AMERICOLD REALTY TRUST

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include, but are not limited to, those identified below and those described in Part I of this report under "Cautionary Statement Regarding Forward-Looking Statements" in this Quarterly Report on Form 10-Q and "Risk Factors”inour 2024 Annual Report on Form 10-K filed on February 27, 2025.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include, but are not limited to, those identified below and those described in Part I of this report under "Cautionary Statement Regarding Forward-Looking Statements" in this Quarterly Report on Form 10-Q and "Risk Factors” in our 2024 Annual Report on Form 10-K filed on February 27, 2025.

Previous wording

Americold Realty Trust, Inc. together with its subsidiaries (“ART”, “Americold”, the “Company”, “us” or “we”) is a Maryland corporation that operates as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is a global leader in temperature-controlled storage, logistics, real estate and value-added services, and is focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. As of March 31, 2025, we operated 238 warehouses globally, totaling approximately 1.4 billion cubic feet, with 194 warehouses in North America, 25 in Europe, 17 warehouses in Asia-Pacific, and 2 warehouses in South America.

Current wording

Americold Realty Trust, Inc. together with its subsidiaries (“ART”, “Americold”, the “Company”, “us” or “we”) is a Maryland corporation that operates as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is a global leader in temperature-controlled storage, logistics, real estate and value-added services, and is focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. As of June 30, 2025, we operated 237 warehouses globally, totaling approximately 1.5 billion cubic feet, with 194 warehouses in North America, 24 in Europe, 17 warehouses in Asia-Pacific, and 2 warehouses in South America.

Previous wording

Our business includes three primary business segments: Warehouse, Transportation, and Third-party managed. We have minority interests in two joint ventures: SuperFrio Armazéns Gerais S.A. (the “SuperFrio joint venture”), which owns or operates 34 temperature-controlled warehouses in Brazil, and RSA Cold Holdings Limited (the “RSA joint venture”), which operates 2 temperature-controlled warehouses in Dubai.

Current wording

Our business includes three primary business segments: Warehouse, Transportation, and Third-party managed. As of June 30, 2025, we have a minority interest in one joint venture: RSA Cold Holdings Limited (the “RSA joint venture”), which operates 2 temperature-controlled warehouses in Dubai.

Previous wording

In February 2023, we announced our transformation program “Project Orion” designed to drive future growth and achieve our long-term strategic objectives, through investment in our technology systems and business processes across our global platform. The project includes the implementation of a new, best-in-class, cloud-based enterprise resource planning (“ERP”) software system. The primary goals of this project are to streamline standard processes, reduce manual work and incrementally improve our business analytics capabilities. Highlights of the project include implementing centralized customer billing operations, a global payroll and human capital management platform, next-generation warehouse maintenance capabilities, global procurement functionality and shared-service operations in certain international regions, among others. We expect the benefits of these initiatives to include revenue and margin improvements through pricing data and analytics and heightened customer contract governance, finance and human resources cost reductions, information technology (“IT”) applications and infrastructure rationalization, reduced associate turnover, working capital efficiency and reduced IT maintenance capital expenditures. The activities associated with Project Orion are expected to be substantially complete, with the exception of the implementation in Europe, within three years from the project’s start date. Since inception, the Company has incurred $175.6 million of implementation costs related to Project Orion, including expenses reported in “Acquisition, cyber incident, and other, net” on the Condensed Consolidated Statements of Operations and costs deferred in “Other assets” on the Condensed Consolidated Balance Sheets. The unamortized balance of the Project Orion deferred costs were $82.3 million and $80.5 million as of March 31, 2025 and December 31, 2024, respectively.

