Americold Realty Trust, Inc. (COLD): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of Americold Realty Trust, Inc. right now, late in 2025, beyond just the stock ticker. It's a fascinating hybrid: part essential real estate landlord owning 239 global warehouses, and part logistics operator executing on the massive Project Orion technology upgrade. When you see Q3 2025 Total Revenue land at $663.7 million, supported by long-term contracts averaging 35+ years, you realize this is about infrastructure stability, even with net debt hovering around $3.9 billion. This company is the defintely essential infrastructure for global food. So, let's map out the nine core components of the Americold Realty Trust, Inc. business model to see exactly how they balance asset ownership with service delivery.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Key Partnerships

The Key Partnerships for Americold Realty Trust, Inc. (COLD) center on integrating physical assets with global logistics networks and technology to drive external growth and operational efficiency as of late 2025.

The co-location strategy with major rail and port operators is a primary growth driver, underpinning a significant portion of the development pipeline.

The strategic alliances are increasingly focused on securing high-value, long-term customer commitments, which de-risks revenue streams from volume volatility.

• Strategic alliance with a major grocery retailer secured via the Houston acquisition, representing a significant win in the $200 million sales initiative.
• The Houston facility acquisition represented an investment of approximately $127 million and added roughly 35,700 pallet positions.
• The company has increased its fixed-fee contract revenue base, with 60% of revenue now tied to these contracts.
• Other development projects launched in Q2 2025 include a build in Allentown.

Project Orion, the technology backbone, is a critical internal partnership enabling external growth targets.

• Project Orion is a cloud-based Enterprise Resource Planning (ERP) software system, with activities expected to be substantially complete within three years of the February 2023 announcement.
• The estimated aggregate investment in Project Orion is approximately $100 million, split between $50 million capital investment and $50 million in one-time implementation and integration expenses.
• The technology implementation directly impacted operational performance, with Global Warehouse margins improving to 34.2% in Q1 2025.
• The go-live of Project Orion in Q2 2024 contributed to an increase in Selling, general, and administrative expenses reported in Q1 2025.

The overall development pipeline is directly linked to the company's financial outlook for the year.

• The robust $1 billion development pipeline supports the 2025 AFFO per share guidance midpoint of $1.55.
• Other development progress includes a $150 million automated expansion in Dallas-Fort Worth.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Key Activities

You're looking at the core actions Americold Realty Trust, Inc. (COLD) takes to run its business, which is all about keeping things cold and moving them efficiently. It's a capital-intensive operation, so the key activities revolve around asset management, technology upgrades, and service delivery.

Owning and operating temperature-controlled warehouses globally

Americold Realty Trust, Inc. (COLD) is fundamentally a real estate owner and operator in the specialized temperature-controlled space. This activity involves managing a vast physical footprint across continents. As of the latest reports in late 2025, Americold Realty Trust, Inc. (COLD) owns and/or operates approximately 239 temperature-controlled warehouses globally. This network provides about 1.5 billion refrigerated cubic feet of storage capacity. The operational footprint spans North America, Europe, Asia-Pacific, and South America.

Here's a quick look at the scale of the owned/operated assets:

Executing Project Orion for operational efficiency and technology

A major ongoing activity is the execution of Project Orion, a transformation program focused on technology investment, specifically a new cloud-based ERP system. This is crucial for streamlining processes and improving analytics capabilities. The investment is showing early results; for instance, warehouse margins reached 34.2% in Q1 2025, partially credited to this rollout. However, the implementation also drives costs, with Selling, general, and administrative expense guidance for 2025 including $14M - $16M of Project Orion amortization. Management anticipates this program will be substantially complete within three years of its February 2023 launch.

Providing value-added logistics services like handling and transportation

Beyond leasing space, Americold Realty Trust, Inc. (COLD) actively engages in providing services that support the supply chain. This includes supply management and transportation services. The focus on services is key to margin performance. For example, the Global Warehouse same store services margin improved to 13.3% in Q2 2025, up from 12.4% in Q2 2024. Management targeted sustaining warehouse services margins above 12% for the full year 2025. Transportation services revenue has seen some pressure, with a decrease noted in Q2 2025.

