# EDGAR Filing Document

**Accession Number:** 0001455863
**File Stem:** 0001628280-23-003887
**Filing Date:** 2023-2
**Character Count:** 251608
**Document Hash:** 510b6728fea691977d68bf1db565178c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-003887.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001628280-23-003887

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICOLD REALTY TRUST
- **CENTRAL INDEX KEY:** 0001455863
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34723
- **FILM NUMBER:** 23638515

**BUSINESS ADDRESS:**
- **STREET 1:** 10 Glenlake Pkwy., Suite 800 S. Tower
- **CITY:** Atlanta
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 678-441-1400

**MAIL ADDRESS:**
- **STREET 1:** 10 Glenlake Pkwy., Suite 800 S. Tower
- **CITY:** Atlanta
- **STATE:** GA
- **ZIP:** 30328

?xml version="1.0" ? art-20230216

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported) February 16, 2023** 

**Americold Realty Trust, Inc.** 

 **(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Maryland** | **001-34723** | **93-0295215** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| **10 Glenlake Parkway,**<br>**Atlanta,** | **South Tower, Suite 600**<br>**Georgia** | **30328** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**(678) 441-1400** 

**(Registrant's telephone number, including area code)**

**Not Applicable** 

**(Former name or former address, if changed since last report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Common Stock, $0.01 par value per share** | **COLD** | **New York Stock Exchange** |

---

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**Item 2.02 — Results of Operations and Financial Condition.**

On February 16, 2023, Americold Realty Trust, Inc. (the "Company") issued a press release announcing the Company's financial results for the fourth quarter and year ended December 31, 2022. A copy of the press release as well as a copy of the supplemental information referred to in the press release are available on the Company's website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. &nbsp;&nbsp;&nbsp;&nbsp;

The foregoing information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition". The information in Item 2.02 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**Item 7.01 — Regulation FD Disclosure.**

The information set forth in Item 2.02 is incorporated by reference into this Item 7.01. The information in Items 2.20 and 7.01 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**Item 9.01 — Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](q42022-pressrelease.htm)</u> | Press Release dated February 16, 2023 for the fourth quarter and year ended December 31, 2022. |
| <u>[99.2](q42022-quarterlysupplement.htm)</u> | Supplemental Information Package for the fourth quarter and year ended December 31, 2022. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 16, 2023

---

| | |
|:---|:---|
| **AMERICOLD REALTY TRUST, INC.** | **AMERICOLD REALTY TRUST, INC.** |
| By: | /s/ Marc J. Smernoff |
|  | Name: Marc J. Smernoff |
|  | Title: Chief Financial Officer and Executive Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>AMERICOLD REALTY TRUST, INC. ANNOUNCES FOURTH QUARTER 2022 RESULTS</u>**

**Atlanta, GA, February 16, 2023** - Americold Realty Trust, Inc. (NYSE: COLD) (the "Company"), the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the fourth quarter ended December 31, 2022.

**<u>Fourth Quarter 2022 Highlights</u>**

• Total revenue increased 0.7% to $721.5 million.

• Total NOI increased 16.6% to $188.2 million.

• Core EBITDA increased 10.6% to $136.8 million, and increased 13.6% on a constant currency basis.

• Net income of $3.0 million, or $0.01 per diluted common share.

• Core FFO of $70.2 million, or $0.26 per diluted common share.

• AFFO of $78.2 million, or $0.29 per diluted common share.

• Global Warehouse segment revenue increased 8.0% to $598.7 million.

• Global Warehouse segment NOI increased 14.2% to $172.3 million.

• Global Warehouse segment same store revenue increased 8.3%, or 10.9% on a constant currency basis, Global Warehouse segment same store NOI increased by 13.1%, or 15.4% on a constant currency basis.

• Completed the Barcelona expansion for approximately €13.0 million.

• Completed the strategic exit of a significant component of our lower margin Third-party managed segment.

• On November 1, we prepaid at par the remaining $264.1 million indebtedness on our 2013 CMBS thereby transitioning all real estate debt to unsecured.

**<u>Year to Date 2022 Highlights</u>**

• Total revenue increased 7.4% to $2.9 billion.

• Total NOI increased 10.5% to $696.0 million.

• Core EBITDA increased 5.3% to $499.8 million, or 7.3% on a constant currency basis.

• Net loss of $19.5 million, or $0.07 loss per diluted common share.

• Core FFO of $249.0 million, or $0.92 per diluted common share.

• AFFO of $300.3 million, or $1.11 per diluted common share.

• Global Warehouse segment revenue increased 10.4% to $2.3 billion.

• Global Warehouse segment NOI increased 8.5% to $636.2 million.

• Global Warehouse segment same store revenue increased 6.4%, or 8.5% on a constant currency basis, Global Warehouse segment same store NOI increased 5.1%, or 6.7% on a constant currency basis.

**<u>Fourth Quarter 2022 Total Company Financial Results</u>**

Total revenue for the fourth quarter of 2022 was $721.5 million, a 0.7% increase from the same quarter of the prior year. This growth was driven by our core warehouse business which benefited from our pricing initiatives and rate escalations, higher economic occupancy, incremental revenue from acquisitions and recently completed expansion and development projects, partially offset by lower throughput volume in our same store portfolio. These increases exceeded the decrease in revenue from our Third-party managed segment as a result of our strategic exit of a significant component of this business. Additionally, total

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revenue was impacted by unfavorable foreign currency translation as the USD strengthened against the currencies of our foreign operations.

Total NOI for the fourth quarter of 2022 was $188.2 million, an increase of 16.6% from the same quarter of the prior year. This increase is a result of the same factors driving the increase in revenue mentioned above, the increase in profitability of our Transportation segment, partially offset by inflationary pressure on operating costs, labor and operational inefficiencies and a slight decline in contribution from our Third-party managed segment.

Core EBITDA was $136.8 million for the fourth quarter of 2022, compared to $123.7 million for the same quarter of the prior year. This reflects a 10.6% increase over prior year on an actual basis, and 13.6% on a constant currency basis. The increase is due to the same factors driving the increase in NOI mentioned above, partially offset by an increase in selling, general and administrative costs.

For the fourth quarter of 2022, the Company reported net income of $3.0 million, or $0.01 per diluted share, compared to net loss of $8.0 million, or $0.03 loss per diluted share, for the same quarter of the prior year.

For the fourth quarter of both 2022 and 2021, Core FFO was $70.2 million, or $0.26 per diluted share.

For the fourth quarter of 2022, AFFO was $78.2 million, or $0.29 per diluted share, compared to $82.2 million, or $0.31 per diluted share, for the same quarter of the prior year.

Please see the Company's supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

**<u>Fourth Quarter 2022 Global Warehouse Segment Results</u>**

For the fourth quarter of 2022, Global Warehouse segment revenue was $598.7 million, an increase of $44.5 million, or 8.0%, compared to $554.2 million for the fourth quarter of 2021. This growth was principally driven by growth in our same store pool resulting from our pricing initiative and rate escalations and higher economic occupancy as compared to 2021, paired with increases in our non-same store pool from incremental revenue from acquisitions and recently completed development projects. This was partially offset by the unfavorable impact of foreign currency translation and lower throughput in our same store pool.

Global Warehouse segment NOI was $172.3 million for the fourth quarter of 2022 as compared to $150.9 million for the fourth quarter of 2021. Global Warehouse segment NOI increased due to the drivers of warehouse revenue increase mentioned above, offset by the impact of inflationary pressures, start-up costs for our developments, labor and operational inefficiencies and the unfavorable impact of foreign currency translation. Global Warehouse segment margin was 28.8% for the fourth quarter of 2022, a 156 basis point increase compared to the same quarter of the prior year.

We had 208 same store warehouses for the three months ended December 31, 2022. The following table presents revenues, cost of operations, contribution (NOI) and margins for our same store and non-same store warehouses with a reconciliation to the total financial metrics of our warehouse segment for the three months ended December 31, 2022. Refer to our "Real Estate Portfolio" section below for the composition of our non-same store pool.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| *Number of total warehouses* | *237* |  | *241* | *n/a* | *n/a* |
| **Global Warehouse revenue:** |  |  |  |  |  |
| Rent and storage | $267031 | $273754 | $233367 | 14.4% | 17.3% |
| Warehouse services | 331659 | 340155 | 320788 | 3.4% | 6.0% |
| Total revenue | $598690 | $613909 | $554155 | 8.0% | 10.8% |
| **Global Warehouse contribution (NOI)** | $172328 | $176481 | $150884 | 14.2% | 17.0% |
| **Global Warehouse margin** | 28.8% | 28.7% | 27.2% | 156 bps | 152 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 4537 | n/a | 4207 | 7.9% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 4229 | n/a | 3861 | 9.5% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5415 | n/a | 5409 | 0.1% | n/a |
| Economic occupancy percentage | 83.8% | n/a | 77.8% | 601 bps | n/a |
| Physical occupancy percentage | 78.1% | n/a | 71.4% | 671 bps | n/a |
| Total rent and storage revenue per economic occupied pallet | $58.86 | $60.34 | $55.48 | 6.1% | 8.8% |
| Total rent and storage revenue per physical occupied pallet | $63.14 | $64.73 | $60.43 | 4.5% | 7.1% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 9963 | n/a | 10346 | (3.7)% | n/a |
| Total warehouse services revenue per throughput pallet | $33.29 | $34.14 | $31.01 | 7.4% | 10.1% |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *208* |  | *208* | *n/a* | *n/a* |
| **Global Warehouse same store revenue:** |  |  |  |  |  |
| Rent and storage | $230785 | $235947 | $201750 | 14.4% | 17.0% |
| Warehouse services | 295365 | 302612 | 284044 | 4.0% | 6.5% |
| Total same store revenue | $526150 | $538559 | $485794 | 8.3% | 10.9% |
| **Global Warehouse same store contribution (NOI)** | $163096 | $166414 | $144196 | 13.1% | 15.4% |
| **Global Warehouse same store margin** | 31.0% | 30.9% | 29.7% | 132 bps | 122 bps |
| **Global Warehouse same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 4082 | n/a | 3802 | 7.4% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3827 | n/a | 3481 | 10.0% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 4802 | n/a | 4833 | (0.6)% | n/a |
| Economic occupancy percentage | 85.0% | n/a | 78.7% | 634 bps | n/a |
| Physical occupancy percentage | 79.7% | n/a | 72.0% | 768 bps | n/a |
| Same store rent and storage revenue per economic occupied pallet | $56.54 | $57.80 | $53.07 | 6.5% | 8.9% |
| Same store rent and storage revenue per physical occupied pallet | $60.30 | $61.65 | $57.96 | 4.0% | 6.4% |
| **Global Warehouse same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 8882 | n/a | 9157 | (3.0)% | n/a |
| Same store warehouse services revenue per throughput pallet | $33.26 | $34.07 | $31.02 | 7.2% | 9.8% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *29* |  | *33* | *n/a* | *n/a* |
| **Global Warehouse non-same store revenue:** |  |  |  |  |  |
| Rent and storage | $36246 | $37807 | $31617 | n/r | n/r |
| Warehouse services | 36294 | 37543 | 36744 | n/r | n/r |
| Total non-same store revenue | $72540 | $75350 | $68361 | n/r | n/r |
| **Global Warehouse non-same store contribution (NOI)** | $9232 | $10067 | $6688 | n/r | n/r |
| **Global Warehouse non-same store margin** | 12.7% | 13.4% | 9.8% | n/r | n/r |
| **Global Warehouse non-same store rent and storage metrics:** | **Global Warehouse non-same store rent and storage metrics:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 455 | n/a | 405 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 402 | n/a | 381 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 614 | n/a | 576 | n/r | n/a |
| Economic occupancy percentage | 74.1% | n/a | 70.2% | n/r | n/a |
| Physical occupancy percentage | 65.5% | n/a | 66.0% | n/r | n/a |
| Non-same store rent and storage revenue per economic occupied pallet | $79.68 | $83.11 | $78.13 | n/r | n/r |
| Non-same store rent and storage revenue per physical occupied pallet | $90.16 | $94.04 | $83.05 | n/r | n/r |
| **Global Warehouse non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 1081 | n/a | 1188 | n/r | n/a |
| Non-same store warehouse services revenue per throughput pallet | $33.57 | $34.72 | $30.92 | n/r | n/r |

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(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Refer to our "Real Estate Portfolio" section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| *Number of total warehouses* | *237* |  | *241* | *n/a* | *n/a* |
| **Global Warehouse revenue:** |  |  |  |  |  |
| Rent and storage | $999388 | $1019787 | $876153 | 14.1% | 16.4% |
| Warehouse services | 1303583 | 1332867 | 1209234 | 7.8% | 10.2% |
| Total revenue | $2302971 | $2352654 | $2085387 | 10.4% | 12.8% |
| **Global Warehouse contribution (NOI)** | $636232 | $647885 | $586436 | 8.5% | 10.5% |
| **Global Warehouse margin** | 27.6% | 27.5% | 28.1% | -49 bps | -58 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 4318 | n/a | 4047 | 6.7% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3991 | n/a | 3701 | 7.8% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5431 | n/a | 5290 | 2.7% | n/a |
| Economic occupancy percentage | 79.5% | n/a | 76.5% | 300 bps | n/a |
| Physical occupancy percentage | 73.5% | n/a | 70.0% | 352 bps | n/a |
| Total rent and storage revenue per economic occupied pallet | $231.44 | $236.16 | $216.48 | 6.9% | 9.1% |
| Total rent and storage revenue per physical occupied pallet | $250.40 | $255.51 | $236.72 | 5.8% | 7.9% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 40093 | n/a | 39939 | 0.4% | n/a |
| Total warehouse services revenue per throughput pallet | $32.51 | $33.24 | $30.28 | 7.4% | 9.8% |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *208* |  | *208* | *n/a* | *n/a* |
| **Global Warehouse same store revenue:** |  |  |  |  |  |
| Rent and storage | $862268 | $877817 | $783256 | 10.1% | 12.1% |
| Warehouse services | 1151824 | 1177011 | 1109896 | 3.8% | 6.0% |
| Total same store revenue | $2014092 | $2054828 | $1893152 | 6.4% | 8.5% |
| **Global Warehouse same store contribution (NOI)** | $599745 | $609324 | $570831 | 5.1% | 6.7% |
| **Global Warehouse same store margin** | 29.8% | 29.7% | 30.2% | -37 bps | -50 bps |
| **Global Warehouse same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 3879 | n/a | 3714 | 4.4% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3592 | n/a | 3394 | 5.8% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 4821 | n/a | 4823 | —% | n/a |
| Economic occupancy percentage | 80.5% | n/a | 77.0% | 345 bps | n/a |
| Physical occupancy percentage | 74.5% | n/a | 70.4% | 413 bps | n/a |
| Same store rent and storage revenue per economic occupied pallet | $222.27 | $226.28 | $210.88 | 5.4% | 7.3% |
| Same store rent and storage revenue per physical occupied pallet | $240.07 | $244.40 | $230.81 | 4.0% | 5.9% |
| **Global Warehouse same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 35733 | n/a | 36281 | (1.5)% | n/a |
| Same store warehouse services revenue per throughput pallet | $32.23 | $32.94 | $30.59 | 5.4% | 7.7% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *29* |  | *33* | *n/a* | *n/a* |
| **Global Warehouse non-same store revenue:** |  |  |  |  |  |
| Rent and storage | $137119 | $141970 | $92897 | n/r | n/r |
| Warehouse services | 151760 | 155855 | 99338 | n/r | n/r |
| Total non-same store revenue | $288879 | $297825 | $192235 | n/r | n/r |
| **Global Warehouse non-same store contribution (NOI)** | $36487 | $38559 | $15605 | n/r | n/r |
| **Global Warehouse non-same store margin** | 12.6% | 12.9% | 8.1% | n/r | n/r |
| **Global Warehouse non-same store rent and storage metrics:** | **Global Warehouse non-same store rent and storage metrics:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 439 | n/a | 333 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 399 | n/a | 308 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 610 | n/a | 467 | n/r | n/a |
| Economic occupancy percentage | 71.9% | n/a | 71.3% | n/r | n/a |
| Physical occupancy percentage | 65.5% | n/a | 65.8% | n/r | n/a |
| Non-same store rent and storage revenue per economic occupied pallet | $312.48 | $323.53 | $278.91 | n/r | n/r |
| Non-same store rent and storage revenue per physical occupied pallet | $343.36 | $355.51 | $301.95 | n/r | n/r |
| **Global Warehouse non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 4360 | n/a | 3658 | n/r | n/a |
| Non-same store warehouse services revenue per throughput pallet | $34.81 | $35.75 | $27.16 | n/r | n/r |

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(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Refer to our "Real Estate Portfolio" section below for the composition of our non-same store pool.

(n/a = not applicable)

**<u>Fixed Commitment Rent and Storage Revenue</u>**

As of December 31, 2022, $419.5 million of the Company's annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $396.4 million at the end of the third quarter of 2022 and $356.5 million at the end of the fourth quarter of 2021. We continue to make progress on commercializing business under this type of arrangement. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 41.9% of rent and storage revenue was generated from fixed commitment storage contracts.

**<u>Economic and Physical Occupancy</u>**

Contracts that contain fixed commitments are designed to ensure the Company's customers have space available when needed. For the fourth quarter of 2022, economic occupancy for the total warehouse segment was 83.8% and warehouse segment same store pool was 85.0%, representing a 568 basis point and 531 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment increased 601 basis points, and the warehouse segment same store pool increased 634 basis points as compared to the fourth quarter of 2021. The growth in occupancy reflects our customers' increased food production levels throughout 2022.

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**<u>Real Estate Portfolio</u>**

As of December 31, 2022, the Company's portfolio consists of 242 facilities. The Company ended the fourth quarter of 2022 with 237 facilities in its Global Warehouse segment portfolio and five facilities in its Third-party managed segment. The same store population consists of 208 facilities for the quarter ended December 31, 2022. The remaining 29 non-same store population includes the 11 facilities that were acquired in connection with the Bowman Stores, Brighton, ColdCo, De Bruyn Cold Storage, KMT Brrr!, Lago Cold Stores, Liberty Freezers and Newark acquisitions, 13 facilities in expansion or redevelopment, a temporarily leased facility in Australia, two facilities we previously leased and purchased during 2022, a facility in which we ceased operations during the first quarter of 2022 in order to prepare for leasing to a third-party, and a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity.

