Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (May 2020)
26 slides from Americold Realty Trust's investor presentation, May 14, 2020
Slide 1: Investor Presentation Summer 2020
INVESTOR PRESENTATION Summer 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 Farm Delhi, LA LaPorte, TX Atlanta, GA 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 ren
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 BC AB SK MB PE WA ON NB NS QC Australia ME ND MT
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 Dairy Argentina United Southeast Po
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 Top 25 Customers Have been with Americold for an average of 30+ ye
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 our
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 represent: $0.64bn $0.61bn $0.61bn $0.6
Slide 13: Warehouse Financial Summary
Warehouse Financial Summary Warehouse Revenue ($mm) 2015A – LTM 3/31/20 CAGR $1,469 Constant $1,377 Actual $ Currency (1) $1,146 $1,177 $1,057 $1,081 $795 $850 Warehouse 9.1% 9.8% $644 $662 Services $588 $604 Rent & $583 $618 6.7% 7.7% $469 $477 $502 $515 Storage 2015A 2016A 2017A 2018A 2019A LTM 3/
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 $0.42 $0.58 $1.00 REIT: Rent & Storage Revenues TRS: Warehouse Services 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) 26% 26% First / Second Quarter 25% 25% 25% 25% 24% 24% Timing of Easter moves between Q1 and Q2 On average Q1 and Q2 are relatively consistent
Slide 18: Growth Strategy – Expansion and Development
Growth Strategy – Expansion and Development Completed Middleboro, MA Chesapeake, VA 29.3mm Cu Ft Incurred Cost Rochelle, IL North Little Rock, AR $165mm Since 2018 ~110,000 Pallets Columbus, OH Expansion and Development Opportunities (1) Under Atlanta, GA Savannah, GA 61.2mm Cu Ft Estimated Costs â½
Slide 19: Development of Two Automated Facilities for Ahold Delhaize
Development of Two Automated Facilities for Ahold Delhaize Development Overview COLD entered into a definitive development agreement with Ahold Delhaize USA (ADUSA) to build two automated, retail fulfillment centers that will serve ~750 Ahold Delhaize Dedicated Facility stores in the Northeast and M
Slide 20: Acquisition of Nova Cold Logistics
Acquisition of Nova Cold Logistics With the addition of facilities located in Toronto, Calgary and Halifax, the acquisition of Nova Cold Logistics establishes Americold’s platform in Canada Transaction Overview In January 2020, COLD closed on the acquisition of Nova Cold Logistics from Brookfield Bu
Slide 21: Acquisition of Newport-St. Paul Cold Storage
Acquisition of Newport-St. Paul Cold Storage The acquisition of Newport Cold Storage strengthens Americold’s presence in the St. Paul – Minneapolis region Transaction Overview In January 2020, COLD announced the acquisition of Newport-St. Paul Cold Storage for ~$57mm – Site offers three acres of adj
Slide 22: Brazil Joint Venture
Brazil Joint Venture Transaction Overview COLD purchased a 15% stake in SuperFrio, the second largest cold storage operator in Brazil, with ~10% market share (1), for ~$26.5mm (based on exchange rate at closing) – Closed in March 2020 – COLD is committed to fund an additional $22mm over the next two
Slide 23: Flexible Balance Sheet Positioned for Growth
Flexible Balance Sheet Positioned for Growth Capitalization Debt Profile As of ($ in millions) 3/31/20 Investment grade ratings: Baa3 (Moody’s), BBB (Fitch / DBRS Morningstar) Share Price (as of 5/12/2020) $33.32 Debt Type Rate Type (4) Fully Diluted Shares Outstanding 205.161 Equity Market Capitali
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 2017A 2018A 2019A Total Spend $103mm Total Spend $9
Slide 25: 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 132 facilities Completed LED lighting conversions at
Slide 26: 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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