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” in our 2024 Annual Report on Form 10-K.

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 Quarterly Report on Form 10-Q under "Cautionary Statement Regarding Forward-Looking Statements", and "Risk Factors” in Item 1A of Part I of our 2025 Annual Report on Form 10-K.

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 September 30, 2025, we operated 235 warehouses globally, totaling approximately 1.4 billion cubic feet, with 191 warehouses in North America, 24 in Europe, 18 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. Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. We connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities. As of March 31, 2026, the Company operated 224 warehouses globally, totaling approximately 1.4 billion cubic feet, with 179 warehouses in North America, 23 warehouses in Europe, 20 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. As of September 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.

Current wording

As of March 31, 2026, our business includes two primary business segments: Warehouse and Transportation. We also 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

While these are the seasonal trends we would generally expect, in the current year we have not experienced the same typical patterns. To manage earnings volatility due to seasonality, we have implemented fixed commitment contracts with certain customers. These fixed commitment contracts obligate our customers to pay for guaranteed warehouse space to maintain required inventory levels, particularly during peak occupancy periods. Our diverse customer base also mitigates the impact of seasonality as peak demand for various products occurs at different times of the year (for example, demand for ice cream is typically highest in the summer while demand for frozen turkeys usually peaks in the late fall). Additionally, our southern hemisphere operations in Australia, New Zealand and South America complement the growing and harvesting cycles in North America and Europe, further balancing seasonality’s impact on our operations.

Current wording

Seasonality is mitigated, in part, by the diversity of our customer base and product mix, as peak demand for various products occurs at different times of the year (for example, demand for ice cream is typically highest in the summer, while demand for frozen turkeys usually peaks in the late fall). In addition, our southern hemisphere operations in Australia, New Zealand, and South America help balance seasonal impacts across our global portfolio, as growing and harvesting cycles in those regions are complementary to those in North America and Europe. Each of our warehouses establishes operating hours based on customer demand, which varies by location and over time.

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, Impairment of long-lived assets, Net loss (gain) from sale of real estate, and all components of Other (expense) income.

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 expense, corporate-level Transactions, strategic initiatives and other costs, net, Net gain from sale of real estate, and all components of Other (expense) income.

Previous wording

•Warehouse rent and storage contribution NOI is calculated as warehouse rent and storage revenues less power and other facilities cost.

Current wording

•Warehouse rent and storage contribution NOI is calculated as warehouse rent and storage revenues less power and other facilities costs.

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, Impairment of long-lived assets, Net loss (gain) from sale of real estate and all components of Other (expense) income.

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 expense, corporate-level Transactions, strategic initiatives and other costs, net, Net gain from sale of real estate, and all components of Other (expense) income.

Previous wording

•Contribution NOI marginfor each of these operations is calculated as the applicable NOI measure divided by the applicable revenue measure.

Current wording

•Contribution NOI marginfor each of these operations is calculated as the applicable contribution NOI measure divided by the applicable revenue measure.

Previous wording

Segment NOI and NOI margin contribution metrics help investors understand revenues, costs, and earnings among service types. These NOI contribution measures are supplemental and are not measurements of financial performance under U.S. GAAP. We provide reconciliations of these measures in the results of operations sections below.

Current wording

Segment NOI and NOI margin contribution metrics help investors understand revenues, costs, and earnings among service types. These NOI contribution measures are supplemental and are not measurements of financial performance under U.S. GAAP. We provide reconciliations of these measures to the most directly comparable U.S. GAAP measures in the results of operations sections below.

Previous wording

The following table shows the number of same store and non-same store warehouses in our portfolio as of September 30, 2025. The non-same store count in the table below includes the impact of sites sold or otherwise disposed during the period presented.

Current wording

The following table shows the number of same store and non-same store warehouses in our portfolio as of March 31, 2026.

