SEC Info - Americold Realty Trust - ‘8-K’ for 5/6/21


	Three Months Ended March 31,									Change
Dollars in thousands	2021 actual			2021 constant currency(1)			2020 actual			Actual		Constant currency

TOTAL WAREHOUSE SEGMENT
Number of total warehouses(2)	233						172			n/a		n/a
Global Warehouse revenue:
Rent and storage	$	205,275		$	201,686		$	162,308		26.5	%	24.3	%
Warehouse services	280,176			271,893			218,760			28.1	%	24.3	%
Total revenue	$	485,451		$	473,579		$	381,068		27.4	%	24.3	%
Global Warehouse contribution (NOI)	$	146,181		$	142,841		$	126,773		15.3	%	12.7	%
Global Warehouse margin	30.1		%	30.2		%	33.3		%	-316 bps		-311 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets	3,973			n/a			3,256			22.0	%	n/a
Average physical occupied pallets	3,627			n/a			3,049			19.0	%	n/a
Average physical pallet positions	5,159			n/a			4,007			28.7	%	n/a
Economic occupancy percentage	77.0		%	n/a			81.3		%	-427 bps		n/a
Physical occupancy percentage	70.3		%	n/a			76.1		%	-578 bps		n/a
Total rent and storage revenue per economic occupied pallet	$	51.67		$	50.76		$	49.84		3.7	%	1.8	%
Total rent and storage revenue per physical occupied pallet	$	56.59		$	55.60		$	53.24		6.3	%	4.4	%
Global Warehouse services metrics:
Throughput pallets	9,530			n/a			8,199			16.2	%	n/a
Total warehouse services revenue per throughput pallet	$	29.40		$	28.53		$	26.68		10.2	%	6.9	%

SAME STORE WAREHOUSE
Number of same store warehouses	162						162			n/a		n/a
Global Warehouse same store revenue:
Rent and storage	$	149,166		$	147,516		$	152,805		(2.4)	%	(3.5)	%
Warehouse services	206,085			200,373			208,861			(1.3)	%	(4.1)	%
Total same store revenue	$	355,251		$	347,889		$	361,666		(1.8)	%	(3.8)	%
Global Warehouse same store contribution (NOI)	$	118,442		$	116,350		$	124,929		(5.2)	%	(6.9)	%
Global Warehouse same store margin	33.3		%	33.4		%	34.5		%	-120 bps		-110 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets	2,885			n/a			3,094			(6.8)	%	n/a
Average physical occupied pallets	2,562			n/a			2,893			(11.5)	%	n/a
Average physical pallet positions	3,764			n/a			3,745			0.5	%	n/a
Economic occupancy percentage	76.7		%	n/a			82.6		%	-597 bps		n/a
Physical occupancy percentage	68.1		%	n/a			77.3		%	-920 bps		n/a
Same store rent and storage revenue per economic occupied pallet	$	51.70		$	51.13		$	49.38		4.7	%	3.5	%
Same store rent and storage revenue per physical occupied pallet	$	58.23		$	57.59		$	52.81		10.3	%	9.0	%
Global Warehouse same store services metrics:
Throughput pallets	7,125			n/a			7,747			(8.0)	%	n/a
Same store warehouse services revenue per throughput pallet	$	28.92		$	28.12		$	26.96		7.3	%	4.3	%

health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize anticipated cost savings and revenue improvements; our failure to realize the intended benefits from our recent acquisitions, including the Agro acquisition, and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; a failure of our information technology systems, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; defaults or non-renewals of significant customer contracts, including as a result of the ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs, including as a result of the ongoing COVID-19 pandemic; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; labor and power costs; changes in applicable governmental regulations and tax legislation, including in the international markets; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; the competitive environment in which we operate; our relationship with our employees, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with the use of third-party trucking service providers to provide transportation services to our customers; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share, of our common shares; the potential dilutive effect of our common share offerings; and risks related to any forward sale agreement, including the 2018 forward sale agreement, the 2020 ATM forward sale agreements and the 2020 forward sale agreements, or collectively, our forward sale agreements, including substantial dilution to our earnings per share or substantial cash payment obligations.


In thousands, except per share amounts - unaudited	As of
Capitalization:	Q1 21		Q4 20		Q3 20		Q2 20		Q1 20
Fully diluted common shares outstanding at quarter end(1)	257,392		256,829		208,764		208,354		205,161
Common stock share price at quarter end	$38.47		$37.73		$35.75		$36.30		$34.04
Market value of common equity	$9,901,870		$9,690,158		$7,463,313		$7,563,250		$6,983,680

Gross debt (2)	$2,778,873		$2,975,204		$2,034,087		$2,025,246		$2,011,027
Less: cash and cash equivalents	287,691		621,051		173,913		298,709		262,955
Net debt	$2,491,182		$2,354,153		$1,860,174		$1,726,537		$1,748,072

Total enterprise value	$12,393,052		$12,044,311		$9,323,487		$9,289,787		$8,731,752
Net debt / total enterprise value	20.1	%	19.5	%	20.0	%	18.6	%	20.0	%
Net debt to pro forma Core EBITDA(2)	4.79x		4.43x		4.34x		4.13x		4.15x

	Three Months Ended
Selected Operational Data:	Q1 21		Q4 20		Q3 20		Q2 20		Q1 20
Warehouse segment revenue	$485,451		$407,811		$388,024		$372,411		$381,068
Total revenue	634,795		523,678		497,458		482,522		484,069
Operating income	14,226		26,771		37,457		56,545		47,678
Net (loss) income	(14,236)		(43,992)		12,374		32,662		23,511

