EX-99.2 4 q32021-quarterlysupplement.htm EX-99.2

Exhibit 99.2

---

    

Financial Supplement						Third Quarter 2021

                                        

Table of Contents
Overview			PAGE
Corporate Profile			3
Earnings Release			5
Selected Quarterly Financial Data			16
Financial Information
Condensed Consolidated Balance Sheets			18
Condensed Consolidated Statements of Operations			19
Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and AFFO			20
Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA			22
Acquisition, Litigation and Other			23
Debt Detail and Maturities			24
Operations Overview
Revenue and Contribution by Segment			25
Global Warehouse Economic and Physical Occupancy Trend			26
Global Warehouse Portfolio			27
Fixed Commitment and Lease Maturity Schedules			29
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures			31
Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance			32
Same-store Financial Performance			34
Same-store Key Operating Metrics			36
Same-store Historical Performance Trend			38
External Growth and Capital Deployment			39
Unconsolidated Joint Ventures (Investments in Partially Owned Entities)			41
2021 Guidance			43
Notes and Definitions			44

2

---

    

Financial Supplement						Third Quarter 2021

                                        

Corporate Profile

We are the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. We are organized as a self-administered and self-managed REIT with proven operating, development and acquisition expertise. As of September 30, 2021, we operated a global network of 248 temperature-controlled warehouses encompassing over 1.5 billion cubic feet, with 202 warehouses in North America, 27 in Europe, 16 warehouses in Asia-Pacific, and three warehouses in South America. In addition, we hold two minority interests in Brazilian-based joint ventures, one with SuperFrio, which owns or operates 33 temperature-controlled warehouses and one with Comfrio, which owns or operates 25 temperature-controlled warehouses.

Corporate Headquarters

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

George F. Chappelle: Trustee and Interim Chief Executive Officer

Marc J. Smernoff: Chief Financial Officer and Executive Vice President

Carlos V. Rodriguez: Chief Operating Officer and Executive Vice President

Robert S. Chambers: Chief Commercial Officer and Executive Vice President

James A. Harron: Chief Investment Officer and Executive Vice President

James C. Snyder, Jr.: Chief Legal Officer and Executive Vice President

Sanjay Lall: Chief Information Officer and Executive Vice President

Thomas C. Novosel: Chief Accounting Officer and Senior Vice President

Board of Trustees

Mark R. Patterson: Chairman of the Board of Trustees

George J. Alburger, Jr.: Trustee

Kelly H. Barrett: Trustee

Robert L. Bass: Trustee

George F. Chappelle Jr.: Trustee and Interim Chief Executive Officer

Antonio F. Fernandez: Trustee

James R. Heistand: Trustee

Pamela K. Kohn: Trustee

David J. Neithercut: Trustee

Andrew P. Power: Trustee

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit our website: www.americold.com

(Please proceed to the Investors section)

3

---

    

Financial Supplement						Third Quarter 2021

                                        

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
Barclays			Anthony Powell			212-526-8768
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
KeyBanc			Craig Mailman			917-368-2316
Raymond James			William A. Crow			727-567-2594
RBC			Michael Carroll			440-715-2649
Truist			Ki Bin Kim			212-303-4124

Stock Listing Information

The shares of Americold Realty Trust are traded on the New York Stock Exchange under the symbol “COLD”.

Credit Ratings

DBRS Morningstar
Credit Rating:			BBB			(Positive Trend)
Fitch
Issuer Default Rating:			BBB			(Stable Outlook)
Moody’s
Issuer Rating:			Baa3			(Stable Outlook)

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

4

---

Financial Supplement						Third Quarter 2021

AMERICOLD REALTY TRUST ANNOUNCES THIRD QUARTER 2021 RESULTS

Updates Earnings Call to Today, November 3, 2021 at 5 PM EST

Maintains 2021 Annual AFFO Guidance of $1.15 - $1.20 per Share

Atlanta, GA, November 3, 2021 - Americold Realty Trust (NYSE: COLD) (the “Company”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

•Total revenue increased 42.5% to $708.8 million.

•Total NOI increased 15.1% to $155.8 million.

•Core EBITDA increased 10.2% on an actual basis, and 11.2% on a constant currency basis, to $114.7 million.

•Net income of $5.3 million, or $0.02 income per diluted common share.

•Core FFO of $61.5 million, or $0.23 per diluted common share.

•AFFO of $69.6 million, or $0.27 per diluted common share.

•Global Warehouse segment revenue increased 39.7% to $542.0 million.

•Global Warehouse segment NOI increased 13.5% to $145.0 million.

•Global Warehouse segment same store revenue increased 2.3%, and 2.0% on a constant currency basis, Global Warehouse segment same store NOI decreased by 5.1%, or 5.4% on a constant currency basis.

•On August 2, 2021, closed on the acquisition of ColdCo in St. Louis, Missouri for $20.5 million. ColdCo consists of one owned facility in St Louis, Missouri, generating approximately 93% of total NOI, and one leased facility in Reno, Nevada. ColdCo's customers are primarily focused on the storage and handling of product for direct-to-consumer distribution, and transportation services.

•On September 1, 2021, closed on the acquisition of Newark Facility Management in Newark, New Jersey for $376.5 million. Newark consists of one owned facility totaling 11.5 million cubic feet that is a single-customer dedicated retail distribution center.

•Completed our expansion project in Calgary, Canada for C$13.2 million.

•Completed the 2021 GRESB Real Estate Assessment and the Carbon Disclosure Project, receiving an initial overall GRESB score of 63, which is higher than our peer average.

Year to Date 2021 Highlights

•Total revenue increased 36.5% to $2.00 billion.

•Total NOI increased 17.4% to $468.3 million.

•Core EBITDA increased 13.6% to $350.8 million, or 12.4% on a constant currency basis.

•Net loss of $22.3 million, or $0.09 loss per diluted common share.

•Core FFO of $162.6 million, or $0.63 per diluted common share.

•AFFO of $217.3 million, or $0.85 per diluted common share.

•Global Warehouse segment revenue increased 34.1% to $1.53 billion.

•Global Warehouse segment NOI increased 16.3% to $435.6 million.

5

---

Financial Supplement						Third Quarter 2021

•Global Warehouse segment same store revenue increased 0.9%, and decreased 0.6% on a constant currency basis, Global Warehouse segment same store NOI decreased 3.8%, or 5.0% on a constant currency basis.

Subsequent Event Highlights

•Appointed George Chappelle as Interim Chief Executive Officer.

•Added three members to our Board of Trustees, Rob Bass, George Chappelle and Pamela Kohn. These three individuals have a combination of strong supply chain, logistics, food, and retail experience and complement our existing Board.

•Announced the expansion of our Spearwood, Australia facility with an expected cost of A$61.5 million to create a highly-automated build with two anchor tenants. The expansion will add 3.3 million cubic feet, and is expected to be complete by the second quarter of 2023.

•Entered into a purchase agreement to acquire a cold storage facility in Denver for a total investment of approximately $59 million, and we are expecting to close the transaction in November. This facility replaces a leased facility that expires at the end of the year.

Third Quarter 2021 Total Company Financial Results

Total revenue for the third quarter of 2021 was $708.8 million, a 42.5% increase from the same quarter of the prior year. This growth was primarily driven by the incremental revenue from acquisitions, including warehouse and transportation operations, our recently completed expansion and development projects and contractual and market-driven rate escalations. These increases are partially offset by the continued impacts of COVID-19 and resulting supply chain disruption which impacted our holdings across our network as food production has been unable to keep up with steady consumer demand.

For the third quarter of 2021, the Company reported a net income of $5.3 million, or $0.02 per diluted share, compared to net income of $12.4 million, or $0.06 per diluted share, for the same quarter of the prior year.

Total NOI for the third quarter of 2021 was $155.8 million, an increase of 15% from the same quarter of the prior year.

Core EBITDA was $114.7 million for the third quarter of 2021, compared to $104.1 million for the same quarter of the prior year. This reflects a 10.2% increase over prior year on an actual basis, and 11.2% on a constant currency basis, driven primarily from acquisition contribution. These increases were partially offset by the impact of reduced food production as a result of ongoing labor market challenges and the impact of inflation.

For the third quarter of 2021, Core FFO was $61.5 million, or $0.23 per diluted share, compared to $58.6 million, or $0.28 per diluted share, for same quarter of the prior year.

For the third quarter of 2021, AFFO was $69.6 million, or $0.27 per diluted share, compared to $62.7 million, or $0.30 per diluted share, for the same quarter of the prior year.

Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

6

---

Financial Supplement						Third Quarter 2021

Third Quarter 2021 Global Warehouse Segment Results

For the third quarter of 2021, Global Warehouse segment revenue was $542.0 million, an increase of $154.0 million, or 40%, compared to $388.0 million for the third quarter of 2020. This growth was driven by the recently completed acquisitions and development projects, paired with contractual and market-driven rate escalations.

Warehouse segment NOI was $145.0 million for the third quarter of 2021, an increase of 13%. Global Warehouse segment margin was 26.7% for the third quarter of 2021, a 618 basis point decrease compared to the same quarter of the prior year. The year-over-year increase in segment NOI was driven by the increase in revenue, partially offset by a decline in warehouse services margin within our same store pool.

We had 162 same stores for the three months ended September 30, 2021. The following table presents revenues, cost of operations, contribution (NOI) and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the three months ended September 30, 2021. Amounts related to the Agro, AM-C, Bowman Stores, Caspers, ColdCo, Hall’s, KMT Brrr!, Liberty and Newark Facility Management acquisitions are reflected within non-same store results.