Previous wording

(1) As of September 30, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 3 facilities where the executive leadership team has approved exits in the current year (2 of which are leased facilities and 1 of which is an owned facility and the Company is in pursuit to sell), 1 facility that we purchased in 2025, and 1 recently leased warehouse in Australia. As of September 30, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

Current wording

(3)As of March 31, 2026, the non-same store facility count consists of: 6 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 1 site that is temporarily idle. As of March 31, 2026, there are 3 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

Previous wording

Same store financial metrics are not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store financial metrics in a manner consistent with our definitions and calculations. Same store financial measures should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. We provide reconciliations of these measures in the discussions of our comparative results of operations below.

Current wording

Same store financial metrics are not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store financial metrics in a manner consistent with our definitions and calculations. Same store financial measures should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. We provide reconciliations of these measures to the most directly comparable U.S. GAAP measures in the discussions of our comparative results of operations below.

Previous wording

Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.

Current wording

Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.

Previous wording

Rent, storage, and warehouse services revenues. Our primary source of revenues is rent, storage, and warehouse services fees. Rent and storage revenues are related to the storage of frozen, perishable or other products in our warehouses. We also offer a wide array of value-added services including: i) receipt, labeling and storage of goods, ii) customized order retrieval and packaging, iii) blast freezing and ripening, iv) government approved periodic inspections, fumigation, and other treatment services, v) e-commerce fulfillment and many more.

Current wording

Rent, storage, and warehouse services revenues. Our primary source of revenues is rent, storage, and warehouse services fees. Rent and storage revenues are related to the storage of frozen, perishable or other products in our warehouses. We also offer a wide array of value-added services including: i) receipt, labeling and storage of goods, ii) customized order retrieval and packaging, iii) blast freezing and ripening, iv) government approved periodic inspections, fumigation, and other treatment services, v) e-commerce fulfillment and many more. Additionally, reimbursements that we receive for expenses incurred for warehouses that we manage on behalf of third-party owners are recognized as warehouse services revenues. We also earn management fees, incentive fees upon achieving negotiated performance and cost-savings results, or an applicable mark-up on costs.

Previous wording

Labor covers wages, benefits, workers' compensation, and can vary due to factors like workforce size, customer needs, compensation levels, third-party labor usage, collective bargaining agreements, customer requirements, productivity, labor availability, government policies, medical insurance costs, safety programs, and discretionary bonuses.

Current wording

Labor covers wages, benefits, workers' compensation, and can vary due to factors like workforce size, customer needs, compensation levels, third-party labor usage, collective bargaining agreements, customer requirements, productivity, labor availability, government policies, medical insurance costs, safety programs, and discretionary bonuses. Additionally, we incur labor charges for warehouses that we managed on behalf of third-party owners, which are recognized on a pass-through basis.

Previous wording

Selling, general, and administrative expenses consist primarily of non-warehouse related labor, administrative, business development, marketing, engineering, human resources, information technology (including amortization expenses associated with the implementation of Project Orion), performance and time-based incentive compensation, communications, travel, professional fees, bad debt, training, and office supplies.

Current wording

Selling, general, and administrative expenses consist primarily of warehouse and non-warehouse related labor, administrative expenses, employee related costs, professional fees, equipment expenses, facility and warehouse costs, and information technology (including amortization and ongoing licenses expenses associated with the go-live of Project Orion).

Previous wording

Acquisition, cyber incident, and other, net consists of non-recurring or non-routine costs including acquisition related costs, severance, terminated site operations costs, non-routine stock compensation expense associated with certain employee awards, and cyber incident related costs, net of insurance recoveries. It also includes certain software implementation costs, and professional and consulting fees for strategic projects (including Project Orion). These costs are not representative of our normal course of operations.

Current wording

Transactions, strategic initiatives and other costs, net consists of non-recurring or non-routine costs including costs related to severance, non-routine stock compensation expense associated with certain employee awards and professional and consulting fees for strategic projects, acquisition related costs, terminated site operations and costs related to sites held for sale or idle facilities, Project Orion, and cyber incident related costs, net of insurance recoveries. These costs are not representative of our normal course of operations.

