Americold: Management Highlighted The Issues?

Americold (COLD) is the most complex equity REIT we’ve covered. 

The weakness in their share price draws attention. Is the REIT dead? Why else would the price decline so much?

We are going to dig into what’s happening with COLD. What caused the price to decline so much, even though COLD substantially increased their reported AFFO per share over the last few years. COLD’s growth in AFFO per share from 2022 to 2024 was outstanding.

It’s quite rare to see a case where a REIT delivers substantial growth in AFFO per share for a few years while the price continues to fall. There is light at the end of the tunnel, but it looks like a long tunnel and COLD simply takes far more time to cover than other REITs.

COLD Presents The Bear Case

I love to find contrary opinions. It’s a good way to spot anything we might miss. However, COLD was nice enough to summarize the headwinds remarkably well. COLD presented two presentations that were both labeled as Q2 2025.

They are linked below (assuming COLD doesn't change where they store them):