Published: 2021-08-05 00:00:00 ET

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Exhibit 99.2

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Financial Supplement						Second Quarter 2021

                                        

Table of Contents
Overview			PAGE
Corporate Profile			3
Earnings Release			5
Selected Quarterly Financial Data			16
Financial Information
Condensed Consolidated Balance Sheets			18
Condensed Consolidated Statements of Operations			19
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO			20
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA			22
Acquisition, Litigation and Other			23
Debt Detail and Maturities			24
Operations Overview
Revenue and Contribution by Segment			25
Global Warehouse Economic and Physical Occupancy Trend			26
Global Warehouse Portfolio			27
Fixed Commitment and Lease Maturity Schedules			28
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures			31
Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance			32
Same-store Financial Performance			34
Same-store Key Operating Metrics			36
Same-store Historical Performance Trend			38
External Growth and Capital Deployment			39
Unconsolidated Joint Ventures (Investments in Partially Owned Entities)			41
2021 Guidance			43
Notes and Definitions			44

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Financial Supplement						Second Quarter 2021

                                        

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 June 30, 2021, we operated a global network of 246 temperature-controlled warehouses encompassing over 1.4 billion cubic feet, with 200 warehouses in North America, 27 in Europe, 16 warehouses in Asia-Pacific, and three warehouses in South America. In addition, we hold two minority interests in Brazilian-based joint ventures, one with SuperFrio, which owns or operates 33 temperature-controlled warehouses and one with Comfrio, which owns or operates 24 temperature-controlled warehouses.

Corporate Headquarters

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

Fred W. Boehler: Chief Executive Officer, President and Trustee

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

Carlos V. Rodriguez: Chief Operating Officer and Executive Vice President

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

James A. Harron: Chief Investment Officer and Executive Vice President

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

Sanjay Lall: Chief Information Officer and Executive Vice President

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

Board of Trustees

Mark R. Patterson: Chairman of the Board of Trustees

George J. Alburger, Jr.: Trustee

Kelly H. Barrett: Trustee

Fred W. Boehler: Chief Executive Officer, President and Trustee

Antonio F. Fernandez: Trustee

James R. Heistand: Trustee

David J. Neithercut: Trustee

Andrew P. Power: Trustee

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)

Analyst Coverage
Firm			Analyst Name			Contact
Baird Equity Research			David B. Rodgers			216-737-7341
Bank of America Merrill Lynch			Joshua Dennerlein			646-855-1681
Berenberg Capital Markets			Nate Crossett			646-949-9030
Citi			Emmanuel Korchman			212-816-1382
Green Street Advisors			Vince Tibone			949-640-8780
J.P. Morgan			Michael W. Mueller			212-622-6689
KeyBanc			Craig Mailman			917-368-2316
Raymond James			William A. Crow			727-567-2594
RBC			Michael Carroll			440-715-2649
Truist			Ki Bin Kim			212-303-4124

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Financial Supplement						Second Quarter 2021

                                        

Stock Listing Information

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

Credit Ratings

DBRS Morningstar
Credit Rating:			BBB			(Under Review with Positive Implications)
Fitch
Issuer Default Rating:			BBB			(Stable 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.

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Financial Supplement						Second Quarter 2021

AMERICOLD REALTY TRUST ANNOUNCES SECOND QUARTER 2021 RESULTS

Atlanta, GA, August 5, 2021 - Americold Realty Trust (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 second quarter ended June 30, 2021.

Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “We continued to produce strong growth across our platform, with our Global Warehouse segment revenue up 35% and NOI up 20% in the second quarter 2021, as we benefited from strategic acquisitions completed over the last year. We remain confident in the global demand for all types of food in our diverse portfolio. However, the global food supply chain continues to be impacted by the ongoing effects of COVID, especially limitations on production due to disruptions and challenges in the labor market. While we anticipate these issues will improve in the coming quarters, it will limit near term performance, which will result in our 2021 results being softer than originally anticipated.”

“From an external growth perspective, we continue to execute on strategic developments and acquisitions. During the second quarter, we started on three new developments in Atlanta, GA, Dunkirk, NY and Dublin, Ireland totaling $111 million. Subsequent to quarter end, we acquired ColdCo Logistics in St. Louis, MO, and we entered into purchase agreements to acquire Newark Facility Management in Newark, NJ and Lago Cold Stores in Brisbane, Australia for a combined total of $488 million. While we cannot control the current macro environment, we continue to invest to strengthen our market leadership position and to create meaningful sustained value over the coming years for stakeholders.”

“As we look to the future, our food manufacturing clients are working diligently to return to pre-COVID production and inventory levels. We expect a gradual recovery, but based on feedback from our customers, we do not expect to get back to normalized inventory levels until mid 2022. In the meantime, we benefit from the scale and diversity of our portfolio, the effectiveness of the Americold Operating System, and the discipline of our commercial processes. Additionally, we are proud of our commitment to corporate responsibility, as demonstrated by our partnership with Feed the Children and Tyson Foods to launch an Alliance to Defeat Hunger with a 10-city tour across the US to help feed nearly two million families in need across rural communities.”

Second Quarter 2021 Highlights

•Total revenue increased 35.7% to $654.7 million.

•Total NOI increased 21.0% to $155.3 million.

•Core EBITDA increased 17.7% on an actual basis, and 14.8% on a constant currency basis, to $118.3 million.

•Net loss of $13.4 million, or $0.05 loss per diluted common share.

•Core FFO of $38.6 million, or $0.15 per diluted common share.

•AFFO of $71.7 million, or $0.28 per diluted common share.

•Global Warehouse segment revenue increased 35.3% to $503.7 million.

•Global Warehouse segment NOI increased 20.2% to $144.4 million.

•Global Warehouse segment same store revenue increased 2.1%, and was flat on a constant currency basis, Global Warehouse segment same store segment NOI decreased by 0.8%, or 2.5% on a constant currency basis.

•On May 5, 2021, completed the acquisition of KMT Brrr! in New Jersey for $71.1 million. KMT Brrr! consists of two owned facilities totaling 13 million cubic feet, as well as transportation services.

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Financial Supplement						Second Quarter 2021

•On May 28, 2021, closed on the acquisition of Bowman Stores, which operates a single campus located in Spalding, England for £74.1 million. The campus aggregates 10 million cubic feet along with four buildable acres of land to support additional development.

•Broke ground on a dedicated, build-to-suit facility for a large, private consumer packaged goods manufacturer in Dunkirk, New York. This facility will provide 25,000 pallet positions with expected completion during the second quarter of 2022 and an estimated total cost of $43.0 million.

•Broke ground on the second phase of our Atlanta Major Market Strategy consisting of a highly-automated multi-tenant facility with expected completion during the second quarter of 2023 and an estimated total cost of $36.5 million.

•Broke ground on a conventional multi-tenant facility in Dublin, Ireland with expected completion during the third quarter of 2022 and an estimated total cost of €26.5 million.

Year to Date 2021 Highlights

•Total revenue increased 33.4% to $1.29 billion.

•Total NOI increased 18.5% to $312.5 million.

•Core EBITDA increased 15.4% to $236.1 million, or 12.6% on a constant currency basis.

•Net loss of $27.6 million, or $0.11 per diluted common share.

•Core FFO of $101.2 million, or $0.40 per diluted common share.

•AFFO of $147.7 million, or $0.58 per diluted common share.

•Global Warehouse segment revenue increased 31.3% to $0.99 billion.

•Global Warehouse segment NOI increased 17.7% to $290.6 million.

•Global Warehouse segment same store revenue increased 0.2%, and decreased 1.9% on a constant currency basis, same store segment NOI decreased 3.1%, or 4.7% on a constant currency basis.

Subsequent Event Highlights

•On August 2, 2021, closed on the acquisition of ColdCo in St. Louis, Missouri for $20.5 million. ColdCo consists of one owned facility in St Louis, Missouri, generating approximately 93% of total NOI, and one leased facility in Reno, Nevada. ColdCo's customers are primarily focused on the storage and handling of product for direct-to-consumer distribution, and transportation services.

•Entered into a purchase agreement to acquire Newark Facility Management in Newark, New Jersey for $376.5 million. Newark consists of one owned facility totaling 11.5 million cubic feet that is a single-customer dedicated retail distribution center. The acquisition is expected to close in September 2021.

•Finally, we entered into a purchase agreement to acquire Lago Cold Stores in Brisbane, Australia for A$106.4 million. Lago consists of a 5.4 million cubic feet owned facility, generating approximately 78% of total NOI, and two leased facilities. The acquisition is expected to close in the fourth quarter of 2021.

Second Quarter 2021 Total Company Financial Results

Total revenue for the second quarter of 2021 was $654.7 million, a 35.7% increase from the same quarter of the prior year. This growth was primarily driven by the incremental revenue from acquisitions, including warehouse and transportation operations, and our recently completed development projects. These increases are partially offset by the continued impacts of COVID-19 and

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Financial Supplement						Second Quarter 2021

resulting supply chain disruption which impacted our holdings across our network as production has been unable to keep up with steady consumer demand.

For the second quarter of 2021, the Company reported a net loss of $13.4 million, or $0.05 per diluted share, compared to net income of $32.7 million, or $0.16 per diluted share, for the same quarter of the prior year.

Total NOI for the second quarter of 2021 was $155.3 million, an increase of 21% from the same quarter of the prior year.

Core EBITDA was $118.3 million for the second quarter of 2021, compared to $100.5 million for the same quarter of the prior year. This reflects a 17.7% increase over prior year on an actual basis, and 14.8% on a constant currency basis, driven primarily from acquisition contribution. These increases were partially offset by the ongoing impacts of COVID as previously discussed.

For the second quarter of 2021, Core FFO was $38.6 million, or $0.15 per diluted share, compared to $55.1 million, or $0.27 per diluted share, for same quarter of the prior year.

For the second quarter of 2021, AFFO was $71.7 million, or $0.28 per diluted share, compared to $61.1 million, or $0.30 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.

Second Quarter 2021 Global Warehouse Segment Results

For the second quarter of 2021, Global Warehouse segment revenue was $503.7 million, an increase of $131.3 million, or 35%, compared to $372.4 million for the second quarter of 2020. This growth was driven by the recently completed acquisitions and development projects, paired with contractual rate escalations, partially offset by the ongoing impacts from COVID-19 on the supply chain.

Warehouse segment NOI was $144.4 million for the second quarter of 2021, an increase of 20%. Global Warehouse segment margin was 28.7% for the second quarter of 2021, a 360 basis point decrease compared to the same quarter of the prior year. The year-over-year decrease in segment NOI was driven by the recently completed acquisitions, the impact of the appreciation bonus incurred during the second quarter of last year, partially offset by lower holdings and higher operating costs.