Previous wording

Interest expense is associated with interest charged on unsecured revolving credit facilities, term loans, and notes.

Current wording

Interest expense is primarily associated with interest charged on unsecured revolving credit facilities, term loans, and notes.

Previous wording

Other, net primarily includes foreign currency remeasurement, interest income, gains and losses on other asset disposals, certain legal settlements, and other miscellaneous transactions.

Current wording

Other, net primarily includes foreign currency remeasurement, interest income, gains and losses on other asset disposals, and other miscellaneous transactions.

Previous wording

(2)Includes real estate rent expense of $7.4 million and $8.5 million, on an actual basis, for the three months ended September 30, 2025 and 2024, respectively.

Current wording

(5)Includes real estate rent expense of $6.9 million and $6.5 million, on an actual basis, for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.6 million and $3.0 million, on an actual basis, for the three months ended September 30, 2025 and 2024, respectively.

Current wording

(6)Includes non-real estate rent expense (equipment lease and rentals) of $1.7 million and $2.5 million, on an actual basis, for the three months ended March 31, 2026 and 2025, respectively. Prior period non-real estate rent expense is recast for the inclusion of Third-Party Managed sites.

Previous wording

On a constant currency basis, our warehouse segment revenues decreased $27.6 million, or 1.5%, during the nine months ended September 30, 2025, as compared to the same period in the prior year. This decrease was driven by the $25.3 million decrease in our same store pool, and a $2.4 million decrease in our non-same store pool, both on a constant currency basis.

Current wording

On a constant currency basis, our Warehouse segment revenues decreased $17.5 million, or 3.0%, during the three months ended March 31, 2026, as compared to the same period in the prior year. This decrease was driven by the $5.6 million decrease in revenues in our same store pool and the $11.9 million decrease in revenues in our non-same store pool, both on a constant currency basis. Refer to the discussion in the same store section below for further details on the same store revenues decrease. The decrease in revenues in the non-same store pool was primarily attributable to facilities exited, idled, or held for sale subsequent to March 31, 2025, partially offset by incremental revenues associated with recently completed developments, expansions, and acquisitions.

Previous wording

On a constant currency basis, our warehouse segment cost of operations decreased $1.4 million, or 0.3%, during the three months ended September 30, 2025, as compared to the same period of the prior year. This is primarily driven by a decrease of $3.4 million in our same store pool, partially offset by an increase of $2.0 million in our non-same store pool, both on a constant currency basis. The decrease in our same store pool is discussed further in the same store discussion below. The increase in the non-same store pool is primarily attributable to the increase in revenues as described above.

Current wording

On a constant currency basis, our Warehouse segment cost of operations decreased $3.0 million, or 0.8%, during the three months ended March 31, 2026, as compared to the same period in the prior year. This is primarily driven by a decrease of $6.0 million in our non-same store pool, partially offset by an increase of $3.0 million in our same store pool, both on a constant currency basis. Refer to the discussion in the same store section below for further details on the same store cost of operations increase. The decrease in the non-same store pool is primarily attributable to the decrease in revenues as described above.

Previous wording

On a constant currency basis, warehouse segment NOI decreased 1.7% during the three months ended September 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 $5.6 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 $2.2 million, on a constant currency basis, due primarily to the factors described above.

Current wording

On a constant currency basis, Warehouse segment NOI decreased $14.5 million, or 7.3% during the three months ended March 31, 2026, as compared to the same period in the prior year. NOI decreased $8.6 million, or 4.5%, for our same store pool, and decreased $5.9 million for our non-same store pool, both on a constant currency basis, due to the factors described above for the non-same store pool and in the same store section below.

Previous wording

Same store rent and storage revenues decreased by $5.3 million, on a constant currency basis, primarily due to a decrease in economic occupancy of 280 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 2.1% during the three months ended September 30, 2025, as compared to the same period in the prior year. The overall decrease in economic occupancy was due to the same factors discussed above for the total warehouse segment.