Current wording

In February 2023, we announced our transformation program “Project Orion” designed to drive future growth and achieve our long-term strategic objectives, through investment in our technology systems and business processes across our global platform. The project includes the implementation of a new, best-in-class, cloud-based enterprise resource planning (“ERP”) software system. The primary goals of this project are to streamline standard processes, reduce manual work and incrementally improve our business analytics capabilities. Highlights of the project include implementing centralized customer billing operations, a global payroll and human capital management platform, next-generation warehouse maintenance capabilities, global procurement functionality and shared-service operations in certain international regions, among others. We expect the benefits of these initiatives to include revenue and margin improvements through pricing data and analytics and heightened customer contract governance, finance and human resources cost reductions, information technology (“IT”) applications and infrastructure rationalization, reduced associate turnover, working capital efficiency and reduced IT maintenance capital expenditures. The activities associated with Project Orion are expected to be substantially complete, with the exception of the implementation in Europe, within three years from the project’s start date. Since inception, the Company has incurred $193.3 million of implementation costs related to Project Orion, including expenses reported in “Acquisition, cyber incident, and other, net” on the Condensed Consolidated Statements of Operations and costs deferred in “Other assets” on the Condensed Consolidated Balance Sheets. The unamortized balance of the Project Orion deferred costs were $81.6 million and $80.5 million as of June 30, 2025 and December 31, 2024, respectively.

Previous wording

During the three months ended June 30, 2024, the Company deployed the first phase of Project Orion. The implementation costs deferred within “Other assets” on the Condensed Consolidated Balance Sheets are now being amortized through “Selling, general, and administrative” expense on the Condensed Consolidated Statements of Operations. The useful lives of the Company’s internal-use software and capitalized cloud computing implementation costs are generally three to five years. However, the useful lives of major information system installations, such as implementations of ERP systems and certain related software, are determined on an individual basis and may exceed five years depending on the estimated period of use. The Company has determined the useful life of the new ERP system to be ten years and is amortizing the costs associated with the ERP implementation on a straight line basis over such period. The amortization expense recognized during the three months ended March 31, 2025 related to the Project Orion ERP implementation was $2.1 million. For further information regarding Project Orion, refer to the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K as filed with the SEC.

Current wording

During the three months ended June 30, 2024, the Company deployed the first phase of Project Orion in North America and Asia Pacific. The implementation costs deferred within “Other assets” on the Condensed Consolidated Balance Sheets are now being amortized through “Selling, general, and administrative” expense on the Condensed Consolidated Statements of Operations. The useful lives of the Company’s internal-use software and capitalized cloud computing implementation costs are generally three to five years. However, the useful lives of major information system installations, such as implementations of ERP systems and certain related software, are determined on an individual basis and may exceed five years depending on the estimated period of use. The Company has determined the useful life of the new ERP system to be ten years and is amortizing the costs associated with the ERP implementation on a straight-line basis over such period. The amortization expense recognized during the three and six months ended June 30, 2025 related to the Project Orion ERP implementation was $4.8 million and $6.9 million, respectively. The amortization expense recognized during the three and six months ended June 30, 2024 related to the Project Orion ERP implementation was not material.

Previous wording

On April 30, 2025, the Company completed the sale of its 14.99% equity interest in the SuperFrio joint venture to a third party for the Brazilian Real US dollar equivalent of $27.5 million. As of March 31, 2025, the Company’s equity method investment balance in the SuperFrio joint venture was $23.1 million which is recognized within “Investments in and advances to partially owned entities” on the Condensed Consolidated Balance Sheets. As the proceeds associated with this transaction will be held by our Brazilian subsidiary until July of 2025, we have entered into a foreign currency forward contract designated as a net investment hedge of our net investment in our Brazilian subsidiaries. The contract includes an obligation to pay R$155.9 million and receive $27.0 million. The hedge contract is set to mature in July of 2025.

Current wording

On April 30, 2025, the Company completed the sale of its 14.99% equity interest in the SuperFrio joint venture to a third party for the Brazilian Real US dollar equivalent of $27.5 million. This sale resulted in the recognition of a net $2.4 million gain for the three months ended June 30, 2025, which was recognized within “Other, net” on the Condensed Consolidated Statements of Operations. The gain is net of a $2.4 million loss related to the reclassification of foreign currency translation adjustments previously recorded in Other comprehensive (loss) income - net of tax. As the proceeds associated with this transaction were required to be held by our Brazilian subsidiary until July of 2025, the Company entered into a foreign currency forward contract designated as a net investment hedge of our net investment in our Brazilian subsidiary. The purpose of the hedge contract was to guarantee the repatriation of $27.0 million amidst any foreign currency fluctuation during the holding period that the Brazilian Real were held by our Brazilian subsidiary. The hedge contract net settled in July of 2025 which required the Company to pay $1.5 million to the hedge counterparty, which resulted in net proceeds repatriated to the U.S. of $27.0 million.

