- Price
- $13.82
- Fair value
- $17.50
- Discount
- 21.0%
- Uncertainty
- Medium
- LSEG rating
- 2.56
- Moat
- None
- Next earnings
- 2026-11-05
- Next earnings is estimate
- No
- Company name
- Americold Realty Trust
- Sector
- Cold storage REIT
- About
- Americold owns and operates temperature-controlled warehouses. Food producers, processors, distributors and retailers store frozen and chilled goods in them, and Americold also provides handling and transport services. It has more than 220 facilities in North America, Europe, Asia-Pacific and South America, with about 1.4 billion refrigerated cubic feet. Total revenues were $662.9 million in Q2 2026. Americold is a real estate investment trust. On August 31, 2026, it formed a joint venture with EQT for 12 U.S. warehouses: EQT owns 70%, and Americold owns 30% and manages the sites. Rob Chambers is CEO.
- Thesis
- The market prices Americold for weak demand for cold storage and high debt. Same store NOI of the Global Warehouse segment fell 1.5% in Q2 2026, throughput pallets fell 1.0%, and impairments caused a Q2 net loss of $342.8 million. In July 2026, Americold and a distribution unit of Ahold Delhaize USA agreed to wind down two automated sites built for that customer, and Americold expected an impairment of $305 million to $320 million. Net debt was about 7.3 times pro-forma Core EBITDA at June 30, 2026. For the gap to close, three things must be true. The $1.1 billion of cash from the EQT joint venture must reduce debt and leverage as planned. Occupancy and throughput must recover, so that same store NOI grows again. Americold must sell or reuse the Lancaster and Plainville sites without new large losses. The Q3 2026 report on November 5, 2026 shows leverage after the joint venture. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a longer period of flat demand for cold storage, which Americold cannot control.
- Risks
- Demand for cold storage is flat. Same store NOI fell 1.5% and throughput pallets fell 1.0% in Q2 2026. If food producers keep low inventories, occupancy and rates stay under pressure.
Net debt was about 7.3 times pro-forma Core EBITDA at June 30, 2026. If the cash from the joint venture does not lower leverage enough, the company has less room to invest or keep its dividend.
The Lancaster and Plainville facilities had a net book value of about $455 million before the impairment. Americold may not sell them at the expected value, and it cannot yet estimate other cash costs of the wind-down.
About 35% of debt was at a floating rate at June 30, 2026. Higher interest rates increase interest costs and lower AFFO.
- Balance sheet
- Cash: $40M
Debt: $4.3B
Net debt: $4.2B
Net debt / EBITDA: 7.3× (high)
Americold funds itself mostly with unsecured debt. At June 30, 2026, debt principal was $4.26 billion: senior unsecured notes of $2.51 billion, unsecured term loans of $1.30 billion and $451 million drawn on the revolving credit facility. Finance leases and sale-leasebacks added about $213 million. Cash was $40.5 million, and total liquidity was about $719.8 million. Net debt, including the leases, was about $4.4 billion, or about 7.3 times pro-forma Core EBITDA for the 12 months to June 30, 2026. About 64.8% of debt was at a fixed rate, and the weighted average contractual interest rate was 4.1%. On August 31, 2026, Americold received about $1.1 billion of net cash from the EQT joint venture and intends to use it to repay debt. The quarterly dividend was $0.23 per share.
As of 2026-06-30.
- Checkpoints
- Nov 5, 2026: Q3 2026 earnings: leverage after the joint venture. Pending. Watch: Lower net debt after the $1.1 billion of proceeds and AFFO guidance kept at $1.26 to $1.32 pass; a guidance cut or falling same store NOI fail.
Dec 31, 2026: Lancaster wind-down ends. Pending. Watch: The Lancaster wind-down ends on time and Americold agrees to sell or reuse the two sites pass; new impairments or large cash costs fail.
- Recent events
- 2026-08-31: Americold closed its joint venture with EQT's Active Core Infrastructure fund. The venture owns 12 U.S. warehouses with more than $1.3 billion of gross asset value. EQT owns 70% and Americold owns 30% and manages the sites. Americold received about $1.1 billion of net cash and intends to use it to repay debt.
2026-08-06: Americold reported Q2 2026 results. Total revenues rose 1.9% to $662.9 million, and AFFO was $0.35 per share. Impairment charges caused a net loss of $342.8 million. Same store NOI fell 1.5%. Americold raised its 2026 AFFO guidance to $1.26 to $1.32 per share, including the dilution from the joint venture.
2026-07-21: Americold agreed with ADUSA Distribution, a unit of Ahold Delhaize USA, to wind down operations at its automated distribution center in Lancaster, Pennsylvania, by December 31, 2026, and not to open its automated center in Plainville, Connecticut. Americold expected a non-cash impairment of $305 million to $320 million and plans to sell the two facilities.
2026-05-07: Americold agreed to contribute 12 cold storage facilities, valued at more than $1.3 billion, to a new joint venture with EQT. It expected about $1.1 billion of net cash proceeds to repay debt.