Current wording

Same store rent and storage revenues decreased by $5.8 million, on a constant currency basis, primarily due to a decrease in economic occupancy of 70 basis points and a decrease in the constant currency same store rent and storage revenues per average economic occupied pallet of 0.4% during the three months ended March 31, 2026, as compared to the same period in the prior year. The overall decrease in economic occupancy was primarily due to a competitive environment caused by an increase in speculative developments and a slight decline in fixed commitment contracts. The decrease in the constant currency same store rent and storage revenues per average economic occupied pallet was driven by the unfavorable mix of products stored therein.

Previous wording

Same store services revenues decreased by $3.7 million on a constant currency basis, primarily due to overall volume decreases. More specifically, our throughput volume decreased by 3.2% during the three months ended September 30, 2025, as compared to the same period in the prior year. This was partially offset by an increase in constant currency same store warehouse services revenues per throughput pallet of 2.2%.

Current wording

Same store services revenues increased by $0.1 million on a constant currency basis, primarily due to an increase in same store warehouse services revenues per throughput pallet by 1.1%, on a constant currency basis, partially offset by a decrease in throughput pallets by 1.1% during the three months ended March 31, 2026, as compared to the same period in the prior year.

Previous wording

On a constant currency basis, transportation revenues decreased $18.7 million, or 11.7%, 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 in North America and certain areas of Europe, partially offset by an increase in transportation revenues in Asia-Pacific due to a newly leased warehouse in Australia and volume increases in the region.

Current wording

On a constant currency basis, Transportation services revenues increased $5.8 million, or 13.2%, as compared to the same period in the prior year. The increase was primarily due to overall higher volumes driven by customer expansion in North America and certain regions of Europe. In addition, transportation revenues in Asia‑Pacific increased as a result of a new business in Australia and volume increases in the region.

Previous wording

On a constant currency basis, transportation cost of operations decreased $3.3 million, or 7.5%, 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 for North America and Europe, partially offset by an increase in transportation cost of operations for Asia-Pacific.

Current wording

On a constant currency basis, Transportation services cost of operations increased $4.5 million, or 12.3%, as compared to the same period in the prior year. The increase was due to the same factors contributing to the increase in revenues mentioned above for North America, Europe, and Asia-Pacific.

Previous wording

Depreciation and amortization. Depreciation and amortization expense decreased $1.3 million, or 1.5%, during the three months ended September 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.

Current wording

Depreciation and amortization. Depreciation and amortization expense increased $2.7 million, or 3.0%, during the three months ended March 31, 2026 as compared to the same period in the prior year. This increase was substantially driven by the Company’s recently completed developments, expansions, and acquisitions, partially offset by sites that were exited, idled, or held for sale subsequent to March 31, 2025.

Previous wording

Selling, general, and administrative. During the nine months ended September 30, 2025, corporate-level selling, general and administrative expenses increased $18.6 million, or 9.9%, 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), 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 March 31, 2026, corporate-level selling, general, and administrative expenses increased $2.1 million, or 3.0%, compared to the same period in the prior year. This increase was primarily driven by an increase in professional fees and software related deferred costs amortization, partially offset by a decrease in labor, travel, and other personnel-related costs associated with overall costs reduction initiatives.

Previous wording

Acquisition, cyber incident, and other, net. Corporate-level acquisition, cyber incident, and other, net include the following:

Current wording

Transactions, strategic initiatives and other costs, net. Corporate-level transactions, strategic initiatives and other costs, net include the following:

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 decreased by $5.6 million compared to the same period in the prior year primarily due to decreased contract labor, professional fees, and other non-capitalizable implementation costs.

Current wording

Orion: Oracle related costs (non-capitalizable costs) represent the non-capitalizable portion of charges related to the implementation of the Company’s new cloud-based ERP system, Oracle, and related applications. The Company deployed Project Orion (Oracle-related) in North America and Asia Pacific during the second quarter of 2024 and is in the process of implementing the system in its European operations. These costs have decreased by $0.6 million compared to the same period in the prior year primarily due to decreased professional fees and other non-capitalizable costs related to the Oracle implementation.