Total warehouse segment contribution (NOI) (3)	146,181		145,672		127,756		120,132		126,773
Total segment contribution (NOI) (3)	157,240		152,439		135,319		128,338		135,402

Selected Other Data:
Core EBITDA (4)	$117,789		$117,213		$104,075		$100,512		$104,110
Core funds from operations (1)	62,546		81,907		58,626		55,108		60,060
Adjusted funds from operations (1)	75,921		76,882		62,741		61,103		67,151

Earnings Measurements:
Net (loss) income per share - basic	$(0.06)		$(0.21)		$0.06		$0.16		$0.12
Net (loss) income per share - diluted	$(0.06)		$(0.21)		$0.06		$0.16		$0.11
Core FFO per diluted share (4)	$0.24		$0.39		$0.28		$0.27		$0.29
AFFO per diluted share (4)	$0.30		$0.37		$0.30		$0.30		$0.33
Dividend distributions declared per common share (5)	$0.22		$0.21		$0.21		$0.21		$0.21
Diluted AFFO payout ratio (6)	73.3	%	56.8	%	70.0	%	70.0	%	63.6	%

Portfolio Statistics:
Total global warehouses	242		238		185		183		183
Average economic occupancy	77.0	%	79.2	%	77.2	%	78.2	%	81.3	%
Average physical occupancy	70.3	%	72.3	%	69.9	%	71.4	%	76.1	%
Total global same-store warehouses	162		135		135		135		136


(1) Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method
	As of
(2) Net Debt to Core EBITDA Computation	03/31/2021		12/31/2020
Total debt	$	2,766,399	$	2,959,252
Deferred financing costs	12,474		15,952
Gross debt	$2,778,873		$2,975,204
Adjustments:
Less: cash and cash equivalents	287,691		621,051
Net debt	$	2,491,182	$	2,354,153
Core EBITDA - last twelve months	$439,589		$425,910
Core EBITDA from acquisitions (a)	80,988		105,362
Pro forma Core EBITDA - last twelve months	$520,577		$531,272
Net debt to pro forma Core EBITDA	4.79x		4.43x
(a) As of March 31, 2021, amount includes five months of Core EBITDA from the Caspers and AM-C Warehouse acquisitions, seven months of Core EBITDA from the Halls acquisition, nine months of Core EBITDA from the Agro acquisition, and eleven months of Core EBITDA from the Liberty acquisition prior to Americold’s ownership of the respective acquired entities.

(3) Reconciliation of segment contribution (NOI)
	Three Months Ended
	Q1 21		Q4 20		Q3 20	Q2 20	Q1 20
Warehouse segment contribution (NOI)	$146,181		$145,672		$127,756	$120,132	$126,773
Third-party managed segment contribution (NOI)	4,382		1,767		3,393	3,299	3,769
Transportation segment contribution (NOI)	6,703		5,043		4,187	4,772	4,805
Other segment contribution (NOI)	(26)		(43)		(17)	135	55
Total segment contribution (NOI)	$157,240		$152,439		$135,319	$128,338	$135,402
Depreciation and amortization	(77,211)		(58,319)		(53,569)	(52,399)	(51,604)
Selling, general and administrative	(45,052)		(39,536)		(35,969)	(32,340)	(36,893)
Acquisition, litigation and other	(20,751)		(26,535)		(5,282)	(2,801)	(1,688)
Gain (loss) from sale of real estate	—		676		(427)	19,414	2,461
Impairment of long-lived assets	—		(1,954)		(2,615)	(3,667)	—
U.S. GAAP operating income	$14,226		$26,771		$37,457	$56,545	$47,678

(4) See “Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO” and “Reconciliation of Net (Loss) Income to EBITDA, EBITDAre, and Core EBITDA” pages 18-20

(5) Distributions per common share	Three Months Ended
	Q1 21		Q4 20		Q3 20	Q2 20	Q1 20
Distributions declared on common shares during the quarter	$56,029		$53,820		$43,282	$43,271	$42,568
Common shares outstanding at quarter end	252,520		251,703		203,680	203,616	200,266
Distributions declared per common share of beneficial interest	$0.22		$0.21		$0.21	$0.21	$0.21

(6) Calculated as distributions declared on common shares divided by AFFO per weighted average diluted share


Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
	March 31,		December 31,
	2021		2020
Assets
Property, buildings and equipment:
Land	$	663,569	$	662,885
Buildings and improvements	4,016,435		4,004,824
Machinery and equipment	1,188,608		1,177,572
Assets under construction	374,962		303,531
	6,243,574		6,148,812
Accumulated depreciation	(1,441,337)		(1,382,298)
Property, buildings and equipment – net	4,802,237		4,766,514

Operating lease right-of-use assets	320,438		291,797
Accumulated depreciation – operating leases	(31,800)		(24,483)
Operating leases – net	288,638		267,314

Financing leases:
Buildings and improvements	59,528		60,513
Machinery and equipment	115,302		109,416
	174,830		169,929
Accumulated depreciation – financing leases	(47,783)		(40,937)
Financing leases – net	127,047		128,992
Cash, cash equivalents and restricted cash	287,691		621,051

