Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (March 2020)
33 slides from Americold Realty Trust's investor presentation, Mar 2, 2020
Slide 1: Investor Presentation Spring 2020
Exhibit 99.1 INVESTOR PRESENTATION Spring 2020Exhibit 99.1 INVESTOR PRESENTATION Spring 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: Key Investment Highlights
Key Investment Highlights Important First Mover Global Market Leader Infrastructure Supported Strong and Stable Food Advantage as the Only with Integrated Network by Best-in-Class IT and Industry Fundamentals Publicly Traded REIT of Strategically-Located, Operating Platforms Drive Growing Demand Foc
Slide 4: Company Snapshot
Company Snapshot World’s largest publicly traded REIT focused on the ownership, operation, development and acquisition of temperature-controlled warehouses Portfolio Overview Warehouses Ownership Total Average Countries of Estimate of U.S. Number of Number of Type Capacity Facility Size Operation Ma
Slide 5: Largest Fully Integrated Network of Temperature-Controlled Warehouses
Largest Fully Integrated Network of Temperature-Controlled Warehouses An indispensable component of food infrastructure from “farm to fork e-Commerce Fulfillment Delhi, LA LaPorte, TX Atlanta, GA Phoenix, AZ Farm Fork Production Public Distribution Retail Distribution Advantaged Warehouse Center Cen
Slide 6: Integrated Operations Overview
Integrated Operations Overview Real estate value is driven by the critical nature of our infrastructure, strategic locations and integrated, full-service strategy (1) Segment Overview Select Customers % of Contribution § Mission-critical, temperature-controlled real estate infrastructure generates r
Slide 7: Strategically Located, Mission-Critical Temperature-Controlled Warehouses
AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK AK Strategically Located, “Mission-Critical” Temperature-Controlled Warehouses Strategic locations and extensive geographic presence provide an integrated w
Slide 8: A Global Market Leader in Temperature-Controlled Warehousing
A Global Market Leader in Temperature-Controlled Warehousing Our position as a global market leader allows us to realize economies of scale, reduce operating costs and lower our overall cost of capital. Ideally positioned to compete for customers and external growth opportunities (2) (1) Global Mark
Slide 9: Highly Diversified Business Model Produces Stable Cash Flows
Highly Diversified Business Model Produces Stable Cash Flows Diversification helps reduce revenue volatility associated with seasonality and changing commodity trends (1) (1) Pro Forma Commodity Pro Forma Global Geographic Diversity Global Warehouse U.S. Warehouse United Dairy Argentina Southeast Po
Slide 10: Long Standing Relationships with Top Customers
Long Standing Relationships with Top 25 Customers Scope and scale of network coupled with long-standing relationships position us to grow market share organically and through acquisitions Representative Food Producers / CPG Companies Top 25 Customers Have been with Americold for an average of 30+ ye
Slide 11: Economic Occupancy Driving Improved Returns
Economic Occupancy Driving Improved Returns Implementation of our standard underwriting procedures has contributed to consistent occupancy growth over the last three years Economic Occupancy Network Average Economic & Physical Occupancy Trend § Significantly increased fixed commitment contracts in o
Slide 12: Growing Committed Revenue in Warehouse Portfolio
Growing Committed Revenue in Warehouse Portfolio Significant improvement transitioning from as-utilized, on demand contracts to fixed storage committed contracts and leases Rent & Storage Warehouse Revenue § Fixed storage committed contracts and leases currently represent: $0.62bn $0.60bn $0.61bn $0
Slide 13: Warehouse Financial Summary
Warehouse Financial Summary Warehouse Revenue ($mm) 2015A – 2019A CAGR $1,377 Constant (1) $1,177 Actual $ Currency $1,146 $1,081 $1,057 $795 Warehouse $662 7.8% 8.6% $644 $604 $588 Services Rent & 5.6% 6.6% $583 $515 $502 $469 $477 Storage 2015A 2016A 2017A 2018A 2019A Total 6.8% 7.7% Rent & Storag
Slide 14: Substantially All Warehouse NOI Driven by Rental & Storage Revenue
Substantially All Warehouse NOI Driven by Rental & Storage Revenue + = Rent & Storage Warehouse Services Total Warehouse Commentary REIT: Rent & Storage $0.42 $0.58 $1.00 TRS: Warehouse Services Power and utilities Power ($0.06) -- ($0.06) Other Real Estate Related Costs: facility Facility maintenan
Slide 15: 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 Development and External Growth and Expans
Slide 16: Organic Growth Initiatives Have Driven Same Store Growth
Organic Growth Initiatives Have Driven Same Store Growth Same store performance is the culmination of replacing legacy customer agreements with new contracts implementing our Commercial Business Rules, active asset management and leveraging integrated network, scale and market position Same Store Wa
Slide 17: Same Store Seasonality Trend
Same Store Seasonality Trend Same store metrics show consistent seasonal trends (1) Key Quarterly Drivers Quarterly Same Store Revenue (% of Annual) 26% 26% 25% 25% 25% 25% First / Second Quarter 24% 24% § Timing of Easter moves between Q1 and Q2 § On average Q1 and Q2 are relatively consistent Thir
Slide 18: Growth Strategy – Expansion and Development