Previous wording

During the three months ended March 31, 2024, the Company purchased two facilities in the Company’s lease portfolio that were previously accounted for as failed sale-leaseback financing obligations. Total cash outflows related to these purchases of $20.4 million are included within “Termination of sale-leaseback financing obligations” on the Condensed Consolidated Statements of Cash Flows for the three March 31, 2024.

Current wording

During the six months ended June 30, 2024, the Company purchased eleven facilities in the Company’s lease portfolio that were previously accounted for as failed sale-leaseback financing obligations for total consideration of $191.0 million. Total cash outflows related to these purchases are included within “Termination of sale-leaseback financing obligations” on the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024.

Previous wording

These purchases resulted in the recognition of a $4.7 million loss recognized within “Loss on debt extinguishment and termination of derivative instruments” on the Condensed Consolidated Statements of Operations included herein.

Current wording

These purchases resulted in the recognition of a $110.4 million loss and a $115.1 million loss for the three and six months ended June 30, 2024, respectively, recognized within “Loss on debt extinguishment and termination of derivative instruments” on the Condensed Consolidated Statements of Operations included herein.

Previous wording

•Warehouse segment contribution NOIis calculated as warehouse segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative; corporate-level Acquisition, cyber incident, and other, net; Net gain from sale of real estate; and all components of Other income (expense).

Current wording

•Warehouse segment contribution NOIis calculated as warehouse segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative; corporate-level Acquisition, cyber incident, and other, net, Impairment of long-lived assets, Net gain from sale of real estate, and all components of Other income (expense).

Previous wording

•Transportation segment contribution NOIis calculated as transportation segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative expenses, corporate-level Acquisition, cyber incident, and other, net, and Net gain from sale of real estate and all components of Other income (expense).

Current wording

•Transportation segment contribution NOIis calculated as transportation segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative expenses, corporate-level Acquisition, cyber incident, and other, net, Impairment of long-lived assets, Net gain from sale of real estate and all components of Other income (expense).

Previous wording

•Third-Party Managed contribution NOIis calculated as third-party managed segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative expenses, corporate-level Acquisition, cyber incident, and other, net and Net gain from sale of real estate and all components of Other income (expense).

Current wording

•Third-Party Managed contribution NOIis calculated as third-party managed segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative expenses, corporate-level Acquisition, cyber incident, and other, net, Impairment of long-lived assets, Net gain from sale of real estate and all components of Other income (expense).

Previous wording

(1) The non-same store facility count consists of: 8 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 4 of which are owned facilities and the Company is in pursuit to sell), 2 sites in the expansion and development phase, and 1 facility that we purchased in 2025. As of March 31, 2025, there are 6 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

Current wording

(1) As of June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the expansion and development phase, and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

Previous wording

(2)Includes real estate rent expense of $6.5 million and $9.2 million, on an actual basis, for the three months ended March 31, 2025 and 2024, respectively.

Current wording

(2)Includes real estate rent expense of $7.4 million and $9.2 million, on an actual basis, for the three months ended June 30, 2025 and 2024, respectively.

Previous wording

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.4 million and $3.5 million, on an actual basis, for the three months ended March 31, 2025 and 2024, respectively.

Current wording

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.4 million and $3.0 million, on an actual basis, for the three months ended June 30, 2025 and 2024, respectively.