**<u>Balance Sheet Activity and Liquidity</u>**

As of December 31, 2022, the Company had total liquidity of approximately $681.6 million, including cash and capacity on its revolving credit facility. Total debt outstanding was $3.3 billion (inclusive of $248.7 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 93% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA was approximately 6.6x. The Company's total debt outstanding includes $3.1 billion of real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company's real estate debt has a remaining weighted average term of 5.7 years and carries a weighted average contractual interest rate of 3.57%. As of December 31, 2022, 85% of the Company's total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

**<u>Dividend</u>**

On December 6, 2022, the Company's Board of Directors declared a dividend of $0.22 per share for the fourth quarter of 2022, which was paid on January 13, 2022 to common stockholders of record as of December 31, 2022.

**<u>2023 Outlook</u>**

The Company announced its 2023 annual AFFO per share guidance to be within the range of $1.14 - $1.24. Refer to page 42 of our financial supplement for the details of our annual guidance. The Company's guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

**<u>Investor Webcast and Conference Call</u>**

The Company will hold a webcast and conference call on Thursday, February 16, 2023 at 5:00 p.m. Eastern Time to discuss its fourth quarter 2022 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust's website at <u>www.americold.com</u>. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company's website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 13734551. The telephone replay will be available starting shortly after the call until March 2, 2023.

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The Company's supplemental package will be available prior to the conference call in the Investors section of the Company's website at <u>http://ir.americold.com</u>.

**<u>About the Company</u>**

Americold is the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 242 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

**<u>Non-GAAP Financial Measures</u>**

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA; same store segment revenue and contribution (NOI); real estate debt and maintenance capital expenditures. Definitions of these non-GAAP metrics are included beginning on page 43 of our financial supplement, and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included herein. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company's results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

**<u>Forward-Looking Statements</u>**

This document contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: the impact of supply chain disruptions, including, among others, the impact on labor availability, raw material availability, manufacturing and food production; construction materials and transportation; uncertainties and risks related to public health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; rising interest rates and inflation in operating costs, including as a result of the COVID-19 pandemic; general economic conditions; labor and power costs; labor shortages; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize anticipated cost savings and revenue improvements; our failure to realize the intended benefits from our recent acquisitions, and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; risks related to expansions of existing properties and developments of new properties, including failure to meet targeted completion dates and budgeted or stabilized returns within expected time frames, or at all, in respect thereof; risks related to our joint ventures; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions

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and related foreign regulations; defaults or non-renewals of significant customer contracts, including as a result of the ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; changes in applicable governmental regulations and tax legislation, including in the international markets; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; our relationship with our associates, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; uninsured losses or losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers to provide transportation services to our customers; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our stockholders to replace our directors and affect the price of our common stock, $0.01 par value per share, of our common stock; and the potential dilutive effect of our common stock offerings.

Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will" and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements included in this document include, among others, statements about our expected acquisition and expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

**Contacts:**

Americold Realty Trust, Inc.

Investor Relations

Telephone: 678-459-1959

Email: <u>investor.relations@americold.com</u>

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| | | |
|:---|:---|:---|
| Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries |
| Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets |
| *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property, buildings and equipment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $786975 | $807495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4245607 | 4152763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 1407874 | 1352399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 526811 | 450153 |
|  | 6967267 | 6762810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (1901450) | (1634909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, buildings and equipment – net | 5065817 | 5127901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 352553 | 377536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation – operating leases | (76334) | (57483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases – net | 276219 | 320053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financing leases: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 13546 | 13552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 127009 | 146341 |
|  | 140555 | 159893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation – financing leases | (57626) | (58165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing leases – net | 82929 | 101728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash | 53063 | 82958 |
| &nbsp;&nbsp;&nbsp; Accounts receivable – net of allowance of $15,951 and $18,755 at December 31, 2022 and 2021, respectively | 430042 | 380014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Identifiable intangible assets – net | 925223 | 980966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 1033637 | 1072980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in partially owned entities | 78926 | 37458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 158705 | 112139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $8104561 | $8216197 |
| Liabilities and equity |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | $500052 | $399314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 557540 | 559412 |
| &nbsp;&nbsp;&nbsp;Mortgage notes, senior unsecured notes and term loans – net of deferred financing costs of $13,044 and $11,050 in the aggregate, at December 31, 2022 and 2021, respectively | 2569281 | 2443806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale-leaseback financing obligations | 171089 | 178817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing lease obligations | 77561 | 97633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | 264634 | 301765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | 32046 | 26143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits | 1531 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability – net | 135098 | 169209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiemployer pension plan withdrawal liability | 7851 | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4316683 | 4187121 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value – 500,000,000 authorized shares; 269,814,956 and 268,282,592 issued and outstanding at December 31, 2022 and 2021, respectively | 2698 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 5191969 | 5171690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit and distributions in excess of net earnings | (1415198) | (1157888) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (6050) | 4522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3773419 | 4021007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in operating partnership | 14459 | 8069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 3787878 | 4029076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $8104561 | $8216197 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries |
| Consolidated Statements of Operations | Consolidated Statements of Operations | Consolidated Statements of Operations | Consolidated Statements of Operations | Consolidated Statements of Operations |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rent, storage and warehouse services | $598690 | $554155 | $2302971 | $2085387 |
| &nbsp;&nbsp;&nbsp;Transportation services | 76190 | 78041 | 313358 | 312092 |
| &nbsp;&nbsp;&nbsp;Third-party managed services | 46624 | 84284 | 298406 | 317311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 721504 | 716480 | 2914735 | 2714790 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rent, storage and warehouse services cost of operations | 426363 | 403271 | 1666739 | 1498951 |
| &nbsp;&nbsp;&nbsp;Transportation services cost of operations | 61738 | 70869 | 265956 | 282716 |
| &nbsp;&nbsp;&nbsp;Third-party managed services cost of operations | 45177 | 80946 | 286077 | 303347 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 82467 | 87601 | 331446 | 319840 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 60073 | 49004 | 231067 | 182076 |
| &nbsp;&nbsp;&nbsp;Acquisition, litigation and other, net | 11899 | 20567 | 32511 | 51578 |
| &nbsp;&nbsp;&nbsp;Impairment of indefinite and long-lived assets | 764 |  | 7380 | 3312 |
| &nbsp;&nbsp;&nbsp;(Gain) loss from sale of real estate | (21) |  | 5689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 688460 | 712258 | 2826865 | 2641820 |
| Operating income | 33044 | 4222 | 87870 | 72970 |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (33407) | (21339) | (116127) | (99177) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment, modifications and termination of derivative instruments | (933) | (638) | (3217) | (5689) |
| &nbsp;&nbsp;&nbsp;Interest income | 657 | 91 | 1633 | 841 |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange gain (loss), net | 2477 | (294) | (975) | (610) |
| &nbsp;&nbsp;&nbsp;Other income, net | 527 | 1203 | 1806 | 1791 |
| &nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (2101) | (753) | (9300) | (2004) |
| Income (loss) before income taxes | 264 | (17508) | (38310) | (31878) |
| Income tax benefit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | (721) | (625) | (3725) | (7578) |
| &nbsp;&nbsp;&nbsp;Deferred | 3412 | 10151 | 22561 | 9147 |
| Total income tax benefit | 2691 | 9526 | 18836 | 1569 |
| Net income (loss) | $2955 | $(7982) | $(19474) | $(30309) |
| Net income (loss) attributable to noncontrolling interests | 11 | (18) | (34) | 146 |
| Net income (loss) attributable to Americold Realty Trust | $2944 | $(7964) | $(19440) | $(30455) |
| Weighted average common stock outstanding – basic | 269826 | 267499 | 269565 | 259056 |
| Weighted average common stock outstanding – diluted | 270770 | 268179 | 269565 | 259056 |
| Net income (loss) per common share - basic | $0.01 | $(0.03) | $(0.07) | $(0.12) |
| Net income (loss) per common share - diluted | $0.01 | $(0.03) | $(0.07) | $(0.12) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **2022** | **2021** |
| Net income (loss) | $2955 | $(8937) | $3953 | $(17445) | $(7982) | $(19474) | $(30309) |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate related depreciation | 53094 | 53139 | 51738 | 52200 | 54816 | 210171 | 200184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of real estate | (21) | 5710 |  |  |  | 5689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on asset disposals | 175 | 893 | 4 | 63 | 65 | 1135 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate assets |  | 3407 |  |  |  | 3407 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 1209 | 822 | 1346 | 1033 | 822 | 4410 | 2412 |
| Funds from operations | $57412 | $55034 | $57041 | $35851 | $47721 | $205338 | $174051 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of non-real estate assets | 2274 | 310 | 72 | (235) | 861 | 2421 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, litigation and other, net | 11899 | 4874 | 5663 | 10075 | 20567 | 32511 | 51578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  | 3209 |  |  |  | 3209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense, IPO grants |  |  |  |  |  |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment, modifications and termination of derivative instruments | 933 | 1040 | 628 | 616 | 638 | 3217 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (2477) | 2487 | 1290 | (325) | 294 | 975 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of New Market Tax Credit Structure |  |  | (3410) |  |  | (3410) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on deconsolidation of subsidiary contributed to LATAM joint venture |  |  | 4148 |  |  | 4148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 127 | 136 | (36) | 347 | 74 | 574 | 439 |
| Core FFO | $70168 | $67090 | $65396 | $46329 | $70155 | $248983 | $232797 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and pension withdrawal liability | 1305 | 1222 | 1160 | 1146 | 1104 | 4833 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of below/above market leases | 534 | 540 | 549 | 508 | 843 | 2131 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate asset impairment | 764 |  |  |  |  | 764 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line net rent | 333 | 133 | 77 | 204 | (302) | 747 | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (3412) | (4374) | (12886) | (1889) | (10151) | (22561) | (9147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense, excluding IPO grants | 5036 | 6720 | 7032 | 8349 | 9112 | 27137 | 23737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | 29373 | 30530 | 30952 | 30420 | 32785 | 121275 | 119656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance capital expenditures<sup>(a)</sup> | (26701) | (22586) | (20118) | (16106) | (20808) | (85511) | (75965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 819 | 57 | 1713 | (107) | (502) | 2482 | 387 |
| Adjusted FFO | $78219 | $79332 | $73875 | $68854 | $82236 | $300280 | $299495 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) |
| *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **2022** | **2021** |
| NAREIT Funds from operations | $57412 | $55034 | $57041 | $35851 | $47721 | $205338 | $174051 |
| Core FFO | $70168 | $67091 | $65396 | $46329 | $70155 | $248984 | $232797 |
| Adjusted FFO | $78219 | $79333 | $73875 | $68854 | $82236 | $300281 | $299495 |
| **<u>Reconciliation of weighted average shares:</u>** |  |  |  |  |  |  |  |
| Weighted average basic shares for net income calculation | 269826 | 269586 | 269497 | 269164 | 267499 | 269565 | 259056 |
| Dilutive stock options, unvested restricted stock units, equity forward contracts | 944 | 1105 | 887 | 835 | 680 | 1041 | 2070 |
| Weighted average dilutive shares | 270770 | 270691 | 270384 | 269999 | 268179 | 270606 | 261126 |
| NAREIT FFO - basic per share | $0.21 | $0.20 | $0.21 | $0.13 | $0.18 | $0.76 | $0.67 |
| NAREIT FFO - diluted per share | $0.21 | $0.20 | $0.21 | $0.13 | $0.18 | $0.76 | $0.67 |
| Core FFO - basic per share | $0.26 | $0.25 | $0.24 | $0.17 | $0.26 | $0.92 | $0.90 |
| Core FFO - diluted per share | $0.26 | $0.25 | $0.24 | $0.17 | $0.26 | $0.92 | $0.89 |
| Adjusted FFO - basic per share | $0.29 | $0.29 | $0.27 | $0.26 | $0.31 | $1.11 | $1.16 |
| Adjusted FFO - diluted per share | $0.29 | $0.29 | $0.27 | $0.26 | $0.31 | $1.11 | $1.15 |

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(a) Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **2022** | **2021** |
| Net income (loss) | $2955 | $(8937) | $3953 | $(17445) | $(7982) | $(19474) | $(30309) |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 82467 | 83669 | 82690 | 82620 | 87601 | 331446 | 319840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 33407 | 30402 | 26545 | 25773 | 21339 | 116127 | 99177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (2691) | (3368) | (12069) | (708) | (9526) | (18836) | (1569) |
| EBITDA | $116138 | $101766 | $101119 | $90240 | $91432 | $409263 | $387139 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of real estate | (21) | 5710 |  |  |  | 5689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reflect share of EBITDAre of partially owned entities | 5019 | 3383 | 6215 | 3198 | 4625 | 17815 | 8966 |
| NAREIT EBITDAre | $121136 | $110859 | $107334 | $93438 | $96057 | $432767 | $396105 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, litigation and other, net | 11899 | 4874 | 5663 | 10075 | 20567 | 32511 | 51578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | 2101 | 1440 | 3647 | 2112 | 753 | 9300 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of indefinite and long-lived assets | 764 | 6616 |  |  |  | 7380 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (2477) | 2487 | 1290 | (325) | 294 | 975 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 5036 | 6720 | 7032 | 8349 | 9112 | 27137 | 23900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment, modifications and termination of derivative instruments | 933 | 1040 | 628 | 616 | 638 | 3217 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on real estate and other asset disposals | 2449 | 1203 | 76 | (172) | 926 | 3556 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of New Market Tax Credit Structure |  |  | (3410) |  |  | (3410) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on deconsolidation of subsidiary contributed to LATAM joint venture |  |  | 4148 |  |  | 4148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in EBITDAre from partially owned entities | (5019) | (3383) | (6215) | (3198) | (4625) | (17815) | (8966) |
| Core EBITDA | $136822 | $131856 | $120193 | $110895 | $123722 | $499766 | $474511 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment |
| *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Segment revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | $598690 | $554155 | $2302971 | $2085387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 76190 | 78041 | 313358 | 312092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 46624 | 84284 | 298406 | 317311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 721504 | 716480 | 2914735 | 2714790 |
| Segment contribution (NOI): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | 172327 | 150884 | 636232 | 586436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 14452 | 7172 | 47402 | 29376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 1447 | 3338 | 12329 | 13964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment contribution (NOI) | 188226 | 161394 | 695963 | 629776 |
| Reconciling items: |  |  |  |  |
| Depreciation and amortization | (82467) | (87601) | (331446) | (319840) |
| Selling, general and administrative | (60073) | (49004) | (231067) | (182076) |
| Acquisition, litigation and other, net | (11899) | (20567) | (32511) | (51578) |
| Impairment of indefinite and long-lived assets | (764) |  | (7380) | (3312) |
| Gain (loss) from sale of real estate | 21 |  | (5689) |  |
| Interest expense | (33407) | (21339) | (116127) | (99177) |
| Interest income | 657 | 91 | 1633 | 841 |
| Loss on debt extinguishment, modifications and termination of derivative instruments | (933) | (638) | (3217) | (5689) |
| Foreign currency exchange gain (loss), net | 2477 | (294) | (975) | (610) |
| Other income, net | 527 | 1203 | 1806 | 1791 |
| Loss from investments in partially owned entities | (2101) | (753) | (9300) | (2004) |
| Income (loss) before income taxes | $264 | $(17508) | $(38310) | $(31878) |

---

We view and manage our business through three primary business segments—warehouse, transportation, third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request,case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (*i.e.*, consolidating a customer's products with those of other customers for more efficient shipment), freight under management services (*i.e.*, arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers' needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.

------

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| |
|:---|
| **Notes and Definitions** |
| We calculate funds from operations, or 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 extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, real estate asset impairment and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization and gains or losses from sales of real estate, 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, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. |
| We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, acquisition, litigation and other, net, goodwill impairment, share-based compensation expense for the IPO retention grants, loss on debt extinguishment, modifications and termination of derivative instruments, and foreign currency exchange loss. We also adjust for the impact of Core FFO attributable to gain on extinguishment of New Market Tax Structure, loss on deconsolidation of subsidiary contributed to the LATAM joint venture 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. |
| However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited. |
| 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, non-real estate asset impairment, amortization of above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, share-based compensation expense from grants under our equity incentive plans, excluding IPO grants, non-real estate depreciation and amortization, non-real estate depreciation and amortization from foreign joint ventures and maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of 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. |
| FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. 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 consolidated statements of operations included in our quarterly and annual reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from 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 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. The table above reconciles 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. |
| We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, earnings before interest expense, taxes, depreciation and amortization, net gain on sale of real estate, net of withholding taxes, and adjustment to reflect share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that 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. |
| We also calculate our Core EBITDA as EBITDAre further adjusted for acquisition, litigation and other, net, loss on partially owned entities, impairment of indefinite and long-lived assets, foreign currency exchange gain or loss, share-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, gain on extinguishment of New Market Tax Credit structure, loss on deconsolidation of subsidiary contributed to joint venture, net loss on other asset disposals, 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 EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

------

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| |
|:---|
| We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 20 of our financial supplement reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. |
| Net debt to proforma Core EBITDA is calculated using total debt, plus capital lease obligations, less cash and cash equivalents, divided by pro-forma Core EBITDA. We calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, dispositions and for rent expense associated with lease buy-outs and lease exits. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. The pro-forma adjustment for leased facilities exited or purchased reflects the add-back for the related lease expense from the last year. The pro-forma adjustment for dispositions reduces Core EBITDA for the earnings of facilities disposed of or exited during the year, including the strategic exit of certain third-party managed business. |
| We define our "same store" population once a year at the beginning of the current calendar year. Our same store population includes properties that were owned or leased for the entirety of two comparable periods and that have reported at least twelve months of consecutive normalized operations prior to January 1 of the prior calendar year. We define "normalized operations" as properties that have been open for operation or lease after development or significant modification, including the expansion of a warehouse footprint or a warehouse rehabilitation subsequent to an event, such as a natural disaster or similar event causing disruption to operations. In addition, our definition of "normalized operations" takes into account changes in the ownership structure (e.g., purchase of acquired properties will be included in the "same store" population if owned by us as of the first business day of each year, of the prior calendar year and still owned by us as of the end of the current reporting period, unless the property is under development). The "same store" pool is also adjusted to remove properties that were sold or entering development subsequent to the beginning of the current calendar year. As such, the "same store" population for the period ended December 31, 2022 includes all properties that we owned at January 2, which had both been owned and had reached "normalized operations" by January 2, 2022.  |
| We calculate "same store revenue" as revenues for the same store population. We calculate "same store contribution (NOI)" as revenues for the same store population less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, litigation and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a "same store" analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is 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 contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. The tables beginning on page 32 of our financial supplement provide reconciliations for same store revenues and same store contribution (NOI). |
| We define "maintenance capital expenditures" as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold's operating standards. See the tables on page 29 of our financial supplement for additional information regarding our maintenance capital expenditures. |
| We define "total real estate debt" as the aggregate of the following: mortgage notes, senior unsecured notes, term loans and borrowings under our revolving line of credit. We define "total debt outstanding" as the aggregate of the following: total real estate debt, sale-leaseback financing obligations and financing lease obligations. See the tables on page 22 of our financial supplement for additional information regarding our indebtedness. |
| All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. |

