Supplement						Fourth Quarter 2022

Analyst Coverage

Firm

Analyst Name

Contact

Baird Equity Research

David B. Rodgers

216-737-7341

drodgers@rwbaird.com

Bank of America Merrill Lynch

Joshua Dennerlein

646-855-1681

joshua.dennerlein@bofa.com

Barclays

Anthony Powell

212-526-8768

anthony.powell@barclays.com

BNP Paribas Exane Research

Nate Crossett

646-725-3716

nate.crossett@exanebnpparibas.com

Citi

Craig Mailman

212-816-4471

craig.mailman@citi.com

Evercore ISI

Samir Khanal /
Steve Sakwa

212-888-3796 / 212-446-9462

samir.khanal@evercoreisi.com / steve.sakwa@evercoreisi.com

Green Street Advisors

Vince Tibone

949-640-8780

vtibone@greenstreet.com

J.P. Morgan

Michael W. Mueller

212-622-6689

michael.w.mueller@jpmorgan.com

KeyBanc

Todd Thomas

917-368-2286

tthomas@key.com

MorningStar Research Services

Suryansh Sharma

314-585-6793

suryansh.sharma@morningstar.com

Raymond James

William A. Crow

727-567-2594

bill.crow@raymondjames.com

RBC

Michael Carroll

440-715-2649

michael.carroll@rbccm.com

Truist

Ki Bin Kim

212-303-4124

kibin.kim@truist.com

Wolfe Research

Andrew Rosivach

646-582-9250

arosivach@wolferesearch.com

Stock Listing Information

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

Credit Ratings


DBRS Morningstar
Credit Rating:	BBB	(Stable Trend)

Fitch
Issuer Default Rating:	BBB	(Negative 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.



Financial Supplement						Fourth Quarter 2022

AMERICOLD REALTY TRUST, INC. ANNOUNCES FOURTH QUARTER 2022 RESULTS

Atlanta, GA, February 16, 2023 - Americold Realty Trust, Inc. (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 ended December 31, 2022.

Fourth Quarter 2022 Highlights

•Total revenue increased 0.7% to $721.5 million.

•Total NOI increased 16.6% to $188.2 million.

•Core EBITDA increased 10.6% to $136.8 million, and increased 13.6% on a constant currency basis.

•Net income of $3.0 million, or $0.01 per diluted common share.

•Core FFO of $70.2 million, or $0.26 per diluted common share.

•AFFO of $78.2 million, or $0.29 per diluted common share.

•Global Warehouse segment revenue increased 8.0% to $598.7 million.

•Global Warehouse segment NOI increased 14.2% to $172.3 million.

•Global Warehouse segment same store revenue increased 8.3%, or 10.9% on a constant currency basis, Global Warehouse segment same store NOI increased by 13.1%, or 15.4% on a constant currency basis.

•Completed the Barcelona expansion for approximately €13.0 million.

•Completed the strategic exit of a significant component of our lower margin Third-party managed segment.

•On November 1, we prepaid at par the remaining $264.1 million indebtedness on our 2013 CMBS thereby transitioning all real estate debt to unsecured.

Year to Date 2022 Highlights

•Total revenue increased 7.4% to $2.9 billion.

•Total NOI increased 10.5% to $696.0 million.

•Core EBITDA increased 5.3% to $499.8 million, or 7.3% on a constant currency basis.

•Net loss of $19.5 million, or $0.07 loss per diluted common share.

•Core FFO of $249.0 million, or $0.92 per diluted common share.

•AFFO of $300.3 million, or $1.11 per diluted common share.

•Global Warehouse segment revenue increased 10.4% to $2.3 billion.

•Global Warehouse segment NOI increased 8.5% to $636.2 million.

•Global Warehouse segment same store revenue increased 6.4%, or 8.5% on a constant currency basis, Global Warehouse segment same store NOI increased 5.1%, or 6.7% on a constant currency basis.

Fourth Quarter 2022 Total Company Financial Results

Total revenue for the fourth quarter of 2022 was $721.5 million, a 0.7% increase from the same quarter of the prior year. This growth was driven by our core warehouse business which benefited from our pricing initiatives and rate escalations, higher economic occupancy, incremental revenue from acquisitions and recently completed expansion and development projects, partially offset by lower throughput volume in our same store portfolio. These increases exceeded the decrease in revenue from our Third-



Financial Supplement						Fourth Quarter 2022

party managed segment as a result of our strategic exit of a significant component of this business. Additionally, total revenue was impacted by unfavorable foreign currency translation as the USD strengthened against the currencies of our foreign operations.

Total NOI for the fourth quarter of 2022 was $188.2 million, an increase of 16.6% from the same quarter of the prior year. This increase is a result of the same factors driving the increase in revenue mentioned above, the increase in profitability of our Transportation segment, partially offset by inflationary pressure on operating costs, labor and operational inefficiencies and a slight decline in contribution from our Third-party managed segment.

Core EBITDA was $136.8 million for the fourth quarter of 2022, compared to $123.7 million for the same quarter of the prior year. This reflects a 10.6% increase over prior year on an actual basis, and 13.6% on a constant currency basis. The increase is due to the same factors driving the increase in NOI mentioned above, partially offset by an increase in selling, general and administrative costs.

For the fourth quarter of 2022, the Company reported net income of $3.0 million, or $0.01 per diluted share, compared to net loss of $8.0 million, or $0.03 loss per diluted share, for the same quarter of the prior year.

For the fourth quarter of both 2022 and 2021, Core FFO was $70.2 million, or $0.26 per diluted share.

For the fourth quarter of 2022, AFFO was $78.2 million, or $0.29 per diluted share, compared to $82.2 million, or $0.31 per diluted share, for the same quarter of the prior year.

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 Quarter 2022 Global Warehouse Segment Results

For the fourth quarter of 2022, Global Warehouse segment revenue was $598.7 million, an increase of $44.5 million, or 8.0%, compared to $554.2 million for the fourth quarter of 2021. This growth was principally driven by growth in our same store pool resulting from our pricing initiative and rate escalations and higher economic occupancy as compared to 2021, paired with increases in our non-same store pool from incremental revenue from acquisitions and recently completed development projects. This was partially offset by the unfavorable impact of foreign currency translation and lower throughput in our same store pool.

Global Warehouse segment NOI was $172.3 million for the fourth quarter of 2022 as compared to $150.9 million for the fourth quarter of 2021. Global Warehouse segment NOI increased due to the drivers of warehouse revenue increase mentioned above, offset by the impact of inflationary pressures, start-up costs for our developments, labor and operational inefficiencies and the unfavorable impact of foreign currency translation. Global Warehouse segment margin was 28.8% for the fourth quarter of 2022, a 156 basis point increase compared to the same quarter of the prior year.

We had 208 same store warehouses for the three months ended December 31, 2022. The following table presents revenues, cost of operations, contribution (NOI) and margins for our same store and non-same store warehouses with a reconciliation to the total financial metrics of our warehouse segment for the three months ended December 31, 2022. Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.



Financial Supplement						Fourth Quarter 2022


	Three Months Ended December 31,									Change
Dollars and units in thousands, except per pallet data	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual		Constant Currency

TOTAL WAREHOUSE SEGMENT
Number of total warehouses	237						241			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	267,031		$	273,754		$	233,367		14.4	%	17.3	%
Warehouse services	331,659			340,155			320,788			3.4	%	6.0	%
Total revenue	$	598,690		$	613,909		$	554,155		8.0	%	10.8	%
Global Warehouse contribution (NOI)	$	172,328		$	176,481		$	150,884		14.2	%	17.0	%
Global Warehouse margin	28.8		%	28.7		%	27.2		%	156 bps		152 bps

Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,537			n/a			4,207			7.9	%	n/a
Average physical occupied pallets	4,229			n/a			3,861			9.5	%	n/a
Average physical pallet positions	5,415			n/a			5,409			0.1	%	n/a
Economic occupancy percentage	83.8		%	n/a			77.8		%	601 bps		n/a
Physical occupancy percentage	78.1		%	n/a			71.4		%	671 bps		n/a
Total rent and storage revenue per economic occupied pallet	$	58.86		$	60.34		$	55.48		6.1	%	8.8	%
Total rent and storage revenue per physical occupied pallet	$	63.14		$	64.73		$	60.43		4.5	%	7.1	%
Global Warehouse services metrics:
Throughput pallets	9,963			n/a			10,346			(3.7)	%	n/a
Total warehouse services revenue per throughput pallet	$	33.29		$	34.14		$	31.01		7.4	%	10.1	%

SAME STORE WAREHOUSE
Number of same store warehouses	208						208			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	230,785		$	235,947		$	201,750		14.4	%	17.0	%
Warehouse services	295,365			302,612			284,044			4.0	%	6.5	%
Total same store revenue	$	526,150		$	538,559		$	485,794		8.3	%	10.9	%
Global Warehouse same store contribution (NOI)	$	163,096		$	166,414		$	144,196		13.1	%	15.4	%
Global Warehouse same store margin	31.0		%	30.9		%	29.7		%	132 bps		122 bps

Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	4,082			n/a			3,802			7.4	%	n/a
Average physical occupied pallets	3,827			n/a			3,481			10.0	%	n/a
Average physical pallet positions	4,802			n/a			4,833			(0.6)	%	n/a
Economic occupancy percentage	85.0		%	n/a			78.7		%	634 bps		n/a
Physical occupancy percentage	79.7		%	n/a			72.0		%	768 bps		n/a
Same store rent and storage revenue per economic occupied pallet	$	56.54		$	57.80		$	53.07		6.5	%	8.9	%
Same store rent and storage revenue per physical occupied pallet	$	60.30		$	61.65		$	57.96		4.0	%	6.4	%
Global Warehouse same store services metrics:
Throughput pallets	8,882			n/a			9,157			(3.0)	%	n/a
Same store warehouse services revenue per throughput pallet	$	33.26		$	34.07		$	31.02		7.2	%	9.8	%



Financial Supplement						Fourth Quarter 2022


	Three Months Ended December 31,									Change
Dollars and units in thousands, except per pallet data	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual	Constant Currency


NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	29						33			n/a	n/a
Global Warehouse non-same store revenue:
Rent and storage	$	36,246		$	37,807		$	31,617		n/r	n/r
Warehouse services	36,294			37,543			36,744			n/r	n/r
Total non-same store revenue	$	72,540		$	75,350		$	68,361		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	9,232		$	10,067		$	6,688		n/r	n/r
Global Warehouse non-same store margin	12.7		%	13.4		%	9.8		%	n/r	n/r

Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	455			n/a			405			n/r	n/a
Average physical occupied pallets	402			n/a			381			n/r	n/a
Average physical pallet positions	614			n/a			576			n/r	n/a
Economic occupancy percentage	74.1		%	n/a			70.2		%	n/r	n/a
Physical occupancy percentage	65.5		%	n/a			66.0		%	n/r	n/a
Non-same store rent and storage revenue per economic occupied pallet	$	79.68		$	83.11		$	78.13		n/r	n/r
Non-same store rent and storage revenue per physical occupied pallet	$	90.16		$	94.04		$	83.05		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	1,081			n/a			1,188			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	33.57		$	34.72		$	30.92		n/r	n/r

