Americold Realty Trust reported a significant beat on both top and bottom lines for the third quarter of 2026, driven by the successful closing of the EQT joint venture and underlying operational improvements. The company recognized a one-time gain of $714.1 million from the JV formation, while underlying same-store occupancy and pricing gains supported a guidance raise for the full year.
Key Highlights
- Total revenues reached $691.6 million, exceeding estimates by approximately 8% and growing 4.2% year-over-year.
- Adjusted FFO of $0.35 per share beat the $0.30 analyst estimate, supported by a 230 basis point expansion in same-store services margins to 15.9%.
- The closing of the EQT joint venture enabled a $1.15 billion reduction in outstanding debt, bringing the net leverage ratio down to 6.2x.
- Warehouse physical occupancy in the same-store pool increased 460 basis points year-over-year to 70.0%.
- Management raised its full-year 2026 Adjusted FFO guidance to a range of $1.31 to $1.33 per share, up from the previous midpoint of $1.29.