Maryland | 001-34723 | 93-0295215 | ||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
10 Glenlake Parkway, | South Tower, Suite 600 | ||||||||||
Atlanta, | Georgia | 30328 | |||||||||
(Address of principal executive offices) | (Zip Code) |
☐ | 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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Shares of Beneficial Interest, $0.01 par value per share | COLD | New York Stock Exchange |
Exhibit No. | Description | |||||||
Offer Letter | ||||||||
Executive Severance Benefits Plan | ||||||||
Press Release dated February 24, 2022 for the fourth quarter ended December 31, 2021. | ||||||||
Supplemental Information Package for the fourth quarter ended December 31, 2021. | ||||||||
Press Release Announcing Appointment of Permanent CEO |
AMERICOLD REALTY TRUST | ||||||||
By: | /s/ Marc J. Smernoff | |||||||
Name: Marc J. Smernoff | ||||||||
Title: Chief Financial Officer and Executive Vice President | ||||||||
Please sign below to confirm your understanding and acceptance of the above terms and conditions of the employment offer. | |||||||||||
Signature: | s/ George F. Chappelle Jr. | Date: | 2/24/2022 |
Job Classification | Compensation Multiple | ||||
CEO | 2 | ||||
EVPs | 1 | ||||
SVPs | 0.75 |
Job Classification | Months of Premium Costs | ||||
CEO | 18 | ||||
EVPs | 12 | ||||
SVPs | 9 |
Job Classification | Compensation Multiple | ||||
CEO | 2.5 | ||||
EVPs | 1.5 | ||||
SVPs | 1.25 |
Job Classification | Months of Premium Costs | ||||
CEO | 18 | ||||
EVPs | 12 | ||||
SVPs | 9 |
Job Classification | Months of Severance Pay Continuation | ||||
CEO | 24 months | ||||
EVPs | 12 months | ||||
SVPs | 9 months |
Plan Name: | Americold Logistics, LLC Severance Benefits Plan | ||||
Type of Plan: | Unfunded welfare benefit plan | ||||
Plan Sponsor: | Americold Logistics, LLC | ||||
Identification Numbers: | EIN: 22-3631006 PLAN: 502 | ||||
Plan Year: | January 1 – December 31 | ||||
Plan Administrator: | Americold Logistics, LLC 10 Glenlake Parkway South Tower, Suite 600 Atlanta, GA 30328-7250 (678) 441-1400 Attn: Chief Human Resources Officer | ||||
Agent for Service of Legal Process: | Americold Logistics, LLC 10 Glenlake Parkway South Tower, Suite 600 Atlanta, GA 30328-7250 (678) 441-1400 Attn: Chief Legal Officer | ||||
Funding Mechanism: | Severance benefits are paid out of the Company’s general assets. |
Americold Logistics, LLC 10 Glenlake Parkway South Tower, Suite 600 Atlanta, GA 30328-7250 (678) 441-1400 Attn: Chief Legal Officer |
Job Classification | Post Termination Non-Compete Months | ||||
CEO | 24 | ||||
EVPs | 12 | ||||
SVPs | 9 |
Three Months Ended December 31, | Change | ||||||||||||||||||||||||||||
Dollars in thousands | 2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | ||||||||||||||||||||||||
TOTAL WAREHOUSE SEGMENT | |||||||||||||||||||||||||||||
Number of total warehouses(2) | 241 | 229 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 233,367 | $ | 234,150 | $ | 173,822 | 34.3 | % | 34.7 | % | |||||||||||||||||||
Warehouse services | 320,788 | 321,873 | 233,989 | 37.1 | % | 37.6 | % | ||||||||||||||||||||||
Total revenue | $ | 554,155 | $ | 556,023 | $ | 407,811 | 35.9 | % | 36.3 | % | |||||||||||||||||||
Global Warehouse contribution (NOI) | $ | 150,884 | $ | 151,472 | $ | 145,672 | 3.6 | % | 4.0 | % | |||||||||||||||||||
Global Warehouse margin | 27.2 | % | 27.2 | % | 35.7 | % | -849 bps | -848 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 4,206 | n/a | 3,367 | 24.9 | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 3,861 | n/a | 3,075 | 25.6 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 5,409 | n/a | 4,252 | 27.2 | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 77.8 | % | n/a | 79.2 | % | -144 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 71.4 | % | n/a | 72.3 | % | -94 bps | n/a | ||||||||||||||||||||||
Total rent and storage revenue per economic occupied pallet | $ | 55.48 | $ | 55.67 | $ | 51.62 | 7.5 | % | 7.8 | % | |||||||||||||||||||
Total rent and storage revenue per physical occupied pallet | $ | 60.43 | $ | 60.64 | $ | 56.52 | 6.9 | % | 7.3 | % | |||||||||||||||||||
Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 10,346 | n/a | 8,290 | 24.8 | % | n/a | |||||||||||||||||||||||
Total warehouse services revenue per throughput pallet | $ | 31.01 | $ | 31.11 | $ | 28.23 | 9.9 | % | 10.2 | % | |||||||||||||||||||
SAME STORE WAREHOUSE | |||||||||||||||||||||||||||||
Number of same store warehouses | 160 | 160 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse same store revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 159,917 | $ | 160,263 | $ | 155,469 | 2.9 | % | 3.1 | % | |||||||||||||||||||
Warehouse services | 218,898 | 219,164 | 213,940 | 2.3 | % | 2.4 | % | ||||||||||||||||||||||
Total same store revenue | $ | 378,815 | $ | 379,427 | $ | 369,409 | 2.5 | % | 2.7 | % | |||||||||||||||||||
Global Warehouse same store contribution (NOI) | $ | 125,901 | $ | 126,073 | $ | 137,139 | (8.2) | % | (8.1) | % | |||||||||||||||||||
Global Warehouse same store margin | 33.2 | % | 33.2 | % | 37.1 | % | -389 bps | -390 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 2,977 | n/a | 3,029 | (1.7) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 2,653 | n/a | 2,752 | (3.6) | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 3,746 | n/a | 3,751 | (0.1) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 79.5 | % | n/a | 80.8 | % | -129 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 70.8 | % | n/a | 73.4 | % | -255 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenue per economic occupied pallet | $ | 53.72 | $ | 53.84 | $ | 51.33 | 4.7 | % | 4.9 | % | |||||||||||||||||||
Same store rent and storage revenue per physical occupied pallet | $ | 60.29 | $ | 60.42 | $ | 56.50 | 6.7 | % | 6.9 | % | |||||||||||||||||||
Global Warehouse same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 7,340 | n/a | 7,440 | (1.3) | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenue per throughput pallet | $ | 29.82 | $ | 29.86 | $ | 28.76 | 3.7 | % | 3.8 | % |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
Dollars in thousands | 2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | ||||||||||||||||||||||||
TOTAL WAREHOUSE SEGMENT | |||||||||||||||||||||||||||||
Number of total warehouses(2) | 241 | 229 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 876,153 | $ | 867,924 | $ | 666,150 | 31.5 | % | 30.3 | % | |||||||||||||||||||
Warehouse services | 1,209,234 | 1,191,387 | 883,164 | 36.9 | % | 34.9 | % | ||||||||||||||||||||||
Total revenue | $ | 2,085,387 | $ | 2,059,311 | $ | 1,549,314 | 34.6 | % | 32.9 | % | |||||||||||||||||||
Global Warehouse contribution (NOI) | $ | 586,436 | $ | 579,189 | $ | 520,333 | 12.7 | % | 11.3 | % | |||||||||||||||||||
Global Warehouse margin | 28.1 | % | 28.1 | % | 33.6 | % | -546 bps | -546 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 4,048 | n/a | 3,233 | 25.2 | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 3,701 | n/a | 2,966 | 24.8 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 5,290 | n/a | 4,095 | 29.2 | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 76.5 | % | n/a | 78.9 | % | -244 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 70.0 | % | n/a | 72.4 | % | -246 bps | n/a | ||||||||||||||||||||||
Total rent and storage revenue per economic occupied pallet | $ | 216.46 | $ | 214.43 | $ | 206.03 | 5.1 | % | 4.1 | % | |||||||||||||||||||
Total rent and storage revenue per physical occupied pallet | $ | 236.72 | $ | 234.50 | $ | 224.60 | 5.4 | % | 4.4 | % | |||||||||||||||||||
Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 39,937 | n/a | 32,124 | 24.3 | % | n/a | |||||||||||||||||||||||
Total warehouse services revenue per throughput pallet | $ | 30.28 | $ | 29.83 | $ | 27.49 | 10.1 | % | 8.5 | % | |||||||||||||||||||
SAME STORE WAREHOUSE | |||||||||||||||||||||||||||||
Number of same store warehouses | 160 | 160 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse same store revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 615,387 | $ | 612,311 | $ | 613,933 | 0.2 | % | (0.3) | % | |||||||||||||||||||
Warehouse services | 849,049 | 836,973 | 831,679 | 2.1 | % | 0.6 | % | ||||||||||||||||||||||
Total same store revenue | $ | 1,464,436 | $ | 1,449,284 | $ | 1,445,612 | 1.3 | % | 0.3 | % | |||||||||||||||||||
Global Warehouse same store contribution (NOI) | $ | 477,521 | $ | 473,248 | $ | 502,256 | (4.9) | % | (5.8) | % | |||||||||||||||||||
Global Warehouse same store margin | 32.6 | % | 32.7 | % | 34.7 | % | -214 bps | -209 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 2,886 | n/a | 3,003 | (3.9) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 2,564 | n/a | 2,747 | (6.6) | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 3,748 | n/a | 3,741 | 0.2 | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 77.0 | % | n/a | 80.3 | % | -327 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 68.4 | % | n/a | 73.4 | % | -500 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenue per economic occupied pallet | $ | 213.22 | $ | 212.16 | $ | 204.43 | 4.3 | % | 3.8 | % | |||||||||||||||||||
Same store rent and storage revenue per physical occupied pallet | $ | 240.00 | $ | 238.80 | $ | 223.52 | 7.4 | % | 6.8 | % | |||||||||||||||||||
Global Warehouse same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 29,096 | n/a | 29,949 | (2.8) | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenue per throughput pallet | $ | 29.18 | $ | 28.77 | $ | 27.77 | 5.1 | % | 3.6 | % |
Americold Realty Trust and Subsidiaries | |||||||||||
Consolidated Balance Sheets (Unaudited) | |||||||||||
(In thousands, except shares and per share amounts) | |||||||||||
December 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Property, buildings and equipment: | |||||||||||
Land | $ | 807,495 | $ | 662,885 | |||||||
Buildings and improvements | 4,152,763 | 4,004,824 | |||||||||
Machinery and equipment | 1,352,399 | 1,177,572 | |||||||||
Assets under construction | 450,153 | 303,531 | |||||||||
6,762,810 | 6,148,812 | ||||||||||
Accumulated depreciation | (1,634,909) | (1,382,298) | |||||||||
Property, buildings and equipment – net | 5,127,901 | 4,766,514 | |||||||||
Operating lease right-of-use assets | 377,536 | 291,797 | |||||||||
Accumulated depreciation – operating leases | (57,483) | (24,483) | |||||||||
Operating leases – net | 320,053 | 267,314 | |||||||||
Financing leases: | |||||||||||
Buildings and improvements | 13,552 | 60,513 | |||||||||
Machinery and equipment | 146,341 | 109,416 | |||||||||
159,893 | 169,929 | ||||||||||
Accumulated depreciation – financing leases | (58,165) | (40,937) | |||||||||
Financing leases – net | 101,728 | 128,992 | |||||||||
Cash, cash equivalents and restricted cash | 82,958 | 621,051 | |||||||||
Accounts receivable – net of allowance of $18,755 and $12,286 at December 31, 2021 and December 31, 2020, respectively | 380,014 | 324,221 | |||||||||
Identifiable intangible assets – net | 980,966 | 797,423 | |||||||||
Goodwill | 1,072,980 | 794,335 | |||||||||
Investments in partially owned entities | 37,458 | 44,907 | |||||||||
Other assets | 112,139 | 86,394 | |||||||||
Total assets | $ | 8,216,197 | $ | 7,831,151 | |||||||
Liabilities and equity | |||||||||||
Liabilities: | |||||||||||
Borrowings under revolving line of credit | $ | 399,314 | $ | — | |||||||
Accounts payable and accrued expenses | 559,412 | 552,547 | |||||||||
Mortgage notes, senior unsecured notes and term loans – net of deferred financing costs of $11,050 and $15,952 in the aggregate, at December 31, 2021 and December 31, 2020, respectively | 2,443,806 | 2,648,266 | |||||||||
Sale-leaseback financing obligations | 178,817 | 185,060 | |||||||||
Financing lease obligations | 97,633 | 125,926 | |||||||||
Operating lease obligations | 301,765 | 269,147 | |||||||||
Unearned revenue | 26,143 | 19,209 | |||||||||
Pension and postretirement benefits | 2,843 | 9,145 | |||||||||
Deferred tax liability – net | 169,209 | 220,502 | |||||||||