Previous wording

On a constant currency basis, our warehouse segment revenues decreased $16.8 million, or 2.8%, during the three months ended March 31, 2025, as compared to the same period in the prior year. This decrease was driven by the $9.1 million decrease in revenues in our non-same store pool and the $7.7 million decrease in revenues in our same store pool, both on a constant currency basis, due to factors further discussed below related to the same store warehouse performance.

Current wording

On a constant currency basis, our warehouse segment revenues decreased $6.0 million, or 1.0%, during the three months ended June 30, 2025, as compared to the same period in the prior year. This decrease was driven by the $8.5 million decrease in revenues in our same store pool, partially offset by the $2.5 million increase in revenues in our non-same store pool, both on a constant currency basis, due to factors further discussed in the same store and non-same store discussions below.

Previous wording

On a constant currency basis, our warehouse segment cost of operations decreased $17.9 million, or 4.5%, during the three months ended March 31, 2025, as compared to the same period of the prior year. This is primarily driven by a decrease of $17.0 million in our non-same store pool and a decrease of $0.9 million in our same store pool, both on a constant currency basis. The decrease in the non-same store pool is related to the release of certain customer specific claims reserves, as well as a decrease in other facilities costs and other service costs associated with the decision to close certain facilities in the non-same store portfolio. The decision to close these facilities resulted in lower operating expenses during the three months ended March 31, 2025 as compared to the same period in the prior year.

Current wording

On a constant currency basis, our warehouse segment cost of operations decreased $2.5 million, or 0.6%, during the three months ended June 30, 2025, as compared to the same period of the prior year. This is primarily driven by a decrease of $2.7 million in our non-same store pool, partially offset by an increase of $0.2 million in our same store pool, both on a constant currency basis. The decrease in the non-same store pool is primarily related to the decision to close certain facilities in the non-same store portfolio. The decision to close these facilities resulted in lower operating expenses during the three months ended June 30, 2025 as compared to the same period in the prior year.

Previous wording

On a constant currency basis, warehouse segment NOI increased 0.5% during the three months ended March 31, 2025, as compared to the same period of the prior year. This is primarily due to increased NOI in our non-same store pool of $7.9 million, on a constant currency basis, due primarily to the factors described above.

Current wording

On a constant currency basis, warehouse segment NOI decreased 1.7% during the three months ended June 30, 2025, as compared to the same period of the prior year. This is primarily due to decreased NOI in our same store pool of $8.7 million, on a constant currency basis, due to factors discussed below related to the same store warehouse performance. This was partially offset by increased NOI in our non-same store pool of $5.3 million, on a constant currency basis, due primarily to the factors described above.

Previous wording

Same store rent and storage revenues decreased by $9.3 million on a constant currency basis, primarily due to a decrease in economic occupancy of 420 basis points. This decrease was partially offset by an increase in the constant currency same store rent and storage revenues per average economic occupied pallet of 1.7% during the three months ended March 31, 2025, as compared to the same period in the prior year. The overall decrease in economic occupancywas primarily due to unusually high inventory levels during the three months ended March 31, 2024, therefore impacting comparability in the three months ended March 31, 2025. Additionally, overall volumes are also impacted by recent regulatory shifts, a competitive and inflationary environment, and abnormal credit yields, all impacting consumer buying habits and the related food production levels.

Current wording

Same store rent and storage revenues decreased by $12.1 million, on a constant currency basis, primarily due to a decrease in economic occupancy of 410 basis points. This decrease in revenues associated with the decline in economic occupancy was partially offset by an increase in the constant currency same store rent and storage revenues per average economic occupied pallet of 0.9% during the three months ended June 30, 2025, as compared to the same period in the prior year. The overall decrease in economic occupancywas due to a combination of factors, including the lapping of a counter cyclical inventory build by our customers in the prior year, recent regulatory shifts, and a competitive and inflationary environment, all impacting consumer buying habits and the related food production levels.

Previous wording

Same store services revenues increased $1.5 million on a constant currency basis, primarily due to general rate increases. Specifically, our constant currency same store services revenues per throughput pallet increased 3.5% during the three months ended March 31, 2025, as compared to the same period in the prior year. This was partially offset by a decrease in throughput of 2.9%.