Key service margin metrics:

• Global Warehouse same store services margin (Q2 2025): 13.3%
• Global Warehouse same store services margin (Q4 2024): 13.2%
• 2025 Target Warehouse Services Margin: Above 12%

Managing the $1 billion customer-driven development pipeline

A forward-looking key activity is the management of new development projects, which are often customer-driven expansions or new builds. Americold Realty Trust, Inc. (COLD) is actively managing a robust $1 billion development pipeline. This pipeline is expected to support the 2025 Adjusted Funds From Operations per share guidance. Specific recent developments include:

• Launching three innovative and demand-driven projects in Q2 2025 (Kansas City, Allentown, Dubai)
• Announcing a $79 million Customer-Driven Expansion in Christchurch, NZ (Q4 2024)
• Groundbreaking of a $150 million automated expansion in Dallas-Fort Worth (2024)

Maintaining REIT status by distributing taxable income

As a Real Estate Investment Trust (REIT), Americold Realty Trust, Inc. (COLD) must adhere to specific distribution requirements to maintain its tax status. This means the company is required to distribute at least 90% of its taxable income to shareholders. For the third quarter of 2025, the Board declared a dividend of $0.23 per share. Based on adjusted earnings, the payout ratio was 64.1%. For context on the prior year, the total annual distribution for 2024 was $0.88 per share.

You should track the quarterly dividend payments, like the $0.23 USD per share paid on October 15, 2025, for the Q3 2025 period. Finance: draft 13-week cash view by Friday.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Key Resources

You're looking at the core assets Americold Realty Trust, Inc. (COLD) relies on to run its temperature-controlled logistics and real estate business as of late 2025. These aren't just line items; they are the physical and intangible foundations of their market position.

The physical footprint is massive. Americold Realty Trust, Inc. (COLD) maintains a global network of approximately 1.4 billion refrigerated cubic feet of storage across its facilities. This scale is a significant barrier to entry for competitors. Furthermore, a key differentiator is the ownership structure; management confirmed that over 80% of assets are owned. This high ownership level contrasts with many peers and speaks to long-term asset control.

Stability comes from the customer base. The company leverages long-term customer contracts, averaging over 35 years with its top 25 clients. This commitment is formalized, with rent and storage revenue from fixed commitments holding steady at 60% of that revenue stream as of the third quarter of 2025.

Technology underpins efficiency. The investment in proprietary technology and the cloud-based ERP from Project Orion is central to their operational strategy. Project Orion, which started in February 2023, is expected to be substantially complete within three years. The early impact is visible, as Global Warehouse margins improved to 34.2% in Q1 2025, partly attributed to the system's efficiency gains.

Financially, the company had available liquidity of approximately $798.9 million as of Q3 2025, providing a cushion against market pressures. Here's a quick look at how these resources support the current operational scale:

To give you a clearer picture of the operational scale these resources support, consider these specific metrics from the latest reported quarter:

• Total Revenues for Q3 2025 were $663.7 million.
• Adjusted FFO per diluted share for Q3 2025 was $0.35.
• Same Store Economic Occupancy was 75.5% in Q3 2025.
• Net Debt to pro forma Core EBITDA stood at 6.7x at quarter end.
• Global Warehouse segment same store NOI contracted 2.9% year-over-year in Q3 2025.

Also, the company has been actively managing its physical footprint, planning for strategic exits alongside growth. You should note the following operational details related to asset management:

• The company is focused on customer-driven projects that are lower risk.
• The development pipeline includes approximately $1 billion of attractive opportunities.
• The company is balancing its pipeline while prioritizing its dividend and investment-grade profile.

Finance: draft 13-week cash view by Friday.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Value Propositions

You're looking at the core value Americold Realty Trust, Inc. (COLD) delivers to its customers-it's not just storage space; it's a full-service, temperature-controlled ecosystem. This is what keeps the world's food supply moving reliably.

Integrated cold chain solution (real estate ownership plus logistics).

Americold Realty Trust, Inc. doesn't just own the buildings; they operate the complex logistics inside them. This means you get a single partner managing both the physical asset-the real estate-and the critical services like handling, blast freezing, and transportation. This integration is key to efficiency, especially when securing major wins, like the new fixed commitment contract with one of the world's largest retailers that was enabled by the Houston Warehouse Acquisition in Q1 2025.

Reliable, defintely essential infrastructure for global food supply.

