Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (May 2021)
25 slides from Americold Realty Trust's investor presentation, May 26, 2021
Slide 1: Investor Presentation Summer 2021
INVESTOR PRESENTATION Summer 2021
Slide 2: Key Investment Highlights
Key Investment Highlights Substantial Internal and External Growth Opportunities Expected to Drive Attractive Risk-Adjusted Returns Experienced Management Team, Alignment of Interest and Best-In-Class Corporate Governance Investment Grade, Flexible Balance Sheet Positioned for Growth Infrastructure
Slide 3: Company Snapshot
94% 2% 4% Warehouse Third-Party Managed Transportation 77% 14% 9% Warehouse Third-Party Managed Transportation Company Snapshot Note: Figures as of March 31, 2021, unless otherwise indicated. (1) Includes 14 ground leased assets (2) 2020 IARW North American Top 25 List (June 2020), per GCCA website.
Slide 4: Largest Fully Integrated Network of Temperature-Controlled Warehouses
Largest Fully Integrated Network of Temperature-Controlled Warehouses Food Producers Americold Realty Trust Food Distribution + Retailers Tradewater Distribution Center Atlanta, GA An indispensable component of food infrastructure from “farm to fork" 3 Production Advantaged Warehouse Farm Food Produ
Slide 5: Integrated Operations Overview
Transportation Warehouse Third-Party Managed Warehouse NOI Third-Party Managed Transportation Integrated Operations Overview (1) LTM figures as of March 31, 2021 and excludes the quarry business segment T h ir d -P a rt y M a n a g e d W a re h o u se (S to ra g e a n d H a n d li n g ) Mission-cr
Slide 6: Strategically Located, Mission-Critical Temperature-Controlled Warehouses
# of Facilities 198 26 15 3 Square Feet (mm) 41.2 3.4 1.9 0.4 Cubic Feet (mm) 1,223.2 111.2 70.0 17.3 Strategically Located, “Mission-Critical” Temperature-Controlled Warehouses Note: Americold portfolio figures as of March 31, 2021. Figures do not include Americold’s Brazilian JV investments in Sup
Slide 7: A Global Market Leader in Temperature-Controlled Warehousing
A Global Market Leader in Temperature-Controlled Warehousing Note: Americold portfolio figures provided by the Company as of March 31, 2021. Figures may not sum due to rounding (1) 2020 IARW North American Top 25 List (June 2020), per GCCA website. U.S. only. Total capacity from 2020 GCCA Global Col
Slide 8: Highly Diversified Business Model Produces Stable Cash Flows
44% 31% 24% 1% Distribution Production Advantaged Public Warehouse Facility Leased 50% 25% 25% Distribution Production Advantaged Public Warehouse Highly Diversified Business Model Produces Stable Cash Flows 17% 26% 29% 28% West East Central Southeast 20% 18% 14% 13% 7% 7% 5% 5% 4% 3% 2% 2% Retail O
Slide 9: Long Standing Relationships with Top Customers
Long Standing Relationships with Top 25 Customers (1) Not all customers shown are in COLD’s top 25 largest customers in the warehouse segment (2) Represents long-term issuer ratings as of 1Q 2021. (3) Based on LTM warehouse revenues as of March 31, 2021. Figures pro forma for the acquisition of Casp
Slide 10: Economic Occupancy Driving Improved Returns
78% 76% 75% 76% 70% 76% 74% 73% 71% 77% 77% 75% 70% 82% 81% 80% 72% 78% 77% 76% 72% 80% 79% 81% 77% 77% 77% 78% 81% 79% 77% 84% 83% 79% 80% 80% 79% '17 '18 '19 '20 '21 '17 18 '19 '20 '17 '18 '19 20 '17 '18 '19 '20 17 '18 '19 '20 Network Average Economic & Physical Occupancy Trend Typical optimal p
Slide 11: Growing Committed Revenue in Warehouse Portfolio
43% 38% 40% 41% 40% 41% 42% 41% 36% 57% 62% 60% 59% 60% 59% 58% 59% 64% $0.52bn $0.61bn $0.61bn $0.62bn $0.64bn $0.66bn $0.67bn $0.69bn $0.85bn 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 ⁽⁴⁾ 49% 45% 45% 46% 45% 45% 47% 46% 39% 51% 55% 55% 54% 55% 55% 53% 54% 61% $1.18bn $1.43bn $1.44bn $1.47bn $1.