7

---

Financial Supplement						Third Quarter 2021

			Three Months Ended September 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses(2)			239												175						n/a						n/a
Global Warehouse revenue:
Rent and storage			$	225,234					$	224,210					$	166,355					35.4		%				34.8		%
Warehouse services			316,813						315,105						221,669						42.9		%				42.2		%
Total revenue			$	542,047					$	539,315					$	388,024					39.7		%				39.0		%
Global Warehouse contribution (NOI)			$	144,992					$	144,455					$	127,756					13.5		%				13.1		%
Global Warehouse margin			26.7		%				26.8		%				32.9		%				-618 bps						-614 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets			4,061						n/a						3,144						29.2		%				n/a
Average physical occupied pallets			3,709						n/a						2,849						30.2		%				n/a
Average physical pallet positions			5,351						n/a						4,074						31.4		%				n/a
Economic occupancy percentage			75.9		%				n/a						77.2		%				-129 bps						n/a
Physical occupancy percentage			69.3		%				n/a						69.9		%				-61 bps						n/a
Total rent and storage revenue per economic occupied pallet			$	55.46					$	55.21					$	52.91					4.8		%				4.4		%
Total rent and storage revenue per physical occupied pallet			$	60.73					$	60.45					$	58.40					4.0		%				3.5		%
Global Warehouse services metrics:
Throughput pallets			10,142						n/a						7,918						28.1		%				n/a
Total warehouse services revenue per throughput pallet			$	31.24					$	31.07					$	27.99					11.6		%				11.0		%
SAME STORE WAREHOUSE
Number of same store warehouses			162												162						n/a						n/a
Global Warehouse same store revenue:
Rent and storage			$	157,233					$	157,108					$	154,926					1.5		%				1.4		%
Warehouse services			216,351						215,316						210,309						2.9		%				2.4		%
Total same store revenue			$	373,584					$	372,424					$	365,235					2.3		%				2.0		%
Global Warehouse same store contribution (NOI)			$	117,209					$	116,799					$	123,528					(5.1)		%				(5.4)		%
Global Warehouse same store margin			31.4		%				31.4		%				33.8		%				-245 bps						-246 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets			2,878						n/a						2,942						(2.2)		%				n/a
Average physical occupied pallets			2,553						n/a						2,661						(4.1)		%				n/a
Average physical pallet positions			3,760						n/a						3,756						0.1		%				n/a
Economic occupancy percentage			76.5		%				n/a						78.3		%				-179 bps						n/a
Physical occupancy percentage			67.9		%				n/a						70.8		%				-295 bps						n/a
Same store rent and storage revenue per economic occupied pallet			$	54.62					$	54.58					$	52.66					3.7		%				3.6		%
Same store rent and storage revenue per physical occupied pallet			$	61.59					$	61.54					$	58.23					5.8		%				5.7		%
Global Warehouse same store services metrics:
Throughput pallets			7,328						n/a						7,467						(1.9)		%				n/a
Same store warehouse services revenue per throughput pallet			$	29.52					$	29.38					$	28.16					4.8		%				4.3		%

8

---

Financial Supplement						Third Quarter 2021

			Three Months Ended September 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(3)			77												13						n/a						n/a
Global Warehouse non-same store revenue:
Rent and storage			$	68,001					$	67,102					$	11,429					495.0		%				487.1		%
Warehouse services			100,462						99,789						11,360						784.3		%				778.4		%
Total non-same store revenue			$	168,463					$	166,891					$	22,789					639.2		%				632.3		%
Global Warehouse non-same store contribution (NOI)			$	27,783					$	27,656					$	4,228					557.1		%				554.1		%
Global Warehouse non-same store margin			16.5		%				16.6		%				18.6		%				-206 bps						-198 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets			1,182						n/a						202						485.5		%				n/a
Average physical occupied pallets			1,156						n/a						188						515.0		%				n/a
Average physical pallet positions			1,591						n/a						318						399.9		%				n/a
Economic occupancy percentage			74.3		%				n/a						63.5		%				1086 bps						n/a
Physical occupancy percentage			72.7		%				n/a						59.1		%				1360 bps						n/a
Non-same store rent and storage revenue per economic occupied pallet			$	57.51					$	56.75					$	56.59					1.6		%				0.3		%
Non-same store rent and storage revenue per physical occupied pallet			$	58.81					$	58.04					$	60.79					(3.3)		%				(4.5)		%
Global Warehouse non-same store services metrics:
Throughput pallets			2,814						n/a						451						523.9		%				n/a
Non-same store warehouse services revenue per throughput pallet			$	35.71					$	35.47					$	25.19					41.7		%				40.8		%

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Total warehouse count of 239 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman Stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020, and five warehouses acquired through the Nova Cold and Newport acquisitions on January 2, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

(3) Non-same store warehouse count of 77 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and ten legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership.

(n/a = not applicable)

9

---

Financial Supplement						Third Quarter 2021

			Nine Months Ended September 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses(2)			239												175						n/a						n/a
Global Warehouse revenue:
Rent and storage			$	642,787					$	633,774					$	492,328					30.6		%				28.7		%
Warehouse services			888,445						869,710						649,175						36.9		%				34.0		%
Total revenue			$	1,531,232					$	1,503,484					$	1,141,503					34.1		%				31.7		%
Global Warehouse contribution (NOI)			$	435,552					$	427,988					$	374,661					16.3		%				14.2		%
Global Warehouse margin			28.4		%				28.5		%				32.8		%				-438 bps						-436 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets			3,994						n/a						3,188						25.3		%				n/a
Average physical occupied pallets			3,648						n/a						2,930						24.5		%				n/a
Average physical pallet positions			5,250						n/a						4,043						29.9		%				n/a
Economic occupancy percentage			76.1		%				n/a						78.9		%				-279 bps						n/a
Physical occupancy percentage			69.5		%				n/a						72.5		%				-298 bps						n/a
Total rent and storage revenue per economic occupied pallet			$	160.93					$	158.67					$	154.41					4.2		%				2.8		%
Total rent and storage revenue per physical occupied pallet			$	176.21					$	173.74					$	168.06					4.9		%				3.4		%
Global Warehouse services metrics:
Throughput pallets			29,591						n/a						23,834						24.2		%				n/a
Total warehouse services revenue per throughput pallet			$	30.02					$	29.39					$	27.24					10.2		%				7.9		%
SAME STORE WAREHOUSE
Number of same store warehouses			162												162						n/a						n/a
Global Warehouse same store revenue:
Rent and storage			$	457,384					$	453,945					$	460,623					(0.7)		%				(1.4)		%
Warehouse services			631,694						619,336						619,002						2.1		%				0.1		%
Total same store revenue			$	1,089,078					$	1,073,281					$	1,079,625					0.9		%				(0.6)		%
Global Warehouse same store contribution (NOI)			$	351,927					$	347,487					$	365,675					(3.8)		%				(5.0)		%
Global Warehouse same store margin			32.3		%				32.4		%				33.9		%				-156 bps						-149 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets			2,865						n/a						3,003						(4.6)		%				n/a
Average physical occupied pallets			2,543						n/a						2,753						(7.6)		%				n/a
Average physical pallet positions			3,762						n/a						3,750						0.3		%				n/a
Economic occupancy percentage			76.2		%				n/a						80.1		%				-393 bps						n/a
Physical occupancy percentage			67.6		%				n/a						73.4		%				-582 bps						n/a
Same store rent and storage revenue per economic occupied pallet			$	159.64					$	158.44					$	153.38					4.1		%				3.3		%
Same store rent and storage revenue per physical occupied pallet			$	179.85					$	178.50					$	167.31					7.5		%				6.7		%
Global Warehouse same store services metrics:
Throughput pallets			21,805						n/a						22,547						(3.3)		%				n/a
Same store warehouse services revenue per throughput pallet			$	28.97					$	28.40					$	27.45					5.5		%				3.5		%

10

---

Financial Supplement						Third Quarter 2021

			Nine Months Ended September 30,																		Change
Dollars in thousands			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(3)			77												13						n/a						n/a
Global Warehouse non-same store revenue:
Rent and storage			$	185,403					$	179,829					$	31,705					484.8		%				467.2		%
Warehouse services			256,751						250,373						30,173						750.9		%				729.8		%
Total non-same store revenue			$	442,154					$	430,202					$	61,878					614.6		%				595.2		%
Global Warehouse non-same store contribution (NOI)			$	83,626					$	80,500					$	8,985					830.7		%				795.9		%
Global Warehouse non-same store margin			18.9		%				18.7		%				14.5		%				439 bps						419 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets			1,129						n/a						185						509.0		%				n/a
Average physical occupied pallets			1,105						n/a						176						525.9		%				n/a
Average physical pallet positions			1,488						n/a						293						407.9		%				n/a
Economic occupancy percentage			75.9		%				n/a						63.3		%				1260 bps						n/a
Physical occupancy percentage			74.2		%				n/a						60.2		%				1400 bps						n/a
Non-same store rent and storage revenue per economic occupied pallet			$	164.21					$	159.27					$	171.00					(4.0)		%				(6.9)		%
Non-same store rent and storage revenue per physical occupied pallet			$	167.84					$	162.79					$	179.65					(6.6)		%				(9.4)		%
Global Warehouse non-same store services metrics:
Throughput pallets			7,786						n/a						1,286						505.3		%				n/a
Non-same store warehouse services revenue per throughput pallet			$	32.97					$	32.16					$	23.46					40.6		%				37.1		%

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Total warehouse count of 239 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman Stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020, and five warehouses acquired through the Nova Cold and Newport acquisitions on January 2, 2020. The results of these acquisitions are reflected in the results above since date of ownership.

(3) Non-same store warehouse count of 77 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and ten legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership.

(n/a = not applicable)

Fixed Commitment Rent and Storage Revenue

As of September 30, 2021, $345.8 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $333.0 million at the end of the second quarter of 2021 and $279.7 million at the end of the third quarter of 2020. The Company’s recent acquisitions had a lower percentage of fixed committed contracts as a percentage of rent and storage revenue. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 39.1% of rent and storage revenue was generated from fixed commitment storage contracts.

11

---

Financial Supplement						Third Quarter 2021

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. For the third quarter of 2021, economic occupancy for the total warehouse segment was 75.9% and warehouse segment same store pool was 76.5%, representing a 657 basis point and 866 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 129 basis points, and the warehouse segment same store pool decreased 179 basis points as compared to the third quarter of 2020, as we were impacted by reduced food production volumes.

Real Estate Portfolio

As of September 30, 2021, the Company’s portfolio consists of 248 facilities. The Company ended the third quarter of 2021 with 239 facilities in its Global Warehouse segment portfolio and nine facilities in its Third-party managed segment. During the third quarter of 2021, the Company added three facilities through the acquisitions of ColdCo and Newark. Additionally, during the third quarter, the Company exited a leased facility originating from the Liberty acquisition in Canada. The same store population consists of 162 facilities for the quarter ended September 30, 2021. The remaining 77 non-same store population includes the 67 facilities that were acquired in connection with the Agro, AM-C, Bowman Stores, Caspers, ColdCo, Hall’s, KMT Brrr!, Liberty and Newark acquisitions, the recently leased facility in Australia and ten legacy facilities, offset by the exit of the leased facility previously mentioned.

Balance Sheet Activity and Liquidity

As of September 30, 2021, the Company had total liquidity of approximately $0.8 billion, including cash, capacity on its revolving credit facility and $55 million of net proceeds available from equity forward contracts. Total debt outstanding was $3.0 billion (inclusive of $281.1 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 82% was in an unsecured structure. The Company has no material debt maturities until 2023. At quarter end, its net debt to pro forma Core EBITDA was approximately 5.5x. Of the Company’s total debt outstanding, $2.7 billion relates to real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company’s real estate debt has a remaining weighted average term of 6.7 years and carries a weighted average contractual interest rate of 2.93%. As of September 30, 2021, 79% of the Company’s total debt outstanding was at a fixed rate.

The Company’s equity forwards, the current respective contractual latest settlement dates, and net proceeds are detailed in the table below:

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

2Q/3Q 2021

1.436

$38.96

$55.0

7/1/2022

Fund future growth initiatives

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

Dividend

On August 19, 2021, the Company’s Board of Trustees declared a dividend of $0.22 per share for the third quarter of 2021, which was paid on October 15, 2021 to common shareholders of record as of September 30, 2021.