---

## Exhibit 99.2

**Exhibit 99.2**

![fs_c2-q3fy22earningscover.jpg](fs_c2-q3fy22earningscover.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Table of Contents** | |
| **Overview** | **PAGE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Profile | [3](#i8c316020e64c46a4977be50fbf554100_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings Release | [5](#i8c316020e64c46a4977be50fbf554100_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Quarterly Financial Data | [14](#i8c316020e64c46a4977be50fbf554100_19) |
| **Financial Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | [16](#i8c316020e64c46a4977be50fbf554100_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Operations | [17](#i8c316020e64c46a4977be50fbf554100_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO | [18](#i8c316020e64c46a4977be50fbf554100_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA | [20](#i8c316020e64c46a4977be50fbf554100_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, Litigation and Other, net | [21](#i8c316020e64c46a4977be50fbf554100_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Detail and Maturities | [22](#i8c316020e64c46a4977be50fbf554100_40) |
| **Operations Overview** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue and Contribution (NOI) by Segment | [23](#i8c316020e64c46a4977be50fbf554100_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Warehouse Economic and Physical Occupancy Trend | [24](#i8c316020e64c46a4977be50fbf554100_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Warehouse Portfolio | [25](#i8c316020e64c46a4977be50fbf554100_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Commitment and Lease Maturity Schedules | [27](#i8c316020e64c46a4977be50fbf554100_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures | [29](#i8c316020e64c46a4977be50fbf554100_64) |
| **Total Global Warehouse Segment Financial and Operating Performance** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Warehouse Segment Financial Performance | [30](#i8c316020e64c46a4977be50fbf554100_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same-store Financial Performance | [32](#i8c316020e64c46a4977be50fbf554100_76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same-store Key Operating Metrics | [34](#i8c316020e64c46a4977be50fbf554100_82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same-store Historical Performance Trend | [36](#i8c316020e64c46a4977be50fbf554100_88) |
| **External Growth and Capital Deployment** | [38](#i8c316020e64c46a4977be50fbf554100_91) |
| **Unconsolidated Joint Ventures (Investments in Partially Owned Entities)** | [40](#i8c316020e64c46a4977be50fbf554100_94) |
| **2023 Guidance** | [42](#i8c316020e64c46a4977be50fbf554100_100) |
| **Notes and Definitions** | [43](#i8c316020e64c46a4977be50fbf554100_103) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Corporate Profile**

We are the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. We are organized as a self-administered and self-managed REIT with proven operating, development and acquisition expertise. As of December 31, 2022, we operated a global network of 242 temperature-controlled warehouses encompassing approximately 1.4 billion cubic feet, with 195 warehouses in North America, 27 in Europe, 18 warehouses in Asia-Pacific, and two warehouses in South America. In addition, we hold three minority interests in joint ventures, one with SuperFrio, which owns or operates 38 temperature-controlled warehouses in Brazil, one with Comfrio, which owns or operates 28 temperature-controlled warehouses in Brazil, and one with the LATAM JV, which owns one temperature-controlled warehouse in Chile.

**Corporate Headquarters**

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

**Senior Management**

George F. Chappelle Jr.: Chief Executive Officer and Director

Marc J. Smernoff: Chief Financial Officer and Executive Vice President

Robert S. Chambers: Chief Commercial Officer and Executive Vice President

James C. Snyder, Jr.: Chief Legal Officer and Executive Vice President

David C. Moore: Chief Operating Officer - North America and Executive Vice President

Richard C. Winnall: Chief Operating Officer - International and Executive Vice President

Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President

Thomas C. Novosel: Chief Accounting Officer and Senior Vice President

**Board of Directors**

Mark R. Patterson: Chairman of the Board of Directors

George J. Alburger, Jr.: Director

Kelly H. Barrett: Director

Robert L. Bass: Director

George F. Chappelle Jr.: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: Director

**Investor Relations**

To request more information or to be added to our e-mail distribution list, please visit our website: www.americold.com

(Please proceed to the Investors section)

Investor Relations

Telephone: 678-459-1959

Email: <u>investor.relations@americold.com</u>

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| | | | |
|:---|:---|:---|:---|
| **Analyst Coverage**<br>**Firm** |<br>**Analyst Name** |<br>**Contact** |<br>**Email** |
| Baird Equity Research | David B. Rodgers | 216-737-7341 | drodgers@rwbaird.com |
| Bank of America Merrill Lynch | Joshua Dennerlein | 646-855-1681 | joshua.dennerlein@bofa.com |
| Barclays | Anthony Powell | 212-526-8768 | anthony.powell@barclays.com |
| BNP Paribas Exane Research | Nate Crossett | 646-725-3716 | nate.crossett@exanebnpparibas.com |
| Citi | Craig Mailman | 212-816-4471 | craig.mailman@citi.com |
| Evercore ISI | Samir Khanal / <br>Steve Sakwa | 212-888-3796 / 212-446-9462 | samir.khanal@evercoreisi.com / steve.sakwa@evercoreisi.com |
| Green Street Advisors | Vince Tibone | 949-640-8780 | vtibone@greenstreet.com |
| J.P. Morgan | Michael W. Mueller | 212-622-6689 | michael.w.mueller@jpmorgan.com |
| KeyBanc | Todd Thomas | 917-368-2286 | tthomas@key.com |
| MorningStar Research Services | Suryansh Sharma | 314-585-6793 | suryansh.sharma@morningstar.com |
| Raymond James | William A. Crow | 727-567-2594 | bill.crow@raymondjames.com |
| RBC | Michael Carroll | 440-715-2649 | michael.carroll@rbccm.com |
| Truist | Ki Bin Kim | 212-303-4124 | kibin.kim@truist.com |
| Wolfe Research | Andrew Rosivach | 646-582-9250 | arosivach@wolferesearch.com |

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**Stock Listing Information**

The shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol "COLD".

**Credit Ratings**

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| | | |
|:---|:---|:---|
| ***DBRS Morningstar*** | | |
| Credit Rating: | BBB | (Stable Trend) |
| ***Fitch*** | | |
| Issuer Default Rating: | BBB | (Negative Outlook) |
| ***Moody's*** | | |
| Issuer Rating: | Baa3 | (Stable Outlook) |

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These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

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| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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**<u>AMERICOLD REALTY TRUST, INC. ANNOUNCES FOURTH QUARTER 2022 RESULTS</u>**

**Atlanta, GA, February 16, 2023** - Americold Realty Trust, Inc. (NYSE: COLD) (the "Company"), the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the fourth quarter ended December 31, 2022.

**<u>Fourth Quarter 2022 Highlights</u>**

• Total revenue increased 0.7% to $721.5 million.

• Total NOI increased 16.6% to $188.2 million.

• Core EBITDA increased 10.6% to $136.8 million, and increased 13.6% on a constant currency basis.

• Net income of $3.0 million, or $0.01 per diluted common share.

• Core FFO of $70.2 million, or $0.26 per diluted common share.

• AFFO of $78.2 million, or $0.29 per diluted common share.

• Global Warehouse segment revenue increased 8.0% to $598.7 million.

• Global Warehouse segment NOI increased 14.2% to $172.3 million.

• Global Warehouse segment same store revenue increased 8.3%, or 10.9% on a constant currency basis, Global Warehouse segment same store NOI increased by 13.1%, or 15.4% on a constant currency basis.

• Completed the Barcelona expansion for approximately €13.0 million.

• Completed the strategic exit of a significant component of our lower margin Third-party managed segment.

• On November 1, we prepaid at par the remaining $264.1 million indebtedness on our 2013 CMBS thereby transitioning all real estate debt to unsecured.

**<u>Year to Date 2022 Highlights</u>**

• Total revenue increased 7.4% to $2.9 billion.

• Total NOI increased 10.5% to $696.0 million.

• Core EBITDA increased 5.3% to $499.8 million, or 7.3% on a constant currency basis.

• Net loss of $19.5 million, or $0.07 loss per diluted common share.

• Core FFO of $249.0 million, or $0.92 per diluted common share.

• AFFO of $300.3 million, or $1.11 per diluted common share.

• Global Warehouse segment revenue increased 10.4% to $2.3 billion.

• Global Warehouse segment NOI increased 8.5% to $636.2 million.

• Global Warehouse segment same store revenue increased 6.4%, or 8.5% on a constant currency basis, Global Warehouse segment same store NOI increased 5.1%, or 6.7% on a constant currency basis.

**<u>Fourth Quarter 2022 Total Company Financial Results</u>**

Total revenue for the fourth quarter of 2022 was $721.5 million, a 0.7% increase from the same quarter of the prior year. This growth was driven by our core warehouse business which benefited from our pricing initiatives and rate escalations, higher economic occupancy, incremental revenue from acquisitions and recently completed expansion and development projects, partially offset by lower throughput volume in our same store portfolio. These increases exceeded the decrease in revenue from our Third-

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| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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party managed segment as a result of our strategic exit of a significant component of this business. Additionally, total revenue was impacted by unfavorable foreign currency translation as the USD strengthened against the currencies of our foreign operations.

Total NOI for the fourth quarter of 2022 was $188.2 million, an increase of 16.6% from the same quarter of the prior year. This increase is a result of the same factors driving the increase in revenue mentioned above, the increase in profitability of our Transportation segment, partially offset by inflationary pressure on operating costs, labor and operational inefficiencies and a slight decline in contribution from our Third-party managed segment.

Core EBITDA was $136.8 million for the fourth quarter of 2022, compared to $123.7 million for the same quarter of the prior year. This reflects a 10.6% increase over prior year on an actual basis, and 13.6% on a constant currency basis. The increase is due to the same factors driving the increase in NOI mentioned above, partially offset by an increase in selling, general and administrative costs.

For the fourth quarter of 2022, the Company reported net income of $3.0 million, or $0.01 per diluted share, compared to net loss of $8.0 million, or $0.03 loss per diluted share, for the same quarter of the prior year.

For the fourth quarter of both 2022 and 2021, Core FFO was $70.2 million, or $0.26 per diluted share.

For the fourth quarter of 2022, AFFO was $78.2 million, or $0.29 per diluted share, compared to $82.2 million, or $0.31 per diluted share, for the same quarter of the prior year.

Please see the Company's supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

**<u>Fourth Quarter 2022 Global Warehouse Segment Results</u>**

For the fourth quarter of 2022, Global Warehouse segment revenue was $598.7 million, an increase of $44.5 million, or 8.0%, compared to $554.2 million for the fourth quarter of 2021. This growth was principally driven by growth in our same store pool resulting from our pricing initiative and rate escalations and higher economic occupancy as compared to 2021, paired with increases in our non-same store pool from incremental revenue from acquisitions and recently completed development projects. This was partially offset by the unfavorable impact of foreign currency translation and lower throughput in our same store pool.

Global Warehouse segment NOI was $172.3 million for the fourth quarter of 2022 as compared to $150.9 million for the fourth quarter of 2021. Global Warehouse segment NOI increased due to the drivers of warehouse revenue increase mentioned above, offset by the impact of inflationary pressures, start-up costs for our developments, labor and operational inefficiencies and the unfavorable impact of foreign currency translation. Global Warehouse segment margin was 28.8% for the fourth quarter of 2022, a 156 basis point increase compared to the same quarter of the prior year.

We had 208 same store warehouses for the three months ended December 31, 2022. The following table presents revenues, cost of operations, contribution (NOI) and margins for our same store and non-same store warehouses with a reconciliation to the total financial metrics of our warehouse segment for the three months ended December 31, 2022. Refer to our "Real Estate Portfolio" section below for the composition of our non-same store pool.

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| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| *Number of total warehouses* | *237* |  | *241* | *n/a* | *n/a* |
| **Global Warehouse revenue:** |  |  |  |  |  |
| Rent and storage | $267031 | $273754 | $233367 | 14.4% | 17.3% |
| Warehouse services | 331659 | 340155 | 320788 | 3.4% | 6.0% |
| Total revenue | $598690 | $613909 | $554155 | 8.0% | 10.8% |
| **Global Warehouse contribution (NOI)** | $172328 | $176481 | $150884 | 14.2% | 17.0% |
| **Global Warehouse margin** | 28.8% | 28.7% | 27.2% | 156 bps | 152 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 4537 | n/a | 4207 | 7.9% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 4229 | n/a | 3861 | 9.5% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5415 | n/a | 5409 | 0.1% | n/a |
| Economic occupancy percentage | 83.8% | n/a | 77.8% | 601 bps | n/a |
| Physical occupancy percentage | 78.1% | n/a | 71.4% | 671 bps | n/a |
| Total rent and storage revenue per economic occupied pallet | $58.86 | $60.34 | $55.48 | 6.1% | 8.8% |
| Total rent and storage revenue per physical occupied pallet | $63.14 | $64.73 | $60.43 | 4.5% | 7.1% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 9963 | n/a | 10346 | (3.7)% | n/a |
| Total warehouse services revenue per throughput pallet | $33.29 | $34.14 | $31.01 | 7.4% | 10.1% |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *208* |  | *208* | *n/a* | *n/a* |
| **Global Warehouse same store revenue:** |  |  |  |  |  |
| Rent and storage | $230785 | $235947 | $201750 | 14.4% | 17.0% |
| Warehouse services | 295365 | 302612 | 284044 | 4.0% | 6.5% |
| Total same store revenue | $526150 | $538559 | $485794 | 8.3% | 10.9% |
| **Global Warehouse same store contribution (NOI)** | $163096 | $166414 | $144196 | 13.1% | 15.4% |
| **Global Warehouse same store margin** | 31.0% | 30.9% | 29.7% | 132 bps | 122 bps |
| **Global Warehouse same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 4082 | n/a | 3802 | 7.4% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3827 | n/a | 3481 | 10.0% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 4802 | n/a | 4833 | (0.6)% | n/a |
| Economic occupancy percentage | 85.0% | n/a | 78.7% | 634 bps | n/a |
| Physical occupancy percentage | 79.7% | n/a | 72.0% | 768 bps | n/a |
| Same store rent and storage revenue per economic occupied pallet | $56.54 | $57.80 | $53.07 | 6.5% | 8.9% |
| Same store rent and storage revenue per physical occupied pallet | $60.30 | $61.65 | $57.96 | 4.0% | 6.4% |
| **Global Warehouse same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 8882 | n/a | 9157 | (3.0)% | n/a |
| Same store warehouse services revenue per throughput pallet | $33.26 | $34.07 | $31.02 | 7.2% | 9.8% |

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|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *29* |  | *33* | *n/a* | *n/a* |
| **Global Warehouse non-same store revenue:** |  |  |  |  |  |
| Rent and storage | $36246 | $37807 | $31617 | n/r | n/r |
| Warehouse services | 36294 | 37543 | 36744 | n/r | n/r |
| Total non-same store revenue | $72540 | $75350 | $68361 | n/r | n/r |
| **Global Warehouse non-same store contribution (NOI)** | $9232 | $10067 | $6688 | n/r | n/r |
| **Global Warehouse non-same store margin** | 12.7% | 13.4% | 9.8% | n/r | n/r |
| **Global Warehouse non-same store rent and storage metrics:** | **Global Warehouse non-same store rent and storage metrics:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 455 | n/a | 405 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 402 | n/a | 381 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 614 | n/a | 576 | n/r | n/a |
| Economic occupancy percentage | 74.1% | n/a | 70.2% | n/r | n/a |
| Physical occupancy percentage | 65.5% | n/a | 66.0% | n/r | n/a |
| Non-same store rent and storage revenue per economic occupied pallet | $79.68 | $83.11 | $78.13 | n/r | n/r |
| Non-same store rent and storage revenue per physical occupied pallet | $90.16 | $94.04 | $83.05 | n/r | n/r |
| **Global Warehouse non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 1081 | n/a | 1188 | n/r | n/a |
| Non-same store warehouse services revenue per throughput pallet | $33.57 | $34.72 | $30.92 | n/r | n/r |

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(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Refer to our "Real Estate Portfolio" section below for the composition of our non-same store pool.