Slide 12: Warehouse Financial Summary
$303 $324 $338 $387 $438 $456 $11 $24 $37 $61 $82 $83 $314 $348 $375 $448 $520 $540 2016A 2017A 2018A 2019A 2020A LTM 3/31/21 Rent & Storage Warehouse Services $477 $502 $515 $583 $666 $709 $604 $644 $662 $795 $883 $945 $1,081 $1,146 $1,177 $1,377 $1,549 $1,654 2016A 2017A 2018A 2019A 2020A LTM 3/31
Slide 13: Substantially All Warehouse NOI Driven by Rental & Storage Revenue
Substantially All Warehouse NOI Driven by Rental & Storage Revenue Note: Based on LTM warehouse segment as of March 31, 2021. Future results may vary. Figures may not sum due to rounding (1) Material Handling Equipment (2) OS&D and D&D refer to Over Short & Damaged and Detentioned & Demurrage, respe
Slide 14: Positioned for Multiple Avenues of Growth
Positioned for Multiple Avenues of Growth Global warehouse network, operating systems, scalable information technology platform and economies of scale provide a significant advantage over competitors with respect to organic and external growth opportunities Signifies COLD has and continues to capi
Slide 15: Organic Growth Initiatives Have Driven Same Store Growth
70% 26% 4% 162 61 10 233 2.9% 9.5% 7.4% 5.1% 5.6% 2016 2017 2018 2019 2020 4.1% 5.8% 3.9% 3.5% 2.3% 2016 2017 2018 2019 2020 Organic Growth Initiatives Have Driven Same Store Growth TOTAL COLD WAREHOUSE FACILITIES Total SS Warehouse SS Rent & Storage SS Warehouse Services Legacy COLD Same Store Acqu
Slide 16: Historic Same Store Seasonality Trend
Historic Same Store Seasonality Trend Quarterly Same Store Revenue (% of Annual) Quarterly Same Store NOI (% of Annual) 24% 24% 25% 26% 24% 24% 25% 26% 25% 24% 25% 26% Q1 Q2 Q3 Q4 2018 Revenue 2019 Revenue 2020 Revenue 24% 24% 25% 27% 23% 25% 24% 28% 24% 23% 25% 28% Q1 Q2 Q3 Q4 2018 NOI 2019 NOI 202
Slide 17: Growth Strategy – Expansion and Development
Growth Strategy – Expansion and Development (1) As of March 31, 2021; no assurance can be given that the actual cost or completion dates of any expansions or developments will not exceed our estimate (2) Reflects management’s estimate of cost of completion as of March 31, 2021 (3) These future pipel
Slide 18: Acquisition of Bowman Stores
Acquisition of Bowman Stores The acquisition of Bowman Stores strengthens Americold’s presence in the United Kingdom In May 2021, COLD entered into a purchase agreement to aquire Bowman Stores for ~£74mm at an in-place net entry NOI yield of ~6.8% Bowman Stores operates a single campus located i
Slide 19: Acquisition of Agro Merchants Group
Acquisition of Agro Merchants Group The acquisition of Agro provides Americold with a strategic presence throughout Europe and complementary operations in other global geographies In December 2020, COLD completed the acquisition of Agro Merchants Group for ~$1.7bn at an in-place net entry NOI yiel
Slide 20: Russellville, AR Expansion for Conagra Brands
Russellville, AR Expansion for Conagra Brands The Russellville highly automated expansion is an opportunity to provide mission critical, long-term infrastructure for a top tier strategic customer COLD is expanding its Russellville, Arkansas facility for a total of ~$84mm in a dedicated build for C
Slide 21: Flexible Balance Sheet Positioned for Growth
$411 $469 $44 $350 $400 $200 $199 $125 $956 $275 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2013 Mortgage Loans Undrawn Revolver Unsecured Term Loan A-1 Unsecured Term Loan A-2 (CAD Denominated) Series A 4.68% Unsecured Notes Series B 4.86% Unsecured Notes Series C 4.10% Unsecu
Slide 22: Strategic Investment Approach to Maintain a High-Quality Portfolio
Strategic Investment Approach to Maintain a High-Quality Portfolio Note: Dollars in millions. Figures may not sum due to rounding (1) Recurring capital expenditures are incurred to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and
Slide 23: Commitment to Environmental, Social and Governance Initiatives
Commitment to energy excellence and efficiency Recognized under the Global Cold Chain Alliance’s (GCCA) new Energy Excellence Recognition Program with Gold and Silver certifications at 161 facilities Completed LED lighting conversions at 109 facilities since 2011 Noteworthy fast door implement
Slide 24: Environmental: 2020 by the Numbers
Commitment to Environmental, Social and Governance Initiatives 23 Certified by the GCCA Energy Excellence Recognition Program: 29 sites newly certified in 2020 161 TOTAL SITES Reduced versus 2019 same store(1) OVER 15M kWh Shed by 44 sites participating in demand response programs 25.4 MEGAWATT HOUR
Slide 25: Conclusion
Conclusion 24 Substantial Internal and External Growth Opportunities Expected to Drive Attractive Risk-Adjusted Returns Experienced Management Team, Alignment of Interest and Best-In-Class Corporate Governance Investment Grade, Flexible Balance Sheet Positioned for Growth Infrastructure Supported by
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