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May 9, 2019 2:00 PM, EDT

Americold Reports Revenue Rises 0.5% to $393.1 Million in 1Q

Americold signage Americold

Americold Realty Trust, one of the world’s largest companies focused on temperature-controlled warehouses, on May 7 reported revenue rose in the first quarter ending March 31.

Revenue for the Atlanta-based company rose to $393.1 million, a 0.5% increase over the same quarter last year.

Americold posted a net loss of $4.6 million, or 3 cents per common share, compared with a net loss of $8.6 million in the same quarter last year.

Fred Boehler

Boehler

The company said the net loss for the quarter included the impact of approximately $12.6 million in charges stemming from the redevelopment of an existing Atlanta facility and the potential future sale of an idle facility during the second quarter of the year.

Americold officials said net income is not a primary metric for real estate investment trusts. Funds from operations (FFO) or adjusted funds from operations are two metrics investors generally focus on, Americold spokeswoman Robbyn Ingram told Transport Topics.

The company reported FFO were $39.9 million, or 26 cents per common share, compared with $34.8 million in the same quarter last year. Adjusted funds from operations were $44.3 million, or 29 cents per diluted common share, compared with $39.9 million in the same quarter last year.

CEO Fred Boehler said the fundamentals within the industry remain “extremely favorable.”

For the first quarter of 2019, occupancy for the total warehouse segment was 78.8%.

Americold is the largest owner of temperature-controlled warehouses, according to the company. It owns and operates 179 sites worldwide with more than 1 billion cubic square feet of storage.

The company went public in January 2018.

Americold ranks No. 17 on the Transport Topics Top 50 list of largest logistics companies in North America.