Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (June 2022)
27 slides from Americold Realty Trust's investor presentation, Jun 3, 2022
Slide 1: Investor Presentation Summer 2022
Investor Presentation Summer 2022
Slide 2: Forward-Looking Statements
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 the informa
Slide 3: Key Investment Highlights
Key Investment Highlights Substantial Internal and External Growth Opportunities Expected to Drive Attractive Risk-Adjusted Returns Over Time Experienced Management Team, Alignment of Interest and Best-In-Class Corporate Governance Investment Grade, Flexible Balance Sheet Positioned for Growth Infra
Slide 4: Company Snapshot
93% 2% 5% Warehouse Third-Party Managed Transportation 77% 12% 11% Warehouse Third-Party Managed Transportation Company Snapshot Note: Figures as of March 31, 2022, unless otherwise indicated (1) Includes 15 ground leased assets (2) 2022 IARW North American Top 25 List (March 2022), per GCCA website
Slide 5: 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" Production Advantaged Warehouse Farm Food Produce
Slide 6: Integrated Operations Overview
Transportation Warehouse Third-Party Managed Warehouse NOI Third-Party Managed Transportation Integrated Operations Overview (1) LTM figures as of March 31, 2022 Th ird -P ar ty M an ag ed W ar eh ou se (S to ra ge a nd H an dl in g) Mission-critical, temperature-controlled real estate infrastruct
Slide 7: Strategically Located, Mission-Critical Temperature-Controlled Warehouses
# of Facilities 201 27 18 3 249 Square Feet (mm) 42.0 3.8 2.2 0.4 48.3 Cubic Feet (mm) 1,260 121 77 17 1,475 Strategically Located, “Mission-Critical” Temperature-Controlled Warehouses Note: Americold portfolio figures as of March 31, 2022. Figures do not include Americold’s Brazilian JV investments
Slide 8: A Global Market Leader in Temperature-Controlled Warehousing
A Global Market Leader in Temperature-Controlled Warehousing 6 Rank Company Market Share Cubic Ft (mm) # of Facilities 1 Lineage Logistics (3) 10.6% 2,701 ~424 2 5.8% (4) 1,475 (4) 249 3 US Cold Storage, Inc. 1.7% 423 ~42 4 NewCold Advanced Cold Logistics 0.8% 215 ~14 5 Nichirei Logistics Group, Inc
Slide 9: Highly Diversified Business Model Produces Stable Cash Flows
7 20% 17% 13% 8% 7% 6% 5% 5% 5% 5% 4% 2% 2% 1% RetailPackaged Foods Poultry Dairy Potatoes Other Frozen Produce Fresh Produce Beef Pork Bakery Seafood Distributors Beverage 79% 9% 10% 1% North America Europe Asia-Pacific South America 45% 28% 26% 1% Distribution Production Advantaged Public Warehous
Slide 10: Long-Standing Relationships with Top 25 Customers
25 largest customers account for approximately 49% (3) of warehouse revenues, with no customer generating more than 6% (3) of revenues 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-ter
Slide 11: Network Average Economic & Physical Occupancy Trend
76% 75% 76% 70% 70% 74% 73% 71% 69% 77% 75% 70% 69% 81% 80% 72% 71% 77% 76% 72% 70% 80% 79% 81% 77% 77% 77% 77% 78% 75% 81% 79% 77% 76% 84% 83% 79% 78% 80% 80% 79% 77% '18 '19 '20 '21 '22 '18 '19 20 '21 '18 '19 '20 '21 18 '19 '20 '21 '18 '19 '20 21 Network Average Economic & Physical Occupancy Trend
Slide 12: Growing Committed Revenue in Warehouse Portfolio
45% 45% 47% 46% 39% 41% 42% 42% 44% 55% 55% 53% 54% 61% 59% 58% 58% 56% $1.51bn $1.52bn $1.54bn $1.64bn $2.00bn $2.02bn $2.12bn $2.17bn $2.20bn 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 ⁽⁴⁾ 40% 41% 42% 41% 36% 39% 39% 39% 40% 60% 59% 58% 59% 64% 61% 61% 61% 60% $0.64bn $0.66bn $0.67bn $0.69bn $0.