We had 162 same stores for the three months ended June 30, 2021. The following table presents revenues, cost of operations, contribution (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 June 30, 2021. Amounts related to the Agro, AM-C, Bowman Stores, Caspers, Hall’s, KMT Brrr! and Liberty acquisitions are reflected within non-same store results.

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Financial Supplement						Second Quarter 2021

			Three Months Ended June 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses(2)			237												172						n/a						n/a
Global Warehouse revenue:
Rent and storage			$	212,277					$	207,878					$	163,664					29.7		%				27.0		%
Warehouse services			291,457						282,712						208,747						39.6		%				35.4		%
Total revenue			$	503,734					$	490,590					$	372,411					35.3		%				31.7		%
Global Warehouse contribution (NOI)			$	144,379					$	140,691					$	120,132					20.2		%				17.1		%
Global Warehouse margin			28.7		%				28.7		%				32.3		%				-360 bps						-358 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets			3,944						n/a						3,165						24.6		%				n/a
Average physical occupied pallets			3,607						n/a						2,891						24.8		%				n/a
Average physical pallet positions			5,241						n/a						4,049						29.4		%				n/a
Economic occupancy percentage			75.2		%				n/a						78.2		%				-292 bps						n/a
Physical occupancy percentage			68.8		%				n/a						71.4		%				-260 bps						n/a
Total rent and storage revenue per economic occupied pallet			$	53.82					$	52.71					$	51.71					4.1		%				1.9		%
Total rent and storage revenue per physical occupied pallet			$	58.85					$	57.63					$	56.60					4.0		%				1.8		%
Global Warehouse services metrics:
Throughput pallets			9,919						n/a						7,716						28.6		%				n/a
Total warehouse services revenue per throughput pallet			$	29.38					$	28.50					$	27.05					8.6		%				5.4		%
SAME STORE WAREHOUSE
Number of same store warehouses			162												162						n/a						n/a
Global Warehouse same store revenue:
Rent and storage			$	150,984					$	149,320					$	152,893					(1.2)		%				(2.3)		%
Warehouse services			209,258						203,647						199,832						4.7		%				1.9		%
Total same store revenue			$	360,242					$	352,967					$	352,725					2.1		%				0.1		%
Global Warehouse same store contribution (NOI)			$	116,284					$	114,345					$	117,221					(0.8)		%				(2.5)		%
Global Warehouse same store margin			32.3		%				32.4		%				33.2		%				-95 bps						-84 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets			2,830						n/a						2,971						(4.7)		%				n/a
Average physical occupied pallets			2,515						n/a						2,705						(7.0)		%				n/a
Average physical pallet positions			3,763						n/a						3,750						0.3		%				n/a
Economic occupancy percentage			75.2		%				n/a						79.2		%				-403 bps						n/a
Physical occupancy percentage			66.8		%				n/a						72.1		%				-531 bps						n/a
Same store rent and storage revenue per economic occupied pallet			$	53.35					$	52.76					$	51.45					3.7		%				2.5		%
Same store rent and storage revenue per physical occupied pallet			$	60.03					$	59.37					$	56.52					6.2		%				5.0		%
Global Warehouse same store services metrics:
Throughput pallets			7,351						n/a						7,333						0.3		%				n/a
Same store warehouse services revenue per throughput pallet			$	28.47					$	27.70					$	27.25					4.5		%				1.7		%

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Financial Supplement						Second Quarter 2021

			Three Months Ended June 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(3)			75												10						n/a						n/a
Global Warehouse non-same store revenue:
Rent and storage			$	61,293					$	58,558					$	10,771					469.1		%				443.7		%
Warehouse services			82,199						79,065						8,915						822.0		%				786.9		%
Total non-same store revenue			$	143,492					$	137,623					$	19,686					628.9		%				599.1		%
Global Warehouse non-same store contribution (NOI)			$	28,095					$	26,346					$	2,911					865.1		%				805.0		%
Global Warehouse non-same store margin			19.6		%				19.1		%				14.8		%				479 bps						436 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets			1,114						n/a						194						474.2		%				n/a
Average physical occupied pallets			1,092						n/a						186						486.6		%				n/a
Average physical pallet positions			1,479						n/a						299						394.6		%				n/a
Economic occupancy percentage			75.3		%				n/a						64.7		%				1062 bps						n/a
Physical occupancy percentage			73.8		%				n/a						62.2		%				1164 bps						n/a
Non-same store rent and storage revenue per economic occupied pallet			$	55.03					$	52.57					$	55.63					(1.1)		%				(5.5)		%
Non-same store rent and storage revenue per physical occupied pallet			$	56.13					$	53.63					$	57.87					(3.0)		%				(7.3)		%
Global Warehouse non-same store services metrics:
Throughput pallets			2,568						n/a						384						569.3		%				n/a
Non-same store warehouse services revenue per throughput pallet			$	32.01					$	30.79					$	23.23					37.8		%				32.5		%

(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) Total warehouse count of 237 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020, and five warehouses acquired through the Nova Cold and Newport acquisitions on January 2, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

(3) Non-same store warehouse count of 75 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, and three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

(n/a = not applicable)

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Financial Supplement						Second Quarter 2021

			Six Months Ended June 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses(2)			237												172						n/a						n/a
Global Warehouse revenue:
Rent and storage			$	417,553					$	409,564					$	325,973					28.1		%				25.6		%
Warehouse services			571,632						554,605						427,506						33.7		%				29.7		%
Total revenue			$	989,185					$	964,169					$	753,479					31.3		%				28.0		%
Global Warehouse contribution (NOI)			$	290,560					$	283,532					$	246,905					17.7		%				14.8		%
Global Warehouse margin			29.4		%				29.4		%				32.8		%				-340 bps						-336 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets			3,961						n/a						3,211						23.4		%				n/a
Average physical occupied pallets			3,617						n/a						2,970						21.8		%				n/a
Average physical pallet positions			5,200						n/a						4,028						29.1		%				n/a
Economic occupancy percentage			76.2		%				n/a						79.7		%				-354 bps						n/a
Physical occupancy percentage			69.6		%				n/a						73.7		%				-418 bps						n/a
Total rent and storage revenue per economic occupied pallet			$	105.42					$	103.40					$	101.53					3.8		%				1.8		%
Total rent and storage revenue per physical occupied pallet			$	115.44					$	113.23					$	109.75					5.2		%				3.2		%
Global Warehouse services metrics:
Throughput pallets			19,449						n/a						15,916						22.2		%				n/a
Total warehouse services revenue per throughput pallet			$	29.39					$	28.52					$	26.86					9.4		%				6.2		%
SAME STORE WAREHOUSE
Number of same store warehouses			162												162						n/a						n/a
Global Warehouse same store revenue:
Rent and storage			$	300,150					$	296,836					$	305,698					(1.8)		%				(2.9)		%
Warehouse services			415,343						404,021						408,693						1.6		%				(1.1)		%
Total same store revenue			$	715,493					$	700,857					$	714,391					0.2		%				(1.9)		%
Global Warehouse same store contribution (NOI)			$	234,727					$	230,696					$	242,149					(3.1)		%				(4.7)		%
Global Warehouse same store margin			32.8		%				32.9		%				33.9		%				-109 bps						-98 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets			2,858						n/a						3,033						(5.8)		%				n/a
Average physical occupied pallets			2,538						n/a						2,799						(9.3)		%				n/a
Average physical pallet positions			3,763						n/a						3,747						0.4		%				n/a
Economic occupancy percentage			76.0		%				n/a						80.9		%				-498 bps						n/a
Physical occupancy percentage			67.4		%				n/a						74.7		%				-725 bps						n/a
Same store rent and storage revenue per economic occupied pallet			$	105.01					$	103.85					$	100.80					4.2		%				3.0		%
Same store rent and storage revenue per physical occupied pallet			$	118.25					$	116.94					$	109.20					8.3		%				7.1		%
Global Warehouse same store services metrics:
Throughput pallets			14,476						n/a						15,080						(4.0)		%				n/a
Same store warehouse services revenue per throughput pallet			$	28.69					$	27.91					$	27.10					5.9		%				3.0		%

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Financial Supplement						Second Quarter 2021

			Six Months Ended June 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(3)			75												10						n/a						n/a
Global Warehouse non-same store revenue:
Rent and storage			$	117,403					$	112,728					$	20,275					479.1		%				456.0		%
Warehouse services			156,289						150,584						18,813						730.8		%				700.4		%
Total non-same store revenue			$	273,692					$	263,312					$	39,088					600.2		%				573.6		%
Global Warehouse non-same store contribution (NOI)			$	55,833					$	52,836					$	4,756					1,073.9		%				1,010.9		%
Global Warehouse non-same store margin			20.4		%				20.1		%				12.2		%				823 bps						790 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets			1,102						n/a						178						520.0		%				n/a
Average physical occupied pallets			1,079						n/a						171						532.0		%				n/a
Average physical pallet positions			1,437						n/a						280						412.4		%				n/a
Economic occupancy percentage			76.7		%				n/a						63.4		%				1332 bps						n/a
Physical occupancy percentage			75.1		%				n/a						60.9		%				1421 bps						n/a
Non-same store rent and storage revenue per economic occupied pallet			$	106.49					$	102.25					$	114.02					(6.6)		%				(10.3)		%
Non-same store rent and storage revenue per physical occupied pallet			$	108.82					$	104.49					$	118.76					(8.4)		%				(12.0)		%
Global Warehouse non-same store services metrics:
Throughput pallets			4,973						n/a						835						495.6		%				n/a
Non-same store warehouse services revenue per throughput pallet			$	31.43					$	30.28					$	22.52					39.6		%				34.5		%

(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) Total warehouse count of 237 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020, and five warehouses acquired through the Nova Cold and Newport acquisitions on January 2, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

(3) Non-same store warehouse count of 75 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, and three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

(n/a = not applicable)

Fixed Commitment Rent and Storage Revenue

As of June 30, 2021, $333.0 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $307.4 million at the end of the first quarter of 2021 and $270.0 million at the end of the second quarter of 2020. The Company’s recent acquisitions had a lower percentage of fixed committed contracts as a percentage of rent and storage revenue. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 38.9% of rent and storage revenue was generated from fixed commitment storage contracts, which is a 240 basis point increase over the first quarter of 2021.

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. For the second quarter of 2021, economic occupancy for the total warehouse segment was 75.2% and warehouse segment same store

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Financial Supplement						Second Quarter 2021

pool was 75.2%, representing a 643 basis point and 838 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 292 basis points, and the warehouse segment same store pool decreased 403 basis points as compared to the second quarter of 2020, as we were impacted by reduced food production volumes and food service activity, and elevated prior year holding levels.

