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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to            ,
Commission File Number: 001-34723
AMERICOLD REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)
Maryland93-0295215
 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number)
10 Glenlake Parkway,Suite 600, South Tower
AtlantaGeorgia30328
 (Address of principal executive offices)(Zip Code)
(678) 441-1400
(Registrant’s telephone number, including area code)
_________________________

    


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesxNo ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).
YesxNo ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):
xLarge accelerated filerAccelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Yes¨No ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934)
YesNo x
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareCOLDNew York Stock Exchange (NYSE)
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at November 2, 2022
Common Stock, $0.01 par value per share269,399,287


TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION 
Item 1. Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
SIGNATURES
1


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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:

the impact of supply chain disruptions, including, among others, the impact on labor availability, raw material availability, manufacturing and food production, construction materials and transportation;
uncertainties and risks related to public health crises, including the ongoing COVID-19 pandemic;
adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry;
rising interest rates and inflation in operating costs, including as a result of the ongoing COVID-19 pandemic;
labor and power costs;
labor shortages;
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 and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions;
risks related to expansions of existing properties and developments of new properties, including failure to meet target completion dates and budgeted or stabilized returns within expected time frames, or at all, in respect thereof;
a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information;
risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations;
defaults or non-renewals of significant customer contracts, including as a result of the ongoing COVID-19 pandemic;
uncertainty of revenues, given the nature of our customer contracts;
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;
2


financial market fluctuations;
actions by our competitors and their increasing ability to compete with us;
geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine;
changes in applicable governmental regulations and tax legislation, including in the international markets;
additional risks with respect to the addition of European operations and properties;
changes in real estate and zoning laws and increases in real property tax rates;
our relationship with our associates, 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;
uninsured losses or 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 our 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 stockholders to replace our directors and affect the price of our common stock, $0.01 par value per share; and
the potential dilutive effect of our common stock offerings.
    
The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in other sections of this Quarterly Report on Form 10-Q. 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 Quarterly Report on Form 10-Q include, among others, statements about our expected acquisitions 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 December 31, 2021 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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.

As used in this report, unless the context otherwise requires, references to “we,” “us,” “our,” “our Company” and “the Company” refer to Americold Realty Trust, Inc., a Maryland corporation, and its consolidated subsidiaries, including Americold Realty Operating Partnership, L.P., a Delaware limited partnership and the subsidiary through which we conduct our business, which we refer to as “our Operating Partnership” or “the Operating Partnership.”

In addition, unless otherwise stated herein, when we refer to “cubic feet” in one of our temperature-controlled facilities, we refer to refrigerated cubic feet (as opposed to total cubic feet, refrigerated and otherwise) therein.