Accounts receivable – net of allowance of $12,866 and $12,286 at March 31, 2021 and December 31, 2020, respectively	306,970		324,221
Identifiable intangible assets – net	788,044		797,423
Goodwill	800,362		794,335
Investments in partially owned entities	42,376		44,907
Other assets	96,643		86,394
Total assets	$	7,540,008	$	7,831,151
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit	$	43,786	$	—
Accounts payable and accrued expenses	524,876		552,547
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $12,474 and $15,952 in the aggregate, at March 31, 2021 and December 31, 2020, respectively	2,416,228		2,648,266
Sale-leaseback financing obligations	181,951		185,060
Financing lease obligations	124,434		125,926
Operating lease obligations	282,226		269,147
Unearned revenue	18,957		19,209
Pension and postretirement benefits	8,980		9,145
Deferred tax liability – net	221,922		220,502
Multiemployer pension plan withdrawal liability	8,441		8,528
Total liabilities	3,831,801		4,038,330
Equity
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – 500,000,000 and 325,000,000 authorized shares; 252,519,518 and 251,702,603 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	2,525		2,517
Paid-in capital	4,681,809		4,687,823
Accumulated deficit and distributions in excess of net earnings	(965,844)		(895,521)
Accumulated other comprehensive loss	(13,659)		(4,379)
Total shareholders’ equity	3,704,831		3,790,440
Noncontrolling interests:
Noncontrolling interests in operating partnership and consolidated joint venture	3,376		2,381


Total equity	3,708,207		3,792,821

Total liabilities and equity	$	7,540,008	$	7,831,151


Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended March 31,
	2021		2020
Revenues:
Rent, storage and warehouse services	$	485,451	$	381,068
Third-party managed services	73,072		64,921
Transportation services	76,272		35,917
Other	—		2,163
Total revenues	634,795		484,069
Operating expenses:
Rent, storage and warehouse services cost of operations	339,270		254,295
Third-party managed services cost of operations	68,690		61,152
Transportation services cost of operations	69,569		31,112
Cost of operations related to other revenues	26		2,108
Depreciation and amortization	77,211		51,604
Selling, general and administrative	45,052		36,893
Acquisition, litigation and other	20,751		1,688

Gain from sale of real estate	—		(2,461)
Total operating expenses	620,569		436,391

Operating income	14,226		47,678

Other (expense) income:
Interest expense	(25,956)		(23,870)
Interest income	224		587

Loss on debt extinguishment, modifications and termination of derivative instruments	(3,499)		(781)
Foreign currency exchange gain (loss), net	173		(492)
Other expense, net	505		871

Loss from investments in partially owned entities	(700)		(27)
(Loss) income before income tax benefit (expense)	(15,027)		23,966
Income tax benefit (expense)
Current	(1,211)		(2,557)
Deferred	2,002		2,102
Total income tax benefit (expense)	791		(455)

Net (loss) income	$	(14,236)	$	23,511
Net income attributable to non controlling interests	178		—
Net (loss) income attributable to Americold Realty Trust	$	(14,414)	$	23,511

Weighted average common shares outstanding – basic	252,938		200,707
Weighted average common shares outstanding – diluted	252,938		203,783

Net (loss) income per common share of beneficial interest - basic	$	(0.06)	$	0.12
Net (loss) income per common share of beneficial interest - diluted	$	(0.06)	$	0.11


Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
	Three Months Ended
	Q1 21		Q4 20		Q3 20		Q2 20		Q1 20
Net (loss) income	$	(14,236)	$	(43,992)	$	12,374	$	32,662	$	23,511
Adjustments:

Real estate related depreciation	52,280		39,128		36,289		35,558		35,442
Net (gain) loss on sale of real estate, net of withholding taxes (b)	—		(676)		427		(19,414)		(2,096)
Net (gain) loss on asset disposals	(39)		888		1,160		(3)		—
Impairment charges on real estate assets	—		2,449		—		3,181		—

Our share of reconciling items related to partially owned entities	266		182		111		122		34
NAREIT Funds from operations	$	38,271	$	(2,021)	$	50,361	$	52,106	$	56,891


Adjustments:
Net (gain) loss on sale of non-real estate assets	(119)		1,112		(100)		(252)		(165)
Non-real estate impairment	—		(495)		2,615		486		—
Acquisition, litigation and other	20,751		26,535		5,282		2,801		1,688
Share-based compensation expense, IPO grants	163		200		196		203		373
Bridge loan commitment fees	—		2,438		—		—		—
Loss on debt extinguishment, modifications and termination of derivative instruments	3,499		9,194		—		—		781
Foreign currency exchange (gain) loss	(173)		44,905		196		(315)		492



Our share of reconciling items related to partially owned entities	154		39		76		79		—
Core FFO applicable to common shareholders	$	62,546	$	81,907	$	58,626	$	55,108	$	60,060
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,148		1,202		1,203		1,196		1,546
Amortization of below/above market leases	39		37		39		—		76
Straight-line net rent	(155)		(324)		(87)		(108)		(109)
Deferred income tax benefit	(2,002)		(9,379)		(1,284)		(967)		(2,102)
Share-based compensation expense, excluding IPO grants	4,867		4,371		4,373		4,261		3,934
Non-real estate depreciation and amortization	24,931		19,191		17,280		16,841		16,162

Maintenance capital expenditures (a)	(15,731)		(20,291)		(17,534)		(15,306)		(12,438)
Our share of reconciling items related to partially owned entities	278		168		125		78		22
Adjusted FFO applicable to common shareholders	$	75,921	$	76,882	$	62,741	$	61,103	$	67,151


Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
	Three Months Ended										Trailing Twelve Months Ended
	Q1 21		Q4 20		Q3 20		Q2 20		Q1 20		Q1 2021
Net (loss) income	$	(14,236)	$	(43,992)	$	12,374	$	32,662	$	23,511	$	(13,192)
Adjustments:
Depreciation and amortization	77,211		58,319		53,569		52,399		51,604		241,498
Interest expense	25,956		21,367		23,066		23,178		23,870		93,567
Income tax (benefit) expense	(791)		(9,397)		819		1,196		90		(8,173)
EBITDA	$	88,140	$	26,297	$	89,828	$	109,435	$	99,075	$	313,700
Adjustments:
Net (gain) loss on sale of real estate, net of withholding taxes	—		(676)		427		(19,414)		(2,096)		(19,663)
Adjustment to reflect share of EBITDAre of partially owned entities	649		432		293		237		60		1,611
NAREIT EBITDAre	$	88,789	$	26,053	$	90,548	$	90,258	$	97,039	$	295,648
Adjustments:
Acquisition, litigation and other	20,751		26,535		5,282		2,801		1,688		55,369
Bridge loan commitment fees	—		2,438		—		—		—		2,438
Loss (income) from investments in partially owned entities	700		(4)		98		129		27		923

Asset impairment	—		1,954		2,615		3,667		—		8,236
Foreign currency exchange (gain) loss	(173)		44,905		196		(315)		492		44,613
Share-based compensation expense	5,030		4,571		4,569		4,464		4,307		18,634
Loss on debt extinguishment, modifications and termination of derivative instruments	3,499		9,194		—		—		781		12,693
(Gain) loss on real estate and other asset disposals	(158)		1,999		1,060		(255)		(164)		2,646

Reduction in EBITDAre from partially owned entities	(649)		(432)		(293)		(237)		(60)		(1,611)
Core EBITDA	$	117,789	$	117,213	$	104,075	$	100,512	$	104,110	$	439,589


Debt Detail and Maturities
(In thousands - unaudited)
	As of March 31, 2021
Indebtedness:	Carrying Value		Contractual Interest Rate(3)	Effective Interest Rate(4)	Stated Maturity Date(5)

Unsecured Debt
2020 Senior Unsecured Revolving Credit Facility(1)(2)(6)	$	43,786	C+0.95%	1.53%	3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-1(2)(6)	125,000		L+0.95%	1.43%	3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-2(2)(7)	199,025		C+0.95%	1.51%	3/2025
Series A notes	200,000		4.68%	4.77%	1/2026
Series B notes	400,000		4.86%	4.92%	1/2029
Series C notes	350,000		4.10%	4.15%	1/2030
Series D notes(8)	469,200		1.62%	1.67%	1/2031
Series E notes(8)	410,550		1.65%	1.70%	1/2033
Total Unsecured Debt	2,197,561		2.82%	2.98%	8.2 years

2013 Mortgage Loans (15 cross-collateralized warehouses)
Senior Note	172,927		3.81%	4.14%	5/2023
Mezzanine A	70,000		7.38%	7.55%	5/2023
Mezzanine B	32,000		11.50%	11.75%	5/2023
Total 2013 Mortgage Loans	274,927		5.61%	5.89%	2.1 years

Total Real Estate Debt	$	2,472,488	3.13%	3.31%	7.5 years

Sale-leaseback financing obligations	181,951		11.00%
Financing lease obligations	124,434		3.61%
Total Debt Outstanding	$	2,778,873	3.67%

Less: unamortized deferred financing costs	(12,474)
Total Book Value of Debt	$	2,766,399

Rate Type			% of Total
Fixed	$	2,411,062	87%
Variable	367,811		13%
Total Debt Outstanding	$	2,778,873	100%

Debt Type			% of Total
Unsecured	$	2,197,561	79%
Secured	581,312		21%
Total Debt Outstanding	$	2,778,873	100%


Country / Region	# of warehouses	Cubic feet (in millions)	% of total cubic feet		Pallet positions (in thousands)	Average economic occupancy (1)		Average physical occupancy (1)		Revenues (2) (in millions)		Segment contribution (NOI) (2)(3) (in millions)		Total customers (4)
Warehouse Segment Portfolio (5)
United States
East	35	269.3	20	%	916	83	%	74	%	$	95.3	$	25.0	858
Southeast	60	336.6	24	%	1,055	73	%	66	%	105.7		30.1		937
Central	49	303.0	22	%	1,297	78	%	71	%	107.8		38.8		869
West	38	234.5	17	%	986	67	%	59	%	64.2		21.9		624
Canada	8	35.9	3	%	97	86	%	86	%	8.3		3.0		66
North America Total / Average	190	1,179.3	86	%	4,349	75	%	68	%	$	381.3	$	118.8	2,785
Netherlands	7	36.7	3	%	123	83	%	83	%	17.6		4.0		487
United Kingdom & Northern Ireland	5	30.6	2	%	230	90	%	90	%	8.1		2.8		140
Spain	4	15.2	1	%	53	52	%	52	%	3.9		0.4		175
Portugal	4	11.5	1	%	53	84	%	84	%	3.6		0.8		135
Ireland	3	9.5	1	%	35	104	%	104	%	3.1		1.2		122
Austria	1	4.2	—	%	42	88	%	88	%	5.2		1.4		142
Poland	2	3.5	—	%	15	73	%	73	%	1.1		0.1		81
Europe Total	26	111.2	8	%	550	84	%	84	%	$	42.6	$	10.7	1,357
Australia	7	49.6	4	%	154	93	%	78	%	49.8		12.7		82
New Zealand	7	20.4	1	%	60	91	%	83	%	7.8		3.0		53
Asia-Pacific Total	14	70.0	5	%	214	93	%	80	%	$	57.6	$	15.7	131
Argentina	2	9.7	1	%	23	50	%	50	%	1.4		0.1		38
Chile	1	7.6	1	%	23	105	%	105	%	2.6		0.9		25
South America Total	3	17.3	1	%	46	78	%	78	%	$	4.0	$	1.0	38
Warehouse Segment Total / Average	233	1,377.8	100	%	5,159	77	%	70	%	$	485.5	$	146.2	4,241
Third-Party Managed Portfolio
United States	7	38.5	88	%	—	—		—		$	67.1	$	3.4	4
Canada	1	5.3	12	%	—	—		—		0.6		0.1		1
North America Total / Average	8	43.8	100	%	—	—		—		$	67.7	$	3.5	5
Asia-Pacific	1	—	—	%	—	—		—		5.4		0.9		1
Third-Party Managed Total / Average	9	43.8	100	%	—	—		—		$	73.1	$	4.4	6
Portfolio Total / Average	242	1,421.6	100	%	5,159	77	%	70	%	$	558.6	$	150.6	4,241


