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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☑ | 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
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from to ,
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Commission File Number: 001-34723
AMERICOLD REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
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Maryland | | 93-0295215 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification Number) |
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10 Glenlake Parkway, | Suite 600, South Tower | | |
Atlanta | Georgia | | 30328 |
(Address of principal executive offices) | | (Zip Code) |
(678) 441-1400
(Registrant’s telephone number, including area code)
_________________________
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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. | |
Yes | x | No | ¨ | | | | | | | | | |
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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). | |
Yes | x | No | ¨ | | | | | | | | | |
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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): | |
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x | Large accelerated filer | ☐ | Accelerated filer | | | | | |
☐ | Non-accelerated filer | ☐ | Smaller reporting company | | | | | |
| | | | | ☐ | Emerging growth company | | | | | |
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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 | ¨ | | | | | | | | | | |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934) | |
Yes | ☐ | No | x | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.01 par value per share | | COLD | | New 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.
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Class | | Outstanding at November 2, 2022 |
Common Stock, $0.01 par value per share | | 269,399,287 |
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TABLE OF CONTENTS
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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 | |
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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 | |
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SIGNATURES | |
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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;
•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.
| | | | | | | | | | | |
Americold Realty Trust, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets (Unaudited) |
(In thousands, except shares and per share amounts) |
| September 30, 2022 | | December 31, 2021 |
Assets | | | |
Property, buildings and equipment: | | | |
Land | $ | 770,775 | | | $ | 807,495 | |
Buildings and improvements | 4,159,993 | | | 4,152,763 | |
Machinery and equipment | 1,368,207 | | | 1,352,399 | |
Assets under construction | 520,702 | | | 450,153 | |
| 6,819,677 | | | 6,762,810 | |
Accumulated depreciation | (1,825,107) | | | (1,634,909) | |
Property, buildings and equipment – net | 4,994,570 | | | 5,127,901 | |
| | | |
Operating lease right-of-use assets | 356,260 | | | 377,536 | |
Accumulated depreciation – operating leases | (72,632) | | | (57,483) | |
Operating leases – net | 283,628 | | | 320,053 | |
| | | |
Financing leases: | | | |
Buildings and improvements | 13,556 | | | 13,552 | |
Machinery and equipment | 130,530 | | | 146,341 | |
| 144,086 | | | 159,893 | |
Accumulated depreciation – financing leases | (56,409) | | | (58,165) | |
Financing leases – net | 87,677 | | | 101,728 | |
| | | |
Cash, cash equivalents and restricted cash | 45,693 | | | 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 – net | 919,052 | | | 980,966 | |
Goodwill | 1,009,330 | | | 1,072,980 | |
Investments in partially owned entities | 70,130 | | | 37,458 | |
Other assets | 150,085 | | | 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 expenses | 516,728 | | | 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 obligations | 173,344 | | | 178,817 | |
Financing lease obligations | 83,353 | | | 97,633 | |
Operating lease obligations | 271,433 | | | 301,765 | |
Unearned revenue | 34,205 | | | 26,143 | |
Pension and postretirement benefits | 2,624 | | | 2,843 | |
Deferred tax liability – net | 128,404 | | | 169,209 | |
Multi-employer pension plan withdrawal liability | 7,932 | | | 8,179 | |
Total liabilities | 4,179,313 | | | 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 capital | 5,189,215 | | | 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’ equity | 3,809,609 | | | 4,021,007 | |
Noncontrolling interests: | | | |
Noncontrolling interests in operating partnership | 12,982 | | | 8,069 | |
Total equity | 3,822,591 | | | 4,029,076 | |
| | | |
Total liabilities and equity | $ | 8,001,904 | | | $ | 8,216,197 | |
See accompanying notes to condensed consolidated financial statements. | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
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, | | |
| 2022 | | 2021 | | 2022 | | 2021 | | | | |
Revenues: | | | | | | | | | | | |
Rent, storage and warehouse services | $ | 598,977 | | | $ | 542,047 | | | $ | 1,704,281 | | | $ | 1,531,232 | | | | | |
Third-party managed services | 82,436 | | | 87,782 | | | 251,782 | | | 233,027 | | | | | |
Transportation services | 76,367 | | | 78,979 | | | 237,168 | | | 234,051 | | | | | |
| | | | | | | | | | | |
Total revenues | 757,780 | | | 708,808 | | | 2,193,231 | | | 1,998,310 | | | | | |
Operating expenses: | | | | | | | | | | | |
Rent, storage and warehouse services cost of operations | 432,315 | | | 397,055 | | | 1,240,376 | | | 1,095,680 | | | | | |
Third-party managed services cost of operations | 78,776 | | | 83,231 | | | 240,900 | | | 222,401 | | | | | |
Transportation services cost of operations | 65,531 | | | 72,728 | | | 204,218 | | | 211,847 | | | | | |
| | | | | | | | | | | |
Depreciation and amortization | 83,669 | | | 70,569 | | | 248,979 | | | 232,239 | | | | | |
Selling, general and administrative | 57,119 | | | 45,545 | | | 170,994 | | | 133,072 | | | | | |
Acquisition, litigation and other, net | 4,874 | | | 6,338 | | | 20,612 | | | 31,011 | | | | | |
Impairment of indefinite and long-lived assets | 6,616 | | | 1,784 | | | 6,616 | | | 3,312 | | | | | |
Loss from sale of real estate | 5,710 | | | — | | | 5,710 | | | — | | | | | |
Total operating expenses | 734,610 | | | 677,250 | | | 2,138,405 | | | 1,929,562 | | | | | |
| | | | | | | | | | | |
Operating income | 23,170 | | | 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) | | | | | |
Deferred | 4,374 | | | 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 – basic | 269,586 | | | 261,865 | | | 269,467 | | | 256,129 | | | | | |
Weighted average common stock outstanding – diluted | 269,586 | | | 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.