Current wording

Same store services revenues increased $3.6 million on a constant currency basis, primarily due to general rate increases. Specifically, our constant currency same store warehouse services revenues per throughput pallet increased 4.0% during the three months ended June 30, 2025, as compared to the same period in the prior year. This was partially offset by a decrease in throughput of 2.7%.

Previous wording

On a constant currency basis, transportation revenues decreased $12.1 million, or 21.2%, as compared to the same period in the prior year. The decrease was primarily due to overall lower volumes driven by softening transportation demand in the current macro-economic environment coupled with certain customer exits.

Current wording

On a constant currency basis, transportation revenues decreased $2.6 million, or 5.2%, as compared to the same period in the prior year. The decrease was primarily due to overall lower volumes driven by softening transportation demand in the current macro-economic environment coupled with certain customer exits and site exits.

Previous wording

On a constant currency basis, transportation cost of operations decreased $7.9 million, or 17.4%, as compared to the same period in the prior year. The decrease was due to the same factors contributing to the decline in revenue mentioned above.

Current wording

On a constant currency basis, transportation cost of operations decreased $2.5 million, or 6.0%, as compared to the same period in the prior year. The decrease was due to the same factors contributing to the decline in revenue mentioned above.

Previous wording

On a constant currency basis, third-party managed revenues decreased $0.5 million, or 4.7%, as compared to the same period in the prior year. The decrease is due to the ceased operations of certain third-party managed sites, one of which ceased during the three months ended June 30, 2024 and another during the three months ended March 31, 2025.

Current wording

On a constant currency basis, third-party managed revenues decreased $1.2 million, or 11.8%, as compared to the same period in the prior year. The decrease is due to the ceased operations of certain third-party managed sites, one of which ceased during the three months ended June 30, 2024 and another during the three months ended March 31, 2025.

Previous wording

On a constant currency basis, third-party managed cost of operations decreased $0.4 million, or 4.8%, as compared to the same period in the prior year due to factors noted above.

Current wording

On a constant currency basis, third-party managed cost of operations decreased $1.0 million, or 13.1%, as compared to the same period in the prior year due to the factors noted above.

Previous wording

On a constant currency basis, third-party managed segment contribution (NOI) decreased $0.1 million, or 4.4% as compared to the same period in the prior year due to the factors noted above.

Current wording

On a constant currency basis, third-party managed segment contribution (NOI) decreased $0.1 million, or 6.9% as compared to the same period in the prior year due to the factors noted above.

Previous wording

Selling, general, and administrative. During the three months ended March 31, 2025, corporate-level selling, general, and administrative expenses increased $3.8 million, or 5.8%, compared to the same period in the prior year. This increase was primarily driven by the go live of Project Orion (Phase 1) during the second quarter of 2024, which resulted in higher software related expenses (primarily software license fees and deferred cost amortization).

Current wording

Selling, general, and administrative. During the three months ended June 30, 2025, corporate-level selling, general, and administrative expenses increased $7.5 million, or 12.5%, compared to the same period in the prior year. This increase was primarily driven by the go-live of Project Orion in North America and Asia Pacific (Phase 1) during the three months ended June 30, 2024, which resulted in higher software related expenses (primarily software license fees and deferred cost amortization).

Previous wording

Project Orion expenses represent the non-capitalizable portion of our Project Orion costs, which is an investment in and transformation of our technology systems, business processes and customer solutions. The project includes the implementation of a new, best-in-class, cloud-based “ERP” software system. These costs have increased $2.4 million compared to the same period in the prior year primarily due to increased contract labor, professional fees, and other non-capitalizable integration related costs.

Current wording

Project Orion expenses represent the non-capitalizable portion of our Project Orion costs, which is an investment in and transformation of our technology systems, business processes and customer solutions. The project includes the implementation of a new, best-in-class, cloud-based “ERP” software system. These costs increased by $1.6 million compared to the same period in the prior year primarily due to increased contract labor, professional fees, and other non-capitalizable integration related costs.

