Americold Realty Trust Inc (COLD) Announces Q3 2023 Results: AFFO per Share Up by Over 10% YoY
Americold Realty Trust Inc (NYSE:COLD) reported a 10% YoY increase in AFFO per share for Q3 2023.
The company raised its full year 2023 AFFO per share guidance to a new range of $1.24 to $1.30.
Global Warehouse segment revenue increased by 0.6% to $602.6 million.
Total revenue for Q3 2023 decreased by 11.9% to $667.9 million.
On November 2, 2023, Americold Realty Trust Inc (NYSE:COLD), a global leader in temperature-controlled logistics and real estate, announced its financial and operating results for the third quarter ended September 30, 2023. The company reported a 10% year-over-year increase in AFFO per share, primarily driven by its global warehouse same store pool, which generated NOI growth of 5.3% on a constant currency basis.
Financial Highlights
The company's total revenue for Q3 2023 was $667.9 million, marking an 11.9% decrease. However, total NOI increased by 4.4% to $189.1 million. The net loss for the quarter was $2.1 million, or $0.01 loss per diluted common share. Core EBITDA increased by 9.2% to $144.0 million, and AFFO was $88.2 million, or $0.32 per diluted common share.
Global Warehouse segment revenue increased by 0.6% to $602.6 million, and its NOI increased by 6.7% to $177.8 million. The same store revenue for this segment was flat on an actual basis, or decreased by 0.6% on a constant currency basis.
Operational Highlights
During the quarter, Americold Realty Trust Inc (NYSE:COLD) raised $419 million in common equity by issuing 13.2 million shares at a weighted average price of $31.63 per share through its ATM program. The company also announced the strategic acquisition of Safeway Freezers, a temperature-controlled company located in Southern New Jersey, for a total investment of approximately $37 million.
George Chappelle, Chief Executive Officer of Americold Realty Trust, commented on the results,
We are pleased with our third quarter results where we delivered AFFO per share of $0.32, an increase of over 10% versus prior years quarter. This performance was primarily driven by our global warehouse same store pool, which generated NOI growth of 5.3%, on a constant currency basis."
Outlook
Due to the progress made around economic occupancy and pricing, combined with the ability to manage all aspects of the variable cost structure within the same store pool, and the reduction of interest expense due to the pay down of debt, Americold Realty Trust Inc (NYSE:COLD) is raising its full year 2023 AFFO per share guidance to a new range of $1.24 to $1.30.
Explore the complete 8-K earnings release (here) from Americold Realty Trust Inc for further details.
This article first appeared on GuruFocus.