(n/a = not applicable)

(n/r = not relevant)

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| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| *Number of total warehouses* | *237* |  | *241* | *n/a* | *n/a* |
| **Global Warehouse revenue:** |  |  |  |  |  |
| Rent and storage | $999388 | $1019787 | $876153 | 14.1% | 16.4% |
| Warehouse services | 1303583 | 1332867 | 1209234 | 7.8% | 10.2% |
| Total revenue | $2302971 | $2352654 | $2085387 | 10.4% | 12.8% |
| **Global Warehouse contribution (NOI)** | $636232 | $647885 | $586436 | 8.5% | 10.5% |
| **Global Warehouse margin** | 27.6% | 27.5% | 28.1% | -49 bps | -58 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 4318 | n/a | 4047 | 6.7% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3991 | n/a | 3701 | 7.8% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5431 | n/a | 5290 | 2.7% | n/a |
| Economic occupancy percentage | 79.5% | n/a | 76.5% | 300 bps | n/a |
| Physical occupancy percentage | 73.5% | n/a | 70.0% | 352 bps | n/a |
| Total rent and storage revenue per economic occupied pallet | $231.44 | $236.16 | $216.48 | 6.9% | 9.1% |
| Total rent and storage revenue per physical occupied pallet | $250.40 | $255.51 | $236.72 | 5.8% | 7.9% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 40093 | n/a | 39939 | 0.4% | n/a |
| Total warehouse services revenue per throughput pallet | $32.51 | $33.24 | $30.28 | 7.4% | 9.8% |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *208* |  | *208* | *n/a* | *n/a* |
| **Global Warehouse same store revenue:** |  |  |  |  |  |
| Rent and storage | $862268 | $877817 | $783256 | 10.1% | 12.1% |
| Warehouse services | 1151824 | 1177011 | 1109896 | 3.8% | 6.0% |
| Total same store revenue | $2014092 | $2054828 | $1893152 | 6.4% | 8.5% |
| **Global Warehouse same store contribution (NOI)** | $599745 | $609324 | $570831 | 5.1% | 6.7% |
| **Global Warehouse same store margin** | 29.8% | 29.7% | 30.2% | -37 bps | -50 bps |
| **Global Warehouse same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 3879 | n/a | 3714 | 4.4% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3592 | n/a | 3394 | 5.8% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 4821 | n/a | 4823 | —% | n/a |
| Economic occupancy percentage | 80.5% | n/a | 77.0% | 345 bps | n/a |
| Physical occupancy percentage | 74.5% | n/a | 70.4% | 413 bps | n/a |
| Same store rent and storage revenue per economic occupied pallet | $222.27 | $226.28 | $210.88 | 5.4% | 7.3% |
| Same store rent and storage revenue per physical occupied pallet | $240.07 | $244.40 | $230.81 | 4.0% | 5.9% |
| **Global Warehouse same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 35733 | n/a | 36281 | (1.5)% | n/a |
| Same store warehouse services revenue per throughput pallet | $32.23 | $32.94 | $30.59 | 5.4% | 7.7% |

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|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *29* |  | *33* | *n/a* | *n/a* |
| **Global Warehouse non-same store revenue:** |  |  |  |  |  |
| Rent and storage | $137119 | $141970 | $92897 | n/r | n/r |
| Warehouse services | 151760 | 155855 | 99338 | n/r | n/r |
| Total non-same store revenue | $288879 | $297825 | $192235 | n/r | n/r |
| **Global Warehouse non-same store contribution (NOI)** | $36487 | $38559 | $15605 | n/r | n/r |
| **Global Warehouse non-same store margin** | 12.6% | 12.9% | 8.1% | n/r | n/r |
| **Global Warehouse non-same store rent and storage metrics:** | **Global Warehouse non-same store rent and storage metrics:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 439 | n/a | 333 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 399 | n/a | 308 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 610 | n/a | 467 | n/r | n/a |
| Economic occupancy percentage | 71.9% | n/a | 71.3% | n/r | n/a |
| Physical occupancy percentage | 65.5% | n/a | 65.8% | n/r | n/a |
| Non-same store rent and storage revenue per economic occupied pallet | $312.48 | $323.53 | $278.91 | n/r | n/r |
| Non-same store rent and storage revenue per physical occupied pallet | $343.36 | $355.51 | $301.95 | n/r | n/r |
| **Global Warehouse non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 4360 | n/a | 3658 | n/r | n/a |
| Non-same store warehouse services revenue per throughput pallet | $34.81 | $35.75 | $27.16 | n/r | n/r |

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(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Refer to our "Real Estate Portfolio" section below for the composition of our non-same store pool.

(n/a = not applicable)

**<u>Fixed Commitment Rent and Storage Revenue</u>**

As of December 31, 2022, $419.5 million of the Company's annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $396.4 million at the end of the third quarter of 2022 and $356.5 million at the end of the fourth quarter of 2021. We continue to make progress on commercializing business under this type of arrangement. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 41.9% of rent and storage revenue was generated from fixed commitment storage contracts.

**<u>Economic and Physical Occupancy</u>**

Contracts that contain fixed commitments are designed to ensure the Company's customers have space available when needed. For the fourth quarter of 2022, economic occupancy for the total warehouse segment was 83.8% and warehouse segment same store pool was 85.0%, representing a 568 basis point and 531 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment increased 601 basis points, and the warehouse segment same store pool increased 634 basis points as compared to the fourth quarter of 2021. The growth in occupancy reflects our customers' increased food production levels throughout 2022.

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|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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**<u>Real Estate Portfolio</u>**

As of December 31, 2022, the Company's portfolio consists of 242 facilities. The Company ended the fourth quarter of 2022 with 237 facilities in its Global Warehouse segment portfolio and five facilities in its Third-party managed segment. The same store population consists of 208 facilities for the quarter ended December 31, 2022. The remaining 29 non-same store population includes the 11 facilities that were acquired in connection with the Bowman Stores, Brighton, ColdCo, De Bruyn Cold Storage, KMT Brrr!, Lago Cold Stores, Liberty Freezers and Newark acquisitions, 13 facilities in expansion or redevelopment, a temporarily leased facility in Australia, two facilities we previously leased and purchased during 2022, a facility in which we ceased operations during the first quarter of 2022 in order to prepare for leasing to a third-party, and a leased facility in which we ceased operations during the fourth quarter of 2022 in anticipation of the upcoming lease maturity.

**<u>Balance Sheet Activity and Liquidity</u>**

As of December 31, 2022, the Company had total liquidity of approximately $681.6 million, including cash and capacity on its revolving credit facility. Total debt outstanding was $3.3 billion (inclusive of $248.7 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 93% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA was approximately 6.6x. The Company's total debt outstanding includes $3.1 billion of real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company's real estate debt has a remaining weighted average term of 5.7 years and carries a weighted average contractual interest rate of 3.57%. As of December 31, 2022, 85% of the Company's total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt. The Company has no material debt maturities until 2026, inclusive of extension options.

**<u>Dividend</u>**

On December 6, 2022, the Company's Board of Directors declared a dividend of $0.22 per share for the fourth quarter of 2022, which was paid on January 13, 2022 to common stockholders of record as of December 31, 2022.

**<u>2023 Outlook</u>**

The Company announced its 2023 annual AFFO per share guidance to be within the range of $1.14 - $1.24. Refer to page 42 of this Financial Supplement for the details of our annual guidance. The Company's guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

**<u>Investor Webcast and Conference Call</u>**

The Company will hold a webcast and conference call on Thursday, February 16, 2023 at 5:00 p.m. Eastern Time to discuss its fourth quarter 2022 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust's website at <u>www.americold.com</u>. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company's website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 13734551. The telephone replay will be available starting shortly after the call until March 2, 2023.

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|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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The Company's supplemental package will be available prior to the conference call in the Investors section of the Company's website at <u>http://ir.americold.com</u>.

**<u>About the Company</u>**

Americold is the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 242 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

**<u>Non-GAAP Financial Measures</u>**

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA; same store segment revenue and contribution (NOI); real estate debt and maintenance capital expenditures. Definitions of these non-GAAP metrics are included beginning on page 43, and reconciliations of these non-GAAP measures to their most comparable GAAP metrics are included herein. Each of the non-GAAP measures included in this report has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company's results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of non-GAAP measures in this report may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

**<u>Forward-Looking Statements</u>**

This document contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: the impact of supply chain disruptions, including, among others, the impact on labor availability, raw material availability, manufacturing and food production; construction materials and transportation; uncertainties and risks related to public health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; rising interest rates and inflation in operating costs, including as a result of the COVID-19 pandemic; general economic conditions; labor and power costs; labor shortages; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize anticipated cost savings and revenue improvements; our failure to realize the intended benefits from our recent acquisitions, and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; risks related to expansions of existing properties and developments of new properties, including failure to meet targeted completion dates and budgeted or stabilized returns within expected time frames, or at all, in respect thereof; risks related to our joint ventures; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; defaults or non-renewals of significant customer contracts, including as a result of the

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| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; changes in applicable governmental regulations and tax legislation, including in the international markets; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; our relationship with our associates, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; uninsured losses or losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers to provide transportation services to our customers; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our stockholders to replace our directors and affect the price of our common stock, $0.01 par value per share, of our common stock; and the potential dilutive effect of our common stock offerings.

Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will" and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements included in this document include, among others, statements about our expected acquisition and expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

**Contacts:**

Americold Realty Trust, Inc.

Investor Relations

Telephone: 678-459-1959

Email: <u>investor.relations@americold.com</u>

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| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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**<u>Selected Quarterly Financial Data</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In thousands, except per share amounts* | **As of** | **As of** | **As of** | **As of** | **As of** |
| **<u>Capitalization:</u>** | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
| Fully diluted common stock outstanding at quarter end<sup>(1)</sup> | 271702 | 271748 | 271736 | 271801 | 271044 |
| Common stock share price at quarter end | $28.31 | $24.60 | $30.04 | $27.88 | $32.79 |
| Market value of common equity | $7691884 | $6685001 | $8162949 | $7577812 | $8887533 |
| Gross debt <sup>(2)</sup> | $3331027 | $3230012 | $3223017 | $3215627 | $3130620 |
| &nbsp;&nbsp;&nbsp;Less: cash and cash equivalents | 53063 | 45693 | 74616 | 50965 | 82958 |
| &nbsp;&nbsp;&nbsp;Net debt | $3277964 | $3184319 | $3148401 | $3164662 | $3047662 |
| Total enterprise value | $10969848 | $9869320 | $11311350 | $10742474 | $11935195 |
| Net debt / total enterprise value | 29.9% | 32.3% | 27.8% | 29.5% | 25.5% |
| Net debt to pro forma Core EBITDA<sup>(2)</sup> | 6.61x | 6.49x | 6.60x | 6.55x | 6.10x |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **<u>Selected Operational Data:</u>** | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
| Warehouse segment revenue | $598690 | $598977 | $564379 | $540925 | $554155 |
| Total revenue | 721504 | 757780 | 729756 | 705695 | 716480 |
| Operating income | 33044 | 23170 | 23665 | 7991 | 4195 |
| Net income (loss) | 2955 | (8937) | 3953 | (17445) | (7982) |
| Total warehouse segment contribution (NOI) <sup>(3)</sup> | 172327 | 166662 | 150985 | 146258 | 150884 |
| Total segment contribution (NOI) <sup>(3)</sup> | 188226 | 181158 | 168291 | 158288 | 161394 |
| **<u>Selected Other Data:</u>** |  |  |  |  |  |
| Core EBITDA <sup>(4)</sup> | $136822 | $131857 | $120192 | $110895 | $123722 |
| Core funds from operations <sup>(1)</sup> | 70168 | 67090 | 65396 | 46329 | 70155 |
| Adjusted funds from operations <sup>(1)</sup> | 78219 | 79332 | 73875 | 68854 | 82236 |
| **<u>Earnings Measurements:</u>** |  |  |  |  |  |
| Net income (loss) per share - basic | $0.01 | $(0.03) | $0.01 | $(0.06) | $(0.03) |
| Net income (loss) per share - diluted | $0.01 | $(0.03) | $0.01 | $(0.06) | $(0.03) |
| Core FFO per diluted share <sup>(4)</sup> | $0.26 | $0.25 | $0.24 | $0.17 | $0.26 |
| AFFO per diluted share <sup>(4)</sup> | $0.29 | $0.29 | $0.27 | $0.26 | $0.31 |
| Dividend distributions declared per common share <sup>(5)</sup> | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 |
| Diluted AFFO payout ratio <sup>(6)</sup> | 75.9% | 75.9% | 81.5% | 84.6% | 71.0% |
| **<u>Portfolio Statistics:</u>** |  |  |  |  |  |
| Total global warehouses | 242 | 249 | 249 | 249 | 250 |
| &nbsp;&nbsp;&nbsp;Average economic occupancy | 83.8% | 80.1% | 77.4% | 76.8% | 77.8% |
| &nbsp;&nbsp;&nbsp;Average physical occupancy | 78.1% | 74.3% | 71.5% | 70.0% | 71.4% |
| Total global same-store warehouses | 208 | 212 | 213 | 215 | 160 |

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| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| **(1)** Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method | **(1)** Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method | **(1)** Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method | **(1)** Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method | **(1)** Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method | **(1)** Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock and OP units, and incorporates forward contracts using the treasury stock method |
| | **As of** | **As of** | **As of** | | |
| **(2) Net Debt to Core EBITDA Computation** | **12/31/2022** | **12/31/2021** | | | |
| Total debt | $3317983 | $3119570 |  |  |  |
| Deferred financing costs | 13044 | 11050 |  |  |  |
| Gross debt | $3331027 | $3130620 |  |  |  |
| Adjustments: |  |  |  |  |  |
| Less: cash, cash equivalents and restricted cash | 53063 | 82958 |  |  |  |
| Net debt | $3277964 | $3047662 |  |  |  |
| Core EBITDA - last twelve months | $499766 | $474511 |  |  |  |
| Net Core EBITDA from acquisitions, dispositions and lease exits (a) | (3588) | 25190 |  |  |  |
| Pro forma Core EBITDA - last twelve months | $496178 | $499701 |  |  |  |
| Net debt to pro forma Core EBITDA | 6.61x | 6.10x |  |  |  |
| *(a) As of December 31, 2022, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the add back for six months of Core EBITDA from the De Bruyn Cold Storage prior to Americold's ownership of the respective acquired entities, the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased, including the Gdynia and New Zealand facilities and the lease expense for leased facilities which we exited during the year.* | *(a) As of December 31, 2022, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the add back for six months of Core EBITDA from the De Bruyn Cold Storage prior to Americold's ownership of the respective acquired entities, the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased, including the Gdynia and New Zealand facilities and the lease expense for leased facilities which we exited during the year.* | *(a) As of December 31, 2022, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the add back for six months of Core EBITDA from the De Bruyn Cold Storage prior to Americold's ownership of the respective acquired entities, the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased, including the Gdynia and New Zealand facilities and the lease expense for leased facilities which we exited during the year.* | *(a) As of December 31, 2022, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the add back for six months of Core EBITDA from the De Bruyn Cold Storage prior to Americold's ownership of the respective acquired entities, the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased, including the Gdynia and New Zealand facilities and the lease expense for leased facilities which we exited during the year.* | *(a) As of December 31, 2022, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the add back for six months of Core EBITDA from the De Bruyn Cold Storage prior to Americold's ownership of the respective acquired entities, the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased, including the Gdynia and New Zealand facilities and the lease expense for leased facilities which we exited during the year.* | *(a) As of December 31, 2022, amount includes the reduction for the strategic exit of certain third-party managed EBITDA, the loss of EBITDA from the sale of the Cherokee facility and deconsolidation of Chile upon contribution to the LATAM JV, partially offset by the add back for six months of Core EBITDA from the De Bruyn Cold Storage prior to Americold's ownership of the respective acquired entities, the facility lease expense for sites that it previously incurred operating lease expense for but was subsequently purchased, including the Gdynia and New Zealand facilities and the lease expense for leased facilities which we exited during the year.* |
| **(3) Reconciliation of segment contribution (NOI)** |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
| Warehouse segment contribution (NOI) | $172327 | $166662 | $150985 | $146258 | $150884 |
| Transportation segment contribution (NOI) | 14452 | 10836 | 13585 | 8529 | 7172 |
| Third-party managed segment contribution (NOI) | 1447 | 3660 | 3721 | 3501 | 3338 |
| Total segment contribution (NOI) | $188226 | $181158 | $168291 | $158288 | $161394 |
| Depreciation and amortization | (82467) | (83669) | (82690) | (82620) | (87601) |
| Selling, general and administrative | (60073) | (57119) | (56273) | (57602) | (49004) |
| Acquisition, litigation and other, net | (11899) | (4874) | (5663) | (10075) | (20567) |
| Gain (loss) from sale of real estate | 21 | (5710) |  |  |  |
| Impairment of indefinite and long-lived assets | (764) | (6616) |  |  |  |
| U.S. GAAP operating income | $33044 | $23170 | $23665 | $7991 | $4222 |
| **(4) See "Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO" and "Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA" pages 18-20** | **(4) See "Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO" and "Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA" pages 18-20** | **(4) See "Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO" and "Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA" pages 18-20** | **(4) See "Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO" and "Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA" pages 18-20** | **(4) See "Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO" and "Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA" pages 18-20** | **(4) See "Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO" and "Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, and Core EBITDA" pages 18-20** |
| **(5) Distributions per common share** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
| Distributions declared on common stock during the quarter | $59751 | $59763 | $59759 | $59760 | $59440 |
| Common stock outstanding at quarter end | 269815 | 269396 | 275045 | 268672 | 268283 |
| Distributions declared per common share | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 |
| **(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share** | **(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share** | **(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share** | **(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share** | **(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share** | **(6) Calculated as distributions declared on common stock divided by AFFO per weighted average diluted share** |

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| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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**Financial Information**

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| | | |
|:---|:---|:---|
| Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries |
| Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets |
| *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property, buildings and equipment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $786975 | $807495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4245607 | 4152763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 1407874 | 1352399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 526811 | 450153 |
|  | 6967267 | 6762810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (1901450) | (1634909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, buildings and equipment – net | 5065817 | 5127901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 352553 | 377536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation – operating leases | (76334) | (57483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases – net | 276219 | 320053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financing leases: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 13546 | 13552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 127009 | 146341 |
|  | 140555 | 159893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation – financing leases | (57626) | (58165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing leases – net | 82929 | 101728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash | 53063 | 82958 |
| &nbsp;&nbsp;&nbsp; Accounts receivable – net of allowance of $15,951 and $18,755 at December 31, 2022 and 2021, respectively | 430042 | 380014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Identifiable intangible assets – net | 925223 | 980966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 1033637 | 1072980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in partially owned entities | 78926 | 37458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 158705 | 112139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $8104561 | $8216197 |
| Liabilities and equity |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | $500052 | $399314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 557540 | 559412 |
| &nbsp;&nbsp;&nbsp;Mortgage notes, senior unsecured notes and term loans – net of deferred financing costs of $13,044 and $11,050 in the aggregate, at December 31, 2022 and 2021, respectively | 2569281 | 2443806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale-leaseback financing obligations | 171089 | 178817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing lease obligations | 77561 | 97633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | 264634 | 301765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | 32046 | 26143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits | 1531 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability – net | 135098 | 169209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiemployer pension plan withdrawal liability | 7851 | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4316683 | 4187121 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value – 500,000,000 authorized shares; 269,814,956 and 268,282,592 issued and outstanding at December 31, 2022 and 2021, respectively | 2698 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 5191969 | 5171690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit and distributions in excess of net earnings | (1415198) | (1157888) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (6050) | 4522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3773419 | 4021007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in operating partnership | 14459 | 8069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 3787878 | 4029076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $8104561 | $8216197 |

