Americold Realty Trust (COLD) Q4 2024 earnings summary

Executive summary

• Delivered strong operational and financial results in Q4 and full year 2024, with notable improvements in service, productivity, and customer recognition.

• Achieved double-digit adjusted FFO per share growth for full year 2024, with a 16% increase year-over-year.

• Delivered $125 million incremental same store warehouse services NOI, surpassing the prior $100 million target.

• Expanded development pipeline, breaking ground on major projects in Dallas-Fort Worth, Port Saint John (Canada), and Christchurch (New Zealand).

• Focused on productivity, efficiency, and margin improvement, especially in warehouse services.

Financial highlights

• Full year 2024 total revenues of $2.67 billion, up 0.3% from 2023 (1.2% increase constant currency).

• Q4 same-store NOI reached approximately $204 million, up 6% year-over-year.

• Q4 AFFO was about $106 million, or $0.37 per share.

• Full-year 2024 AFFO totaled $1.47 per share, a 15.9% increase year-over-year and 40% increase over two years.

• Net loss of $94.7 million for 2024, or $0.33 per diluted share, improved from $1.18 loss per share in 2023.

Outlook and guidance

• 2025 AFFO per share guidance is $1.51–$1.59, midpoint $1.55, representing a 5% increase from 2024.

• Expect same-store constant currency revenue growth of 2%-4% and NOI growth of 4%-6% in 2025.

• Economic occupancy projected to be flat year-over-year, with throughput volumes up 1%-2%.

• Service margins expected to remain above 12% in 2025.

• Development starts forecasted at $200 million–$300 million for 2025.