AMERICOLD REALTY TRUST
For the period ended May 20, 2025. Filed Apr 7, 2025.
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May 20, 2025 · Filed Apr 7, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
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To Our Fellow Stockholders,
Throughout the course of 2024, Americold has continued to differentiate ourselves as a global leader in temperature-control logistics real estate with significant scale and operating expertise. We have carefully assembled an integrated network of strategically located mission-critical warehouses that serve as critical infrastructure to the global food supply chain. Our network of warehouses, comprehensive value-added services and best-in-class customer experience offer compelling value propositions that help build long-term relationships with high-quality customers. This translates to stable, resilient and recurring income streams with strong EBITDA margins.
We made significant progress on several productivity, efficiency and commercialization initiatives in 2024 that enabled us to deliver strong financial results. Specifically, in 2024 we grew our AFFO per share by 16%, while growing Same Store Warehouse NOI by 11%, our second year in a row of double-digit growth. This would not have been possible without our relentless commitment to our four key priorities. First, our focus on best-in-class customer service resulted in multiple awards from our customers, in addition to a record setting 59% of our global warehouse revenue being under fixed commit contracts. Second, we strengthened our workforce through improved hiring practices, training, and engagement, resulting in 75% of our labor being permanent Americold associates, retention being above 70%, and our percentage of associates in their job less than 12 months declining to 22%. Our workforce has never been more stable and productive. Third, we enhanced our pricing to reflect the significant value that Americold brings to our customers. Nowhere was this more evident than in our warehouse services business where, combined with workforce productivity, we expanded full year Same Store Warehouse Services NOI by $125 million compared to 2023. Finally, we continue to deploy development capital into low risk expansions of existing assets, customer dedicated projects, and projects dedicated to our two strategic partners, DP World and Canadian Pacific Kansas City Railroad (“CPKC”). In 2024, we exceeded our full year guidance on deploying capital in these areas reflecting the quality of our development pipeline which still remains over $1 billion.
Beyond these four priorities, I am proud of the progress we made across the company on delivering on our commitment to drive long-term shareholder value and I would like to expand on some of our 2024 accomplishments in more detail.
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