(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) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)



Financial Supplement						Fourth Quarter 2022


	Year Ended December 31,									Change
Dollars and units in thousands, except per pallet data	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual		Constant Currency

TOTAL WAREHOUSE SEGMENT
Number of total warehouses	237						241			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	999,388		$	1,019,787		$	876,153		14.1	%	16.4	%
Warehouse services	1,303,583			1,332,867			1,209,234			7.8	%	10.2	%
Total revenue	$	2,302,971		$	2,352,654		$	2,085,387		10.4	%	12.8	%
Global Warehouse contribution (NOI)	$	636,232		$	647,885		$	586,436		8.5	%	10.5	%
Global Warehouse margin	27.6		%	27.5		%	28.1		%	-49 bps		-58 bps

Global Warehouse rent and storage metrics:
Average economic occupied pallets	4,318			n/a			4,047			6.7	%	n/a
Average physical occupied pallets	3,991			n/a			3,701			7.8	%	n/a
Average physical pallet positions	5,431			n/a			5,290			2.7	%	n/a
Economic occupancy percentage	79.5		%	n/a			76.5		%	300 bps		n/a
Physical occupancy percentage	73.5		%	n/a			70.0		%	352 bps		n/a
Total rent and storage revenue per economic occupied pallet	$	231.44		$	236.16		$	216.48		6.9	%	9.1	%
Total rent and storage revenue per physical occupied pallet	$	250.40		$	255.51		$	236.72		5.8	%	7.9	%
Global Warehouse services metrics:
Throughput pallets	40,093			n/a			39,939			0.4	%	n/a
Total warehouse services revenue per throughput pallet	$	32.51		$	33.24		$	30.28		7.4	%	9.8	%

SAME STORE WAREHOUSE
Number of same store warehouses	208						208			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	862,268		$	877,817		$	783,256		10.1	%	12.1	%
Warehouse services	1,151,824			1,177,011			1,109,896			3.8	%	6.0	%
Total same store revenue	$	2,014,092		$	2,054,828		$	1,893,152		6.4	%	8.5	%
Global Warehouse same store contribution (NOI)	$	599,745		$	609,324		$	570,831		5.1	%	6.7	%
Global Warehouse same store margin	29.8		%	29.7		%	30.2		%	-37 bps		-50 bps

Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	3,879			n/a			3,714			4.4	%	n/a
Average physical occupied pallets	3,592			n/a			3,394			5.8	%	n/a
Average physical pallet positions	4,821			n/a			4,823			—	%	n/a
Economic occupancy percentage	80.5		%	n/a			77.0		%	345 bps		n/a
Physical occupancy percentage	74.5		%	n/a			70.4		%	413 bps		n/a
Same store rent and storage revenue per economic occupied pallet	$	222.27		$	226.28		$	210.88		5.4	%	7.3	%
Same store rent and storage revenue per physical occupied pallet	$	240.07		$	244.40		$	230.81		4.0	%	5.9	%
Global Warehouse same store services metrics:
Throughput pallets	35,733			n/a			36,281			(1.5)	%	n/a
Same store warehouse services revenue per throughput pallet	$	32.23		$	32.94		$	30.59		5.4	%	7.7	%



Financial Supplement						Fourth Quarter 2022


	Year Ended December 31,									Change
Dollars and units in thousands, except per pallet data	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual	Constant Currency


NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	29						33			n/a	n/a
Global Warehouse non-same store revenue:
Rent and storage	$	137,119		$	141,970		$	92,897		n/r	n/r
Warehouse services	151,760			155,855			99,338			n/r	n/r
Total non-same store revenue	$	288,879		$	297,825		$	192,235		n/r	n/r
Global Warehouse non-same store contribution (NOI)	$	36,487		$	38,559		$	15,605		n/r	n/r
Global Warehouse non-same store margin	12.6		%	12.9		%	8.1		%	n/r	n/r

Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets	439			n/a			333			n/r	n/a
Average physical occupied pallets	399			n/a			308			n/r	n/a
Average physical pallet positions	610			n/a			467			n/r	n/a
Economic occupancy percentage	71.9		%	n/a			71.3		%	n/r	n/a
Physical occupancy percentage	65.5		%	n/a			65.8		%	n/r	n/a
Non-same store rent and storage revenue per economic occupied pallet	$	312.48		$	323.53		$	278.91		n/r	n/r
Non-same store rent and storage revenue per physical occupied pallet	$	343.36		$	355.51		$	301.95		n/r	n/r
Global Warehouse non-same store services metrics:
Throughput pallets	4,360			n/a			3,658			n/r	n/a
Non-same store warehouse services revenue per throughput pallet	$	34.81		$	35.75		$	27.16		n/r	n/r

(2) Refer to our “Real Estate Portfolio” section below for the composition of our non-same store pool.

(n/a = not applicable)

Fixed Commitment Rent and Storage Revenue

As of December 31, 2022, $419.5 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $396.4 million at the end of the third quarter of 2022 and $356.5 million at the end of the fourth quarter of 2021. We continue to make progress on commercializing business under this type of arrangement. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 41.9% of rent and storage revenue was 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. For the fourth quarter of 2022, economic occupancy for the total warehouse segment was 83.8% and warehouse segment same store pool was 85.0%, representing a 568 basis point and 531 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment increased 601 basis points, and the warehouse segment same store pool increased 634 basis points as compared to the fourth quarter of 2021. The growth in occupancy reflects our customers’ increased food production levels throughout 2022.



Financial Supplement						Fourth Quarter 2022

Real Estate Portfolio

As of December 31, 2022, the Company’s portfolio consists of 242 facilities. The Company ended the fourth quarter of 2022 with 237 facilities in its Global Warehouse segment portfolio and five facilities in its Third-party managed segment. The same store population consists of 208 facilities for the quarter ended December 31, 2022. The remaining 29 non-same store population includes the 11 facilities that were acquired in connection with the Bowman Stores, Brighton, ColdCo, De Bruyn Cold Storage, KMT Brrr!, Lago Cold Stores, Liberty Freezers and Newark acquisitions, 13 facilities in expansion or redevelopment, a temporarily leased facility in Australia, two facilities we previously leased and purchased during 2022, a facility in which we ceased operations during the first quarter of 2022 in order to prepare for leasing to a third-party, and a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity.

Balance Sheet Activity and Liquidity

As of December 31, 2022, the Company had total liquidity of approximately $681.6 million, including cash and capacity on its revolving credit facility. Total debt outstanding was $3.3 billion (inclusive of $248.7 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 93% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA was approximately 6.6x. The Company’s total debt outstanding includes $3.1 billion of real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company’s real estate debt has a remaining weighted average term of 5.7 years and carries a weighted average contractual interest rate of 3.57%. As of December 31, 2022, 85% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

Dividend

On December 6, 2022, the Company’s Board of Directors declared a dividend of $0.22 per share for the fourth quarter of 2022, which was paid on January 13, 2022 to common stockholders of record as of December 31, 2022.

2023 Outlook

The Company announced its 2023 annual AFFO per share guidance to be within the range of $1.14 - $1.24. Refer to page 42 of this Financial Supplement for the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and 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 16, 2023 at 5:00 p.m. Eastern Time to discuss its fourth quarter 2022 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# 13734551. The telephone replay will be available starting shortly after the call until March 2, 2023.



Financial Supplement						Fourth Quarter 2022

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 242 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. 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; same store segment revenue and contribution (NOI); real estate debt and maintenance capital expenditures. Definitions of these non-GAAP metrics are included beginning on page 43, and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included herein. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

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 the following: the impact of supply chain disruptions, including, among others, the impact on labor availability, raw material availability, manufacturing and food production; construction materials and transportation; uncertainties and risks related to public health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; rising interest rates and inflation in operating costs, including as a result of the COVID-19 pandemic; general economic conditions; labor and power costs; labor shortages; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize anticipated cost savings and revenue improvements; our failure to realize the intended benefits from our recent acquisitions, and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; risks related to expansions of existing properties and developments of new properties, including failure to meet targeted completion dates and budgeted or stabilized returns within expected time frames, or at all, in respect thereof; risks related to our joint ventures; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; defaults or non-renewals of significant customer contracts, including as a result of the



Financial Supplement						Fourth Quarter 2022

ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; 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; changes in applicable governmental regulations and tax legislation, including in the international markets; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; our relationship with our associates, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; uninsured losses or losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers to provide transportation services to our customers; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; 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 stockholders to replace our directors and affect the price of our common stock, $0.01 par value per share, of our common stock; and the potential dilutive effect of our common stock offerings.

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 acquisition and 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, 2021 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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, Inc.

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com



Financial Supplement						Fourth Quarter 2022

Selected Quarterly Financial Data


In thousands, except per share amounts	As of
Capitalization:	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21
Fully diluted common stock outstanding at quarter end(1)	271,702		271,748		271,736		271,801		271,044
Common stock share price at quarter end	$28.31		$24.60		$30.04		$27.88		$32.79
Market value of common equity	$7,691,884		$6,685,001		$8,162,949		$7,577,812		$8,887,533

Gross debt (2)	$3,331,027		$3,230,012		$3,223,017		$3,215,627		$3,130,620
Less: cash and cash equivalents	53,063		45,693		74,616		50,965		82,958
Net debt	$3,277,964		$3,184,319		$3,148,401		$3,164,662		$3,047,662

Total enterprise value	$10,969,848		$9,869,320		$11,311,350		$10,742,474		$11,935,195
Net debt / total enterprise value	29.9	%	32.3	%	27.8	%	29.5	%	25.5	%
Net debt to pro forma Core EBITDA(2)	6.61x		6.49x		6.60x		6.55x		6.10x

	Three Months Ended
Selected Operational Data:	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21
Warehouse segment revenue	$598,690		$598,977		$564,379		$540,925		$554,155
Total revenue	721,504		757,780		729,756		705,695		716,480
Operating income	33,044		23,170		23,665		7,991		4,195
Net income (loss)	2,955		(8,937)		3,953		(17,445)		(7,982)

Total warehouse segment contribution (NOI) (3)	172,327		166,662		150,985		146,258		150,884
Total segment contribution (NOI) (3)	188,226		181,158		168,291		158,288		161,394

Selected Other Data:
Core EBITDA (4)	$136,822		$131,857		$120,192		$110,895		$123,722
Core funds from operations (1)	70,168		67,090		65,396		46,329		70,155
Adjusted funds from operations (1)	78,219		79,332		73,875		68,854		82,236

Earnings Measurements:
Net income (loss) per share - basic	$0.01		$(0.03)		$0.01		$(0.06)		$(0.03)
Net income (loss) per share - diluted	$0.01		$(0.03)		$0.01		$(0.06)		$(0.03)
Core FFO per diluted share (4)	$0.26		$0.25		$0.24		$0.17		$0.26
AFFO per diluted share (4)	$0.29		$0.29		$0.27		$0.26		$0.31
Dividend distributions declared per common share (5)	$0.22		$0.22		$0.22		$0.22		$0.22
Diluted AFFO payout ratio (6)	75.9	%	75.9	%	81.5	%	84.6	%	71.0	%

Portfolio Statistics:
Total global warehouses	242		249		249		249		250
Average economic occupancy	83.8	%	80.1	%	77.4	%	76.8	%	77.8	%
Average physical occupancy	78.1	%	74.3	%	71.5	%	70.0	%	71.4	%
Total global same-store warehouses	208		212		213		215		160



Financial Supplement						Fourth Quarter 2022


(1) Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method
	As of
(2) Net Debt to Core EBITDA Computation	12/31/2022		12/31/2021
Total debt	$	3,317,983	$	3,119,570
Deferred financing costs	13,044		11,050
Gross debt	$3,331,027		$3,130,620
Adjustments:
Less: cash, cash equivalents and restricted cash	53,063		82,958
Net debt	$	3,277,964	$	3,047,662
Core EBITDA - last twelve months	$499,766		$474,511
Net Core EBITDA from acquisitions, dispositions and lease exits (a)	(3,588)		25,190
Pro forma Core EBITDA - last twelve months	$496,178		$499,701
Net debt to pro forma Core EBITDA	6.61x		6.10x
(a) As of December 31, 2022, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the add back for six months of Core EBITDA from the De Bruyn Cold Storage prior to Americold’s ownership of the respective acquired entities, the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased, including the Gdynia and New Zealand facilities and the lease expense for leased facilities which we exited during the year.

