Americold Realty Trust

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 208 operating facilities in North America, Europe, Asia-Pacific and South America. Total revenues were $691.6 million in Q3 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.

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, 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. Q3 2026 was better: same store NOI rose 6.0%, economic occupancy rose, and Americold raised its 2026 AFFO guidance to $1.31 to $1.33 per share.

The cash from the EQT joint venture cut debt by $1.15 billion, and net debt fell to about 6.2 times pro-forma Core EBITDA at September 30, 2026, from about 7.3 times at June 30. For the gap to close, three things must be true. Leverage must keep falling toward a level that gives Americold room to invest and keep its dividend. Occupancy and throughput must keep recovering, so that same store NOI keeps growing.

Americold must sell or reuse the Lancaster and Plainville sites without new large losses. The end of the Lancaster wind-down on December 31, 2026 and the Q4 2026 report, estimated for about February 5, 2027, are the next tests. 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.

1. Nov 5, 2026Passed

   Q3 2026 earnings: leverage after the joint ventureLower 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.Outcome: Debt fell by $1.15 billion and net leverage to about 6.2 times, same store NOI rose 6.0%, and Americold raised its AFFO guidance to $1.31 to $1.33 per share.
2. Dec 31, 2026Pending

   Lancaster wind-down endsThe Lancaster wind-down ends on time and Americold agrees to sell or reuse the two sites pass; new impairments or large cash costs fail.
3. Feb 5, 2027 · est.Pending

   Q4 2026 earnings: 2027 guidance2026 AFFO within the $1.31 to $1.33 guidance, same store NOI growth and 2027 guidance with lower leverage pass; AFFO below the range or falling same store NOI fail.

Every passed and failed checkpoint across all picks

• November 5, 2026Americold reported Q3 2026 results. Total revenues rose 4.2% to $691.6 million, and Global Warehouse same store NOI rose 6.0%. AFFO was $0.35 per share. Net income was $683.4 million, mainly because of a one-time gain on the formation of the EQT joint venture. Americold used the joint venture cash to repay term loans and part of its revolving credit facility, and it raised its 2026 AFFO guidance to $1.31 to $1.33 per share.
• August 31, 2026Americold 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.
• August 6, 2026Americold 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.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · art-20260930
• 8-KEarnings release and Investor disclosureFiled November 5, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 9, 2026 · art-20260909
• 8-KNew material agreement and Acquisition or sale completedFiled August 31, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled August 31, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 6, 2026 · art-20260806
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · art-20260630
• 8-KEarnings release and Investor disclosureFiled August 6, 2026 · Press release and exhibits
• 8-KImpairment and Investor disclosureFiled July 23, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled June 24, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1455863)

• Demand for cold storage is weak. Same store NOI fell 1.5% in Q2 2026 before it rose 6.0% in Q3 2026, and management still calls the operating environment challenging. If food producers keep low inventories, occupancy and rates stay under pressure.
• Net debt was about 6.2 times pro-forma Core EBITDA at September 30, 2026, after the cash from the joint venture repaid debt. This is still high, and the company has less room to invest or keep its dividend if earnings fall.
• 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 13.4% of debt was at a floating rate at September 30, 2026, down from about 35% at June 30, 2026. Higher interest rates increase interest costs on new debt and lower AFFO.

Americold funds itself mostly with unsecured debt. At September 30, 2026, debt principal was $3.12 billion: senior unsecured notes of $2.50 billion, unsecured term loans of about $406 million and $216 million drawn on the revolving credit facility. Read more

Yield at the current rate

5.7% (current annual rate, at today’s price)

Dividend yield

5.7% (last 12 months, at today’s price of $16.18)

Paid per share

$0.92 in the last 12 months (4 payments)

Current annual rate

$0.92 ($0.23 × 4 a year)

Latest ex-dividend date

September 30, 2026, $0.23 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 1.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.