3


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
September 30, 2022December 31, 2021
Assets
Property, buildings and equipment:
Land$770,775 $807,495 
Buildings and improvements4,159,993 4,152,763 
Machinery and equipment1,368,207 1,352,399 
Assets under construction520,702 450,153 
6,819,677 6,762,810 
Accumulated depreciation(1,825,107)(1,634,909)
Property, buildings and equipment – net4,994,570 5,127,901 
Operating lease right-of-use assets356,260 377,536 
Accumulated depreciation – operating leases(72,632)(57,483)
Operating leases – net283,628 320,053 
Financing leases:
Buildings and improvements13,556 13,552 
Machinery and equipment130,530 146,341 
144,086 159,893 
Accumulated depreciation – financing leases(56,409)(58,165)
Financing leases – net87,677 101,728 
Cash, cash equivalents and restricted cash45,693 82,958 
Accounts receivable – net of allowance of $12,423 and $18,755 at September 30, 2022 and December 31, 2021, respectively
441,739 380,014 
Identifiable intangible assets – net919,052 980,966 
Goodwill1,009,330 1,072,980 
Investments in partially owned entities70,130 37,458 
Other assets150,085 112,139 
Total assets$8,001,904 $8,216,197 
Liabilities and equity
Liabilities:
Borrowings under revolving line of credit$468,286 $399,314 
Accounts payable and accrued expenses516,728 559,412 
Mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of $12,025 and $11,050, in the aggregate, at September 30, 2022 and December 31, 2021, respectively
2,493,004 2,443,806 
Sale-leaseback financing obligations173,344 178,817 
Financing lease obligations83,353 97,633 
Operating lease obligations271,433 301,765 
Unearned revenue34,205 26,143 
Pension and postretirement benefits2,624 2,843 
Deferred tax liability – net128,404 169,209 
Multi-employer pension plan withdrawal liability7,932 8,179 
Total liabilities4,179,313 4,187,121 
Commitments and contingencies (Note 9)
Equity
Stockholders’ equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 269,395,574 and 268,282,592 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
2,694 2,683 
Paid-in capital5,189,215 5,171,690 
Accumulated deficit and distributions in excess of net earnings(1,359,106)(1,157,888)
Accumulated other comprehensive (loss) income(23,194)4,522 
Total stockholders’ equity3,809,609 4,021,007 
Noncontrolling interests:
Noncontrolling interests in operating partnership12,982 8,069 
Total equity3,822,591 4,029,076 
Total liabilities and equity$8,001,904 $8,216,197 
See accompanying notes to condensed consolidated financial statements.
4


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues:
Rent, storage and warehouse services$598,977 $542,047 $1,704,281 $1,531,232 
Third-party managed services82,436 87,782 251,782 233,027 
Transportation services76,367 78,979 237,168 234,051 
Total revenues757,780 708,808 2,193,231 1,998,310 
Operating expenses:
Rent, storage and warehouse services cost of operations432,315 397,055 1,240,376 1,095,680 
Third-party managed services cost of operations78,776 83,231 240,900 222,401 
Transportation services cost of operations65,531 72,728 204,218 211,847 
Depreciation and amortization83,669 70,569 248,979 232,239 
Selling, general and administrative57,119 45,545 170,994 133,072 
Acquisition, litigation and other, net4,874 6,338 20,612 31,011 
Impairment of indefinite and long-lived assets6,616 1,784 6,616 3,312 
Loss from sale of real estate5,710  5,710  
Total operating expenses734,610 677,250 2,138,405 1,929,562 
Operating income23,170 31,558 54,826 68,748 
Other expense, net:
Interest expense(30,402)(25,303)(82,720)(77,838)
Loss on debt extinguishment, modifications and termination of derivative instruments(1,040)(627)(2,284)(5,051)
Other, net(2,593)(57)(1,197)1,021 
Loss from investments in partially owned entities(1,440)(489)(7,199)(1,250)
(Loss) income before income taxes(12,305)5,082 (38,574)(14,370)
Income tax (expense) benefit
Current(1,006)(3,336)(3,004)(6,953)
Deferred4,374 3,562 19,149 (1,004)
Total income tax benefit (expense)3,368 226 16,145 (7,957)
Net (loss) income$(8,937)$5,308 $(22,429)$(22,327)
Net (loss) income attributable to noncontrolling interests(25)14 (45)163 
Net (loss) income attributable to Americold Realty Trust, Inc.$(8,912)$5,294 $(22,384)$(22,490)
Weighted average common stock outstanding – basic269,586 261,865 269,467 256,129 
Weighted average common stock outstanding – diluted269,586 262,550 269,467 256,129 
Net (loss) income per common share - basic$(0.03)$0.02 $(0.08)$(0.09)
Net (loss) income per common share - diluted$(0.03)$0.02 $(0.08)$(0.09)
See accompanying notes to condensed consolidated financial statements.

