Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (November 2022)
26 slides from Americold Realty Trust's investor presentation, Nov 14, 2022
Slide 1: Investor Presentation Winter 2022
Investor Presentation Winter 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% 1% 6% Warehouse Third-Party Managed Transportation 87% 1% 12% Warehouse Third-Party Managed Transportation Company Snapshot Note: Figures as of September 30, 2022, excludes 4 managed facilities recently exited (1) Includes 14 ground leased assets (2) 2022 IARW North American Top 25 List (March 2
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 September 30, 2022, excludes 4 managed facilities recently exited 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-criti
Slide 7: Strategically Located, Mission-Critical Temperature-Controlled Warehouses
# of Facilities 198 27 18 2 245 Square Feet (mm) 39.5 3.8 2.1 0.2 45.6 Cubic Feet (mm) 1,244 121 78 10 1,453 Strategically Located, “Mission-Critical” Temperature-Controlled Warehouses Note: Americold portfolio figures as of September 30, 2022, excludes 4 managed facilities recently exited. Figures
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) 1,453 (4) 245 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% 10% 1% North America Europe Asia-Pacific South America 44% 29% 26% 1% Distribution Production Advantaged Pub
Slide 10: Long-Standing Relationships with Top 25 Customers
25 largest customers account for approximately 48% (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 ~35 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% 77% 76% 72% 70% 80% 79% 81% 77% 77% 77% 77% 78% 75% 77% 81% 79% 77% 77% 80% 84% 83% 79% 78% 80% 80% 79% 77% '18 '19 '20 '21 '22 '18 '19 20 '21 '22 '18 '19 '20 '21 '22 '18 '19 '20 '21 '18 '19 '20 21 Network Average Economic &
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 September 30, 2022 (2) Based on total warehouse segment revenue g
Slide 13: Warehouse Financial Summary
$324 $338 $387 $438 $538 $590 $24 $37 $61 $82 $48 $25 $348 $375 $448 $520 $586 $615 2017A 2018A 2019A 2020A 2021A LTM 9/30/22 Rent & Storage Warehouse Services Warehouse Financial Summary Warehouse Revenue ($mm) Warehouse NOI ($mm) 2017A – LTM 9/30/22 CAGR Actual $ Constant Currency (1) 15.8% 16.7%
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 September 30, 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 Sho
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
88% 5% 7% 212 12 16 240 5.8% 3.9% 3.5% 2.3% 0.3% 6.0% 8.1% 9.6% 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 Same Store NOI Margin Organic Growth Initiatives Have Driven Stable Same Store Performance 14 Actual $ Growth % TOTAL COLD WAREHOUSE FACILITIES Total SS Warehouse SS Rent & Storage SS Warehouse Se
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 September 30, 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 September 30, 2022; projects are substantially complete. Additional spending
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
$643 Floating $2,593 Fixed 20% 80% $3.2bn 6% 94% Cash $40 Revolver Availability $660 $0.7bn Well-Laddered Balance Sheet with Significant Liquidity Significant Liquidity: ~$0.7bn (4) – $660mm 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 Completed LED lighting
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
0 % 20 % 40 % 60 % 80 % 100 % 120 % M ar -0 2 Se p- 02 M ar -0 3 Se p- 03 M ar -0 4 Se p- 04 M ar -0 5 Se p- 05 M ar -0 6 Se p- 06 M ar -0 7 Se p- 07 M ar -0 8 Se p- 08 M ar -0 9 Se p- 09 M ar -1 0 Se p- 10 M ar -1 1 Se p- 11 M ar -1 2 Se p- 12 M ar -1 3 Se p- 13 M ar -1 4 Se p- 14 M ar -1 5 Se p- 1
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