Multiemployer pension plan withdrawal liability | 8,179 | 8,528 | |||||||||
Total liabilities | 4,187,121 | 4,038,330 | |||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Common shares of beneficial interest, $0.01 par value – 500,000,000 and 325,000,000 authorized shares; 268,282,592 and 251,702,603 issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 2,683 | 2,517 | |||||||||
Paid-in capital | 5,171,690 | 4,687,823 | |||||||||
Accumulated deficit and distributions in excess of net earnings | (1,157,888) | (895,521) | |||||||||
Accumulated other comprehensive income (loss) | 4,522 | (4,379) | |||||||||
Total shareholders’ equity | 4,021,007 | 3,790,440 | |||||||||
Noncontrolling interests: | |||||||||||
Noncontrolling interests in operating partnership and consolidated joint venture | 8,069 | 2,381 | |||||||||
Total equity | 4,029,076 | 3,792,821 | |||||||||
Total liabilities and equity | $ | 8,216,197 | $ | 7,831,151 |
Americold Realty Trust and Subsidiaries | |||||||||||||||||||||||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rent, storage and warehouse services | $ | 554,155 | $ | 407,811 | $ | 2,085,387 | $ | 1,549,314 | |||||||||||||||
Third-party managed services | 84,284 | 78,538 | 317,311 | 291,751 | |||||||||||||||||||
Transportation services | 78,041 | 37,329 | 312,092 | 142,203 | |||||||||||||||||||
Other | — | — | — | 4,459 | |||||||||||||||||||
Total revenues | 716,480 | 523,678 | 2,714,790 | 1,987,727 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Rent, storage and warehouse services cost of operations | 403,271 | 262,139 | 1,498,951 | 1,028,981 | |||||||||||||||||||
Third-party managed services cost of operations | 80,946 | 76,771 | 303,347 | 279,523 | |||||||||||||||||||
Transportation services cost of operations | 70,869 | 32,286 | 282,716 | 123,396 | |||||||||||||||||||
Cost of operations related to other revenues | 27 | 43 | 109 | 4,329 | |||||||||||||||||||
Depreciation and amortization | 87,601 | 58,319 | 319,840 | 215,891 | |||||||||||||||||||
Selling, general and administrative | 49,004 | 39,536 | 182,076 | 144,738 | |||||||||||||||||||
Acquisition, litigation and other, net | 20,567 | 26,535 | 51,578 | 36,306 | |||||||||||||||||||
Impairment of long-lived assets | — | 1,954 | 3,312 | 8,236 | |||||||||||||||||||
Gain from sale of real estate | — | (676) | — | (22,124) | |||||||||||||||||||
Total operating expenses | 712,285 | 496,907 | 2,641,929 | 1,819,276 | |||||||||||||||||||
Operating income | 4,195 | 26,771 | 72,861 | 168,451 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (21,339) | (21,367) | (99,177) | (91,481) | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | (638) | (9,194) | (5,689) | (9,975) | |||||||||||||||||||
Interest income | 91 | 135 | 841 | 1,162 | |||||||||||||||||||
Bridge loan commitment fees | — | (2,438) | — | (2,438) | |||||||||||||||||||
Foreign currency exchange loss, net | (294) | (44,905) | (610) | (45,278) | |||||||||||||||||||
Other income (expense), net | 1,230 | (2,395) | 1,900 | (2,563) | |||||||||||||||||||
Gain from sale of partially owned entities | — | — | — | — | |||||||||||||||||||
(Loss) income from investments in partially owned entities | (753) | 4 | (2,004) | (250) | |||||||||||||||||||
(Loss) income before income tax benefit (expense) | (17,508) | (53,389) | (31,878) | 17,628 | |||||||||||||||||||
Income tax benefit (expense) | |||||||||||||||||||||||
Current | (625) | 18 | (7,578) | (6,805) | |||||||||||||||||||
Deferred | 10,151 | 9,379 | 9,147 | 13,732 | |||||||||||||||||||
Total income tax benefit (expense) | 9,526 | 9,397 | 1,569 | 6,927 | |||||||||||||||||||
Net (loss) income | $ | (7,982) | $ | (43,992) | $ | (30,309) | $ | 24,555 | |||||||||||||||
Net (loss) income attributable to non controlling interests | (18) | 15 | 146 | 15 | |||||||||||||||||||
Net (loss) income attributable to Americold Realty Trust | $ | (7,964) | $ | (44,007) | $ | (30,455) | $ | 24,540 | |||||||||||||||
Weighted average common shares outstanding – basic | 267,499 | 205,984 | 259,056 | 203,255 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 268,179 | 209,928 | 261,126 | 206,940 | |||||||||||||||||||
Net (loss) income per common share of beneficial interest - basic | $ | (0.03) | $ | (0.21) | $ | (0.12) | $ | 0.11 | |||||||||||||||
Net (loss) income per common share of beneficial interest - diluted | $ | (0.03) | $ | (0.21) | $ | (0.12) | $ | 0.11 |
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO | ||||||||||||||||||||||||||
(In thousands, except per share amounts - unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | 2021 | 2020 | ||||||||||||||||||||
Net (loss) income | $ | (7,982) | $ | 5,308 | $ | (13,399) | $ | (14,236) | $ | (43,992) | $ | (30,309) | $ | 24,555 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Real estate related depreciation | 54,816 | 48,217 | 44,871 | 52,280 | 39,128 | 200,184 | 146,417 | |||||||||||||||||||
Net gain on sale of real estate, net of withholding taxes(a) | — | — | — | — | (676) | — | (21,759) | |||||||||||||||||||
Net loss (gain) on asset disposals | 65 | (1) | (13) | (39) | 888 | 12 | 2,045 | |||||||||||||||||||
Impairment charges on real estate assets | — | 224 | 1,528 | — | 2,449 | 1,752 | 5,630 | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | 822 | 463 | 861 | 266 | 182 | 2,412 | 449 | |||||||||||||||||||
NAREIT Funds from operations | $ | 47,721 | $ | 54,211 | $ | 33,848 | $ | 38,271 | $ | (2,021) | 174,051 | 157,337 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Net loss (gain) on sale of non-real estate assets | 861 | (171) | (304) | (119) | 1,112 | 267 | 595 | |||||||||||||||||||
Acquisition, litigation and other | 20,567 | 6,338 | 3,922 | 20,751 | 26,535 | 51,578 | 36,306 | |||||||||||||||||||
Non-core asset impairment | — | — | — | — | (495) | — | 2,606 | |||||||||||||||||||
Share-based compensation expense, IPO grants | — | — | — | 163 | 200 | 163 | 972 | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | 638 | 627 | 925 | 3,499 | 9,194 | 5,689 | 9,975 | |||||||||||||||||||
Bridge loan commitment fees | — | — | — | — | 2,438 | — | 2,438 | |||||||||||||||||||
Foreign currency exchange loss (gain) | 294 | 349 | 140 | (173) | 44,905 | 610 | 45,278 | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | 74 | 122 | 89 | 154 | 39 | 439 | 194 | |||||||||||||||||||
Core FFO applicable to common shareholders | $ | 70,155 | $ | 61,476 | $ | 38,620 | $ | 62,546 | $ | 81,907 | 232,797 | 255,701 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Amortization of deferred financing costs and pension withdrawal liability | 1,104 | 1,088 | 1,085 | 1,148 | 1,202 | 4,425 | 5,147 | |||||||||||||||||||
Non-real estate asset impairment | — | 1,560 | — | — | — | 1,560 | — | |||||||||||||||||||
Amortization of below/above market leases | 843 | 1,017 | 362 | 39 | 37 | 2,261 | 152 | |||||||||||||||||||
Straight-line net rent | (302) | 411 | (170) | (155) | (324) | (216) | (628) | |||||||||||||||||||
Deferred income tax (benefit) expense | (10,151) | (3,562) | 6,568 | (2,002) | (9,379) | (9,147) | (13,732) | |||||||||||||||||||
Share-based compensation expense, excluding IPO grants | 9,112 | 4,291 | 5,467 | 4,867 | 4,371 | 23,737 | 16,939 | |||||||||||||||||||
Non-real estate depreciation and amortization | 32,785 | 22,352 | 39,588 | 24,931 | 19,191 | 119,656 | 69,474 | |||||||||||||||||||
Maintenance capital expenditures(b) | (20,808) | (18,938) | (20,488) | (15,731) | (20,291) | (75,965) | (65,547) | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | (502) | (100) | 711 | 278 | 168 | 387 | 371 | |||||||||||||||||||
Adjusted FFO applicable to common shareholders | $ | 82,236 | $ | 69,595 | $ | 71,743 | $ | 75,921 | $ | 76,882 | 299,495 | 267,877 |
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO (continued) | ||||||||||||||||||||||||||
(In thousands except per share amounts - unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | 2021 | 2020 | ||||||||||||||||||||
NAREIT Funds from operations | $ | 47,721 | $ | 54,211 | $ | 33,848 | $ | 38,271 | $ | (2,021) | $ | 174,051 | $ | 157,337 | ||||||||||||
Core FFO applicable to common shareholders | $ | 70,155 | $ | 61,476 | $ | 38,620 | $ | 62,546 | $ | 81,907 | $ | 232,797 | $ | 255,701 | ||||||||||||
Adjusted FFO applicable to common shareholders | $ | 82,236 | $ | 69,595 | $ | 71,743 | $ | 75,921 | $ | 76,882 | $ | 299,495 | $ | 267,877 | ||||||||||||
Reconciliation of weighted average shares: | ||||||||||||||||||||||||||
Weighted average basic shares for net income calculation | 267,499 | 261,865 | 253,213 | 252,938 | 205,984 | 259,056 | 203,255 | |||||||||||||||||||
Dilutive stock options, unvested restricted stock units, equity forward contracts | 680 | 685 | 3,544 | 3,226 | 3,944 | 2,070 | 3,685 | |||||||||||||||||||
Weighted average dilutive shares | 268,179 | 262,550 | 256,757 | 256,164 | 209,928 | 261,126 | 206,940 | |||||||||||||||||||
NAREIT FFO - basic per share | $ | 0.18 | $ | 0.21 | $ | 0.13 | $ | 0.15 | $ | (0.01) | $ | 0.67 | $ | 0.77 | ||||||||||||
NAREIT FFO - diluted per share | $ | 0.18 | $ | 0.21 | $ | 0.13 | $ | 0.15 | $ | (0.01) | $ | 0.67 | $ | 0.76 | ||||||||||||
Core FFO - basic per share | $ | 0.26 | $ | 0.23 | $ | 0.15 | $ | 0.25 | $ | 0.40 | $ | 0.90 | $ | 1.26 | ||||||||||||
Core FFO - diluted per share | $ | 0.26 | $ | 0.23 | $ | 0.15 | $ | 0.24 | $ | 0.39 | $ | 0.89 | $ | 1.24 | ||||||||||||
Adjusted FFO - basic per share | $ | 0.31 | $ | 0.27 | $ | 0.28 | $ | 0.30 | $ | 0.37 | $ | 1.16 | $ | 1.32 | ||||||||||||
Adjusted FFO - diluted per share | $ | 0.31 | $ | 0.27 | $ | 0.28 | $ | 0.30 | $ | 0.37 | $ | 1.15 | $ | 1.29 | ||||||||||||
(a) | Loss (gain) on sale of real estate, net of withholding tax include withholding tax on the sale of Sydney land which is included in income tax expense on the Consolidated Statement of Operations during 2020. | ||||
(b) | 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. |
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA | ||||||||||||||||||||||||||
(In thousands - unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | 2021 | 2020 | ||||||||||||||||||||
Net (loss) income | $ | (7,982) | $ | 5,308 | $ | (13,399) | $ | (14,236) | $ | (43,992) | $ | (30,309) | $ | 24,555 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Depreciation and amortization | 87,601 | 70,569 | 84,459 | 77,211 | 58,319 | 319,840 | 215,891 | |||||||||||||||||||
Interest expense | 21,339 | 25,303 | 26,579 | 25,956 | 21,367 | 99,177 | 91,481 | |||||||||||||||||||
Income tax (benefit) expense | (9,526) | (226) | 8,974 | (791) | (9,397) | (1,569) | (7,292) | |||||||||||||||||||
EBITDA | $ | 91,432 | $ | 100,954 | $ | 106,613 | $ | 88,140 | $ | 26,297 | $ | 387,139 | $ | 324,635 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Net gain on sale of real estate, net of withholding taxes | — | — | — | — | (676) | — | (21,759) | |||||||||||||||||||
Adjustment to reflect share of EBITDAre of partially owned entities | 4,625 | 1,854 | 1,838 | 649 | 432 | 8,966 | 1,022 | |||||||||||||||||||
NAREIT EBITDAre | $ | 96,057 | $ | 102,808 | $ | 108,451 | $ | 88,789 | $ | 26,053 | $ | 396,105 | $ | 303,898 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Acquisition, litigation and other | 20,567 | 6,338 | 3,922 | 20,751 | 26,535 | 51,578 | 36,306 | |||||||||||||||||||
Loss (income) from investments in partially owned entities | 753 | 490 | 61 | 700 | (4) | 2,004 | 250 | |||||||||||||||||||
Asset impairment | — | 1,784 | 1,528 | — | 1,954 | 3,312 | 8,236 | |||||||||||||||||||
Foreign currency exchange loss (gain) | 294 | 349 | 140 | (173) | 44,905 | 610 | 45,278 | |||||||||||||||||||
Share-based compensation expense | 9,112 | 4,291 | 5,467 | 5,030 | 4,571 | 23,900 | 17,911 | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | 638 | 627 | 925 | 3,499 | 9,194 | 5,689 | 9,975 | |||||||||||||||||||
Bridge loan commitment fees | — | — | — | — | 2,438 | — | 2,438 | |||||||||||||||||||
Loss (gain) on real estate and other asset disposals | 926 | (172) | (317) | (158) | 1,999 | 279 | 2,640 | |||||||||||||||||||