	Three Months Ended March 31,									Change
	2021 actual			2021 constant currency(1)			2020 actual			Actual		Constant currency
Number of same store warehouses	162						162			n/a		n/a
Same store revenues:	(Dollars in thousands - unaudited)
Rent and storage	$	149,166		$	147,516		$	152,805		(2.4)	%	(3.5)	%
Warehouse services	206,085			200,373			208,861			(1.3)	%	(4.1)	%
Total same store revenues	$	355,251		$	347,889		$	361,666		(1.8)	%	(3.8)	%
Same store cost of operations:
Power	17,857			17,724			18,428			(3.1)	%	(3.8)	%
Other facilities costs	32,939			32,593			29,827			10.4	%	9.3	%
Labor	158,905			154,320			158,907			—	%	(2.9)	%
Other services costs	27,108			26,902			29,575			(8.3)	%	(9.0)	%
Total same store cost of operations	$	236,809		$	231,539		$	236,737		—	%	(2.2)	%

Same store contribution (NOI)	$	118,442		$	116,350		$	124,929		(5.2)	%	(6.9)	%
Same store rent and storage contribution (NOI)(2)	$	98,370		$	97,199		$	104,550		(5.9)	%	(7.0)	%
Same store services contribution (NOI)(3)	$	20,072		$	19,151		$	20,379		(1.5)	%	(6.0)	%

Total same store margin	33.3		%	33.4		%	34.5		%	-120 bps		-110 bps
Same store rent and storage margin(4)	65.9		%	65.9		%	68.4		%	-247 bps		-253 bps
Same store services margin(5)	9.7		%	9.6		%	9.8		%	-2 bps		-20 bps

Number of non-same store warehouses(6)	71						10			n/a		n/a
Non-same store revenues:
Rent and storage	$	56,109		$	54,170		$	9,503		490.4	%	470.0	%
Warehouse services	74,091			71,520			9,899			648.5	%	622.5	%
Total non-same store revenues	$	130,200		$	125,690		$	19,402		571.1	%	547.8	%
Non-same store cost of operations:
Power	8,347			8,026			1,276			554.2	%	529.0	%
Other facilities costs	17,593			17,106			2,275			673.3	%	651.9	%
Labor	55,642			53,918			11,231			395.4	%	380.1	%
Other services costs	20,879			20,149			2,776			652.1	%	625.8	%
Total non-same store cost of operations	$	102,461		$	99,199		$	17,558		483.6	%	465.0	%

Non-same store contribution (NOI)	$	27,739		$	26,491		$	1,844		1,404.3	%	1,336.6	%
Non-same store rent and storage contribution (NOI)(2)	$	30,169		$	29,038		$	5,952		406.9	%	387.9	%
Non-same store services contribution (NOI)(3)	$	(2,430)		$	(2,547)		$	(4,108)		40.8	%	38.0	%

Total warehouse segment revenues	$	485,451		$	473,579		$	381,068		27.4	%	24.3	%
Total warehouse cost of operations	$	339,270		$	330,738		$	254,295		33.4	%	30.1	%
Total warehouse segment contribution	$	146,181		$	142,841		$	126,773		15.3	%	12.7	%


	Three Months Ended March 31,						Change
Units in thousands except per pallet and site data - unaudited	2021			2020
Number of same store warehouses	162			162			n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	2,885			3,094			(6.8)	%
Economic occupancy percentage	76.7		%	82.6		%	-597 bps
Same store rent and storage revenues per economic occupied pallet	$	51.70		$	49.38		4.7	%
Constant currency same store rent and storage revenue per economic occupied pallet	$	51.13		$	49.38		3.5	%

Physical occupancy(2)
Average physical occupied pallets	2,562			2,893			(11.5)	%
Average physical pallet positions	3,764			3,745			0.5	%
Physical occupancy percentage	68.1		%	77.3		%	-920 bps
Same store rent and storage revenues per physical occupied pallet	$	58.23		$	52.81		10.3	%
Constant currency same store rent and storage revenues per physical occupied pallet	$	57.59		$	52.81		9.0	%

Same store warehouse services:
Throughput pallets	7,125			7,747			(8.0)	%
Same store warehouse services revenues per throughput pallet	$	28.92		$	26.96		7.3	%
Constant currency same store warehouse services revenues per throughput pallet	$	28.12		$	26.96		4.3	%