12

---

Financial Supplement						Third Quarter 2021

2021 Outlook

The Company’s annual AFFO per share guidance remains $1.15 - $1.20. Refer to page 43 of this Financial Supplement for the details of our annual guidance including updates to certain components. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Wednesday, November 3, 2021 at 5:00 p.m. Eastern Time to discuss third quarter 2021 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-300-8521 or 1-412-317-6026. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 10160966. The telephone replay will be available starting shortly after the call until November 17, 2021.

The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.

About the Company

Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 248 temperature-controlled warehouses, with over 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA and same store segment revenue and contribution. A reconciliation from U.S. GAAP net (loss) income available to common shareholders to FFO, a reconciliation from FFO to core FFO and AFFO, and definitions of FFO, and core FFO are included within the supplemental. A reconciliation from U.S. GAAP net (loss) income available to common shareholders to EBITDAre and Core EBITDA, a definition of Core EBITDA and definitions of net debt to Core EBITDA are included within the supplemental.

Forward-Looking Statements

This document contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: uncertainties and risks related to public

13

---

Financial Supplement						Third Quarter 2021

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 generally 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 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; inflation and supply chain disruptions; 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; labor availability; changes in applicable governmental regulations and tax legislation, including in the international markets and proposed tax legislation proposed by the Biden administration; 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 agreements, including substantial dilution to our earnings per share or substantial cash payment obligations.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements included in this document include, among others, statements about our expected acquisition and expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended

14

---

Financial Supplement						Third Quarter 2021

December 31, 2020, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contacts:

Americold Realty Trust

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

15

---

    

Financial Supplement						Third Quarter 2021

                                        

Selected Quarterly Financial Data

In thousands, except per share amounts - unaudited			As of
Capitalization:			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
Fully diluted common shares outstanding at quarter end(1)			269,073			263,676			257,392			256,829			208,764
Common stock share price at quarter end			$29.05			$37.85			$38.47			$37.73			$35.75
Market value of common equity			$7,816,571			$9,980,137			$9,901,870			$9,690,158			$7,463,313
Gross debt (2)			$2,998,817			$2,874,481			$2,778,873			$2,975,204			$2,034,087
Less: cash and cash equivalents			152,770			316,077			287,691			621,051			173,913
Net debt			$2,846,047			$2,558,404			$2,491,182			$2,354,153			$1,860,174
Total enterprise value			$10,662,618			$12,538,541			$12,393,052			$12,044,311			$9,323,487
Net debt / total enterprise value			26.7		%	20.4		%	20.1		%	19.5		%	20.0		%
Net debt to pro forma Core EBITDA(2)			5.49x			4.88x			4.79x			4.43x			4.34x
			Three Months Ended
Selected Operational Data:			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
Warehouse segment revenue			$542,047			$503,734			$485,451			$407,811			$388,024
Total revenue			708,808			654,707			634,795			523,678			497,458
Operating income			31,535			22,905			14,226			26,771			37,457
Net income (loss)			5,308			(13,399)			(14,236)			(43,992)			12,374
Total warehouse segment contribution (NOI) (3)			144,992			144,379			146,181			145,672			127,756
Total segment contribution (NOI) (3)			155,771			155,289			157,240			152,439			135,319
Selected Other Data:
Core EBITDA (4)			$114,661			$118,339			$117,789			$117,213			$104,075
Core funds from operations (1)			61,476			38,620			62,546			81,907			58,626
Adjusted funds from operations (1)			69,595			71,743			75,921			76,882			62,741
Earnings Measurements:
Net income (loss) per share - basic			$0.02			$(0.05)			$(0.06)			$(0.21)			$0.06
Net income (loss) per share - diluted			$0.02			$(0.05)			$(0.06)			$(0.21)			$0.06
Core FFO per diluted share (4)			$0.23			$0.15			$0.24			$0.39			$0.28
AFFO per diluted share (4)			$0.27			$0.28			$0.30			$0.37			$0.30
Dividend distributions declared per common share (5)			$0.22			$0.22			$0.22			$0.21			$0.21
Diluted AFFO payout ratio (6)			81.5		%	78.6		%	73.3		%	56.8		%	70.0		%
Portfolio Statistics:
Total global warehouses			248			246			242			238			185
Average economic occupancy			75.9		%	75.2		%	77.0		%	79.2		%	77.2		%
Average physical occupancy			69.3		%	68.8		%	70.3		%	72.3		%	69.9		%
Total global same-store warehouses			162			162			162			135			135

16

---

    

Financial Supplement						Third Quarter 2021

                                        

(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			09/30/2021			12/31/2020
Total debt			$	2,987,371		$	2,959,252
Deferred financing costs			11,446			15,952
Gross debt			$2,998,817			$2,975,204
Adjustments:
Less: cash and cash equivalents			152,770			621,051
Net debt			$	2,846,047		$	2,354,153
Core EBITDA - last twelve months			$468,002			$425,910
Core EBITDA from acquisitions (a)			50,376			105,362
Pro forma Core EBITDA - last twelve months			$518,378			$531,272
Net debt to pro forma Core EBITDA			5.49x			4.43x
(a) As of September 30, 2021, amount includes one month of Core EBITDA from the Halls acquisition, three months of Core EBITDA from the Agro acquisition, five months of Core EBITDA from the Liberty acquisition, seven months of Core EBITDA from the KMT Brrr! acquisition, eight months of Core EBITDA from the Bowman Stores acquisition, 10 months of Core EBITDA from the Coldco acquisition, and 11 months of Core EBITDA from the Forem acquisition prior to Americold’s ownership of the respective acquired entities.
(3) Reconciliation of segment contribution (NOI)
			Three Months Ended
			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
Warehouse segment contribution (NOI)			$144,992			$144,379			$146,181			$145,672			$127,756
Third-party managed segment contribution (NOI)			4,551			1,693			4,382			1,767			3,393
Transportation segment contribution (NOI)			6,251			9,250			6,703			5,043			4,187
Other segment contribution (NOI)			(23)			(33)			(26)			(43)			(17)
Total segment contribution (NOI)			$155,771			$155,289			$157,240			$152,439			$135,319
Depreciation and amortization			(70,569)			(84,459)			(77,211)			(58,319)			(53,569)
Selling, general and administrative			(45,545)			(42,475)			(45,052)			(39,536)			(35,969)
Acquisition, litigation and other			(6,338)			(3,922)			(20,751)			(26,535)			(5,282)
Gain (loss) from sale of real estate			—			—			—			676			(427)
Impairment of long-lived assets			(1,784)			(1,528)			—			(1,954)			(2,615)
U.S. GAAP operating income			$31,535			$22,905			$14,226			$26,771			$37,457
(4) See “Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO” and “Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA” pages 20-22
(5) Distributions per common share			Three Months Ended
			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
Distributions declared on common shares during the quarter			$59,026			$57,897			$56,029			$53,820			$43,282
Common shares outstanding at quarter end			266,769			261,015			252,520			251,703			203,680
Distributions declared per common share of beneficial interest			$0.22			$0.22			$0.22			$0.21			$0.21
(6) Calculated as distributions declared on common shares divided by AFFO per weighted average diluted share

17

---

    

Financial Supplement						Third Quarter 2021

                                        

Financial Information

Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
			September 30,						December 31,
			2021						2020
Assets
Property, buildings and equipment:
Land			$	769,720					$	662,885
Buildings and improvements			4,057,597						4,004,824
Machinery and equipment			1,297,087						1,177,572
Assets under construction			402,576						303,531
			6,526,980						6,148,812
Accumulated depreciation			(1,563,868)						(1,382,298)
Property, buildings and equipment – net			4,963,112						4,766,514
Operating lease right-of-use assets			385,341						291,797
Accumulated depreciation – operating leases			(48,978)						(24,483)
Operating leases – net			336,363						267,314
Financing leases:
Buildings and improvements			13,550						60,513
Machinery and equipment			148,724						109,416
			162,274						169,929
Accumulated depreciation – financing leases			(56,686)						(40,937)
Financing leases – net			105,588						128,992
Cash, cash equivalents and restricted cash			152,770						621,051
Accounts receivable – net of allowance of $17,017 and $12,286 at September 30, 2021 and December 31, 2020, respectively			368,179						324,221
Identifiable intangible assets – net			1,011,102						797,423
Goodwill			1,039,850						794,335
Investments in partially owned entities			38,571						44,907
Other assets			112,019						86,394
Total assets			$	8,127,554					$	7,831,151
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit			$	305,664					$	—
Accounts payable and accrued expenses			577,721						552,547
Mortgage notes, senior unsecured notes and term loans – net of deferred financing costs of $11,446 and $15,952 in the aggregate, at September 30, 2021 and December 31, 2020, respectively			2,400,593						2,648,266
Sale-leaseback financing obligations			182,979						185,060
Financing lease obligations			98,135						125,926
Operating lease obligations			316,457						269,147
Unearned revenue			22,114						19,209
Pension and postretirement benefits			7,247						9,145
Deferred tax liability – net			193,194						220,502
Multiemployer pension plan withdrawal liability			8,267						8,528
Total liabilities			4,112,371						4,038,330
Equity
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – 500,000,000 and 325,000,000 authorized shares; 266,769,008 and 251,702,603 issued and outstanding at September 30, 2021 and December 31, 2020, respectively			2,668						2,517
Paid-in capital			5,110,432						4,687,823
Accumulated deficit and distributions in excess of net earnings			(1,090,595)						(895,521)
Accumulated other comprehensive loss			(13,477)						(4,379)
Total shareholders’ equity			4,009,028						3,790,440
Noncontrolling interests:
Noncontrolling interests in operating partnership and consolidated joint venture			6,155						2,381
Total equity			4,015,183						3,792,821
Total liabilities and equity			$	8,127,554					$	7,831,151

18

---

    

Financial Supplement						Third Quarter 2021

                                        

Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Revenues:
Rent, storage and warehouse services			$	542,047					$	388,024					$	1,531,232					$	1,141,503
Third-party managed services			87,782						75,338						233,027						213,213
Transportation services			78,979						34,096						234,051						104,874
Other			—						—						—						4,459
Total revenues			708,808						497,458						1,998,310						1,464,049
Operating expenses:
Rent, storage and warehouse services cost of operations			397,055						260,268						1,095,680						766,842
Third-party managed services cost of operations			83,231						71,945						222,401						202,752
Transportation services cost of operations			72,728						29,909						211,847						91,110
Cost of operations related to other revenues			23						17						82						4,286
Depreciation and amortization			70,569						53,569						232,239						157,572
Selling, general and administrative			45,545						35,969						133,072						105,202
Acquisition, litigation and other			6,338						5,282						31,011						9,771
Impairment of long-lived assets			1,784						2,615						3,312						6,282
Loss (gain) from sale of real estate			—						427						—						(21,448)
Total operating expenses			677,273						460,001						1,929,644						1,322,369
Operating income			31,535						37,457						68,666						141,680
Other (expense) income:
Interest expense			(25,303)						(23,066)						(77,838)						(70,114)
Loss on debt extinguishment, modifications and termination of derivative instruments			(627)						—						(5,051)						(781)
Other, net			(523)						(1,198)						(147)						232
Income (loss) before income tax (expense) benefit			5,082						13,193						(14,370)						71,017
Income tax (expense) benefit
Current			(3,336)						(2,103)						(6,953)						(6,823)
Deferred			3,562						1,284						(1,004)						4,353
Total income tax benefit (expense)			226						(819)						(7,957)						(2,470)
Net income (loss)			$	5,308					$	12,374					$	(22,327)					$	68,547
Net income attributable to non controlling interests			14						—						163						—
Net income (loss) attributable to Americold Realty Trust			$	5,294					$	12,374					$	(22,490)					$	68,547
Weighted average common shares outstanding – basic			261,865						204,289						256,129						202,380
Weighted average common shares outstanding – diluted			262,550						208,500						256,129						206,051
Net income (loss) per common share of beneficial interest - basic			$	0.02					$	0.06					$	(0.09)					$	0.33
Net income (loss) per common share of beneficial interest - diluted			$	0.02					$	0.06					$	(0.09)					$	0.33

19

---

    

Financial Supplement						Third Quarter 2021

                                        

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
			Three Months Ended																		YTD 2021
			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
Net income (loss)			$	5,308		$	(13,399)		$	(14,236)		$	(43,992)		$	12,374					$	(22,327)
Adjustments:
Real estate related depreciation			48,217			44,871			52,280			39,128			36,289						145,368
Net (gain) loss on sale of real estate, net of withholding taxes (b)			—			—			—			(676)			427						—
Net (gain) loss on asset disposals			(1)			(13)			(39)			888			1,160						(53)
Impairment charges on real estate assets			224			1,528			—			2,449			—						1,752
Our share of reconciling items related to partially owned entities			463			861			266			182			111						1,590
NAREIT Funds from operations			$	54,211		$	33,848		$	38,271		$	(2,021)		$	50,361					126,330
Adjustments:
Net (gain) loss on sale of non-real estate assets			(171)			(304)			(119)			1,112			(100)						(594)
Non-core asset impairment			—			—			—			(495)			2,615						—
Acquisition, litigation and other			6,338			3,922			20,751			26,535			5,282						31,011
Share-based compensation expense, IPO grants			—			—			163			200			196						163
Bridge loan commitment fees			—			—			—			2,438			—						—
Loss on debt extinguishment, modifications and termination of derivative instruments			627			925			3,499			9,194			—						5,051
Foreign currency exchange loss (gain)			349			140			(173)			44,905			196						316
Our share of reconciling items related to partially owned entities			122			89			154			39			76						365
Core FFO applicable to common shareholders			$	61,476		$	38,620		$	62,546		$	81,907		$	58,626					162,642
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability			1,088			1,085			1,148			1,202			1,203						3,321
Non-real estate asset impairment			1,560			—			—			—			—						1,560
Amortization of below/above market leases			1,017			362			39			37			39						1,418
Straight-line net rent			411			(170)			(155)			(324)			(87)						86
Deferred income tax (benefit) expense			(3,562)			6,568			(2,002)			(9,379)			(1,284)						1,004
Share-based compensation expense, excluding IPO grants			4,291			5,467			4,867			4,371			4,373						14,625
Non-real estate depreciation and amortization			22,352			39,588			24,931			19,191			17,280						86,871
Maintenance capital expenditures (a)			(18,938)			(20,488)			(15,731)			(20,291)			(17,534)						(55,157)
Our share of reconciling items related to partially owned entities			(100)			711			278			168			125						889
Adjusted FFO applicable to common shareholders			$	69,595		$	71,743		$	75,921		$	76,882		$	62,741					217,259

20

---

    

Financial Supplement						Third Quarter 2021

                                        

Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
			Three Months Ended																		YTD 2021
			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
NAREIT Funds from operations			$	54,211		$	33,848		$	38,271		$	(2,021)		$	50,361					$	126,330
Core FFO applicable to common shareholders			$	61,476		$	38,620		$	62,546		$	81,907		$	58,626					$	162,642
Adjusted FFO applicable to common shareholders			$	69,595		$	71,743		$	75,921		$	76,882		$	62,741					$	217,259
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation			261,865			253,213			252,938			205,984			204,289						$	256,129
Dilutive stock options, unvested restricted stock units, equity forward contracts			685			3,544			3,226			3,944			4,211						2,494
Weighted average dilutive shares			262,550			256,757			256,164			209,928			208,500						$	258,623
NAREIT FFO - basic per share			$	0.21		$	0.13		$	0.15		$	(0.01)		$	0.25					$	0.49
NAREIT FFO - diluted per share			$	0.21		$	0.13		$	0.15		$	(0.01)		$	0.24					$	0.49
Core FFO - basic per share			$	0.23		$	0.15		$	0.25		$	0.40		$	0.29					$	0.64
Core FFO - diluted per share			$	0.23		$	0.15		$	0.24		$	0.39		$	0.28					$	0.63
Adjusted FFO - basic per share			$	0.27		$	0.28		$	0.30		$	0.37		$	0.31					$	0.85
Adjusted FFO - diluted per share			$	0.27		$	0.28		$	0.30		$	0.37		$	0.30					$	0.85

(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.

21

---

    

Financial Supplement						Third Quarter 2021

                                        

Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
			Three Months Ended																		Trailing Twelve Months Ended
			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20						Q3 2021
Net income (loss)			$	5,308		$	(13,399)		$	(14,236)		$	(43,992)		$	12,374					$	(66,319)
Adjustments:
Depreciation and amortization			70,569			84,459			77,211			58,319			53,569						290,558
Interest expense			25,303			26,579			25,956			21,367			23,066						99,205
Income tax (benefit) expense			(226)			8,974			(791)			(9,397)			819						(1,440)
EBITDA			$	100,954		$	106,613		$	88,140		$	26,297		$	89,828					$	411,832
Adjustments:
Net (gain) loss on sale of real estate, net of withholding taxes			—			—			—			(676)			427						(676)
Adjustment to reflect share of EBITDAre of partially owned entities			1,854			1,838			649			432			293						4,773
NAREIT EBITDAre			$	102,808		$	108,451		$	88,789		$	26,053		$	90,548					$	416,649
Adjustments:
Acquisition, litigation and other			6,338			3,922			20,751			26,535			5,282						57,546
Bridge loan commitment fees			—			—			—			2,438			—						2,438
Loss (income) from investments in partially owned entities			490			61			700			(4)			98						1,247
Asset impairment			1,784			1,528			—			1,954			2,615						5,266
Foreign currency exchange loss (gain)			349			140			(173)			44,905			196						45,221
Share-based compensation expense			4,291			5,467			5,030			4,571			4,569						19,359
Loss on debt extinguishment, modifications and termination of derivative instruments			627			925			3,499			9,194			—						14,245
(Gain) loss on real estate and other asset disposals			(172)			(317)			(158)			1,999			1,060						1,352
Reduction in EBITDAre from partially owned entities			(1,854)			(1,838)			(649)			(432)			(293)						(4,773)
Core EBITDA			$	114,661		$	118,339		$	117,789		$	117,213		$	104,075					$	468,002

22

---

    

Financial Supplement						Third Quarter 2021

                                        

Acquisition, Litigation and Other

Dollars in thousands

This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our Quarterly Report on Form 10-Q.

			Three Months Ended September 30,												Nine Months Ended September 30,
Acquisition, litigation and other			2021						2020						2021						2020
Acquisition and integration related costs			$	6,301					$	4,861					$	22,851					$	8,278
Litigation			825						258						942						258
Severance costs			149						(50)						2,850						1,022
Terminated site operations costs			6						(520)						78						(520)
Cyber incident related costs, net of insurance recoveries			(943)						—						3,539						—
Other			—						733						751						733
Total acquisition, litigation and other			$	6,338					$	5,282					$	31,011					$	9,771

23

---

    

Financial Supplement						Third Quarter 2021

                                        

Debt Detail and Maturities
(In thousands - unaudited)
			As of September 30, 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(1)(2)(7)(10)			$	43,368					C+0.85%						1.91%						3/2025
2020 Senior Unsecured Revolving Credit Facility-2(1)(2)(9)(11)			92,296						S+0.85%						1.53%						3/2025
2020 Senior Unsecured Revolving Credit Facility-3(1)(2)			170,000						L+0.85%						1.56%						3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-1(2)(6)			125,000						L+0.95%						1.41%						3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-2(2)(7)			197,124						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)			463,200						1.62%						1.67%						1/2031
Series E notes(8)			405,300						1.65%						1.70%						1/2033
Total Unsecured Debt			2,446,288						2.63%						2.78%						7.2 years
2013 Mortgage Loans (15 cross-collateralized warehouses)
Senior Note			169,415						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			271,415						5.64%						5.92%						1.6 years
Total Real Estate Debt			$	2,717,703					2.93%						3.09%						6.7 years
Sale-leaseback financing obligations			182,979						10.97%
Financing lease obligations			98,135						3.75%
Total Debt Outstanding			$	2,998,817					3.45%
Less: unamortized deferred financing costs			(11,446)
Total Book Value of Debt			$	2,987,371
Rate Type									% of Total
Fixed			$	2,371,029					79%
Variable			627,788						21%
Total Debt Outstanding			$	2,998,817					100%
Debt Type									% of Total
Unsecured			$	2,446,288					82%
Secured			552,529						18%
Total Debt Outstanding			$	2,998,817					100%

(1)Revolver maturity assumes two six-month extension options. The borrowing capacity as of September 30, 2021 is $1 billion less $22.3 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $1 billion committed.

(2)L = one-month LIBOR; C = one-month CDOR; G = one-month GBP LIBOR; S = Sterling Overnight Interbank Average Rate.

(3)Interest rates as of September 30, 2021. At September 30, 2021, the one-month LIBOR rate on our Senior Unsecured Term Loan Tranche A-1 was 0.08%. At September 30, 2021, the one-month CDOR rate on our Senior Unsecured Term Loan Tranche A-2 was 0.43%. At September 30, 2021, the Sterling Overnight Interbank Average Rate on our 2020 Senior Unsecured Revolving Credit Facility-2 was 0.05%. Subtotals of stated contractual interest rates represent weighted average interest rates. Rates for sale-leasebacks and financing lease obligations represent weighted average interest rates.

(4)The effective interest rates presented include the amortization of loan costs. Subtotals of stated effective interest rates represent weighted average interest rates.

(5)Subtotals of stated maturity dates represent remaining weighted average life of the debt.

(6)On January 29, 2021, the Company repaid $200 million USD of the Term Loan A Facility Tranche A-1 using cash on the balance sheet and increased the borrowing capacity of Revolver from $800 million to $1 billion.

(7)Assumes CAD/USD exchange rate of 0.789.

(8)Assumes an EUR/USD exchange rate of 1.158.

(9)Assumes GBP/USD exchange rate of 1.347.

