Americold Realty Trust Inc
(NYSE:COLD)
$
14.96
+0.54 (+3.74%)
Market Cap: 4.27 Bil
Enterprise Value: 8.89 Bil
PE Ratio: 0
PB Ratio: 1.78
GF Score: 67/100 
Q2 2026 Americold Realty Trust Inc Earnings Call Transcript
Aug 06, 2026 / 12:00PM GMT
Release Date Price:
$14.42
(+2.78%)
Key Points
Positve
- Americold Realty Trust Inc (COLD) reported second quarter AFFO per share of $0.35, ahead of expectations, marking the fourth consecutive quarter of meeting or beating analyst consensus.
- Physical occupancy increased over 200 basis points sequentially and nearly 300 basis points year-over-year, driven by market share gains and new business wins.
- Pricing for both storage and handling increased year-over-year in the second quarter, with the storage rate per pallet flipping from slightly down in Q1 to up in Q2.
- The company is making significant progress on its balance sheet, with the $1.3 billion EQT joint venture expected to close in Q3, enabling a $1.1 billion debt paydown and reducing leverage by around three-quarters of a turn.
- Americold Realty Trust Inc (COLD) raised its full-year 2026 AFFO guidance to $1.26-$1.32 per share, an increase of $0.04 at the midpoint, more than offsetting the estimated $0.05 dilution from the EQT joint venture.
- The company is executing well on its cost-saving initiatives, having reduced indirect headcount by 400 positions (over 10% globally) and announced an additional $25 million in targeted savings through its 'Fit for Purpose' initiative.
- Americold Realty Trust Inc (COLD) is gaining market share in underpenetrated sectors, including new retail business in Europe, QSR and convenience capabilities in AsiaPac, and wins in e-commerce and pet food.
- The company's churn rate remains low at 2.1%, and 58% of storage revenue comes from fixed commitments, with 100% of its top 25 customers utilizing this structure.
- Americold Realty Trust Inc (COLD) is actively managing its portfolio, having exited 10 underperforming facilities and listed several hundred million dollars of properties for sale, including the Lancaster and Plainville facilities.
- The company's ESG rating was upgraded by MSCI from BB to AA, reflecting the maturity of its sustainability program.
Negative
- Americold Realty Trust Inc (COLD) reported a $298.8 million non-cash impairment charge in the second quarter related to the wind-down of its Lancaster and Plainville facilities.
- The company's reported revenue and NOI will be lower going forward as the 12 assets contributed to the EQT joint venture will no longer be consolidated in those metrics.
- The EQT joint venture is expected to create a headwind to AFFO of approximately $0.05 per share in 2026.
- The company continues to face a challenging consumer demand environment, with customers still dealing with higher input costs and inflation, which limits the potential for a significant demand recovery.
- Power costs remain a headwind year-over-year, requiring the company to pass through surcharges to customers, which can impact pricing dynamics.
- The company's economic occupancy gap between physical and economic occupancy remains at 860 basis points, though it has tightened by 240 basis points.
- Americold Realty Trust Inc (COLD) is still in a 'protect occupancy' phase, with tenants comfortable rolling the dice on shorter-term renewals (12-18 months) rather than locking in longer-term commitments.
- The company's non-same-store properties have underperformed expectations, with lease-up taking longer in the current market environment.
- The Lancaster and Plainville facilities were complex retail automation projects that failed to meet return expectations and required additional capital, time, and resources to fully ramp.
- The company is not relying on a demand recovery to achieve its guidance, indicating that the broader industry environment remains soft and uncertain.
Operator
Greetings and welcome to the Americold Realty Trust second quarter 2026 earnings call.
At this time, all participants are in a listen-only mode.
A brief question-and-answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rich Leland, Vice President, Investor Relations.
Thank you. You may begin.
Rich Leland
Americold Realty Trust Inc - Vice President, Investor Relations
Good morning.
Thank you for joining us today for Americold Realty Trust's second quarter 2026 earnings conference call.
In addition to the press release distributed this morning, we have filed a supplemental financial package with additional detail on our results.
These materials are available on the Investor Relations section of our website at www.americold.com.
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