The infrastructure Americold Realty Trust, Inc. owns is a non-negotiable part of the global food system. As of December 31, 2024, their network spanned the globe, providing essential continuity for temperature-sensitive products. This scale means they are positioned to service some of the largest food retailers and producers in the world, often through relationships spanning decades.

Here's a look at that physical footprint as reported at the end of 2024:

Predictable costs via 60% fixed-commitment storage contracts.

To counter the volume volatility inherent in the cold storage market, Americold Realty Trust, Inc. has structurally shifted its revenue base toward stability. They have increased fixed-commitment contracts to 60% of rent and storage revenue, a significant jump from under 40% just three years prior. This provides a crucial buffer, ensuring more predictable cash flows even when throughput volumes fluctuate.

Operational excellence driving global warehouse service margins (Q1 2025: 11.2%).

The focus on operational improvements, including the ongoing Project Orion transformation program, directly translates to better service profitability. For the first quarter of 2025, the same-store warehouse services margin improved to 11.2%. This focus on efficiency and cost control is a continuous effort; by the third quarter of 2025, the same-store services margin had further increased to 12.3%, showing sustained execution against their productivity initiatives.

The service margin performance across the first three quarters of 2025 looks like this:

• Q1 2025 Same-Store Services Margin: 11.2% (or 11.3%)
• Q2 2025 Same-Store Services Margin: 13.3%
• Q3 2025 Same-Store Services Margin: 12.3%

Global scale and presence at all key nodes in the cold chain.

The value proposition is amplified by their strategic footprint. Americold Realty Trust, Inc. maintains a presence at all key nodes in the cold chain, which is essential for servicing major customers across their entire distribution network. This global scale, supported by the network detailed above, provides unique growth opportunities by allowing them to accommodate new, large-scale customer agreements that require broad geographic coverage.

Finance: draft 13-week cash view by Friday.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Customer Relationships

You're looking at how Americold Realty Trust, Inc. (COLD) locks in its revenue and supports its major clients; it's all about deep integration and long-term commitments, which is key for a capital-intensive REIT like this.

Dedicated account management for top customers.

Americold Realty Trust, Inc. focuses its high-touch relationship efforts where the revenue concentration is highest. Honestly, when you see that a small number of clients drive the majority of the business, you expect dedicated service structures to be in place to protect that revenue base. The company serves approximately 3,200 customers globally, but the relationship depth varies significantly.

The stickiness of these relationships is evident in the longevity and the low turnover. Customer churn remains in the low single digits, with the churn rate specifically noted as below 4%. This suggests the dedicated management structure is defintely working to keep the core base satisfied.

This concentration means that managing the top tier is paramount to Americold Realty Trust, Inc.'s financial stability.

Long-term, fixed-commitment contracts for space reservation.

The primary mechanism Americold Realty Trust, Inc. uses to ensure stable occupancy and mitigate revenue volatility from seasonal business is the fixed-commitment contract. Rent and storage revenues from these contracts held steady at 60% as of Q3 2025, which management views as the appropriate long-term level for this metric.

These contracts are most prevalent in their production-advantaged facilities, which are located close to where food is harvested or produced. These facilities are critical to customer production strategies, often service only one or two customers, and consequently see the highest economic occupancy rates.

• Production advantaged facilities account for about 30% of Americold Realty Trust, Inc.'s capacity and revenue.
• These sites generally operate under long-term fixed commitment agreements.
• The economic occupancy at these sites shows the highest gap between physical occupancy, reflecting the value customers place on controlling the space near production.

Strategic, collaborative development projects with key customers.

Americold Realty Trust, Inc. actively co-invests in growth with its key customers, which naturally deepens the relationship beyond a simple landlord/tenant dynamic. The development pipeline is a direct reflection of this strategy, with a focus on projects that are customer-driven and lower risk.

A prime example of this intimacy is the automated expansion in Russellville, Arkansas, which was committed to a single customer under a 20-year agreement. Also, the Q1 2025 Houston acquisition was a catalyst for securing a new fixed commitment contract with one of the world's largest retailers. Furthermore, the $100+ million Kansas City facility, opened in August 2025, was enabled by partnerships with transportation giants.

High-touch, personal assistance for complex logistics needs.

The high-touch element is embedded in the value-added services Americold Realty Trust, Inc. provides, especially at its production-attached facilities. These services go beyond simple storage, helping customers manage inventory right at the source.