Previous wording

Other, net for the three months ended March 31, 2025 includes stock compensation expense related to a special one-time grant in July 2024 and software implementation expenses for strategic projects. Other, net for the three months ended March 31, 2024 included $0.4 million related to a litigation adjustment.

Current wording

Other, net for the three months ended June 30, 2025 includes stock compensation expense associated with non-routine employee awards and software implementation expenses and professional and consulting fees for strategic projects. Other, net for the three months ended June 30, 2024 included $0.5 million related to a litigation adjustment.

Previous wording

Net gain from sale of real estate. The Company’s gain or loss activity related to the sale of real estate was not significant during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recorded a $3.5 million gain related to the strategic sale of a facility.

Current wording

Net gain from sale of real estate. During the three months ended June 30, 2025, the Company recorded a net gain on real estate of $11.8 million related to the strategic sale of two facilities in the United States and one facility in Europe.

Previous wording

Interest expense. Interest expense increased $2.7 million, or 8.0%, compared to the three months ended March 31, 2024. This was primarily due to an overall increase in outstanding debt, most notably the issuance of our $500.0 million Public 5.409% Notes during the third quarter of 2024. Our effective interest rate on debt outstanding as of March 31, 2025 was 4.15% compared to 4.0% as of March 31, 2024.

Current wording

Interest expense. Interest expense increased $5.1 million, or 15.3%, as compared to the three months ended June 30, 2024. This was primarily due to an overall increase in outstanding debt, most notably the issuance of our $500.0 million Public 5.409% Notes during the three months ended September 30, 2024 and the issuance of our $400.0 million Public 5.600% Notes during the three months ended June 30, 2025 .

Previous wording

Loss on debt extinguishment and termination of derivative instruments. Loss on debt extinguishment and termination of derivative instruments decreased $5.2 million compared to the three months ended March 31, 2024. This is primarily related to the purchase of two facilities accounted for as failed sale-leaseback transactions, resulting in a loss on debt extinguishment of $4.7 million during the three months ended March 31, 2024.

Current wording

Loss on debt extinguishment and termination of derivative instruments. Loss on debt extinguishment and termination of derivative instruments decreased $110.7 million as compared to the three months ended June 30, 2024. This is primarily related to the purchase of nine facilities accounted for as failed sale-leaseback transactions, resulting in a loss on debt extinguishment of $110.4 million during the three months ended June 30, 2024.

Previous wording

Loss from investments in partially owned entities. Loss from investments in partially owned entities increased $0.4 million compared to the three months ended March 31, 2024 due to a higher net loss from SuperFrio driven by lower occupancy rates and increased operating and interest expenses.

Current wording

Loss from investments in partially owned entities. Loss from investments in partially owned entities decreased $0.7 million as compared to the three months ended June 30, 2024 due to the Company’s sale of its equity interest in the SuperFrio joint venture in April 2025.

Previous wording

Sale of the SuperFrio Joint Venture

Current wording

Other, net. Other, net was a benefit of $5.8 million for the three months ended June 30, 2025, as compared to a benefitof $14.6 million for thethree months ended June 30, 2024. The benefit during thethree months ended June 30, 2025 included a $2.4 million gain from the sale of the SuperFrio joint venture further described in Note 1 - General to these Condensed Consolidated Financial Statements. The benefit during thethree months ended June 30, 2024 included a $11.4 million gain related to the removal of hedge designation for the Company’s British pound revolver further described in Note 5 - Derivative Financial Instruments to these Condensed Consolidated Financial Statements.

Previous wording

Income tax expense for the three months ended March 31, 2025 was $2.5 million, an increase of $0.5 million from an income tax expense of $2.0 million for the three months ended March 31, 2024. The increase is primarily related to changes in the blend of pre-tax book income and losses generated year over year by jurisdiction.

Current wording

Income tax expense for the three months ended June 30, 2025 was $3.2 million, an increase of $5.7 million from an income tax benefit of $2.5 million for the three months ended June 30, 2024. The increase is primarily related to changes in the blend of pre-tax book income and losses generated year over year by jurisdiction.