Reduction in EBITDAre from partially owned entities | (4,625) | (1,854) | (1,838) | (649) | (432) | (8,966) | (1,022) | |||||||||||||||||||
Core EBITDA | $ | 123,722 | $ | 114,661 | $ | 118,339 | $ | 117,789 | $ | 117,213 | $ | 474,511 | $ | 425,910 |
Revenue and Contribution (NOI) by Segment | |||||||||||||||||||||||
(in thousands - unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||
Warehouse | $ | 554,155 | $ | 407,811 | $ | 2,085,387 | $ | 1,549,314 | |||||||||||||||
Third-party managed | 84,284 | 78,538 | 317,311 | 291,751 | |||||||||||||||||||
Transportation | 78,041 | 37,329 | 312,092 | 142,203 | |||||||||||||||||||
Other | — | — | — | 4,459 | |||||||||||||||||||
Total revenues | 716,480 | 523,678 | 2,714,790 | 1,987,727 | |||||||||||||||||||
Segment contribution (NOI): | |||||||||||||||||||||||
Warehouse | 150,884 | 145,672 | 586,436 | 520,333 | |||||||||||||||||||
Third-party managed | 3,338 | 1,767 | 13,964 | 12,228 | |||||||||||||||||||
Transportation | 7,172 | 5,043 | 29,376 | 18,807 | |||||||||||||||||||
Other | (27) | (43) | (109) | 130 | |||||||||||||||||||
Total segment contribution (NOI) | 161,367 | 152,439 | 629,667 | 551,498 | |||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Depreciation and amortization | (87,601) | (58,319) | (319,840) | (215,891) | |||||||||||||||||||
Selling, general and administrative | (49,004) | (39,536) | (182,076) | (144,738) | |||||||||||||||||||
Acquisition, litigation and other, net | (20,567) | (26,535) | (51,578) | (36,306) | |||||||||||||||||||
Impairment of long-lived assets | — | (1,954) | (3,312) | (8,236) | |||||||||||||||||||
Gain from sale of real estate | — | 676 | — | 22,124 | |||||||||||||||||||
Interest expense | (21,339) | (21,367) | (99,177) | (91,481) | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | (638) | (9,194) | (5,689) | (9,975) | |||||||||||||||||||
Interest income | 91 | 135 | 841 | 1,162 | |||||||||||||||||||
Bridge loan commitment fees | — | (2,438) | — | (2,438) | |||||||||||||||||||
Foreign currency exchange loss, net | (294) | (44,905) | (610) | (45,278) | |||||||||||||||||||
Other income (expense), net | 1,230 | (2,395) | 1,900 | (2,563) | |||||||||||||||||||
(Loss) income from investments in partially owned entities | (753) | 4 | (2,004) | (250) | |||||||||||||||||||
(Loss) income before income tax benefit (expense) | $ | (17,508) | $ | (53,389) | $ | (31,878) | $ | 17,628 |
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, asset disposals, 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, non-core asset impairment, share-based compensation expense for the IPO retention grants, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments and foreign currency exchange gain or loss. We also adjust for the impact of Core FFO attributable to partially owned entities. We have elected to reflect our share of Core FFO attributable to partially owned entities since the Brazil joint ventures are strategic partnerships which we continue to actively participate in on an ongoing basis. The previous joint venture, the China JV, was considered for disposition during the periods presented. 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, excluding IPO grants, non-real estate depreciation and amortization, 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 annual and quarterly 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 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 our 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, asset impairment, foreign currency exchange gain or loss, share-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, bridge loan commitment fees, 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 EBITDA but which we do not believe are indicative of our core business operations. EBITDA and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDA and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDA and Core EBITDA have limitations as analytical tools, including: |
We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 21 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. | ||
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. |
Financial Supplement | Fourth Quarter 2021 |
Table of Contents | |||||
Overview | PAGE | ||||
Corporate Profile | |||||
Earnings Release | |||||
Selected Quarterly Financial Data | |||||
Financial Information | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Operations | |||||
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO and AFFO | |||||
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA | |||||
Acquisition, Litigation and Other, net | |||||
Debt Detail and Maturities | |||||
Operations Overview | |||||
Revenue and Contribution (NOI) by Segment | |||||
Global Warehouse Economic and Physical Occupancy Trend | |||||
Global Warehouse Portfolio | |||||
Fixed Commitment and Lease Maturity Schedules | |||||
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures | |||||
Total Global Warehouse Segment Financial and Operating Performance | |||||
Global Warehouse Segment Financial Performance | |||||
Same-store Financial Performance | |||||
Same-store Key Operating Metrics | |||||
Same-store Historical Performance Trend | |||||
External Growth and Capital Deployment | |||||
Unconsolidated Joint Ventures (Investments in Partially Owned Entities) | |||||
2022 Guidance | |||||
Notes and Definitions |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Analyst Coverage | ||||||||||||||
Firm | Analyst Name | Contact | ||||||||||||
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 | |||||||||||
Berenberg Capital Markets | Nate Crossett | 646-949-9030 | Nate.Crossett@berenberg-us.com | |||||||||||
Citi | Emmanuel Korchman | 212-816-1382 | emmanuel.korchman@citi.com | |||||||||||
Evercore ISI | Samir Khanal / 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 | Craig Mailman | 917-368-2316 | cmailman@key.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 |
DBRS Morningstar | ||||||||
Credit Rating: | BBB | (Positive Trend) | ||||||
Fitch | ||||||||
Issuer Default Rating: | BBB | (Stable Outlook) | ||||||
Moody’s | ||||||||
Issuer Rating: | Baa3 | (Stable Outlook) |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Three Months Ended December 31, | Change | ||||||||||||||||||||||||||||
Dollars in thousands | 2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | ||||||||||||||||||||||||
TOTAL WAREHOUSE SEGMENT | |||||||||||||||||||||||||||||
Number of total warehouses(2) | 241 | 229 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 233,367 | $ | 234,150 | $ | 173,822 | 34.3 | % | 34.7 | % | |||||||||||||||||||
Warehouse services | 320,788 | 321,873 | 233,989 | 37.1 | % | 37.6 | % | ||||||||||||||||||||||
Total revenue | $ | 554,155 | $ | 556,023 | $ | 407,811 | 35.9 | % | 36.3 | % | |||||||||||||||||||
Global Warehouse contribution (NOI) | $ | 150,884 | $ | 151,472 | $ | 145,672 | 3.6 | % | 4.0 | % | |||||||||||||||||||
Global Warehouse margin | 27.2 | % | 27.2 | % | 35.7 | % | -849 bps | -848 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 4,206 | n/a | 3,367 | 24.9 | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 3,861 | n/a | 3,075 | 25.6 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 5,409 | n/a | 4,252 | 27.2 | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 77.8 | % | n/a | 79.2 | % | -144 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 71.4 | % | n/a | 72.3 | % | -94 bps | n/a | ||||||||||||||||||||||
Total rent and storage revenue per economic occupied pallet | $ | 55.48 | $ | 55.67 | $ | 51.62 | 7.5 | % | 7.8 | % | |||||||||||||||||||
Total rent and storage revenue per physical occupied pallet | $ | 60.43 | $ | 60.64 | $ | 56.52 | 6.9 | % | 7.3 | % | |||||||||||||||||||
Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 10,346 | n/a | 8,290 | 24.8 | % | n/a | |||||||||||||||||||||||
Total warehouse services revenue per throughput pallet | $ | 31.01 | $ | 31.11 | $ | 28.23 | 9.9 | % | 10.2 | % | |||||||||||||||||||
SAME STORE WAREHOUSE | |||||||||||||||||||||||||||||
Number of same store warehouses | 160 | 160 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse same store revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 159,917 | $ | 160,263 | $ | 155,469 | 2.9 | % | 3.1 | % | |||||||||||||||||||
Warehouse services | 218,898 | 219,164 | 213,940 | 2.3 | % | 2.4 | % | ||||||||||||||||||||||
Total same store revenue | $ | 378,815 | $ | 379,427 | $ | 369,409 | 2.5 | % | 2.7 | % | |||||||||||||||||||
Global Warehouse same store contribution (NOI) | $ | 125,901 | $ | 126,073 | $ | 137,139 | (8.2) | % | (8.1) | % | |||||||||||||||||||
Global Warehouse same store margin | 33.2 | % | 33.2 | % | 37.1 | % | -389 bps | -390 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 2,977 | n/a | 3,029 | (1.7) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 2,653 | n/a | 2,752 | (3.6) | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 3,746 | n/a | 3,751 | (0.1) | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 79.5 | % | n/a | 80.8 | % | -129 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 70.8 | % | n/a | 73.4 | % | -255 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenue per economic occupied pallet | $ | 53.72 | $ | 53.84 | $ | 51.33 | 4.7 | % | 4.9 | % | |||||||||||||||||||
Same store rent and storage revenue per physical occupied pallet | $ | 60.29 | $ | 60.42 | $ | 56.50 | 6.7 | % | 6.9 | % | |||||||||||||||||||
Global Warehouse same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 7,340 | n/a | 7,440 | (1.3) | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenue per throughput pallet | $ | 29.82 | $ | 29.86 | $ | 28.76 | 3.7 | % | 3.8 | % |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
Dollars in thousands | 2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | ||||||||||||||||||||||||
TOTAL WAREHOUSE SEGMENT | |||||||||||||||||||||||||||||
Number of total warehouses(2) | 241 | 229 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 876,153 | $ | 867,924 | $ | 666,150 | 31.5 | % | 30.3 | % | |||||||||||||||||||
Warehouse services | 1,209,234 | 1,191,387 | 883,164 | 36.9 | % | 34.9 | % | ||||||||||||||||||||||
Total revenue | $ | 2,085,387 | $ | 2,059,311 | $ | 1,549,314 | 34.6 | % | 32.9 | % | |||||||||||||||||||
Global Warehouse contribution (NOI) | $ | 586,436 | $ | 579,189 | $ | 520,333 | 12.7 | % | 11.3 | % | |||||||||||||||||||
Global Warehouse margin | 28.1 | % | 28.1 | % | 33.6 | % | -546 bps | -546 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 4,048 | n/a | 3,233 | 25.2 | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 3,701 | n/a | 2,966 | 24.8 | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 5,290 | n/a | 4,095 | 29.2 | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 76.5 | % | n/a | 78.9 | % | -244 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 70.0 | % | n/a | 72.4 | % | -246 bps | n/a | ||||||||||||||||||||||
Total rent and storage revenue per economic occupied pallet | $ | 216.46 | $ | 214.43 | $ | 206.03 | 5.1 | % | 4.1 | % | |||||||||||||||||||
Total rent and storage revenue per physical occupied pallet | $ | 236.72 | $ | 234.50 | $ | 224.60 | 5.4 | % | 4.4 | % | |||||||||||||||||||
Global Warehouse services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 39,937 | n/a | 32,124 | 24.3 | % | n/a | |||||||||||||||||||||||
Total warehouse services revenue per throughput pallet | $ | 30.28 | $ | 29.83 | $ | 27.49 | 10.1 | % | 8.5 | % | |||||||||||||||||||
SAME STORE WAREHOUSE | |||||||||||||||||||||||||||||
Number of same store warehouses | 160 | 160 | n/a | n/a | |||||||||||||||||||||||||
Global Warehouse same store revenue: | |||||||||||||||||||||||||||||
Rent and storage | $ | 615,387 | $ | 612,311 | $ | 613,933 | 0.2 | % | (0.3) | % | |||||||||||||||||||
Warehouse services | 849,049 | 836,973 | 831,679 | 2.1 | % | 0.6 | % | ||||||||||||||||||||||
Total same store revenue | $ | 1,464,436 | $ | 1,449,284 | $ | 1,445,612 | 1.3 | % | 0.3 | % | |||||||||||||||||||
Global Warehouse same store contribution (NOI) | $ | 477,521 | $ | 473,248 | $ | 502,256 | (4.9) | % | (5.8) | % | |||||||||||||||||||
