Atlanta, USA: Americold Realty Trust, reported revenue of $674.2m, a 0.9% change from $667.9 m in Q3 2023 and a change of 2.1% on a constant currency basis, in its third quarter ended 30 September, 2024. Global warehouse same store services margin increased to 14.5% from 3.5% in Q3 2023.
George Chappelle, chief executive, Americold Realty Trust, stated, “We are pleased with our third quarter results where we delivered AFFO per share of $0.35, an increase of 11% versus prior year’s quarter.
“This performance was again driven by organic growth as we produced double digit year-over-year growth in the Global Warehouse Same Store NOI of approximately 11% on a constant currency basis.
“We continue to demonstrate our ability to generate meaningful returns to our shareholders in any environment as our same store warehouse services margins increased to 14.5%, an 11% improvement from the previous year’s quarter on a constant currency basis.
“The resiliency in our approach over the past three years to stabilise our workforce and the investments we have made in our technology and processes have built a solid foundation and positions us well for the future. We remain steadfast in our pursuit to invest in our future as we continue to evaluate development opportunities across our three primary areas of focus: expansion projects; customer-dedicated, build-to-suit developments; and our CPKC and DP World collaborations. During the quarter we successfully raised $500 million in our inaugural public bond offering, which gives us another avenue of capital to help grow our portfolio and provide predictable and sustainable returns for all of our stakeholders.
Lastly, I am pleased to announce a new $148 million dollar automation development in Dallas-Fort Worth that would now have us exceed the higher end of development guidance and will further demonstrate our industry-leading automation design capabilities.”
Third Quarter 2024 Highlights
- Total revenue of $674.2m, a 0.9% change from $667.9m in Q3 2023 and a change of 2.1% on a constant currency basis
- Net loss of $3.7m, or $0.01 loss per diluted common share
- Total company NOI increased 10.6% to $209.2m from $189.1m in Q3 2023 and a 12.0% increase on a constant currency basis
- Total company NOI margin increased 272bps to 31.0% from 28.3% in Q3 2023
- Global warehouse same store services margin increased to 14.5% from 3.5% in Q3 2023
- Core FFO of $83.9m, or $0.29 per diluted common share, a 17.7% change from Q3 2023 Core FFO per diluted common share
- AFFO of $100.1m, or $0.35 per diluted common share, a 10.9% change from Q3 2023 AFFO per diluted common share
- Core EBITDA of $157.2m, increased $13.2m, or 9.1% from $144.0m in Q3 2023
- Core EBITDA margin of 23.3%, increased 176 basis points from 21.6% in Q3 2023
- Global warehouse segment same store revenue increased 1.9% on an actual basis and increased 3.0% on a constant currency basis as compared to Q3 in 2023
- Global warehouse segment same store NOI increased 9.5%, or 10.9% on a constant currency basis as compared to Q3 2023
- Completed public debt offering of $500m at an interest rate of 5.409% to be paid semi-annually, with a debt maturity of 12 September 2034.
