Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Merger or Acquisition (October 2020)
16 slides from Americold Realty Trust's merger presentation, Oct 16, 2020
Slide 1: Acquisition of Agro Merchants Group
Acquisition of Agro Merchants Group October 2020
Slide 2: Disclaimer
Disclaimer This presentation 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
Slide 3: Agro at a Glance
Agro at a Glance Agro provides COLD with a strategically located footprint in Europe and complementary operations in other geographies Fourth largest temperature-controlled warehouse company in the global market1, third largest in Europe1 2 and fourth largest in the US providing cold storage Charlot
Slide 4: Agro Business Overview
Agro Business Overview By Service Type By Warehouse Type1,2 Warehouse Warehouse 69% 79% Distribution AS OF 6/30/20 YTD 6/30/20 YTD 6/30/20 Public Warehouse 44% TOTAL CUBIC FEET TOTAL REVENUE TOTAL NOI 55% $250mm $55mm 236mm Transportation Transportation 31% 21% Production Advantaged <1% Diverse Comm
Slide 5: European Entry Expands Global Platform
European Entry Expands Global Platform Europe represents an attractive market for Americold to leverage its global relationships, while enhancing our ability to serve global customers Large EU + UK Cold Storage Market EU Food Supply & Demand3,4 . Consumption growth per capita continues to grow at a
Slide 6: Agro Acquisition Rationale
Agro Acquisition Rationale STRATEGIC RATIONALE FINANCIAL RATIONALE Strategic acquisition with long-term scale benefits Expected to be modestly accretive in 2021 Expand into Europe with a strong and established platform (Agro: #4 Global1, #3 Europe1, #4 US2) Embedded M&A, expansion, and devel
Slide 7: Agro Platform Enhances Growth Potential Given Consolidation Opportunities
Agro Platform Enhances Growth Potential Given Consolidation Opportunities Established platform opens door to Europe’s highly fragmented industry Consolidation Opportunity in Highly Enhances Growth Potential in Europe Fragmented Market1,2 TOP 10 OPERATORS COMPRISE . Fragmented industry with favorable
Slide 8: Complementary Global Network, Providing Strategic Entry into Europe
Complementary Global Network, Providing Strategic Entry into Europe COLD Agro COLD Countries Agro Countries COLD / Agro Countries JV Investment1 PRO FORMA PORTFOLIO1 NA EUR ROW2 TOTAL TOTAL 185 26 18 229 FACILITIES REFRIGERATED 1,148mm 111mm 87mm 1,346mm CUBIC FEET BUILDING 46.9mm 4.0mm 2.7mm 53.6mm
Slide 9: Pro Forma COLD Portfolio Snapshot
Pro Forma COLD Portfolio Snapshot Pro Forma Total Revenue Pro Forma Total NOI Warehouse Warehouse 76% 91% YTD 6/30/20 YTD 6/30/20 Transportation TOTAL REVENUE 12% TOTAL NOI $1,216mm $319mm Transportation 7% Third-Party Managed Third-Party Managed 11% 2% Other Other <1% <1% 8
Slide 10: Pro Forma COLD Global Warehouse Portfolio
Pro Forma COLD Global Warehouse Portfolio COLD AGRO COMBINED NUMBER OF WAREHOUSE SEGMENT FACILITIES 1721 462 218 REFRIGERATED CUBIC FEET CAPACITY 1,057mm1 236mm2 1,293mm1 TOTAL PALLET POSITIONS (CAPACITY) 4.0mm1 0.9mm2 4.9mm WAREHOUSE REVENUE (YTD 6/30/20) $753mm $172mm $926mm AVERAGE ECONOMIC OCCUP
Slide 11: Growth Strategy – Expansion and Development
Growth Strategy – Expansion and Development Expansion and Development Opportunities 1 COLD AGRO COMBINED Lurgan, Northern Ireland Expansion Atlanta, GA Plainville, CT Dublin, Ireland Expansion Auckland, New Zealand Lancaster, PA Dublin, Ireland Greenfield Total Estimated Costs² Under Total Estimated
Slide 12: Dublin Expansion and Greenfield Development
Dublin Expansion and Greenfield Development Development Overview EXPANSION GREENFIELD DEVELOPMENT . Acquired existing Dublin facility in Sept 2019 . Pre-mobilization phase of a ~$33mm greenfield development expected to be completed by Oct 2021 . Began ~$7mm expansion project in May 2020; expected to
Slide 13: Sources & Uses
Sources & Uses ($ in millions) SOURCES USES Sources $ % Uses $ % New Gross Equity Raised 1 $1,394 58% New Equity Consideration to Oaktree 2 $554 23% New Equity Consideration to Oaktree 2 554 23% Cash Consideration to Oaktree 519 22% Debt Private Placement 325 14% Repayment of Existing Net Indebtedne
Slide 14: Pro Forma Capitalization
Pro Forma Capitalization COLD Transaction (1) PF COLD As of 06/30/2020 Adjustments1 As of 06/30/2020 Share Price (as of 10/12/2020) $39.13 $39.13 Fully Diluted Shares Outstanding (as of 06/30/2020) 208.4 38.92 247.3 Equity Market Capitalization $8,153 $9,676 Debt Revolving Credit Facility ($800mm Ca
Slide 15: Pro Forma Debt Maturity
Pro Forma Debt Maturity Debt Maturity1 Debt Profile % of – – – 15% – 33% 11% – – 22% 19% 18% Investment grade ratings: Baa3 (Moody’s), BBB (Fitch / DBRS Morningstar) Debt Maturing Debt Type Rate Type 3 2013 Mortgage Loans $284 $573 2 Floating Undrawn Revolver Secured 12% Unsecured Term Loan A-2 23
Slide 16: Enhancing COLD's Global Platform: Agro Acquisition Highlights
Enhancing COLD’s Global Platform: Agro Acquisition Highlights Strategic acquisition with long-term scale benefits Expand into Europe with a strong and established platform Increases wallet share with key customers while diversifying overall customer base Increases port presence and fresh produce off
Americold Realty Trust — Merger or Acquisition (October 2020) on 6ix