(10)The Senior Unsecured Revolving Credit Facility Draw 1 balance as of September 30, 2021 is CAD $55.0 million. The carrying value in the table above is the US dollar equivalent as of September 30, 2021.

(11)The Senior Unsecured Revolving Credit Facility Draw 2 balance as of September 30, 2021 is GBP $68.5 million. The carrying value in the table above is the US dollar equivalent as of September 30, 2021.

24

---

    

Financial Supplement						Third Quarter 2021

                                        

Operations Overview

Revenue and Contribution by Segment
(in thousands - unaudited)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Segment revenues:
Warehouse			$	542,047					$	388,024					$	1,531,232					$	1,141,503
Third-party managed			87,782						75,338						233,027						213,213
Transportation			78,979						34,096						234,051						104,874
Other			—						—						—						4,459
Total revenues			708,808						497,458						1,998,310						1,464,049
Segment contribution:
Warehouse			144,992						127,756						435,552						374,661
Third-party managed			4,551						3,393						10,626						10,461
Transportation			6,251						4,187						22,204						13,764
Other			(23)						(17)						(82)						173
Total segment contribution			155,771						135,319						468,300						399,059
Reconciling items:
Depreciation and amortization			(70,569)						(53,569)						(232,239)						(157,572)
Selling, general and administrative			(45,545)						(35,969)						(133,072)						(105,202)
Acquisition, litigation and other			(6,338)						(5,282)						(31,011)						(9,771)
Impairment of long-lived assets			(1,784)						(2,615)						(3,312)						(6,282)
Gain (loss) from sale of real estate			—						(427)						—						21,448
Interest expense			(25,303)						(23,066)						(77,838)						(70,114)
Loss on debt extinguishment, modifications and termination of derivative instruments			(627)						—						(5,051)						(781)
Other, net			(523)						(1,198)						(147)						232
Income (loss) before income tax (expense) benefit			$	5,082					$	13,193					$	(14,370)					$	71,017

We view and manage our business through three primary business segments—warehouse, third-party managed and transportation. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, blast freezing, case-picking, kitting and repackaging and other recurring handling services.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services to many of our key customers underscores our ability to offer a complete and integrated suite of services across the cold chain.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation services, we charge a fixed fee.

In addition to our primary business segments, we owned a limestone quarry in Carthage, Missouri. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020.

25

---

    

Financial Supplement						Third Quarter 2021

                                        

Global Warehouse Economic and Physical Occupancy Trend

FY

Q1

Q2

Q3

Q4

Note: Dotted lines represent incremental economic occupancy percentage.

We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

Historically, providers of temperature-controlled warehouse space have offered storage services to customers on an as-utilized, on-demand basis. We have entered into fixed storage commitments with certain customers which give us, among other things, additional clarity around the expected occupancy of our warehouses. As of September 30, 2021, we had entered into contracts featuring fixed storage commitments or leases with 165 of our customers in our warehouse segment. Customers with fixed storage provisions commit to occupy a certain number of pallets at a designated storage rate for the applicable portion of their contractual term, whether the customer elects to physically store goods in a warehouse or not. As a result, certain pallets in our warehouses may generate storage revenue pursuant to fixed storage commitments despite not being physically occupied. We refer to economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period. To the extent that a customer with a fixed storage provision elects not to utilize all of its committed pallets in a particular warehouse, we have the flexibility to deploy those pallets to facilitate shorter-term customers that desire space on an as-utilized, on demand basis.

26

---

Financial Supplement						Third Quarter 2021

Global Warehouse Portfolio

Unaudited

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						38						293.4						21		%				938						81		%				73		%				$	315.5					$	79.2					1,022
Southeast						60						340.2						24		%				1,083						74		%				67		%				325.1						82.8						880
Central						51						305.8						22		%				1,299						75		%				68		%				325.7						108.8						938
West						38						234.5						17		%				986						66		%				59		%				207.5						65.7						627
Canada						7						34.9						2		%				115						82		%				82		%				30.3						11.6						104
North America Total / Average						194						1,208.8						85		%				4,421						74		%				67		%				$	1,204.1					$	348.1					2,624
Netherlands						7						36.7						3		%				123						77		%				77		%				52.1						10.7						463
United Kingdom & Northern Ireland						6						40.1						3		%				242						87		%				87		%				29.9						9.9						125
Spain						4						15.2						1		%				53						61		%				61		%				14.0						2.7						319
Portugal						4						11.5						1		%				53						85		%				85		%				12.9						4.0						220
Ireland						3						9.5						1		%				35						100		%				100		%				10.3						4.0						126
Austria						1						4.2						—		%				42						88		%				88		%				16.4						4.5						153
Poland						2						3.5						—		%				14						79		%				79		%				3.4						0.2						81
Europe Total						27						120.7						9		%				562						83		%				83		%				$	139.0					$	36.0					1,348
Australia						8						50.5						4		%				157						93		%				78		%				149.7						37.4						89
New Zealand						7						20.4						1		%				65						90		%				82		%				25.1						9.7						60
Asia-Pacific Total						15						70.9						5		%				222						92		%				79		%				$	174.8					$	47.1					144
Argentina						2						9.7						1		%				23						67		%				67		%				5.7						1.2						47
Chile						1						7.6						1		%				23						104		%				104		%				7.6						3.2						26
South America Total						3						17.3						1		%				46						86		%				86		%				$	13.3					$	4.4					73
Warehouse Segment Total / Average						239						1,417.7						100		%				5,250						86		%				82		%				$	1,531.2					$	435.6					4,305
Third-Party Managed Portfolio
United States						7						38.5						88		%				—						—						—						$	215.3					$	7.3					4
Canada						1						5.3						12		%				—						—						—						1.9						0.4						1
North America Total / Average						8						43.8						100		%				—						—						—						$	217.2					$	7.7					5
Asia-Pacific						1						—						—		%				—						—						—						15.8						2.9						1
Third-Party Managed Total / Average						9						43.8						100		%				—						—						—						$	233.0					$	10.6					6
Portfolio Total / Average						248						1,461.5						100		%				5,250						76		%				70		%				$	1,764.2					$	446.2					4,305

(1)Refer to the preceding section Global Warehouse Economic and Physical Occupancy Trend for our definitions of economic occupancy and physical occupancy.

(2)Nine months ended September 30, 2021.

(3)We use the term “segment contribution (NOI)” to mean a segment’s revenues less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, litigation and other expenses and gain or loss on sale of real estate). The applicable segment contribution (NOI) from our owned and leased warehouses and our third-party managed warehouses is included in our warehouse segment contribution (NOI) and third-party managed segment contribution (NOI), respectively.

(4)We serve some of our customers in multiple geographic regions and in multiple facilities within geographic regions. As a result, the total number of customers that we serve is less than the total number of customers reflected in the table above that we serve in each geographic region.

(5)As of September 30, 2021, we owned 149 of our U.S. warehouses and 41 of our international warehouses, and we leased 38 of our U.S. warehouses and eleven of our international warehouses. As of September 30, 2021, fifteen of our owned facilities were located on land that we lease pursuant to long-term ground leases.

27

---

    

Financial Supplement						Third Quarter 2021

                                        

_______________________________________________

(1)Retail reflects a broad variety of product types from retail customers.

(2)Packaged foods reflects a broad variety of temperature-controlled meals and foodstuffs.

(3)Distributors reflects a broad variety of product types from distributor customers.

____________________

Note: September 30, 2021 LTM Revenue and NOI pro forma 2020 and 2021 acquisitions.

September 30, 2021 warehouse segment cubic feet includes all 2020 and 2021 acquisitions.

Totals may not foot due to rounding.

28

---

    

Financial Supplement						Third Quarter 2021

                                        

Fixed Commitment and Lease Maturity Schedules

Unaudited

The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of September 30, 2021. The information set forth in the table assumes no exercise of extension options under these contracts and leases.

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 September 30, 2021						Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Twelve Months Ended September 30, 2021(1) (in thousands)						Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month						39						$	27,457					3.1		%				$	128,005					$	27,457
2021						26						15,884						1.8		%				90,751						15,900
2022						79						93,577						10.6		%				198,772						94,047
2023						49						75,051						8.5		%				151,078						77,919
2024						39						44,328						5.0		%				107,931						48,094
2025						13						21,218						2.4		%				42,018						23,113
2026						14						37,163						4.2		%				53,873						39,694
2027						5						6,112						0.7		%				10,672						6,584
2028						2						1,129						0.1		%				4,576						1,133
2029 and thereafter						9						23,862						2.7		%				100,787						28,241
Total						275						$	345,781					39.1		%				$	888,463					$	362,182

____________________

Note: September 30, 2021 LTM total revenue and rent and storage revenue pro forma 2020 and 2021 acquisitions.

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of September 30, 2021, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended September 30, 2021, multiplied by 12.

(2)Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of September 30, 2021 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

29

---

    

Financial Supplement						Third Quarter 2021

                                        

The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of September 30, 2021. These leases had a weighted average remaining term of 46 months as of September 30, 2021.

Lease Expiration Year						No. of Leases Expiring						Annualized Rent(1) (in thousands)						% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended September 30, 2021						Leased Square Footage (in thousands)						% Leased Square Footage						Annualized Rent at Expiration(2) (in thousands)
Month-to-Month						3						$	771					0.1		%				22						0.7		%				$	771
2021						12						1,496						0.2		%				175						5.9		%				1,496
2022						25						8,970						1.0		%				472						15.8		%				9,177
2023						9						5,118						0.6		%				707						23.7		%				5,433
2024						9						3,699						0.4		%				710						23.8		%				3,893
2025						7						4,343						0.5		%				299						10.0		%				4,701
2026 and thereafter						11						8,147						1.0		%				599						20.1		%				10,325
Total						76						$	32,544					3.8		%				2,984						100		%				$	35,796

____________________

Note: September 30, 2021 LTM rent and storage revenue pro forma 2020 and 2021 acquisitions.

(1)Represents monthly rental payments under the relevant leases as of September 30, 2021, multiplied by 12.

(2)Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.

30

---

    

Financial Supplement						Third Quarter 2021

                                        

Maintenance Capital Expenditures, Repair and Maintenance Expenses and

External Growth, Expansion and Development Capital Expenditures

We utilize a strategic and preventative approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and ensure that our warehouses meet the “mission-critical” role they serve in the cold chain.

