Americold Realty Trust raised its full-year adjusted funds from operations guidance to a range of $1.26 to $1.32 per share, an increase of $0.04 at the midpoint, after reporting second-quarter AFFO of $0.35 per share. The company also announced a $1.3 billion strategic joint venture with EQT involving 12 contributed assets at a 7% blended cap rate, with proceeds expected to repay approximately $1.1 billion of debt and reduce leverage by roughly three-quarters of a turn. Physical occupancy in the global warehouse segment rose 200 basis points sequentially and 300 basis points year over year to 67.4%, while economic occupancy reached 76.0%, tightening the gap between the two metrics to 860 basis points. Americold recorded a $298.8 million noncash impairment charge in the second quarter related to the wind-down of automated facilities in Lancaster and Plainville, contributing to a net loss of $342.8 million for the quarter. The company also reported total revenues of $662.9 million, up 1.9% from the prior year, and core EBITDA of $159.1 million, flat compared to the second quarter of 2025.
EQT CorporationEQT is the partner in Americold's $1.3 billion strategic joint venture, which is a capital deployment opportunity.
Americold Realty Trust