Overview

• US temperature-controlled logistics REIT's Q1 revenue was flat yr/yr, beating analyst expectations

• Adjusted FFO per share fell 14.7% from prior year

• Company announced $1.3 bln joint venture with EQT to strengthen balance sheet

Outlook

• Americold sees 2026 warehouse segment same store revenues at $2.20 bln-$2.27 bln (constant currency)

• Company expects 2026 Core EBITDA of $570 mln-$620 mln

• Americold forecasts 2026 adjusted FFO per share of $1.20-$1.30

Result Drivers

• LOWER WAREHOUSE VOLUMES - Co said warehouse segment revenues fell due to competitive environment, changes in consumer buying habits, and increased industry capacity amid inflationary pressures

• HIGHER ENERGY COSTS - Co said increased energy costs contributed to lower warehouse segment margins and NOI

• TRANSPORTATION SEGMENT GROWTH - Higher volumes in transportation services helped offset warehouse declines

Company press release: ID:nGNX8QqnNF

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 9 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy."

• Wall Street's median 12-month price target for Americold Realty Trust Inc is $14.00, about 10.2% above its May 6 closing price of $12.70

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