Real Estate Portfolio

As of June 30, 2021, the Company’s portfolio consists of 246 facilities. The Company ended the second quarter of 2021 with 237 facilities in its Global Warehouse segment portfolio and nine facilities in its Third-party managed segment. During the second quarter of 2021, the Company added three facilities through the acquisitions of Bowman Stores and KMT Brrr!. Additionally, during the second quarter, the Company entered into a two-year lease of a facility in Perth, Australia, totaling approximately 1 million cubic feet and 5,000 pallet positions, in order to address strong demand from our retail customers in Western, Australia. The same store population consists of 162 facilities for the quarter ended June 30, 2021. The remaining 75 non-same store population includes the 64 facilities that were acquired in connection with the Agro, AM-C, Bowman Stores, Caspers, Hall’s, KMT Brrr! and Liberty acquisitions, the recently leased facility in Australia and ten legacy facilities.

Balance Sheet Activity and Liquidity

As of June 30, 2021, the Company had total liquidity of approximately $1.3 billion, including cash, capacity on its revolving credit facility and $231 million of net proceeds available from equity forward contracts. Total debt outstanding was $2.9 billion (inclusive of $296.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 80% was in an unsecured structure. The Company has no material debt maturities until 2023. At quarter end, its net debt to pro forma Core EBITDA was approximately 4.9x. Of the Company’s total debt outstanding, $2.6 billion relates to real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company’s real estate debt has a remaining weighted average term of 7.0 years and carries a weighted average contractual interest rate of 3.01%. As of June 30, 2021, 84% of the Company’s total debt outstanding was at a fixed rate.

The Company’s equity forwards, the current respective contractual latest settlement dates, and net proceeds are detailed in the table below:

Outstanding Equity Forward Data

in millions, except share price amounts

Quarter Raised

Forward Shares

Net Share Price1

Net Proceeds

Contractual Outside Settlement Date

Target Use of Net Proceeds

4Q 2020

4.785

$35.86

$171.6

10/13/2021

Fund future growth initiatives

2Q 2021

1.530

$38.56

$59.0

7/1/2022

Fund future growth initiatives

6.315

$36.52

$230.6

(1) Net of underwriter fee, forward costs and dividends paid.

Dividend

On May 20, 2021, the Company’s Board of Trustees declared a dividend of $0.22 per share for the second quarter of 2021, which was paid on July 15, 2021 to common shareholders of record as of June 30, 2021.

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Financial Supplement						Second Quarter 2021

2021 Outlook

The Company revised its annual AFFO per share guidance to $1.34- $1.40, and updated certain components. Refer to page 43 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, August 5, 2021 at 5:00 p.m. Eastern Time to discuss second quarter 2021 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 1-855-327-6837 or 1-613-891-4304. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 10015471. The telephone replay will be available starting shortly after the call until August 19, 2021.

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 246 temperature-controlled warehouses, with over 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 and same store segment revenue and contribution. A reconciliation from U.S. GAAP net (loss) income available to common shareholders to FFO, a reconciliation from FFO to core FFO and AFFO, and definitions of FFO, and core FFO are included within the supplemental. A reconciliation from U.S. GAAP net (loss) income available to common shareholders to EBITDAre and Core EBITDA, a definition of Core EBITDA and definitions of net debt to Core EBITDA are included within the supplemental.

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: uncertainties and risks related to public

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Financial Supplement						Second Quarter 2021

health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the ownership of real estate 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, including the Agro acquisition, 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 budgeted or stabilized returns within expected time frames, or at all, in respect thereof; a failure of our information technology systems, 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 ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs, including as a result of the ongoing COVID-19 pandemic; 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; labor and power costs; labor availability; changes in applicable governmental regulations and tax legislation, including in the international markets; 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; the competitive environment in which we operate; our relationship with our employees, 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; 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 the 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 shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share, of our common shares; the potential dilutive effect of our common share offerings; and risks related to any forward sale agreements, including substantial dilution to our earnings per share or substantial cash payment obligations.

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

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Financial Supplement						Second Quarter 2021

December 31, 2020, 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

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

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Financial Supplement						Second Quarter 2021

                                        

Selected Quarterly Financial Data

In thousands, except per share amounts - unaudited			As of
Capitalization:			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
Fully diluted common shares outstanding at quarter end(1)			263,676			257,392			256,829			208,764			208,354
Common stock share price at quarter end			$37.85			$38.47			$37.73			$35.75			$36.30
Market value of common equity			$9,980,137			$9,901,870			$9,690,158			$7,463,313			$7,563,250
Gross debt (2)			$2,874,481			$2,778,873			$2,975,204			$2,034,087			$2,025,246
Less: cash and cash equivalents			316,077			287,691			621,051			173,913			298,709
Net debt			$2,558,404			$2,491,182			$2,354,153			$1,860,174			$1,726,537
Total enterprise value			$12,538,541			$12,393,052			$12,044,311			$9,323,487			$9,289,787
Net debt / total enterprise value			20.4		%	20.1		%	19.5		%	20.0		%	18.6		%
Net debt to pro forma Core EBITDA(2)			4.88x			4.79x			4.43x			4.34x			4.13x
			Three Months Ended
Selected Operational Data:			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
Warehouse segment revenue			$503,734			$485,451			$407,811			$388,024			$372,411
Total revenue			654,707			634,795			523,678			497,458			482,522
Operating income			22,905			14,226			26,771			37,457			56,545
Net (loss) income			(13,399)			(14,236)			(43,992)			12,374			32,662
Total warehouse segment contribution (NOI) (3)			144,379			146,181			145,672			127,756			120,132
Total segment contribution (NOI) (3)			155,289			157,240			152,439			135,319			128,338
Selected Other Data:
Core EBITDA (4)			$118,339			$117,789			$117,213			$104,075			$100,512
Core funds from operations (1)			38,620			62,546			81,907			58,626			55,108
Adjusted funds from operations (1)			71,743			75,921			76,882			62,741			61,103
Earnings Measurements:
Net (loss) income per share - basic			$(0.05)			$(0.06)			$(0.21)			$0.06			$0.16
Net (loss) income per share - diluted			$(0.05)			$(0.06)			$(0.21)			$0.06			$0.16
Core FFO per diluted share (4)			$0.15			$0.24			$0.39			$0.28			$0.27
AFFO per diluted share (4)			$0.28			$0.30			$0.37			$0.30			$0.30
Dividend distributions declared per common share (5)			$0.22			$0.22			$0.21			$0.21			$0.21
Diluted AFFO payout ratio (6)			78.6		%	73.3		%	56.8		%	70.0		%	70.0		%
Portfolio Statistics:
Total global warehouses			246			242			238			185			183
Average economic occupancy			75.2		%	77.0		%	79.2		%	77.2		%	78.2		%
Average physical occupancy			68.8		%	70.3		%	72.3		%	69.9		%	71.4		%
Total global same-store warehouses			162			162			135			135			135

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Financial Supplement						Second Quarter 2021

                                        

(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			06/30/2021			12/31/2020
Total debt			$	2,862,487		$	2,959,252
Deferred financing costs			11,994			15,952
Gross debt			$2,874,481			$2,975,204
Adjustments:
Less: cash and cash equivalents			316,077			621,051
Net debt			$	2,558,404		$	2,354,153
Core EBITDA - last twelve months			$457,416			$425,910
Core EBITDA from acquisitions (a)			66,455			105,362
Pro forma Core EBITDA - last twelve months			$523,871			$531,272
Net debt to pro forma Core EBITDA			4.88x			4.43x
(a) As of June 30, 2021, amount includes two months of Core EBITDA from the Caspers and AM-C Warehouse acquisitions, four months of Core EBITDA from the Halls acquisition, six months of Core EBITDA from the Agro acquisition, eight months of Core EBITDA from the Liberty acquisition, ten months of Core EBITDA from the KMT Brrr! acquisition and eleven months of Core EBITDA from the Bowman Stores acquisition prior to Americold’s ownership of the respective acquired entities.
(3) Reconciliation of segment contribution (NOI)
			Three Months Ended
			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
Warehouse segment contribution (NOI)			$144,379			$146,181			$145,672			$127,756			$120,132
Third-party managed segment contribution (NOI)			1,693			4,382			1,767			3,393			3,299
Transportation segment contribution (NOI)			9,250			6,703			5,043			4,187			4,772
Other segment contribution (NOI)			(33)			(26)			(43)			(17)			135
Total segment contribution (NOI)			$155,289			$157,240			$152,439			$135,319			$128,338
Depreciation and amortization			(84,459)			(77,211)			(58,319)			(53,569)			(52,399)
Selling, general and administrative			(42,475)			(45,052)			(39,536)			(35,969)			(32,340)
Acquisition, litigation and other			(3,922)			(20,751)			(26,535)			(5,282)			(2,801)
Gain (loss) from sale of real estate			—			—			676			(427)			19,414
Impairment of long-lived assets			(1,528)			—			(1,954)			(2,615)			(3,667)
U.S. GAAP operating income			$22,905			$14,226			$26,771			$37,457			$56,545
(4) See “Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO” and “Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, and Core EBITDA” pages 18-20
(5) Distributions per common share			Three Months Ended
			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
Distributions declared on common shares during the quarter			$57,897			$56,029			$53,820			$43,282			$43,271
Common shares outstanding at quarter end			261,015			252,520			251,703			203,680			203,616
Distributions declared per common share of beneficial interest			$0.22			$0.22			$0.21			$0.21			$0.21
(6) Calculated as distributions declared on common shares divided by AFFO per weighted average diluted share

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Financial Supplement						Second Quarter 2021

                                        

Financial Information

Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
			June 30,						December 31,
			2021						2020
Assets
Property, buildings and equipment:
Land			$	705,862					$	662,885
Buildings and improvements			3,847,631						4,004,824
Machinery and equipment			1,274,690						1,177,572
Assets under construction			382,730						303,531
			6,210,913						6,148,812
Accumulated depreciation			(1,504,758)						(1,382,298)
Property, buildings and equipment – net			4,706,155						4,766,514
Operating lease right-of-use assets			352,880						291,797
Accumulated depreciation – operating leases			(40,202)						(24,483)
Operating leases – net			312,678						267,314
Financing leases:
Buildings and improvements			24,761						60,513
Machinery and equipment			148,408						109,416
			173,169						169,929
Accumulated depreciation – financing leases			(53,785)						(40,937)
Financing leases – net			119,384						128,992
Cash, cash equivalents and restricted cash			316,077						621,051
Accounts receivable – net of allowance of $15,197 and $12,286 at June 30, 2021 and December 31, 2020, respectively			325,440						324,221
Identifiable intangible assets – net			875,038						797,423
Goodwill			1,018,288						794,335
Investments in partially owned entities			42,742						44,907
Other assets			107,518						86,394
Total assets			$	7,823,320					$	7,831,151
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit			$	139,105					$	—
Accounts payable and accrued expenses			563,566						552,547
Mortgage notes, senior unsecured notes and term loans – net of deferred financing costs of $11,994 and $15,952 in the aggregate, at June 30, 2021 and December 31, 2020, respectively			2,427,164						2,648,266
Sale-leaseback financing obligations			184,515						185,060
Financing lease obligations			111,703						125,926
Operating lease obligations			285,715						269,147
Unearned revenue			20,344						19,209
Pension and postretirement benefits			7,880						9,145
Deferred tax liability – net			208,799						220,502
Multiemployer pension plan withdrawal liability			8,354						8,528
Total liabilities			3,957,145						4,038,330
Equity
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – 500,000,000 and 325,000,000 authorized shares; 261,015,053 and 251,702,603 issued and outstanding at June 30, 2021 and December 31, 2020, respectively			2,610						2,517
Paid-in capital			4,900,398						4,687,823
Accumulated deficit and distributions in excess of net earnings			(1,036,987)						(895,521)
Accumulated other comprehensive loss			(4,628)						(4,379)
Total shareholders’ equity			3,861,393						3,790,440
Noncontrolling interests:
Noncontrolling interests in operating partnership and consolidated joint venture			4,782						2,381
Total equity			3,866,175						3,792,821
Total liabilities and equity			$	7,823,320					$	7,831,151

