Americold Realty Trust completed a cold-storage joint venture with EQT's Active Core Infrastructure fund, contributing 12 U.S. temperature-controlled warehouses with more than $1.3 billion of gross asset value. EQT acquired 70% of the Americold-EQT Cold Storage Partnership, while Americold retained 30% and will manage day-to-day operations. Americold received approximately $1.1 billion in net cash proceeds, which it plans to use to repay debt, projecting annual interest savings of about $46 million and a leverage reduction of roughly 0.75 turn. The joint venture also drew $845.5 million in mortgage financing, and Americold has a maximum net exposure of up to $70 million under a 10-year income-support arrangement. The transaction is expected to reduce Americold's 2026 Adjusted FFO by approximately $0.05 per share, even after accounting for management fees and retained earnings.
Americold Realty Trust
Chevron Corp
EQT Corporation