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|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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|:---|:---|:---|:---|:---|
| Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries | Americold Realty Trust, Inc. and Subsidiaries |
| Consolidated Statements of Operations | Consolidated Statements of Operations | Consolidated Statements of Operations | Consolidated Statements of Operations | Consolidated Statements of Operations |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rent, storage and warehouse services | $598690 | $554155 | $2302971 | $2085387 |
| &nbsp;&nbsp;&nbsp;Transportation services | 76190 | 78041 | 313358 | 312092 |
| &nbsp;&nbsp;&nbsp;Third-party managed services | 46624 | 84284 | 298406 | 317311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 721504 | 716480 | 2914735 | 2714790 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rent, storage and warehouse services cost of operations | 426363 | 403271 | 1666739 | 1498951 |
| &nbsp;&nbsp;&nbsp;Transportation services cost of operations | 61738 | 70869 | 265956 | 282716 |
| &nbsp;&nbsp;&nbsp;Third-party managed services cost of operations | 45177 | 80946 | 286077 | 303347 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 82467 | 87601 | 331446 | 319840 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 60073 | 49004 | 231067 | 182076 |
| &nbsp;&nbsp;&nbsp;Acquisition, litigation and other, net | 11899 | 20567 | 32511 | 51578 |
| &nbsp;&nbsp;&nbsp;Impairment of indefinite and long-lived assets | 764 |  | 7380 | 3312 |
| &nbsp;&nbsp;&nbsp;(Gain) loss from sale of real estate | (21) |  | 5689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 688460 | 712258 | 2826865 | 2641820 |
| Operating income | 33044 | 4222 | 87870 | 72970 |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (33407) | (21339) | (116127) | (99177) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment, modifications and termination of derivative instruments | (933) | (638) | (3217) | (5689) |
| &nbsp;&nbsp;&nbsp;Interest income | 657 | 91 | 1633 | 841 |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange gain (loss), net | 2477 | (294) | (975) | (610) |
| &nbsp;&nbsp;&nbsp;Other income, net | 527 | 1203 | 1806 | 1791 |
| &nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (2101) | (753) | (9300) | (2004) |
| Income (loss) before income taxes | 264 | (17508) | (38310) | (31878) |
| Income tax benefit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | (721) | (625) | (3725) | (7578) |
| &nbsp;&nbsp;&nbsp;Deferred | 3412 | 10151 | 22561 | 9147 |
| Total income tax benefit | 2691 | 9526 | 18836 | 1569 |
| Net income (loss) | $2955 | $(7982) | $(19474) | $(30309) |
| Net income (loss) attributable to noncontrolling interests | 11 | (18) | (34) | 146 |
| Net income (loss) attributable to Americold Realty Trust | $2944 | $(7964) | $(19440) | $(30455) |
| Weighted average common stock outstanding – basic | 269826 | 267499 | 269565 | 259056 |
| Weighted average common stock outstanding – diluted | 270770 | 268179 | 269565 | 259056 |
| Net income (loss) per common share - basic | $0.01 | $(0.03) | $(0.07) | $(0.12) |
| Net income (loss) per common share - diluted | $0.01 | $(0.03) | $(0.07) | $(0.12) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **2022** | **2021** |
| Net income (loss) | $2955 | $(8937) | $3953 | $(17445) | $(7982) | $(19474) | $(30309) |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate related depreciation | 53094 | 53139 | 51738 | 52200 | 54816 | 210171 | 200184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of real estate | (21) | 5710 |  |  |  | 5689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on asset disposals | 175 | 893 | 4 | 63 | 65 | 1135 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate assets |  | 3407 |  |  |  | 3407 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 1209 | 822 | 1346 | 1033 | 822 | 4410 | 2412 |
| Funds from operations | $57412 | $55034 | $57041 | $35851 | $47721 | $205338 | $174051 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of non-real estate assets | 2274 | 310 | 72 | (235) | 861 | 2421 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, litigation and other, net | 11899 | 4874 | 5663 | 10075 | 20567 | 32511 | 51578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  | 3209 |  |  |  | 3209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense, IPO grants |  |  |  |  |  |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment, modifications and termination of derivative instruments | 933 | 1040 | 628 | 616 | 638 | 3217 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (2477) | 2487 | 1290 | (325) | 294 | 975 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of New Market Tax Credit Structure |  |  | (3410) |  |  | (3410) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on deconsolidation of subsidiary contributed to LATAM joint venture |  |  | 4148 |  |  | 4148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 127 | 136 | (36) | 347 | 74 | 574 | 439 |
| Core FFO | $70168 | $67090 | $65396 | $46329 | $70155 | $248983 | $232797 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and pension withdrawal liability | 1305 | 1222 | 1160 | 1146 | 1104 | 4833 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of below/above market leases | 534 | 540 | 549 | 508 | 843 | 2131 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate asset impairment | 764 |  |  |  |  | 764 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line net rent | 333 | 133 | 77 | 204 | (302) | 747 | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (3412) | (4374) | (12886) | (1889) | (10151) | (22561) | (9147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense, excluding IPO grants | 5036 | 6720 | 7032 | 8349 | 9112 | 27137 | 23737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | 29373 | 30530 | 30952 | 30420 | 32785 | 121275 | 119656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance capital expenditures<sup>(a)</sup> | (26701) | (22586) | (20118) | (16106) | (20808) | (85511) | (75965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 819 | 57 | 1713 | (107) | (502) | 2482 | 387 |
| Adjusted FFO | $78219 | $79332 | $73875 | $68854 | $82236 | $300280 | $299495 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) | Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and AFFO (continued) |
| *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* | *(In thousands except per share amounts)* |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **2022** | **2021** |
| NAREIT Funds from operations | $57412 | $55034 | $57041 | $35851 | $47721 | $205338 | $174051 |
| Core FFO | $70168 | $67091 | $65396 | $46329 | $70155 | $248984 | $232797 |
| Adjusted FFO | $78219 | $79333 | $73875 | $68854 | $82236 | $300281 | $299495 |
| **<u>Reconciliation of weighted average shares:</u>** |  |  |  |  |  |  |  |
| Weighted average basic shares for net income calculation | 269826 | 269586 | 269497 | 269164 | 267499 | 269565 | 259056 |
| Dilutive stock options, unvested restricted stock units, equity forward contracts | 944 | 1105 | 887 | 835 | 680 | 1041 | 2070 |
| Weighted average dilutive shares | 270770 | 270691 | 270384 | 269999 | 268179 | 270606 | 261126 |
| NAREIT FFO - basic per share | $0.21 | $0.20 | $0.21 | $0.13 | $0.18 | $0.76 | $0.67 |
| NAREIT FFO - diluted per share | $0.21 | $0.20 | $0.21 | $0.13 | $0.18 | $0.76 | $0.67 |
| Core FFO - basic per share | $0.26 | $0.25 | $0.24 | $0.17 | $0.26 | $0.92 | $0.90 |
| Core FFO - diluted per share | $0.26 | $0.25 | $0.24 | $0.17 | $0.26 | $0.92 | $0.89 |
| Adjusted FFO - basic per share | $0.29 | $0.29 | $0.27 | $0.26 | $0.31 | $1.11 | $1.16 |
| Adjusted FFO - diluted per share | $0.29 | $0.29 | $0.27 | $0.26 | $0.31 | $1.11 | $1.15 |

---

(a) Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA | Reconciliation of Net Income (Loss) to EBITDA, NAREIT EBITDAre, and Core EBITDA |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **2022** | **2021** |
| Net income (loss) | $2955 | $(8937) | $3953 | $(17445) | $(7982) | $(19474) | $(30309) |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 82467 | 83669 | 82690 | 82620 | 87601 | 331446 | 319840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 33407 | 30402 | 26545 | 25773 | 21339 | 116127 | 99177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (2691) | (3368) | (12069) | (708) | (9526) | (18836) | (1569) |
| EBITDA | $116138 | $101766 | $101119 | $90240 | $91432 | $409263 | $387139 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of real estate | (21) | 5710 |  |  |  | 5689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reflect share of EBITDAre of partially owned entities | 5019 | 3383 | 6215 | 3198 | 4625 | 17815 | 8966 |
| NAREIT EBITDAre | $121136 | $110859 | $107334 | $93438 | $96057 | $432767 | $396105 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, litigation and other, net | 11899 | 4874 | 5663 | 10075 | 20567 | 32511 | 51578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | 2101 | 1440 | 3647 | 2112 | 753 | 9300 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of indefinite and long-lived assets | 764 | 6616 |  |  |  | 7380 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (2477) | 2487 | 1290 | (325) | 294 | 975 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 5036 | 6720 | 7032 | 8349 | 9112 | 27137 | 23900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment, modifications and termination of derivative instruments | 933 | 1040 | 628 | 616 | 638 | 3217 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on real estate and other asset disposals | 2449 | 1203 | 76 | (172) | 926 | 3556 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of New Market Tax Credit Structure |  |  | (3410) |  |  | (3410) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on deconsolidation of subsidiary contributed to LATAM joint venture |  |  | 4148 |  |  | 4148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in EBITDAre from partially owned entities | (5019) | (3383) | (6215) | (3198) | (4625) | (17815) | (8966) |
| Core EBITDA | $136822 | $131856 | $120193 | $110895 | $123722 | $499766 | $474511 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Acquisition, Litigation and Other, net**

*Dollars in thousands*

This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our Annual Report on Form 10-K.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Acquisition, litigation and other, net** | **2022** | **2021** | **2022** | **2021** |
| Acquisition and integration related costs | $8139 | $16414 | $24018 | $39265 |
| Litigation |  | 1275 | 179 | 2217 |
| Severance costs | 1470 | 6058 | 6530 | 8908 |
| Terminated site operations costs | 3715 | 806 | 4154 | 884 |
| Cyber incident related costs, net of insurance recoveries | (1425) | (3986) | (2210) | (447) |
| Other, net |  |  | (160) | 751 |
| **Total acquisition, litigation and other, net** | $**11899** | $**20567** | $**32511** | $**51578** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Debt Detail and Maturities | Debt Detail and Maturities | Debt Detail and Maturities | Debt Detail and Maturities | Debt Detail and Maturities |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Indebtedness:** | **Carrying Value** | **Contractual Interest Rate**<sup>(1)</sup> | **Effective Interest Rate**<sup>(2)</sup> | **Stated** <br>**Maturity Date**<sup>(3)</sup> |
| **<u>Unsecured Debt</u>**<sup>(4)</sup> |  |  |  |  |
| Senior Unsecured Revolving Credit Facility - C$50M<sup>(5)</sup> | $36890 | CDOR+0.85% | 6.00% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - £77M<sup>(5)</sup> | 92435 | SONIA+0.85% | 4.79% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - USD<sup>(5)</sup> | 225000 | SOFR + 0.85% | 5.73% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - A$146M<sup>(5)</sup> | 99470 | BBSW+0.85% | 4.39% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - €36M<sup>(5)</sup> | 38003 | EURIBOR+0.85% | 3.23% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - NZD$13M<sup>(5)</sup> | 8254 | BKBM+0.85% | 5.70% | 08/2027 |
| Senior Unsecured Term Loan A Facility Tranche A-1 - USD | 375000 | SOFR + 0.95% | 4.90% | 08/2027 |
| Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M | 184450 | CDOR+0.95% | 4.78% | 01/2028 |
| Senior Unsecured Term Loan A Facility Tranche A-3 - USD | 270000 | SOFR + 0.95% | 4.27% | 01/2028 |
| Series A notes - USD | 200000 | 4.68% | 4.77% | 01/2026 |
| Series B notes - USD | 400000 | 4.86% | 4.92% | 01/2029 |
| Series C notes - USD | 350000 | 4.10% | 4.15% | 01/2030 |
| Series D notes - €400M | 428200 | 1.62% | 1.67% | 01/2031 |
| Series E notes - €350M | 374675 | 1.65% | 1.70% | 01/2033 |
| **Total Unsecured Real Estate Debt** | **3082377** | **3.57%** | **3.95%** | **5.7 years** |
| Sale-leaseback financing obligations | 171089 | 10.99% |  |  |
| Financing lease obligations | 77561 | 3.30% |  |  |
| **Total Debt Outstanding** | $**3331027** | **3.94%** |  |  |
| Less: unamortized deferred financing costs | (13044) |  |  |  |
| **Total Book Value of Debt** | $**3317983** |  |  |  |
| **<u>Rate Type</u>** |  | **% of Total** |  |  |
| Fixed | $2830975 | 85% |  |  |
| Variable-unhedged | 500052 | 15% |  |  |
| **Total Debt Outstanding** | $**3331027** | **100%** |  |  |
| **<u>Debt Type</u>** |  | **% of Total** |  |  |
| Unsecured | $3082376 | 93% |  |  |
| Secured | 248651 | 7% |  |  |
| **Total Debt Outstanding** | $**3331027** | **100%** |  |  |

---

(1)Interest rates as of December 31, 2022. At December 31, 2022, the Adjusted SOFR rate on our Senior Unsecured Revolving Credit Facility was 4.30%, the one-month CDOR rate was 4.67%, the one-month EURIBOR rate was 1.90%, the one-month SONIA rate was 3.43%, the one-month BBSW rate was 3.07%, the one-month BKBM rate was 4.37%. The entirety of our Senior Unsecured Term Loan Tranche A-1 is hedged at a weighted average rate of 4.6%. SOFR includes an adjustment of 0.10%, in addition to the margin. SONIA includes an adjustment of 0.03% in addition to our margin.

(2)The effective interest rates presented include the amortization of loan costs and are based on the hedged rate for the $375.0 million TLA Tranche A-1, the C$250.0 million TLA Tranche A-2, and the $270.0 million Tranche A-3. Subtotals of stated effective interest rates represent weighted average interest rates.

(3)Subtotals of stated maturity dates represent remaining weighted average life of the debt and assuming the exercise of extension options on the TLA Tranche A-1 and Revolving Credit Facility.

(4)Borrowing currency and value presented in caption unless USD denominated.

(5)Revolver maturity assumes two six-month extension options. The borrowing capacity as of December 31, 2022 is $1.15 billion less $21.4 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $1.15 billion committed.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Operations Overview**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment | Revenue and Contribution (NOI) by Segment |
| *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Segment revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | $598690 | $554155 | $2302971 | $2085387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 76190 | 78041 | 313358 | 312092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 46624 | 84284 | 298406 | 317311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 721504 | 716480 | 2914735 | 2714790 |
| Segment contribution (NOI): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | 172327 | 150884 | 636232 | 586436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 14452 | 7172 | 47402 | 29376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 1447 | 3338 | 12329 | 13964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment contribution (NOI) | 188226 | 161394 | 695963 | 629776 |
| Reconciling items: |  |  |  |  |
| Depreciation and amortization | (82467) | (87601) | (331446) | (319840) |
| Selling, general and administrative | (60073) | (49004) | (231067) | (182076) |
| Acquisition, litigation and other, net | (11899) | (20567) | (32511) | (51578) |
| Impairment of indefinite and long-lived assets | (764) |  | (7380) | (3312) |
| Gain (loss) from sale of real estate | 21 |  | (5689) |  |
| Interest expense | (33407) | (21339) | (116127) | (99177) |
| Interest income | 657 | 91 | 1633 | 841 |
| Loss on debt extinguishment, modifications and termination of derivative instruments | (933) | (638) | (3217) | (5689) |
| Foreign currency exchange gain (loss), net | 2477 | (294) | (975) | (610) |
| Other income, net | 527 | 1203 | 1806 | 1791 |
| Loss from investments in partially owned entities | (2101) | (753) | (9300) | (2004) |
| Income (loss) before income taxes | $264 | $(17508) | $(38310) | $(31878) |

---

We view and manage our business through three primary business segments—warehouse, transportation, third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request,case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (*i.e.*, consolidating a customer's products with those of other customers for more efficient shipment), freight under management services (*i.e.*, arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers' needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Global Warehouse Economic and Physical Occupancy Trend**

![chart-6f7c1eef2b0b4f11a37.jpg](chart-6f7c1eef2b0b4f11a37.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FY** | **Q1** | **Q2** | **Q3** | **Q4** |

---

*Note: Dotted lines represent incremental economic occupancy percentage.*

We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer's contract, and subtracting the physical pallet positions.

We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

Historically, providers of temperature-controlled warehouse space have offered storage services to customers on an as-utilized, on-demand basis. We have entered into fixed storage commitments with certain customers which give us, among other things, additional clarity around the expected occupancy of our warehouses. As of December 31, 2022, we had entered into contracts featuring fixed storage commitments or leases with 183 of our customers in our warehouse segment. Customers with fixed storage provisions commit to occupy a certain number of pallets at a designated storage rate for the applicable portion of their contractual term, whether the customer elects to physically store goods in a warehouse or not. As a result, certain pallets in our warehouses may generate storage revenue pursuant to fixed storage commitments despite not being physically occupied. We refer to economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period. To the extent that a customer with a fixed storage provision elects not to utilize all of its committed pallets in a particular warehouse, we have the flexibility to deploy those pallets to facilitate shorter-term customers that desire space on an as-utilized, on demand basis.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

**Global Warehouse Portfolio**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country / Region** | **# of**<br>**warehouses** | **Cubic feet**<br>**(in millions)** | **% of<br>total<br>cubic feet** | **Pallet<br>positions<br>(in thousands)** | **Average economic occupancy** <sup>(1)</sup> | **Average**<br>**physical**<br>**occupancy** <sup>(1)</sup> | **Revenues** <sup>(2)</sup><br>**(in millions)** | **Segment**<br>**contribution**<br>**(NOI)** <sup>(2)(3)</sup><br>**(in millions)** | **Total**<br>**customers** <sup>(4)</sup> |
| **Warehouse Segment Portfolio** <sup>(5)</sup> | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;United States |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East | 50 | 345.6 | 24% | 1149 | 81% | 72% | $592.6 | $157.1 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast | 49 | 295.6 | 21% | 956 | 79% | 73% | 426.6 | 88.7 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central | 41 | 268.2 | 19% | 1107 | 80% | 74% | 434.1 | 150.6 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West | 45 | 273.7 | 19% | 1186 | 73% | 67% | 379.0 | 126.3 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 6 | 33.7 | 2% | 129 | 83% | 83% | 45.7 | 17.9 | 105 |
| **North America Total** | **191** | **1216.8** | **85%** | **4527** | **78%** | **72%** | $**1878.0** | $**540.6** | **2733** |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 7 | 36.7 | 3% | 121 | 78% | 78% | 70.0 | 10.4 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 6 | 40.1 | 3% | 258 | 85% | 85% | 50.8 | 13.9 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 4 | 15.2 | 1% | 64 | 75% | 75% | 20.4 | 2.6 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 4 | 11.5 | 1% | 57 | 86% | 86% | 16.1 | 3.9 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | 3 | 9.5 | 1% | 35 | 95% | 95% | 14.3 | 2.9 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria | 1 | 4.2 | —% | 44 | 84% | 84% | 23.9 | 6.6 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 2 | 3.5 | —% | 14 | 95% | 95% | 5.1 | 0.8 | 69 |
| **Europe Total** | **27** | **120.7** | **8%** | **593** | **83%** | **83%** | $**200.6** | $**41.1** | **1333** |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | 10 | 57.9 | 4% | 195 | 88% | 76% | 172.7 | 36.7 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand | 7 | 20.4 | 1% | 87 | 92% | 84% | 36.4 | 13.0 | 69 |
| **Asia-Pacific Total** | **17** | **78.3** | **5%** | **282** | **89%** | **79%** | $**209.1** | $**49.7** | **192** |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina | 2 | 9.7 | 1% | 23 | 77% | 77% | 11.4 | 3.0 | 56 |
| &nbsp;&nbsp;&nbsp;Chile<sup>(6)</sup> |  |  | —% | 10 | 105% | 105% | 3.9 | 1.8 |  |
| **South America Total** | **2** | **9.7** | **1%** | **33** | **85%** | **85%** | $**15.3** | $**4.8** | **56** |
| **Warehouse Segment Total / Average** | **237** | **1425.5** | **100%** | **5435** | **85%** | **82%** | $**2303.0** | $**636.2** | **4296** |
| **Third-Party Managed Portfolio** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 3 | 14.9 | 74% |  |  |  | $273.6 | $7.5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 1 | 5.3 | 26% |  |  |  | 3.4 | 1.0 | 1 |
| **North America Total / Average** | **4** | **20.2** | **100%** | **—** | **—** | **—** | $**277.0** | $**8.5** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia-Pacific | 1 |  | —% |  |  |  | 21.4 | 3.8 | 1 |
| **Third-Party Managed Total / Average** | **5** | **20.2** | **100%** | **—** | **—** | **—** | $**298.4** | $**12.3** | **5** |
| **Portfolio Total / Average** | **242** | **1445.7** | **100%** | **5435** | **80%** | **73%** | $**2601.4** | $**648.5** | **4296** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Refer to the preceding section Global Warehouse Economic and Physical Occupancy Trend for our definitions of economic occupancy and physical occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Years ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(3)We use the term "segment contribution (NOI)" to mean a segment's revenues less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses and corporate-level acquisition, litigation and other, net). The applicable segment contribution (NOI) from our owned and leased warehouses and our third-party managed warehouses is included in our warehouse segment contribution (NOI) and third-party managed segment contribution (NOI), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4)We serve some of our customers in multiple geographic regions and in multiple facilities within geographic regions. As a result, the total number of customers that we serve is less than the total number of customers reflected in the table above that we serve in each geographic region.

