Americold Realty Trust recorded a $309.6 million impairment during the second quarter of 2026 after reaching a mutual agreement with a customer to wind down operations at facilities in Lancaster, Pennsylvania, and Plainville, Connecticut.
The impairment was the primary driver of Americold’s $342.8 million quarterly net loss, or $1.19 per diluted share, compared with net income of $1.5 million in the prior-year quarter.
Americold ended June with approximately $4.4 billion of net debt and a net debt-to-pro forma Core EBITDA ratio of approximately 7.3x. Total liquidity was about $719.8 million.
Against that backdrop, Americold is advancing a joint venture with EQT that management expects will significantly strengthen its balance sheet, increase financial flexibility and establish a strategic platform for future developments. The transaction, announced in May, is expected to close during Americold’s third quarter.
Underlying operating results were considerably more stable than the GAAP loss suggests. Q2 revenue increased 1.9% to $662.9 million, while Core EBITDA remained flat at $159.1 million. Adjusted FFO was $102 million, or $0.35 per share.
Americold also raised its full-year Adjusted FFO outlook to $1.26 to $1.32 per share. Management said the stronger operating outlook more than offsets the expected dilution associated with the EQT joint venture.
KEY QUOTES:
“Importantly, we are not waiting for a market recovery to drive value creation. We entered the year with a clear set of priorities focused on strengthening the business, and we made meaningful progress on each of them during the second quarter.”
“We are advancing towards closing our joint venture with EQT, which we expect will significantly improve our balance sheet, enhance our financial flexibility and provide a strategic platform to pursue future developments.”
Americold Realty Trust Management
