AMERICOLD REALTY TRUST

Previous wording

During the three months ended March 31, 2026, the Company revised the operating segment information regularly provided to the Company's Chief Operating Decision Maker (the “CODM”) to combine the Warehouse and the former Third-party managed operating segments. As a result of this change, the Company now has two reportable operating segments: Warehouse and Transportation. All prior period comparative financial information has been recast to reflect the revised segment structure. See Note 10 - Segment Information for additional information of the Company's reportable segments.

Current wording

As of January 1, 2026, the Company revised the operating segment information regularly provided to the Company's Chief Operating Decision Maker (the “CODM”) to combine the Warehouse and the former Third-party managed operating segments. As a result of this change, the Company now has two reportable operating segments: Warehouse and Transportation. All prior period comparative financial information has been recast to reflect the revised segment structure. See Note 10 - Segment Information for additional information of the Company's reportable segments.

Previous wording

In February 2023, the Company announced Project Orion (“Project Orion”), a multi‑year transformation initiative focused on modernizing technology platforms and business processes to support future growth and operational efficiency. Project Orion includes the implementation of a new cloud‑based enterprise resource planning (“ERP”) system (“Orion – Oracle”) and other transformation initiatives (“Orion – Transformation”). The Orion – Oracle implementation is substantially complete, with the exception of deployment in Europe. The Company recognized $5.9 million and $11.5 million in total costs related to Project Orion during the three months ended March 31, 2026 and 2025, respectively.

Current wording

In February 2023, the Company announced Project Orion (“Project Orion”), a multi‑year transformation initiative focused on modernizing technology platforms and business processes to support future growth and operational efficiency. Project Orion includes the implementation of a new cloud‑based enterprise resource planning (“ERP”) system (“Orion – Oracle”) and other transformation initiatives (“Orion – Transformation”). The Orion – Oracle implementation is substantially complete, with the exception of deployment in Europe. The Company recognized $11.1 million and $15.4 million in total costs related to Project Orion during the three months ended June 30, 2026 and 2025, respectively. The total costs related to Project Orion during the six months ended June 30, 2026 and 2025 were $17.0 million and $26.9 million, respectively.

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

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

Previous wording

(1)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or if the site is held for sale.

Current wording

(1)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.

Previous wording

(2)Beginning with the period ended March 31, 2026, the Company's former Third-Party Managed reportable segment is included under the Warehouse reportable segment. The Company's Third-Party Managed sites are included within the same store warehouse pool.

Current wording

(2)As of January 1, 2026, the Company's former Third-Party Managed reportable segment is included under the Warehouse reportable segment. The Company's Third-Party Managed sites are included within the same store warehouse pool.

Previous 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.

Current wording

(3)As of June 30, 2026, the non-same store facility count consists of: 5 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 5 sites in the process of winding down operations. As of June 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

Previous wording

Interest expense is primarily 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. Interest expense also includes the impact of any interest rate swaps meant to hedge interest rate risk associated with such debt instruments.

Previous wording

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

Current wording

Other, net primarily includes gains related to the termination of certain hedge instruments, interest income, foreign currency remeasurement, gains and losses on other asset disposals including investments in partially owned entities, and other miscellaneous transactions.

Previous wording

Beginning with the period ended March 31, 2026, the Company's former Third-Party Managed reportable segment is included under the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.

Current wording

As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.

Previous wording

(2)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered idle, closed due to an intention to exit, or held for sale. These sites are recognized within Transactions, strategic initiatives and other costs, net. Refer to Note 3 - Transactions, Strategic Initiatives and Other Costs, Net for further details.

Current wording

(2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. Refer to Note 3 - Transactions, Strategic Initiatives and Other Costs, Net for further details.

Previous 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.

Current wording

(5)Includes real estate rent expense of $6.6 million and $7.4 million, on an actual basis, for the three months ended June 30, 2026 and 2025, respectively.

Previous 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.

Current wording

(6)Includes non-real estate rent expense (equipment lease and rentals) of $1.8 million and $2.4 million, on an actual basis, for the three months ended June 30, 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 $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.

Current wording

On a constant currency basis, our Warehouse segment revenues decreased $5.6 million, or 0.9%, during the three months ended June 30, 2026, as compared to the same period in the prior year. This decrease was driven by the $11.8 million decrease in revenues in our non-same store pool, partially offset by the $6.2 million increase in revenues 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 revenues increase. The decrease in revenues in the non-same store pool was primarily attributable to facilities exited, idled, or held for sale or sold subsequent to June 30, 2025, partially offset by incremental revenues associated with recently completed developments and expansions.

Previous 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.