Number of non-same store warehouses(3)	71			10			n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets	1,088			162			571.6	%
Economic occupancy percentage	78.0		%	61.9		%	1602 bps

Physical occupancy(2)
Average physical occupied pallets	1,066			155			586.3	%
Average physical pallet positions	1,396			262			432.8	%
Physical occupancy percentage	76.4		%	59.4		%	1700 bps

Non-same store warehouse services:
Throughput pallets	2,405			452			432.3	%


	As of
Summary Balance Sheet - at the JV’s 100% share in BRLs	Q1 21			Q4 20			Q3 20			Q2 20			Q1 20

Net book value of real estate	R$	579,770		R$	579,475		R$	436,291		R$	432,208		R$	410,100
Other assets	169,695			177,804			228,043			245,830			247,004
Total assets	749,465			757,279			664,334			678,038			657,104

Debt	282,863			254,514			229,797			236,254			239,860
Other liabilities	223,385			278,816			208,782			214,150			186,949
Equity	243,217			223,949			225,755			227,634			230,295
Total liabilities and equity	R$	749,465		R$	757,279		R$	664,334		R$	678,038		R$	657,104

Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%

BRL/USD quarter-end rate	0.1775			0.1925			0.1783			0.1823			0.1929
Americold’s pro rata share of debt at BRL/USD rate	$	7,531		$	7,349		$	6,146		$	6,460		$	6,939

	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs	Q1 21			Q4 20			Q3 20			Q2 20			Q1 20

Total revenues	R$	44,653		R$	51,122		R$	44,349		R$	40,972		R$	38,173
Operating expenses	41,260			35,750			33,775			32,888			33,345
Operating income	3,393			15,372			10,574			8,084			4,828

Interest expense	6,738			6,863			5,904			6,447			8,609
Depreciation & amortization	8,579			10,070			8,314			9,125			5,115
Other income	(240)			(305)			(880)			(728)			(3,685)
Income tax benefit	(6,276)			(65)			(947)			(1,103)			(2,934)
Non-operating expenses	8,801			16,563			12,391			13,741			7,105
Net loss	R$	(5,408)		R$	(1,191)		R$	(1,817)		R$	(5,657)		R$	(2,277)

Americold’s ownership percentage	15		%	15		%	15		%	15		%	15		%

BRL/USD average rate	0.1830			0.1854			0.1860			0.1862			0.2079
Americold’s pro rata share of NOI	$	93		$	427		$	295		$	226		$	151
Americold’s pro rata share of Net loss(1)	$	(148)		$	(33)		$	(51)		$	(158)		$	(71)
Americold’s pro rata share of Core FFO	$	116		$	221		$	187		$	95		$	139
Americold’s pro rata share of AFFO	$	—		$	389		$	312		$	243		$	69

(1) Q1 20 above represents the full first quarter results for the Brazil JV, however, our share of net loss reflected on the Condensed Consolidated Statement of Operations for the same time period reflects only the portion earned after our initial investment made on March 6, 2020.


	As of
Summary Balance Sheet - at the JV’s 100% share in BRLs	Q1 21			Q4 20

Net book value of real estate	R$	238,471		R$	240,297
Other assets	255,380			295,052
Total assets	493,851			535,349

Debt	405,507			426,357
Other liabilities	101,536			108,782
Accumulated deficit	(13,192)			210
Total liabilities and equity	R$	493,851		R$	535,349

Americold’s ownership percentage	22		%	22		%

BRL/USD quarter-end rate	0.1775			0.1925
Americold’s pro rata share of debt at BRL/USD rate	$	15,835		$	18,056

	Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs	Q1 21			Q4 20

Total revenues	R$	60,401		R$	76,522
Operating expenses	46,039			36,159
Operating income	14,362			40,363

Interest expense	13,074			21,468
Depreciation & amortization	17,787			19,580
Other income	(2,789)			(836)
Income tax benefit	—			(1,759)
Non-operating expenses	28,072			38,453
Net loss	R$	(13,710)		R$	1,910

Americold’s ownership percentage	22		%	22		%

BRL/USD average rate	0.1830			0.1854
Americold’s pro rata share of NOI at BRL/USD average rate	$	578		$	1,646
Americold’s pro rata share of Net loss at BRL/USD average rate(1)	$	(552)		$	78
Americold’s pro rata share of Core FFO at BRL/USD average rate	$	(411)		n/a
Americold’s pro rata share of AFFO at BRL/USD average rate	$	(17)		n/a

(1) Q4 20 above represents the full quarter results for the Brazil JV, however, our share of net loss reflected on the Condensed Consolidated Statement of Operations for the same time period does not reflect the results of Comfrio due to immateriality of one day of ownership.