5


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net (loss) income$(8,937)$5,308 $(22,429)$(22,327)
Other comprehensive (loss) income - net of tax:
Adjustment to accrued pension liability66 389 20 1,166 
Change in unrealized net loss on foreign currency(25,038)(9,485)(37,720)(13,141)
Unrealized gain on cash flow hedges8,274 247 9,984 2,877 
Other comprehensive loss - net of tax attributable to Americold Realty Trust, Inc.(16,698)(8,849)(27,716)(9,098)
Other comprehensive loss attributable to noncontrolling interests(53)(19)(103)(11)
Total comprehensive loss$(25,688)$(3,560)$(50,248)$(31,436)
See accompanying notes to condensed consolidated financial statements.


6


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (Unaudited)
(In thousands, except shares and per share amounts)
Common StockAccumulated Deficit and Distributions in Excess of Net EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests in Operating Partnership
Number of SharesPar ValuePaid-in Capital
Total
Balance - December 31, 2021268,282,592 $2,683 $5,171,690 $(1,157,888)$4,522 $8,069 $4,029,076 
Net loss— — — (17,407)— (38)(17,445)
Other comprehensive income— — — — 11,404 23 11,427 
Distributions on common stock, restricted stock and OP units— — — (59,580)— (180)(59,760)
Stock-based compensation expense — — 6,108 — — 1,985 8,093 
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes318,729 3 (2,140)— — — (2,137)
Common stock issuance related to employee stock purchase plan71,144 1 1,984 — — — 1,985 
Balance - March 31, 2022268,672,465 $2,687 $5,177,642 $(1,234,875)$15,926 $9,859 $3,971,239 
Net income— — — 3,935 — 18 3,953 
Other comprehensive loss— — — — (27,392)(73)(27,465)
Distributions on common stock, restricted stock and OP units— — — (59,571)— (188)(59,759)
Stock-based compensation expense— — 5,115 — — 2,173 7,288 
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes618,176 6 (448)— — — (442)
Deconsolidation of previously consolidated entities— — — — 4,970 (204)4,766 
Balance - June 30, 2022269,290,641 $2,693 $5,182,309 $(1,290,511)$(6,496)$11,585 $3,899,580 
Net loss— — — (8,912)— (25)(8,937)
Other comprehensive loss— — — — (16,698)(53)(16,751)
Distributions on common stock, restricted stock and OP units— — — (59,583)— (180)(59,763)
Stock-based compensation expense— — 5,065 — — 1,655 6,720 
Common stock issuance related to stock-based payment plans, net of shares withheld for employee taxes30,791 — (53)— — — (53)
Common stock issuance related to employee stock purchase plan74,142 1 1,894 — — — 1,895 
Other— — — (100)— — (100)
Balance - September 30, 2022269,395,574 $2,694 $5,189,215 $(1,359,106)$(23,194)$12,982 $3,822,591 
7


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity, Continued (Unaudited)
(In thousands, except shares and per share amounts)
Common StockAccumulated Deficit and Distributions in Excess of Net EarningsAccumulated Other Comprehensive (Loss) IncomeNoncontrolling Interests in Operating Partnership and Consolidated Joint Venture
Number of SharesPar ValuePaid-in Capital
Total
Balance - December 31, 2020251,702,603 $2,517 $4,687,823 $(895,521)$(4,379)$2,381 $3,792,821 
Net (loss) income— — — (14,414)— 178 (14,236)
Other comprehensive loss— — — — (9,280)(12)(9,292)
Distributions on common shares, restricted stock and OP units— — — (55,909)— (120)(56,029)
Stock-based compensation expense— — 4,075 — — 949 5,024 
Common share issuance related to stock-based payment plans, net of shares withheld for employee taxes816,915 8 (10,089)— — — (10,081)
Balance - March 31, 2021252,519,518 $2,525 $4,681,809 $(965,844)$(13,659)$3,376 $3,708,207 
Net loss— — — (13,370)— (29)(13,399)
Other comprehensive income— — — — 9,031 20 9,051 
Distributions on common shares, restricted stock and OP units— — — (57,773)— (124)(57,897)
Stock-based compensation expense— — 3,922 — — 1,539 5,461 
Common share issuance related to stock-based payment plans, net of shares withheld for employee taxes66,431 1 (108)— — — (107)
Issuance of common stock8,429,104 84 214,775 — — — 214,859 
Balance - June 30, 2021261,015,053 $2,610 $4,900,398 $(1,036,987)$(4,628)$4,782 $3,866,175 
Net income— — — 5,294 — 14 5,308 
Other comprehensive loss— — — — (8,849)(19)(8,868)
Distributions on common shares, restricted stock and OP units— — — (58,902)— (124)(59,026)
Stock-based compensation expense— — 2,782 — — 1,502 4,284 
Common share issuance related to stock-based payment plans, net of shares withheld for employee taxes9,326 — (57)— — — (57)
Common shares issuance related to employee stock purchase plan63,260 1 1,919 — — — 1,920 
Issuance of common stock5,681,369 57 205,390 — — — 205,447 
Balance - September 30, 2021266,769,008 $2,668 $5,110,432 $(1,090,595)$(13,477)$6,155 $4,015,183 