&nbsp;&nbsp;&nbsp;&nbsp;(5)As of December 31, 2022, we owned 154 of our North American warehouses and 39 of our international warehouses, and we leased 37 of our North American warehouses and seven of our international warehouses. As of December 31, 2022, fourteen of our owned facilities were located on land that we lease pursuant to long-term ground leases.

&nbsp;&nbsp;&nbsp;&nbsp;(6)On June 1, 2022, we contributed our Chilean operations to the LATAM JV, and have a 15% ownership stake in the JV. The information reflects the period of time we owned the facility during 2022, prior to contributing it to the LATAM JV.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![chart-a67212914cc4451aac0.jpg](chart-a67212914cc4451aac0.jpg)![chart-1e4f1c910d2141e4ba6.jpg](chart-1e4f1c910d2141e4ba6.jpg)

![chart-7cf29895853e4718a68.jpg](chart-7cf29895853e4718a68.jpg)![chart-07db86c2e49946bbbfb.jpg](chart-07db86c2e49946bbbfb.jpg)

_______________________________________________

(1)Retail reflects a broad variety of product types from retail customers.

(2)Packaged foods reflects a broad variety of temperature-controlled meals and foodstuffs.

(3)Distributors reflects a broad variety of product types from distributor customers.

____________________

Note: December 31, 2022 LTM Revenue and NOI pro forma 2022 acquisitions.

December 31, 2022 warehouse segment cubic feet includes all 2022 acquisitions.

Totals may not foot due to rounding.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fixed Commitment and Lease Maturity Schedules**

The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of December 31, 2022. The information set forth in the table assumes no exercise of extension options under these contracts and leases.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contract Expiration Year** | **Number<br>of<br>Contracts** | **Annualized<br>Committed Rent<br>& Storage<br>Revenue<br>(in thousands)** | **% of Total**<br>**Warehouse**<br>**Rent & Storage**<br>**Segment**<br>**Revenue for the**<br>**Years ended**<br>**December 31, 2022** | **Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Years ended December 31, 2022**<sup>(1)</sup> **(in thousands)** | **Annualized<br>Committed Rent<br>& Storage<br>Revenue at<br>Expiration**<sup>(2)</sup>**<br>(in thousands)** |
| Month-to-Month | 74 | $77604 | 7.7% | $208387 | $77135 |
| 2023 | 113 | 119868 | 12.0% | 284024 | 120805 |
| 2024 | 81 | 88083 | 8.8% | 220964 | 89903 |
| 2025 | 29 | 35704 | 3.6% | 57049 | 37678 |
| 2026 | 15 | 33794 | 3.4% | 67691 | 36056 |
| 2027 | 19 | 16831 | 1.7% | 82112 | 20148 |
| 2028 and thereafter | 17 | 47593 | 4.8% | 149175 | 52024 |
| **Total** | **348** | $**419477** | **41.9%** | $**1069402** | $**433749** |

---

____________________

Note: December 31, 2022 LTM total revenue and rent and storage revenue pro forma 2022 acquisitions.

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of December 31, 2022, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended December 31, 2022, multiplied by 12.

(2)Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of December 31, 2022 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

![chart-4a11e49a72e14bb38b8.jpg](chart-4a11e49a72e14bb38b8.jpg)![chart-f482a2f599874de6862.jpg](chart-f482a2f599874de6862.jpg)

The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of December 31, 2022. These leases had a weighted average remaining term of 51 months as of December 31, 2022.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lease Expiration Year** | **No. of<br>Leases<br>Expiring** | **Annualized**<br>**Rent**<sup>(1)</sup><br>**(in thousands)** | **% of Total**<br>**Warehouse Rent &**<br>**Storage Segment**<br>**Revenue for the**<br>**Years ended**<br>**December 31, 2022** | **Leased<br>Square<br>Footage<br>(in thousands)** | **% Leased<br>Square<br>Footage** | **Annualized**<br>**Rent at**<br>**Expiration**<sup>(2)</sup><br>**(in thousands)** |
| Month-to-Month | 9 | $1349 | 0.1% | 182 | 5.6% | $881 |
| 2023 | 22 | 5444 | 0.5% | 274 | 8.4% | 5445 |
| 2024 | 18 | 6879 | 0.7% | 980 | 30.1% | 7626 |
| 2025 | 13 | 6244 | 0.6% | 472 | 14.5% | 6569 |
| 2026 | 6 | 3990 | 0.4% | 372 | 11.4% | 4343 |
| 2027 | 6 | 5101 | 0.5% | 342 | 10.5% | 7057 |
| 2028 and thereafter | 7 | 6947 | 0.7% | 630 | 19.4% | 7780 |
| **Total** | **81** | $**35954** | **3.6%** | **3252** | **100%** | $**39701** |

---

____________________

Note: December 31, 2022 LTM rent and storage revenue pro forma 2022 acquisitions.

(1)Represents monthly rental payments under the relevant leases as of December 31, 2022, multiplied by 12.

(2)Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Maintenance Capital Expenditures, Repair and Maintenance Expenses and** 

**External Growth, Expansion and Development Capital Expenditures**

We utilize a strategic and preventative approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and ensure that our warehouses meet the "mission-critical" role they serve in the cold chain.

***Maintenance Capital Expenditures***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(In thousands, except per cubic foot amounts)** | **(In thousands, except per cubic foot amounts)** | | |
| Real estate | $24737 | $17279 | $74852 | $62677 |
| Personal property | 444 | 1387 | 4232 | 5828 |
| Information technology | 1520 | 2142 | 6427 | 7460 |
| Maintenance capital expenditures<sup>(1)</sup> | $26701 | $20808 | $85511 | $75965 |
| Maintenance capital expenditures per cubic foot | $0.018 | $0.014 | $0.059 | $0.052 |

---

<sup>(1)</sup> Excludes $18.4 million and $15.8 million of deferred acquisition maintenance capital expenditures incurred for the years ended December 31, 2022 and 2021, respectively.

***Repair and Maintenance Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(In thousands, except per cubic foot amounts)** | **(In thousands, except per cubic foot amounts)** | **(In thousands, except per cubic foot amounts)** | **(In thousands, except per cubic foot amounts)** |
| Real estate | $11632 | $10852 | $41086 | $31612 |
| Personal property | 19303 | 12274 | 61822 | 53006 |
| Repair and maintenance expenses | $30935 | $23126 | $102908 | $84618 |
| Repair and maintenance expenses per cubic foot | $0.021 | $0.016 | $0.071 | $0.058 |

---

***External Growth, Expansion and Development Capital Expenditures***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Acquisitions, net of cash acquired and adjustments | $601 | $125037 | $15829 | $741353 |
| Asset acquisitions |  | 53641 | 14581 | 53641 |
| Expansion and development initiatives<sup>(2)</sup> | 46251 | 81427 | 190718 | 324499 |
| Information technology | 3512 | 2376 | 6910 | 7630 |
| Growth and expansion capital expenditures | $50364 | $262481 | $228038 | $1127123 |

---

<sup>(2)</sup> We capitalized interest of $3.0 million and $3.2 million for the three months ended December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, we capitalized interest of $11.8 million and $11.6 million, respectively. During the three months ended December 31, 2022 and 2021, we capitalized amounts relating to insurance, property taxes, and compensation and travel expense of employees direct and incremental to development of properties of approximately $1.3 million and $1.0 million, respectively, and during the years ended December 31, 2022 and 2021, we capitalized $5.5 million and $3.5 million, respectively.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Global Warehouse Segment Financial Performance**

The following table presents the operating results of our warehouse segment for the three months ended December 31, 2022 and 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | | |
| Rent and storage | $267031 | $273754 | $233367 | 14.4% | 17.3% |
| Warehouse services | 331659 | 340155 | 320788 | 3.4% | 6.0% |
| Total warehouse segment revenue | $598690 | $613909 | $554155 | 8.0% | 10.8% |
| Power | 37963 | 39458 | 32220 | 17.8% | 22.5% |
| Other facilities costs <sup>(2)</sup> | 58906 | 60191 | 53029 | 11.1% | 13.5% |
| Labor | 255180 | 261629 | 250308 | 1.9% | 4.5% |
| Other services costs <sup>(3)</sup> | 74313 | 76150 | 67714 | 9.7% | 12.5% |
| Total warehouse segment cost of operations | $426362 | $437428 | $403271 | 5.7% | 8.5% |
| Warehouse segment contribution (NOI) | $172328 | $176481 | $150884 | 14.2% | 17.0% |
| Warehouse rent and storage contribution (NOI) <sup>(4)</sup> | $170162 | $174105 | $148118 | 14.9% | 17.5% |
| Warehouse services contribution (NOI) <sup>(5)</sup> | $2166 | $2376 | $2766 | (21.7)% | (14.1)% |
| Total warehouse segment margin | 28.8% | 28.7% | 27.2% | 156 bps | 152 bps |
| Rent and storage margin<sup>(6)</sup> | 63.7% | 63.6% | 63.5% | 25 bps | 13 bps |
| Warehouse services margin<sup>(7)</sup> | 0.7% | 0.7% | 0.9% | -21 bps | -16 bps |

---

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $10.2 million and $11.1 million for the fourth quarter 2022 and 2021, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $3.6 million and $3.0 million for the fourth quarter of 2022 and 2021, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table presents the operating results of our warehouse segment for the Years ended ended December 31, 2022 and 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | | |
| Rent and storage | $999388 | $1019787 | $876153 | 14.1% | 16.4% |
| Warehouse services | 1303583 | 1332867 | 1209234 | 7.8% | 10.2% |
| Total warehouse segment revenues | 2302971 | 2352654 | 2085387 | 10.4% | 12.8% |
| Power | 155661 | 161000 | 129535 | 20.2% | 24.3% |
| Other facilities costs <sup>(2)</sup> | 231944 | 236436 | 208172 | 11.4% | 13.6% |
| Labor | 1006862 | 1028375 | 934782 | 7.7% | 10.0% |
| Other services costs <sup>(3)</sup> | 272272 | 278958 | 226462 | 20.2% | 23.2% |
| Total warehouse segment cost of operations | $1666739 | $1704769 | $1498951 | 11.2% | 13.7% |
| Warehouse segment contribution (NOI) | $636232 | $647885 | $586436 | 8.5% | 10.5% |
| Warehouse rent and storage contribution (NOI) <sup>(4)</sup> | $611783 | $622351 | $538446 | 13.6% | 15.6% |
| Warehouse services contribution (NOI) <sup>(5)</sup> | $24449 | $25534 | $47990 | (49.1)% | (46.8)% |
| Total warehouse segment margin | 27.6% | 27.5% | 28.1% | -49 bps | -58 bps |
| Rent and storage margin<sup>(6)</sup> | 61.2% | 61.0% | 61.5% | -24 bps | -43 bps |
| Warehouse services margin<sup>(7)</sup> | 1.9% | 1.9% | 4.0% | -209 bps | -205 bps |

---

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $42.0 million and $41.8 million, on an actual basis, for the years ended December 31, 2022 and 2021, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $12.9 million and $11.7 million, on an actual basis, for the years ended December 31, 2022 and 2021, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Same-store Financial Performance -*** The following table presents revenues, cost of operations, NOI and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the three months ended December 31, 2022 and 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| Number of same store warehouses | 208 |  | 208 | n/a | n/a |
| **Same store revenues:** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |  |  |
| Rent and storage | $230785 | $235947 | $201750 | 14.4% | 17.0% |
| Warehouse services | 295365 | 302612 | 284044 | 4.0% | 6.5% |
| Total same store revenues | $526150 | $538559 | $485794 | 8.3% | 10.9% |
| **Same store cost of operations:** |  |  |  |  |  |
| Power | 31237 | 32191 | 26877 | 16.2% | 19.8% |
| Other facilities costs | 49751 | 50775 | 43880 | 13.4% | 15.7% |
| Labor | 219169 | 224710 | 216465 | 1.2% | 3.8% |
| Other services costs | 62897 | 64469 | 54376 | 15.7% | 18.6% |
| Total same store cost of operations | $363054 | $372145 | $341598 | 6.3% | 8.9% |
| Same store contribution (NOI) | $163096 | $166414 | $144196 | 13.1% | 15.4% |
| Same store rent and storage contribution (NOI)<sup>(2)</sup> | $149797 | $152981 | $130993 | 14.4% | 16.8% |
| Same store services contribution (NOI)<sup>(3)</sup> | $13299 | $13433 | $13203 | 0.7% | 1.7% |
| Total same store margin | 31.0% | 30.9% | 29.7% | 132 bps | 122 bps |
| Same store rent and storage margin<sup>(4)</sup> | 64.9% | 64.8% | 64.9% | -2 bps | -9 bps |
| Same store services margin<sup>(5)</sup> | 4.5% | 4.4% | 4.6% | -15 bps | -21 bps |
| Number of non-same store warehouses<sup>(6)</sup> | 29 |  | 33 | n/a | n/a |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $36246 | $37807 | $31617 | n/r | n/r |
| Warehouse services | 36294 | 37543 | 36744 | n/r | n/r |
| Total non-same store revenues | $72540 | $75350 | $68361 | n/r | n/r |
| **Non-same store cost of operations:** |  |  |  |  |  |
| Power | 6726 | 7267 | 5343 | n/r | n/r |
| Other facilities costs | 9155 | 9416 | 9149 | n/r | n/r |
| Labor | 36011 | 36919 | 33843 | n/r | n/r |
| Other services costs | 11416 | 11681 | 13338 | n/r | n/r |
| Total non-same store cost of operations | $63308 | $65283 | $61673 | n/r | n/r |
| Non-same store contribution (NOI) | $9232 | $10067 | $6688 | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(2)</sup> | $20365 | $21124 | $17125 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(3)</sup> | $(11133) | $(11057) | $(10437) | n/r | n/r |
| Total warehouse segment revenues | $598690 | $613909 | $554155 | 8.0% | 10.8% |
| Total warehouse cost of operations | $426362 | $437428 | $403271 | 5.7% | 8.5% |
| Total warehouse segment contribution (NOI) | $172328 | $176481 | $150884 | 14.2% | 17.0% |

---

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Calculated as rent and storage revenues less power and other facilities costs.

(3) Calculated as warehouse services revenues less labor and other services costs.

(4) Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.

(5) Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.

(6) Non-same store warehouse count of 29 includes one facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, one recently leased warehouse in Australia, one recently constructed facility in Denver we purchased in November 2021, three facilities acquired through the Lago Cold Stores acquisition on November 15, 2021, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers acquisition on March 1, 2021, and 12 facilities under development or expansion, one of which was completed during the second quarter of 2022. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. During the first quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we ceased operations within a facility that is being prepared for lease to a third-party. During the second quarter of 2022, we purchased a previously leased facility. During the third quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we purchased a previously leased facility in New Zealand. The results of the facilities exited are included in the results above, and the results of these acquisitions are reflected in the results above since date of ownership.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table presents revenues, cost of operations, NOI and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the years ended December 31, 2022 and 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| | **2022 Actual** | **2022 Constant Currency**<sup>(1)</sup> | **2021 Actual** | **Actual** | **Constant Currency** |
| Number of same store warehouses | 208 |  | 208 | n/a | n/a |
| **Same store revenues:** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |  |  |
| Rent and storage | $862268 | $877817 | $783256 | 10.1% | 12.1% |
| Warehouse services | 1151824 | 1177011 | 1109896 | 3.8% | 6.0% |
| Total same store revenues | 2014092 | 2054828 | 1893152 | 6.4% | 8.5% |
| **Same store cost of operations:** |  |  |  |  |  |
| Power | 128408 | 131993 | 113073 | 13.6% | 16.7% |
| Other facilities costs | 193831 | 197053 | 178077 | 8.8% | 10.7% |
| Labor | 865949 | 884576 | 837137 | 3.4% | 5.7% |
| Other services costs | 226159 | 231882 | 194034 | 16.6% | 19.5% |
| Total same store cost of operations | $1414347 | $1445504 | $1322321 | 7.0% | 9.3% |
| Same store contribution (NOI) | $599745 | $609324 | $570831 | 5.1% | 6.7% |
| Same store rent and storage contribution (NOI)<sup>(2)</sup> | $540029 | $548771 | $492106 | 9.7% | 11.5% |
| Same store services contribution (NOI)<sup>(3)</sup> | $59716 | $60553 | $78725 | (24.1)% | (23.1)% |
| Total same store margin | 29.8% | 29.7% | 30.2% | -37 bps | -50 bps |
| Same store rent and storage margin<sup>(4)</sup> | 62.6% | 62.5% | 62.8% | -20 bps | -31 bps |
| Same store services margin<sup>(5)</sup> | 5.2% | 5.1% | 7.1% | -191 bps | -195 bps |
| Number of non-same store warehouses<sup>(6)</sup> | 29 |  | 33 | n/a | n/a |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $137119 | $141970 | $92897 | n/r | n/r |
| Warehouse services | 151760 | 155855 | 99338 | n/r | n/r |
| Total non-same store revenues | 288879 | 297825 | 192235 | n/r | n/r |
| **Non-same store cost of operations:** |  |  |  |  |  |
| Power | 27253 | 29006 | 16462 | n/r | n/r |
| Other facilities costs | 38113 | 39384 | 30095 | n/r | n/r |
| Labor | 140913 | 143800 | 97645 | n/r | n/r |
| Other services costs | 46113 | 47076 | 32428 | n/r | n/r |
| Total non-same store cost of operations | $252392 | $259266 | $176630 | n/r | n/r |
| Non-same store contribution (NOI) | $36487 | $38559 | $15605 | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(2)</sup> | $71753 | $73580 | $46340 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(3)</sup> | $(35266) | $(35021) | $(30735) | n/r | n/r |
| Total warehouse segment revenues | $2302971 | $2352654 | $2085387 | 10.4% | 12.8% |
| Total warehouse cost of operations | $1666739 | $1704769 | $1498951 | 11.2% | 13.7% |
| Total warehouse segment contribution (NOI) | $636232 | $647885 | $586436 | 8.5% | 10.5% |

---

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis is the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2) Calculated as rent and storage revenues less power and other facilities costs.