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Financial Supplement						Second Quarter 2021

                                        

Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Revenues:
Rent, storage and warehouse services			$	503,734					$	372,411					$	989,185					$	753,479
Third-party managed services			72,173						72,954						145,245						137,875
Transportation services			78,800						34,861						155,072						70,778
Other			—						2,296						—						4,459
Total revenues			654,707						482,522						1,289,502						966,591
Operating expenses:
Rent, storage and warehouse services cost of operations			359,355						252,279						698,625						506,574
Third-party managed services cost of operations			70,480						69,655						139,170						130,807
Transportation services cost of operations			69,550						30,089						139,119						61,201
Cost of operations related to other revenues			33						2,161						59						4,269
Depreciation and amortization			84,459						52,399						161,670						104,003
Selling, general and administrative			42,475						32,340						87,527						69,233
Acquisition, litigation and other			3,922						2,801						24,673						4,489
Impairment of long-lived assets			1,528						3,667						1,528						3,667
Gain from sale of real estate			—						(19,414)						—						(21,875)
Total operating expenses			631,802						425,977						1,252,371						862,368
Operating income			22,905						56,545						37,131						104,223
Other (expense) income:
Interest expense			(26,579)						(23,178)						(52,535)						(47,048)
Interest income			191						261						415						848
Loss on debt extinguishment, modifications and termination of derivative instruments			(925)						—						(4,424)						(781)
Foreign currency exchange (loss) gain, net			(140)						315						33						(177)
Other expense, net			184						44						689						915
Loss from investments in partially owned entities			(61)						(129)						(761)						(156)
(Loss) income before income tax (expense) benefit			(4,425)						33,858						(19,452)						57,824
Income tax (expense) benefit
Current			(2,406)						(2,163)						(3,617)						(4,720)
Deferred			(6,568)						967						(4,566)						3,069
Total income tax expense			(8,974)						(1,196)						(8,183)						(1,651)
Net (loss) income			$	(13,399)					$	32,662					$	(27,635)					$	56,173
Net (loss) income attributable to non controlling interests			(29)						—						149						—
Net (loss) income attributable to Americold Realty Trust			$	(13,370)					$	32,662					$	(27,784)					$	56,173
Weighted average common shares outstanding – basic			253,213						201,787						253,076						201,294
Weighted average common shares outstanding – diluted			253,213						205,298						253,076						204,587
Net (loss) income per common share of beneficial interest - basic			$	(0.05)					$	0.16					$	(0.11)					$	0.28
Net (loss) income per common share of beneficial interest - diluted			$	(0.05)					$	0.16					$	(0.11)					$	0.27

19

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Financial Supplement						Second Quarter 2021

                                        

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
			Three Months Ended																		YTD 2021
			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
Net (loss) income			$	(13,399)		$	(14,236)		$	(43,992)		$	12,374		$	32,662					$	(27,635)
Adjustments:
Real estate related depreciation			44,871			52,280			39,128			36,289			35,558						97,151
Net (gain) loss on sale of real estate, net of withholding taxes (b)			—			—			(676)			427			(19,414)						—
Net (gain) loss on asset disposals			(13)			(39)			888			1,160			(3)						(52)
Impairment charges on real estate assets			1,528			—			2,449			—			3,181						1,528
Our share of reconciling items related to partially owned entities			861			266			182			111			122						1,127
NAREIT Funds from operations			$	33,848		$	38,271		$	(2,021)		$	50,361		$	52,106					72,119
Adjustments:
Net (gain) loss on sale of non-real estate assets			(304)			(119)			1,112			(100)			(252)						(423)
Non-real estate impairment			—			—			(495)			2,615			486						—
Acquisition, litigation and other			3,922			20,751			26,535			5,282			2,801						24,673
Share-based compensation expense, IPO grants			—			163			200			196			203						163
Bridge loan commitment fees			—			—			2,438			—			—						—
Loss on debt extinguishment, modifications and termination of derivative instruments			925			3,499			9,194			—			—						4,424
Foreign currency exchange loss (gain)			140			(173)			44,905			196			(315)						(33)
Our share of reconciling items related to partially owned entities			89			154			39			76			79						243
Core FFO applicable to common shareholders			$	38,620		$	62,546		$	81,907		$	58,626		$	55,108					101,166
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability			1,085			1,148			1,202			1,203			1,196						2,233
Amortization of below/above market leases			362			39			37			39			—						401
Straight-line net rent			(170)			(155)			(324)			(87)			(108)						(325)
Deferred income tax expense (benefit)			6,568			(2,002)			(9,379)			(1,284)			(967)						4,566
Share-based compensation expense, excluding IPO grants			5,467			4,867			4,371			4,373			4,261						10,334
Non-real estate depreciation and amortization			39,588			24,931			19,191			17,280			16,841						64,519
Maintenance capital expenditures (a)			(20,488)			(15,731)			(20,291)			(17,534)			(15,306)						(36,219)
Our share of reconciling items related to partially owned entities			711			278			168			125			78						989
Adjusted FFO applicable to common shareholders			$	71,743		$	75,921		$	76,882		$	62,741		$	61,103					147,664

20

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Financial Supplement						Second Quarter 2021

                                        

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
			Three Months Ended																		YTD 2021
			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
NAREIT Funds from operations			$	33,848		$	38,271		$	(2,021)		$	50,361		$	52,106					$	72,119
Core FFO applicable to common shareholders			$	38,620		$	62,546		$	81,907		$	58,626		$	55,108					$	101,166
Adjusted FFO applicable to common shareholders			$	71,743		$	75,921		$	76,882		$	62,741		$	61,103					$	147,664
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation			253,213			252,938			205,984			204,289			201,787						253,076
Dilutive stock options, unvested restricted stock units, equity forward contracts			1,624			3,226			3,944			4,211			3,511						1,559
Weighted average dilutive shares			254,837			256,164			209,928			208,500			205,298						254,635
NAREIT FFO - basic per share			$	0.13		$	0.15		$	(0.01)		$	0.25		$	0.26					$	0.28
NAREIT FFO - diluted per share			$	0.13		$	0.15		$	(0.01)		$	0.24		$	0.25					$	0.28
Core FFO - basic per share			$	0.15		$	0.25		$	0.40		$	0.29		$	0.27					$	0.40
Core FFO - diluted per share			$	0.15		$	0.24		$	0.39		$	0.28		$	0.27					$	0.40
Adjusted FFO - basic per share			$	0.28		$	0.30		$	0.37		$	0.31		$	0.30					$	0.58
Adjusted FFO - diluted per share			$	0.28		$	0.30		$	0.37		$	0.30		$	0.30					$	0.58

(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.
(b)			(Gain) loss on sale of real estate, net of withholding tax include withholding tax on the sale of Sydney land which is included in income tax expense on the Condensed Consolidated Statement of Operations.

21

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Financial Supplement						Second Quarter 2021

                                        

Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
			Three Months Ended																		Trailing Twelve Months Ended
			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20						Q2 2021
Net (loss) income			$	(13,399)		$	(14,236)		$	(43,992)		$	12,374		$	32,662					$	(59,253)
Adjustments:
Depreciation and amortization			84,459			77,211			58,319			53,569			52,399						273,558
Interest expense			26,579			25,956			21,367			23,066			23,178						96,968
Income tax expense (benefit)			8,974			(791)			(9,397)			819			1,196						(395)
EBITDA			$	106,613		$	88,140		$	26,297		$	89,828		$	109,435					$	310,878
Adjustments:
Net (gain) loss on sale of real estate, net of withholding taxes			—			—			(676)			427			(19,414)						(249)
Adjustment to reflect share of EBITDAre of partially owned entities			1,838			649			432			293			237						3,212
NAREIT EBITDAre			$	108,451		$	88,789		$	26,053		$	90,548		$	90,258					$	313,841
Adjustments:
Acquisition, litigation and other			3,922			20,751			26,535			5,282			2,801						56,490
Bridge loan commitment fees			—			—			2,438			—			—						2,438
Loss (income) from investments in partially owned entities			61			700			(4)			98			129						855
Asset impairment			1,528			—			1,954			2,615			3,667						6,097
Foreign currency exchange loss (gain)			140			(173)			44,905			196			(315)						45,068
Share-based compensation expense			5,467			5,030			4,571			4,569			4,464						19,637
Loss on debt extinguishment, modifications and termination of derivative instruments			925			3,499			9,194			—			—						13,618
(Gain) loss on real estate and other asset disposals			(317)			(158)			1,999			1,060			(255)						2,584
Reduction in EBITDAre from partially owned entities			(1,838)			(649)			(432)			(293)			(237)						(3,212)
Core EBITDA			$	118,339		$	117,789		$	117,213		$	104,075		$	100,512					$	457,416

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Financial Supplement						Second Quarter 2021

                                        

Acquisition, Litigation and Other

Dollars in thousands

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

			Three Months Ended June 30,												Six Months Ended June 30,
Acquisition, litigation and other			2021						2020						2021						2020
Acquisition and integration related costs			$	3,075					$	2,651					$	16,550					$	3,417
Litigation			117						—						117						—
Severance costs			255						150						2,701						1,072
Terminated site operations costs			13						—						72						—
Cyber incident related costs			(289)						—						4,482						—
Other			751						—						751						—
Total acquisition, litigation and other			$	3,922					$	2,801					$	24,673					$	4,489

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Financial Supplement						Second Quarter 2021

                                        