Previous 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 $4.9 million compared to the same period in the prior year primarily driven by increased expenses for recently closed operations and certain assets classified as held for sale.

Current wording

Held for sale, closed, and idled site costs, net, excluding severance include expenses incurred to wind down operations at sites held for sale, closed, sold, or idled within our warehouse and transportation related operations. Such costs include lease termination fees, fixed operating costs, and asset retirement obligations, but exclude any reduction in workforce or severance related costs associated with the exit of these operations, as those expenses are included within Severance and other compensation costs. These net costs have decreased $3.8 million compared to the same period in the prior year, primarily driven by a decrease in lease termination costs from recently exited operations.

Previous wording

Cyber incident related costs, net of insurance recoveries represents incremental legal and other costs associated with cybersecurity incidents that occurred in November 2020 and April 2023, net of the receipt of business interruption insurance proceeds. The increase by $10.6 million is primarily due to the $10.0 million payment received during the nine months ended September 30, 2024 for business interruption insurance, which is further described in our 2024 Annual Report on Form 10-K.

Current wording

Cyber incident related costs, net of insurance recoveries, represent incremental legal and other costs associated with cybersecurity incidents that occurred in November 2020 and April 2023, net of business interruption insurance proceeds received. The $1.6 million decrease was primarily driven by reduced costs related to previous cybersecurity incidents compared to the same period in the prior year.

Previous wording

Net loss (gain) from sale of real estate. During the three months ended September 30, 2025, the Company recorded a net gain on real estate of $0.1 million related to the strategic sale of one previously impaired facility in the United States.

Current wording

Net gain from sale of real estate. During the three months ended March 31, 2026, the Company recorded a net gain from the sale of real estate of $2.2 million related to the sale of a small, adjacent building located on the grounds of an existing operational site. This building sale did not impact our site count.

Previous wording

Interest expense. Interest expense increased $7.4 million, or 7.4%, compared to the nine months ended September 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, partially offset by an increase in capitalized interest and a decrease in interest on the U.S. dollar denominated Revolver due to timing of draws outstanding.

Current wording

Interest expense. Interest expense increased $5.4 million, or 15.0%, as compared to the three months ended March 31, 2025. This was primarily due to an increase in outstanding debt, most notably the issuance of our Public 5.600% Notes during April of 2025 and our 2025 Unsecured Term Loan fully drawn during December of 2025, partially offset by a decrease in interest due to the repayment of the Private Series A Notes during the three months ended March 31, 2026 and a decrease in interest on failed sale-leaseback facilities.

Previous wording

Other, net. Other, net was an expense of $0.5 million for the three months ended September 30, 2025, as compared to a benefit of $3.7 million for the three months ended September 30, 2024. The change in Other, net is primarily attributable to a decrease in interest income, a decrease in other miscellaneous income, and an increase in foreign currency exchange loss.

Current wording

Other, net. Other, net was a benefit of $7.4 million for the three months ended March 31, 2026, as compared to a benefit of $1.3 million for the three months ended March 31, 2025. The change in Other, net is primarily driven by a foreign currency remeasurement gain from the repayment of the Company’s A$153.5 million intercompany loan on January 28, 2026.

Previous wording

Income tax benefit for the three months ended September 30, 2025 was $6.2 million, an increase of $5.4 million from an income tax benefit of $0.8 million for the three months ended September 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.

Current wording

Income tax benefit for the three months ended March 31, 2026 was $6.6 million, an increase of $9.1 million from an income tax expense of $2.5 million for the three months ended March 31, 2025. The increase is primarily related to changes in the blend of pre-tax book income and losses generated year over year by jurisdiction, partially offset by valuation allowances established in the U.S.

Previous wording

We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

Current wording

We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and real estate related assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

Previous wording

We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net loss (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 loss (gain); Gain on legal settlement related to prior period operations; Project Orion and other software related 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.

Current wording

We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net (gain) loss on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Foreign currency exchange (gain) loss; 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.