Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (May 2021)
25 slides from Americold Realty Trust's investor presentation, May 25, 2021
Slide 1: Investor Presentation Summer 2021
INVESTOR PRESENTATION Summer 2021
Slide 2: Key Investment Highlights
Key Investment Highlights Global Market Leader Focused on Temperature-Controlled Warehouses Integrated Network of Strategically-Located, High-Quality, “Mission-Critical” Warehouses Infrastructure Supported by Best-in-Class IT and Operating Platforms Provides a Significant Competitive Advantage Stron
Slide 3: 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 Geographic Estimate of U.S. Number of Number of Type Capacity Facility Size Operations Mar
Slide 4: 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" Restaurant Government Hotel Food Service Farm School Sports Hospital Distribution Center Fork Production Advantaged Distribution Supermarket Warehouse Center /
Slide 5: 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 6: 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 North America Europe Asia-Pacific South America
Slide 7: 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 8: 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) Global Geographic Diversity (2) Global Warehouse U.S. Warehouse Dairy Southeast South America Potatoes Poultr
Slide 9: 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 35
Slide 10: Economic Occupancy Driving Improved Returns
Economic Occupancy Driving Improved Returns Americold’s commercialization practices support our customers and improve our quality of earnings Economic Occupancy Network Average Economic & Physical Occupancy Trend Significantly increased fixed commitment contracts in our portfolio 1Q 2Q 3Q 4Q Annua
Slide 11: 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 Total Warehouse Rent & Storage Revenue $0.85bn represent: $0.69bn $0.6
Slide 12: Warehouse Financial Summary
Warehouse Financial Summary Warehouse Revenue ($mm) 2016A – LTM 3/31/21 CAGR Constant $1,654 $1,549 Actual $ Currency (1) $1,377 $1,146 $1,177 $1,081 $945 Warehouse $883 11.1% 12.6% $795 Services $604 $644 $662 Rent & $666 $709 9.8% 13.0% $477 $502 $515 $583 Storage 2016A 2017A 2018A 2019A 2020A LTM
Slide 13: 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 Revenues REIT: Rent & Storage $0.43 $0.57 $1.00 TRS: Warehouse Services Power ($0.06) – ($0.06) Power and utilities Other Real Estate Related Costs: facility Facility (
Slide 14: 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 Proactive Asset Management “Same Store” Wa
Slide 15: 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 16: Historic Same Store Seasonality Trend
Historic Same Store Seasonality Trend Prior to Covid-19, same store metrics show consistent seasonal trends Key Quarterly Drivers Quarterly Same Store Revenue (% of Annual) First / Second Quarter Surge in 1Q 2020 due to COVID 24% 24% 25% 24% 24% 24% 25% 25% 25% 26% 26% 26% Timing of Easter moves
Slide 17: Growth Strategy – Expansion and Development
Growth Strategy – Expansion and Development Expansion and Development Opportunities (1) Atlanta, GA Plainville, CT Total Estimated Costs ⁽²⁾ Under Auckland, New Zealand Lancaster, PA 62.1mm Cu Ft Construction Russellville, AR Calgary, Canada ~199,000 Pallets ~$607mm 5 Expansions / 2 Developments Lur
Slide 18: Acquisition of Bowman Stores
Acquisition of Bowman Stores The acquisition of Bowman Stores strengthens Americold’s presence in the United Kingdom Transaction Overview In May 2021, COLD entered into a purchase agreement to aquire Bowman Stores for ~£74mm at an in-place net entry NOI yield of ~6.8% Bowman Stores operates a si
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 December 2020, COLD completed the acquisition of Agro Merchants Group for ~$1.7bn at an in-pla
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 Transaction Overview COLD is expanding its Russellville, Arkansas facility for a total of ~$84mm in a
Slide 21: Flexible Balance Sheet Positioned for Growth
Flexible Balance Sheet Positioned for Growth As of 03/31/2021 Pro Forma Real Estate Debt Maturity (1) Total Debt Profile % of Debt – – 11% – 15% 8% – – 16% 14% 19% – 17% Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 (Moody’s) Maturing Debt Type Rate Type 2013 Mortgage Loans Undraw
Slide 22: 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 2018A 2019A 2020A Total Spend $96mm Total Spend $11
Slide 23: 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 161 facilities Completed LED lighting conversion
Slide 24: Commitment to Environmental, Social and Governance Initiatives
Commitment to Environmental, Social and Governance Initiatives Environmental: 2020 by the Numbers 25.4 MEGAWATT 161 TOTAL SITES OVER 15M kWh HOURS (MWh) Certified by the GCCA Energy Reduced versus 2019 Shed by 44 sites participating in Excellence Recognition Program: same store(1) demand response pr
Slide 25: Conclusion
Conclusion Global Market Leader Focused on Temperature-Controlled Warehouses Global Market Leader with Integrated Network of Strategically-Located, High-Quality, “Mission-Critical” Warehouses Infrastructure Supported by Best-in-Class IT and Operating Platforms Provides a Significant Competitive Adva
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