Americold Realty Trust

Americold has closed a joint venture with EQT Active Core Infrastructure for a portfolio of 12 cold storage sites in the U.S. EQT holds 70% and Americold 30%; the portfolio has a gross asset value of over $1.3 billion. From the transaction Americold received a net cash inflow of around $1.1 billion, which will be used to repay debt, reduce leverage and strengthen the balance sheet. Americold will continue to operate the platform as manager and use the partnership as a basis for ownership, development and growth in the North American cold storage sector. » Mere på de.investing.com

Americold shipped more than one million parcels directly to consumers last year through its temperature-controlled e‑commerce fulfillment network. The company operates five U.S. sites, from which roughly 99.5% of the U.S. population can be served within a maximum of two days, and reports double-digit platform growth. For manufacturers, Americold offers order fulfillment, packing and last-mile delivery combined with the SmarTrackr platform for real-time inventory and shipment tracking. Americold cites its work with Good Ranchers as a reference; overall the company runs more than 220 sites globally with about 1.4 billion cubic feet of refrigerated capacity. » Mere på de.investing.com

Americold reported a 200 basis-point sequential increase in physical occupancy driven by market-share wins and new business, and raised full-year AFFO guidance to $1.26–$1.32 per share. The company expects the $1.3 billion EQT joint venture to close in Q3 with $1.1 billion earmarked to retire U.S. dollar debt, targets leverage of 6x or less, and plans sales of idled or non-core properties. Management booked a $298.8 million non-cash impairment for two automated facilities, is pursuing $25 million of 'fit-for-purpose' SG&A savings, and will focus future development on lower-risk, customer-dedicated projects. » Mere på finance.yahoo.com