Global Warehouse same store margin | 32.6 | % | 32.7 | % | 34.7 | % | -214 bps | -209 bps | |||||||||||||||||||||
Units in thousands except per pallet data | |||||||||||||||||||||||||||||
Global Warehouse same store rent and storage metrics: | |||||||||||||||||||||||||||||
Average economic occupied pallets | 2,886 | n/a | 3,003 | (3.9) | % | n/a | |||||||||||||||||||||||
Average physical occupied pallets | 2,564 | n/a | 2,747 | (6.6) | % | n/a | |||||||||||||||||||||||
Average physical pallet positions | 3,748 | n/a | 3,741 | 0.2 | % | n/a | |||||||||||||||||||||||
Economic occupancy percentage | 77.0 | % | n/a | 80.3 | % | -327 bps | n/a | ||||||||||||||||||||||
Physical occupancy percentage | 68.4 | % | n/a | 73.4 | % | -500 bps | n/a | ||||||||||||||||||||||
Same store rent and storage revenue per economic occupied pallet | $ | 213.22 | $ | 212.16 | $ | 204.43 | 4.3 | % | 3.8 | % | |||||||||||||||||||
Same store rent and storage revenue per physical occupied pallet | $ | 240.00 | $ | 238.80 | $ | 223.52 | 7.4 | % | 6.8 | % | |||||||||||||||||||
Global Warehouse same store services metrics: | |||||||||||||||||||||||||||||
Throughput pallets | 29,096 | n/a | 29,949 | (2.8) | % | n/a | |||||||||||||||||||||||
Same store warehouse services revenue per throughput pallet | $ | 29.18 | $ | 28.77 | $ | 27.77 | 5.1 | % | 3.6 | % |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
In thousands, except per share amounts - unaudited | As of | ||||||||||||||||
Capitalization: | Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | ||||||||||||
Fully diluted common shares outstanding at quarter end(1) | 271,044 | 269,073 | 263,676 | 257,392 | 256,829 | ||||||||||||
Common stock share price at quarter end | $32.79 | $29.05 | $37.85 | $38.47 | $37.73 | ||||||||||||
Market value of common equity | $8,887,533 | $7,816,571 | $9,980,137 | $9,901,870 | $9,690,158 | ||||||||||||
Gross debt (2) | $3,130,620 | $2,998,817 | $2,874,481 | $2,778,873 | $2,975,204 | ||||||||||||
Less: cash and cash equivalents | 82,958 | 152,770 | 316,077 | 287,691 | 621,051 | ||||||||||||
Net debt | $3,047,662 | $2,846,047 | $2,558,404 | $2,491,182 | $2,354,153 | ||||||||||||
Total enterprise value | $11,935,195 | $10,662,618 | $12,538,541 | $12,393,052 | $12,044,311 | ||||||||||||
Net debt / total enterprise value | 25.5 | % | 26.7 | % | 20.4 | % | 20.1 | % | 19.5 | % | |||||||
Net debt to pro forma Core EBITDA(2) | 6.10x | 5.49x | 4.88x | 4.79x | 4.43x | ||||||||||||
Three Months Ended | |||||||||||||||||
Selected Operational Data: | Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | ||||||||||||
Warehouse segment revenue | $554,155 | $542,047 | $503,734 | $485,451 | $407,811 | ||||||||||||
Total revenue | 716,480 | 708,808 | 654,707 | 634,795 | 523,678 | ||||||||||||
Operating income | 4,195 | 31,535 | 22,905 | 14,226 | 26,771 | ||||||||||||
Net (loss) income | (7,982) | 5,308 | (13,399) | (14,236) | (43,992) | ||||||||||||
Total warehouse segment contribution (NOI) (3) | 150,884 | 144,992 | 144,379 | 146,181 | 145,672 | ||||||||||||
Total segment contribution (NOI) (3) | 161,367 | 155,771 | 155,289 | 157,240 | 152,439 | ||||||||||||
Selected Other Data: | |||||||||||||||||
Core EBITDA (4) | $123,722 | $114,661 | $118,339 | $117,789 | $117,213 | ||||||||||||
Core funds from operations (1) | 70,155 | 61,476 | 38,620 | 62,546 | 81,907 | ||||||||||||
Adjusted funds from operations (1) | 82,236 | 69,595 | 71,743 | 75,921 | 76,882 | ||||||||||||
Earnings Measurements: | |||||||||||||||||
Net (loss) income per share - basic | $(0.03) | $0.02 | $(0.05) | $(0.06) | $(0.21) | ||||||||||||
Net (loss) income per share - diluted | $(0.03) | $0.02 | $(0.05) | $(0.06) | $(0.21) | ||||||||||||
Core FFO per diluted share (4) | $0.26 | $0.23 | $0.15 | $0.24 | $0.39 | ||||||||||||
AFFO per diluted share (4) | $0.31 | $0.27 | $0.28 | $0.30 | $0.37 | ||||||||||||
Dividend distributions declared per common share (5) | $0.22 | $0.22 | $0.22 | $0.22 | $0.21 | ||||||||||||
Diluted AFFO payout ratio (6) | 71.0 | % | 81.5 | % | 78.6 | % | 73.3 | % | 56.8 | % | |||||||
Portfolio Statistics: | |||||||||||||||||
Total global warehouses | 250 | 248 | 246 | 242 | 238 | ||||||||||||
Average economic occupancy | 77.8 | % | 75.9 | % | 75.2 | % | 77.0 | % | 79.2 | % | |||||||
Average physical occupancy | 71.4 | % | 69.3 | % | 68.8 | % | 70.3 | % | 72.3 | % | |||||||
Total global same-store warehouses | 160 | 162 | 162 | 162 | 135 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Americold Realty Trust and Subsidiaries | |||||||||||
Consolidated Balance Sheets (Unaudited) | |||||||||||
(In thousands, except shares and per share amounts) | |||||||||||
December 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Property, buildings and equipment: | |||||||||||
Land | $ | 807,495 | $ | 662,885 | |||||||
Buildings and improvements | 4,152,763 | 4,004,824 | |||||||||
Machinery and equipment | 1,352,399 | 1,177,572 | |||||||||
Assets under construction | 450,153 | 303,531 | |||||||||
6,762,810 | 6,148,812 | ||||||||||
Accumulated depreciation | (1,634,909) | (1,382,298) | |||||||||
Property, buildings and equipment – net | 5,127,901 | 4,766,514 | |||||||||
Operating lease right-of-use assets | 377,536 | 291,797 | |||||||||
Accumulated depreciation – operating leases | (57,483) | (24,483) | |||||||||
Operating leases – net | 320,053 | 267,314 | |||||||||
Financing leases: | |||||||||||
Buildings and improvements | 13,552 | 60,513 | |||||||||
Machinery and equipment | 146,341 | 109,416 | |||||||||
159,893 | 169,929 | ||||||||||
Accumulated depreciation – financing leases | (58,165) | (40,937) | |||||||||
Financing leases – net | 101,728 | 128,992 | |||||||||
Cash, cash equivalents and restricted cash | 82,958 | 621,051 | |||||||||
Accounts receivable – net of allowance of $18,755 and $12,286 at December 31, 2021 and December 31, 2020, respectively | 380,014 | 324,221 | |||||||||
Identifiable intangible assets – net | 980,966 | 797,423 | |||||||||
Goodwill | 1,072,980 | 794,335 | |||||||||
Investments in partially owned entities | 37,458 | 44,907 | |||||||||
Other assets | 112,139 | 86,394 | |||||||||
Total assets | $ | 8,216,197 | $ | 7,831,151 | |||||||
Liabilities and equity | |||||||||||
Liabilities: | |||||||||||
Borrowings under revolving line of credit | $ | 399,314 | $ | — | |||||||
Accounts payable and accrued expenses | 559,412 | 552,547 | |||||||||
Mortgage notes, senior unsecured notes and term loans – net of deferred financing costs of $11,050 and $15,952 in the aggregate, at December 31, 2021 and December 31, 2020, respectively | 2,443,806 | 2,648,266 | |||||||||
Sale-leaseback financing obligations | 178,817 | 185,060 | |||||||||
Financing lease obligations | 97,633 | 125,926 | |||||||||
Operating lease obligations | 301,765 | 269,147 | |||||||||
Unearned revenue | 26,143 | 19,209 | |||||||||
Pension and postretirement benefits | 2,843 | 9,145 | |||||||||
Deferred tax liability – net | 169,209 | 220,502 | |||||||||
Multiemployer pension plan withdrawal liability | 8,179 | 8,528 | |||||||||
Total liabilities | 4,187,121 | 4,038,330 | |||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Common shares of beneficial interest, $0.01 par value – 500,000,000 and 325,000,000 authorized shares; 268,282,592 and 251,702,603 issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 2,683 | 2,517 | |||||||||
Paid-in capital | 5,171,690 | 4,687,823 | |||||||||
Accumulated deficit and distributions in excess of net earnings | (1,157,888) | (895,521) | |||||||||
Accumulated other comprehensive income (loss) | 4,522 | (4,379) | |||||||||
Total shareholders’ equity | 4,021,007 | 3,790,440 | |||||||||
Noncontrolling interests: | |||||||||||
Noncontrolling interests in operating partnership and consolidated joint venture | 8,069 | 2,381 | |||||||||
Total equity | 4,029,076 | 3,792,821 | |||||||||
Total liabilities and equity | $ | 8,216,197 | $ | 7,831,151 |
Financial Supplement | Fourth Quarter 2021 |
Americold Realty Trust and Subsidiaries | |||||||||||||||||||||||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rent, storage and warehouse services | $ | 554,155 | $ | 407,811 | $ | 2,085,387 | $ | 1,549,314 | |||||||||||||||
Third-party managed services | 84,284 | 78,538 | 317,311 | 291,751 | |||||||||||||||||||
Transportation services | 78,041 | 37,329 | 312,092 | 142,203 | |||||||||||||||||||
Other | — | — | — | 4,459 | |||||||||||||||||||
Total revenues | 716,480 | 523,678 | 2,714,790 | 1,987,727 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Rent, storage and warehouse services cost of operations | 403,271 | 262,139 | 1,498,951 | 1,028,981 | |||||||||||||||||||
Third-party managed services cost of operations | 80,946 | 76,771 | 303,347 | 279,523 | |||||||||||||||||||
Transportation services cost of operations | 70,869 | 32,286 | 282,716 | 123,396 | |||||||||||||||||||
Cost of operations related to other revenues | 27 | 43 | 109 | 4,329 | |||||||||||||||||||
Depreciation and amortization | 87,601 | 58,319 | 319,840 | 215,891 | |||||||||||||||||||
Selling, general and administrative | 49,004 | 39,536 | 182,076 | 144,738 | |||||||||||||||||||
Acquisition, litigation and other, net | 20,567 | 26,535 | 51,578 | 36,306 | |||||||||||||||||||
Impairment of long-lived assets | — | 1,954 | 3,312 | 8,236 | |||||||||||||||||||
Gain from sale of real estate | — | (676) | — | (22,124) | |||||||||||||||||||
Total operating expenses | 712,285 | 496,907 | 2,641,929 | 1,819,276 | |||||||||||||||||||
Operating income | 4,195 | 26,771 | 72,861 | 168,451 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (21,339) | (21,367) | (99,177) | (91,481) | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | (638) | (9,194) | (5,689) | (9,975) | |||||||||||||||||||
Interest income | 91 | 135 | 841 | 1,162 | |||||||||||||||||||
Bridge loan commitment fees | — | (2,438) | — | (2,438) | |||||||||||||||||||
Foreign currency exchange loss, net | (294) | (44,905) | (610) | (45,278) | |||||||||||||||||||
Other income (expense), net | 1,230 | (2,395) | 1,900 | (2,563) | |||||||||||||||||||
Gain from sale of partially owned entities | — | — | — | — | |||||||||||||||||||
(Loss) income from investments in partially owned entities | (753) | 4 | (2,004) | (250) | |||||||||||||||||||
(Loss) income before income tax benefit (expense) | (17,508) | (53,389) | (31,878) | 17,628 | |||||||||||||||||||
Income tax benefit (expense) | |||||||||||||||||||||||
Current | (625) | 18 | (7,578) | (6,805) | |||||||||||||||||||
Deferred | 10,151 | 9,379 | 9,147 | 13,732 | |||||||||||||||||||
Total income tax benefit (expense) | 9,526 | 9,397 | 1,569 | 6,927 | |||||||||||||||||||
Net (loss) income | $ | (7,982) | $ | (43,992) | $ | (30,309) | $ | 24,555 | |||||||||||||||
Net (loss) income attributable to non controlling interests | (18) | 15 | 146 | 15 | |||||||||||||||||||
Net (loss) income attributable to Americold Realty Trust | $ | (7,964) | $ | (44,007) | $ | (30,455) | $ | 24,540 | |||||||||||||||
Weighted average common shares outstanding – basic | 267,499 | 205,984 | 259,056 | 203,255 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 268,179 | 209,928 | 261,126 | 206,940 | |||||||||||||||||||
Net (loss) income per common share of beneficial interest - basic | $ | (0.03) | $ | (0.21) | $ | (0.12) | $ | 0.11 | |||||||||||||||
Net (loss) income per common share of beneficial interest - diluted | $ | (0.03) | $ | (0.21) | $ | (0.12) | $ | 0.11 |
Financial Supplement | Fourth Quarter 2021 |
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO | ||||||||||||||||||||||||||
(In thousands, except per share amounts - unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | 2021 | 2020 | ||||||||||||||||||||
Net (loss) income | $ | (7,982) | $ | 5,308 | $ | (13,399) | $ | (14,236) | $ | (43,992) | $ | (30,309) | $ | 24,555 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Real estate related depreciation | 54,816 | 48,217 | 44,871 | 52,280 | 39,128 | 200,184 | 146,417 | |||||||||||||||||||