Growth Strategy – Expansion and Development Middleboro, MA Chesapeake, VA Incurred Cost 35.1mm Cu Ft Completed Rochelle, IL North Little Rock, AR $192mm Since 2017 ~131,000 Pallets Clearfield, UT Columbus, OH (1) Expansion and Development Opportunities Estimated Costs ⁽²⁾ Auckland, New Zealand 37.7m
Slide 19: Acquisition of Nova Cold Logistics
Acquisition of Nova Cold Logistics With the addition of facilities located in Toronto, Calgary and Halifax, the acquisition of Nova Cold Logistics establishes Americold’s platform in Canada Transaction Overview § In January 2020, COLD closed on the acquisition of Nova Cold Logistics from Brookfield
Slide 20: Acquisition of Newport-St. Paul Cold Storage
Acquisition of Newport-St. Paul Cold Storage The acquisition of Newport Cold Storage strengthens Americold’s presence in the St. Paul – Minneapolis region Transaction Overview § In January 2020, COLD announced the acquisition of Newport-St. Paul Cold Storage for ~$56mm – Site offers three acres of a
Slide 21: Acquisition of Two Cold Storage Facilities from MHW Group
Acquisition of Two Cold Storage Facilities from MHW Group Both facilities are rail-served sites and strengthen Americold’s presence in the Mid-Atlantic region Transaction Overview § In November 2019, COLD announced the acquisition of two cold storage facilities from MHW Group for ~$54mm – Rail serve
Slide 22: Brazil Joint Venture
Brazil Joint Venture Transaction Overview § COLD is purchasing a 15% stake in SuperFrio, the second largest (1) cold storage operator in Brazil, with ~10% market share , for ~28mm (based on current exchange rate) – Expected to close in the first quarter of 2020 § SuperFrio has a professional managem
Slide 23: Flexible Balance Sheet Positioned for Growth
Flexible Balance Sheet Positioned for Growth Capitalization Debt Profile Pro Forma 12/31/19 ⁽¹⁾ ($ in millions) ü Investment grade ratings: Baa3 (Moody’s), BBB (Fitch / Morningstar) Share Price (as of 2/25/2020) $33.23 (4) Fully Diluted Shares Outstanding 204.546 Debt Type Rate Type Equity Market Ca
Slide 24: Strategic Investment Approach to Maintain a High-Quality Portfolio
Strategic Investment Approach to Maintain a High-Quality Portfolio Capital expenditures ensure that our temperature-controlled warehouses meet the “mission-critical” role they serve in the cold chain As a % of Total Warehouse NOI before R&M Expense 2017A 2018A 2019A Total Spend Total Spend Total Spe
Slide 25: Strong Approach to Environmental, Social and Governance Initiatives
Strong Approach to Environmental, Social and Governance Initiatives Awards & Recognition Commitment to energy excellence and efficiency P Recognized under the Global Cold Chain Alliance’s (GCCA) new Energy Excellence Recognition Program with Gold and Silver certifications at 132 facilities P Complet
Slide 26: Conclusion
Conclusion Important First Mover Global Market Leader Infrastructure Supported Strong and Stable Food Advantage as the Only with Integrated Network by Best-in-Class IT and Industry Fundamentals Publicly Traded REIT of Strategically-Located, Operating Platforms Drive Growing Demand Focused on Tempera
Slide 27: Appendix
Appendix 25Appendix 25
Slide 28: Industry-Leading, Integrated IT & Operating Platforms
Industry-Leading, Integrated IT & Operating Platforms Proprietary IT and Operating Systems have revolutionized how we interface with our customers, make business decisions and manage our warehouses Integrated IT Platform Americold Operating System ü Customer-Facing IT Systems – Proprietary system pr
Slide 29: Commercial Business Rules Framework
Commercial Business Rules Framework Formal Contract Underwriting Rules § Minimum space requirements (fixed) – Preserves minimum revenues for space reserved Fixed / Variable Pricing § Variable pricing for additional services (variable) – Ensures payment for services rendered Amortize Capital § Amorti
Slide 30: Atlanta Major Market (Atlanta MM) Expansion
Atlanta Major Market (Atlanta MM) Expansion Transaction Overview § Americold’s Atlanta MM campus includes several facilities in the market’s core distribution hub § ~$126mm-$136mm total capital required § Strong market demand is driving the need to expand our Atlanta footprint to meet our customers’
Slide 31: PortFresh Acquisition (Savannah, GA)
PortFresh Acquisition (Savannah, GA) § In January 2019, COLD acquired privately-held PortFresh for ~$35mm – $20mm of the purchase price was allocated to the existing business / current facility on 20 acres of land Transaction – $15mm allocated to an additional 163 contiguous acres of zoned and entit
Slide 32: Cloverleaf Cold Storage Acquisition
Cloverleaf Cold Storage Acquisition Cloverleaf acquisition enhances the Company’s integrated warehouse network while expanding relationships with overlapping customers, with additional synergy opportunities available through integration § Fifth largest temperature-controlled warehouse (1) company in
Slide 33: Lanier Cold Storage Acquisition (Gainesville, GA)
Lanier Cold Storage Acquisition (Gainesville, GA) Lanier Cold Storage acquisition further strengthens our position as the leading global owner and operator of temperature-controlled infrastructure Transaction Overview § In May 2019, COLD announced the acquisition of privately-held Lanier Cold Storag
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