Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (March 2022)
27 slides from Americold Realty Trust's investor presentation, Mar 4, 2022
Slide 1: Spring 2022 Investor Presentation
Spring 2022 Investor Presentation Americold Gateway, Atlanta, GA Finished Facility Rendering
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% 2% 5% Warehouse Third-Party Managed Transportation 77% 12% 11% Warehouse Third-Party Managed Transportation Company Snapshot Note: Figures as of December 31, 2021, unless otherwise indicated (1) Includes 15 ground leased assets (2) 2021 IARW North American Top 25 List (June 2021), per GCCA websi
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 December 31, 2021 Th ir d -P ar ty M an ag e d W ar e h o u se (S to ra ge a n d H an d lin g) Mission-critical, temperature-controlled real estate inf
Slide 7: Strategically Located, Mission-Critical Temperature-Controlled Warehouses
# of Facilities 201 27 19 3 250 Square Feet (mm) 41.8 3.8 2.2 0.4 48.2 Cubic Feet (mm) 1,254 121 78 17 1,470 Strategically Located, “Mission-Critical” Temperature-Controlled Warehouses Note: Americold portfolio figures as of December 31, 2021. Figures do not include Americold’s Brazilian JV investme
Slide 8: A Global Market Leader in Temperature-Controlled Warehousing
Rank Company Market Share Cubic Ft (mm) # of Facilities 1 Lineage Logistics 8.8% (3) 2,225 (3) ~400 2 5.8% (4) 1,470 (4) 250 3 US Cold Storage, Inc. 1.5% 382 ~43 4 NewCold Advanced Cold Logistics 0.8% 215 ~14 5 Nichirei Logistics Group, Inc. 0.7% 189 ~80 6 Interstate Warehousing, Inc. 0.5% 137 ~8 7
Slide 9: Highly Diversified Business Model Produces Stable Cash Flows
7 21% 17% 13% 8% 7% 6% 6% 5% 5% 4% 4% 2% 2% 1% Retail Packaged Foods Poultry Dairy Potatoes Other Frozen Produce Fresh Produce Beef Pork Bakery Seafood Distributors Beverage 77% 2% 9% 11% 1% United States Canada Europe Asia-Pacific South America 45% 29% 25% 1% Distribution Production Advantaged Publ
Slide 10: Long Standing Relationships with Top Customers
Long Standing Relationships with Top 25 Customers (1) Not all customers shown are in COLD’s top 25 largest customers in the warehouse segment (2) Represents long-term issuer ratings as of 4Q 2021 (3) Based on LTM warehouse revenues as of December 31, 2021. Amount includes two months of warehouse rev
Slide 11: Network Average Economic & Physical Occupancy Trend
76% 75% 76% 70% 74% 73% 71% 69% 77% 75% 70% 69% 81% 80% 72% 71% 77% 76% 72% 70% 80% 79% 81% 77% 77% 77% 78% 75% 81% 79% 77% 76% 84% 83% 79% 78% 80% 80% 79% 77% '18 '19 '20 '21 '18 '19 20 '21 '18 '19 '20 '21 18 '19 '20 '21 '18 '19 '20 21 Network Average Economic & Physical Occupancy Trend Typical o
Slide 12: Growing Committed Revenue in Warehouse Portfolio
45% 46% 45% 45% 47% 46% 39% 41% 42% 55% 54% 55% 55% 53% 54% 61% 59% 58% $1.47bn $1.51bn $1.52bn $1.54bn $1.64bn $2.00bn $2.02bn $2.12bn $2.17bn 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 ⁽⁴⁾ 40% 41% 40% 41% 42% 41% 36% 39% 39% 60% 59% 60% 59% 58% 59% 64% 61% 61% $0.62bn $0.64bn $0.66bn $0.67bn $0.
Slide 13: Warehouse Financial Summary
$303 $324 $338 $387 $438 $538 $11 $24 $37 $61 $82 $48 $314 $348 $375 $448 $520 $586 2016A 2017A 2018A 2019A 2020A 2021A Rent & Storage Warehouse Services Warehouse Financial Summary Warehouse Revenue ($mm) Warehouse NOI ($mm) 2016A – 2021A CAGR Actual $ Constant Currency (1) 14.9% 17.8% 14.0% 19.0%
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 December 31, 2021. Future results may vary. Figures may not sum due to rounding (1) Material Handling Equipment (2) OS&D and D&D refer to Over Short & Damaged and Detentioned & Demurrage, re
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 Signifies COLD has and continues to capi
Slide 16: Organic Growth Initiatives Have Driven Same Store Growth
64.5% 65.5% 66.2% 67.0% 66.8% 65.7% 2.0% 4.0% 5.8% 6.9% 9.3% 8.7% 29.8% 30.9% 32.1% 32.6% 34.1% 32.6% 2016 2017 2018 2019 2020 2021 66% 29% 5% 160 70 11 241 2.9% 9.5% 7.4% 5.1% 5.6% (5.8%) 2016 2017 2018 2019 2020 2021 4.1% 5.8% 3.9% 3.5% 2.3% 0.3% 2016 2017 2018 2019 2020 2021 Actual $ Growth % Org
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% 24% 23% 25% 28% 25%
Slide 18: Growth Strategy – Expansion and Development
Growth Strategy – Expansion and Development (1) As of December 31, 2021; no assurance can be given that the actual cost or completion dates of any expansions or developments will not exceed our estimate (2) Reflects management’s estimate of cost of completion as of December 31, 2021 (3) These future
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 ~$84mm in a dedicated build for C
Slide 21: Flexible Balance Sheet Positioned for Growth
$398 $455 $399 $350 $400 $200 $198 $175 $729 $10 $270 – 9% – 27% 7% – – 14% 12% 16% – 14% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2013 Mortgage Loans Chile Mortgage Loans Undrawn Revolver Unsecured Term Loan A-1 Unsecured Term Loan A-2 (CAD Denominated) Series A 4.68% Unsecured N
Slide 22: Strategic Investment Approach to Maintain a High-Quality Portfolio
8.8% 4.6% 10.1% 4.4% 9.7% 4.8% 9.3% 4.7% 0.7% 7.6% 0.9% 6.6% 0.8% 5.2% 0.9% 7.9% 0.7% 0.8% 0.8% 1.1% 10.3% 12.3% 11.8% 11.0% 11.3% 10.0% 11.3% 12.6% Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Recurring Capex ⁽¹⁾ R&M Expense ⁽²⁾ Real Es
Slide 23: 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, Silver or Bronze certifications at 203 facilities Completed LED lighting conversions at 179 facilities Noteworthy fast door implementatio
Slide 24: Commitment to Environmental, Social and Governance Initiatives
Commitment to Environmental, Social and Governance Initiatives Certified by the GCCA Energy Excellence Recognition Program: 29 sites newly certified in 2020 161 TOTAL SITES Reduced versus 2019 same store(1) OVER 15M kWh Shed by 44 sites participating in demand response programs 25.4 MEGAWATT HOURS (
Slide 25: 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 26: Appendix
Appendix
Slide 27: Current Production Constraints in Context
Current Production Constraints in Context (1) USDA; Excludes data for Q4 2018 given limited disclosure 24 0 % 20 % 40 % 60 % 80 % 100 % 120 % Mar-02 Cold storage commodity stock levels have consistently snapped back after any period of disruption USDA Cold Storage Warehouse Commodity Stock Levels –
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