(3) Reconciliation of segment contribution (NOI)
	Three Months Ended
	Q4 22		Q3 22		Q2 22	Q1 22	Q4 21
Warehouse segment contribution (NOI)	$172,327		$166,662		$150,985	$146,258	$150,884
Transportation segment contribution (NOI)	14,452		10,836		13,585	8,529	7,172
Third-party managed segment contribution (NOI)	1,447		3,660		3,721	3,501	3,338

Total segment contribution (NOI)	$188,226		$181,158		$168,291	$158,288	$161,394
Depreciation and amortization	(82,467)		(83,669)		(82,690)	(82,620)	(87,601)
Selling, general and administrative	(60,073)		(57,119)		(56,273)	(57,602)	(49,004)
Acquisition, litigation and other, net	(11,899)		(4,874)		(5,663)	(10,075)	(20,567)
Gain (loss) from sale of real estate	21		(5,710)		—	—	—
Impairment of indefinite and long-lived assets	(764)		(6,616)		—	—	—
U.S. GAAP operating income	$33,044		$23,170		$23,665	$7,991	$4,222

(4) See “Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO” and “Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA” pages 18-20

(5) Distributions per common share	Three Months Ended
	Q4 22		Q3 22		Q2 22	Q1 22	Q4 21
Distributions declared on common stock during the quarter	$59,751		$59,763		$59,759	$59,760	$59,440
Common stock outstanding at quarter end	269,815		269,396		275,045	268,672	268,283
Distributions declared per common share	$0.22		$0.22		$0.22	$0.22	$0.22

(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share



Financial Supplement						Fourth Quarter 2022

Financial Information


Americold Realty Trust, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except shares and per share amounts)
	December 31,		December 31,
	2022		2021
Assets
Property, buildings and equipment:
Land	$	786,975	$	807,495
Buildings and improvements	4,245,607		4,152,763
Machinery and equipment	1,407,874		1,352,399
Assets under construction	526,811		450,153
	6,967,267		6,762,810
Accumulated depreciation	(1,901,450)		(1,634,909)
Property, buildings and equipment – net	5,065,817		5,127,901

Operating lease right-of-use assets	352,553		377,536
Accumulated depreciation – operating leases	(76,334)		(57,483)
Operating leases – net	276,219		320,053

Financing leases:
Buildings and improvements	13,546		13,552
Machinery and equipment	127,009		146,341
	140,555		159,893
Accumulated depreciation – financing leases	(57,626)		(58,165)
Financing leases – net	82,929		101,728
Cash, cash equivalents and restricted cash	53,063		82,958

Accounts receivable – net of allowance of $15,951 and $18,755 at December 31, 2022 and 2021, respectively	430,042		380,014
Identifiable intangible assets – net	925,223		980,966
Goodwill	1,033,637		1,072,980
Investments in partially owned entities	78,926		37,458
Other assets	158,705		112,139
Total assets	$	8,104,561	$	8,216,197
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit	$	500,052	$	399,314
Accounts payable and accrued expenses	557,540		559,412
Mortgage notes, senior unsecured notes and term loans – net of deferred financing costs of $13,044 and $11,050 in the aggregate, at December 31, 2022 and 2021, respectively	2,569,281		2,443,806
Sale-leaseback financing obligations	171,089		178,817
Financing lease obligations	77,561		97,633
Operating lease obligations	264,634		301,765
Unearned revenue	32,046		26,143
Pension and postretirement benefits	1,531		2,843
Deferred tax liability – net	135,098		169,209
Multiemployer pension plan withdrawal liability	7,851		8,179
Total liabilities	4,316,683		4,187,121
Equity
Stockholders’ equity:
Common stock, $0.01 par value – 500,000,000 authorized shares; 269,814,956 and 268,282,592 issued and outstanding at December 31, 2022 and 2021, respectively	2,698		2,683
Paid-in capital	5,191,969		5,171,690
Accumulated deficit and distributions in excess of net earnings	(1,415,198)		(1,157,888)
Accumulated other comprehensive (loss) income	(6,050)		4,522
Total stockholders’ equity	3,773,419		4,021,007
Noncontrolling interests:
Noncontrolling interests in operating partnership	14,459		8,069


Total equity	3,787,878		4,029,076

Total liabilities and equity	$	8,104,561	$	8,216,197



Financial Supplement						Fourth Quarter 2022


Americold Realty Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)
	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Revenues:
Rent, storage and warehouse services	$	598,690	$	554,155	$	2,302,971	$	2,085,387
Transportation services	76,190		78,041		313,358		312,092
Third-party managed services	46,624		84,284		298,406		317,311

Total revenues	721,504		716,480		2,914,735		2,714,790
Operating expenses:
Rent, storage and warehouse services cost of operations	426,363		403,271		1,666,739		1,498,951
Transportation services cost of operations	61,738		70,869		265,956		282,716
Third-party managed services cost of operations	45,177		80,946		286,077		303,347

Depreciation and amortization	82,467		87,601		331,446		319,840
Selling, general and administrative	60,073		49,004		231,067		182,076
Acquisition, litigation and other, net	11,899		20,567		32,511		51,578
Impairment of indefinite and long-lived assets	764		—		7,380		3,312
(Gain) loss from sale of real estate	(21)		—		5,689		—
Total operating expenses	688,460		712,258		2,826,865		2,641,820

Operating income	33,044		4,222		87,870		72,970

Other (expense) income:
Interest expense	(33,407)		(21,339)		(116,127)		(99,177)
Loss on debt extinguishment, modifications and termination of derivative instruments	(933)		(638)		(3,217)		(5,689)

Interest income	657		91		1,633		841

Foreign currency exchange gain (loss), net	2,477		(294)		(975)		(610)
Other income, net	527		1,203		1,806		1,791

Loss from investments in partially owned entities	(2,101)		(753)		(9,300)		(2,004)
Income (loss) before income taxes	264		(17,508)		(38,310)		(31,878)
Income tax benefit
Current	(721)		(625)		(3,725)		(7,578)
Deferred	3,412		10,151		22,561		9,147
Total income tax benefit	2,691		9,526		18,836		1,569

Net income (loss)	$	2,955	$	(7,982)	$	(19,474)	$	(30,309)
Net income (loss) attributable to noncontrolling interests	11		(18)		(34)		146
Net income (loss) attributable to Americold Realty Trust	$	2,944	$	(7,964)	$	(19,440)	$	(30,455)

Weighted average common stock outstanding – basic	269,826		267,499		269,565		259,056
Weighted average common stock outstanding – diluted	270,770		268,179		269,565		259,056

Net income (loss) per common share - basic	$	0.01	$	(0.03)	$	(0.07)	$	(0.12)
Net income (loss) per common share - diluted	$	0.01	$	(0.03)	$	(0.07)	$	(0.12)



Financial Supplement						Fourth Quarter 2022


Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts)
	Three Months Ended										Year Ended
	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21		2022		2021
Net income (loss)	$	2,955	$	(8,937)	$	3,953	$	(17,445)	$	(7,982)	$	(19,474)	$	(30,309)
Adjustments:
Real estate related depreciation	53,094		53,139		51,738		52,200		54,816		210,171		200,184
(Gain) loss on sale of real estate	(21)		5,710		—		—		—		5,689		—
Net loss on asset disposals	175		893		4		63		65		1,135		12

Impairment charges on real estate assets	—		3,407		—		—		—		3,407		1,752
Our share of reconciling items related to partially owned entities	1,209		822		1,346		1,033		822		4,410		2,412


Funds from operations	$	57,412	$	55,034	$	57,041	$	35,851	$	47,721	$	205,338	$	174,051
Adjustments:
Net loss (gain) on sale of non-real estate assets	2,274		310		72		(235)		861		2,421		267
Acquisition, litigation and other, net	11,899		4,874		5,663		10,075		20,567		32,511		51,578
Goodwill impairment	—		3,209		—		—		—		3,209		—
Share-based compensation expense, IPO grants	—		—		—		—		—		—		163
Loss on debt extinguishment, modifications and termination of derivative instruments	933		1,040		628		616		638		3,217		5,689

Foreign currency exchange (gain) loss	(2,477)		2,487		1,290		(325)		294		975		610
Gain on extinguishment of New Market Tax Credit Structure	—		—		(3,410)		—		—		(3,410)		—
Loss on deconsolidation of subsidiary contributed to LATAM joint venture	—		—		4,148		—		—		4,148		—
Our share of reconciling items related to partially owned entities	127		136		(36)		347		74		574		439
Core FFO	$	70,168	$	67,090	$	65,396	$	46,329	$	70,155	$	248,983	$	232,797
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,305		1,222		1,160		1,146		1,104		4,833		4,425
Amortization of below/above market leases	534		540		549		508		843		2,131		2,261
Non-real estate asset impairment	764		—		—		—		—		764		1,560
Straight-line net rent	333		133		77		204		(302)		747		(216)
Deferred income tax benefit	(3,412)		(4,374)		(12,886)		(1,889)		(10,151)		(22,561)		(9,147)
Share-based compensation expense, excluding IPO grants	5,036		6,720		7,032		8,349		9,112		27,137		23,737
Non-real estate depreciation and amortization	29,373		30,530		30,952		30,420		32,785		121,275		119,656

Maintenance capital expenditures(a)	(26,701)		(22,586)		(20,118)		(16,106)		(20,808)		(85,511)		(75,965)
Our share of reconciling items related to partially owned entities	819		57		1,713		(107)		(502)		2,482		387
Adjusted FFO	$	78,219	$	79,332	$	73,875	$	68,854	$	82,236	$	300,280	$	299,495



Financial Supplement						Fourth Quarter 2022


Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts)
	Three Months Ended										Year Ended
	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21		2022		2021

NAREIT Funds from operations	$	57,412	$	55,034	$	57,041	$	35,851	$	47,721	$	205,338	$	174,051

Core FFO	$	70,168	$	67,091	$	65,396	$	46,329	$	70,155	$	248,984	$	232,797
Adjusted FFO	$	78,219	$	79,333	$	73,875	$	68,854	$	82,236	$	300,281	$	299,495

Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	269,826		269,586		269,497		269,164		267,499		269,565		259,056
Dilutive stock options, unvested restricted stock units, equity forward contracts	944		1,105		887		835		680		1,041		2,070
Weighted average dilutive shares	270,770		270,691		270,384		269,999		268,179		270,606		261,126

NAREIT FFO - basic per share	$	0.21	$	0.20	$	0.21	$	0.13	$	0.18	$	0.76	$	0.67
NAREIT FFO - diluted per share	$	0.21	$	0.20	$	0.21	$	0.13	$	0.18	$	0.76	$	0.67

Core FFO - basic per share	$	0.26	$	0.25	$	0.24	$	0.17	$	0.26	$	0.92	$	0.90
Core FFO - diluted per share	$	0.26	$	0.25	$	0.24	$	0.17	$	0.26	$	0.92	$	0.89

Adjusted FFO - basic per share	$	0.29	$	0.29	$	0.27	$	0.26	$	0.31	$	1.11	$	1.16
Adjusted FFO - diluted per share	$	0.29	$	0.29	$	0.27	$	0.26	$	0.31	$	1.11	$	1.15



(a)			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.



