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Cold Storage Facility Operator Americold Keeping All Facilities Open

FreightWaves

Temperature-controlled warehouse operator Americold Realty Trust (NYSE: COLD) said that its network of more than 180 facilities remain operational amid the coronavirus outbreak.

"During this difficult and uncertain time, as the COVID-19 pandemic continues to evolve, we are proud to be an integral part of the infrastructure that services the global food supply chain," said Americold President and CEO Fred Boehler.

The Atlanta-based company said that it is continuing to work with its customers, predominantly food producers, retailers and distributors, to keep the global cold supply chain running.

"Our network of over 180 integrated facilities remain operational and open for business, keeping retailers stocked," continued Boehler.

The company issued a press release outlining new actions undertaken during the COVID-19 pandemic on March 13. The enhanced measures include additional screening for visitors to their facilities as well as more frequent cleanings. Currently, all drivers delivering or picking up freight from an Americold facility are to remain in their cab as freight is loaded or unloaded.

"Each day, frozen and refrigerated food destined for grocery stores, restaurants and other outlets flows through our global infrastructure. Although what and where the world eats may vary in the wake of the COVID-19 pandemic, Americold continues to execute an efficient and proven strategy to provide consistent, reliable access to temperature-controlled food around the world," said Boehler.

Americold Realty Trust is the largest publicly traded owner and operator of temperature-controlled warehouses. The company's real estate portfolio includes 183 temperature-controlled facilities, including 11 facilities in its third-party managed segment, with more than 1 billion refrigerated cubic feet of storage in the United States, Argentina, Australia, Canada and New Zealand.

On its fourth-quarter 2019 earnings conference call held on February 20, the company's management team issued 2020 guidance calling for new facility starts to be in the range of $75 million to $200 million and same-store revenue to increase 2-4% year-over-year.

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