Net gain on sale of real estate, net of withholding taxes(a) | — | — | — | — | (676) | — | (21,759) | |||||||||||||||||||
Net loss (gain) on asset disposals | 65 | (1) | (13) | (39) | 888 | 12 | 2,045 | |||||||||||||||||||
Impairment charges on real estate assets | — | 224 | 1,528 | — | 2,449 | 1,752 | 5,630 | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | 822 | 463 | 861 | 266 | 182 | 2,412 | 449 | |||||||||||||||||||
NAREIT Funds from operations | $ | 47,721 | $ | 54,211 | $ | 33,848 | $ | 38,271 | $ | (2,021) | 174,051 | 157,337 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Net loss (gain) on sale of non-real estate assets | 861 | (171) | (304) | (119) | 1,112 | 267 | 595 | |||||||||||||||||||
Acquisition, litigation and other | 20,567 | 6,338 | 3,922 | 20,751 | 26,535 | 51,578 | 36,306 | |||||||||||||||||||
Non-core asset impairment | — | — | — | — | (495) | — | 2,606 | |||||||||||||||||||
Share-based compensation expense, IPO grants | — | — | — | 163 | 200 | 163 | 972 | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | 638 | 627 | 925 | 3,499 | 9,194 | 5,689 | 9,975 | |||||||||||||||||||
Bridge loan commitment fees | — | — | — | — | 2,438 | — | 2,438 | |||||||||||||||||||
Foreign currency exchange loss (gain) | 294 | 349 | 140 | (173) | 44,905 | 610 | 45,278 | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | 74 | 122 | 89 | 154 | 39 | 439 | 194 | |||||||||||||||||||
Core FFO applicable to common shareholders | $ | 70,155 | $ | 61,476 | $ | 38,620 | $ | 62,546 | $ | 81,907 | 232,797 | 255,701 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Amortization of deferred financing costs and pension withdrawal liability | 1,104 | 1,088 | 1,085 | 1,148 | 1,202 | 4,425 | 5,147 | |||||||||||||||||||
Non-real estate asset impairment | — | 1,560 | — | — | — | 1,560 | — | |||||||||||||||||||
Amortization of below/above market leases | 843 | 1,017 | 362 | 39 | 37 | 2,261 | 152 | |||||||||||||||||||
Straight-line net rent | (302) | 411 | (170) | (155) | (324) | (216) | (628) | |||||||||||||||||||
Deferred income tax (benefit) expense | (10,151) | (3,562) | 6,568 | (2,002) | (9,379) | (9,147) | (13,732) | |||||||||||||||||||
Share-based compensation expense, excluding IPO grants | 9,112 | 4,291 | 5,467 | 4,867 | 4,371 | 23,737 | 16,939 | |||||||||||||||||||
Non-real estate depreciation and amortization | 32,785 | 22,352 | 39,588 | 24,931 | 19,191 | 119,656 | 69,474 | |||||||||||||||||||
Maintenance capital expenditures(b) | (20,808) | (18,938) | (20,488) | (15,731) | (20,291) | (75,965) | (65,547) | |||||||||||||||||||
Our share of reconciling items related to partially owned entities | (502) | (100) | 711 | 278 | 168 | 387 | 371 | |||||||||||||||||||
Adjusted FFO applicable to common shareholders | $ | 82,236 | $ | 69,595 | $ | 71,743 | $ | 75,921 | $ | 76,882 | 299,495 | 267,877 |
Financial Supplement | Fourth Quarter 2021 |
Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and AFFO (continued) | ||||||||||||||||||||||||||
(In thousands except per share amounts - unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | 2021 | 2020 | ||||||||||||||||||||
NAREIT Funds from operations | $ | 47,721 | $ | 54,211 | $ | 33,848 | $ | 38,271 | $ | (2,021) | $ | 174,051 | $ | 157,337 | ||||||||||||
Core FFO applicable to common shareholders | $ | 70,155 | $ | 61,476 | $ | 38,620 | $ | 62,546 | $ | 81,907 | $ | 232,797 | $ | 255,701 | ||||||||||||
Adjusted FFO applicable to common shareholders | $ | 82,236 | $ | 69,595 | $ | 71,743 | $ | 75,921 | $ | 76,882 | $ | 299,495 | $ | 267,877 | ||||||||||||
Reconciliation of weighted average shares: | ||||||||||||||||||||||||||
Weighted average basic shares for net income calculation | 267,499 | 261,865 | 253,213 | 252,938 | 205,984 | 259,056 | 203,255 | |||||||||||||||||||
Dilutive stock options, unvested restricted stock units, equity forward contracts | 680 | 685 | 3,544 | 3,226 | 3,944 | 2,070 | 3,685 | |||||||||||||||||||
Weighted average dilutive shares | 268,179 | 262,550 | 256,757 | 256,164 | 209,928 | 261,126 | 206,940 | |||||||||||||||||||
NAREIT FFO - basic per share | $ | 0.18 | $ | 0.21 | $ | 0.13 | $ | 0.15 | $ | (0.01) | $ | 0.67 | $ | 0.77 | ||||||||||||
NAREIT FFO - diluted per share | $ | 0.18 | $ | 0.21 | $ | 0.13 | $ | 0.15 | $ | (0.01) | $ | 0.67 | $ | 0.76 | ||||||||||||
Core FFO - basic per share | $ | 0.26 | $ | 0.23 | $ | 0.15 | $ | 0.25 | $ | 0.40 | $ | 0.90 | $ | 1.26 | ||||||||||||
Core FFO - diluted per share | $ | 0.26 | $ | 0.23 | $ | 0.15 | $ | 0.24 | $ | 0.39 | $ | 0.89 | $ | 1.24 | ||||||||||||
Adjusted FFO - basic per share | $ | 0.31 | $ | 0.27 | $ | 0.28 | $ | 0.30 | $ | 0.37 | $ | 1.16 | $ | 1.32 | ||||||||||||
Adjusted FFO - diluted per share | $ | 0.31 | $ | 0.27 | $ | 0.28 | $ | 0.30 | $ | 0.37 | $ | 1.15 | $ | 1.29 | ||||||||||||
(a) | Loss (gain) on sale of real estate, net of withholding tax include withholding tax on the sale of Sydney land which is included in income tax expense on the Consolidated Statement of Operations during 2020. | ||||
(b) | 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. |
Financial Supplement | Fourth Quarter 2021 |
Reconciliation of Net (Loss) Income to EBITDA, NAREIT EBITDAre, and Core EBITDA | ||||||||||||||||||||||||||
(In thousands - unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | 2021 | 2020 | ||||||||||||||||||||
Net (loss) income | $ | (7,982) | $ | 5,308 | $ | (13,399) | $ | (14,236) | $ | (43,992) | $ | (30,309) | $ | 24,555 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Depreciation and amortization | 87,601 | 70,569 | 84,459 | 77,211 | 58,319 | 319,840 | 215,891 | |||||||||||||||||||
Interest expense | 21,339 | 25,303 | 26,579 | 25,956 | 21,367 | 99,177 | 91,481 | |||||||||||||||||||
Income tax (benefit) expense | (9,526) | (226) | 8,974 | (791) | (9,397) | (1,569) | (7,292) | |||||||||||||||||||
EBITDA | $ | 91,432 | $ | 100,954 | $ | 106,613 | $ | 88,140 | $ | 26,297 | $ | 387,139 | $ | 324,635 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Net gain on sale of real estate, net of withholding taxes | — | — | — | — | (676) | — | (21,759) | |||||||||||||||||||
Adjustment to reflect share of EBITDAre of partially owned entities | 4,625 | 1,854 | 1,838 | 649 | 432 | 8,966 | 1,022 | |||||||||||||||||||
NAREIT EBITDAre | $ | 96,057 | $ | 102,808 | $ | 108,451 | $ | 88,789 | $ | 26,053 | $ | 396,105 | $ | 303,898 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Acquisition, litigation and other | 20,567 | 6,338 | 3,922 | 20,751 | 26,535 | 51,578 | 36,306 | |||||||||||||||||||
Loss (income) from investments in partially owned entities | 753 | 490 | 61 | 700 | (4) | 2,004 | 250 | |||||||||||||||||||
Asset impairment | — | 1,784 | 1,528 | — | 1,954 | 3,312 | 8,236 | |||||||||||||||||||
Foreign currency exchange loss (gain) | 294 | 349 | 140 | (173) | 44,905 | 610 | 45,278 | |||||||||||||||||||
Share-based compensation expense | 9,112 | 4,291 | 5,467 | 5,030 | 4,571 | 23,900 | 17,911 | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | 638 | 627 | 925 | 3,499 | 9,194 | 5,689 | 9,975 | |||||||||||||||||||
Bridge loan commitment fees | — | — | — | — | 2,438 | — | 2,438 | |||||||||||||||||||
Loss (gain) on real estate and other asset disposals | 926 | (172) | (317) | (158) | 1,999 | 279 | 2,640 | |||||||||||||||||||
Reduction in EBITDAre from partially owned entities | (4,625) | (1,854) | (1,838) | (649) | (432) | (8,966) | (1,022) | |||||||||||||||||||
Core EBITDA | $ | 123,722 | $ | 114,661 | $ | 118,339 | $ | 117,789 | $ | 117,213 | $ | 474,511 | $ | 425,910 |
Financial Supplement | Fourth Quarter 2021 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
Acquisition, litigation and other, net | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Acquisition and integration related costs | $ | 16,414 | $ | 18,188 | $ | 39,265 | $ | 26,466 | |||||||||||||||
Litigation | 1,275 | 52 | 2,217 | 310 | |||||||||||||||||||
Severance costs | 6,058 | 67 | 8,908 | 1,089 | |||||||||||||||||||
Terminated site operations costs | 806 | 644 | 884 | 124 | |||||||||||||||||||
Cyber incident related costs, net of insurance recoveries | (3,986) | 7,908 | (447) | 7,908 | |||||||||||||||||||
Other, net | — | (324) | 751 | 409 | |||||||||||||||||||
Total acquisition, litigation and other, net | $ | 20,567 | $ | 26,535 | $ | 51,578 | $ | 36,306 |
Financial Supplement | Fourth Quarter 2021 |
Debt Detail and Maturities | |||||||||||||||||||||||
(In thousands - unaudited) | |||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||
Indebtedness: | Carrying Value | Contractual Interest Rate(3) | Effective Interest Rate(4) | Stated Maturity Date(5) | |||||||||||||||||||
Unsecured Debt | |||||||||||||||||||||||
2020 Senior Unsecured Revolving Credit Facility-1(1)(2)(7)(10) | $ | 43,516 | C+0.85% | 1.83% | 3/2025 | ||||||||||||||||||
2020 Senior Unsecured Revolving Credit Facility-2(1)(2)(9)(11) | 92,694 | S+0.85% | 1.61% | 3/2025 | |||||||||||||||||||
2020 Senior Unsecured Revolving Credit Facility-3(1)(2)(13)(14) | 58,104 | B+0.85% | 1.45% | 3/2025 | |||||||||||||||||||
2020 Senior Unsecured Revolving Credit Facility-4(1)(2) | 205,000 | L+0.85% | 1.48% | 3/2025 | |||||||||||||||||||
2020 Senior Unsecured Term Loan A Facility Tranche A-1(2)(6) | 175,000 | L+0.95% | 1.33% | 3/2025 | |||||||||||||||||||
2020 Senior Unsecured Term Loan A Facility Tranche A-2(2)(7) | 197,800 | C+0.95% | 1.55% | 3/2025 | |||||||||||||||||||
Series A notes | 200,000 | 4.68% | 4.77% | 1/2026 | |||||||||||||||||||
Series B notes | 400,000 | 4.86% | 4.92% | 1/2029 | |||||||||||||||||||
Series C notes | 350,000 | 4.10% | 4.15% | 1/2030 | |||||||||||||||||||
Series D notes(8) | 454,800 | 1.62% | 1.67% | 1/2031 | |||||||||||||||||||
Series E notes(8) | 397,950 | 1.65% | 1.70% | 1/2033 | |||||||||||||||||||
Total Unsecured Debt | 2,574,864 | 2.55% | 2.71% | 6.7 years | |||||||||||||||||||
2013 Mortgage Loans (15 cross-collateralized warehouses) | |||||||||||||||||||||||
Senior Note | 167,545 | 3.81% | 4.14% | 5/2023 | |||||||||||||||||||
Mezzanine A | 70,000 | 7.38% | 7.55% | 5/2023 | |||||||||||||||||||
Mezzanine B | 32,000 | 11.50% | 11.75% | 5/2023 | |||||||||||||||||||
Total 2013 Mortgage Loans | 269,545 | 5.45% | 5.72% | 1.3 years | |||||||||||||||||||
Chile Mortgage Loans(12) | 9,761 | 4.01% | 4.01% | 2022 - 2029 | |||||||||||||||||||
Total Real Estate Debt | $ | 2,854,170 | 2.84% | 3.00% | 6.2 years | ||||||||||||||||||
Sale-leaseback financing obligations | 178,817 | 10.99% | |||||||||||||||||||||
Financing lease obligations | 97,633 | 3.38% | |||||||||||||||||||||
Total Debt Outstanding | $ | 3,130,620 | 3.32% | ||||||||||||||||||||
Less: unamortized deferred financing costs | (11,050) | ||||||||||||||||||||||
Total Book Value of Debt | $ | 3,119,570 | |||||||||||||||||||||
Rate Type | % of Total | ||||||||||||||||||||||
Fixed | $ | 2,358,506 | 75% | ||||||||||||||||||||
Variable | 772,114 | 25% | |||||||||||||||||||||
Total Debt Outstanding | $ | 3,130,620 | 100% | ||||||||||||||||||||
Debt Type | % of Total | ||||||||||||||||||||||
Unsecured | $ | 2,574,864 | 82% | ||||||||||||||||||||
Secured | 555,756 | 18% | |||||||||||||||||||||
Total Debt Outstanding | $ | 3,130,620 | 100% |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Revenue and Contribution (NOI) by Segment | |||||||||||||||||||||||
(in thousands - unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||
Warehouse | $ | 554,155 | $ | 407,811 | $ | 2,085,387 | $ | 1,549,314 | |||||||||||||||
Third-party managed | 84,284 | 78,538 | 317,311 | 291,751 | |||||||||||||||||||
Transportation | 78,041 | 37,329 | 312,092 | 142,203 | |||||||||||||||||||
Other | — | — | — | 4,459 | |||||||||||||||||||
Total revenues | 716,480 | 523,678 | 2,714,790 | 1,987,727 | |||||||||||||||||||
Segment contribution (NOI): | |||||||||||||||||||||||
Warehouse | 150,884 | 145,672 | 586,436 | 520,333 | |||||||||||||||||||
Third-party managed | 3,338 | 1,767 | 13,964 | 12,228 | |||||||||||||||||||
Transportation | 7,172 | 5,043 | 29,376 | 18,807 | |||||||||||||||||||
Other | (27) | (43) | (109) | 130 | |||||||||||||||||||
