Americold Realty Trust reports Q2 adjusted FFO 38c, consensus 33c

Reports Q2 revenue $660.955M, consensus $664M. George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “As the operational and financial results of the second quarter highlight, it’s been another great quarter for organic growth at Americold as we produced double digit year-over-year growth in Global Warehouse Same Store NOI, Same Store Warehouse Services Margins, and ultimately AFFO. The efforts the team has put in over the past almost three years to build a productive, stabilized workforce have created a solid foundation in which we were not only able to expand, but continue to produce sustainable services margins across any macroeconomic environment, which supported the improvement in our outlook for the year. Further, the significant investments we have made in our technology and the processes we have put in place have resulted in enhanced revenue capture, and better labor and cost management. We have also been investing back into our business by doubling the capital deployment development guide from last year to $200 – $300 million this year, and are tracking to potentially exceed that number. All of these efforts sets Americold up extremely well for the eventual return of consumer demand.”