Notes and Definitions
We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation, net loss or gain on asset disposals, impairment of real estate assets, and our share of reconciling items of partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization and gains or losses from sales of real estate net of withholding taxes, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can facilitate comparisons of operating performance between periods and among other equity REITs.
We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, non-real estate asset impairment, acquisition, litigation and other expenses, share-based compensation expense for the IPO retention grants, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments and foreign currency exchange gain or loss. We also adjust for the impact of Core FFO attributable to partially owned entities. We have elected to reflect our share of Core FFO attributable to partially owned entities since the Brazil joint ventures are strategic partnerships which we continue to actively participate in on an ongoing basis. The previous joint venture, the China JV, was considered for disposition during the periods presented. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.
However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited.
We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of amortization of deferred financing costs, pension withdrawal liability and above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, share-based compensation expense from grants of stock options and restricted stock units under our equity incentive plans, excluding IPO grants, non-real estate depreciation and amortization, and maintenance capital expenditures. We also adjust for AFFO attributable to our portion of reconciling items of partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.
FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our consolidated statements of operations included in our annual and quarterly reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. The table above reconciles FFO, Core FFO and Adjusted FFO to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.
We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, earnings before interest expense, taxes, depreciation and amortization, and net (gain) loss on sale of real estate, net of withholding taxes and adjustment to reflect our share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.
We also calculate our Core EBITDA as EBITDAre further adjusted for acquisition, litigation and other expenses, asset impairment, loss or gain on real estate and other asset disposals, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments, share-based compensation expense, foreign currency exchange gain or loss, loss or income from investments in partially owned entities and reduction in EBITDAre from partially owned entities. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in EBITDA but which we do not believe are indicative of our core business operations. EBITDA and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDA and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDA and Core EBITDA have limitations as analytical tools, including:


Analyst Coverage

Firm	Analyst Name	Contact
Baird Equity Research	David B. Rodgers	216-737-7341
Bank of America Merrill Lynch	Joshua Dennerlein	646-855-1681
Berenberg Capital Markets	Nate Crossett	646-949-9030
Citi	Emmanuel Korchman	212-816-1382
Green Street Advisors	Vince Tibone	949-640-8780
J.P. Morgan	Michael W. Mueller	212-622-6689
Raymond James	William A. Crow	727-567-2594
RBC	Michael Carroll	440-715-2649
Truist	Ki Bin Kim	212-303-4124


DBRS Morningstar
Credit Rating:	BBB	(Under Review with Positive Implications)

Fitch
Issuer Default Rating:	BBB	(Stable Outlook)

Moody’s
Issuer Rating:	Baa3	(Stable Outlook)


Outstanding Equity Forward Data
in millions, except share price amounts

Quarter Raised	Forward Shares	Net Share Price1	Net Proceeds	Contractual Outside Settlement Date	Target Use of Net Proceeds
3Q 2018	6.000	$21.47	$128.8	3/18/2022	Fund the Ahold Development
2Q 2020 - 3Q 2020	2.429	$35.70	$86.7	7/1/2021	Fund the Calgary and Arkansas expansions
4Q 2020	4.785	$36.15	$173.0	10/13/2021	Fund future growth initiatives
	13.214	$29.40	$388.5

(1) Net of underwriter fee, forward costs and dividends paid.


Contract Expiration Year	Number of Contracts	Annualized Committed Rent & Storage Revenue (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended March 31, 2021		Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Twelve Months Ended March 31, 2021(1) (in thousands)		Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month	47	$	31,712	3.8	%	$	123,465	$	31,712
2021	54	43,414		5.2	%	164,265		43,524
2022	54	76,048		9.0	%	164,646		77,483
2023	40	65,506		7.8	%	139,305		66,896
2024	22	22,177		2.6	%	56,550		23,593
2025	11	14,732		1.7	%	24,449		16,371
2026	9	26,852		3.2	%	45,960		28,856
2027	4	4,947		0.6	%	8,011		5,248
2028	1	1,112		0.1	%	4,255		1,112
2029 and thereafter	8	20,870		2.5	%	47,313		23,439
Total	250	$	307,370	36.5	%	$	778,217	$	318,234


Lease Expiration Year	No. of Leases Expiring	Annualized Rent(1) (in thousands)		% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended March 31, 2021		Leased Square Footage (in thousands)	% Leased Square Footage		Annualized Rent at Expiration(2) (in thousands)
Month-to-Month	8	$	1,959	0.2	%	44	1.7	%	$	1,959
2021	24	2,595		0.3	%	351	13.2	%	2,595
2022	11	6,261		0.7	%	373	14.0	%	6,448
2023	6	4,895		0.6	%	530	19.9	%	4,947
2024	7	3,409		0.4	%	686	25.7	%	3,679
2025	6	3,672		0.4	%	266	10.0	%	3,960
2026 and thereafter	7	5,065		0.6	%	417	15.6	%	5,428
Total	69	$	27,855	3.3	%	2,667	100	%	$	29,015

Americold Realty Trust – ‘8-K’ for 5/6/21 – ‘EX-99.2’

On: Thursday, 5/6/21, at 4:05pm ET · For: 5/6/21 · Accession #: 1628280-21-9290 · File #: 1-34723

Previous ‘8-K’: ‘8-K’ on 3/23/21 for 3/22/21 · Next: ‘8-K’ on / for 5/10/21 · Latest: ‘8-K’ on 3/12/24 for 3/11/24

Current Report — Form 8-K

Filing Table of Contents

‘EX-99.2’ — Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference


Table of Contents


Overview			PAGE
Corporate Profile			3
Earnings Release			5
Selected Quarterly Financial Data			14

Financial Information
Condensed Consolidated Balance Sheets			16
Condensed Consolidated Statements of Operations			17
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO			18
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA			20
Acquisition, Litigation and Other			21
Debt Detail and Maturities			22

Operations Overview
Revenue and Contribution by Segment			23
Global Warehouse Economic and Physical Occupancy Trend			24
Global Warehouse Portfolio			25
Fixed Commitment and Lease Maturity Schedules			26
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures			29

Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance			30
Same-store Financial Performance			31
Same-store Key Operating Metrics			32

External Growth and Capital Deployment			33

Unconsolidated Joint Ventures (Investments in Partially Owned Entities)			35

2021 Guidance			37

Notes and Definitions			38


Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
	Three Months Ended
	Q1 21		Q4 20		Q3 20		Q2 20		Q1 20