Financial Supplement						Fourth Quarter 2022


Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands)
	Three Months Ended										Year Ended
	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21		2022		2021
Net income (loss)	$	2,955	$	(8,937)	$	3,953	$	(17,445)	$	(7,982)	$	(19,474)	$	(30,309)
Adjustments:
Depreciation and amortization	82,467		83,669		82,690		82,620		87,601		331,446		319,840
Interest expense	33,407		30,402		26,545		25,773		21,339		116,127		99,177
Income tax benefit	(2,691)		(3,368)		(12,069)		(708)		(9,526)		(18,836)		(1,569)
EBITDA	$	116,138	$	101,766	$	101,119	$	90,240	$	91,432	$	409,263	$	387,139
Adjustments:
(Gain) loss on sale of real estate	(21)		5,710		—		—		—		5,689		—
Adjustment to reflect share of EBITDAre of partially owned entities	5,019		3,383		6,215		3,198		4,625		17,815		8,966
NAREIT EBITDAre	$	121,136	$	110,859	$	107,334	$	93,438	$	96,057	$	432,767	$	396,105
Adjustments:
Acquisition, litigation and other, net	11,899		4,874		5,663		10,075		20,567		32,511		51,578
Loss from investments in partially owned entities	2,101		1,440		3,647		2,112		753		9,300		2,004
Impairment of indefinite and long-lived assets	764		6,616		—		—		—		7,380		3,312
Foreign currency exchange (gain) loss	(2,477)		2,487		1,290		(325)		294		975		610
Share-based compensation expense	5,036		6,720		7,032		8,349		9,112		27,137		23,900
Loss on debt extinguishment, modifications and termination of derivative instruments	933		1,040		628		616		638		3,217		5,689

Loss (gain) on real estate and other asset disposals	2,449		1,203		76		(172)		926		3,556		279
Gain on extinguishment of New Market Tax Credit Structure	—		—		(3,410)		—		—		(3,410)		—
Loss on deconsolidation of subsidiary contributed to LATAM joint venture	—		—		4,148		—		—		4,148		—
Reduction in EBITDAre from partially owned entities	(5,019)		(3,383)		(6,215)		(3,198)		(4,625)		(17,815)		(8,966)

Core EBITDA	$	136,822	$	131,856	$	120,193	$	110,895	$	123,722	$	499,766	$	474,511



Financial Supplement						Fourth Quarter 2022

Acquisition, Litigation and Other, net

Dollars in thousands

This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our Annual Report on Form 10-K.


	Three Months Ended December 31,				Year Ended December 31,
Acquisition, litigation and other, net	2022		2021		2022		2021
Acquisition and integration related costs	$	8,139	$	16,414	$	24,018	$	39,265
Litigation	—		1,275		179		2,217
Severance costs	1,470		6,058		6,530		8,908

Terminated site operations costs	3,715		806		4,154		884
Cyber incident related costs, net of insurance recoveries	(1,425)		(3,986)		(2,210)		(447)
Other, net	—		—		(160)		751
Total acquisition, litigation and other, net	$	11,899	$	20,567	$	32,511	$	51,578



Financial Supplement						Fourth Quarter 2022


Debt Detail and Maturities
(In thousands)
	As of December 31, 2022
Indebtedness:	Carrying Value		Contractual Interest Rate(1)	Effective Interest Rate(2)	Stated Maturity Date(3)

Unsecured Debt(4)
Senior Unsecured Revolving Credit Facility - C$50M(5)	$	36,890	CDOR+0.85%	6.00%	08/2027
Senior Unsecured Revolving Credit Facility - £77M(5)	92,435		SONIA+0.85%	4.79%	08/2027
Senior Unsecured Revolving Credit Facility - USD(5)	225,000		SOFR + 0.85%	5.73%	08/2027
Senior Unsecured Revolving Credit Facility - A$146M(5)	99,470		BBSW+0.85%	4.39%	08/2027
Senior Unsecured Revolving Credit Facility - €36M(5)	38,003		EURIBOR+0.85%	3.23%	08/2027
Senior Unsecured Revolving Credit Facility - NZD$13M(5)	8,254		BKBM+0.85%	5.70%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-1 - USD	375,000		SOFR + 0.95%	4.90%	08/2027
Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M	184,450		CDOR+0.95%	4.78%	01/2028
Senior Unsecured Term Loan A Facility Tranche A-3 - USD	270,000		SOFR + 0.95%	4.27%	01/2028
Series A notes - USD	200,000		4.68%	4.77%	01/2026
Series B notes - USD	400,000		4.86%	4.92%	01/2029
Series C notes - USD	350,000		4.10%	4.15%	01/2030
Series D notes - €400M	428,200		1.62%	1.67%	01/2031
Series E notes - €350M	374,675		1.65%	1.70%	01/2033
Total Unsecured Real Estate Debt	3,082,377		3.57%	3.95%	5.7 years

Sale-leaseback financing obligations	171,089		10.99%
Financing lease obligations	77,561		3.30%
Total Debt Outstanding	$	3,331,027	3.94%

Less: unamortized deferred financing costs	(13,044)
Total Book Value of Debt	$	3,317,983

Rate Type			% of Total
Fixed	$	2,830,975	85%
Variable-unhedged	500,052		15%
Total Debt Outstanding	$	3,331,027	100%

Debt Type			% of Total
Unsecured	$	3,082,376	93%
Secured	248,651		7%
Total Debt Outstanding	$	3,331,027	100%

(1)Interest rates as of December 31, 2022. At December 31, 2022, the Adjusted SOFR rate on our Senior Unsecured Revolving Credit Facility was 4.30%, the one-month CDOR rate was 4.67%, the one-month EURIBOR rate was 1.90%, the one-month SONIA rate was 3.43%, the one-month BBSW rate was 3.07%, the one-month BKBM rate was 4.37%. The entirety of our Senior Unsecured Term Loan Tranche A-1 is hedged at a weighted average rate of 4.6%. SOFR includes an adjustment of 0.10%, in addition to the margin. SONIA includes an adjustment of 0.03% in addition to our margin.

(2)The effective interest rates presented include the amortization of loan costs and are based on the hedged rate for the $375.0 million TLA Tranche A-1, the C$250.0 million TLA Tranche A-2, and the $270.0 million Tranche A-3. Subtotals of stated effective interest rates represent weighted average interest rates.

(3)Subtotals of stated maturity dates represent remaining weighted average life of the debt and assuming the exercise of extension options on the TLA Tranche A-1 and Revolving Credit Facility.

(4)Borrowing currency and value presented in caption unless USD denominated.

(5)Revolver maturity assumes two six-month extension options. The borrowing capacity as of December 31, 2022 is $1.15 billion less $21.4 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $1.15 billion committed.



Financial Supplement						Fourth Quarter 2022

Operations Overview


Revenue and Contribution (NOI) by Segment
(in thousands)
	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Segment revenues:
Warehouse	$	598,690	$	554,155	$	2,302,971	$	2,085,387
Transportation	76,190		78,041		313,358		312,092
Third-party managed	46,624		84,284		298,406		317,311

Total revenues	721,504		716,480		2,914,735		2,714,790

Segment contribution (NOI):
Warehouse	172,327		150,884		636,232		586,436
Transportation	14,452		7,172		47,402		29,376
Third-party managed	1,447		3,338		12,329		13,964

Total segment contribution (NOI)	188,226		161,394		695,963		629,776

Reconciling items:
Depreciation and amortization	(82,467)		(87,601)		(331,446)		(319,840)
Selling, general and administrative	(60,073)		(49,004)		(231,067)		(182,076)
Acquisition, litigation and other, net	(11,899)		(20,567)		(32,511)		(51,578)
Impairment of indefinite and long-lived assets	(764)		—		(7,380)		(3,312)
Gain (loss) from sale of real estate	21		—		(5,689)		—
Interest expense	(33,407)		(21,339)		(116,127)		(99,177)
Interest income	657		91		1,633		841

Loss on debt extinguishment, modifications and termination of derivative instruments	(933)		(638)		(3,217)		(5,689)
Foreign currency exchange gain (loss), net	2,477		(294)		(975)		(610)
Other income, net	527		1,203		1,806		1,791
Loss from investments in partially owned entities	(2,101)		(753)		(9,300)		(2,004)


Income (loss) before income taxes	$	264	$	(17,508)	$	(38,310)	$	(31,878)

We view and manage our business through three primary business segments—warehouse, transportation, third-party managed. 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,case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

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 or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. 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 allows us to offer a complete and integrated suite of services across the cold chain.



Financial Supplement						Fourth Quarter 2022

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, 2022, we had entered into contracts featuring fixed storage commitments or leases with 183 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.