| | | | | | | | | | | | | | | | | | | | | | | |
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, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net (loss) income | $ | (8,937) | | | $ | 5,308 | | | $ | (22,429) | | | $ | (22,327) | |
Other comprehensive (loss) income - net of tax: | | | | | | | |
Adjustment to accrued pension liability | 66 | | | 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 hedges | 8,274 | | | 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. | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Americold Realty Trust, Inc. and Subsidiaries |
Condensed Consolidated Statements of Equity (Unaudited) |
(In thousands, except shares and per share amounts) |
| | | | | | | |
| Common Stock | | Accumulated Deficit and Distributions in Excess of Net Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Operating Partnership | |
| | |
| Number of Shares | Par Value | Paid-in Capital | |
| Total |
Balance - December 31, 2021 | 268,282,592 | | $ | 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 taxes | 318,729 | | 3 | | (2,140) | | — | | — | | — | | (2,137) | |
Common stock issuance related to employee stock purchase plan | 71,144 | | 1 | | 1,984 | | — | | — | | — | | 1,985 | |
Balance - March 31, 2022 | 268,672,465 | | $ | 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 taxes | 618,176 | | 6 | | (448) | | — | | — | | — | | (442) | |
| | | | | | | |
Deconsolidation of previously consolidated entities | — | | — | | — | | — | | 4,970 | | (204) | | 4,766 | |
Balance - June 30, 2022 | 269,290,641 | | $ | 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 taxes | 30,791 | | — | | (53) | | — | | — | | — | | (53) | |
Common stock issuance related to employee stock purchase plan | 74,142 | | 1 | | 1,894 | | — | | — | | — | | 1,895 | |
Other | — | | — | | — | | (100) | | — | | — | | (100) | |
Balance - September 30, 2022 | 269,395,574 | | $ | 2,694 | | $ | 5,189,215 | | $ | (1,359,106) | | $ | (23,194) | | $ | 12,982 | | $ | 3,822,591 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Americold Realty Trust, Inc. and Subsidiaries |
Condensed Consolidated Statements of Equity, Continued (Unaudited) |
(In thousands, except shares and per share amounts) |
| | | | | | | |
| Common Stock | | Accumulated Deficit and Distributions in Excess of Net Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests in Operating Partnership and Consolidated Joint Venture | |
| | |
| Number of Shares | Par Value | Paid-in Capital | |
| Total |
Balance - December 31, 2020 | 251,702,603 | | $ | 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 taxes | 816,915 | | 8 | | (10,089) | | — | | — | | — | | (10,081) | |
| | | | | | | |
Balance - March 31, 2021 | 252,519,518 | | $ | 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 taxes | 66,431 | | 1 | | (108) | | — | | — | | — | | (107) | |
Issuance of common stock | 8,429,104 | | 84 | | 214,775 | | — | | — | | — | | 214,859 | |
Balance - June 30, 2021 | 261,015,053 | | $ | 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 taxes | 9,326 | | — | | (57) | | — | | — | | — | | (57) | |
Common shares issuance related to employee stock purchase plan | 63,260 | | 1 | | 1,919 | | — | | — | | — | | 1,920 | |
Issuance of common stock | 5,681,369 | | 57 | | 205,390 | | — | | — | | — | | 205,447 | |
Balance - September 30, 2021 | 266,769,008 | | $ | 2,668 | | $ | 5,110,432 | | $ | (1,090,595) | | $ | (13,477) | | $ | 6,155 | | $ | 4,015,183 | |
See accompanying notes to condensed consolidated financial statements.
| | | | | | | | | | | |
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, |
| 2022 | | 2021 |
Operating activities: | | | |
Net loss | $ | (22,429) | | | $ | (22,327) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
Depreciation and amortization | 248,979 | | | 232,239 | |
Amortization of deferred financing costs and pension withdrawal liability | 3,528 | | | 3,321 | |
Amortization of above/below market leases | 1,597 | | | 1,418 | |
Loss on debt extinguishment, modifications and termination of derivative instruments | 2,284 | | | 4,927 | |
Foreign exchange loss | 3,453 | | | 317 | |
Loss from investments in partially owned entities | 7,199 | | | 1,250 | |
| | | |
| | | |
Gain on extinguishment of New Market Tax Credit structure | (3,410) | | | — | |
Loss on deconsolidation of subsidiary contributed to LATAM joint venture | 4,148 | | | — | |
Stock-based compensation expense | 22,101 | | | 14,788 | |
Deferred income taxes (benefit) expense | (19,149) | | | 1,004 | |
Loss from sale of real estate | 5,710 | | | — | |
Loss (gain) on other asset disposals | 1,107 | | | (647) | |
Impairment of indefinite and long-lived assets | 6,616 | | | 3,312 | |
Provision for doubtful accounts receivable | 3,866 | | | 4,730 | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | (84,761) | | | (46,372) | |
Accounts payable and accrued expenses | (19,382) | | | (16,281) | |
Other | 21,426 | | | (17,360) | |
Net cash provided by operating activities | 182,883 | | | 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 equipment | 340 | | | 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 exercised | 887 | | | 5,191 | |
Proceeds from employee stock purchase plan | 3,880 | | | 1,920 | |
Remittance of withholding taxes related to employee share-based transactions | (4,031) | | | (15,777) | |
Proceeds from revolving line of credit | 404,604 | | | 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 loan | 200,000 | | | — | |
| | | |
Net proceeds from issuance of common shares | — | | | 420,151 | |
| | | |
| | | |
Net cash provided by financing activities | 74,473 | | | 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 | ( |