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Americold Realty Trust Inc - Stock Quote COLD

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Morningstar's Americold Realty Trust Inc Stock Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Cost Inflation Leads to Decline in Operations for Americold in Q1

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

Americold Realty reported first-quarter earnings that were in line with our expectations, leading us to reaffirm our $36 fair value estimate for the no-moat company. Physical occupancy for the same-store portfolio flattened out at 70.7% in the first quarter, in line with the same period in 2021 and only 10 basis points below the fourth quarter of 2021. Same-store revenue was up 4.5% year over year and 6.0% in constant-currency terms as rent per occupied pallet improved to $59.10. However, same-store expenses were up 8.7% as electricity costs were up 15.9% and costs related to other services were up 17.1%. As a result, Americold saw same-store net operating income fall 4.7% and 3.6% on a constant-currency basis. The higher operating expenses also caused a slight decline in adjusted funds from operations as Americold reported a $0.26 per share figure that was below the $0.30 reported in the first quarter of 2021 but in line with our expectations.

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Americold Realty Trust Inc's Company Profile

Business Description

Americold Realty Trust Inc is the largest global owner and operator of temperature-controlled warehouses in the United States. The Atlanta, Georgia, based firm derives about 85% of its revenue from the U.S. but has sizable operations in Canada, Australia, and New Zealand. Americold supplements its core business by providing supply management and transportation services to its various customers. It operates as a real estate investment trust.

Contact
10 Glenlake Parkway, South Tower, Suite 600
Atlanta, GA, 30328
T +1 678 441-1400
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 16,275