Financial Supplement						Fourth Quarter 2022

Global Warehouse Portfolio


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)		Segment contribution (NOI) (2)(3) (in millions)		Total customers (4)
Warehouse Segment Portfolio (5)
United States
East	50	345.6	24	%	1,149	81	%	72	%	$	592.6	$	157.1	1,271
Southeast	49	295.6	21	%	956	79	%	73	%	426.6		88.7		797
Central	41	268.2	19	%	1,107	80	%	74	%	434.1		150.6		818
West	45	273.7	19	%	1,186	73	%	67	%	379.0		126.3		699
Canada	6	33.7	2	%	129	83	%	83	%	45.7		17.9		105
North America Total	191	1,216.8	85	%	4,527	78	%	72	%	$	1,878.0	$	540.6	2,733
Netherlands	7	36.7	3	%	121	78	%	78	%	70.0		10.4		442
United Kingdom	6	40.1	3	%	258	85	%	85	%	50.8		13.9		168
Spain	4	15.2	1	%	64	75	%	75	%	20.4		2.6		283
Portugal	4	11.5	1	%	57	86	%	86	%	16.1		3.9		176
Ireland	3	9.5	1	%	35	95	%	95	%	14.3		2.9		131
Austria	1	4.2	—	%	44	84	%	84	%	23.9		6.6		161
Poland	2	3.5	—	%	14	95	%	95	%	5.1		0.8		69
Europe Total	27	120.7	8	%	593	83	%	83	%	$	200.6	$	41.1	1,333
Australia	10	57.9	4	%	195	88	%	76	%	172.7		36.7		127
New Zealand	7	20.4	1	%	87	92	%	84	%	36.4		13.0		69
Asia-Pacific Total	17	78.3	5	%	282	89	%	79	%	$	209.1	$	49.7	192
Argentina	2	9.7	1	%	23	77	%	77	%	11.4		3.0		56
Chile(6)	—	—	—	%	10	105	%	105	%	3.9		1.8		—
South America Total	2	9.7	1	%	33	85	%	85	%	$	15.3	$	4.8	56
Warehouse Segment Total / Average	237	1,425.5	100	%	5,435	85	%	82	%	$	2,303.0	$	636.2	4,296
Third-Party Managed Portfolio
United States	3	14.9	74	%	—	—		—		$	273.6	$	7.5	3
Canada	1	5.3	26	%	—	—		—		3.4		1.0		1
North America Total / Average	4	20.2	100	%	—	—		—		$	277.0	$	8.5	4
Asia-Pacific	1	—	—	%	—	—		—		21.4		3.8		1
Third-Party Managed Total / Average	5	20.2	100	%	—	—		—		$	298.4	$	12.3	5
Portfolio Total / Average	242	1,445.7	100	%	5,435	80	%	73	%	$	2,601.4	$	648.5	4,296

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

(2)Years ended December 31, 2022.

(3)We use the term “segment contribution (NOI)” to mean a segment’s revenues less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses and corporate-level acquisition, litigation and other, net). 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, 2022, we owned 154 of our North American warehouses and 39 of our international warehouses, and we leased 37 of our North American warehouses and seven of our international warehouses. As of December 31, 2022, fourteen of our owned facilities were located on land that we lease pursuant to long-term ground leases.

(6)On June 1, 2022, we contributed our Chilean operations to the LATAM JV, and have a 15% ownership stake in the JV. The information reflects the period of time we owned the facility during 2022, prior to contributing it to the LATAM JV.



Financial Supplement						Fourth Quarter 2022

_______________________________________________

(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, 2022 LTM Revenue and NOI pro forma 2022 acquisitions.

December 31, 2022 warehouse segment cubic feet includes all 2022 acquisitions.

Totals may not foot due to rounding.



Financial Supplement						Fourth Quarter 2022

Fixed Commitment and Lease Maturity Schedules

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, 2022. 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 Years ended December 31, 2022		Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Years ended December 31, 2022(1) (in thousands)		Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month	74	$	77,604	7.7	%	$	208,387	$	77,135

2023	113	119,868		12.0	%	284,024		120,805
2024	81	88,083		8.8	%	220,964		89,903
2025	29	35,704		3.6	%	57,049		37,678
2026	15	33,794		3.4	%	67,691		36,056
2027	19	16,831		1.7	%	82,112		20,148
2028 and thereafter	17	47,593		4.8	%	149,175		52,024

Total	348	$	419,477	41.9	%	$	1,069,402	$	433,749

____________________

Note: December 31, 2022 LTM total revenue and rent and storage revenue pro forma 2022 acquisitions.

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of December 31, 2022, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended December 31, 2022, 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, 2022 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

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, 2022. These leases had a weighted average remaining term of 51 months as of December 31, 2022.



Financial Supplement						Fourth Quarter 2022


Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1) (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the Years ended December 31, 2022		Leased Square Footage (in thousands)	% Leased Square Footage		Annualized Rent at Expiration(2) (in thousands)
Month-to-Month	9	$	1,349	0.1	%	182	5.6	%	$	881

2023	22	5,444		0.5	%	274	8.4	%	5,445
2024	18	6,879		0.7	%	980	30.1	%	7,626
2025	13	6,244		0.6	%	472	14.5	%	6,569
2026	6	3,990		0.4	%	372	11.4	%	4,343
2027	6	5,101		0.5	%	342	10.5	%	7,057
2028 and thereafter	7	6,947		0.7	%	630	19.4	%	7,780
Total	81	$	35,954	3.6	%	3,252	100	%	$	39,701

____________________

Note: December 31, 2022 LTM rent and storage revenue pro forma 2022 acquisitions.

(1)Represents monthly rental payments under the relevant leases as of December 31, 2022, multiplied by 12.

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



Financial Supplement						Fourth Quarter 2022

Maintenance Capital Expenditures, Repair and Maintenance Expenses and

External Growth, Expansion and Development Capital Expenditures

We utilize a strategic and preventative approach to 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.

Maintenance Capital Expenditures


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
	(In thousands, except per cubic foot amounts)
Real estate	$	24,737	$	17,279	$	74,852	$	62,677
Personal property	444		1,387		4,232		5,828
Information technology	1,520		2,142		6,427		7,460
Maintenance capital expenditures(1)	$	26,701	$	20,808	$	85,511	$	75,965

Maintenance capital expenditures per cubic foot	$	0.018	$	0.014	$	0.059	$	0.052

(1) Excludes $18.4 million and $15.8 million of deferred acquisition maintenance capital expenditures incurred for the years ended December 31, 2022 and 2021, respectively.

Repair and Maintenance Expenses


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
	(In thousands, except per cubic foot amounts)
Real estate	$	11,632	$	10,852	$	41,086	$	31,612
Personal property	19,303		12,274		61,822		53,006
Repair and maintenance expenses	$	30,935	$	23,126	$	102,908	$	84,618

Repair and maintenance expenses per cubic foot	$	0.021	$	0.016	$	0.071	$	0.058

External Growth, Expansion and Development Capital Expenditures


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
	(In thousands)
Acquisitions, net of cash acquired and adjustments	$	601	$	125,037	$	15,829	$	741,353
Asset acquisitions	—		53,641		14,581		53,641
Expansion and development initiatives(2)	46,251		81,427		190,718		324,499
Information technology	3,512		2,376		6,910		7,630
Growth and expansion capital expenditures	$	50,364	$	262,481	$	228,038	$	1,127,123

(2)We capitalized interest of $3.0 million and $3.2 million for the three months ended December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, we capitalized interest of $11.8 million and $11.6 million, respectively. During the three months ended December 31, 2022 and 2021, we capitalized amounts relating to insurance, property taxes, and compensation and travel expense of employees direct and incremental to development of properties of approximately $1.3 million and $1.0 million, respectively, and during the years ended December 31, 2022 and 2021, we capitalized $5.5 million and $3.5 million, respectively.



Financial Supplement						Fourth Quarter 2022

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended December 31, 2022 and 2021.


	Three Months Ended December 31,									Change
	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual		Constant Currency
	(Dollars in thousands)
Rent and storage	$	267,031		$	273,754		$	233,367		14.4	%	17.3	%
Warehouse services	331,659			340,155			320,788			3.4	%	6.0	%
Total warehouse segment revenue	$	598,690		$	613,909		$	554,155		8.0	%	10.8	%

Power	37,963			39,458			32,220			17.8	%	22.5	%
Other facilities costs (2)	58,906			60,191			53,029			11.1	%	13.5	%
Labor	255,180			261,629			250,308			1.9	%	4.5	%
Other services costs (3)	74,313			76,150			67,714			9.7	%	12.5	%
Total warehouse segment cost of operations	$	426,362		$	437,428		$	403,271		5.7	%	8.5	%
Warehouse segment contribution (NOI)	$	172,328		$	176,481		$	150,884		14.2	%	17.0	%

Warehouse rent and storage contribution (NOI) (4)	$	170,162		$	174,105		$	148,118		14.9	%	17.5	%
Warehouse services contribution (NOI) (5)	$	2,166		$	2,376		$	2,766		(21.7)	%	(14.1)	%

Total warehouse segment margin	28.8		%	28.7		%	27.2		%	156 bps		152 bps
Rent and storage margin(6)	63.7		%	63.6		%	63.5		%	25 bps		13 bps
Warehouse services margin(7)	0.7		%	0.7		%	0.9		%	-21 bps		-16 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 $10.2 million and $11.1 million for the fourth quarter 2022 and 2021, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $3.6 million and $3.0 million for the fourth quarter of 2022 and 2021, 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.



Financial Supplement						Fourth Quarter 2022

The following table presents the operating results of our warehouse segment for the Years ended ended December 31, 2022 and 2021.


	Year Ended December 31,									Change
	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual		Constant Currency
	(Dollars in thousands)
Rent and storage	$	999,388		$	1,019,787		$	876,153		14.1	%	16.4	%
Warehouse services	1,303,583			1,332,867			1,209,234			7.8	%	10.2	%
Total warehouse segment revenues	2,302,971			2,352,654			2,085,387			10.4	%	12.8	%

Power	155,661			161,000			129,535			20.2	%	24.3	%
Other facilities costs (2)	231,944			236,436			208,172			11.4	%	13.6	%
Labor	1,006,862			1,028,375			934,782			7.7	%	10.0	%
Other services costs (3)	272,272			278,958			226,462			20.2	%	23.2	%
Total warehouse segment cost of operations	$	1,666,739		$	1,704,769		$	1,498,951		11.2	%	13.7	%

Warehouse segment contribution (NOI)	$	636,232		$	647,885		$	586,436		8.5	%	10.5	%
Warehouse rent and storage contribution (NOI) (4)	$	611,783		$	622,351		$	538,446		13.6	%	15.6	%
Warehouse services contribution (NOI) (5)	$	24,449		$	25,534		$	47,990		(49.1)	%	(46.8)	%

Total warehouse segment margin	27.6		%	27.5		%	28.1		%	-49 bps		-58 bps
Rent and storage margin(6)	61.2		%	61.0		%	61.5		%	-24 bps		-43 bps
Warehouse services margin(7)	1.9		%	1.9		%	4.0		%	-209 bps		-205 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 $42.0 million and $41.8 million, on an actual basis, for the years ended December 31, 2022 and 2021, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $12.9 million and $11.7 million, on an actual basis, for the years ended December 31, 2022 and 2021, 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.



Financial Supplement						Fourth Quarter 2022

Same-store Financial Performance - The following table presents revenues, cost of operations, 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, 2022 and 2021.


