Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (June 2019)
26 slides from Americold Realty Trust's investor presentation, Jun 3, 2019
Slide 1: Investor Presentation Summer 2019
Exhibit 99.1 Tacoma, WA Phoenix, AZ INVESTOR PRESENTATION Summer 2019Exhibit 99.1 Tacoma, WA Phoenix, AZ INVESTOR PRESENTATION Summer 2019
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 Advantage as the Only Publicly Traded REIT Focused on Temperature-Controlled Warehouses 1 A Global Market Leader with Integrated Network of Strategically-Located, High-Quality, “Mission-Critical” Warehouses 2 Infrastructure Supported by Best-in-Class I
Slide 4: Company Snapshot
Company Snapshot World’s largest publicly traded REIT focused on the ownership, operation, development and acquisition of temperature-controlled warehouses (1) Pro Forma Portfolio Overview Financial Overview – Standalone COLD ($ in millions) 2017A 2018A LTM 3/31/19 Warehouses 179 $1,544 $1,604 $1,60
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 Phoenix, AZ Delhi, LA LaPorte, TX Atlanta, GA Fork Farm Production Public Distribution Retail Advantaged Warehouse Center Distribution 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) Overview Select Customers % of Contribution § Mission-critical, temperature-controlled real estate infrastructure generates rent and
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 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 (1) (2) U.S. Market Glo
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) Commodity Global Geographic Diversity Global Warehouse U.S. Warehouse United States Southeast Argentina Central Dairy Potatoe
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 the Company to grow market share organically and through acquisitions Representative Food Producers / CPG Companies Top 25 Customers ü Have been with Americold for an averag
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 Physical Occupancy Average Physical and Economic Occupancy Trend 1Q 2Q 3Q 4Q Annual § Optimal physical occupancy across our temp
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 LTM Revenue represent: $600 $515mm $5
Slide 13: Warehouse Financial Summary
Warehouse Financial Summary Warehouse Revenue ($mm) Warehouse NOI ($mm) CC $ Actual $ CC $ Actual $ 3.8% Rent and Storage Revenue CAGR: 2.9% Rent and Storage NOI CAGR: 4.6% 5.1% Warehouse Services Revenue CAGR: 4.6% Warehouse Services NOI CAGR: 28.4% 3.8% 33.7% Total 2015A – LTM 3/31/2019 CAGR: 3.4%
Slide 14: Substantially All Warehouse NOI Driven by Rental & Storage Revenue
Substantially All Warehouse NOI Driven by Rental & Storage Revenue + = Commentary Rent & Storage Warehouse Services Total Warehouse REIT: Rent & Storage $0.44 $0.56 $1.00 TRS: Warehouse Services Power Power and utilities ($0.06) ($0.06) -- Other Real Estate Related Costs: facility maintenance, prope
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 Organic Growth Opportuniti
Slide 16: Historical Same Store Performance
Historical Same Store Performance 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 Warehouse Revenue Growth
Slide 17: Growth Strategy – Expansion, Development and Acquisitions
Growth Strategy – Expansion, Development and Acquisitions Phoenix, AZ Middleboro, MA Incurred Cost Completed 20.1mm Cu Ft East Point, GA $93mm Since 2014 ~70,000 Pallets Leesport, PA Clearfield, UT (1) Expansion and Development Opportunities Rochelle, IL Savannah, GA Estimated Costs ⁽²⁾ 58.0mm Cu Ft
Slide 18: Australian Development Opportunity
Australian Development Opportunity Project Overview Map § Australia’s largest grocer, has selected Americold as its sole Brisbane strategic supply chain partner – Represents a dedicated build-to-suit opportunity to design, build and operate highly automated distribution Sydney People per sq km cente
Slide 19: Atlanta Major Market Expansion Opportunity
Atlanta Major Market (Atlanta MM) Expansion Opportunity 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
Slide 20: 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 – $15mm allocated to an additional 163 contiguous acres of zoned and entit
Slide 21: Cloverleaf Cold Storage Acquisition
Cloverleaf Cold Storage Acquisition Cloverleaf acquisition enhances the Company’s integrated warehouse network while expanding relationships with overlapping customers, with additional synergy opportunities available through integration § Fifth largest temperature-controlled warehouse (1) company in
Slide 22: Lanier Cold Storage Acquisition (Gainesville, GA)
Lanier Cold Storage Acquisition (Gainesville, GA) Lanier Cold Storage acquisition further strengthens the Company’s position as the leading global owner and operator of temperature-controlled infrastructure Transaction Overview § In May 2019, COLD announced the acquisition of privately-held Lanier C
Slide 23: Flexible Balance Sheet Positioned for Growth
Flexible Balance Sheet Positioned for Growth Capitalization PF Debt Profile (as of 3/31/19) As of 3/31/19 Adjustment ⁽¹⁾ PF 3/31/19 ($ in millions) ü Investment grade ratings (BBB) from Fitch and Morningstar Share Price (as of 5/15/2019) $31.03 $31.03 Fully Diluted Shares Outstanding ⁽³⁾ 154.056 42.
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 2016A 2017A 2018A Total Capital Total Capital Total
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 56 facilities P Complete
Slide 26: Conclusion
Conclusion Important First Mover Advantage as the Only Publicly Traded REIT Focused on Temperature-Controlled Warehouses 1 A Global Market Leader with Integrated Network of Strategically-Located, High-Quality, “Mission-Critical” Warehouses 2 Infrastructure Supported by Best-in-Class IT and Operating
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