See accompanying notes to condensed consolidated financial statements.
8


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands, See accompanying notes to condensed consolidated financial statements)
Nine Months Ended September 30,
20222021
Operating activities:
Net loss$(22,429)$(22,327)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization248,979 232,239 
Amortization of deferred financing costs and pension withdrawal liability3,528 3,321 
Amortization of above/below market leases1,597 1,418 
Loss on debt extinguishment, modifications and termination of derivative instruments2,284 4,927 
Foreign exchange loss 3,453 317 
Loss from investments in partially owned entities7,199 1,250 
Gain on extinguishment of New Market Tax Credit structure(3,410) 
Loss on deconsolidation of subsidiary contributed to LATAM joint venture4,148  
Stock-based compensation expense 22,101 14,788 
Deferred income taxes (benefit) expense(19,149)1,004 
Loss from sale of real estate5,710  
Loss (gain) on other asset disposals1,107 (647)
Impairment of indefinite and long-lived assets6,616 3,312 
Provision for doubtful accounts receivable3,866 4,730 
Changes in operating assets and liabilities:
Accounts receivable(84,761)(46,372)
Accounts payable and accrued expenses(19,382)(16,281)
Other21,426 (17,360)
Net cash provided by operating activities182,883 164,319 
Investing activities:
Additions to property, buildings and equipment(254,112)(313,229)
Business combinations, net of cash acquired(15,228)(616,316)
Acquisitions of property, buildings and equipment, net of cash acquired(14,581) 
Investment in partially owned entities(4,427)(6,260)
Purchase of noncontrolling interest holders share in consolidated joint venture (11,600)
Proceeds from sale of property, buildings and equipment340 1,318 
Proceeds from sale of investments in partially owned entities 596 
Net cash used in investing activities (288,008)(945,491)
Financing activities:
Distributions paid on common shares, restricted stock units and noncontrolling interests in Operating Partnership(179,623)(168,538)
Proceeds from stock options exercised887 5,191 
Proceeds from employee stock purchase plan3,880 1,920 
Remittance of withholding taxes related to employee share-based transactions(4,031)(15,777)
Proceeds from revolving line of credit404,604 590,841 
Repayment on revolving line of credit(303,860)(280,000)
Repayment of sale-leaseback financing obligations(5,580)(2,663)
Repayment of financing lease obligations(24,758)(27,500)
Payment of debt issuance and extinguishment costs(11,593)(3,110)
Repayment of term loan and mortgage notes (5,453)(205,246)
Proceeds from term loan200,000  
Net proceeds from issuance of common shares 420,151 
Net cash provided by financing activities74,473 315,269 
Net decrease in cash, cash equivalents and restricted cash(30,652)(465,903)
Effect of foreign currency translation on cash, cash equivalents and restricted cash(