Americold Raises Full-Year AFFO Outlook Again

The Tip Desk · November 7, 2026 · 4 min read

Third-quarter revenue reached $691.6 million and same-store warehouse NOI rose 6.0% as the company lifted 2026 AFFO guidance to $1.31–$1.33 a share.

Americold Realty Trust (COLD), a global temperature-controlled logistics and real estate company, reported third-quarter revenue of $691.6 million, a 4.2% increase from $663.7 million a year earlier and 3.3% on a constant-currency basis, after a 1.9% year-over-year rise in the second quarter.

The company said the increase was driven primarily by higher Transportation services revenue, $13.1 million of joint-venture-related management fees and reimbursed costs tied to the EQT partnership, and favorable foreign exchange, partially offset by the contribution of Global Warehouse sites to that venture.

Global Warehouse same-store revenue growth accelerated to 5.7% on an actual basis, or 4.9% in constant currency, from 2.2% actual and 1.1% constant currency in the second quarter. Same-store services margin expanded to 15.9% from 13.6% a year earlier, reversing a decline to 14.8% in the second quarter. Same-store NOI rose 6.0%, or 5.5% in constant currency, after a 1.5% decline in the prior quarter.

Warehouse services revenue at same-store properties rose 7.1% actual and 6.1% in constant currency. Same-store services NOI increased 25.1% actual and 24.3% in constant currency. Throughput pallets rose 4.1%, and services revenue per throughput pallet increased 2.9% actual and 1.9% in constant currency. Economic occupancy rose 210 basis points to 78.5% and physical occupancy rose 460 basis points to 70.0%. Average physical occupied pallets rose 6.5% while average physical pallet positions fell 0.6%.

Same-store rent and storage revenue rose 3.6% actual and 3.3% in constant currency, but same-store rent and storage NOI was essentially unchanged, down 0.1% actual and 0.5% in constant currency, and the rent-and-storage margin fell 220 basis points to 58.3%.

Global Warehouse revenues excluding sites contributed to the EQT joint venture were $569.4 million, up 2.2% actual and 1.5% in constant currency. Warehouse services revenue in that pool rose 2.9% in constant currency. Segment NOI excluding those sites was $182.5 million, up 6.3% actual and 5.8% in constant currency, with segment margin up 130 basis points to 32.1%. Total NOI excluding joint-venture revenue and associated costs was $213.7 million, up 4.2% from the year-earlier quarter.

Core EBITDA increased 7.5% to $159.4 million, or 6.9% in constant currency, with a 23.0% margin, after remaining flat at $159.1 million in the second quarter. Adjusted FFO was $101.3 million, or $0.35 a share, matching the year-earlier $0.35 a share after a 2.8% per-share decline in the second quarter.

Net income was $683.4 million, or $2.38 a share, versus a net loss of $0.04 a share a year earlier, principally from a $714.1 million after-tax gain on the contribution of real estate assets to the EQT joint venture. Core FFO was $66.9 million, or $0.23 a share.

On August 31, the company closed the joint venture with EQT’s Active Core Infrastructure fund, retaining a 30% interest and serving as day-to-day property manager. The transaction reduced outstanding debt by $1.15 billion and cut net leverage by a full turn. Total net debt was about $3.3 billion, and net debt to pro forma Core EBITDA was about 6.2 times. Liquidity was about $950.4 million. Unsecured debt was 93.4% of total debt, with a weighted average remaining term of 5.0 years and a weighted average contractual rate of 4.0%. About 86.6% of debt was at a fixed rate.

Chief executive Rob Chambers said a combination of execution and industry stabilization produced year-over-year growth in revenue and NOI, with occupancy, throughput and pricing gains and lower SG&A from cost-savings initiatives.

The company raised full-year Adjusted FFO guidance to $1.31 to $1.33 a share from $1.26 to $1.32, a second consecutive increase after the second-quarter raise. Warehouse same-store revenue guidance in constant currency moved to $2.06 billion to $2.10 billion from $2.03 billion to $2.09 billion, and warehouse same-store NOI to $680 million to $700 million from $660 million to $695 million. Total-company NOI guidance rose to $800 million to $830 million from $775 million to $815 million, and Core EBITDA to $585 million to $610 million from $570 million to $600 million. Interest expense guidance remained $155 million to $160 million.