Debt Detail and Maturities
(In thousands - unaudited)
			As of June 30, 2021
Indebtedness:			Carrying Value						Contractual Interest Rate(3)						Effective Interest Rate(4)						Stated Maturity Date(5)
Unsecured Debt
2020 Senior Unsecured Revolving Credit Facility-1(1)(2)(7)(10)			$	44,363					C+0.85%						1.34%						3/2025
2020 Senior Unsecured Revolving Credit Facility-2(1)(2)(9)(11)			94,742						G+0.85%						1.07%						3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-1(2)(6)			125,000						L+0.95%						1.42%						3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-2(2)(7)			201,650						C+0.95%						1.51%						3/2025
Series A notes			200,000						4.68%						4.77%						1/2026
Series B notes			400,000						4.86%						4.92%						1/2029
Series C notes			350,000						4.10%						4.15%						1/2030
Series D notes(8)			474,281						1.62%						1.67%						1/2031
Series E notes(8)			415,030						1.65%						1.70%						1/2033
Total Unsecured Debt			2,305,066						2.70%						2.84%						7.6 years
2013 Mortgage Loans (15 cross-collateralized warehouses)
Senior Note			171,197						3.81%						4.14%						5/2023
Mezzanine A			70,000						7.38%						7.55%						5/2023
Mezzanine B			32,000						11.50%						11.75%						5/2023
Total 2013 Mortgage Loans			273,197						5.63%						5.91%						1.8 years
Total Real Estate Debt			$	2,578,263					3.01%						3.16%						7.0 years
Sale-leaseback financing obligations			184,515						10.98%
Financing lease obligations			111,703						3.91%
Total Debt Outstanding			$	2,874,481					3.55%
Less: unamortized deferred financing costs			(11,994)
Total Book Value of Debt			$	2,862,487
Rate Type									% of Total
Fixed			$	2,408,726					84%
Variable			465,755						16%
Total Debt Outstanding			$	2,874,481					100%
Debt Type									% of Total
Unsecured			$	2,305,066					80%
Secured			569,415						20%
Total Debt Outstanding			$	2,874,481					100%

(1)Revolver maturity assumes two six-month extension options. The borrowing capacity as of June 30, 2021 is $1 billion less $21.9 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $1 billion committed.

(2)L = one-month LIBOR; C = one-month CDOR; G = one-month GBP LIBOR.

(3)Interest rates as of June 30, 2021. At June 30, 2021, the one-month LIBOR rate on our Senior Unsecured Term Loan Tranche A-1 was 0.10%. At June 30, 2021, the one-month CDOR rate on our Senior Unsecured Term Loan Tranche A-2 was 0.41%. Subtotals of stated contractual interest rates represent weighted average interest rates. Rates for sale-leasebacks and financing lease obligations represent weighted average interest rates.

(4)The effective interest rates presented include the amortization of loan costs. Subtotals of stated effective interest rates represent weighted average interest rates.

(5)Subtotals of stated maturity dates represent remaining weighted average life of the debt.

(6)On January 29, 2021, the Company repaid $200 million USD of the Term Loan A Facility Tranche A-1 using cash on the balance sheet and increased the borrowing capacity of Revolver from $800 million to $1 billion.

(7)Assumes CAD/USD exchange rate of 0.807.

(8)Assumes an EUR/USD exchange rate of 1.186.

(9)Assumes GBP/USD exchange rate of 1.383.

(10)The Senior Unsecured Revolving Credit Facility Draw 1 balance as of June 30, 2021 is CAD $55.0 million. The carrying value in the table above is the US dollar equivalent as of June 30, 2021.

(11)The Senior Unsecured Revolving Credit Facility Draw 2 balance as of June 30, 2021 is GBP $68.5 million. The carrying value in the table above is the US dollar equivalent as of June 30, 2021.

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Financial Supplement						Second Quarter 2021

                                        

Operations Overview

Revenue and Contribution by Segment
(in thousands - unaudited)
			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Segment revenues:
Warehouse			$	503,734					$	372,411					$	989,185					$	753,479
Third-party managed			72,173						72,954						145,245						137,875
Transportation			78,800						34,861						155,072						70,778
Other			—						2,296						—						4,459
Total revenues			654,707						482,522						1,289,502						966,591
Segment contribution:
Warehouse			144,379						120,132						290,560						246,905
Third-party managed			1,693						3,299						6,075						7,068
Transportation			9,250						4,772						15,953						9,577
Other			(33)						135						(59)						190
Total segment contribution			155,289						128,338						312,529						263,740
Reconciling items:
Depreciation and amortization			(84,459)						(52,399)						(161,670)						(104,003)
Selling, general and administrative			(42,475)						(32,340)						(87,527)						(69,233)
Acquisition, litigation and other			(3,922)						(2,801)						(24,673)						(4,489)
Impairment of long-lived assets			(1,528)						(3,667)						(1,528)						(3,667)
Gain from sale of real estate, net			—						19,414						—						21,875
Interest expense			(26,579)						(23,178)						(52,535)						(47,048)
Interest income			191						261						415						848
Loss on debt extinguishment, modifications and termination of derivative instruments			(925)						—						(4,424)						(781)
Foreign currency exchange (loss) gain, net			(140)						315						33						(177)
Other expense, net			184						44						689						915
Loss from investments in partially owned entities			(61)						(129)						(761)						(156)
(Loss) income before income tax (expense) benefit			$	(4,425)					$	33,858					$	(19,452)					$	57,824

We view and manage our business through three primary business segments—warehouse, third-party managed and transportation. 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, blast freezing, case-picking, kitting and repackaging and other recurring handling services.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers. 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 to many of our key customers underscores our ability to offer a complete and integrated suite of services across the cold chain.

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 services, we charge a fixed fee.

In addition to our primary business segments, we owned a limestone quarry in Carthage, Missouri. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020.

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Financial Supplement						Second Quarter 2021

                                        

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 June 30, 2021, we had entered into contracts featuring fixed storage commitments or leases with 165 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.

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Financial Supplement						Second Quarter 2021

Global Warehouse Portfolio

Unaudited

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						37						281.9						20		%				928						82		%				73		%				$	198.4					$	53.2					820
Southeast						60						336.6						24		%				1,064						73		%				67		%				213.9						58.5						783
Central						49						303.0						22		%				1,297						77		%				69		%				215.2						74.0						870
West						38						234.5						17		%				986						65		%				57		%				130.1						41.5						551
Canada						8						35.9						3		%				111						83		%				83		%				19.0						6.9						67
North America Total / Average						192						1,191.9						85		%				4,386						74		%				67		%				$	776.6					$	234.1					2,516
Netherlands						7						36.7						3		%				123						79		%				79		%				35.3						7.8						459
United Kingdom & Northern Ireland						6						40.1						3		%				234						89		%				89		%				18.1						6.3						130
Spain						4						15.2						1		%				53						60		%				60		%				8.9						1.8						294
Portugal						4						11.5						1		%				53						86		%				86		%				7.8						2.2						206
Ireland						3						9.5						1		%				35						101		%				101		%				6.9						2.9						129
Austria						1						4.2						—		%				42						89		%				89		%				10.8						2.9						148
Poland						2						3.5						—		%				15						78		%				78		%				2.3						0.2						83
Europe Total						27						120.7						9		%				555						84		%				84		%				$	90.1					$	24.1					1,352
Australia						8						50.5						4		%				156						92		%				77		%				98.2						24.2						90
New Zealand						7						20.4						1		%				60						92		%				84		%				15.8						5.9						50
Asia-Pacific Total						15						70.9						5		%				216						92		%				79		%				$	114.0					$	30.1					136
Argentina						2						9.7						1		%				23						60		%				60		%				3.4						0.6						40
Chile						1						7.6						1		%				23						104		%				104		%				5.1						2.0						25
South America Total						3						17.3						1		%				46						82		%				82		%				$	8.5					$	2.6					65
Warehouse Segment Total / Average						237						1,400.8						100		%				5,203						76		%				70		%				$	989.2					$	290.9					4,031
Third-Party Managed Portfolio
United States						7						38.5						88		%				—						—						—						$	133.4					$	4.0					4
Canada						1						5.3						12		%				—						—						—						1.3						0.2						1
North America Total / Average						8						43.8						100		%				—						—						—						$	134.7					$	4.2					5
Asia-Pacific						1						—						—		%				—						—						—						10.5						1.9						1
Third-Party Managed Total / Average						9						43.8						100		%				—						—						—						$	145.2					$	6.1					6
Portfolio Total / Average						246						1,444.6						100		%				5,203						76		%				70		%				$	1,134.4					$	297.0					4,031

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

(2)Three months ended June 30, 2021.

(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, corporate-level acquisition, litigation and other expenses and gain or loss on sale of real estate). 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 June 30, 2021, we owned 146 of our U.S. warehouses and 40 of our international warehouses, and we leased 38 of our U.S. warehouses and thirteen of our international warehouses. As of June 30, 2021, fifteen of our owned facilities were located on land that we lease pursuant to long-term ground leases.

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Financial Supplement						Second Quarter 2021

                                        

_______________________________________________

(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: June 30, 2021 LTM Revenue and NOI pro forma 2020 and 2021 acquisitions.

June 30, 2021 warehouse segment cubic feet includes all 2020 and 2021 acquisitions.

Totals may not foot due to rounding.

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Financial Supplement						Second Quarter 2021

                                        

Fixed Commitment and Lease Maturity Schedules

Unaudited

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 June 30, 2021. 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 Twelve Months Ended June 30, 2021						Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Twelve Months Ended June 30, 2021(1) (in thousands)						Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month						46						$	38,072					4.5		%				$	127,362					$	38,072
2021						49						49,857						5.8		%				201,105						50,058
2022						65						82,864						9.7		%				172,495						83,950
2023						40						65,350						7.6		%				138,891						68,264
2024						25						21,808						2.6		%				57,367						23,107
2025						11						14,546						1.7		%				26,633						16,371
2026						11						33,533						3.9		%				41,085						36,064
2027						4						4,956						0.6		%				7,973						5,248
2028						2						1,129						0.1		%				4,344						1,133
2029 and thereafter						8						20,870						2.4		%				49,189						23,439
Total						261						$	332,985					38.9		%				$	826,444					$	345,706

____________________

Note: June 30, 2021 LTM total revenue and rent and storage revenue pro forma 2020 and 2021 acquisitions.

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of June 30, 2021, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended June 30, 2021, 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 June 30, 2021 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

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Financial Supplement						Second Quarter 2021

                                        

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 June 30, 2021. These leases had a weighted average remaining term of 34 months as of June 30, 2021.