Previous wording

Same store costs of operations decreased by $0.9 million, on a constant currency basis, primarily driven by lower volumes further described above.

Current wording

Same store costs of operations decreased by $0.7 million on a constant currency basis, primarily driven by lower other services costs and lower power costs, partially offset by higher labor and other facilities costs.

Previous wording

Depreciation and amortization. Depreciation and amortization expense decreased $3.1 million, or 3.4%, during the three months ended March 31, 2025 as compared to the same period in the prior year. This decrease is substantially driven by the classification of certain assets as held for sale in the fourth quarter of 2024 due to the anticipated exit of certain warehouse and transportation related operations.

Current wording

Depreciation and amortization. Depreciation and amortization expense decreased $2.3 million, or 1.3%, during the six months ended June 30, 2025 as compared to the same period in the prior year. This decrease is substantially driven by the exit or anticipated exit of certain warehouse and transportation related operations, certain of which were classified as held for sale in the fourth quarter of 2024.

Previous wording

Closed site costs include expenses incurred to wind down operations at closed or sold facilities within our warehouse and transportation related operations. Such costs include lease termination fees, fixed operating costs, asset retirement obligations, and other exit-related expenses, but do not include any reduction in workforce or other severance costs related to the exit of these operations as those expenses are included within Severance costs. These costs have increased $6.2 million compared to the same period in the prior year primarily driven by lease termination fees of $5.0 million and other expenses for recently closed operations and certain assets classified as held for sale.

Current wording

Closed site costs, excluding severance, include expenses incurred to wind down operations at closed or sold facilities within our warehouse and transportation related operations. Such costs include lease termination fees, fixed operating costs, asset retirement obligations, and other exit-related expenses, but do not include any reduction in workforce or other severance costs related to the exit of these operations as those expenses are included within Severance costs. These costs have increased $9.2 million for the six months ended June 30, 2025 compared to the same period in the prior year primarily driven by lease termination fees of $5.0 million and other expenses for recently exited operations and certain assets classified as held for sale.

Previous wording

Acquisition and integration related costs increased $1.8 million for the three months ended March 31, 2025 compared to the same period in the prior year, primarily due to legal and professional fees incurred for the Houston acquisition.

Current wording

Acquisition and integration related costs increased $1.0 million for the six months ended June 30, 2025 compared to the same period in the prior year, primarily due to non-capitalizable legal and professional fees incurred for the Houston acquisition.

Previous wording

Severance costs decreased $1.8 million compared to the same period in the prior year due to severance related charges incurred during the three months ended March 31, 2024 associated with the realignment of certain international operations.

Current wording

Severance costs decreased $1.3 million compared to the same period in the prior year due to less severance related charges incurred during the six months ended June 30, 2025 associated with ongoing efforts to optimize internal resources globally.

Previous wording

Other, net. Other, net was a benefit of $1.3 million for the three months ended March 31, 2025, compared to a benefitof $9.5 million for the three months ended March 31, 2024, which included an $8.3 million settlement related to a representations and warranty claim associated with a prior acquisition.

Current wording

Other, net. Other, net was a benefit of $7.1 million for the six months ended June 30, 2025, as compared to a benefit of $24.1 million for the six months ended June 30, 2024. The benefit during thesix months ended June 30, 2025 included the $2.4 million gain from the sale of the SuperFrio joint venture. The benefit during thesix months ended June 30, 2024 included a $11.4 million gain related to the removal of hedge designation for the Company’s British pound revolver further described in Note 5 - Derivative Financial Instruments in addition to a $8.4 million settlement related to a representations and warranty claim related to a prior acquisition.

Previous wording

We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of Net loss (gain) on sale of non-real assets; Acquisition, cyber incident, and other, net; Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; and Our share of reconciling items related to partially owned entities. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

Current wording

We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of Net gain on sale of non-real assets; Acquisition, cyber incident, and other, net; Impairment of long-lived assets (excluding certain real estate assets); Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange (gain) loss; Gain on legal settlement related to prior period operations; Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.