Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the second quarter ended June 30, 2023.
George Chappelle, Chief Executive Officer of Americold Realty Trust, Inc., stated, “We are pleased with our second quarter results where we delivered AFFO per share of $0.28. This performance was primarily driven by our global warehouse same store pool, which generated revenue growth of 3.9% and NOI growth of 13.8%, versus prior year, both on a constant currency basis. Our strong same-store pool results were driven by meaningful economic occupancy growth and our continued pricing initiatives. Our same store economic occupancy increased by 687 basis points over prior year to 84.8%, a record-setting, second quarter level. Additionally, this quarter, we derived 48.5% of rent and storage revenue from fixed commitment storage contracts, which is another record-setting level for Americold.”
“As a result of the progress we have made around economic occupancy and pricing initiatives in our same store pool, we are increasing our full year 2023 AFFO per share guidance to the range of $1.20 to $1.30. This guidance increase reflects both a strong first half of the year in combination with continued progress throughout the second half of the year.”
“Lastly, during the quarter, we announced our agreement with Canadian Pacific Kansas City, or CPKC, one of North America's largest railroad companies. Our agreement with CPKC is a strategic collaboration in which Americold will build, own and operate cold storage facilities on the land located on CPKC’s railroad network. Similar to our recent DP World announcement, our agreement with CPKC illustrates Americold’s unique ability to create value by collaborating with global leaders in the supply-chain. We look forward to continuing to support our customers’ growth through these exclusive collaborations as well as through other traditional greenfield development and expansion opportunities.”