Maintenance Capital Expenditures

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(In thousands, except per cubic foot amounts)
Real estate			$	14,497					$	15,896					$	45,398					$	39,425
Personal property			1,231						906						4,441						3,967
Information technology			3,210						732						5,318						1,864
Maintenance capital expenditures (1)			$	18,938					$	17,534					$	55,157					$	45,256
Maintenance capital expenditures per cubic foot			$	0.013					$	0.016					$	0.038					$	0.041

Repair and Maintenance Expenses

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(In thousands, except per cubic foot amounts)
Real estate			$	6,435					$	7,333					$	20,760					$	21,278
Personal property			15,655						7,368						40,731						22,766
Repair and maintenance expenses			$	22,090					$	14,701					$	61,491					$	44,044
Repair and maintenance expenses per cubic foot			$	0.015					$	0.013					$	0.042					$	0.040

External Growth, Expansion and Development Capital Expenditures

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(In thousands)
Acquisitions, net of cash acquired and adjustments			$	400,987					$	108,040					$	616,316					$	423,708
Expansion and development initiatives(1)			75,960						59,806						243,072						174,585
Information technology			1,682						2,189						5,255						5,169
Growth and expansion capital expenditures			$	478,629					$	170,035					$	864,643					$	603,462

(1) We capitalized interest of $2.7 million and $1.0 million for the three months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021 and 2020, we capitalized interest of $8.4 million and $2.2 million, respectively. During the three months ended September 30, 2021 and 2020, we capitalized amounts relating to insurance, property taxes, and compensation and travel expense of employees direct and incremental to development of properties of approximately $1.0 million and $0.2 million, respectively, and during each of the nine months ended September 30, 2021 and 2020, we capitalized $2.5 million and , $0.6 million respectively. Additionally, this amount excludes $9.1 million of deferred acquisition maintenance capital expenditures incurred for the nine months ended September 30, 2021.

31

---

    

Financial Supplement						Third Quarter 2021

                                        

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended September 30, 2021 and 2020.

			Three Months Ended September 30,																		Change
			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
			(Dollars in thousands - unaudited)
Rent and storage			$	225,234					$	224,210					$	166,355					35.4		%				34.8		%
Warehouse services			316,813						315,105						221,669						42.9		%				42.2		%
Total warehouse segment revenue			$	542,047					$	539,315					$	388,024					39.7		%				39.0		%
Power			38,931						38,774						27,145						43.4		%				42.8		%
Other facilities costs (2)			53,050						52,533						35,752						48.4		%				46.9		%
Labor			245,515						244,106						166,491						47.5		%				46.6		%
Other services costs (3)			59,559						59,447						30,880						92.9		%				92.5		%
Total warehouse segment cost of operations			$	397,055					$	394,860					$	260,268					52.6		%				51.7		%
Warehouse segment contribution (NOI)			$	144,992					$	144,455					$	127,756					13.5		%				13.1		%
Warehouse rent and storage contribution (NOI) (4)			$	133,253					$	132,903					$	103,458					28.8		%				28.5		%
Warehouse services contribution (NOI) (5)			$	11,739					$	11,552					$	24,298					(51.7)		%				(52.5)		%
Total warehouse segment margin			26.7		%				26.8		%				32.9		%				-618 bps						-614 bps
Rent and storage margin(6)			59.2		%				59.3		%				62.2		%				-303 bps						-291 bps
Warehouse services margin(7)			3.7		%				3.7		%				11.0		%				-726 bps						-730 bps

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $11.2 million and $3.4 million for the third quarter 2021 and 2020, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.9 million and $2.2 million for the third quarter of 2021 and 2020, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

32

---

    

Financial Supplement						Third Quarter 2021

                                        

The following table presents the operating results of our warehouse segment for the nine months ended September 30, 2021 and 2020.

			Nine Months Ended September 30,																		Change
			2021 actual						2021 constant currency(1)						2020 actual						Actual						Constant currency
			(Dollars in thousands)
Rent and storage			$	642,787					$	633,774					$	492,328					30.6		%				28.7		%
Warehouse services			888,445						869,710						649,175						36.9		%				34.0		%
Total warehouse segment revenues			1,531,232						1,503,484						1,141,503						34.1		%				31.7		%
Power			97,315						96,098						68,918						41.2		%				39.4		%
Other facilities costs (2)			155,143						152,699						102,499						51.4		%				49.0		%
Labor			684,475						669,918						502,087						36.3		%				33.4		%
Other services costs (3)			158,747						156,781						93,338						70.1		%				68.0		%
Total warehouse segment cost of operations			$	1,095,680					$	1,075,496					$	766,842					42.9		%				40.3		%
Warehouse segment contribution (NOI)			$	435,552					$	427,988					$	374,661					16.3		%				14.2		%
Warehouse rent and storage contribution (NOI) (4)			$	390,329					$	384,977					$	320,911					21.6		%				20.0		%
Warehouse services contribution (NOI) (5)			$	45,223					$	43,011					$	53,750					(15.9)		%				(20.0)		%
Total warehouse segment margin			28.4		%				28.5		%				32.8		%				-438 bps						-436 bps
Rent and storage margin(6)			60.7		%				60.7		%				65.2		%				-446 bps						-444 bps
Warehouse services margin(7)			5.1		%				4.9		%				8.3		%				-319 bps						-333 bps

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $30.7 million and $9.2 million, on an actual basis, for the nine months ended September 30, 2021 and 2020, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $8.7 million and $7.5 million, on an actual basis, for the nine months ended September 30, 2021 and 2020, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

33

---

    

Financial Supplement						Third Quarter 2021

                                        

Same-store Financial Performance - The following table presents revenues, cost of operations, contribution (NOI) and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the three months ended September 30, 2021 and 2020.

			Three Months Ended September 30,																		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			$	157,233					$	157,108					$	154,926					1.5		%				1.4		%
Warehouse services			216,351						215,316						210,309						2.9		%				2.4		%
Total same store revenues			$	373,584					$	372,424					$	365,235					2.3		%				2.0		%
Same store cost of operations:
Power			25,676						25,721						25,497						0.7		%				0.9		%
Other facilities costs			31,743						31,700						32,859						(3.4)		%				(3.5)		%
Labor			168,426						167,673						155,114						8.6		%				8.1		%
Other services costs			30,530						30,531						28,237						8.1		%				8.1		%
Total same store cost of operations			$	256,375					$	255,625					$	241,707					6.1		%				5.8		%
Same store contribution (NOI)			$	117,209					$	116,799					$	123,528					(5.1)		%				(5.4)		%
Same store rent and storage contribution (NOI)(2)			$	99,814					$	99,687					$	96,570					3.4		%				3.2		%
Same store services contribution (NOI)(3)			$	17,395					$	17,112					$	26,958					(35.5)		%				(36.5)		%
Total same store margin			31.4		%				31.4		%				33.8		%				-245 bps						-246 bps
Same store rent and storage margin(4)			63.5		%				63.5		%				62.3		%				115 bps						112 bps
Same store services margin(5)			8.0		%				7.9		%				12.8		%				-478 bps						-487 bps
Number of non-same store warehouses(6)			77												13						n/a						n/a
Non-same store revenues:
Rent and storage			$	68,001					$	67,102					$	11,429					495.0		%				487.1		%
Warehouse services			100,462						99,789						11,360						784.3		%				778.4		%
Total non-same store revenues			$	168,463					$	166,891					$	22,789					639.2		%				632.3		%
Non-same store cost of operations:
Power			13,255						13,053						1,648						704.3		%				692.1		%
Other facilities costs			21,307						20,833						2,893						636.5		%				620.1		%
Labor			77,089						76,433						11,377						577.6		%				571.8		%
Other services costs			29,029						28,916						2,643						998.3		%				994.1		%
Total non-same store cost of operations			$	140,680					$	139,235					$	18,561					657.9		%				650.1		%
Non-same store contribution (NOI)			$	27,783					$	27,656					$	4,228					557.1		%				554.1		%
Non-same store rent and storage contribution (NOI)(2)			$	33,439					$	33,216					$	6,888					385.5		%				382.2		%
Non-same store services contribution (NOI)(3)			$	(5,656)					$	(5,560)					$	(2,660)					(112.6)		%				(109.0)		%
Total warehouse segment revenues			$	542,047					$	539,315					$	388,024					39.7		%				39.0		%
Total warehouse cost of operations			$	397,055					$	394,860					$	260,268					52.6		%				51.7		%
Total warehouse segment contribution			$	144,992					$	144,455					$	127,756					13.5		%				13.1		%

(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 77 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and ten legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership.

34

---

    

Financial Supplement						Third Quarter 2021

                                        

The following table presents revenues, cost of operations, contribution (NOI) and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the nine months ended September 30, 2021 and 2020.

			Nine Months Ended September 30,																		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)
Rent and storage			$	457,384					$	453,945					$	460,623					(0.7)		%				(1.4)		%
Warehouse services			631,694						619,336						619,002						2.1		%				0.1		%
Total same store revenues			1,089,078						1,073,281						1,079,625						0.9		%				(0.6)		%
Same store cost of operations:
Power			65,287						65,068						64,742						0.8		%				0.5		%
Other facilities costs			97,735						96,917						94,818						3.1		%				2.2		%
Labor			488,382						478,435						468,955						4.1		%				2.0		%
Other services costs			85,747						85,374						85,435						0.4		%				(0.1)		%
Total same store cost of operations			$	737,151					$	725,794					$	713,950					3.2		%				1.7		%
Same store contribution (NOI)			$	351,927					$	347,487					$	365,675					(3.8)		%				(5.0)		%
Same store rent and storage contribution (NOI)(2)			$	294,362					$	291,960					$	301,063					(2.2)		%				(3.0)		%
Same store services contribution (NOI)(3)			$	57,565					$	55,527					$	64,612					(10.9)		%				(14.1)		%
Total same store margin			32.3		%				32.4		%				33.9		%				-156 bps						-149 bps
Same store rent and storage margin(4)			64.4		%				64.3		%				65.4		%				-100 bps						-104 bps
Same store services margin(5)			9.1		%				9.0		%				10.4		%				-133 bps						-147 bps
Number of non-same store warehouses(6)			77												13						n/a						n/a
Non-same store revenues:
Rent and storage			$	185,403					$	179,829					$	31,705					484.8		%				467.2		%
Warehouse services			256,751						250,373						30,173						750.9		%				729.8		%
Total non-same store revenues			442,154						430,202						61,878						614.6		%				595.2		%
Non-same store cost of operations:
Power			32,028						31,030						4,176						667.0		%				643.1		%
Other facilities costs			57,408						55,782						7,681						647.4		%				626.2		%
Labor			196,092						191,483						33,132						491.9		%				477.9		%
Other services costs			73,000						71,407						7,904						823.6		%				803.4		%
Total non-same store cost of operations			$	358,528					$	349,702					$	52,893					577.8		%				561.1		%
Non-same store contribution (NOI)			$	83,626					$	80,500					$	8,985					830.7		%				795.9		%
Non-same store rent and storage contribution (NOI)(2)			$	95,967					$	93,017					$	19,848					383.5		%				368.6		%
Non-same store services contribution (NOI)(3)			$	(12,341)					$	(12,517)					$	(10,863)					(13.6)		%				(15.2)		%
Total warehouse segment revenues			$	1,531,232					$	1,503,484					$	1,141,503					34.1		%				31.7		%
Total warehouse cost of operations			$	1,095,680					$	1,075,496					$	766,842					42.9		%				40.3		%
Total warehouse segment contribution			$	435,552					$	427,988					$	374,661					16.3		%				14.2		%

(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 77 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and ten legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership.