	Three Months Ended December 31,									Change
	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual		Constant Currency
Number of same store warehouses	208						208			n/a		n/a
Same store revenues:	(Dollars in thousands)
Rent and storage	$	230,785		$	235,947		$	201,750		14.4	%	17.0	%
Warehouse services	295,365			302,612			284,044			4.0	%	6.5	%
Total same store revenues	$	526,150		$	538,559		$	485,794		8.3	%	10.9	%
Same store cost of operations:
Power	31,237			32,191			26,877			16.2	%	19.8	%
Other facilities costs	49,751			50,775			43,880			13.4	%	15.7	%
Labor	219,169			224,710			216,465			1.2	%	3.8	%
Other services costs	62,897			64,469			54,376			15.7	%	18.6	%
Total same store cost of operations	$	363,054		$	372,145		$	341,598		6.3	%	8.9	%

Same store contribution (NOI)	$	163,096		$	166,414		$	144,196		13.1	%	15.4	%
Same store rent and storage contribution (NOI)(2)	$	149,797		$	152,981		$	130,993		14.4	%	16.8	%
Same store services contribution (NOI)(3)	$	13,299		$	13,433		$	13,203		0.7	%	1.7	%

Total same store margin	31.0		%	30.9		%	29.7		%	132 bps		122 bps
Same store rent and storage margin(4)	64.9		%	64.8		%	64.9		%	-2 bps		-9 bps
Same store services margin(5)	4.5		%	4.4		%	4.6		%	-15 bps		-21 bps

Number of non-same store warehouses(6)	29						33			n/a		n/a
Non-same store revenues:
Rent and storage	$	36,246		$	37,807		$	31,617		n/r		n/r
Warehouse services	36,294			37,543			36,744			n/r		n/r
Total non-same store revenues	$	72,540		$	75,350		$	68,361		n/r		n/r
Non-same store cost of operations:
Power	6,726			7,267			5,343			n/r		n/r
Other facilities costs	9,155			9,416			9,149			n/r		n/r
Labor	36,011			36,919			33,843			n/r		n/r
Other services costs	11,416			11,681			13,338			n/r		n/r
Total non-same store cost of operations	$	63,308		$	65,283		$	61,673		n/r		n/r

Non-same store contribution (NOI)	$	9,232		$	10,067		$	6,688		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	20,365		$	21,124		$	17,125		n/r		n/r
Non-same store services contribution (NOI)(3)	$	(11,133)		$	(11,057)		$	(10,437)		n/r		n/r

Total warehouse segment revenues	$	598,690		$	613,909		$	554,155		8.0	%	10.8	%
Total warehouse cost of operations	$	426,362		$	437,428		$	403,271		5.7	%	8.5	%
Total warehouse segment contribution (NOI)	$	172,328		$	176,481		$	150,884		14.2	%	17.0	%


(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.
(6)			Non-same store warehouse count of 29 includes one facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, one recently leased warehouse in Australia, one recently constructed facility in Denver we purchased in November 2021, three facilities acquired through the Lago Cold Stores acquisition on November 15, 2021, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers acquisition on March 1, 2021, and 12 facilities under development or expansion, one of which was completed during the second quarter of 2022. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. During the first quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we ceased operations within a facility that is being prepared for lease to a third-party. During the second quarter of 2022, we purchased a previously leased facility. During the third quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we purchased a previously leased facility in New Zealand. The results of the facilities exited are included in the results above, and the results of these acquisitions are reflected in the results above since date of ownership.



Financial Supplement						Fourth Quarter 2022

The following table presents revenues, cost of operations, 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, 2022 and 2021.


	Year Ended December 31,									Change
	2022 Actual			2022 Constant Currency(1)			2021 Actual			Actual		Constant Currency
Number of same store warehouses	208						208			n/a		n/a
Same store revenues:	(Dollars in thousands)
Rent and storage	$	862,268		$	877,817		$	783,256		10.1	%	12.1	%
Warehouse services	1,151,824			1,177,011			1,109,896			3.8	%	6.0	%
Total same store revenues	2,014,092			2,054,828			1,893,152			6.4	%	8.5	%
Same store cost of operations:
Power	128,408			131,993			113,073			13.6	%	16.7	%
Other facilities costs	193,831			197,053			178,077			8.8	%	10.7	%
Labor	865,949			884,576			837,137			3.4	%	5.7	%
Other services costs	226,159			231,882			194,034			16.6	%	19.5	%
Total same store cost of operations	$	1,414,347		$	1,445,504		$	1,322,321		7.0	%	9.3	%

Same store contribution (NOI)	$	599,745		$	609,324		$	570,831		5.1	%	6.7	%
Same store rent and storage contribution (NOI)(2)	$	540,029		$	548,771		$	492,106		9.7	%	11.5	%
Same store services contribution (NOI)(3)	$	59,716		$	60,553		$	78,725		(24.1)	%	(23.1)	%

Total same store margin	29.8		%	29.7		%	30.2		%	-37 bps		-50 bps
Same store rent and storage margin(4)	62.6		%	62.5		%	62.8		%	-20 bps		-31 bps
Same store services margin(5)	5.2		%	5.1		%	7.1		%	-191 bps		-195 bps

Number of non-same store warehouses(6)	29						33			n/a		n/a
Non-same store revenues:
Rent and storage	$	137,119		$	141,970		$	92,897		n/r		n/r
Warehouse services	151,760			155,855			99,338			n/r		n/r
Total non-same store revenues	288,879			297,825			192,235			n/r		n/r
Non-same store cost of operations:
Power	27,253			29,006			16,462			n/r		n/r
Other facilities costs	38,113			39,384			30,095			n/r		n/r
Labor	140,913			143,800			97,645			n/r		n/r
Other services costs	46,113			47,076			32,428			n/r		n/r
Total non-same store cost of operations	$	252,392		$	259,266		$	176,630		n/r		n/r

Non-same store contribution (NOI)	$	36,487		$	38,559		$	15,605		n/r		n/r
Non-same store rent and storage contribution (NOI)(2)	$	71,753		$	73,580		$	46,340		n/r		n/r
Non-same store services contribution (NOI)(3)	$	(35,266)		$	(35,021)		$	(30,735)		n/r		n/r

Total warehouse segment revenues	$	2,302,971		$	2,352,654		$	2,085,387		10.4	%	12.8	%
Total warehouse cost of operations	$	1,666,739		$	1,704,769		$	1,498,951		11.2	%	13.7	%
Total warehouse segment contribution (NOI)	$	636,232		$	647,885		$	586,436		8.5	%	10.5	%


(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.
(6)			Non-same store warehouse count of 29 includes one facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, one recently leased warehouse in Australia, one recently constructed facility in Denver we purchased in November 2021, three facilities acquired through the Lago Cold Stores acquisition on November 15, 2021, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers acquisition on March 1, 2021, and 12 facilities under development or expansion, one of which was completed during the second quarter of 2022. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. During the first quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we ceased operations within a facility that is being prepared for lease to a third-party. During the second quarter of 2022, we purchased a previously leased facility. During the third quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we purchased a previously leased facility in New Zealand. The results of the facilities exited are included in the results above, and the results of these acquisitions are reflected in the results above since date of ownership.



Financial Supplement						Fourth Quarter 2022

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, 2022 and 2021.


	Three Months Ended December 31,						Change
Units in thousands except per pallet and site data	2022			2021
Number of same store warehouses	208			208			n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	4,082			3,802			7.4	%
Economic occupancy percentage	85.0		%	78.7		%	634 bps
Same store rent and storage revenues per economic occupied pallet	$	56.54		$	53.07		6.5	%
Constant currency same store rent and storage revenue per economic occupied pallet	$	57.80		$	53.07		8.9	%

Physical occupancy(2)
Average physical occupied pallets	3,827			3,481			10.0	%
Average physical pallet positions	4,802			4,833			(0.6)	%
Physical occupancy percentage	79.7		%	72.0		%	768 bps
Same store rent and storage revenues per physical occupied pallet	$	60.30		$	57.96		4.0	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	61.65		$	57.96		6.4	%

Same store warehouse services:
Throughput pallets	8,882			9,157			(3.0)	%
Same store warehouse services revenues per throughput pallet	$	33.26		$	31.02		7.2	%
Constant currency same store warehouse services revenues per throughput pallet	$	34.07		$	31.02		9.8	%

Number of non-same store warehouses(3)	29			33			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	455			405			n/r
Economic occupancy percentage	74.1		%	70.2		%	n/r

Physical occupancy(2)
Average physical occupied pallets	402			381			n/r
Average physical pallet positions	614			576			n/r
Physical occupancy percentage	65.5		%	66.0		%	n/r

Non-same store warehouse services:
Throughput pallets	1,081			1,188			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.

(3)Non-same store warehouse count of 29 includes one facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, one recently leased warehouse in Australia, one recently constructed facility in Denver we purchased in November 2021, three facilities acquired through the Lago Cold Stores acquisition on November 15, 2021, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers acquisition on March 1, 2021, and 12 facilities under development or expansion, one of which was completed during the second quarter of 2022. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. During the first quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we ceased operations within a facility that is being prepared for lease to a third-party. During the second quarter of 2022, we purchased a previously leased facility. During the third quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we purchased a previously leased facility in New Zealand. The results of the facilities exited are included in the results above, and the results of these acquisitions are reflected in the results above since date of ownership.



Financial Supplement						Fourth Quarter 2022

The following table provides certain operating metrics to explain the drivers of our same store performance for the years ended December 31, 2022 and 2021.


	Year Ended December 31,
Units in thousands except per pallet and site number data	2022			2021			Change
Number of same store sites	208			208			n/a
Same store rent and storage:

Economic occupancy(1)
Average occupied economic pallets	3,879			3,714			4.4	%
Economic occupancy percentage	80.5		%	77.0		%	345 bps
Same store rent and storage revenues per economic occupied pallet	$	222.27		$	210.88		5.4	%
Constant currency same store rent and storage revenues per economic occupied pallet	$	226.28		$	210.88		7.3	%

Physical occupancy(2)
Average physical occupied pallets	3,592			3,394			5.8	%
Average physical pallet positions	4,821			4,823			0.0	%
Physical occupancy percentage	74.5		%	70.4		%	413 bps
Same store rent and storage revenues per physical occupied pallet	$	240.07		$	230.81		4.0	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	244.40		$	230.81		5.9	%

Same store warehouse services:
Throughput pallets (in thousands)	35,733			36,281			(1.5)	%
Same store warehouse services revenues per throughput pallet	$	32.23		$	30.59		5.4	%
Constant currency same store warehouse services revenues per throughput pallet	$	32.94		$	30.59		7.7	%

Number of non-same store sites(3)	29			33			n/a
Non-same store rent and storage:

Economic occupancy(1)
Average economic occupied pallets	439			333			n/r
Economic occupancy percentage	71.9		%	71.3		%	n/r

Physical occupancy(2)
Average physical occupied pallets	399			308			n/r
Average physical pallet positions	610			467			n/r
Physical occupancy percentage	65.5		%	65.8		%	n/r

Non-same store warehouse services:
Throughput pallets (in thousands)	4,360			3,658			n/r



Financial Supplement						Fourth Quarter 2022

2022 Same-store Historical Performance Trend - The following table reflects the actual results of our current same store pool, in USD, for the respective periods.


