Q4 2025 Americold Realty Trust Inc Earnings Call Transcript
Key Points
- Americold Realty Trust Inc (COLD) delivered fourth-quarter AFFO of $0.38 per share, slightly ahead of expectations, and above the midpoint of their revised full-year guidance.
- The company achieved a sequential increase in occupancy and benefited from ongoing cost reductions and portfolio management initiatives, resulting in a year-over-year quarterly increase in NOI, EBITDA, and AFFO dollars.
- Americold successfully generated approximately 60% of their rent and storage revenues from fixed commitment contracts, providing stable cash flows and predictability.
- Operationally, the company delivered services margins of nearly 14% in the fourth quarter, with a full-year margin of 12.7%, up nearly 1,000 basis points over the past two years.
- Americold supported customers with the delivery of three new expansion and development projects around the world, all completed on time and on budget, consistent with their strategy of focusing on lower-risk developments.
- The company faces continued pressure on revenue throughout 2026 due to demand and supply headwinds impacting the industry.
- Economic occupancy is expected to be flat to down by as much as 300 basis points in 2026, reflecting competitive market pressures.
- Americold's leverage at the end of the fourth quarter was 6.8 times, and they are looking to reduce it meaningfully as part of their deleveraging initiative.
- The company anticipates continued pricing and occupancy pressure, partially offset by cost-cutting and portfolio management initiatives.
- Americold's AFFO guidance for 2026 is between $1.20 and $1.30 per share, reflecting a pragmatic view of the challenging market environment.
Greetings. Welcome to Americold Realty Trust fourth-quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the call over to Rich Leland, Vice President, Investor Relations. Thank you. You may begin.
Good morning, and thank you for joining us today for Americold Realty Trust's fourth-quarter and full-year 2025 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.
This morning's conference call is hosted by Americold's Chief Executive Officer, Rob Chambers; along with Scott Henderson, our Chief Investment Officer and Interim Chief Financial Officer. Management will make some prepared comments, after which we will open up the call to your
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