Total segment contribution (NOI) | 161,367 | 152,439 | 629,667 | 551,498 | |||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Depreciation and amortization | (87,601) | (58,319) | (319,840) | (215,891) | |||||||||||||||||||
Selling, general and administrative | (49,004) | (39,536) | (182,076) | (144,738) | |||||||||||||||||||
Acquisition, litigation and other, net | (20,567) | (26,535) | (51,578) | (36,306) | |||||||||||||||||||
Impairment of long-lived assets | — | (1,954) | (3,312) | (8,236) | |||||||||||||||||||
Gain from sale of real estate | — | 676 | — | 22,124 | |||||||||||||||||||
Interest expense | (21,339) | (21,367) | (99,177) | (91,481) | |||||||||||||||||||
Loss on debt extinguishment, modifications and termination of derivative instruments | (638) | (9,194) | (5,689) | (9,975) | |||||||||||||||||||
Interest income | 91 | 135 | 841 | 1,162 | |||||||||||||||||||
Bridge loan commitment fees | — | (2,438) | — | (2,438) | |||||||||||||||||||
Foreign currency exchange loss, net | (294) | (44,905) | (610) | (45,278) | |||||||||||||||||||
Other income (expense), net | 1,230 | (2,395) | 1,900 | (2,563) | |||||||||||||||||||
(Loss) income from investments in partially owned entities | (753) | 4 | (2,004) | (250) | |||||||||||||||||||
(Loss) income before income tax benefit (expense) | $ | (17,508) | $ | (53,389) | $ | (31,878) | $ | 17,628 |
Financial Supplement | Fourth Quarter 2021 |
FY | Q1 | Q2 | Q3 | Q4 |
Financial Supplement | Fourth Quarter 2021 |
Country / Region | # of warehouses | Cubic feet (in millions) | % of total cubic feet | Pallet positions (in thousands) | Average economic occupancy (1) | Average physical occupancy (1) | Revenues (2) (in millions) | Segment contribution (NOI) (2)(3) (in millions) | Total customers (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Warehouse Segment Portfolio (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East | 38 | 293.4 | 21 | % | 946 | 81 | % | 72 | % | $ | 438.5 | $ | 109.3 | 1,047 | ||||||||||||||||||||||||||||||||||||||||||
Southeast | 60 | 340.2 | 24 | % | 1,093 | 73 | % | 66 | % | 438.5 | 106.7 | 889 | ||||||||||||||||||||||||||||||||||||||||||||
Central | 51 | 305.8 | 21 | % | 1,301 | 76 | % | 69 | % | 443.4 | 149.3 | 957 | ||||||||||||||||||||||||||||||||||||||||||||
West | 38 | 237.2 | 17 | % | 991 | 67 | % | 61 | % | 281.6 | 88.3 | 612 | ||||||||||||||||||||||||||||||||||||||||||||
Canada | 6 | 33.7 | 2 | % | 117 | 82 | % | 82 | % | 41.3 | 15.3 | 103 | ||||||||||||||||||||||||||||||||||||||||||||
North America Total | 193 | 1,210.3 | 85 | % | 4,448 | 75 | % | 68 | % | $ | 1,643.3 | $ | 468.9 | 2,697 | ||||||||||||||||||||||||||||||||||||||||||
Netherlands | 7 | 36.7 | 3 | % | 123 | 77 | % | 77 | % | 67.9 | 13.6 | 473 | ||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 6 | 40.1 | 3 | % | 247 | 86 | % | 86 | % | 43.4 | 13.3 | 138 | ||||||||||||||||||||||||||||||||||||||||||||
Spain | 4 | 15.2 | 1 | % | 55 | 62 | % | 62 | % | 18.3 | 4.0 | 304 | ||||||||||||||||||||||||||||||||||||||||||||
Portugal | 4 | 11.5 | 1 | % | 54 | 84 | % | 84 | % | 16.9 | 5.2 | 201 | ||||||||||||||||||||||||||||||||||||||||||||
Ireland | 3 | 9.5 | 1 | % | 35 | 99 | % | 99 | % | 13.9 | 5.3 | 135 | ||||||||||||||||||||||||||||||||||||||||||||
Austria | 1 | 4.2 | — | % | 42 | 87 | % | 87 | % | 21.7 | 6.1 | 163 | ||||||||||||||||||||||||||||||||||||||||||||
Poland | 2 | 3.5 | — | % | 14 | 80 | % | 80 | % | 4.6 | 0.1 | 72 | ||||||||||||||||||||||||||||||||||||||||||||
Europe Total | 27 | 120.7 | 8 | % | 569 | 82 | % | 82 | % | $ | 186.7 | $ | 47.6 | 1,382 | ||||||||||||||||||||||||||||||||||||||||||
Australia | 11 | 57.3 | 4 | % | 157 | 94 | % | 78 | % | 202.0 | 50.5 | 126 | ||||||||||||||||||||||||||||||||||||||||||||
New Zealand | 7 | 20.4 | 1 | % | 71 | 90 | % | 83 | % | 35.2 | 13.0 | 60 | ||||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific Total | 18 | 77.7 | 5 | % | 228 | 93 | % | 80 | % | $ | 237.2 | $ | 63.5 | 182 | ||||||||||||||||||||||||||||||||||||||||||
Argentina | 2 | 9.7 | 1 | % | 23 | 71 | % | 71 | % | 8.4 | 2.2 | 47 | ||||||||||||||||||||||||||||||||||||||||||||
Chile | 1 | 7.6 | 1 | % | 23 | 105 | % | 105 | % | 9.8 | 4.2 | 32 | ||||||||||||||||||||||||||||||||||||||||||||
South America Total | 3 | 17.3 | 1 | % | 46 | 88 | % | 88 | % | $ | 18.2 | $ | 6.4 | 79 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse Segment Total / Average | 241 | 1,426.0 | 100 | % | 5,290 | 85 | % | 82 | % | $ | 2,085.4 | $ | 586.4 | 4,319 | ||||||||||||||||||||||||||||||||||||||||||
Third-Party Managed Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 7 | 38.5 | 88 | % | — | — | — | $ | 293.2 | $ | 9.5 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Canada | 1 | 5.3 | 12 | % | — | — | — | 2.7 | 0.7 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
North America Total / Average | 8 | 43.8 | 100 | % | — | — | — | $ | 295.9 | $ | 10.2 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific | 1 | — | — | % | — | — | — | 21.4 | 3.8 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Third-Party Managed Total / Average | 9 | 43.8 | 100 | % | — | — | — | $ | 317.3 | $ | 14.0 | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Total / Average | 250 | 1,469.8 | 100 | % | 5,290 | 76 | % | 70 | % | $ | 2,402.7 | $ | 600.4 | 4,319 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Contract Expiration Year | Number of Contracts | Annualized Committed Rent & Storage Revenue (in thousands) | % of Total Warehouse Rent & Storage Segment Revenue for the Year Ended December 31, 2021 | Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Year Ended December 31, 2021(1) (in thousands) | Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands) | |||||||||||||||||||||||||||
Month-to-Month | 42 | $ | 38,804 | 4.3 | % | $ | 220,491 | $ | 38,807 | |||||||||||||||||||||||
2022 | 90 | 94,216 | 10.4 | % | 233,156 | 98,150 | ||||||||||||||||||||||||||
2023 | 51 | 76,330 | 8.4 | % | 159,142 | 78,819 | ||||||||||||||||||||||||||
2024 | 45 | 49,758 | 5.5 | % | 118,131 | 53,464 | ||||||||||||||||||||||||||
2025 | 13 | 21,218 | 2.3 | % | 42,455 | 23,113 | ||||||||||||||||||||||||||
2026 | 14 | 35,013 | 3.9 | % | 61,022 | 35,585 | ||||||||||||||||||||||||||
2027 | 5 | 6,131 | 0.7 | % | 10,836 | 6,583 | ||||||||||||||||||||||||||
2028 | 2 | 1,163 | 0.1 | % | 4,659 | 1,166 | ||||||||||||||||||||||||||
2029 and thereafter | 10 | 33,848 | 3.7 | % | 60,303 | 38,260 | ||||||||||||||||||||||||||
Total | 272 | $ | 356,481 | 39.3 | % | $ | 910,195 | $ | 373,947 |
Financial Supplement | Fourth Quarter 2021 |
Lease Expiration Year | No. of Leases Expiring | Annualized Rent(1) (in thousands) | % of Total Warehouse Rent & Storage Segment Revenue for the Year Ended December 31, 2021 | Leased Square Footage (in thousands) | % Leased Square Footage | Annualized Rent at Expiration(2) (in thousands) | ||||||||||||||||||||||||||||||||
Month-to-Month | 5 | $ | 954 | 0.1 | % | 119 | 4.0 | % | $ | 957 | ||||||||||||||||||||||||||||
2022 | 31 | 8,745 | 1.0 | % | 500 | 16.7 | % | 11,245 | ||||||||||||||||||||||||||||||
2023 | 11 | 6,600 | 0.7 | % | 734 | 24.5 | % | 6,652 | ||||||||||||||||||||||||||||||
2024 | 12 | 4,142 | 0.5 | % | 724 | 24.1 | % | 4,579 | ||||||||||||||||||||||||||||||
2025 | 7 | 4,343 | 0.5 | % | 321 | 10.7 | % | 4,701 | ||||||||||||||||||||||||||||||
2026 | 4 | 3,100 | 0.3 | % | 304 | 10.1 | % | 3,426 | ||||||||||||||||||||||||||||||
2027 and thereafter | 7 | 5,082 | 0.6 | % | 296 | 9.9 | % | 6,932 | ||||||||||||||||||||||||||||||
Total | 77 | $ | 32,966 | 3.6 | % | 2,998 | 100 | % | $ | 38,492 |
Financial Supplement | Fourth Quarter 2021 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per cubic foot amounts) | |||||||||||||||||||||||
Real estate | $ | 17,279 | $ | 16,541 | $ | 62,677 | $ | 55,967 | |||||||||||||||
Personal property | 1,387 | 801 | 5,828 | 4,768 | |||||||||||||||||||
Information technology | 2,142 | 2,948 | 7,460 | 4,812 | |||||||||||||||||||
Maintenance capital expenditures (1) | $ | 20,808 | $ | 20,290 | $ | 75,965 | $ | 65,547 | |||||||||||||||
Maintenance capital expenditures per cubic foot | $ | 0.014 | $ | 0.014 | $ | 0.052 | $ | 0.055 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per cubic foot amounts) | |||||||||||||||||||||||
Real estate | $ | 10,852 | $ | 6,519 | $ | 31,612 | $ | 27,797 | |||||||||||||||
Personal property | 12,274 | 7,339 | 53,006 | 30,105 | |||||||||||||||||||
Repair and maintenance expenses | $ | 23,126 | $ | 13,858 | $ | 84,618 | $ | 57,902 | |||||||||||||||
Repair and maintenance expenses per cubic foot | $ | 0.016 | $ | 0.010 | $ | 0.058 | $ | 0.049 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Acquisitions, net of cash acquired and adjustments | $ | 125,037 | $ | 1,485,083 | $ | 741,353 | $ | 1,858,937 | |||||||||||||||
Asset acquisitions | 53,641 | — | 53,641 | 25,638 | |||||||||||||||||||
Expansion and development initiatives(2) | 81,427 | 124,209 | 324,499 | 298,794 | |||||||||||||||||||
Information technology | 2,376 | 2,635 | 7,630 | 7,804 | |||||||||||||||||||
Growth and expansion capital expenditures | $ | 262,481 | $ | 1,611,927 | $ | 1,127,123 | $ | 2,191,173 |
Financial Supplement | Fourth Quarter 2021 |
Three Months Ended December 31, | Change | ||||||||||||||||||||||||||||
2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | |||||||||||||||||||||||||
(Dollars in thousands - unaudited) | |||||||||||||||||||||||||||||
Rent and storage | $ | 233,367 | $ | 234,150 | $ | 173,822 | 34.3 | % | 34.7 | % | |||||||||||||||||||
Warehouse services | 320,788 | 321,873 | 233,989 | 37.1 | % | 37.6 | % | ||||||||||||||||||||||
Total warehouse segment revenue | $ | 554,155 | $ | 556,023 | $ | 407,811 | 35.9 | % | 36.3 | % | |||||||||||||||||||
Power | 32,220 | 32,358 | 21,615 | 49.1 | % | 49.7 | % | ||||||||||||||||||||||
Other facilities costs (2) | 53,029 | 53,158 | 34,716 | 52.8 | % | 53.1 | % | ||||||||||||||||||||||
Labor | 250,308 | 250,974 | 174,952 | 43.1 | % | 43.5 | % | ||||||||||||||||||||||
Other services costs (3) | 67,714 | 68,061 | 30,856 | 119.5 | % | 120.6 | % | ||||||||||||||||||||||
Total warehouse segment cost of operations | $ | 403,271 | $ | 404,551 | $ | 262,139 | 53.8 | % | 54.3 | % | |||||||||||||||||||
Warehouse segment contribution (NOI) | $ | 150,884 | $ | 151,472 | $ | 145,672 | 3.6 | % | 4.0 | % | |||||||||||||||||||
Warehouse rent and storage contribution (NOI) (4) | $ | 148,118 | $ | 148,634 | $ | 117,491 | 26.1 | % | 26.5 | % | |||||||||||||||||||
Warehouse services contribution (NOI) (5) | $ | 2,766 | $ | 2,838 | $ | 28,181 | (90.2) | % | (89.9) | % | |||||||||||||||||||
Total warehouse segment margin | 27.2 | % | 27.2 | % | 35.7 | % | -849 bps | -848 bps | |||||||||||||||||||||
Rent and storage margin(6) | 63.5 | % | 63.5 | % | 67.6 | % | -412 bps | -411 bps | |||||||||||||||||||||
Warehouse services margin(7) | 0.9 | % | 0.9 | % | 12.0 | % | -1118 bps | -1116 bps |
Financial Supplement | Fourth Quarter 2021 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Rent and storage | $ | 876,153 | $ | 867,924 | $ | 666,150 | 31.5 | % | 30.3 | % | |||||||||||||||||||
Warehouse services | 1,209,234 | 1,191,387 | 883,164 | 36.9 | % | 34.9 | % | ||||||||||||||||||||||
Total warehouse segment revenues | 2,085,387 | 2,059,311 | 1,549,314 | 34.6 | % | 32.9 | % | ||||||||||||||||||||||
Power | 129,535 | 128,456 | 90,533 | 43.1 | % | 41.9 | % | ||||||||||||||||||||||
Other facilities costs (2) | 208,172 | 205,970 | 137,215 | 51.7 | % | 50.1 | % | ||||||||||||||||||||||
Labor | 934,782 | 920,894 | 677,039 | 38.1 | % | 36.0 | % | ||||||||||||||||||||||
Other services costs (3) | 226,462 | 224,802 | 124,194 | 82.3 | % | 81.0 | % | ||||||||||||||||||||||
Total warehouse segment cost of operations | $ | 1,498,951 | $ | 1,480,122 | $ | 1,028,981 | 45.7 | % | 43.8 | % | |||||||||||||||||||
Warehouse segment contribution (NOI) | $ | 586,436 | $ | 579,189 | $ | 520,333 | 12.7 | % | 11.3 | % | |||||||||||||||||||
Warehouse rent and storage contribution (NOI) (4) | $ | 538,446 | $ | 533,498 | $ | 438,402 | 22.8 | % | 21.7 | % | |||||||||||||||||||
