Americold Raises Annual Guidance Despite Quarterly Net Loss
The temperature-controlled warehouse operator raised its full-year adjusted FFO guidance to a range of $1.26 to $1.32 per share
Americold Realty Trust (COLD) reported a net loss of $342.8 million for the second quarter of 2026.
The result followed a net income of $1.5 million in the same period last year, a swing driven primarily by a $309.6 million impairment charge as the company wound down operations at facilities in Plainville, Connecticut, and Lancaster, Pennsylvania.
Total revenues rose 1.9% to $662.9 million. Adjusted FFO per diluted share decreased 2.8% to $0.35 from $0.36 in the prior-year quarter. Core EBITDA margin also declined, falling to 24.0% from 24.4%.
Growth in the Global Warehouse segment was mixed. Same-store revenues increased 2.2% on an actual basis, while same-store NOI decreased 1.5%. The segment's same-store services margin compressed to 14.8% from 15.2% in the second quarter of 2025.
Occupancy metrics showed improvement. Physical occupancy for same-store warehouses rose 290 basis points to 69.1%. Economic occupancy increased 20 basis points to 77.7%. The company also saw gains in pricing, with same-store rent and storage revenues per average economic occupied pallet rising 1.1% to $63.23.
Same-store warehouse services revenues per throughput pallet increased 2.8% to $39.06.
Americold raised its full-year adjusted FFO guidance to a range of $1.26 to $1.32 per share, up from the $1.20 to $1.30 range provided on February 19, 2026.
The company is advancing a joint venture with EQT involving 12 facilities valued at more than $1.3 billion, which is expected to close in the third quarter of 2026.