At these specialized locations, Americold Realty Trust, Inc. often provides services such as tempering, boxing, and blast freezing before storage. This operational involvement directly translates to better service margins. For instance, warehouse services revenue per throughput pallet increased by 4% in Q2 2025, and same-store warehouse services margins improved by 90 basis points year-over-year to 13.3% for the quarter ending June 30, 2025. The company plans to sustain these service margins above 12% for the full year 2025.

• The company won new business and converted over 80% of the previously announced $200 million probability weighted sales pipeline.
• The executive team includes a focus on commercial excellence and operational leadership.
• Investments in labor, training, and technology support the ability to flex labor with demands while maintaining productivity.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Channels

You manage customer relationships through a dedicated, direct sales force engaging with approximately 3,200 customers across the globe. This approach emphasizes deep, long-term partnerships; for instance, the top 25 customers have an average relationship tenure exceeding 35 years. This direct channel is critical for securing the base business that underpins stability.

The physical reach of Americold Realty Trust, Inc. is defined by its extensive owned and operated network, which serves as the primary delivery mechanism for its core value proposition. Here's a quick look at the scale as of late 2025:

Strategic channel development includes co-location facilities and key logistics partnerships. The company launched development projects in Q2 2025, such as a facility in Kansas City in partnership with CPKC and a flagship build with DP World in the Port of Jebel Ali in Dubai. These locations are designed to capture high-demand import/export and major distribution flows, directly feeding the physical channel.

The third-party managed services segment acts as an extension of the primary warehouse channel, providing logistics services managed on behalf of customers. This segment, alongside the Warehouse and Transportation segments, contributes to the overall operational footprint. For the second quarter ended June 30, 2025, total company revenues were $650.7 million, reflecting the combined output of all service channels.

Customer concentration within the core warehouse channel shows reliance on a concentrated base for revenue stability:

• Top 25 customers account for approximately 50% of global warehouse revenue.
• Top 100 customers represent approximately 70% of total warehouse revenue.
• Rent and storage revenue from fixed commitments was 60% for Q2 2025.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Customer Segments

You're looking at the core of Americold Realty Trust, Inc.'s value capture-who actually pays for that massive global cold storage network. It's not just one type of buyer; it's a spectrum across the entire temperature-controlled food supply chain.

Large-scale food producers and manufacturers.

This group relies on Americold Realty Trust, Inc. to hold inventory before it moves into the distribution network. The relationship depth here is significant, suggesting sticky, long-term contracts.

• Weighted average length of relationship with top 25 warehouse segment customers exceeds 35 years.
• The top 25 customers in the warehouse segment represented 49% of total warehouse segment revenues for the year ended December 31, 2024.

National and regional food distributors (e.g., Sysco, Performance Food Group).

Distributors are the crucial link between large producers and the final retail/food service outlets. Their need for consistent, reliable space drives Americold Realty Trust, Inc.'s operational stability.

The company serves approximately 3,200 customers globally across all segments.

Major food retailers and e-tailers (high-turn retail segment).

This segment demands high throughput and often requires specialized, modern facilities near population centers. Americold Realty Trust, Inc. is actively winning business here, often through strategic asset deployment.

• Completion of a Houston Warehouse Acquisition in the first quarter of 2025 enabled a Significant New Retail Customer Win.

Agricultural and perishable goods commodity traders.

Traders use the space for inventory management, often hedging against price fluctuations or managing seasonal gluts. Their business can be more volatile, which Americold Realty Trust, Inc. mitigates with contractual agreements.

Here's a quick look at how contractual arrangements secure revenue across these segments, as of late 2025 reporting:

The focus on fixed commitments shows a clear strategy to lock in revenue streams against market volatility. If onboarding takes 14+ days, churn risk rises, but the 60% fixed commitment rate suggests a solid base.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Cost Structure

You're looking at the major outflows that keep Americold Realty Trust, Inc.'s massive, specialized real estate and logistics network running. The cost structure here is dominated by capital intensity, which is typical for a REIT focused on mission-critical, temperature-controlled assets.