NAREIT Funds from operations	$	38,271	$	(2,021)	$	50,361	$	52,106	$	56,891

Core FFO applicable to common shareholders	$	62,546	$	81,907	$	58,626	$	55,108	$	60,060
Adjusted FFO applicable to common shareholders	$	75,921	$	76,882	$	62,741	$	61,103	$	67,151

Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation	252,938		205,984		204,289		201,787		200,707
Dilutive stock options, unvested restricted stock units, equity forward contracts	3,226		3,944		4,211		3,511		3,076
Weighted average dilutive shares	256,164		209,928		208,500		205,298		203,783

NAREIT FFO - basic per share	$	0.15	$	(0.01)	$	0.25	$	0.26	$	0.28
NAREIT FFO - diluted per share	$	0.15	$	(0.01)	$	0.24	$	0.25	$	0.28

Core FFO - basic per share	$	0.25	$	0.40	$	0.29	$	0.27	$	0.30
Core FFO - diluted per share	$	0.24	$	0.39	$	0.28	$	0.27	$	0.29

Adjusted FFO - basic per share	$	0.30	$	0.37	$	0.31	$	0.30	$	0.33
Adjusted FFO - diluted per share	$	0.30	$	0.37	$	0.30	$	0.30	$	0.33



(a)			Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.
(b)			(Gain) loss on sale of real estate, net of withholding tax include withholding tax on the sale of Sydney land which is included in income tax expense on the Condensed Consolidated Statement of Operations.


(1)			The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)			Calculated as rent and storage revenues less power and other facilities costs.
(3)			Calculated as warehouse services revenues less labor and other services costs.
(4)			Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(5)			Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.
(6)			Non-same store warehouse count of 71 includes 4 warehouses acquired through the Liberty acquisition on March 1, 2021, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, and three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020. The results of these acquisitions are reflected in the results above since date of ownership.


Recent Acquisitions
Facility	Metropolitan Area	No. of Facilities	Cubic Feet (in millions)	Pallet Positions (in thousands)	Acquisition Price (in millions)	Net Entry NOI Yield (1)		Expected Three Year Stabilized NOI ROIC	Date Purchased	Expected Full Stabilized Quarter






AM-C Warehouses	DFW, TX	2	13.8	45	$85.0	7.4	%	8-10%	8/31/2020	Q4 2023
Caspers Cold Storage	Tampa, FL	1	3.2	12	$25.5	—	%	9-10%	8/31/2020	Q4 2023
Halls Warehouse Corp(2)	New Jersey	8	58.0	200	$480.0	6.3	%	7-8%	11/02/2020	Q1 2024
Agro Merchants Group (2)(3)(4)	US, Europe, South America, Australia	46	236.0	853	$1,699.0	6.5	%	7.5-8.5%	12/30/2020	Q1 2026
Liberty Freezers	Canada	4	10.4	42	C$57.8	7.0	%	8.0%-9.0%	3/1/2021	Q2 2024
KMT Brrr!(2)	New Jersey	2	12.6	39	$71.1	9.0	%	10.0%-10.5%	5/5/2021	Q3 2024
Bowman Stores	England	1	9.5	23	£74.1	6.8	%	7.5-8.5%	May 2021	Q3 2024


	As of	As of
	May 6, 2021	Feb. 18, 2021
Warehouse segment same store revenue growth (constant currency)	2.0% - 4.0%	2.0% - 4.0%
Warehouse segment same store NOI growth (constant currency)	100 - 200 bps higher than associated revenue	100 - 200 bps higher than associated revenue
Managed and Transportation segment NOI	$46M - $54M	$46M - $54M
Total selling, general and administrative expense (inclusive of non-cash share-based compensation expense of $21 - $23 million)	$190M - $196M	$190M - $196M
Current income tax expense	$9M - $13M	$9M - $13M
Deferred income tax benefit	$4M - $5M	$1M - $2M
Non real estate amortization and depreciation expense	$100M - $110M	$85M - $92M
Total maintenance capital expenditures	$90M - $100M	$90M - $100M
Development starts (1)	$175M - $300M	$175M - $300M
AFFO per share	$1.36 - $1.46	$1.36 - $1.46
Assumed FX rates	1 ARS = 0.0101 USD 1 AUS = 0.7743 USD 1 BRL = 0.1795 USD 1 CAD = 0.8071 USD 1 CLP = 0.0013 USD 1 EUR = 1.1898 USD 1 GBP = 1.3904 USD 1 NZD = 0.7185 USD 1 PLN = 0.2587 USD	1 ARS = 0.0130 USD 1 AUS = 0.7179 USD 1 BRL = 0.1930 USD 1 CAD = 0.7592 USD 1 CLP = 0.0013 USD 1 EUR = 1.1839 USD 1 GBP = 1.3121 USD 1 NZD = 0.6600 USD 1 PLN = 0.2686 USD


We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 20 reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

This ‘8-K’ Filing	Date	Other Filings

	12/31/21	10-K
	5/20/21	4, 8-K
Filed on / For Period end:	5/6/21
	5/5/21
	4/15/21
	3/31/21	10-Q
	3/11/21	8-K
	3/1/21	10-K
	2/18/21	8-K
	1/29/21	8-K, SC 13G/A
	12/31/20	10-K, 10-K/A
	12/30/20	8-K, 8-K/A
	11/2/20
	8/31/20	8-K
	7/1/20
	3/31/20	10-Q
	3/6/20	8-K
	1/2/20
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