(3) Calculated as warehouse services revenues less labor and other services costs.

(4) Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.

(5) Calculated as same store warehouse services contribution (NOI) divided by same store warehouse services revenues.

(6) Non-same store warehouse count of 29 includes one facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, one recently leased warehouse in Australia, one recently constructed facility in Denver we purchased in November 2021, three facilities acquired through the Lago Cold Stores acquisition on November 15, 2021, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers acquisition on March 1, 2021, and 12 facilities under development or expansion, one of which was completed during the second quarter of 2022. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. During the first quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we ceased operations within a facility that is being prepared for lease to a third-party. During the second quarter of 2022, we purchased a previously leased facility. During the third quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we purchased a previously leased facility in New Zealand. The results of the facilities exited are included in the results above, and the results of these acquisitions are reflected in the results above since date of ownership.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Same-store Key Operating Metrics***

The following table provides certain operating metrics to explain the drivers of our same store performance for the three months ended December 31, 2022 and 2021.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** |
| *Units in thousands except per pallet and site data* | **2022** | **2021** | **Change** |
| Number of same store warehouses | 208 | 208 | n/a |
| **Same store rent and storage:** |  |  |  |
| <u>Economic occupancy</u><sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 4082 | 3802 | 7.4% |
| Economic occupancy percentage | 85.0% | 78.7% | 634 bps |
| Same store rent and storage revenues per economic occupied pallet | $56.54 | $53.07 | 6.5% |
| Constant currency same store rent and storage revenue per economic occupied pallet | $57.80 | $53.07 | 8.9% |
| <u>Physical occupancy</u><sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3827 | 3481 | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 4802 | 4833 | (0.6)% |
| Physical occupancy percentage | 79.7% | 72.0% | 768 bps |
| Same store rent and storage revenues per physical occupied pallet | $60.30 | $57.96 | 4.0% |
| Constant currency same store rent and storage revenues per physical occupied pallet | $61.65 | $57.96 | 6.4% |
| **Same store warehouse services:** |  |  |  |
| Throughput pallets | 8882 | 9157 | (3.0)% |
| Same store warehouse services revenues per throughput pallet | $33.26 | $31.02 | 7.2% |
| Constant currency same store warehouse services revenues per throughput pallet | $34.07 | $31.02 | 9.8% |
| Number of non-same store warehouses<sup>(3)</sup> | 29 | 33 | n/a |
| **Non-same store rent and storage:** |  |  |  |
| <u>Economic occupancy</u><sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 455 | 405 | n/r |
| &nbsp;&nbsp;&nbsp;&nbsp;Economic occupancy percentage | 74.1% | 70.2% | n/r |
| <u>Physical occupancy</u><sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 402 | 381 | n/r |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 614 | 576 | n/r |
| Physical occupancy percentage | 65.5% | 66.0% | n/r |
| **Non-same store warehouse services:** |  |  |  |
| Throughput pallets | 1081 | 1188 | n/r |

---

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer's contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(3)Non-same store warehouse count of 29 includes one facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, one recently leased warehouse in Australia, one recently constructed facility in Denver we purchased in November 2021, three facilities acquired through the Lago Cold Stores acquisition on November 15, 2021, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers acquisition on March 1, 2021, and 12 facilities under development or expansion, one of which was completed during the second quarter of 2022. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. During the first quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we ceased operations within a facility that is being prepared for lease to a third-party. During the second quarter of 2022, we purchased a previously leased facility. During the third quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we purchased a previously leased facility in New Zealand. The results of the facilities exited are included in the results above, and the results of these acquisitions are reflected in the results above since date of ownership.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table provides certain operating metrics to explain the drivers of our same store performance for the years ended December 31, 2022 and 2021.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| *Units in thousands except per pallet and site number data* | **2022** | **2021** | **Change** |
| Number of same store sites | 208 | 208 | n/a |
| **Same store rent and storage:** |  |  |  |
| <u>Economic occupancy</u><sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average occupied economic pallets | 3879 | 3714 | 4.4% |
| Economic occupancy percentage | 80.5% | 77.0% | 345 bps |
| Same store rent and storage revenues per economic occupied pallet | $222.27 | $210.88 | 5.4% |
| Constant currency same store rent and storage revenues per economic occupied pallet | $226.28 | $210.88 | 7.3% |
| <u>Physical occupancy</u><sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 3592 | 3394 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 4821 | 4823 | 0.0% |
| Physical occupancy percentage | 74.5% | 70.4% | 413 bps |
| Same store rent and storage revenues per physical occupied pallet | $240.07 | $230.81 | 4.0% |
| Constant currency same store rent and storage revenues per physical occupied pallet | $244.40 | $230.81 | 5.9% |
| **Same store warehouse services:** |  |  |  |
| Throughput pallets (in thousands) | 35733 | 36281 | (1.5)% |
| Same store warehouse services revenues per throughput pallet | $32.23 | $30.59 | 5.4% |
| Constant currency same store warehouse services revenues per throughput pallet | $32.94 | $30.59 | 7.7% |
| Number of non-same store sites<sup>(3)</sup> | 29 | 33 | n/a |
| **Non-same store rent and storage:** |  |  |  |
| <u>Economic occupancy</u><sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average economic occupied pallets | 439 | 333 | n/r |
| Economic occupancy percentage | 71.9% | 71.3% | n/r |
| <u>Physical occupancy</u><sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical occupied pallets | 399 | 308 | n/r |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 610 | 467 | n/r |
| Physical occupancy percentage | 65.5% | 65.8% | n/r |
| **Non-same store warehouse services:** |  |  |  |
| Throughput pallets (in thousands) | 4360 | 3658 | n/r |

---

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer's contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

(3)Non-same store warehouse count of 29 includes one facility acquired through the De Bruyn Cold Storage acquisition on July 1, 2022, one recently leased warehouse in Australia, one recently constructed facility in Denver we purchased in November 2021, three facilities acquired through the Lago Cold Stores acquisition on November 15, 2021, one warehouse acquired through the Newark Facility Management acquisition on September 1, 2021, two facilities acquired through the ColdCo acquisition on August 2, 2021, one warehouse acquired through the Bowman stores acquisition on May 28, 2021, two warehouses acquired through the KMT Brrr! acquisition on May 5, 2021, four warehouses acquired through the Liberty Freezers acquisition on March 1, 2021, and 12 facilities under development or expansion, one of which was completed during the second quarter of 2022. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. During the first quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we ceased operations within a facility that is being prepared for lease to a third-party. During the second quarter of 2022, we purchased a previously leased facility. During the third quarter of 2022, a leased facility from the Lago Cold Stores acquisition was exited upon expiration of the lease, and we purchased a previously leased facility in New Zealand. The results of the facilities exited are included in the results above, and the results of these acquisitions are reflected in the results above since date of ownership.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***2022 Same-store Historical Performance Trend -*** The following table reflects the actual results of our current same store pool, in USD, for the respective periods.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **Q3 21** | **Q2 21** | **Q1 21** |
| Number of same store warehouses | 208 | 208 | 208 | 208 | 208 | 208 | 208 | 208 |
| **Same store revenues:** |  |  |  |  |  |  |  |  |
| Rent and storage | $230785 | $222859 | $208743 | $199881 | $201750 | $199140 | $192225 | $190142 |
| Warehouse services | 295365 | 298242 | 283153 | 275064 | 284044 | 287896 | 273020 | 264936 |
| Total same store revenues | $526150 | $521101 | $491896 | $474945 | $485794 | $487036 | $465245 | $455078 |
| **Same store cost of operations:** |  |  |  |  |  |  |  |  |
| Power | 31237 | 39946 | 29780 | 27445 | 26877 | 33732 | 28594 | 23869 |
| Other facilities costs | 49751 | 49154 | 48048 | 46878 | 43880 | 45019 | 44631 | 44546 |
| Labor | 219169 | 220333 | 214835 | 211612 | 216465 | 218607 | 204465 | 197600 |
| Other services costs | 62897 | 56786 | 55332 | 51144 | 54376 | 51205 | 45304 | 43148 |
| Total same store cost of operations | $363054 | $366219 | $347995 | $337079 | $341598 | $348563 | $322994 | $309163 |
| Same store contribution (NOI) | $163096 | $154882 | $143901 | $137866 | $144196 | $138473 | $142251 | $145915 |
| Same store rent and storage contribution (NOI)(1) | $149797 | $133759 | $130915 | $125558 | $130993 | $120389 | $119000 | $121727 |
| Same store services contribution (NOI)(2) | $13299 | $21123 | $12986 | $12308 | $13203 | $18084 | $23251 | $24188 |
| Total same store margin | 31.0% | 29.7% | 29.3% | 29.0% | 29.7% | 28.4% | 30.6% | 32.1% |
| Same store rent and storage margin(3) | 64.9% | 60.0% | 62.7% | 62.8% | 64.9% | 60.5% | 61.9% | 64.0% |
| Same store services margin(4) | 4.5% | 7.1% | 4.6% | 4.5% | 4.6% | 6.3% | 8.5% | 9.1% |
| **Same store rent and storage:** |  |  |  |  |  |  |  |  |
| <u>Economic occupancy</u> |  |  |  |  |  |  |  |  |
| Average economic occupied pallets | 4082 | 3901 | 3780 | 3755 | 3802 | 3688 | 3640 | 3727 |
| Economic occupancy percentage | 85.0% | 80.9% | 78.3% | 77.7% | 78.7% | 76.5% | 75.5% | 77.5% |
| Same store rent and storage revenues per economic occupied pallet | $56.54 | $57.13 | $55.22 | $53.24 | $53.06 | $54.00 | $52.81 | $51.02 |
| <u>Physical occupancy</u> |  |  |  |  |  |  |  |  |
| Average physical occupied pallets | 3827 | 3634 | 3491 | 3415 | 3481 | 3365 | 3327 | 3402 |
| Average physical pallet positions | 4802 | 4823 | 4826 | 4835 | 4833 | 4823 | 4824 | 4811 |
| Physical occupancy percentage | 79.7% | 75.4% | 72.3% | 70.6% | 72.0% | 69.8% | 69.0% | 70.7% |
| Same store rent and storage revenues per physical occupied pallet | $60.30 | $61.32 | $59.80 | $58.54 | $57.96 | $59.19 | $57.78 | $55.89 |
| **Same store warehouse services:** |  |  |  |  |  |  |  |  |
| Throughput pallets | 8882 | 9113 | 8970 | 8768 | 9157 | 9204 | 9098 | 8821 |
| Same store warehouse services revenues per throughput pallet | $33.25 | $32.73 | $31.57 | $31.37 | $31.02 | $31.28 | $30.01 | $30.03 |
| **Total non-same store results:** |  |  |  |  |  |  |  |  |
| Non-same store warehouse revenue | 72540 | 77876 | 72483 | 65980 | 68361 | 55011 | 38489 | 30374 |
| Non-same store warehouse cost of operations | 63308 | 66096 | 65399 | 57589 | 61673 | 48492 | 36361 | 30104 |
| Non-same store warehouse NOI | 9232 | 11780 | 7084 | 8391 | 6688 | 6519 | 2128 | 270 |
| Actual FX rates for the period | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** | **Q3 21** | **Q2 21** | **Q1 21** |
| 1 ARS = | 0.006 | 0.007 | 0.008 | 0.009 | 0.010 | 0.01 | 0.011 | 0.011 |
| 1 AUS = | 0.658 | 0.683 | 0.715 | 0.724 | 0.729 | 0.735 | 0.769 | 0.773 |
| 1 BRL = | 0.190 | 0.191 | 0.204 | 0.192 | 0.179 | 0.191 | 0.191 | 0.183 |
| 1 CAD = | 0.737 | 0.766 | 0.784 | 0.789 | 0.794 | 0.794 | 0.811 | 0.79 |
| 1 CLP = | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
| 1 EUR = | 1.022 | 1.007 | 1.065 | 1.122 | 1.144 | 1.179 | 1.208 | 1.205 |
| 1 GBP = | 1.175 | 1.177 | 1.257 | 1.342 | 1.348 | 1.378 | 1.394 | 1.379 |
| 1 NZD = | 0.604 | 0.613 | 0.651 | 0.676 | 0.695 | 0.701 | 0.716 | 0.719 |
| 1 PLN = | 0.216 | 0.213 | 0.229 | 0.243 | 0.248 | 0.258 | 0.267 | 0.265 |

---

(1)Calculated as rent and storage revenues less power and other facilities costs.

(2)Calculated as warehouse services revenues less labor and other services costs.

(3)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(4)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***2023 Same-store Historical Performance Trend -*** The following table reflects the actual results of our 2023 same store pool, in USD, for the respective periods.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
| | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Year Ended**<br>**2022** |
| Number of same store warehouses | 221 | 221 | 221 | 221 | 221 |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $255426 | $247895 | $231040 | $219329 | $953690 |
| Warehouse services | 321107 | 324649 | 309639 | 299118 | 1254513 |
| Total same store revenues | $576533 | $572544 | $540679 | $518447 | $2208203 |
| **Same store cost of operations:** |  |  |  |  |  |
| Power | 35279 | 44597 | 32934 | 30244 | 143054 |
| Other facilities costs | 54403 | 53778 | 52133 | 51673 | 211987 |
| Labor | 241816 | 243319 | 238310 | 232970 | 956415 |
| Other services costs | 70399 | 63475 | 63744 | 57300 | 254918 |
| Total same store cost of operations | $401897 | $405169 | $387121 | $372187 | $1566374 |
| Same store contribution (NOI) | $174636 | $167375 | $153558 | $146260 | $641829 |
| Same store rent and storage contribution (NOI)(1) | $165744 | $149520 | $145973 | $137412 | $598649 |
| Same store services contribution (NOI)(2) | $8892 | $17855 | $7585 | $8848 | $43180 |
| Total same store margin | 30.3% | 29.2% | 28.4% | 28.2% | 29.1% |
| Same store rent and storage margin(3) | 64.9% | 60.3% | 63.2% | 62.7% | 62.8% |
| Same store services margin(4) | 2.8% | 5.5% | 2.4% | 3.0% | 3.4% |
| **Same store rent and storage:** |  |  |  |  |  |
| <u>Economic occupancy</u> |  |  |  |  |  |
| Average economic occupied pallets | 4350 | 4176 | 4044 | 4012 | 4146 |
| Economic occupancy percentage | 84.2% | 80.5% | 77.8% | 77.1% | 79.9% |
| Same store rent and storage revenues per economic occupied pallet | $58.72 | $54.62 | $57.13 | $54.66 | $230.05 |
| <u>Physical occupancy</u> |  |  |  |  |  |
| Average physical occupied pallets | 4065 | 3883 | 3734 | 3649 | 3833 |
| Average physical pallet positions | 5164 | 5190 | 5196 | 5205 | 5189 |
| Physical occupancy percentage | 78.7% | 74.8% | 71.9% | 70.1% | 73.9% |
| Same store rent and storage revenues per physical occupied pallet | $62.84 | $63.85 | $61.88 | $60.11 | $248.84 |
| **Same store warehouse services:** |  |  |  |  |  |
| Throughput pallets | 9505 | 9777 | 9620 | 9382 | 38284 |
| Same store warehouse services revenues per throughput pallet | $33.78 | $33.21 | $32.19 | $31.88 | $32.77 |
| **Total non-same store results:** |  |  |  |  |  |
| Non-same store warehouse revenue | $22157 | $26433 | $23701 | $22477 | $94768 |
| Non-same store warehouse cost of operations | $24465 | $27145 | $26272 | $22483 | $100365 |
| Non-same store warehouse NOI | $(2308) | $(712) | $(2571) | $(6) | $(5597) |

---

(1)Calculated as rent and storage revenues less power and other facilities costs.

(2)Calculated as warehouse services revenues less labor and other services costs.