Lease Expiration Year						No. of Leases Expiring						Annualized Rent(1) (in thousands)						% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended June 30, 2021						Leased Square Footage (in thousands)						% Leased Square Footage						Annualized Rent at Expiration(2) (in thousands)
Month-to-Month						7						$	1,695					0.2		%				114						4.1		%				$	1,695
2021						19						2,439						0.3		%				324						11.5		%				2,450
2022						15						6,345						0.7		%				348						12.4		%				6,534
2023						6						5,607						0.7		%				640						22.8		%				5,680
2024						8						3,431						0.4		%				702						25.0		%				3,726
2025						6						3,416						0.4		%				266						9.5		%				3,960
2026 and thereafter						8						5,082						0.6		%				417						14.8		%				5,449
Total						69						$	28,015					3.3		%				2,811						100		%				$	29,494

____________________

Note: June 30, 2021 LTM rent and storage revenue pro forma 2020 and 2021 acquisitions.

(1)Represents monthly rental payments under the relevant leases as of June 30, 2021, multiplied by 12.

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

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Financial Supplement						Second Quarter 2021

                                        

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

The following table sets forth our maintenance capital expenditures for the three and six months ended June 30, 2021 and 2020.

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
			(In thousands, except per cubic foot amounts)
Real estate			$	17,974					$	14,140					$	30,902					$	23,530
Personal property			1,428						762						3,210						3,061
Information technology			1,086						382						2,107						1,132
Maintenance capital expenditures			$	20,488					$	15,284					$	36,219					$	27,723
Maintenance capital expenditures per cubic foot			$	0.014					$	0.014					$	0.025					$	0.025

Repair and Maintenance Expenses

The following table sets forth our repair and maintenance expenses for the three and six months ended June 30, 2021 and 2020.

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
			(In thousands, except per cubic foot amounts)
Real estate			$	5,949					$	7,148					$	14,325					$	13,945
Personal property			13,622						7,214						25,076						15,398
Repair and maintenance expenses			$	19,571					$	14,362					$	39,401					$	29,343
Repair and maintenance expenses per cubic foot			$	0.014					$	0.013					$	0.027					$	0.027

External Growth, Expansion and Development Capital Expenditures

The following table sets forth our external growth, expansion and development capital expenditures for the three and six months ended June 30, 2021 and 2020.

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
			(In thousands)
Acquisitions, net of cash acquired and adjustments			$	173,373					$	85					$	215,329					$	315,668
Expansion and development initiatives(1)			83,844						85,193						167,112						114,779
Information technology			2,045						2,029						3,573						2,980
Growth and expansion capital expenditures			$	259,262					$	87,307					$	386,014					$	433,427

(1) We capitalized interest of $3.5 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, we capitalized interest of $5.7 million and $1.2 million, respectively. During the three months ended June 30, 2021 and 2020, we capitalized amounts relating to insurance, property taxes, and compensation and travel expense of employees direct and incremental to development of properties of approximately $0.8 million and $0.2 million, respectively, and during each of the six months ended June 30, 2021 and 2020, we capitalized $1.4 million and , $0.3 million respectively.

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Financial Supplement						Second Quarter 2021

                                        

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended June 30, 2021 and 2020.

			Three Months Ended June 30,																		Change
			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
			(Dollars in thousands - unaudited)
Rent and storage			$	212,277					$	207,878					$	163,664					29.7		%				27.0		%
Warehouse services			291,457						282,712						208,747						39.6		%				35.4		%
Total warehouse segment revenue			$	503,734					$	490,590					$	372,411					35.3		%				31.7		%
Power			32,180						31,574						22,069						45.8		%				43.1		%
Other facilities costs (2)			51,562						50,467						34,645						48.8		%				45.7		%
Labor			224,411						217,575						165,458						35.6		%				31.5		%
Other services costs (3)			51,202						50,283						30,107						70.1		%				67.0		%
Total warehouse segment cost of operations			$	359,355					$	349,899					$	252,279					42.4		%				38.7		%
Warehouse segment contribution (NOI)			$	144,379					$	140,691					$	120,132					20.2		%				17.1		%
Warehouse rent and storage contribution (NOI) (4)			$	128,535					$	125,837					$	106,950					20.2		%				17.7		%
Warehouse services contribution (NOI) (5)			$	15,844					$	14,854					$	13,182					20.2		%				12.7		%
Total warehouse segment margin			28.7		%				28.7		%				32.3		%				-360 bps						-358 bps
Rent and storage margin(6)			60.6		%				60.5		%				65.3		%				-480 bps						-481 bps
Warehouse services margin(7)			5.4		%				5.3		%				6.3		%				-88 bps						-106 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 $10.1 million and $3.0 million for the second quarter 2021 and 2020, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.9 million and $2.4 million for the second quarter of 2021 and 2020, 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.

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Financial Supplement						Second Quarter 2021

                                        

The following table presents the operating results of our warehouse segment for the six months ended June 30, 2021 and 2020.

			Six Months Ended June 30,																		Change
			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
			(Dollars in thousands)
Rent and storage			$	417,553					$	409,564					$	325,973					28.1		%				25.6		%
Warehouse services			571,632						554,605						427,506						33.7		%				29.7		%
Total warehouse segment revenues			989,185						964,169						753,479						31.3		%				28.0		%
Power			58,384						57,324						41,773						39.8		%				37.2		%
Other facilities costs (2)			102,093						100,166						66,747						53.0		%				50.1		%
Labor			438,959						425,813						335,596						30.8		%				26.9		%
Other services costs (3)			99,189						97,334						62,458						58.8		%				55.8		%
Total warehouse segment cost of operations			$	698,625					$	680,637					$	506,574					37.9		%				34.4		%
Warehouse segment contribution (NOI)			$	290,560					$	283,532					$	246,905					17.7		%				14.8		%
Warehouse rent and storage contribution (NOI) (4)			$	257,076					$	252,074					$	217,453					18.2		%				15.9		%
Warehouse services contribution (NOI) (5)			$	33,484					$	31,458					$	29,452					13.7		%				6.8		%
Total warehouse segment margin			29.4		%				29.4		%				32.8		%				-340 bps						-336 bps
Rent and storage margin(6)			61.6		%				61.5		%				66.7		%				-514 bps						-516 bps
Warehouse services margin(7)			5.9		%				5.7		%				6.9		%				-103 bps						-122 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 $19.4 million and $5.8 million, on an actual basis, for the six months ended June 30, 2021 and 2020, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $5.8 million and $5.3 million, on an actual basis, for the six months ended June 30, 2021 and 2020, 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.

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Financial Supplement						Second Quarter 2021

                                        

Same-store Financial Performance

The following table presents revenues, cost of operations, contribution (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 June 30, 2021 and 2020.

			Three Months Ended June 30,																		Change
			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
Number of same store warehouses			162												162						n/a						n/a
Same store revenues:			(Dollars in thousands - unaudited)
Rent and storage			$	150,984					$	149,320					$	152,893					(1.2)		%				(2.3)		%
Warehouse services			209,258						203,647						199,832						4.7		%				1.9		%
Total same store revenues			$	360,242					$	352,967					$	352,725					2.1		%				0.1		%
Same store cost of operations:
Power			21,754						21,623						20,816						4.5		%				3.9		%
Other facilities costs			33,043						32,615						32,132						2.8		%				1.5		%
Labor			161,052						156,443						154,934						3.9		%				1.0		%
Other services costs			28,109						27,941						27,622						1.8		%				1.2		%
Total same store cost of operations			$	243,958					$	238,622					$	235,504					3.6		%				1.3		%
Same store contribution (NOI)			$	116,284					$	114,345					$	117,221					(0.8)		%				(2.5)		%
Same store rent and storage contribution (NOI)(2)			$	96,187					$	95,082					$	99,945					(3.8)		%				(4.9)		%
Same store services contribution (NOI)(3)			$	20,097					$	19,263					$	17,276					16.3		%				11.5		%
Total same store margin			32.3		%				32.4		%				33.2		%				-95 bps						-84 bps
Same store rent and storage margin(4)			63.7		%				63.7		%				65.4		%				-166 bps						-169 bps
Same store services margin(5)			9.6		%				9.5		%				8.6		%				96 bps						81 bps
Number of non-same store warehouses(6)			75												10						n/a						n/a
Non-same store revenues:
Rent and storage			$	61,293					$	58,558					$	10,771					469.1		%				443.7		%
Warehouse services			82,199						79,065						8,915						822.0		%				786.9		%
Total non-same store revenues			$	143,492					$	137,623					$	19,686					628.9		%				599.1		%
Non-same store cost of operations:
Power			10,426						9,951						1,253						732.1		%				694.2		%
Other facilities costs			18,519						17,852						2,513						636.9		%				610.4		%
Labor			63,359						61,132						10,524						502.0		%				480.9		%
Other services costs			23,093						22,342						2,485						829.3		%				799.1		%
Total non-same store cost of operations			$	115,397					$	111,277					$	16,775					587.9		%				563.4		%
Non-same store contribution (NOI)			$	28,095					$	26,346					$	2,911					865.1		%				805.0		%
Non-same store rent and storage contribution (NOI)(2)			$	32,348					$	30,755					$	7,005					361.8		%				339.0		%
Non-same store services contribution (NOI)(3)			$	(4,253)					$	(4,409)					$	(4,094)					(3.9)		%				(7.7)		%
Total warehouse segment revenues			$	503,734					$	490,590					$	372,411					35.3		%				31.7		%
Total warehouse cost of operations			$	359,355					$	349,899					$	252,279					42.4		%				38.7		%
Total warehouse segment contribution			$	144,379					$	140,691					$	120,132					20.2		%				17.1		%

(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 75 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, and three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

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Financial Supplement						Second Quarter 2021

                                        

The following table presents revenues, cost of operations, contribution (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 six months ended June 30, 2021 and 2020.

