Americold Realty Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Americold Realty Trust filed its Q1 2024 10-Q, detailing assets, equity, and segment performance.</b>

AI Summary

AMERICOLD REALTY TRUST (COLD) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Americold Realty Trust reported financial results for the quarter ended March 31, 2024. The filing includes data on assets such as Land, Building and Building Improvements, Machinery and Equipment, and Assets Under Construction as of March 31, 2024. Key financial components like Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for the period. Operating segments include Warehouse, Transportation, and Third-Party Managed segments, with performance data for Q1 2024 and Q1 2023. The report provides a snapshot of the company's financial position as of March 31, 2024, and comparative data from December 31, 2023.

Why It Matters

For investors and stakeholders tracking AMERICOLD REALTY TRUST, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of Americold Realty Trust, crucial for assessing investment value and operational health. Understanding the breakdown of assets and segment revenues allows for a deeper analysis of the company's core business drivers and potential growth areas within the cold storage and logistics industry.

Risk Assessment

Risk Level: low — AMERICOLD REALTY TRUST shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events.

Analyst Insight

Monitor future filings for revenue growth trends in the Warehouse and Transportation segments and any changes in asset allocation.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Date (As of date for financial statements)
• 2023-12-31 — Prior Period Balance Sheet Date (Comparative balance sheet date)
• Q1 2024 — Current Quarter (Period for financial results)
• Q1 2023 — Prior Year Quarter (Comparative period for segment data)

Key Players & Entities

• AMERICOLD REALTY TRUST (company) — Filer name
• COLD (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• Atlanta (location) — Business address city
• GA (location) — Business address state
• 30328 (postal_code) — Business address zip
• 678-441-1400 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share COLD New York Stock

Filing Documents

• art-20240331.htm (10-Q) — 1423KB
• exhibit311q124.htm (EX-31.1) — 8KB
• exhibit312q124.htm (EX-31.2) — 8KB
• exhibit321q124.htm (EX-32.1) — 4KB
• exhibit322q124.htm (EX-32.2) — 4KB
• 0001628280-24-022615.txt (&nbsp;) — 6766KB
• art-20240331.xsd (EX-101.SCH) — 45KB
• art-20240331_cal.xml (EX-101.CAL) — 65KB
• art-20240331_def.xml (EX-101.DEF) — 256KB
• art-20240331_lab.xml (EX-101.LAB) — 558KB
• art-20240331_pre.xml (EX-101.PRE) — 400KB
• art-20240331_htm.xml (XML) — 932KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements 4

Item 1. Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk 50

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures 50

Item 4. Controls and Procedures 50

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 52

Item 1. Legal Proceedings 52

Risk Factors 52

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds 52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities 52

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures 52

Item 4. Mine Safety Disclosures 52

Other Information 52

Item 5. Other Information 52

Exhibits 53

Item 6. Exhibits 53 SIGNATURES 54 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 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: rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes, and those related to the cyber matter which

Financial Statements

Item 1. Financial Statements Americold Realty Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except shares and per share amounts) March 31, 2024 December 31, 2023 Assets Property, buildings and equipment: Land $ 813,243 $ 820,831 Buildings and improvements 4,444,068 4,464,359 Machinery and equipment 1,568,141 1,565,431 Assets under construction 476,421 452,312 7,301,873 7,302,933 Accumulated depreciation ( 2,259,390 ) ( 2,196,196 ) Property, buildings and equipment – net 5,042,483 5,106,737 Operating leases – net 238,065 247,302 Financing leases – net 100,997 105,164 Cash, cash equivalents and restricted cash 59,204 60,392 Accounts receivable – net of allowance of $ 21,204 and $ 21,647 at March 31, 2024 and December 31, 2023, respectively 407,427 426,048 Identifiable intangible assets – net 884,521 897,414 Goodwill 790,568 794,004 Investments in and advances to partially owned entities 38,799 38,113 Other assets 226,113 194,078 Total assets $ 7,788,177 $ 7,869,252 Liabilities and equity Liabilities: Borrowings under revolving line of credit $ 455,919 $ 392,156 Accounts payable and accrued expenses 513,820 568,764 Senior unsecured notes and term loans – net of deferred financing costs of $ 9,908 and $ 10,578 , in the aggregate, at March 31, 2024 and December 31, 2023, respectively 2,578,992 2,601,122 Sale-leaseback financing obligations 143,825 161,937 Financing lease obligations 91,412 97,177 Operating lease obligations 231,921 240,251 Unearned revenue 29,089 28,379 Deferred tax liability – net 134,142 135,797 Other liabilities 7,653 9,082 Total liabilities 4,186,773 4,234,665 Commitments and contingencies ( Note 7 - Commitments and Contingencies ) Equity Stockholders' equity: Common stock, $ 0.01 par value per share – 500,000,000 authorized shares; 284,034,111 and 283,699,120 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,840 2,837

View Full Filing

View this 10-Q filing on SEC EDGAR