	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21		Q3 21		Q2 21		Q1 21
Number of same store warehouses	208		208		208		208		208		208		208		208
Same store revenues:
Rent and storage	$230,785		$222,859		$208,743		$199,881		$201,750		$199,140		$192,225		$190,142
Warehouse services	295,365		298,242		283,153		275,064		284,044		287,896		273,020		264,936
Total same store revenues	$526,150		$521,101		$491,896		$474,945		$485,794		$487,036		$465,245		$455,078

Same store cost of operations:
Power	31,237		39,946		29,780		27,445		26,877		33,732		28,594		23,869
Other facilities costs	49,751		49,154		48,048		46,878		43,880		45,019		44,631		44,546
Labor	219,169		220,333		214,835		211,612		216,465		218,607		204,465		197,600
Other services costs	62,897		56,786		55,332		51,144		54,376		51,205		45,304		43,148
Total same store cost of operations	$363,054		$366,219		$347,995		$337,079		$341,598		$348,563		$322,994		$309,163

Same store contribution (NOI)	$163,096		$154,882		$143,901		$137,866		$144,196		$138,473		$142,251		$145,915
Same store rent and storage contribution (NOI)(1)	$149,797		$133,759		$130,915		$125,558		$130,993		$120,389		$119,000		$121,727
Same store services contribution (NOI)(2)	$13,299		$21,123		$12,986		$12,308		$13,203		$18,084		$23,251		$24,188

Total same store margin	31.0	%	29.7	%	29.3	%	29.0	%	29.7	%	28.4	%	30.6	%	32.1	%
Same store rent and storage margin(3)	64.9	%	60.0	%	62.7	%	62.8	%	64.9	%	60.5	%	61.9	%	64.0	%
Same store services margin(4)	4.5	%	7.1	%	4.6	%	4.5	%	4.6	%	6.3	%	8.5	%	9.1	%

Same store rent and storage:
Economic occupancy
Average economic occupied pallets	4,082		3,901		3,780		3,755		3,802		3,688		3,640		3,727
Economic occupancy percentage	85.0	%	80.9	%	78.3	%	77.7	%	78.7	%	76.5	%	75.5	%	77.5	%
Same store rent and storage revenues per economic occupied pallet	$56.54		$57.13		$55.22		$53.24		$53.06		$54.00		$52.81		$51.02

Physical occupancy
Average physical occupied pallets	3,827		3,634		3,491		3,415		3,481		3,365		3,327		3,402
Average physical pallet positions	4,802		4,823		4,826		4,835		4,833		4,823		4,824		4,811
Physical occupancy percentage	79.7	%	75.4	%	72.3	%	70.6	%	72.0	%	69.8	%	69.0	%	70.7	%
Same store rent and storage revenues per physical occupied pallet	$60.30		$61.32		$59.80		$58.54		$57.96		$59.19		$57.78		$55.89

Same store warehouse services:
Throughput pallets	8,882		9,113		8,970		8,768		9,157		9,204		9,098		8,821
Same store warehouse services revenues per throughput pallet	$33.25		$32.73		$31.57		$31.37		$31.02		$31.28		$30.01		$30.03

Total non-same store results:
Non-same store warehouse revenue	72,540		77,876		72,483		65,980		68,361		55,011		38,489		30,374
Non-same store warehouse cost of operations	63,308		66,096		65,399		57,589		61,673		48,492		36,361		30,104
Non-same store warehouse NOI	9,232		11,780		7,084		8,391		6,688		6,519		2,128		270





Actual FX rates for the period	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21		Q3 21		Q2 21		Q1 21
1 ARS =	0.006		0.007		0.008		0.009		0.010		0.01		0.011		0.011
1 AUS =	0.658		0.683		0.715		0.724		0.729		0.735		0.769		0.773
1 BRL =	0.190		0.191		0.204		0.192		0.179		0.191		0.191		0.183
1 CAD =	0.737		0.766		0.784		0.789		0.794		0.794		0.811		0.79
1 CLP =	0.001		0.001		0.001		0.001		0.001		0.001		0.001		0.001
1 EUR =	1.022		1.007		1.065		1.122		1.144		1.179		1.208		1.205
1 GBP =	1.175		1.177		1.257		1.342		1.348		1.378		1.394		1.379
1 NZD =	0.604		0.613		0.651		0.676		0.695		0.701		0.716		0.719
1 PLN =	0.216		0.213		0.229		0.243		0.248		0.258		0.267		0.265

(1)Calculated as rent and storage revenues less power and other facilities costs.

(2)Calculated as warehouse services revenues less labor and other services costs.

(3)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(4)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.



Financial Supplement						Fourth Quarter 2022

2023 Same-store Historical Performance Trend - The following table reflects the actual results of our 2023 same store pool, in USD, for the respective periods.


	Three Months Ended								Year Ended
	Q4 22		Q3 22		Q2 22		Q1 22		2022
Number of same store warehouses	221		221		221		221		221

Same store revenues:
Rent and storage	$255,426		$247,895		$231,040		$219,329		$953,690
Warehouse services	321,107		324,649		309,639		299,118		1,254,513
Total same store revenues	$576,533		$572,544		$540,679		$518,447		$2,208,203

Same store cost of operations:
Power	35,279		44,597		32,934		30,244		143,054
Other facilities costs	54,403		53,778		52,133		51,673		211,987
Labor	241,816		243,319		238,310		232,970		956,415
Other services costs	70,399		63,475		63,744		57,300		254,918
Total same store cost of operations	$401,897		$405,169		$387,121		$372,187		$1,566,374

Same store contribution (NOI)	$174,636		$167,375		$153,558		$146,260		$641,829
Same store rent and storage contribution (NOI)(1)	$165,744		$149,520		$145,973		$137,412		$598,649
Same store services contribution (NOI)(2)	$8,892		$17,855		$7,585		$8,848		$43,180

Total same store margin	30.3	%	29.2	%	28.4	%	28.2	%	29.1	%
Same store rent and storage margin(3)	64.9	%	60.3	%	63.2	%	62.7	%	62.8	%
Same store services margin(4)	2.8	%	5.5	%	2.4	%	3.0	%	3.4	%

Same store rent and storage:
Economic occupancy
Average economic occupied pallets	4,350		4,176		4,044		4,012		4,146
Economic occupancy percentage	84.2	%	80.5	%	77.8	%	77.1	%	79.9	%
Same store rent and storage revenues per economic occupied pallet	$58.72		$54.62		$57.13		$54.66		$230.05

Physical occupancy
Average physical occupied pallets	4,065		3,883		3,734		3,649		3,833
Average physical pallet positions	5,164		5,190		5,196		5,205		5,189
Physical occupancy percentage	78.7	%	74.8	%	71.9	%	70.1	%	73.9	%
Same store rent and storage revenues per physical occupied pallet	$62.84		$63.85		$61.88		$60.11		$248.84

Same store warehouse services:
Throughput pallets	9,505		9,777		9,620		9,382		38,284
Same store warehouse services revenues per throughput pallet	$33.78		$33.21		$32.19		$31.88		$32.77

Total non-same store results:


Non-same store warehouse revenue	$22,157		$26,433		$23,701		$22,477		$94,768
Non-same store warehouse cost of operations	$24,465		$27,145		$26,272		$22,483		$100,365
Non-same store warehouse NOI	$(2,308)		$(712)		$(2,571)		$(6)		$(5,597)

(1)Calculated as rent and storage revenues less power and other facilities costs.

(2)Calculated as warehouse services revenues less labor and other services costs.

(3)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(4)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.



Financial Supplement						Fourth Quarter 2022

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects

Facility

Opportunity Type

Facility Type
(A = Automated)
(C = Conventional)

Tenant Opportunity

Cubic Feet
(in millions)

Pallet Positions
(in thousands)

Estimated Total Cost

(in millions)(1)

Expected
Stabilized
NOI ROIC

Completion Date

Expected Full Stabilized Quarter

Rochelle, IL

Expansion

Distribution (A)

Multi-tenant

15.7

$109

7-9%

Q2 2019

Q1 2023

Columbus, OH

Expansion

Public (C)

Multi-tenant

1.5

14-15%

Q1 2020

Q2 2021

Savannah, GA(2)

Development

Distribution (C)

Multi-tenant

14.8

$70

7-9%

Q2 2020

Q3 2021

Atlanta, GA

Expansion /Redevelopment

Distribution (A)

Multi-tenant

18.3

$136

10-12%

Q2 2021

Q2 2023

Auckland, New Zealand

Expansion

Distribution (C)

Multi-tenant

4.6

NZ$64

12-14%

Q2 2021

Q3 2022

Lurgan, Northern Ireland

Expansion

Distribution (C)

Multi-tenant

0.7

£7

10-12%

Q2 2021

Q3 2022

Calgary, Canada

Expansion

Distribution (C)

Multi-tenant

2.0

C$13

10-12%

Q3 2021

Q1 2023

Dunkirk, NY

Development

Production Advantaged (C)

Build-to-suit

7.0

$38

10-12%

Q2 2022

Q3 2023

Dublin, Ireland

Development

Distribution (C)

Multi-tenant

6.3

€34

10-12%

Q3 2022

Q1 2024

Barcelona

Expansion

Distribution (C)

Multi-tenant

3.3

€13

10-12%

Q4 2022

Q3 2024

(1)Cost to date through December 31, 2022, projects are substantially complete. Additional spending may be incurred for residual cost and retainage.

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

Expansion and Development Projects In Process and Announced

Facility Type
(A = Automated)
(C = Conventional)

Under
Construction

Investment in Expansion / Development
(in millions)

Expected
Stabilized
NOI ROIC

Target
Complete
Date

Expected Full Stabilized Quarter

Facility

Opportunity Type

Tenant Opportunity

Cubic Feet

(millions) (1)

Pallet

Positions

(thousands) (1)

Cost (2)

Estimate to
Complete

Total Estimated
Cost

Lancaster, PA

Development

Distribution (A)

Build-to-suit

11.4

$143

$15-$21

$158-$164

10-12%

Q1 2023

Q2 2024

Russellville, AR

Expansion

Production Advantaged (A)

Build-to-suit

13.0

$73

$15-$22

$88-$95

10-12%

Q2 2023

Q3 2024

Atlanta 2, GA

Expansion

Distribution (A)

Multi-tenant

6.3

$33

$5 - $7

$38 - $40

10-12%

Q2 2023

Q1 2025

Plainville, CT

Development

Distribution (A)

Build-to-suit

12.1

$154

$16-$20

$170-$174

10-12%

Q3 2023

Q1 2025

Spearwood, Australia

Expansion

Distribution (A)

Multi-tenant

3.3

A$44

A$16-A$20

A$60-A$64

10-12%

Q3 2023

Q1 2025

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

(2)Cost as of December 31, 2022.



Financial Supplement						Fourth Quarter 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 (1)		Expected Three Year Stabilized NOI ROIC	Date Purchased	Expected Full Stabilized Quarter










Liberty Freezers	Canada	4	10.4	42	C$57.8	7.0	%	8-9%	3/1/2021	Q2 2024
KMT Brrr!(2)	New Jersey	2	12.6	39	$71.1	9.0	%	10.0-10.5%	5/5/2021	Q3 2024
Bowman Stores	England	1	9.5	23	£74.1	6.8	%	7.5-8.5%	5/28/2021	Q3 2024
ColdCo Logistics(3)	St. Louis	2	2.8	12	$20.5	10.7	%	12-13%	8/2/2021	Q4 2024
Newark Facility Management(4)	New Jersey	1	11.5	17	$376.5	6.1	%	6.5-7.5%	9/1/2021	Q4 2024
Brighton(5)	Denver, CO	1	12.1	33	$59.3	5.5	%	7.5-8.5%	11/12/2021	Q1 2025
Lago Cold Stores	Australia	3	6.8	30	A$106.4	6.2	%	7-8%	11/15/2021	Q1 2025
De Bruyn Cold Storage	Australia	1	2.0	21	A$24.9	8.2	%	9-10%	7/1/2022	Q4 2025

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

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

(3)The net entry NOI yield of 10.7% excludes approximately $0.9 million of SG&A, resulting in a net entry EBITDA yield of 6.3%.

