Americold Realty Trust Cuts $1.15 Billion in Debt Through EQT Joint Venture as Q3 Revenue Rises 4.2%

Americold Realty Trust, Inc. (NYSE: COLD) reported a $1.15 billion reduction in outstanding debt in its third-quarter 2026 results, following the Aug. 31 close of a joint venture with EQT's Active Core Infrastructure fund. The Atlanta-based temperature-controlled logistics company also reported higher year-over-year revenue and net operating income, and raised its full-year adjusted funds from operations (AFFO) outlook for the second consecutive time, the company announced Nov. 5.

Americold Realty Trust and EQT Joint Venture Details

The joint venture, Americold-EQT Cold Storage Partnership, LLC, owns 12 U.S. temperature-controlled warehouse facilities. EQT holds a 70% stake, while Americold retained a 30% interest and serves as the day-to-day property manager.

The portfolio totals approximately 124 million cubic feet and about 402,000 pallet positions, and was valued at more than $1.3 billion, implying a capitalization rate of approximately 7%. The venture obtained up to $863.5 million of mortgage financing, with $845.5 million drawn at closing.

Americold used the proceeds to repay debt. The company said the repayment reduced its net leverage ratio by a full turn and eliminated its 2026–2028 debt maturities. Americold projected approximately $46 million in annual interest savings following the repayment.

"A significant achievement during the quarter was the closing of our joint venture with EQT," said Rob Chambers, CEO of Americold. "The transaction enabled us to reduce our outstanding debt by $1.15 billion, reducing net leverage ratio by a full turn and significantly strengthening our balance sheet and financial flexibility. This partnership highlights the quality and attractiveness of our mission-critical assets, while establishing a development partner to support future growth opportunities."

Third Quarter 2026 Financial Results

Total revenues for the quarter ended Sept. 30 were $691.6 million, up 4.2% from $663.7 million in the third quarter of 2025, and up 3.3% on a constant currency basis. The increase was attributed primarily to higher transportation services revenues, $13.1 million of joint venture-related management fees and reimbursed costs tied to the formation of the EQT venture, and favorable foreign exchange movements. These were partially offset by the contribution of Global Warehouse segment sites to the venture.

Net income was $683.4 million, or $2.38 per diluted share, compared with a net loss of $11.4 million, or $0.04 per diluted share, a year earlier. The increase was principally driven by a $714.1 million gain on contribution of real estate assets, net of tax, associated with the formation of the EQT venture. Net income also reflected lower selling, general and administrative costs and a $12.1 million net gain on the sale of real estate, offset by higher interest expense and depreciation and amortization.

Adjusted FFO was $101.3 million, or $0.35 per diluted share, consistent with the $0.35 per diluted share reported in the third quarter of 2025. Core FFO was $66.9 million, or $0.23 per diluted share, compared with $81.7 million, or $0.29 per diluted share, a year earlier. Core EBITDA rose 7.5% to $159.4 million, with the margin increasing to 23.0% from 22.3%. Adjusted Core EBITDA was $161.8 million, compared with $148.5 million in the prior-year quarter.

Warehouse Segment Performance

Global Warehouse segment same store revenues increased 5.7% on an actual basis and 4.9% on a constant currency basis. Same store NOI rose 6.0%, or 5.5% on a constant currency basis, and same store services margin increased to 15.9% from 13.6%.

Excluding sites contributed to the EQT venture, Global Warehouse segment revenues were $569.4 million, up 2.2% on an actual basis and 1.5% on a constant currency basis, driven by a 2.9% increase in warehouse services revenue on a constant currency basis. Segment NOI was $182.5 million, compared with $171.7 million a year earlier, and segment margin was 32.1%, up 130 basis points. Total company NOI, excluding joint venture-related revenue and associated costs, was $213.7 million, up 4.2%.

Chambers cited gains in occupancy, throughput and pricing, along with lower SG&A from cost savings initiatives, as contributors to the results, and said the operating environment remains challenging.

Updated 2026 Outlook

Americold raised its full-year AFFO guidance to $1.31 to $1.33 per share, from $1.26 to $1.32 per share in its Aug. 6 outlook. The updated guidance includes the projected impact of the joint venture. Other changes include:

• Warehouse segment same store revenues (constant currency): $2.06 billion to $2.10 billion, from $2.03 billion to $2.09 billion.
• Warehouse segment same store NOI (constant currency): $680 million to $700 million, from $660 million to $695 million.
• Total company NOI (constant currency): $800 million to $830 million, from $775 million to $815 million.
• Core EBITDA: $585 million to $610 million, from $570 million to $600 million.
• Total selling, general and administrative expense: $260 million to $265 million, from $250 million to $260 million.
• Interest expense: unchanged at $155 million to $160 million.

Balance Sheet and Liquidity

As of Sept. 30, Americold had total liquidity of approximately $950.4 million. Total net debt outstanding was approximately $3.3 billion, including approximately $219.8 million of financing leases and sale lease-backs. Unsecured debt made up 93.4% of total debt, and about 86.6% of total debt was at a fixed rate, including hedged variable-rate debt.

Net debt to pro forma Core EBITDA was approximately 6.2x, or approximately 6.3x including the company's proportionate share of net debt and EBITDA from partially owned entities. The company's unsecured debt carries a remaining weighted average term of 5.0 years, inclusive of extension options, and a weighted average contractual interest rate of 4.0%.

Americold's board declared a third-quarter dividend of $0.23 per share, paid Oct. 15 to stockholders of record as of Sept. 30.

Market Context for Cold Storage Real Estate

The transaction addresses a pressure point for cold-storage owners: the sector's mission-critical real estate requires substantial capital, carries high operating costs and has faced elevated leverage and financing costs. By retaining a minority stake and the property management role, Americold keeps exposure to the 12 facilities and potential future development while converting most of the portfolio's equity value into balance-sheet relief.

The deal also provides a valuation marker for temperature-controlled real estate, at roughly $1.3 billion for 12 facilities at an implied 7% cap rate, and shows private capital remains available for specialized logistics assets. Americold's investor materials framed the transaction as highlighting a valuation difference between public and private markets.

Rising EBITDA alongside flat adjusted FFO per share indicates that operating improvement has not yet fully translated into recurring per-share earnings, with interest costs and capital structure continuing to weigh on results. Americold directed the proceeds to debt repayment rather than immediate expansion, and the company described the temperature-controlled logistics industry as stabilizing, citing gains in occupancy, throughput and pricing.

Americold operates 208 facilities across North America, Europe, Asia-Pacific and South America, totaling approximately 1.2 billion refrigerated cubic feet. It also holds a minority interest in RSA Cold Holdings Limited, which operates two temperature-controlled warehouses in Dubai.

Sources

• Americold Realty Trust, "Americold Announces Third Quarter 2026 Results," Nov. 5, 2026: https://ir.americold.com/press-releases/news-details/2026/Americold-Announces-Third-Quarter-2026-Results/default.aspx