Current wording

On a constant currency basis, our Warehouse segment cost of operations decreased $2.9 million, or 0.7%, during the three months ended June 30, 2026, as compared to the same period in the prior year. This is primarily driven by a decrease of $13.4 million in our non-same store pool, partially offset by an increase of $10.5 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 $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.

Current wording

On a constant currency basis, Warehouse segment NOI decreased $2.7 million, or 1.3% during the three months ended June 30, 2026, as compared to the same period in the prior year. NOI decreased $4.3 million, or 2.2%, for our same store pool, and increased $1.7 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

Beginning with the period ended March 31, 2026, the Company’s former Third-Party Managed reportable segment is included under the Warehouse reportable segment within the same store warehouse pool. All prior period comparative financial information has been recast to reflect the revised segment structure.

Current wording

As of January 1, 2026, the Company’s former Third-Party Managed reportable segment is included under the Warehouse reportable segment within the same store warehouse pool. All prior period comparative financial information has been recast to reflect the revised segment structure.

Previous 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.

Current wording

Same store services revenues increased by $6.5 million on a constant currency basis, primarily due to an increase in same store warehouse services revenues per throughput pallet of 1.4% and an increase in throughput pallets of 0.6% during the three months ended June 30, 2026, compared to the same period in the prior year.

Previous wording

Same store costs of operations increased by $3.0 million, on a constant currency basis, primarily driven by higher power and labor costs, partially offset by a decrease in other facilities and other services costs. The increase in power costs is mainly driven by headwinds in energy prices during the three months ended March 31, 2026, as compared to the same period in the prior year.

Current wording

Same store costs of operations increased by $10.5 million, on a constant currency basis, primarily driven by higher power and other services costs. The increase in power costs was primarily driven by higher energy prices during the three months ended June 30, 2026, compared to the same period in the prior year. The increase in other services costs was due to higher customer claims and travel expenses recognized during the three months ended June 30, 2026, compared to the same period in the prior year.

Previous 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.

Current wording

On a constant currency basis, Transportation services revenues increased $9.6 million, or 19.9%, as compared to the same period in the prior year. The increase was primarily due to overall higher volumes driven by increased 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 resulting in overall volume increases in the region.

Previous 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.

Current wording

Depreciation and amortization. Depreciation and amortization expense increased $12.5 million, or 13.8%, during the three months ended June 30, 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 sold, exited, or otherwise held for sale subsequent to June 30, 2025.

Previous 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.

Current wording

Selling, general, and administrative. During the three months ended June 30, 2026, corporate-level selling, general, and administrative expenses decreased $4.0 million, or 6.0%, compared to the same period in the prior year. This decrease was primarily driven by a decrease in labor and other personnel-related costs associated with overall costs reduction initiatives as well as a decrease in software related deferred costs amortization, partially offset by an increase in legal and professional fees.

Previous 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.

Current wording

Income tax expense for the three months ended June 30, 2026 was $22.7 million, an increase of $19.5 million from an income tax expense of $3.2 million for the three months ended June 30, 2025. 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 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.

Current wording

Same store rent and storage revenues decreased by $5.8 million, on a constant currency basis, primarily due to a 1.1% decrease in average economic occupied pallets associated with the overall decline in fixed commitment storage contracts during the six months ended June 30, 2026 compared to the same period in the prior year. This decrease includes a 1.3% increase in average physical occupied pallets, the benefit of which was offset by a 2.5% decrease in rent and storage revenues per average physical occupied pallet due to the unfavorable mix of products stored during the period.

Previous 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.

Current wording

On a constant currency basis, transportation cost of operations increased $12.1 million, or 15.9%, 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

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

Current wording

Transactions, strategic initiatives and other costs, net. Corporate-level transactions, strategic initiatives and other costs remained relatively consistent during the six months ended June 30, 2026 compared to the same period in the prior year. Activity included a decline in non-capitalizable Project Orion related costs offset by increased severance expense associated with overall cost reduction initiatives and increased transaction related costs associated with the anticipated formation of the joint venture with EQT.

Previous 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.

Current wording

Interest expense. Interest expense increased $9.5 million, or 12.7%, compared to the six months ended June 30, 2025. This was primarily due to an overall increase in outstanding debt, most notably the issuance of our Public 5.600% Notes during April of 2025, our 2025 Unsecured Term Loan fully drawn during December of 2025, and an increase in interest on the U.S. dollar denominated Revolver due to timing of draws outstanding, partially offset by a decrease in interest due to the repayment of the Private Series A Notes in January of 2026 and a decrease in interest on failed sale-leaseback facilities.

Previous wording

Loss from investments in partially owned entities. Loss from investments in partially owned entities decreased $1.0 million as compared to the three months ended March 31, 2025 due to the Company’s sale of its equity interest in the SuperFrio joint venture in April 2025.