(4)The total acquisition price is $390.5 million. Excluding $2.6 million in annual tax credits valued at $14.0 million, the adjusted acquisition price is $376.5 million. The net entry NOI yield of 6.1% excludes approximately $1.7 million of SG&A, resulting in a net entry EBITDA yield of 5.6%. NOI and EBITDA exclude the $2.6 million in annual tax credits.

(5)Facility was approximately 50% occupied at time of acquisition, resulting in a lower net entry NOI yield.



Financial Supplement						Fourth Quarter 2022

Unconsolidated Joint Ventures (Investment in Partially Owned Entities)

As of December 31, 2022, the Company owned a 14.99% equity share in the Brazil-based SuperFrio. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.


SuperFrio
	As of
Summary Balance Sheet - at the JV’s 100% share in BRLs	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
				($’s in thousands)
Net book value of property, buildings and equipment	R$	1,099,418		R$	1,063,778		R$	1,038,105		R$	1,011,629		R$	1,006,278
Other assets	512,948			501,967			456,142			411,849			404,641
Total assets	1,612,366			1,565,745			1,494,247			1,423,478			1,410,919

Debt	679,304			625,015			602,520			584,718			533,397
Other liabilities	461,286			461,636			428,600			419,416			432,137
Equity	471,776			479,095			463,127			419,344			445,385
Total liabilities and equity	R$	1,612,366		R$	1,565,746		R$	1,494,247		R$	1,423,478		R$	1,410,919

Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%

BRL/USD quarter-end rate	0.1892			0.1848			0.1900			0.2108			0.1795
Americold’s pro rata share of debt at BRL/USD rate	$	19,279		$	17,325		$	17,172		$	18,489		$	14,362

	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
	($’s in thousands)
Revenues	R$	163,109		R$	152,517		R$	139,826		R$	117,183		R$	123,199
Cost of operations	103,302			101,461			93,060			78,574			74,518
Selling, general and administrative expense	13,732			9,704			11,887			12,883			13,982
M&A expense	3,940			4,310			3,652			4,893			2,488
Depreciation & amortization	20,672			18,221			20,014			19,617			20,669
Total operating expenses	141,646			133,696			128,613			115,967			111,657
Operating income	21,463			18,821			11,213			1,216			11,542

Interest expense	28,588			21,374			33,163			24,518			15,865
Other income	(631)			(659)			(1,241)			(905)			(725)
Current income tax (benefit) expense	1,519			2,868			3,800			2,067			3,110
Deferred income tax (benefit) expense	(216)			(4,546)			(11,576)			(10,420)			8,380
Non-operating expenses	29,260			19,037			24,146			15,260			26,630
Net (loss) income	R$	(7,797)		R$	(216)		R$	(12,933)		R$	(14,044)		R$	(15,088)

Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%

BRL/USD average rate	0.1901			0.1907			0.2040			0.1916			0.1791
Americold’s pro rata share of NOI	$	1,705		$	1,460		$	1,431		$	1,110		$	1,308
Americold’s pro rata share of Net (loss) income	$	(222)		$	(6)		$	(396)		$	(404)		$	(405)
Americold’s pro rata share of Core FFO	$	163		$	368		$	41		$	105		$	(61)
Americold’s pro rata share of AFFO	$	378		$	500		$	(46)		$	(40)		$	400



Financial Supplement						Fourth Quarter 2022

As of December 31, 2022, the Company owned a 22.12% equity share in the Brazil-based Comfrio. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.


Comfrio
	As of
Summary Balance Sheet - at the JV’s 100% share in BRLs	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
	($’s in thousands)
Net book value of property, buildings and equipment	R$	314,387		R$	326,647		R$	264,379		R$	291,462		R$	293,463
Other assets	358,299			307,768			267,943			288,221			263,395
Total assets	672,686			634,415			532,322			579,683			556,858

Debt	381,706			316,730			326,207			314,227			287,422
Other liabilities	452,651			433,575			361,367			349,460			316,844
Equity	(161,671)			(115,890)			(155,252)			(84,004)			(47,408)
Total liabilities and equity	R$	672,686		R$	634,415		R$	532,322		R$	579,683		R$	556,858

Americold’s ownership percentage	22		%	22		%	22		%	22		%	22		%

BRL/USD quarter-end rate	0.1892			0.1848			0.1900			0.2108			0.1795
Americold’s pro rata share of debt at BRL/USD rate	$	15,888		$	12,877		$	13,635		$	14,573		$	11,350

	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
	($’s in thousands)
Revenues	R$	123,698		R$	113,862		R$	99,938		R$	85,017		R$	95,910
Cost of operations	80,327			72,822			65,612			61,387			65,158
Selling, general and administrative expense	10,747			12,932			4,829			7,404			3,077
Depreciation & amortization	26,759			19,390			27,679			21,084			17,976

Operating expenses	117,833			105,144			98,120			89,875			86,211
Operating income	5,865			8,718			1,818			(4,858)			9,699

Interest expense	53,223			36,589			43,704			38,976			32,911
Other (income) loss	(1,808)			5,735			(4,566)			(7,359)			(6,435)
Current tax expense (benefit)	—			—			—			—			(1,785)
Deferred income tax expense (benefit)	90			(2,976)			45,544			907			(3,298)
Non-operating expenses	51,505			39,348			84,682			32,524			21,393
Net (loss) income	R$	(45,640)		R$	(30,630)		R$	(82,864)		R$	(37,382)		R$	(11,694)

Americold’s ownership percentage	22		%	22		%	22		%	22		%	22		%

BRL/USD average rate	0.1901			0.1907			0.2040			0.1916			0.1791
Americold’s pro rata share of NOI	$	1,814		$	1,722		$	1,541		$	996		$	1,212
Americold’s pro rata share of Net (loss) income	$	(1,909)		$	(1,285)		$	(3,719)		$	(1,576)		$	(461)
Americold’s pro rata share of Core FFO	$	(971)		$	(898)		$	(818)		$	(867)		$	116
Americold’s pro rata share of AFFO	$	(423)		$	(927)		$	(361)		$	(829)		$	(753)



Financial Supplement						Fourth Quarter 2022

2023 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
			February 16, 2023
Warehouse segment same store revenue growth (constant currency)			3.0% - 6.0%
Warehouse segment same store NOI growth (constant currency)			100 - 300 bps higher than associated revenue
Warehouse segment non-same store NOI			$0M - $15M
Transportation and Managed segment NOI			$50M - $57M
Total selling, general and administrative expense (inclusive of share-based compensation expense of $24M - $25M )			$216M - $234M
Interest expense			$134M - $140M
Current income tax expense			$5M - $9M
Deferred income tax benefit			$10M - $14M
Non real estate depreciation and amortization expense			$120M - $130M
Total maintenance capital expenditures			$80M - $90M
Development starts (1)			$100M - $200M
AFFO per share			$1.14 - $1.24
Assumed FX rates			1 ARS = 0.0061 USD 1 AUS = 0.6616 USD 1 BRL = 0.1900 USD 1 CAD = 0.7331 USD 1 CLP = 0.0011 USD 1 EUR = 1.0565 USD 1 GBP = 1.2320 USD 1 NZD = 0.6120 USD 1 PLN = 0.2274 USD

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



Financial Supplement						Fourth Quarter 2022


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, real estate asset impairment and our share of reconciling items for partially owned entities. 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, acquisition, litigation and other, net, goodwill impairment, share-based compensation expense for the IPO retention grants, loss on debt extinguishment, modifications and termination of derivative instruments, and foreign currency exchange loss. We also adjust for the impact of Core FFO attributable to gain on extinguishment of New Market Tax Structure, loss on deconsolidation of subsidiary contributed to the LATAM joint venture and our share of reconciling items related to partially owned entities. 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 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 deferred financing costs and pension withdrawal liability, non-real estate asset impairment, amortization of above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, share-based compensation expense from grants under our equity incentive plans, excluding IPO grants, non-real estate depreciation and amortization, non-real estate depreciation and amortization from foreign joint ventures and maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of partially owned entities. 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 quarterly and annual 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 (loss) 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 and amortization, net gain on sale of real estate, net of withholding taxes, and adjustment to reflect share of EBITDAre of partially owned entities. 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 acquisition, litigation and other, net, loss on partially owned entities, impairment of indefinite and long-lived assets, foreign currency exchange gain or loss, share-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, gain on extinguishment of New Market Tax Credit structure, loss on deconsolidation of subsidiary contributed to joint venture, net loss on other asset disposals, and reduction in EBITDAre from partially owned entities. 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 EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including:

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



Financial Supplement						Fourth Quarter 2022


We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 20 reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.
Net debt to proforma Core EBITDA is calculated using total debt, plus capital lease obligations, less cash and cash equivalents, divided by pro-forma Core EBITDA. We calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, dispositions and for rent expense associated with lease buy-outs and lease exits. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. The pro-forma adjustment for leased facilities exited or purchased reflects the add-back for the related lease expense from the last year. The pro-forma adjustment for dispositions reduces Core EBITDA for the earnings of facilities disposed of or exited during the year, including the strategic exit of certain third-party managed business.
We define our “same store” population once a year at the beginning of the current calendar year. Our same store population includes properties that were owned or leased for the entirety of two comparable periods and that have reported at least twelve months of consecutive normalized operations prior to January 1 of the prior calendar year. We define “normalized operations” as properties that have been open for operation or lease after development or significant modification, including the expansion of a warehouse footprint or a warehouse rehabilitation subsequent to an event, such as a natural disaster or similar event causing disruption to operations. In addition, our definition of “normalized operations” takes into account changes in the ownership structure (e.g., purchase of acquired properties will be included in the “same store” population if owned by us as of the first business day of each year, of the prior calendar year and still owned by us as of the end of the current reporting period, unless the property is under development). The “same store” pool is also adjusted to remove properties that were sold or entering development subsequent to the beginning of the current calendar year. As such, the “same store” population for the period ended December 31, 2022 includes all properties that we owned at January 2, which had both been owned and had reached “normalized operations” by January 2, 2022.
We calculate “same store revenue” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, litigation and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. The tables beginning on page 32 provide reconciliations for same store revenues and same store contribution (NOI).
We define “maintenance capital expenditures” as 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. 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. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. See the tables on page 29 for additional information regarding our maintenance capital expenditures.
We define “total real estate debt” as the aggregate of the following: mortgage notes, senior unsecured notes, term loans and borrowings under our revolving line of credit. We define “total debt outstanding” as the aggregate of the following: total real estate debt, sale-leaseback financing obligations and financing lease obligations. See the tables on page 22 for additional information regarding our indebtedness.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.