(3)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(4)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

**External Growth and Capital Deployment**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** | **Recently Completed Expansion and Development Projects** |
| **Facility** | **Opportunity Type** | **Facility Type<br> (A = Automated)<br> (C = Conventional)** | **Tenant Opportunity** | **Cubic Feet<br>(in millions)** | **Pallet Positions<br>(in thousands)** | **Estimated Total Cost**<br>**(in millions)**<sup>(1)</sup> | **Expected<br>Stabilized<br>NOI ROIC** | **Completion Date** | **Expected Full Stabilized Quarter** |
| Rochelle, IL | Expansion | Distribution (A) | Multi-tenant | 15.7 | 54 | $109 | 7-9% | Q2 2019 | Q1 2023 |
| Columbus, OH | Expansion | Public (C) | Multi-tenant | 1.5 | 5 | $7 | 14-15% | Q1 2020 | Q2 2021 |
| Savannah, GA<sup>(2)</sup> | Development | Distribution (C) | Multi-tenant | 14.8 | 37 | $70 | 7-9% | Q2 2020 | Q3 2021 |
| Atlanta, GA | Expansion /Redevelopment | Distribution (A) | Multi-tenant | 18.3 | 60 | $136 | 10-12% | Q2 2021 | Q2 2023 |
| Auckland, New Zealand | Expansion | Distribution (C) | Multi-tenant | 4.6 | 27 | NZ$64 | 12-14% | Q2 2021 | Q3 2022 |
| Lurgan, Northern Ireland | Expansion | Distribution (C) | Multi-tenant | 0.7 | 4 | £7 | 10-12% | Q2 2021 | Q3 2022 |
| Calgary, Canada | Expansion | Distribution (C) | Multi-tenant | 2.0 | 7 | C$13 | 10-12% | Q3 2021 | Q1 2023 |
| Dunkirk, NY | Development | Production Advantaged (C) | Build-to-suit | 7.0 | 25 | $38 | 10-12% | Q2 2022 | Q3 2023 |
| Dublin, Ireland | Development | Distribution (C) | Multi-tenant | 6.3 | 20 | €34 | 10-12% | Q3 2022 | Q1 2024 |
| Barcelona | Expansion | Distribution (C) | Multi-tenant | 3.3 | 12 | €13 | 10-12% | Q4 2022 | Q3 2024 |

---

(1)Cost to date through December 31, 2022, projects are substantially complete. Additional spending may be incurred for residual cost and retainage.

(2)Cost includes $15.9 million of development land as part of the PortFresh Holdings, LLC acquisition completed during January 2019.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** | **Expansion and Development Projects In Process and Announced** |
| | | **Facility Type<br> (A = Automated)<br> (C = Conventional)** | | **Under<br>Construction** | **Under<br>Construction** | **Investment in Expansion / Development<br>(in millions)** | **Investment in Expansion / Development<br>(in millions)** | **Investment in Expansion / Development<br>(in millions)** | **Expected<br>Stabilized<br>NOI ROIC** | **Target<br>Complete<br>Date** | **Expected Full Stabilized Quarter** |
| **Facility** | **Opportunity Type** | **Facility Type<br> (A = Automated)<br> (C = Conventional)** | **Tenant Opportunity** | **Cubic Feet**<br>**(millions)** <sup>(1)</sup> | **Pallet**<br>**Positions**<br>**(thousands)** <sup>(1)</sup> | **Cost** <sup>(2)</sup> | **Estimate to<br>Complete** | **Total Estimated<br>Cost** | **Expected<br>Stabilized<br>NOI ROIC** | **Target<br>Complete<br>Date** | **Expected Full Stabilized Quarter** |
| Lancaster, PA | Development | Distribution (A) | Build-to-suit | 11.4 | 28 | $143 | $15-$21 | $158-$164 | 10-12% | Q1 2023 | Q2 2024 |
| Russellville, AR | Expansion | Production Advantaged (A) | Build-to-suit | 13.0 | 42 | $73 | $15-$22 | $88-$95 | 10-12% | Q2 2023 | Q3 2024 |
| Atlanta 2, GA | Expansion | Distribution (A) | Multi-tenant | 6.3 | 24 | $33 | $5 - $7 | $38 - $40 | 10-12% | Q2 2023 | Q1 2025 |
| Plainville, CT | Development | Distribution (A) | Build-to-suit | 12.1 | 31 | $154 | $16-$20 | $170-$174 | 10-12% | Q3 2023 | Q1 2025 |
| Spearwood, Australia | Expansion | Distribution (A) | Multi-tenant | 3.3 | 20 | A$44 | A$16-A$20 | A$60-A$64 | 10-12% | Q3 2023 | Q1 2025 |

---

(1)Cubic feet and pallet positions are estimates while the facilities are under construction.

(2)Cost as of December 31, 2022.

------

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** | **Recent Acquisitions** |
| **Facility** | **Metropolitan Area** | **No. of Facilities** | **Cubic Feet<br>(in millions)** | **Pallet<br>Positions<br>(in thousands)** | **Acquisition Price** **(in millions)** | **Net Entry NOI Yield** <sup>(1)</sup> | **Expected Three Year Stabilized<br>NOI ROIC** | **Date Purchased** | **Expected Full Stabilized Quarter** |
| Liberty Freezers | Canada | 4 | 10.4 | 42 | C$57.8 | 7.0% | 8-9% | 3/1/2021 | Q2 2024 |
| KMT Brrr!<sup>(2)</sup> | New Jersey | 2 | 12.6 | 39 | $71.1 | 9.0% | 10.0-10.5% | 5/5/2021 | Q3 2024 |
| Bowman Stores | England | 1 | 9.5 | 23 | £74.1 | 6.8% | 7.5-8.5% | 5/28/2021 | Q3 2024 |
| ColdCo Logistics<sup>(3)</sup> | St. Louis | 2 | 2.8 | 12 | $20.5 | 10.7% | 12-13% | 8/2/2021 | Q4 2024 |
| Newark Facility Management<sup>(4)</sup> | New Jersey | 1 | 11.5 | 17 | $376.5 | 6.1% | 6.5-7.5% | 9/1/2021 | Q4 2024 |
| Brighton<sup>(5)</sup> | Denver, CO | 1 | 12.1 | 33 | $59.3 | 5.5% | 7.5-8.5% | 11/12/2021 | Q1 2025 |
| Lago Cold Stores | Australia | 3 | 6.8 | 30 | A$106.4 | 6.2% | 7-8% | 11/15/2021 | Q1 2025 |
| De Bruyn Cold Storage | Australia | 1 | 2.0 | 21 | A$24.9 | 8.2% | 9-10% | 7/1/2022 | Q4 2025 |

---

(1)Inclusive of expenses required to integrate and reach stabilization.

(2)Net Entry NOI Yield metric is exclusive of SG&A expense.

(3)The net entry NOI yield of 10.7% excludes approximately $0.9 million of SG&A, resulting in a net entry EBITDA yield of 6.3%.

(4)The total acquisition price is $390.5 million. Excluding $2.6 million in annual tax credits valued at $14.0 million, the adjusted acquisition price is $376.5 million. The net entry NOI yield of 6.1% excludes approximately $1.7 million of SG&A, resulting in a net entry EBITDA yield of 5.6%. NOI and EBITDA exclude the $2.6 million in annual tax credits.

(5)Facility was approximately 50% occupied at time of acquisition, resulting in a lower net entry NOI yield.

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

**Unconsolidated Joint Ventures (Investment in Partially Owned Entities)**

As of December 31, 2022, the Company owned a 14.99% equity share in the Brazil-based SuperFrio. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SuperFrio** | **SuperFrio** | **SuperFrio** | **SuperFrio** | **SuperFrio** | **SuperFrio** |
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **<u>Summary Balance Sheet - at the JV's 100% share in BRLs</u>** | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
|  |  | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* |
| Net book value of property, buildings and equipment | 1099418 | 1063778 | 1038105 | 1011629 | 1006278 |
| Other assets | 512948 | 501967 | 456142 | 411849 | 404641 |
| Total assets | 1612366 | 1565745 | 1494247 | 1423478 | 1410919 |
| Debt | 679304 | 625015 | 602520 | 584718 | 533397 |
| Other liabilities | 461286 | 461636 | 428600 | 419416 | 432137 |
| Equity | 471776 | 479095 | 463127 | 419344 | 445385 |
| Total liabilities and equity | 1612366 | 1565746 | 1494247 | 1423478 | 1410919 |
| Americold's ownership percentage | 15% | 15% | 15% | 15% | 15% |
| BRL/USD quarter-end rate | 0.1892 | 0.1848 | 0.1900 | 0.2108 | 0.1795 |
| Americold's pro rata share of debt at BRL/USD rate | $19279 | $17325 | $17172 | $18489 | $14362 |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **<u>Summary Statement of Operations - at the JV's 100% share in BRLs</u>** | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
|  | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* |
| Revenues | 163109 | 152517 | 139826 | 117183 | 123199 |
| Cost of operations | 103302 | 101461 | 93060 | 78574 | 74518 |
| Selling, general and administrative expense | 13732 | 9704 | 11887 | 12883 | 13982 |
| M&A expense | 3940 | 4310 | 3652 | 4893 | 2488 |
| Depreciation & amortization | 20672 | 18221 | 20014 | 19617 | 20669 |
| Total operating expenses | 141646 | 133696 | 128613 | 115967 | 111657 |
| Operating income | 21463 | 18821 | 11213 | 1216 | 11542 |
| Interest expense | 28588 | 21374 | 33163 | 24518 | 15865 |
| Other income | (631) | (659) | (1241) | (905) | (725) |
| Current income tax (benefit) expense | 1519 | 2868 | 3800 | 2067 | 3110 |
| Deferred income tax (benefit) expense | (216) | (4546) | (11576) | (10420) | 8380 |
| Non-operating expenses | 29260 | 19037 | 24146 | 15260 | 26630 |
| Net (loss) income | (7797) | (216) | (12933) | (14044) | (15088) |
| Americold's ownership percentage | 15% | 15% | 15% | 15% | 15% |
| BRL/USD average rate | 0.1901 | 0.1907 | 0.2040 | 0.1916 | 0.1791 |
| Americold's pro rata share of NOI | $1705 | $1460 | $1431 | $1110 | $1308 |
| Americold's pro rata share of Net (loss) income | $(222) | $(6) | $(396) | $(404) | $(405) |
| Americold's pro rata share of Core FFO | $163 | $368 | $41 | $105 | $(61) |
| Americold's pro rata share of AFFO | $378 | $500 | $(46) | $(40) | $400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

As of December 31, 2022, the Company owned a 22.12% equity share in the Brazil-based Comfrio. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comfrio** | **Comfrio** | **Comfrio** | **Comfrio** | **Comfrio** | **Comfrio** |
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **<u>Summary Balance Sheet - at the JV's 100% share in BRLs</u>** | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
|  | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* |
| Net book value of property, buildings and equipment | 314387 | 326647 | 264379 | 291462 | 293463 |
| Other assets | 358299 | 307768 | 267943 | 288221 | 263395 |
| Total assets | 672686 | 634415 | 532322 | 579683 | 556858 |
| Debt | 381706 | 316730 | 326207 | 314227 | 287422 |
| Other liabilities | 452651 | 433575 | 361367 | 349460 | 316844 |
| Equity | (161671) | (115890) | (155252) | (84004) | (47408) |
| Total liabilities and equity | 672686 | 634415 | 532322 | 579683 | 556858 |
| Americold's ownership percentage | 22% | 22% | 22% | 22% | 22% |
| BRL/USD quarter-end rate | 0.1892 | 0.1848 | 0.1900 | 0.2108 | 0.1795 |
| Americold's pro rata share of debt at BRL/USD rate | $15888 | $12877 | $13635 | $14573 | $11350 |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **<u>Summary Statement of Operations - at the JV's 100% share in BRLs</u>** | **Q4 22** | **Q3 22** | **Q2 22** | **Q1 22** | **Q4 21** |
|  | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* | *($'s in thousands)* |
| Revenues | 123698 | 113862 | 99938 | 85017 | 95910 |
| Cost of operations | 80327 | 72822 | 65612 | 61387 | 65158 |
| Selling, general and administrative expense | 10747 | 12932 | 4829 | 7404 | 3077 |
| Depreciation & amortization | 26759 | 19390 | 27679 | 21084 | 17976 |
| Operating expenses | 117833 | 105144 | 98120 | 89875 | 86211 |
| Operating income | 5865 | 8718 | 1818 | (4858) | 9699 |
| Interest expense | 53223 | 36589 | 43704 | 38976 | 32911 |
| Other (income) loss | (1808) | 5735 | (4566) | (7359) | (6435) |
| Current tax expense (benefit) |  |  |  |  | (1785) |
| Deferred income tax expense (benefit) | 90 | (2976) | 45544 | 907 | (3298) |
| Non-operating expenses | 51505 | 39348 | 84682 | 32524 | 21393 |
| Net (loss) income | (45640) | (30630) | (82864) | (37382) | (11694) |
| Americold's ownership percentage | 22% | 22% | 22% | 22% | 22% |
| BRL/USD average rate | 0.1901 | 0.1907 | 0.2040 | 0.1916 | 0.1791 |
| Americold's pro rata share of NOI | $1814 | $1722 | $1541 | $996 | $1212 |
| Americold's pro rata share of Net (loss) income | $(1909) | $(1285) | $(3719) | $(1576) | $(461) |
| Americold's pro rata share of Core FFO | $(971) | $(898) | $(818) | $(867) | $116 |
| Americold's pro rata share of AFFO | $(423) | $(927) | $(361) | $(829) | $(753) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2023 Guidance**

The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

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| | |
|:---|:---|
| | **As of**<br>**February 16, 2023** |
| Warehouse segment same store revenue growth (constant currency) | 3.0% - 6.0% |
| Warehouse segment same store NOI growth (constant currency) | 100 - 300 bps higher than associated revenue |
| Warehouse segment non-same store NOI | $0M - $15M |
| Transportation and Managed segment NOI | $50M - $57M |
| Total selling, general and administrative expense (inclusive of share-based compensation expense of $24M - $25M) | $216M - $234M |
| Interest expense | $134M - $140M |
| Current income tax expense | $5M - $9M |
| Deferred income tax benefit | $10M - $14M |
| Non real estate depreciation and amortization expense | $120M - $130M |
| Total maintenance capital expenditures | $80M - $90M |
| Development starts <sup>(1)</sup> | $100M - $200M |
| AFFO per share | $1.14 - $1.24 |
| Assumed FX rates | 1 ARS = 0.0061 USD<br>1 AUS = 0.6616 USD<br>1 BRL = 0.1900 USD<br>1 CAD = 0.7331 USD<br>1 CLP = 0.0011 USD<br>1 EUR = 1.0565 USD<br>1 GBP = 1.2320 USD<br>1 NZD = 0.6120 USD<br>1 PLN = 0.2274 USD |

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(1)Represents the aggregate invested capital for initiated development opportunities.

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|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| **Notes and Definitions** |
| We calculate funds from operations, or 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 extraordinary items as defined under U.S. GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, real estate asset impairment and our share of reconciling items for partially owned entities. We believe that FFO is helpful to investors as a supplemental performance measure because it excludes the effect of depreciation, amortization and gains or losses from sales of real estate, 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, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. |
| We calculate core funds from operations, or Core FFO, as FFO adjusted for the effects of gain or loss on the sale of non-real estate assets, acquisition, litigation and other, net, goodwill impairment, share-based compensation expense for the IPO retention grants, loss on debt extinguishment, modifications and termination of derivative instruments, and foreign currency exchange loss. We also adjust for the impact of Core FFO attributable to gain on extinguishment of New Market Tax Structure, loss on deconsolidation of subsidiary contributed to the LATAM joint venture 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. |
| However, because FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of FFO and Core FFO as a measure of our performance may be limited. |
| 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, non-real estate asset impairment, amortization of above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, share-based compensation expense from grants under our equity incentive plans, excluding IPO grants, non-real estate depreciation and amortization, non-real estate depreciation and amortization from foreign joint ventures and maintenance capital expenditures. We also adjust for AFFO attributable to our share of reconciling items of 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. |
| FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP net income and net income per diluted share (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. 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 consolidated statements of operations included in our quarterly and annual reports. FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our net income or cash flows from 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 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. The table above reconciles 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. |
| We calculate EBITDA for Real Estate, or EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, earnings before interest expense, taxes, depreciation and amortization, net gain on sale of real estate, net of withholding taxes, and adjustment to reflect share of EBITDAre of partially owned entities. EBITDAre is a measure commonly used in our industry, and we present EBITDAre to enhance investor understanding of our operating performance. We believe that 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. |
| We also calculate our Core EBITDA as EBITDAre further adjusted for acquisition, litigation and other, net, loss on partially owned entities, impairment of indefinite and long-lived assets, foreign currency exchange gain or loss, share-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, gain on extinguishment of New Market Tax Credit structure, loss on deconsolidation of subsidiary contributed to joint venture, net loss on other asset disposals, 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 EBITDAre but which we do not believe are indicative of our core business operations. EBITDAre and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDAre and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDAre and Core EBITDA have limitations as analytical tools, including: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

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|:---|:---|:---|
| | ![image3.jpg](image3.jpg) | |
| **Financial Supplement** | ![image3.jpg](image3.jpg) | **Fourth Quarter 2022** |

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| We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page [20](#i8c316020e64c46a4977be50fbf554100_34) reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. |
| Net debt to proforma Core EBITDA is calculated using total debt, plus capital lease obligations, less cash and cash equivalents, divided by pro-forma Core EBITDA. We calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions, dispositions and for rent expense associated with lease buy-outs and lease exits. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. The pro-forma adjustment for leased facilities exited or purchased reflects the add-back for the related lease expense from the last year. The pro-forma adjustment for dispositions reduces Core EBITDA for the earnings of facilities disposed of or exited during the year, including the strategic exit of certain third-party managed business. |
| We define our "same store" population once a year at the beginning of the current calendar year. Our same store population includes properties that were owned or leased for the entirety of two comparable periods and that have reported at least twelve months of consecutive normalized operations prior to January 1 of the prior calendar year. We define "normalized operations" as properties that have been open for operation or lease after development or significant modification, including the expansion of a warehouse footprint or a warehouse rehabilitation subsequent to an event, such as a natural disaster or similar event causing disruption to operations. In addition, our definition of "normalized operations" takes into account changes in the ownership structure (e.g., purchase of acquired properties will be included in the "same store" population if owned by us as of the first business day of each year, of the prior calendar year and still owned by us as of the end of the current reporting period, unless the property is under development). The "same store" pool is also adjusted to remove properties that were sold or entering development subsequent to the beginning of the current calendar year. As such, the "same store" population for the period ended December 31, 2022 includes all properties that we owned at January 2, which had both been owned and had reached "normalized operations" by January 2, 2022.  |
| We calculate "same store revenue" as revenues for the same store population. We calculate "same store contribution (NOI)" as revenues for the same store population less its cost of operations (excluding any depreciation and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, litigation and other, net and gain or loss on sale of real estate). In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a "same store" analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is 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 contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. The tables beginning on page 32 provide reconciliations for same store revenues and same store contribution (NOI). |
| We define "maintenance capital expenditures" as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold's operating standards. See the tables on page 29 for additional information regarding our maintenance capital expenditures. |
| We define "total real estate debt" as the aggregate of the following: mortgage notes, senior unsecured notes, term loans and borrowings under our revolving line of credit. We define "total debt outstanding" as the aggregate of the following: total real estate debt, sale-leaseback financing obligations and financing lease obligations. See the tables on page 22 for additional information regarding our indebtedness. |
| All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. |

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