			Six Months Ended June 30,																		Change
			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
Number of same store warehouses			162												162						n/a						n/a
Same store revenues:			(Dollars in thousands)
Rent and storage			$	300,150					$	296,836					$	305,698					(1.8)		%				(2.9)		%
Warehouse services			415,343						404,021						408,693						1.6		%				(1.1)		%
Total same store revenues			715,493						700,857						714,391						0.2		%				(1.9)		%
Same store cost of operations:
Power			39,611						39,347						39,244						0.9		%				0.3		%
Other facilities costs			65,982						65,208						61,959						6.5		%				5.2		%
Labor			319,956						310,763						313,841						1.9		%				(1.0)		%
Other services costs			55,217						54,843						57,198						(3.5)		%				(4.1)		%
Total same store cost of operations			$	480,766					$	470,161					$	472,242					1.8		%				(0.4)		%
Same store contribution (NOI)			$	234,727					$	230,696					$	242,149					(3.1)		%				(4.7)		%
Same store rent and storage contribution (NOI)(2)			$	194,557					$	192,281					$	204,495					(4.9)		%				(6.0)		%
Same store services contribution (NOI)(3)			$	40,170					$	38,415					$	37,654					6.7		%				2.0		%
Total same store margin			32.8		%				32.9		%				33.9		%				-109 bps						-98 bps
Same store rent and storage margin(4)			64.8		%				64.8		%				66.9		%				-207 bps						-212 bps
Same store services margin(5)			9.7		%				9.5		%				9.2		%				46 bps						29 bps
Number of non-same store warehouses(6)			75												10						n/a						n/a
Non-same store revenues:
Rent and storage			$	117,403					$	112,728					$	20,275					479.1		%				456.0		%
Warehouse services			156,289						150,584						18,813						730.8		%				700.4		%
Total non-same store revenues			273,692						263,312						39,088						600.2		%				573.6		%
Non-same store cost of operations:
Power			18,773						17,977						2,529						642.3		%				610.8		%
Other facilities costs			36,111						34,958						4,788						654.2		%				630.1		%
Labor			119,003						115,050						21,755						447.0		%				428.8		%
Other services costs			43,972						42,491						5,260						736.0		%				707.8		%
Total non-same store cost of operations			$	217,859					$	210,476					$	34,332					534.6		%				513.1		%
Non-same store contribution (NOI)			$	55,833					$	52,836					$	4,756					1,073.9		%				1,010.9		%
Non-same store rent and storage contribution (NOI)(2)			$	62,519					$	59,793					$	12,958					382.5		%				361.4		%
Non-same store services contribution (NOI)(3)			$	(6,686)					$	(6,957)					$	(8,202)					(18.5)		%				(15.2)		%
Total warehouse segment revenues			$	989,185					$	964,169					$	753,479					31.3		%				28.0		%
Total warehouse cost of operations			$	698,625					$	680,637					$	506,574					37.9		%				34.4		%
Total warehouse segment contribution			$	290,560					$	283,532					$	246,905					17.7		%				14.8		%

(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 75 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, and three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

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Financial Supplement						Second Quarter 2021

                                        

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 June 30, 2021 and 2020.

			Three Months Ended June 30,												Change
Units in thousands except per pallet and site data - unaudited			2021						2020
Number of same store warehouses			162						162						n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			2,830						2,971						(4.7)		%
Economic occupancy percentage			75.2		%				79.2		%				-403 bps
Same store rent and storage revenues per economic occupied pallet			$	53.35					$	51.45					3.7		%
Constant currency same store rent and storage revenue per economic occupied pallet			$	52.76					$	51.45					2.5		%
Physical occupancy(2)
Average physical occupied pallets			2,515						2,705						(7.0)		%
Average physical pallet positions			3,763						3,750						0.3		%
Physical occupancy percentage			66.8		%				72.1		%				-531 bps
Same store rent and storage revenues per physical occupied pallet			$	60.03					$	56.52					6.2		%
Constant currency same store rent and storage revenues per physical occupied pallet			$	59.37					$	56.52					5.0		%
Same store warehouse services:
Throughput pallets			7,351						7,333						0.3		%
Same store warehouse services revenues per throughput pallet			$	28.47					$	27.25					4.5		%
Constant currency same store warehouse services revenues per throughput pallet			$	27.70					$	27.25					1.7		%
Number of non-same store warehouses(3)			75						10						n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			1,114						194						474.2		%
Economic occupancy percentage			75.3		%				64.7		%				1062 bps
Physical occupancy(2)
Average physical occupied pallets			1,092						186						486.6		%
Average physical pallet positions			1,479						299						394.6		%
Physical occupancy percentage			73.8		%				62.2		%				1164 bps
Non-same store warehouse services:
Throughput pallets			2,568						384						569.3		%

(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 75 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, and three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

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Financial Supplement						Second Quarter 2021

                                        

The following table provides certain operating metrics to explain the drivers of our same store performance for the six months ended June 30, 2021 and 2020.

			Six Months Ended June 30,
Units in thousands except per pallet and site number data - unaudited			2021						2020						Change
Number of same store sites			162						162						n/a
Same store rent and storage:
Economic occupancy(1)
Average occupied economic pallets			2,858						3,033						(5.8)		%
Economic occupancy percentage			76.0		%				80.9		%				-498 bps
Same store rent and storage revenues per economic occupied pallet			$	105.01					$	100.80					4.2		%
Constant currency same store rent and storage revenues per economic occupied pallet			$	103.85					$	100.80					3.0		%
Physical occupancy(2)
Average physical occupied pallets			2,538						2,799						(9.3)		%
Average physical pallet positions			3,763						3,747						0.4		%
Physical occupancy percentage			67.4		%				74.7		%				-725 bps
Same store rent and storage revenues per physical occupied pallet			$	118.25					$	109.20					8.3		%
Constant currency same store rent and storage revenues per physical occupied pallet			$	116.94					$	109.20					7.1		%
Same store warehouse services:
Throughput pallets (in thousands)			14,476						15,080						(4.0)		%
Same store warehouse services revenues per throughput pallet			$	28.69					$	27.10					5.9		%
Constant currency same store warehouse services revenues per throughput pallet			$	27.91					$	27.10					3.0		%
Number of non-same store sites(3)			75						10						n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			1,102						178						520.0		%
Economic occupancy percentage			76.7		%				63.4		%				1332 bps
Physical occupancy(2)
Average physical occupied pallets			1,079						171						532.0		%
Average physical pallet positions			1,437						280						412.4		%
Physical occupancy percentage			75.1		%				60.9		%				1421 bps
Non-same store warehouse services:
Throughput pallets (in thousands)			4,973						835						495.6		%

(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 75 includes one recently leased warehouse in Australia, 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 acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, and three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

37

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Financial Supplement						Second Quarter 2021

                                        

Same-store Historical Performance Trend

The following table reflects the actual results of our current same store pool, in USD, for the respective periods.

									Q2 21						Q1 21						Q4 20						Q3 20						Q2 20						Q1 20
Number of same store warehouses									162						162						162						162						162						162
Same store revenues:
Rent and storage									$150,984						$149,166						$156,134						$154,926						$152,893						$152,805
Warehouse services									209,258						206,085						214,393						210,309						199,832						208,861
Total same store revenues									$360,242						$355,251						$370,527						$365,235						$352,725						$361,666
Same store cost of operations:
Power									21,754						17,857						19,639						25,497						20,816						18,428
Other facilities costs									33,043						32,939						30,029						32,859						32,132						29,827
Labor									161,052						158,905						156,864						155,114						154,934						158,907
Other services costs									28,109						27,108						26,690						28,237						27,622						29,575
Total same store cost of operations									$243,958						$236,809						$233,222						$241,707						$235,504						$236,737
Same store contribution (NOI)									$116,284						$118,442						$137,305						$123,528						$117,221						$124,929
Same store rent and storage contribution (NOI)(1)									$96,187						$98,370						$106,466						$96,570						$99,945						$104,550
Same store services contribution (NOI)(2)									$20,097						$20,072						$30,839						$26,958						$17,276						$20,379
Total same store margin									32.3		%				33.3		%				37.1		%				33.8		%				33.2		%				34.5		%
Same store rent and storage margin(3)									63.7		%				65.9		%				68.2		%				62.3		%				65.4		%				68.4		%
Same store services margin(4)									9.6		%				9.7		%				14.4		%				12.8		%				8.6		%				9.8		%
Same store rent and storage:
Economic occupancy
Average economic occupied pallets									2,830						2,887						3,036						2,942						2,971						3,094
Economic occupancy percentage									75.2		%				76.7		%				80.7		%				78.3		%				79.2		%				82.6		%
Same store rent and storage revenues per economic occupied pallet									$53.35						$51.67						$51.43						$52.66						$51.46						$49.39
Physical occupancy
Average physical occupied pallets									2,515						2,562						2,759						2,661						2,705						2,893
Average physical pallet positions									3,763						3,764						3,763						3,756						3,750						3,745
Physical occupancy percentage									66.8		%				68.1		%				73.3		%				70.8		%				72.1		%				77.3		%
Same store rent and storage revenues per physical occupied pallet									$60.03						$58.23						$56.59						$58.23						$56.52						$52.81
Same store warehouse services:
Throughput pallets									7,351						7,125						7,453						7,467						7,333						7,747
Same store warehouse services revenues per throughput pallet									$28.47						$28.92						$28.77						$28.17						$27.25						$26.96
Actual FX rates for the period
1 ARS =									0.011						0.011						0.013						0.014						0.015						0.016
1 AUS =									0.769						0.773						0.731						0.715						0.668						0.657
1 BRL =									0.191						0.183						0.185						0.186						0.186						0.208
1 CAD =									0.811						0.790						0.767						0.751						0.726						0.744
1 CLP =									0.001						0.001						n/a						n/a						n/a						n/a
1 EUR =									1.208						1.205						n/a						n/a						n/a						n/a
1 GBP =									1.394						1.379						n/a						n/a						n/a						n/a
1 NZD =									0.716						0.719						0.687						0.662						0.626						0.634
1 PLN =									0.267						0.265						n/a						n/a						n/a						n/a

(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.

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Financial Supplement						Second Quarter 2021

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects

Facility

Opportunity Type

Facility Type

Tenant Opportunity

Cubic Feet (in millions)

Pallet Positions (in thousands)

Estimated Total Cost (in millions)(1)

NOI ROIC

Completion Date

Expected Full Stabilized Quarter

Rochelle, IL

Expansion

Distribution

Multi-tenant

15.7

54

$94.7

12-15%

Q2 2019

Q4 2022

Chesapeake, VA

Expansion

Public

Multi-tenant

4.5

12

$26.2

10-12%

Q4 2019

Q1 2021

North Little Rock, AR

Expansion

Public

Multi-tenant

3.2

12

$19.2

10-12%

Q4 2019

Q1 2021

Columbus, OH

Expansion

Public

Multi-tenant

1.5

5

$7.0

14-15%

Q1 2020

Q2 2021

Savannah, GA(2)

Development

Distribution

Multi-tenant

14.8

37

$69.5

10-15%

Q2 2020

Q3 2021

Atlanta, GA

Expansion /Redevelopment

Distribution

Multi-tenant

18.3

60

$130.0

10-15%

Q2 2021

Q1 2023

Auckland, New Zealand

Expansion

Distribution

Multi-tenant

4.6

27

NZ$64.0

12-14%

Q2 2021

Q3 2022

Lurgan, Northern Ireland

Expansion

Distribution

Multi-tenant

0.7

4

£6.6

10-12%

Q2 2021

Q3 2022

(1)Cost to date through June 30, 2021, 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

Under Construction

Investment in Expansion / Development (in millions)

Expected Stabilized NOI ROIC

Target Complete Date

Expected Full Stabilized Quarter

Facility

Opportunity Type

Facility Type

Tenant Opportunity

Cubic Feet (millions) (1)

Pallet Positions (thousands) (1)

Cost (2)

Estimate to Complete

Total Estimated Cost

Calgary, Canada

Expansion

Distribution

Multi-tenant

2.0

7

C$10.6

C$3.4-C$5.4

C$14-C$16

10-12%

Q4 2021

Q1 2023

Dunkirk, NY

Development

Production Advantaged

Build-to-suit

7.0

25

$4.5

$37- $41

$41 - $45

10-12%

Q2 2022

Q3 2023

Plainville, CT

Development

Distribution

Build-to-suit

12.1

31

$104.8

$56.2-$69.2

$161-$174

10-12%

Q3 2022

Q4 2023

Lancaster, PA

Development

Distribution

Build-to-suit

11.4

28

$106.8

$44.2-$57.2

$151-$164

10-12%

Q3 2022

Q4 2023

Dublin, Ireland

Development

Distribution

Multi-tenant

6.3

20

€9.9

€15.7 - €17.7

€25.5 - €27.5

10-12%

Q3 2022

Q4 2023

Russellville, AR

Expansion

Production Advantaged

Build-to-suit

13.0

42

$27.9

$53.1-$59.1

$81-$87

10-12%

Q4 2022

Q1 2024

Atlanta 2, GA

Expansion

Distribution

Multi-tenant

6.3

24

$8.7

$26 - $29

$35 - $38

10-12%

Q2 2023

Q1 2025

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

(2)Cost as of June 30, 2021.

