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Here are 1-3 brief analogies for Americold Realty Trust (COLD):

• Prologis for cold storage.
• Equinix for the cold food supply chain.

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• Temperature-Controlled Warehousing: Provides specialized storage facilities for frozen and refrigerated food products, ensuring their integrity and safety.
• Value-Added Logistics Services: Offers a comprehensive suite of services within their warehouses, including blast freezing, tempering, case picking, cross-docking, and inventory management.

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Americold Realty Trust (COLD) sells primarily to other companies (B2B).

Its major identifiable customer, based on public filings, is:

• Tyson Foods, Inc. (Symbol: TSN)

Tyson Foods, Inc. accounted for approximately 6.0% of Americold's total revenue for the year ended December 31, 2023. No other single customer individually accounted for more than 5.0% of total revenue.

Americold's broader customer base generally consists of various companies within the food industry that require temperature-controlled storage and logistics services. These typically include:

• Food producers
• Food processors
• Food distributors
• Food retailers

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Robert S. Chambers Chief Executive Officer

Mr. Chambers was appointed Chief Executive Officer and a member of the Board of Directors of Americold Realty Trust, effective September 1, 2025. He has over 12 years of experience with Americold, having previously served as President, overseeing global operations, and in roles such as President, Americas; Executive Vice President and Chief Commercial Officer; and Vice President of Commercial Finance. Prior to joining Americold, Mr. Chambers served as Chief Financial Officer of Saia Inc., a publicly listed transportation and logistics company, and held leadership positions at CEVA Logistics. He began his career at KPMG and is a licensed CPA and Chartered Global Management Accountant. He also serves on the boards of the Global Cold Chain Alliance and Stetson University School of Business.

Jay E. Wells Executive Vice President, Chief Financial Officer

Mr. Wells was appointed Executive Vice President and Chief Financial Officer, effective January 15, 2024. He is described as a results-oriented executive with a track record of driving profitable growth and a keen strategic mindset with experience in prudent capital management.

Richard C. Winnall President, International

Mr. Winnall assumed the role of President, International, effective January 3, 2024. He was previously the Chief Operating Officer, International, appointed in August 2022, and joined Americold in January 2019 as Managing Director, International, also holding the role of Managing Director, Asia Pacific and Latin America. Prior to Americold, Mr. Winnall worked at DHL Supply Chain (DPDHL Group) in Asia Pacific and Europe, Middle East & Africa, and Linfox in the Asia Pacific region. He holds a Master of Science Management, Intermodal Transport from the University of Denver, Colorado, and a Master of International Business from Swinburne University, Melbourne.

Michael Spires Chief Information Officer

Mr. Spires serves as Chief Information Officer, a role he has held since 2022. He is an Executive Vice President.

Nathan Harwell Chief Legal Officer, Executive Vice President

Mr. Harwell is the Chief Legal Officer and Executive Vice President, a position he has held since 2023.

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Key Risks to Americold Realty Trust (COLD)

1. Declining Occupancy Rates, Customer Activity Challenges, and Intense Industry Competition: Americold Realty Trust has experienced issues with customer activity and declining occupancy rates in its refrigerated warehouses, which directly impact revenue and profitability. The refrigerated warehousing industry is highly competitive, facing pressure from other large national and regional players, as well as smaller, local operators. This increased competition can lead to pricing pressures and reduced occupancy rates.

2. High Leverage and Sensitivity to Interest Rate Fluctuations: The company carries substantial indebtedness. Increases in interest rates can significantly raise Americold's interest costs, subsequently reducing cash flows, funds from operations, and its ability to access capital markets and make distributions to stockholders. This high leverage amplifies risks in the current economic environment.

3. Concentration in the Temperature-Controlled Warehouse Industry: Americold's investments are heavily concentrated in the industrial real estate industry, specifically in temperature-controlled warehouses. This specialization exposes the company to a greater extent to the risks of economic downturns within this particular industry, as well as fluctuations in the markets for, and production of, the commodities and finished products stored in its facilities.

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Americold Realty Trust (COLD) primarily offers temperature-controlled warehousing and logistics solutions, which include storage, handling, inventory management, and transportation services for perishable goods.

Addressable Market Sizes:

North America Cold Storage Market

• The North America cold storage market was valued at approximately USD 54.40 billion in 2024 and is projected to reach USD 134.98 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.7% from 2025 to 2030.

U.S. Cold Storage Market

• The U.S. cold storage market was valued at USD 39.49 billion in 2024 and is anticipated to reach USD 111.29 billion by 2033, exhibiting a CAGR of 12.20% from 2025 to 2033.

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1. Pricing Initiatives and Rate Escalations: Americold is focused on maintaining disciplined pricing strategies that reflect the quality of its services. The company has seen increased rent and storage revenue per economic occupied pallet and services revenue per throughput pallet, indicating its ability to balance price and occupancy even in competitive environments. These initiatives have contributed to growth in the Global Warehouse segment.
2. Strategic Acquisitions and Development Pipeline: The company has a robust development pipeline, exceeding $1 billion in opportunities, with planned expansions in key markets such as Dallas-Fort Worth, Dubai, and Kansas City. Strategic acquisitions, like the Houston warehouse acquisition which enabled a new retail customer win, are also expected to expand its network and market presence, particularly in emerging markets and regions with high demand.
3. Growth in Fixed Commitment Contracts and Customer Base Diversification: Americold has seen an increase in fixed commitment contracts for rent and storage revenue. The company is also actively pursuing growth in the fast-turning retail sector and expanding its quick-service restaurant (QSR) business into new geographies, aiming to diversify and strengthen its customer base.
4. Productivity Improvements and Operational Efficiency: Initiatives such as "Project Orion" are enhancing operational efficiencies and optimizing workforce performance. These improvements have led to higher warehouse services margins, contributing to increased Net Operating Income (NOI). The company targets achieving 9% services margins in the second half of 2024.
5. Leveraging Long-term Industry Fundamentals: Americold is positioned to benefit from secular demand trends in the cold storage industry, driven by evolving consumption patterns towards fresh and healthy foods, the expansion of e-commerce grocery delivery, increased demand for pharmaceuticals, and the re-shoring of essential food logistics capacity globally.

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Share Issuance

• In November 2020, Americold announced plans to fund acquisitions and expansion projects partly through recent equity offerings.
• The company's diluted shares outstanding increased from 207 million, reflecting past share issuances to support expansion.
• As of November 4, 2025, Americold had 284,854,479 common shares outstanding.

Outbound Investments

• In August 2020, Americold acquired a cold storage facility in Tampa, FL for $25.0 million and AM-C Warehouses in Dallas-Fort Worth, TX for $82.5 million, totaling $107.5 million.
• In November 2020, the company acquired Hall's Warehouse Corporation for $480 million.
• In March 2025, Americold announced a $127 million acquisition of a temperature-controlled facility in Houston, Texas, including planned expansions and equipment upgrades, to support a new grocery retail contract. The company also acquired a Baytown, TX temperature-controlled facility for $108.4 million in the first nine months of 2025.

Capital Expenditures

• For the first nine months of 2025, capital expenditures totaled $434.5 million.
• Initial capital expenditures of $0.5 million for the Tampa facility and $2.5 million for AM-C Warehouses were part of the acquisition costs in August 2020.
• In November 2020, Americold announced two expansion projects totaling $95 million ($84 million for a build-to-suit in Arkansas and $11 million for its Calgary facility) with targeted completion by the end of 2022, focused on enhancing network capabilities and serving top-tier customers. Capital expenditures are aimed at expanding market presence and supporting customer growth in the high-turn retail segment, with Project Orion also being a focus.