35

---

    

Financial Supplement						Third Quarter 2021

                                        

Same-store Key Operating Metrics

The following table provides certain operating metrics to explain the drivers of our same store performance for the three months ended September 30, 2021 and 2020.

			Three Months Ended September 30,												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			2,878						2,942						(2.2)		%
Economic occupancy percentage			76.5		%				78.3		%				-179 bps
Same store rent and storage revenues per economic occupied pallet			$	54.62					$	52.66					3.7		%
Constant currency same store rent and storage revenue per economic occupied pallet			$	54.58					$	52.66					3.7		%
Physical occupancy(2)
Average physical occupied pallets			2,553						2,661						(4.1)		%
Average physical pallet positions			3,760						3,756						0.1		%
Physical occupancy percentage			67.9		%				70.8		%				-295 bps
Same store rent and storage revenues per physical occupied pallet			$	61.59					$	58.23					5.8		%
Constant currency same store rent and storage revenues per physical occupied pallet			$	61.54					$	58.23					5.7		%
Same store warehouse services:
Throughput pallets			7,328						7,467						(1.9)		%
Same store warehouse services revenues per throughput pallet			$	29.52					$	28.16					4.8		%
Constant currency same store warehouse services revenues per throughput pallet			$	29.38					$	28.16					4.3		%
Number of non-same store warehouses(3)			77						13						n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			1,182						202						485.5		%
Economic occupancy percentage			74.3		%				63.5		%				1086 bps
Physical occupancy(2)
Average physical occupied pallets			1,156						188						515.0		%
Average physical pallet positions			1,591						318						399.9		%
Physical occupancy percentage			72.7		%				59.1		%				1360 bps
Non-same store warehouse services:
Throughput pallets			2,814						451						523.9		%

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(3)Non-same store warehouse count of 77 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and ten legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership.

36

---

    

Financial Supplement						Third Quarter 2021

                                        

The following table provides certain operating metrics to explain the drivers of our same store performance for the nine months ended September 30, 2021 and 2020.

			Nine Months Ended September 30,
Units in thousands except per pallet and site number data - unaudited			2021						2020						Change
Number of same store sites			162						162						n/a
Same store rent and storage:
Economic occupancy(1)
Average occupied economic pallets			2,865						3,003						(4.6)		%
Economic occupancy percentage			76.2		%				80.1		%				-393 bps
Same store rent and storage revenues per economic occupied pallet			$	159.64					$	153.38					4.1		%
Constant currency same store rent and storage revenues per economic occupied pallet			$	158.44					$	153.38					3.3		%
Physical occupancy(2)
Average physical occupied pallets			2,543						2,753						(7.6)		%
Average physical pallet positions			3,762						3,750						0.3		%
Physical occupancy percentage			67.6		%				73.4		%				-582 bps
Same store rent and storage revenues per physical occupied pallet			$	179.85					$	167.31					7.5		%
Constant currency same store rent and storage revenues per physical occupied pallet			$	178.50					$	167.31					6.7		%
Same store warehouse services:
Throughput pallets (in thousands)			21,805						22,547						(3.3)		%
Same store warehouse services revenues per throughput pallet			$	28.97					$	27.45					5.5		%
Constant currency same store warehouse services revenues per throughput pallet			$	28.40					$	27.45					3.5		%
Number of non-same store sites(3)			77						13						n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			1,129						185						509.0		%
Economic occupancy percentage			75.9		%				63.3		%				1260 bps
Physical occupancy(2)
Average physical occupied pallets			1,105						176						525.9		%
Average physical pallet positions			1,488						293						407.9		%
Physical occupancy percentage			74.2		%				60.2		%				1400 bps
Non-same store warehouse services:
Throughput pallets (in thousands)			7,786						1,286						505.3		%

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(3)Non-same store warehouse count of 77 includes one recently leased warehouse in Australia, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers 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, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and ten legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership.

37

---

    

Financial Supplement						Third Quarter 2021

                                        

Same-store Historical Performance Trend

The following table reflects the actual results of our current same store pool, in USD, for the respective periods.

						Q3 21			Q2 21						Q1 21						Q4 20						Q3 20						Q2 20						Q1 20
Number of same store warehouses						162			162						162						162						162						162						162
Same store revenues:
Rent and storage						$157,233			$150,984						$149,166						$156,134						$154,926						$152,893						$152,805
Warehouse services						216,351			209,258						206,085						214,393						210,309						199,832						208,861
Total same store revenues						$373,584			$360,242						$355,251						$370,527						$365,235						$352,725						$361,666
Same store cost of operations:
Power						25,676			21,754						17,857						19,639						25,497						20,816						18,428
Other facilities costs						31,743			33,043						32,939						30,029						32,859						32,132						29,827
Labor						168,426			161,052						158,905						156,864						155,114						154,934						158,907
Other services costs						30,530			28,109						27,108						26,690						28,237						27,622						29,575
Total same store cost of operations						$256,375			$243,958						$236,809						$233,222						$241,707						$235,504						$236,737
Same store contribution (NOI)						$117,209			$116,284						$118,442						$137,305						$123,528						$117,221						$124,929
Same store rent and storage contribution (NOI)(1)						$99,814			$96,187						$98,370						$106,466						$96,570						$99,945						$104,550
Same store services contribution (NOI)(2)						$17,395			$20,097						$20,072						$30,839						$26,958						$17,276						$20,379
Total same store margin						31.4		%	32.3		%				33.3		%				37.1		%				33.8		%				33.2		%				34.5		%
Same store rent and storage margin(3)						63.5		%	63.7		%				65.9		%				68.2		%				62.3		%				65.4		%				68.4		%
Same store services margin(4)						8.0		%	9.6		%				9.7		%				14.4		%				12.8		%				8.6		%				9.8		%
Same store rent and storage:
Economic occupancy
Average economic occupied pallets						2,878			2,830						2,887						3,036						2,942						2,971						3,094
Economic occupancy percentage						76.5		%	75.2		%				76.7		%				80.7		%				78.3		%				79.2		%				82.6		%
Same store rent and storage revenues per economic occupied pallet						$54.62			$53.35						$51.67						$51.43						$52.66						$51.46						$49.39
Physical occupancy
Average physical occupied pallets						2,553			2,515						2,562						2,759						2,661						2,705						2,893
Average physical pallet positions						3,760			3,763						3,764						3,763						3,756						3,750						3,745
Physical occupancy percentage						67.9		%	66.8		%				68.1		%				73.3		%				70.8		%				72.1		%				77.3		%
Same store rent and storage revenues per physical occupied pallet						$61.59			$60.03						$58.23						$56.59						$58.23						$56.52						$52.81
Same store warehouse services:
Throughput pallets						7,328			7,351						7,125						7,453						7,467						7,333						7,747
Same store warehouse services revenues per throughput pallet						$29.52			$28.47						$28.92						$28.77						$28.17						$27.25						$26.96
Actual FX rates for the period
1 ARS =						0.010			0.011						0.011						0.013						0.014						0.015						0.016
1 AUS =						0.735			0.769						0.773						0.731						0.715						0.668						0.657
1 BRL =						0.191			0.191						0.183						0.185						0.186						0.186						0.208
1 CAD =						0.794			0.811						0.790						0.767						0.751						0.726						0.744
1 CLP =						0.001			0.001						0.001						n/a						n/a						n/a						n/a
1 EUR =						1.179			1.208						1.205						n/a						n/a						n/a						n/a
1 GBP =						1.378			1.394						1.379						n/a						n/a						n/a						n/a
1 NZD =						0.701			0.716						0.719						0.687						0.662						0.626						0.634
1 PLN =						0.258			0.267						0.265						n/a						n/a						n/a						n/a

(1)Calculated as rent and storage revenues less power and other facilities costs.

(2)Calculated as warehouse services revenues less labor and other services costs.

(3)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(4)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

38

---

Financial Supplement						Third Quarter 2021

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects

Facility

Opportunity Type

Facility Type  (A = Automated)  (C = Conventional)

Tenant Opportunity

Cubic Feet (in millions)

Pallet Positions (in thousands)

Estimated Total Cost (in millions)(1)

NOI ROIC

Completion Date

Expected Full Stabilized Quarter

Rochelle, IL(2)

Expansion

Distribution (A)

Multi-tenant

15.7

54

$106.7

7-9%

Q2 2019

Q4 2022

Chesapeake, VA

Expansion

Public (C)

Multi-tenant

4.5

12

$26.2

10-12%

Q4 2019

Q1 2021

N. Little Rock, AR

Expansion

Public(C)

Multi-tenant

3.2

12

$19.2

10-12%

Q4 2019

Q1 2021

Columbus, OH

Expansion

Public (C)

Multi-tenant

1.5

5

$7.0

14-15%

Q1 2020

Q2 2021

Savannah, GA(3)

Development

Distribution (C)

Multi-tenant

14.8

37

$69.5

7-9%

Q2 2020

Q3 2021

Atlanta, GA(4)

Expansion /Redevelopment

Distribution (A)

Multi-tenant

18.3

60

$130.0

10-15%

Q2 2021

Q1 2023

Auckland, New Zealand

Expansion

Distribution (C)

Multi-tenant

4.6

27

NZ$64.0

12-14%

Q2 2021

Q3 2022

Lurgan, Northern Ireland

Expansion

Distribution (C)

Multi-tenant

0.7

4

£6.6

10-12%

Q2 2021

Q3 2022

Calgary, Canada

Expansion

Distribution (C)

Multi-tenant

2.0

7

C$13.2

10-12%

Q3 2021

Q1 2023

(1)Cost to date through September 30, 2021, projects are substantially complete. Additional spending may be incurred for residual cost and retainage.

(2)Cost updated to reflect an additional $10 - $11 million of costs expected to be incurred over the next 12 months.

(3)Cost includes $15.9 million of development land as part of the PortFresh Holdings, LLC acquisition completed during January 2019. Given the broad market dynamics affecting our entire portfolio, we are now expecting this facility to generate a revised yield in 2022 of 7 to 9%.

(4)Site operational Q2 2021 and estimated total cost includes construction holdbacks and progress payments for automation which are expected to be paid within the next 12 months.