39

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Financial Supplement						Second Quarter 2021

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
AM-C Warehouses						DFW, TX						2						13.8						45						$85.0						7.4		%				8-10%						8/31/2020						Q4 2023
Caspers Cold Storage						Tampa, FL						1						3.2						12						$25.5						—		%				9-10%						8/31/2020						Q4 2023
Halls Warehouse Corp(2)						New Jersey						8						58.0						200						$480.0						6.3		%				7-8%						11/2/2020						Q1 2024
Agro Merchants Group (2)(3)(4)						US, Europe, South America, Australia						46						236.0						853						$1,699.0						6.5		%				7.5-8.5%						12/30/2020						Q1 2026
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(5)						St. Louis						2						2.8						12						$20.5						10.7		%				12-13%						8/2/2021						Q4 2024
Newark Facility Management(6)						New Jersey						1						11.5						17						$376.5						6.1		%				6.5-7.5%						9/2021						Q4 2024
Lago Cold Stores						Australia						3						6.8						30						A$106.4						6.2		%				7-8%						Q4 2021						Q1 2025

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

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

(3)Stabilized NOI ROIC of 7.5-8.5% reflects a period of five years for the Agro acquisition.

(4)Due to stock component of transaction, the Agro Acquisition price was different from original announcement.

(5)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%.

(6)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.

40

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Financial Supplement						Second Quarter 2021

Unconsolidated Joint Ventures (Investment in Partially Owned Entities)

As of June 30, 2021, the Company owned a 14.99% equity share in the Brazil-based SuperFrio. SuperFrio provides temperature-controlled storage and logistics services including storage, warehouse services, and transportation. 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			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
Net book value of real estate			R$	817,378		R$	579,770		R$	579,475		R$	436,291		R$	432,208
Other assets			362,475			169,695			177,804			228,043			245,830
Total assets			1,179,853			749,465			757,279			664,334			678,038
Debt			462,719			282,863			254,514			229,797			236,254
Other liabilities			369,004			223,385			278,816			208,782			214,150
Equity			348,130			243,217			223,949			225,755			227,634
Total liabilities and equity			R$	1,179,853		R$	749,465		R$	757,279		R$	664,334		R$	678,038
Americold’s ownership percentage			15		%	15		%	15		%	15		%	15		%
BRL/USD quarter-end rate			0.2013			0.1775			0.1925			0.1783			0.1823
Americold’s pro rata share of debt at BRL/USD rate			$	13,972		$	7,531		$	7,349		$	6,146		$	6,460
			Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs			Q2 21			Q1 21			Q4 20			Q3 20			Q2 20
Total revenues			R$	69,047		R$	44,653		R$	51,122		R$	44,349		R$	40,972
Operating expenses			55,911			41,260			35,750			33,775			32,888
Operating income			13,136			3,393			15,372			10,574			8,084
Interest expense			9,530			6,738			6,863			5,904			6,447
Depreciation & amortization			10,602			8,579			10,070			8,314			9,125
Other income			(1,089)			(240)			(305)			(880)			(728)
Income tax benefit			331			(6,276)			(65)			(947)			(1,103)
Non-operating expenses			19,374			8,801			16,563			12,391			13,741
Net loss			R$	(6,238)		R$	(5,408)		R$	(1,191)		R$	(1,817)		R$	(5,657)
Americold’s ownership percentage			15		%	15		%	15		%	15		%	15		%
BRL/USD average rate			0.1910			0.1830			0.1854			0.1860			0.1862
Americold’s pro rata share of NOI			$	376		$	93		$	427		$	295		$	226
Americold’s pro rata share of Net loss			$	(179)		$	(148)		$	(33)		$	(51)		$	(158)
Americold’s pro rata share of Core FFO			$	137		$	116		$	221		$	187		$	95
Americold’s pro rata share of AFFO			$	76		$	—		$	389		$	312		$	243

41

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Financial Supplement						Second Quarter 2021

As of June 30, 2021, the Company owned a 22.12% equity share in the Brazil-based Comfrio. We acquired this JV ownership in conjunction with the Agro acquisition, which closed on December 30, 2020. 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			Q2 21			Q1 21			Q4 20
Net book value of real estate			R$	224,169		R$	238,471		R$	240,297
Other assets			277,756			255,380			295,052
Total assets			501,925			493,851			535,349
Debt			412,480			405,507			426,357
Other liabilities			107,125			101,536			108,782
Accumulated deficit			(17,680)			(13,192)			210
Total liabilities and equity			R$	501,925		R$	493,851		R$	535,349
Americold’s ownership percentage			22		%	22		%	22		%
BRL/USD quarter-end rate			0.2013			0.1775			0.1925
Americold’s pro rata share of debt at BRL/USD rate			$	18,267		$	15,835		$	18,056
			Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs			Q2 21			Q1 21			Q4 20
Total revenues			R$	70,356		R$	60,401		R$	76,522
Operating expenses			33,612			46,039			36,159
Operating income			36,744			14,362			40,363
Interest expense			17,357			13,074			21,468
Depreciation & amortization			18,937			17,787			19,580
Other income			(3,530)			(2,789)			(836)
Income tax benefit			—			—			(1,759)
Non-operating expenses			32,764			28,072			38,453
Net (loss) income			R$	3,980		R$	(13,710)		R$	1,910
Americold’s ownership percentage			22		%	22		%	22		%
BRL/USD average rate			0.1910			0.1830			0.1854
Americold’s pro rata share of NOI at BRL/USD average rate			$	1,544		$	578		$	1,646
Americold’s pro rata share of Net income (loss) at BRL/USD average rate(1)			$	167		$	(552)		$	78
Americold’s pro rata share of Core FFO at BRL/USD average rate			$	434		$	(411)		n/a
Americold’s pro rata share of AFFO at BRL/USD average rate			$	1,186		$	(17)		n/a
(1) Q4 20 above represents the full quarter results for the Comfrio JV, however, our share of net loss reflected on the Condensed Consolidated Statement of Operations for the same time period does not reflect the results of Comfrio due to immateriality of one day of ownership.

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Financial Supplement						Second Quarter 2021

                                        

2021 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			As of			As of
			August 5, 2021			May 6, 2021			Feb. 18, 2021
Warehouse segment same store revenue growth (constant currency)			0.0% - 2.0%			2.0% - 4.0%			2.0% - 4.0%
Warehouse segment same store NOI growth (constant currency)			0 - 100 bps higher than associated revenue			100 - 200 bps higher than associated revenue			100 - 200 bps higher than associated revenue
Managed and Transportation segment NOI			$42M - $50M			$46M - $54M			$46M - $54M
Total selling, general and administrative expense (inclusive of non-cash share-based compensation expense of $21 - $23 million)			$175M - $185M			$190M - $196M			$190M - $196M
Current income tax expense			$8M - $10M			$9M - $13M			$9M - $13M
Deferred income tax (expense) benefit			($4M - $6M)			$4M - $5M			$1M - $2M
Non real estate depreciation and amortization expense			$140M - $155M			$100M - $110M			$85M - $92M
Total maintenance capital expenditures			$77M - $82M			$90M - $100M			$90M - $100M
Development starts (1)			$175M - $300M			$175M - $300M			$175M - $300M
AFFO per share			$1.34 - $1.40			$1.36 - $1.46			$1.36 - $1.46
Assumed FX rates			1 ARS = 0.0127 USD 1 AUS = 0.7521 USD 1 BRL = 0.1820 USD 1 CAD = 0.8059 USD 1 CLP = 0.0018 USD 1 EUR = 1.2041 USD 1 GBP = 1.3976 USD 1 NZD = 0.7031 USD 1 PLN = 0.2665 USD			1 ARS = 0.0101 USD 1 AUS = 0.7743 USD 1 BRL = 0.1795 USD 1 CAD = 0.8071 USD 1 CLP = 0.0013 USD 1 EUR = 1.1898 USD 1 GBP = 1.3904 USD 1 NZD = 0.7185 USD 1 PLN = 0.2587 USD			1 ARS = 0.0130 USD 1 AUS = 0.7179 USD 1 BRL = 0.1930 USD 1 CAD = 0.7592 USD 1 CLP = 0.0013 USD 1 EUR = 1.1839 USD 1 GBP = 1.3121 USD 1 NZD = 0.6600 USD 1 PLN = 0.2686 USD

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

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Financial Supplement						Second Quarter 2021

                                        

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, net loss or gain on asset disposals, impairment of real estate assets, and our share of reconciling items of 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 net of withholding taxes, 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, non-real estate asset impairment, acquisition, litigation and other expenses, share-based compensation expense for the IPO retention grants, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments and foreign currency exchange gain or loss. We also adjust for the impact of Core FFO attributable to partially owned entities. We have elected to reflect our share of Core FFO attributable to partially owned entities since the Brazil joint ventures are strategic partnerships which we continue to actively participate in on an ongoing basis. The previous joint venture, the China JV, was considered for disposition during the periods presented. 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, pension withdrawal liability and above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, share-based compensation expense from grants of stock options and restricted stock units under our equity incentive plans, excluding IPO grants, non-real estate depreciation and amortization, and maintenance capital expenditures. We also adjust for AFFO attributable to our portion 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 annual and quarterly 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 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, and net (gain) loss on sale of real estate, net of withholding taxes and adjustment to reflect our 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 expenses, asset impairment, loss or gain on real estate and other asset disposals, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments, share-based compensation expense, foreign currency exchange gain or loss, loss or income from investments in partially owned entities 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 EBITDA but which we do not believe are indicative of our core business operations. EBITDA and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDA and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDA 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.

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 22 reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

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