The foundation of Americold Realty Trust, Inc.'s costs lies in its physical assets. As of the end of 2024, the company operated 239 temperature-controlled warehouses globally, representing over $10 billion of critical cold storage infrastructure deployed worldwide. This scale translates directly into high fixed costs, primarily related to property ownership, insurance, and, critically, the energy required to maintain precise refrigeration temperatures across the entire network. While specific utility costs aren't broken out here, they are inherently a significant, non-negotiable operating expense for this business type.

Labor is the next major component, especially within the warehouse services segment. Americold Realty Trust, Inc. manages labor costs by flexing staff with demand; for instance, in the second quarter of 2025, the perm-to-temp hours ratio stood at 75-25, balancing dedicated, productive permanent staff with flexible temporary labor. The success of this management is reflected in the same-store warehouse services margin, which reached 13.3% in Q2 2025. Still, labor expenses remain substantial for handling, picking, and packing services.

Selling, General, and Administrative (SG&A) costs have seen specific pressure due to the ongoing transformation effort, Project Orion. This initiative, focused on technology systems like a new cloud-based ERP, has directly impacted the bottom line. For example, in the fourth quarter of 2024, SG&A included higher software costs related to Project Orion implementation and increased information security spending. This trend continued into 2025; the increase in SG&A expenses in the third quarter of 2025 was primarily related to the go-live of Project Orion. To give you a sense of the investment, in the first quarter of 2025 alone, there was an incremental licensing expense of approximately $4 million associated with the new technology environment, plus $3 million in expense labor costs that were capitalized the prior year under the project.

Capital expenditures are split between maintenance and growth. Maintenance capital expenditures (capex), which cover extending the life of existing assets, were $80.9 million in 2024. For the full year 2025, guidance has been adjusted; the Q3 update suggested a range of $60 million to $70 million, reflecting lower utilization-based preventive maintenance activities due to current throughput levels.

Finally, the cost of capital is a significant factor given the asset-heavy nature of the business. As of the second quarter of 2025, Americold Realty Trust, Inc.'s total net debt stood at approximately $3.9 billion. This debt load directly drives interest expense. For the full year 2025, the company provided guidance for interest expense in the range of $145 million to $149 million as of the third quarter update.

Here's a quick look at some of the key financial cost metrics we've seen:

The operational costs associated with services are managed through productivity initiatives, which helped the same-store services margin improve to 13.3% in Q2 2025. The company is actively managing its variable cost structure to align with current demand softness.

Finance: draft 13-week cash view by Friday.

Americold Realty Trust, Inc. (COLD) - Canvas Business Model: Revenue Streams

You're looking at how Americold Realty Trust, Inc. actually brings in the money, which is critical since the cold storage sector has been seeing some demand softness heading into late 2025. The revenue streams are built around their core physical assets and the services they layer on top.

The top-line number for the most recent reported quarter, Q3 2025 Total Revenue was $663.7 million. That figure represented a 2% sequential increase from the second quarter of 2025, though it was down 1.6% year-over-year from Q3 2024.

The business model relies on four main buckets of income. The stability of the real estate side is a major focus, especially with the ongoing industry headwinds. For instance, Americold Realty Trust, Inc. has strategically increased its fixed-commitment contracts to account for 60% of its rent and storage revenues, which helps buffer against volume volatility.

Here's a look at the components, using the most granular data available from the Q2 2025 period to show the relative size, as the precise Q3 dollar breakdown isn't public yet:

You can see the reliance on the physical space. The Global Warehouse segment generated revenues of approximately $597.71 million in Q2 2025, which is the vast majority of their total sales.

The services side, while smaller in absolute terms, is important for margin performance. The warehouse services margin specifically declined year-over-year in Q3 2025. Still, management is focused on operational excellence to improve these figures.

Here are the key elements driving these revenue streams:

• Rent and storage revenue from warehouse space leasing is the most stable component, backed by the 60% fixed-commit rate.
• Warehouse services revenue is directly tied to throughput volumes, which faced pressure due to lower inventory levels across the supply chain.
• Transportation services revenue is sensitive to broader trade volumes and customer inventory management decisions.
• Third-party managed services fees represent a smaller, but growing, fee-based income stream from specialized management contracts.

For context on the trailing twelve months ending September 30, 2025, Americold Realty Trust, Inc. reported total revenue of $2.61 billion, which was down 2.58% compared to the prior twelve-month period.

Finance: draft 13-week cash view by Friday.