Americold Realty Trust (NYSE: COLD)

Americold Realty Trust is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. The company connects producers, processors, distributors, and retailers through a network of specialized warehouses and transportation services. As a self-administered and self-managed REIT, Americold operates 231 temperature-controlled warehouses across North America, Europe, Asia-Pacific, and South America, encompassing approximately 1.4 billion cubic feet of storage capacity as of December 31, 2025.

Americold generates revenue primarily through its Warehouse segment by collecting rent and storage fees for frozen and perishable food products, along with value-added handling services such as blast freezing, tempering, packaging, case-picking, and e-commerce fulfillment. The Transportation segment earns income by brokering, managing, or operating transportation services, including consolidation, freight under management, dedicated transportation, and multimodal global freight forwarding. The Third-Party Managed segment provides warehouse management services on behalf of third parties, serving leading food manufacturers and retailers in their owned facilities to improve efficiency and reduce supply-chain risks.

The company operates through the following segments: Warehouse, Transportation, and Third-Party Managed.

• Warehouse: This segment provides temperature-controlled warehouse storage and related handling services for customers’ frozen and perishable food and other products. It optimizes product movement through the cold chain via placement, case-picking, blast freezing, e-commerce fulfillment, and other recurring handling services. These value-added services enhance supply chain efficiency and are integral to Americold’s core operations.

• Transportation: This segment brokers, manages, or operates transportation of frozen and perishable food and other products for customers. Services include consolidation, freight under management, dedicated transportation, and multimodal global freight forwarding, each designed to improve efficiency and reduce logistics costs. These solutions support seamless product movement across regional and international supply chains.

• Third-Party Managed: Under this segment, Americold manages warehouses on behalf of third parties and provides warehouse management services to leading food manufacturers and retailers in their owned facilities. This allows customers to increase operational efficiency, lower costs, reduce supply-chain risks, and focus on their core businesses. The segment leverages Americold’s expertise in cold chain management without requiring ownership of the physical assets.

Americold holds a strong position within the temperature-controlled logistics industry due to its integrated global network, scale, and ability to offer a full suite of cold-chain solutions across production, distribution, retail, and port-oriented nodes. Competitive advantages include ownership of over 75% of its warehouses, long-term customer relationships with weighted average tenure exceeding 35 years for top clients, and advanced technology investments like Project Orion. The company differentiates itself from smaller, local providers and internal customer-operated facilities through network breadth, service quality, and operational reliability.

The company serves 2,962 customers globally as of December 31, 2025, primarily consisting of producers, distributors, retailers, and e-tailers of frozen and perishable food products such as fruits, vegetables, meats, seafood, dairy, and packaged foods. Americold’s customer base includes major retail and food production companies, with the 25 largest Warehouse segment customers contributing over half of segment revenues and maintaining long-term contractual relationships.