Slide 13: Warehouse Financial Summary
$324 $338 $387 $438 $538 $550 $24 $37 $61 $82 $48 $36 $348 $375 $448 $520 $586 $587 2017A 2018A 2019A 2020A 2021A LTM 3/31/22 Rent & Storage Warehouse Services Warehouse Financial Summary Warehouse Revenue ($mm) Warehouse NOI ($mm) 2017A – LTM 3/31/22 CAGR Actual $ Constant Currency (1) 16.7% 17.3%
Slide 14: 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, 2022. 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 15: Disciplined Growth Strategy
Disciplined Growth Strategy 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 capitalize on grow
Slide 16: Organic Growth Initiatives Have Driven Stable Same Store Performance
Same Store NOI Margin 65.5% 66.2% 67.0% 66.8% 65.7% 61.9% 4.0% 5.8% 6.9% 9.3% 8.7% 4.5% 30.9% 32.1% 32.6% 34.1% 32.6% 28.8% 2017 2018 2019 2020 2021 1Q22 5.8% 3.9% 3.5% 2.3% 0.3% 6.0% 2017 2018 2019 2020 2021 1Q22 9.5% 7.4% 5.1% 5.6% (5.8%) (3.6%) 2017 2018 2019 2020 2021 1Q22 90% 5% 5% 215 13 12 24
Slide 17: 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% 24% 25% 25% 26% Q1 Q2 Q3 Q4 2018 Revenue 2019 Revenue 2020 Revenue 2021 Revenue 24% 24% 25% 27% 23% 25% 24% 28% 25% 23% 25% 27% 25%
Slide 18: Expansion and Development Overview
Expansion and Development Overview 16 (1) As of March 31, 2022; no assurance can be given that the actual cost or completion dates of any expansions or developments will not exceed our estimate (2) Cost to date through March 31, 2022; projects are substantially complete. Additional spending may be i
Slide 19: Development of Two Automated Facilities for Ahold Delhaize
Development of Two Automated Facilities for Ahold Delhaize COLD is building two automated, retail fulfillment centers for Ahold Delhaize USA (“ADUSA”) that will serve ~750 stores in the Northeast and Mid-Atlantic US – Upon completion, ADUSA will become a top 25 customer – Ahold Delhaize is the 2nd
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 ~$92mm in a dedicated build for C
Slide 21: Well-Laddered Balance Sheet with Significant Liquidity
$387 $443 $514 $350 $400 $200 $200 $175 $10 $268 – 9% – 30% 7% – – 14% 12% 15% – 13% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2013 Mortgage Loans Chile Mortgage Loans Unsecured Term Loan A-1 Unsecured Term Loan A-2 (CAD) Series A 4.68% Unsecured Notes Series B 4.86% Unsecured Note
Slide 22: Strategic Investment Approach to Maintain a High-Quality Portfolio
8.8% 4.6% 10.1% 4.4% 9.7% 4.8% 9.3% 4.7% 0.7% 7.6% 0.9% 6.6% 0.8% 5.2% 0.9% 7.9% 0.7% 0.8% 0.8% 1.1% 10.3% 12.3% 11.8% 11.0% 11.3% 10.0% 11.3% 12.6% Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Real Es
Slide 23: Commitment to Environmental, Social and Governance Initiatives
Commitment to Environmental, Social and Governance Initiatives 21 Commitment to energy excellence and efficiency Recognized under the Global Cold Chain Alliance’s (GCCA) new Energy Excellence Recognition Program with Gold, Silver or Bronze certifications at 203 facilities Completed LED lighting
Slide 24: Commitment to Environmental, Social and Governance Initiatives
Commitment to Environmental, Social and Governance Initiatives 22 Certified by the GCCA Energy Excellence Recognition Program: 41 sites newly certified in 2021 203 TOTAL SITES Saved at Americold owned and Operated facilities versus same Store 2020 (1) OVER 18.8M kWh Shed by 59 sites participating in
Slide 25: Conclusion
Conclusion Substantial Internal and External Growth Opportunities Expected to Drive Attractive Risk-Adjusted Returns Over Time Experienced Management Team, Alignment of Interest and Best-In-Class Corporate Governance Investment Grade, Flexible Balance Sheet Positioned for Growth Infrastructure Suppo
Slide 26: Appendix
Appendix
Slide 27: Current Production Constraints in Context
Current Production Constraints in Context (1) USDA; Excludes data for Q4 2018 given limited disclosure 24 0 % 20 % 40 % 60 % 80 % 100 % 120 % Mar-02ar-02 Mar-04 Mar-06 Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 Mar-22 Cold storage commodity stock levels have consistently snapped back after any
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