Americold Realty Trust reports Q3 AFFO EPS 32c, consensus 32c

Reports Q3 revenue $667.94M, consensus $702.89M. George Chappelle, Chief Executive Officer of Americold Realty Trust, stated, “We are pleased with our third quarter results where we delivered AFFO per share of $0.32, an increase of over 10% versus prior year’s 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. Our strong same-store pool results were the result of meaningful economic occupancy growth and our continued pricing initiatives. Our same store economic occupancy increased 345 basis points over prior year to 84.0%, a record-setting third quarter level. Additionally, this quarter, we derived 50.4% of rent and storage revenue from fixed commitment storage contracts, which is another record-setting level for Americold. Lastly, in the face of a challenging throughput volume environment, we made progress on our Services margins through aggressive variable cost management.”