Expansion and Development Projects In Process and Announced

Facility Type  (A = Automated)  (C = Conventional)

Under Construction

Investment in Expansion / Development (in millions)

Expected Stabilized NOI ROIC

Target Complete Date

Expected Full Stabilized Quarter

Facility

Opportunity Type

Tenant Opportunity

Cubic Feet (millions) (1)

Pallet Positions (thousands) (1)

Cost (2)

Estimate to Complete

Total Estimated Cost

Dunkirk, NY

Development

Production Advantaged (C)

Build-to-suit

7.0

25

$12.0

$29- $33

$41 - $45

10-12%

Q2 2022

Q3 2023

Plainville, CT

Development

Distribution (A)

Build-to-suit

12.1

31

$122.2

$38.8-$51.8

$161-$174

10-12%

Q3 2022

Q4 2023

Lancaster, PA

Development

Distribution (A)

Build-to-suit

11.4

28

$114.4

$36.6-$49.6

$151-$164

10-12%

Q3 2022

Q4 2023

Dublin, Ireland

Development

Distribution (C)

Multi-tenant

6.3

20

€9.9

€17.6 - €19.6

€27.5 - €29.5

10-12%

Q3 2022

Q4 2023

Russellville, AR

Expansion

Production Advantaged (A)

Build-to-suit

13.0

42

$45.1

$35.9-$41.9

$81-$87

10-12%

Q4 2022

Q1 2024

Atlanta 2, GA

Expansion

Distribution (A)

Multi-tenant

6.3

24

$14.1

$21 - $24

$35 - $38

10-12%

Q2 2023

Q1 2025

Spearwood, Australia

Expansion

Distribution (A)

Multi-tenant

3.3

20

A$4

A$56-A$60

A$60-A$64

10-12%

Q2 2023

Q1 2025

(1)Cubic feet and pallet positions are estimates while the facilities are under construction.

(2)Cost as of September 30, 2021.

39

---

Financial Supplement						Third Quarter 2021

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%						11/2/2020						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						$57.8						7.0		%				8-9%						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%						5/28/2021						Q3 2024
ColdCo Logistics(5)						St. Louis						2						2.8						12						$20.5						10.7		%				12-13%						8/2/2021						Q4 2024
Newark Facility Management(6)						New Jersey						1						11.5						17						$376.5						6.1		%				6.5-7.5%						9/1/2021						Q4 2024
Lago Cold Stores						Australia						3						6.8						30						A$106.4						6.2		%				7-8%						11/2021 Est.						Q1 2025
Brighton(7)						Denver, CO						1						12.1						33						$59.3						5.5		%				7.5-8.5%						11/2021 Est.						Q3 2023

(1)Inclusive of expenses required to integrate and reach stabilization.

(2)Net Entry NOI Yield metric is exclusive of SG&A expense.

(3)Stabilized NOI ROIC of 7.5-8.5% reflects a period of five years for the Agro acquisition.

(4)Due to stock component of transaction, the Agro Acquisition price was different from original announcement.

(5)The net entry NOI yield of 10.7% excludes approximately $0.9 million of SG&A, resulting in a net entry EBITDA yield of 6.3%.

(6)The total acquisition price is $390.5 million. Excluding $2.6 million in annual tax credits valued at $14.0 million, the adjusted acquisition price is $376.5 million. The net entry NOI yield of 6.1% excludes approximately $1.7 million of SG&A, resulting in a net entry EBITDA yield of 5.6%. NOI and EBITDA exclude the $2.6 million in annual tax credits.

(7)Facility is only approximately 50% economic occupied, resulting in a lower net entry NOI yield.

40

---

    

Financial Supplement						Third Quarter 2021

Unconsolidated Joint Ventures (Investment in Partially Owned Entities)

As of September 30, 2021, the Company owned a 14.99% equity share in the Brazil-based SuperFrio. SuperFrio provides temperature-controlled storage and logistics services including storage, warehouse services, and transportation. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

SuperFrio
						As of
Summary Balance Sheet - at the JV’s 100% share in BRLs			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
Net book value of real estate			R$	903,210		R$	817,378		R$	579,770		R$	579,475		R$	436,291
Other assets			354,930			362,475			169,695			177,804			228,043
Total assets			1,258,140			1,179,853			749,465			757,279			664,334
Debt			503,902			462,719			282,863			254,514			229,797
Other liabilities			403,261			369,004			223,385			278,816			208,782
Equity			350,977			348,130			243,217			223,949			225,755
Total liabilities and equity			R$	1,258,140		R$	1,179,853		R$	749,465		R$	757,279		R$	664,334
Americold’s ownership percentage			15		%	15		%	15		%	15		%	15		%
BRL/USD quarter-end rate			0.1837			0.2013			0.1775			0.1925			0.1783
Americold’s pro rata share of debt at BRL/USD rate			$	13,885		$	13,972		$	7,531		$	7,349		$	6,146
						Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs			Q3 21			Q2 21			Q1 21			Q4 20			Q3 20
Total revenues			R$	104,252		R$	69,047		R$	44,653		R$	51,122		R$	44,349
Operating expenses			76,588			55,911			41,260			35,750			33,775
Operating income			27,664			13,136			3,393			15,372			10,574
Interest expense			13,765			9,530			6,738			6,863			5,904
Depreciation & amortization			13,003			10,602			8,579			10,070			8,314
Other income			(913)			(1,089)			(240)			(305)			(880)
Income tax benefit			477			331			(6,276)			(65)			(947)
Non-operating expenses			26,332			19,374			8,801			16,563			12,391
Net income (loss)			R$	1,332		R$	(6,238)		R$	(5,408)		R$	(1,191)		R$	(1,817)
Americold’s ownership percentage			15		%	15		%	15		%	15		%	15		%
BRL/USD average rate			0.1912			0.1910			0.1830			0.1854			0.1860
Americold’s pro rata share of NOI			$	793		$	376		$	93		$	427		$	295
Americold’s pro rata share of Net income (loss)			$	38		$	(179)		$	(148)		$	(33)		$	(51)
Americold’s pro rata share of Core FFO			$	358		$	137		$	116		$	221		$	187
Americold’s pro rata share of AFFO			$	433		$	76		$	—		$	389		$	312

41

---

    

Financial Supplement						Third Quarter 2021

As of September 30, 2021, the Company owned a 22.12% equity share in the Brazil-based Comfrio. We acquired this JV ownership in conjunction with the Agro acquisition, which closed on December 30, 2020. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

Comfrio
			As of
Summary Balance Sheet - at the JV’s 100% share in BRLs			Q3 21			Q2 21			Q1 21			Q4 20
Net book value of real estate			R$	304,497		R$	224,169		R$	238,471		R$	240,297
Other assets			235,250			277,756			255,380			295,052
Total assets			539,747			501,925			493,851			535,349
Debt			452,089			412,480			405,507			426,357
Other liabilities			118,122			107,125			101,536			108,782
Accumulated deficit			(30,464)			(17,680)			(13,192)			210
Total liabilities and equity			R$	539,747		R$	501,925		R$	493,851		R$	535,349
Americold’s ownership percentage			22		%	22		%	22		%	22		%
BRL/USD quarter-end rate			0.1837			0.2013			0.1775			0.1925
Americold’s pro rata share of debt at BRL/USD rate			$	18,271		$	18,267		$	15,835		$	18,056
			Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs			Q3 21			Q2 21			Q1 21			Q4 20
Total revenues			R$	88,477		R$	70,356		R$	60,401		R$	76,522
Operating expenses			68,389			33,612			46,039			36,159
Operating income			20,088			36,744			14,362			40,363
Interest expense			22,550			17,357			13,074			21,468
Depreciation & amortization			11,657			18,937			17,787			19,580
Other income			41			(3,530)			(2,789)			(836)
Income tax benefit			(3,488)			—			—			(1,759)
Non-operating expenses			30,760			32,764			28,072			38,453
Net (loss) income			R$	(10,672)		R$	3,980		R$	(13,710)		R$	1,910
Americold’s ownership percentage			22		%	22		%	22		%	22		%
BRL/USD average rate			0.1912			0.1910			0.1830			0.1854
Americold’s pro rata share of NOI at BRL/USD average rate			$	845		$	1,544		$	578		$	1,646
Americold’s pro rata share of Net income (loss) at BRL/USD average rate(1)			$	(449)		$	167		$	(552)		$	78
Americold’s pro rata share of Core FFO at BRL/USD average rate			$	136		$	434		$	(411)		n/a
Americold’s pro rata share of AFFO at BRL/USD average rate			$	(113)		$	1,186		$	(17)		n/a
(1) Q4 20 above represents the full quarter results for the Comfrio 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.

42

---

    

Financial Supplement						Third Quarter 2021

                                        

2021 Guidance

The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

As of

As of

As of

As of

As of

November 3, 2021

September 21, 2021

August 5, 2021

May 6, 2021

Feb. 18, 2021

Warehouse segment same store revenue growth (constant currency)

(2.0)% - 0.0%

(2.0%) - 0.0%

0.0% - 2.0%

2.0% - 4.0%

2.0% - 4.0%

Warehouse segment same store NOI growth (constant currency)

400 - 600 bps lower than associated revenue

400 - 600 bps lower than associated revenue

0 - 100 bps higher than associated revenue

100 - 200 bps higher than associated revenue

100 - 200 bps higher than associated revenue

Managed and Transportation segment NOI

$43M - $46M

$42M - $50M

$42M - $50M

$46M - $54M

$46M - $54M

Total selling, general and administrative expense (inclusive of non-cash share-based compensation expense of $20 million)

$179M - $182M

$175M - $185M

$175M - $185M

$190M - $196M

$190M - $196M

Current income tax expense

$8M - $10M

$8M - $10M

$8M - $10M

$9M - $13M

$9M - $13M

Deferred income tax benefit (expense)

$1M - $2M

($4M - $6M)

($4M - $6M)

$4M - $5M

$1M - $2M

Non real estate depreciation and amortization expense

$120M - $125M

$140M - $155M

$140M - $155M

$100M - $110M

$85M - $92M

Total maintenance capital expenditures

$75M - $80M

$77M - $82M

$77M - $82M

$90M - $100M

$90M - $100M

Development starts (1)

$153M - $175M

$175M - $300M

$175M - $300M

$175M - $300M

$175M - $300M

AFFO per share

$1.15 - $1.20

$1.15 - $1.20

$1.34 - $1.40

$1.36 - $1.46

$1.36 - $1.46

Assumed FX rates

1 ARS = 0.0104 USD 1 AUS = 0.7539 USD 1 BRL = 0.1820 USD 1 CAD = 0.7895 USD 1 CLP = 0.0013 USD 1 EUR = 1.1905 USD 1 GBP = 1.3815 USD 1 NZD = 0.7096 USD 1 PLN = 0.2637 USD

1 ARS = 0.0127 USD 1 AUS = 0.7521 USD 1 BRL = 0.1820 USD 1 CAD = 0.8059 USD 1 CLP = 0.0018 USD 1 EUR = 1.2041 USD 1 GBP = 1.3976 USD 1 NZD = 0.7031 USD 1 PLN = 0.2665 USD

1 ARS = 0.0127 USD 1 AUS = 0.7521 USD 1 BRL = 0.1820 USD 1 CAD = 0.8059 USD 1 CLP = 0.0018 USD 1 EUR = 1.2041 USD 1 GBP = 1.3976 USD 1 NZD = 0.7031 USD 1 PLN = 0.2665 USD

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

(1)Represents the aggregate invested capital for initiated development opportunities.

43

---

    

Financial Supplement						Third Quarter 2021

                                        

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-core 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, non-real estate asset impairment 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:

•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;

•these measures do not reflect changes in, or cash requirements for, our working capital needs;

•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

•although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 22 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.

44