Warehouse services contribution (NOI) (5) | $ | 47,990 | $ | 45,691 | $ | 81,931 | (41.4) | % | (44.2) | % | |||||||||||||||||||
Total warehouse segment margin | 28.1 | % | 28.1 | % | 33.6 | % | -546 bps | -546 bps | |||||||||||||||||||||
Rent and storage margin(6) | 61.5 | % | 61.5 | % | 65.8 | % | -436 bps | -434 bps | |||||||||||||||||||||
Warehouse services margin(7) | 4.0 | % | 3.8 | % | 9.3 | % | -531 bps | -544 bps |
Financial Supplement | Fourth Quarter 2021 |
Three Months Ended December 31, | Change | ||||||||||||||||||||||||||||
2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | |||||||||||||||||||||||||
Number of same store warehouses | 160 | 160 | n/a | n/a | |||||||||||||||||||||||||
Same store revenues: | (Dollars in thousands - unaudited) | ||||||||||||||||||||||||||||
Rent and storage | $ | 159,917 | $ | 160,263 | $ | 155,469 | 2.9 | % | 3.1 | % | |||||||||||||||||||
Warehouse services | 218,898 | 219,164 | 213,940 | 2.3 | % | 2.4 | % | ||||||||||||||||||||||
Total same store revenues | $ | 378,815 | $ | 379,427 | $ | 369,409 | 2.5 | % | 2.7 | % | |||||||||||||||||||
Same store cost of operations: | |||||||||||||||||||||||||||||
Power | 19,876 | 19,940 | 19,556 | 1.6 | % | 2.0 | % | ||||||||||||||||||||||
Other facilities costs | 30,626 | 30,696 | 29,463 | 3.9 | % | 4.2 | % | ||||||||||||||||||||||
Labor | 170,753 | 171,021 | 156,576 | 9.1 | % | 9.2 | % | ||||||||||||||||||||||
Other services costs | 31,659 | 31,697 | 26,675 | 18.7 | % | 18.8 | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 252,914 | $ | 253,354 | $ | 232,270 | 8.9 | % | 9.1 | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 125,901 | $ | 126,073 | $ | 137,139 | (8.2) | % | (8.1) | % | |||||||||||||||||||
Same store rent and storage contribution (NOI)(2) | $ | 109,415 | $ | 109,627 | $ | 106,450 | 2.8 | % | 3.0 | % | |||||||||||||||||||
Same store services contribution (NOI)(3) | $ | 16,486 | $ | 16,446 | $ | 30,689 | (46.3) | % | (46.4) | % | |||||||||||||||||||
Total same store margin | 33.2 | % | 33.2 | % | 37.1 | % | -389 bps | -390 bps | |||||||||||||||||||||
Same store rent and storage margin(4) | 68.4 | % | 68.4 | % | 68.5 | % | -5 bps | -7 bps | |||||||||||||||||||||
Same store services margin(5) | 7.5 | % | 7.5 | % | 14.3 | % | -681 bps | -684 bps | |||||||||||||||||||||
Number of non-same store warehouses(6) | 81 | 69 | n/a | n/a | |||||||||||||||||||||||||
Non-same store revenues: | |||||||||||||||||||||||||||||
Rent and storage | $ | 73,450 | $ | 73,887 | $ | 18,353 | 300.2 | % | 302.6 | % | |||||||||||||||||||
Warehouse services | 101,890 | 102,709 | 20,049 | 408.2 | % | 412.3 | % | ||||||||||||||||||||||
Total non-same store revenues | $ | 175,340 | $ | 176,596 | $ | 38,402 | 356.6 | % | 359.9 | % | |||||||||||||||||||
Non-same store cost of operations: | |||||||||||||||||||||||||||||
Power | 12,344 | 12,418 | 2,059 | 499.5 | % | 503.1 | % | ||||||||||||||||||||||
Other facilities costs | 22,403 | 22,462 | 5,253 | 326.5 | % | 327.6 | % | ||||||||||||||||||||||
Labor | 79,555 | 79,953 | 18,376 | 332.9 | % | 335.1 | % | ||||||||||||||||||||||
Other services costs | 36,055 | 36,364 | 4,181 | 762.4 | % | 769.7 | % | ||||||||||||||||||||||
Total non-same store cost of operations | $ | 150,357 | $ | 151,197 | $ | 29,869 | 403.4 | % | 406.2 | % | |||||||||||||||||||
Non-same store contribution (NOI) | $ | 24,983 | $ | 25,399 | $ | 8,533 | 192.8 | % | 197.7 | % | |||||||||||||||||||
Non-same store rent and storage contribution (NOI)(2) | $ | 38,703 | $ | 39,007 | $ | 11,041 | 250.5 | % | 253.3 | % | |||||||||||||||||||
Non-same store services contribution (NOI)(3) | $ | (13,720) | $ | (13,608) | $ | (2,508) | (447.0) | % | (442.6) | % | |||||||||||||||||||
Total warehouse segment revenues | $ | 554,155 | $ | 556,023 | $ | 407,811 | 35.9 | % | 36.3 | % | |||||||||||||||||||
Total warehouse cost of operations | $ | 403,271 | $ | 404,551 | $ | 262,139 | 53.8 | % | 54.3 | % | |||||||||||||||||||
Total warehouse segment contribution (NOI) | $ | 150,884 | $ | 151,472 | $ | 145,672 | 3.6 | % | 4.0 | % |
(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 81 includes 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, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and eleven legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership. |
Financial Supplement | Fourth Quarter 2021 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
2021 actual | 2021 constant currency(1) | 2020 actual | Actual | Constant currency | |||||||||||||||||||||||||
Number of same store warehouses | 160 | 160 | n/a | n/a | |||||||||||||||||||||||||
Same store revenues: | (Dollars in thousands) | ||||||||||||||||||||||||||||
Rent and storage | $ | 615,387 | $ | 612,311 | $ | 613,933 | 0.2 | % | (0.3) | % | |||||||||||||||||||
Warehouse services | 849,049 | 836,973 | 831,679 | 2.1 | % | 0.6 | % | ||||||||||||||||||||||
Total same store revenues | 1,464,436 | 1,449,284 | 1,445,612 | 1.3 | % | 0.3 | % | ||||||||||||||||||||||
Same store cost of operations: | |||||||||||||||||||||||||||||
Power | 84,844 | 84,697 | 84,018 | 1.0 | % | 0.8 | % | ||||||||||||||||||||||
Other facilities costs | 126,534 | 125,808 | 122,705 | 3.1 | % | 2.5 | % | ||||||||||||||||||||||
Labor | 658,237 | 648,565 | 624,609 | 5.4 | % | 3.8 | % | ||||||||||||||||||||||
Other services costs | 117,300 | 116,966 | 112,024 | 4.7 | % | 4.4 | % | ||||||||||||||||||||||
Total same store cost of operations | $ | 986,915 | $ | 976,036 | $ | 943,356 | 4.6 | % | 3.5 | % | |||||||||||||||||||
Same store contribution (NOI) | $ | 477,521 | $ | 473,248 | $ | 502,256 | (4.9) | % | (5.8) | % | |||||||||||||||||||
Same store rent and storage contribution (NOI)(2) | $ | 404,009 | $ | 401,806 | $ | 407,210 | (0.8) | % | (1.3) | % | |||||||||||||||||||
Same store services contribution (NOI)(3) | $ | 73,512 | $ | 71,442 | $ | 95,046 | (22.7) | % | (24.8) | % | |||||||||||||||||||
Total same store margin | 32.6 | % | 32.7 | % | 34.7 | % | -214 bps | -209 bps | |||||||||||||||||||||
Same store rent and storage margin(4) | 65.7 | % | 65.6 | % | 66.3 | % | -68 bps | -71 bps | |||||||||||||||||||||
Same store services margin(5) | 8.7 | % | 8.5 | % | 11.4 | % | -277 bps | -289 bps | |||||||||||||||||||||
Number of non-same store warehouses(6) | 81 | 69 | n/a | n/a | |||||||||||||||||||||||||
Non-same store revenues: | |||||||||||||||||||||||||||||
Rent and storage | $ | 260,766 | $ | 255,613 | $ | 52,216 | 399.4 | % | 389.5 | % | |||||||||||||||||||
Warehouse services | 360,185 | 354,414 | 51,486 | 599.6 | % | 588.4 | % | ||||||||||||||||||||||
Total non-same store revenues | 620,951 | 610,027 | 103,702 | 498.8 | % | 488.2 | % | ||||||||||||||||||||||
Non-same store cost of operations: | |||||||||||||||||||||||||||||
Power | 44,691 | 43,759 | 6,515 | 586.0 | % | 571.7 | % | ||||||||||||||||||||||
Other facilities costs | 81,638 | 80,162 | 14,509 | 462.7 | % | 452.5 | % | ||||||||||||||||||||||
Labor | 276,546 | 272,329 | 52,431 | 427.4 | % | 419.4 | % | ||||||||||||||||||||||
Other services costs | 109,161 | 107,836 | 12,170 | 797.0 | % | 786.1 | % | ||||||||||||||||||||||
Total non-same store cost of operations | $ | 512,036 | $ | 504,086 | $ | 85,625 | 498.0 | % | 488.7 | % | |||||||||||||||||||
Non-same store contribution (NOI) | $ | 108,915 | $ | 105,941 | $ | 18,077 | 502.5 | % | 486.1 | % | |||||||||||||||||||
Non-same store rent and storage contribution (NOI)(2) | $ | 134,437 | $ | 131,692 | $ | 31,192 | 331.0 | % | 322.2 | % | |||||||||||||||||||
Non-same store services contribution (NOI)(3) | $ | (25,522) | $ | (25,751) | $ | (13,115) | (94.6) | % | (96.3) | % | |||||||||||||||||||
Total warehouse segment revenues | $ | 2,085,387 | $ | 2,059,311 | $ | 1,549,314 | 34.6 | % | 32.9 | % | |||||||||||||||||||
Total warehouse cost of operations | $ | 1,498,951 | $ | 1,480,122 | $ | 1,028,981 | 45.7 | % | 43.8 | % | |||||||||||||||||||
Total warehouse segment contribution (NOI) | $ | 586,436 | $ | 579,189 | $ | 520,333 | 12.7 | % | 11.3 | % |
(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 81 includes 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, 46 warehouses acquired through the Agro acquisition on December 30, 2020, eight warehouses acquired through the Hall’s acquisition on November 2, 2020, three warehouses acquired through the Casper’s and AM-C warehouse acquisitions on August 31, 2020 and eleven legacy facilities. During the third quarter of 2021, a leased facility from the Liberty Freezers acquisition was exited upon expiration of the lease. The results of these acquisitions are reflected in the results above since date of ownership. |
Financial Supplement | Fourth Quarter 2021 |
Three Months Ended December 31, | Change | ||||||||||||||||
Units in thousands except per pallet and site data - unaudited | 2021 | 2020 | |||||||||||||||
Number of same store warehouses | 160 | 160 | n/a | ||||||||||||||
Same store rent and storage: | |||||||||||||||||
Economic occupancy(1) | |||||||||||||||||
Average economic occupied pallets | 2,977 | 3,029 | (1.7) | % | |||||||||||||
Economic occupancy percentage | 79.5 | % | 80.8 | % | -129 bps | ||||||||||||
Same store rent and storage revenues per economic occupied pallet | $ | 53.72 | $ | 51.33 | 4.7 | % | |||||||||||
Constant currency same store rent and storage revenue per economic occupied pallet | $ | 53.84 | $ | 51.33 | 4.9 | % | |||||||||||
Physical occupancy(2) | |||||||||||||||||
Average physical occupied pallets | 2,653 | 2,752 | (3.6) | % | |||||||||||||
Average physical pallet positions | 3,746 | 3,751 | (0.1) | % | |||||||||||||
Physical occupancy percentage | 70.8 | % | 73.4 | % | -255 bps | ||||||||||||
Same store rent and storage revenues per physical occupied pallet | $ | 60.29 | $ | 56.50 | 6.7 | % | |||||||||||
Constant currency same store rent and storage revenues per physical occupied pallet | $ | 60.42 | $ | 56.50 | 6.9 | % | |||||||||||
Same store warehouse services: | |||||||||||||||||
Throughput pallets | 7,340 | 7,440 | (1.3) | % | |||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 29.82 | $ | 28.76 | 3.7 | % | |||||||||||
Constant currency same store warehouse services revenues per throughput pallet | $ | 29.86 | $ | 28.76 | 3.8 | % | |||||||||||
Number of non-same store warehouses(3) | 81 | 69 | n/a | ||||||||||||||
Non-same store rent and storage: | |||||||||||||||||
Economic occupancy(1) | |||||||||||||||||
Average economic occupied pallets | 1,229 | 338 | 263.3 | % | |||||||||||||
Economic occupancy percentage | 73.9 | % | 67.5 | % | 636 bps | ||||||||||||
Physical occupancy(2) | |||||||||||||||||
Average physical occupied pallets | 1,209 | 324 | 273.6 | % | |||||||||||||
Average physical pallet positions | 1,663 | 501 | 232.0 | % | |||||||||||||
Physical occupancy percentage | 72.7 | % | 64.6 | % | 810 bps | ||||||||||||
Non-same store warehouse services: | |||||||||||||||||
Throughput pallets | 3,006 | 850 | 253.6 | % |
Financial Supplement | Fourth Quarter 2021 |
Year Ended December 31, | |||||||||||||||||
Units in thousands except per pallet and site number data - unaudited | 2021 | 2020 | Change | ||||||||||||||
Number of same store sites | 160 | 160 | n/a | ||||||||||||||
Same store rent and storage: | |||||||||||||||||
Economic occupancy(1) | |||||||||||||||||
Average occupied economic pallets | 2,886 | 3,003 | (3.9) | % | |||||||||||||
Economic occupancy percentage | 77.0 | % | 80.3 | % | -327 bps | ||||||||||||
Same store rent and storage revenues per economic occupied pallet | $ | 213.22 | $ | 204.43 | 4.3 | % | |||||||||||
Constant currency same store rent and storage revenues per economic occupied pallet | $ | 212.16 | $ | 204.43 | 3.8 | % | |||||||||||
Physical occupancy(2) | |||||||||||||||||
Average physical occupied pallets | 2,564 | 2,747 | (6.6) | % | |||||||||||||
Average physical pallet positions | 3,748 | 3,741 | 0.2 | % | |||||||||||||
Physical occupancy percentage | 68.4 | % | 73.4 | % | -500 bps | ||||||||||||
Same store rent and storage revenues per physical occupied pallet | $ | 240.00 | $ | 223.52 | 7.4 | % | |||||||||||