Current wording

Loss from investments in partially owned entities. Loss from investments in partially owned entities decreased $0.8 million compared to the six months ended June 30, 2025 due to the Company’s sale of its equity interest in the SuperFrio joint venture in April 2025, partially offset by an increase in the Company’s share of net losses from the RSA joint venture.

Previous 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.

Current wording

Other, net. Other, net was a benefit of $14.3 million for the six months ended June 30, 2026, as compared to a benefit of $7.1 million for the six months ended June 30, 2025. The benefit during the six months ended June 30, 2026 included a $5.9 million gain from the termination of interest rate swap agreements further described in Note

Previous wording

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, and Core EBITDA.

Current wording

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, and Core EBITDA and certain other non-GAAP financial measures described elsewhere in this Quarterly Report on Form 10-Q.

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 (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.

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 loss (gain) on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Impairment of long-lived assets (excluding certain real estate related assets); Gain on termination of derivative instruments; Foreign currency exchange loss (gain); 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.

Previous wording

We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax (benefit) expense; Stock-based compensation expense; Non-real estate depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

Current wording

We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax expense; Stock-based compensation expense; Non-real estate related depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

Previous wording

NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net loss and Net loss per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net loss or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net loss, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

Current wording

NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net (loss) income and Net (loss) income per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net (loss) income or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

Previous wording

(1)Net loss used in the calculation of the Adjusted FFO reconciliation represents Net loss before adjustment for Net loss attributable to noncontrolling interests.

Current wording

(1)Net (loss) income used in the calculation of the Adjusted FFO reconciliation represents Net (loss) income before adjustment for Net (loss) income attributable to noncontrolling interests.

Previous wording

We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net loss before Depreciation and amortization; Interest expense; Income tax (benefit) expense; Net gain from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.

Current wording

We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net (loss) income before Depreciation and amortization; Interest expense; Income tax expense; Net gain from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.

Previous wording

We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Foreign currency exchange (gain) loss; Stock-based compensation expense; Net (gain) loss on real estate related asset disposals; Net (gain) loss on sale of non-real estate related assets; Project Orion deferred costs amortization; and Reduction in EBITDAre from partially owned entities. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net loss or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including:

Current wording

We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Gain on termination of derivative instruments; Net (gain) loss on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Project Orion deferred costs amortization; Reduction in EBITDAre from partially owned entities and Gain from sale of partially owned entity. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net (loss) income or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including:

Previous wording

(1)Net loss used in the calculation of the Core EBITDA reconciliation represents Net loss before adjustment for Net loss attributable to noncontrolling interests.

Current wording

(1)Net (loss) income used in the calculation of the Core EBITDA reconciliation represents Net (loss) income before adjustment for Net (loss) income attributable to noncontrolling interests.

Previous wording

Our bad debt expense was $1.0 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, we maintained bad debt allowances of approximately $15.7 million and $16.4 million, respectively, which we believe to be adequate. The decrease in the allowance is driven by an increase in specific customer write-offs during the three months ended March 31, 2026.

Current wording

Our bad debt expense was $1.3 million and $1.2 million for the three months ended June 30, 2026 and 2025, and $2.3 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, we maintained bad debt allowances of approximately $16.3 million and $16.4 million, respectively, which we believe to be adequate.

Previous wording

On March 5, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the first quarter of 2026, which was paid on April 15, 2026 to common stockholders of record as of March 31, 2026. For the three months ended March 31, 2026 and 2025, total cash outflows for dividends and distributions were $66.1 million and $63.4 million, respectively.

Current wording

On May 21, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the second quarter of 2026, which was paid on July 15, 2026 to common stockholders of record as of June 30, 2026. For the six months ended June 30, 2026 and 2025, total cash outflows for dividends and distributions were $132.6 million and $129.6 million, respectively.

Previous wording

(3)The effective interest rate presented includes the amortization of deferred financing costs and is based on the hedged rates for the $375.0 million Senior Unsecured Term Loan A Facility Tranche A-1, the C$250.0 million Senior Unsecured Term Loan A Facility Tranche A-2, and the $270.0 million Senior Unsecured Term Loan A Facility Tranche A-3. All other debt instruments are based on contractual rates. This rate excludes contractual rates associated with the sale leaseback and financing obligation debt like instruments shown in the table above.

Current wording

(3)The effective interest rate presented includes the amortization of deferred financing costs and is based on the hedged rate for the C$250 million hedged portion of the Senior Unsecured Term Loan A Facility Tranche A-2. All other debt instruments are based on contractual rates. This rate excludes contractual rates associated with the sale leaseback and financing obligation debt like instruments shown in the table above.