Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (March 2023)
26 slides from Americold Realty Trust's investor presentation, Mar 1, 2023
Slide 1: Investor Presentation Spring 2023
Investor Presentation Spring 2023
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
92% 1% 7% Warehouse Third-Party Managed Transportation 87% 1% 12% Warehouse Third-Party Managed Transportation Company Snapshot Note: Figures as of December 31, 2022 (1) Includes 14 ground leased assets (2) 2022 IARW North American Top 25 List (March 2022), per GCCA website. Capacity from 2020 GCCA
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 December 31, 2022. Excludes strategic exit of certain third-party managed sites 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)
Slide 7: Strategically Located, Mission-Critical Temperature-Controlled Warehouses
# of Facilities 195 27 18 2 242 Square Feet (mm) 39.3 3.8 2.1 0.2 45.4 Cubic Feet (mm) 1,237 121 78 10 1,446 Strategically Located, “Mission-Critical” Temperature-Controlled Warehouses Note: Americold portfolio figures as of December 31, 2022. Excludes strategic exit of certain third-party managed s
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 5.7% (4) 1,446 (4) 242 3 US Cold Storage, Inc. 1.6% 406 ~40 4 NewCold Advanced Cold Logistics 0.8% 215 ~15 5 Nichirei Logistics Group, Inc
Slide 9: Highly Diversified Business Model Produces Stable Cash Flows
19% 17% 14% 8% 7% 6% 6% 5% 5% 4% 4% 2% 2% 1% Retail ⁽⁴⁾Packaged Foods ⁽²⁾ Poultry Dairy Potatoes Other Beef Pork Frozen Produce Fresh Produce Bakery Seafood Distributors ⁽³⁾ Beverage 7 81% 9% 9% 1% North America Europe Asia-Pacific South America 42% 30% 27% 1% Distribution Production Advantaged Publ
Slide 10: Long-Standing Relationships with Top 25 Customers
25 largest customers account for approximately 47% (3) of warehouse revenues, with no customer generating more than 5% (3) of revenues Long-Standing Relationships with Top 25 Customers Have been with Americold for an average of ~36 years 14 customers are investment grade (2) 100% utilize multiple fa
Slide 11: Network Average Economic & Physical Occupancy Trend
76% 75% 76% 70% 70% 74% 73% 71% 69% 72% 77% 75% 70% 70% 74% 81% 80% 72% 71% 78% 77% 76% 72% 70% 74% 80% 79% 81% 77% 77% 77% 77% 78% 75% 77% 81% 79% 77% 77% 80% 84% 83% 79% 78% 84% 80% 80% 79% 77% 80% '18 '19 '20 '21 '22 '18 '19 20 '21 '22 '18 '19 '20 '21 '22 '18 '19 '20 '21 '22 '18 '19 20 '21 '22 Ne
Slide 12: Growing Committed Revenue in Warehouse Portfolio
Growing Committed Revenue in Warehouse Portfolio Note: Revenues represent LTM figures. Dollars in millions (1) Based on the annual committed rent and storage revenues attributable to fixed storage commitment contracts and leases as of December 31, 2022 (2) Based on total warehouse segment revenue ge
Slide 13: Warehouse Financial Summary
$324 $338 $387 $438 $538 $612 $24 $37 $61 $82 $48 $24 $348 $375 $448 $520 $586 $636 2017A 2018A 2019A 2020A 2021A 2022A Rent & Storage Warehouse Services Warehouse Financial Summary Warehouse Revenue ($mm) Warehouse NOI ($mm) 2017A – 2022A CAGR Actual $ Constant Currency (1) 15.1% 16.3% 15.0% 16.3%
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 December 31, 2022. Illustrative representation scaled to $1. Future results may vary. Figures may not sum due to rounding. (1) Material Handling Equipment (2) OS&D and D&D refer to Over Shor
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 thes
Slide 16: Organic Growth Initiatives Have Driven Stable Same Store Performance
65.5% 66.2% 67.0% 66.8% 65.7% 61.9% 61.9% 59.2% 64.9% 4.0% 5.8% 6.9% 9.3% 8.7% 4.5% 4.6% 7.5% 4.5% 30.9% 32.1% 32.6% 34.1% 32.6% 28.8% 28.9% 29.5% 31.0% 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 4Q2288% 5% 8% 208 11 18 237 5.8% 3.9% 3.5% 2.3% 0.3% 6.0% 8.1% 9.6% 10.9% 2017 2018 2019 2020 2021 1Q22 2Q2
Slide 17: Historic Same Store Seasonality Trend
Historic Same Store Seasonality Trend Quarterly Same Store Revenue (% of Annual) Quarterly Same Store NOI (% of Annual) Peak holiday season drives higher volumes Power expense moderates back to average levels Fourth Quarter The harvest ramp coupled with holiday season inventory build often dri
Slide 18: Expansion and Development Overview
Expansion and Development Overview 16 (1) As of December 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 December 31, 2022; projects are substantially complete. Additional spending ma
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
$500 Floating $2,831 Fixed 15% 85% $3.3bn 7% 93% Cash $49 Revolver Availability $629 $0.7bn Well-Laddered Balance Sheet with Significant Liquidity Significant Liquidity: ~$0.7bn (4) – $629mm Undrawn Senior Unsecured Revolving Credit Facility Interest Rate: Base Rate + 85 bps Minimal near-term
Slide 22: Commitment to Environmental, Social and Governance Initiatives
Commitment to Environmental, Social and Governance Initiatives 20 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 2022 Premier Member of
Slide 23: Commitment to Environmental, Social and Governance Initiatives
Commitment to Environmental, Social and Governance Initiatives 21 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 24: 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 25: Appendix
Appendix
Slide 26: Current Production Constraints in Context
Current Production Constraints in Context 23 0 % 20 % 40 % 60 % 80 % 100 % 120 % Ju n- 02 De c- 02 Ju n- 03 De c- 03 Ju n- 04 De c- 04 Ju n- 05 De c- 05 Ju n- 06 De c- 06 Ju n- 07 De c- 07 Ju n- 08 De c- 08 Ju n- 09 De c- 09 Ju n- 10 De c- 10 Ju n- 11 De c- 11 Ju n- 12 De c- 12 Ju n- 13 De c- 13 Ju
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