Constant currency same store rent and storage revenues per physical occupied pallet | $ | 238.80 | $ | 223.52 | 6.8 | % | |||||||||||
Same store warehouse services: | |||||||||||||||||
Throughput pallets (in thousands) | 29,096 | 29,949 | (2.8) | % | |||||||||||||
Same store warehouse services revenues per throughput pallet | $ | 29.18 | $ | 27.77 | 5.1 | % | |||||||||||
Constant currency same store warehouse services revenues per throughput pallet | $ | 28.77 | $ | 27.77 | 3.6 | % | |||||||||||
Number of non-same store sites(3) | 81 | 69 | n/a | ||||||||||||||
Non-same store rent and storage: | |||||||||||||||||
Economic occupancy(1) | |||||||||||||||||
Average economic occupied pallets | 1,161 | 230 | 405.0 | % | |||||||||||||
Economic occupancy percentage | 75.3 | % | 65.0 | % | 1036 bps | ||||||||||||
Physical occupancy(2) | |||||||||||||||||
Average physical occupied pallets | 1,137 | 219 | 418.6 | % | |||||||||||||
Average physical pallet positions | 1,542 | 354 | 335.6 | % | |||||||||||||
Physical occupancy percentage | 73.7 | % | 61.9 | % | 1180 bps | ||||||||||||
Non-same store warehouse services: | |||||||||||||||||
Throughput pallets (in thousands) | 10,841 | 2,175 | 398.4 | % |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20 | Q3 20 | Q2 20 | Q1 20 | ||||||||||||||||||||||||||||||||||||||||
Actual FX rates for the period | |||||||||||||||||||||||||||||||||||||||||||||||
1 ARS = | 0.010 | 0.010 | 0.011 | 0.011 | 0.013 | 0.014 | 0.015 | 0.016 | |||||||||||||||||||||||||||||||||||||||
1 AUS = | 0.729 | 0.735 | 0.769 | 0.773 | 0.731 | 0.715 | 0.668 | 0.657 | |||||||||||||||||||||||||||||||||||||||
1 BRL = | 0.179 | 0.191 | 0.191 | 0.183 | 0.185 | 0.186 | 0.186 | 0.208 | |||||||||||||||||||||||||||||||||||||||
1 CAD = | 0.794 | 0.794 | 0.811 | 0.790 | 0.767 | 0.751 | 0.726 | 0.744 | |||||||||||||||||||||||||||||||||||||||
1 CLP = | 0.001 | 0.001 | 0.001 | 0.001 | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||||||
1 EUR = | 1.144 | 1.179 | 1.208 | 1.205 | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||||||
1 GBP = | 1.348 | 1.378 | 1.394 | 1.379 | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||||||
1 NZD = | 0.695 | 0.701 | 0.716 | 0.719 | 0.687 | 0.662 | 0.626 | 0.634 | |||||||||||||||||||||||||||||||||||||||
1 PLN = | 0.248 | 0.258 | 0.267 | 0.265 | n/a | n/a | n/a | n/a |
Financial Supplement | Fourth Quarter 2021 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
Q4 21 | Q3 21 | Q2 21 | Q1 21 | 2021 | |||||||||||||||||||||||||
Number of same store warehouses | 216 | 216 | 216 | 216 | 216 | ||||||||||||||||||||||||
Same store revenues: | |||||||||||||||||||||||||||||
Rent and storage | $206,052 | $204,052 | $196,566 | $194,203 | $800,873 | ||||||||||||||||||||||||
Warehouse services | 288,858 | 294,506 | 277,168 | 268,591 | 1,129,123 | ||||||||||||||||||||||||
Total same store revenues | $494,910 | $498,558 | $473,734 | $462,794 | $1,929,996 | ||||||||||||||||||||||||
Same store cost of operations: | |||||||||||||||||||||||||||||
Power | 27,817 | 34,755 | 29,474 | 24,776 | 116,822 | ||||||||||||||||||||||||
Other facilities costs | 46,102 | 47,639 | 47,002 | 46,727 | 187,470 | ||||||||||||||||||||||||
Labor | 220,410 | 223,019 | 207,773 | 200,950 | 852,152 | ||||||||||||||||||||||||
Other services costs | 56,567 | 52,545 | 46,437 | 44,448 | 199,997 | ||||||||||||||||||||||||
Total same store cost of operations | $350,896 | $357,958 | $330,686 | $316,901 | $1,356,441 | ||||||||||||||||||||||||
Same store contribution (NOI) | $144,014 | $140,600 | $143,048 | $145,893 | $573,555 | ||||||||||||||||||||||||
Same store rent and storage contribution (NOI)(1) | $132,133 | $121,658 | $120,090 | $122,700 | $496,581 | ||||||||||||||||||||||||
Same store services contribution (NOI)(2) | $11,881 | $18,942 | $22,958 | $23,193 | $76,974 | ||||||||||||||||||||||||
Total same store margin | 29.1 | % | 28.2 | % | 30.2 | % | 31.5 | % | 29.7 | % | |||||||||||||||||||
Same store rent and storage margin(3) | 64.1 | % | 59.6 | % | 61.1 | % | 63.2 | % | 62.0 | % | |||||||||||||||||||
Same store services margin(4) | 4.1 | % | 6.4 | % | 8.3 | % | 8.6 | % | 6.8 | % | |||||||||||||||||||
Same store rent and storage: | |||||||||||||||||||||||||||||
Economic occupancy | |||||||||||||||||||||||||||||
Average economic occupied pallets | 3,849 | 3,735 | 3,682 | 3,766 | 3,758 | ||||||||||||||||||||||||
Economic occupancy percentage | 78.7 | % | 76.5 | % | 75.4 | % | 77.4 | % | 77.0 | % | |||||||||||||||||||
Same store rent and storage revenues per economic occupied pallet | $53.53 | $54.62 | $53.38 | $51.56 | $213.10 | ||||||||||||||||||||||||
Physical occupancy | |||||||||||||||||||||||||||||
Average physical occupied pallets | 3,524 | 3,408 | 3,367 | 3,442 | 3,435 | ||||||||||||||||||||||||
Average physical pallet positions | 4,890 | 4,880 | 4,882 | 4,869 | 4,880 | ||||||||||||||||||||||||
Physical occupancy percentage | 72.1 | % | 69.8 | % | 69.0 | % | 70.7 | % | 70.4 | % | |||||||||||||||||||
Same store rent and storage revenues per physical occupied pallet | $58.47 | $59.87 | $58.39 | $56.43 | $233.15 | ||||||||||||||||||||||||
Same store warehouse services: | |||||||||||||||||||||||||||||
Throughput pallets | 9,280 | 9,328 | 9,213 | 8,945 | 36,766 | ||||||||||||||||||||||||
Same store warehouse services revenues per throughput pallet | $31.13 | $31.57 | $30.08 | $30.03 | $30.71 | ||||||||||||||||||||||||
Financial Supplement | Fourth Quarter 2021 |
Recently Completed Expansion and Development Projects | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Facility | Opportunity Type | Facility Type (A = Automated) (C = Conventional) | Tenant Opportunity | Cubic Feet (in millions) | Pallet Positions (in thousands) | Estimated Total Cost (in millions)(1) | NOI ROIC | Completion Date | Expected Full Stabilized Quarter | |||||||||||||||||||||||||||||||||||||||||||||||
Rochelle, IL(2) | Expansion | Distribution (A) | Multi-tenant | 15.7 | 54 | $107.2 | 7-9% | Q2 2019 | Q4 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Chesapeake, VA | Expansion | Public (C) | Multi-tenant | 4.5 | 12 | $26.2 | 10-12% | Q4 2019 | Q1 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
N. Little Rock, AR | Expansion | Public(C) | Multi-tenant | 3.2 | 12 | $19.2 | 10-12% | Q4 2019 | Q1 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Columbus, OH | Expansion | Public (C) | Multi-tenant | 1.5 | 5 | $7.0 | 14-15% | Q1 2020 | Q2 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Savannah, GA(3) | Development | Distribution (C) | Multi-tenant | 14.8 | 37 | $69.5 | 7-9% | Q2 2020 | Q3 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA(4) | Expansion /Redevelopment | Distribution (A) | Multi-tenant | 18.3 | 60 | $130.0 | 10-15% | Q2 2021 | Q1 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Auckland, New Zealand | Expansion | Distribution (C) | Multi-tenant | 4.6 | 27 | NZ$64.0 | 12-14% | Q2 2021 | Q3 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Lurgan, Northern Ireland | Expansion | Distribution (C) | Multi-tenant | 0.7 | 4 | £6.6 | 10-12% | Q2 2021 | Q3 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Calgary, Canada | Expansion | Distribution (C) | Multi-tenant | 2.0 | 7 | C$13.2 | 10-12% | Q3 2021 | Q1 2023 |
Financial Supplement | Fourth Quarter 2021 |
Recent Acquisitions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Facility | Metropolitan Area | No. of Facilities | Cubic Feet (in millions) | Pallet Positions (in thousands) | Acquisition Price (in millions) | Net Entry NOI Yield (1) | Expected Three Year Stabilized NOI ROIC | Date Purchased | Expected Full Stabilized Quarter | |||||||||||||||||||||||||||||||||||||||||||||||
AM-C Warehouses | DFW, TX | 2 | 13.8 | 45 | $85.0 | 7.4 | % | 8-10% | 8/31/2020 | Q4 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Caspers Cold Storage | Tampa, FL | 1 | 3.2 | 12 | $25.5 | — | % | 9-10% | 8/31/2020 | Q4 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Halls Warehouse Corp(2) | New Jersey | 8 | 58.0 | 200 | $480.0 | 6.3 | % | 7-8% | 11/2/2020 | Q1 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Agro Merchants Group (2)(3)(4) | US, Europe, South America, Australia | 46 | 236.0 | 853 | $1,699.0 | 6.5 | % | 7.5-8.5% | 12/30/2020 | Q1 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
Liberty Freezers | Canada | 4 | 10.4 | 42 | C$57.8 | 7.0 | % | 8-9% | 3/1/2021 | Q2 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
KMT Brrr!(2) | 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(5) | St. Louis | 2 | 2.8 | 12 | $20.5 | 10.7 | % | 12-13% | 8/2/2021 | Q4 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Newark Facility Management(6) | New Jersey | 1 | 11.5 | 17 | $376.5 | 6.1 | % | 6.5-7.5% | 9/1/2021 | Q4 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Brighton(7) | 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 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
Financial Supplement | Fourth Quarter 2021 |
As of | |||||
Feb. 24, 2022 | |||||
Warehouse segment same store revenue growth (constant currency) | (2)% - 0% | ||||
Warehouse segment same store NOI growth (constant currency) | 0- 200 bps higher than associated revenue | ||||
Managed and Transportation segment NOI | $44M - $50M | ||||
Total selling, general and administrative expense (inclusive of share-based compensation expense of $30M - $34M ) | $210M- $229M | ||||
Current income tax expense | $7M - $12M | ||||
Deferred income tax benefit (expense) | ($6M) - ($9M) | ||||
Non real estate depreciation and amortization expense | $120M - $140M | ||||
Total maintenance capital expenditures | $75M - $85M | ||||
Development starts (1) | $100M - $200M | ||||
AFFO per share | $1.00 - $1.10 | ||||
Assumed FX rates | 1 ARS = 0.010 USD 1 AUS = 0.727 USD 1 BRL = 0.017 USD 1 CAD = 0.7925USD 1 CLP = 0.001 USD 1 EUR = 1.13 USD 1 GBP = 1.33 USD 1 NZD =0.685 USD 1 PLN = 0.245 USD |
Financial Supplement | Fourth Quarter 2021 |
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, asset disposals, 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, non-core asset impairment, share-based compensation expense for the IPO retention grants, bridge loan commitment fees, loss on debt extinguishment, modifications and termination of derivative instruments and foreign currency exchange gain or loss. We also adjust for the impact of Core FFO attributable to partially owned entities. We have elected to reflect our share of Core FFO attributable to partially owned entities since the Brazil joint ventures are strategic partnerships which we continue to actively participate in on an ongoing basis. The previous joint venture, the China JV, was considered for disposition during the periods presented. 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, excluding IPO grants, non-real estate depreciation and amortization, 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 annual and quarterly 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 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, and net gain on sale of real estate, net of withholding taxes and adjustment to reflect our 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, asset impairment, foreign currency exchange gain or loss, share-based compensation expense, loss on debt extinguishment, modifications and termination of derivative instruments, bridge loan commitment fees, 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 EBITDA but which we do not believe are indicative of our core business operations. EBITDA and Core EBITDA are not measurements of financial performance under U.S. GAAP, and our EBITDA and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and Core EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with U.S. GAAP. Our calculations of EBITDA and Core EBITDA have limitations as analytical tools, including: |
We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 21 reconciles EBITDA, EBITDAre and Core EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. | ||
All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. |