Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (November 2020)
25 slides from Americold Realty Trust's investor presentation, Nov 17, 2020
Slide 1: Investor Presentation Winter 2020
INVESTOR PRESENTATION Winter 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 Farm Phoenix, AZ Fork Production Public Distribution Retail Distribution Advantaged Warehouse Center Ce
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 Segment Overview Select Customers % of Contribution (1) . Mission-critical, temperature-controlled real estate infrastructure generates r
Slide 7: Strategically Located, "Mission-Critical" Temperature-Controlled Warehouses
Strategically Located, “Mission-Critical” Temperature-Controlled Warehouses Strategic locations and extensive geographic presence provide an integrated warehouse network that is fundamental to customers’ ability to optimize their distribution networks Australia Argentina Distribution Public Producti
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 U.S. Market (1) 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 Pro Forma Commodity (1) Pro Forma Global Geographic Diversity (1) Global Warehouse U.S. Warehouse Potatoes Argentina United Southeast
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 (1) Top 25 Customers Have been with Americold for an average of 30
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 . Fixed storage committed contracts and leases currently Rent & Storage Warehouse Revenue $0.64bn $0.66bn $0.67bn represent: $0
Slide 13: Warehouse Financial Summary
Warehouse Financial Summary Warehouse Revenue ($mm) 2015A – LTM 9/30/20 CAGR $1,525 Constant $1,377 Actual $ Currency (1) $1,146 $1,177 $1,057 $1,081 $875 Warehouse $795 8.7% 9.3% $662 Services $588 $604 $644 Rent & $650 7.1% 8.0% $469 $477 $502 $515 $583 Storage 2015A 2016A 2017A 2018A 2019A LTM 9/
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 $0.43 $0.57 $1.00 TRS: Warehouse Services Revenues Power ($0.06) – ($0.06) Power and utilities Other Real Estate Related Costs: facility Facility (
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 Organic Growth Opportunities Development a
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: Historic Same Store Seasonality Trend
Historic Same Store Seasonality Trend Same store metrics show consistent seasonal trends Key Quarterly Drivers Quarterly Same Store Revenue (% of Annual) (1) 25% 25% 26% 26% First / Second Quarter 24% 24% 25% 25% . Timing of Easter moves between Q1 and Q2 . On average Q1 and Q2 are relatively consis
Slide 18: Growth Strategy – Expansion and Development
Growth Strategy – Expansion and Development Middleboro, MA Chesapeake, VA Completed 44.1mm Cu Ft Incurred Cost Rochelle, IL North Little Rock, AR Since 2018 ~$237mm Columbus, OH Savannah, GA ~147,000 Pallets Expansion and Development Opportunities (1) Total Estimated Costs ⁽²⁾ Under Atlanta, GA Plai
Slide 19: Acquisition of Agro Merchants Group
Acquisition of Agro Merchants Group The acquisition of Agro provides Americold with a strategic presence throughout Europe and complementary operations in other global geographies Transaction Overview . In October 2020, COLD announced the acquisition of Agro Merchants Group for ~$1.74bn at an in-pla
Slide 20: Acquisition of Hall's Warehouse
Acquisition of Hall’s Warehouse The acquisition of Hall’s strengthens Americold’s presence in the Northeastern U.S. Transaction Overview . In November 2020, COLD closed on the acquisition Hall’s Warehouse for ~$480mm at an in-place net entry NOI yield of ~6.3% . Leading integrated platform provides
Slide 21: 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 Transaction Overview . COLD is expanding its Russellville, Arkansas facility for a total of ~$84mm in a
Slide 22: Flexible Balance Sheet Positioned for Growth
Flexible Balance Sheet Positioned for Growth As of 09/30/2020, Pro Forma for Acquisition of Agro Merchants and Hall’s Real Estate Debt Maturity (1) Total Debt Profile % of Investment grade ratings: Baa3 (Moody’s), BBB (Fitch / DBRS Morningstar) Debt – – – 12% – 12% 8% – – 17% 15% 20% – 17% Maturin
Slide 23: 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 $103mm Total Spend $9
Slide 24: Commitment to Environmental, Social and Governance Initiatives
Commitment to Environmental, Social and Governance Initiatives Commitment to energy excellence and efficiency Recognized under the Global Cold Chain Alliance’s (GCCA) new Energy Excellence Recognition Program with Gold and Silver certifications at 131 facilities Completed LED lighting conversion
Slide 25: 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
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