Americold's Outlook For Temperature-Controlled Storage Remains Strong
Temperature-controlled warehouse operator Americold Realty Trust (NYSE: COLD ) sees a healthy demand environment for cold storage continuing. During its fourth-quarter 2019 earnings conference call, the Atlanta-based real estate investment trust's (REIT) management team said it expects new facility development starts to be in the range of $75 million to $200 million during 2020. The company's total project pipeline stands at $1.2 billion. Further, management expects same-store warehouse revenue to increase 2-4% year-over-year in 2020 as there are "lots of occupancy opportunities" in their core markets, especially during peak produce seasons. Management expects a continuation of the "strong" demand environment for temperature-controlled warehousing as consumption and population growth remain steady. Additionally, management said consumer preference continues to favor fresh and healthy food options that require cold storage. Americold reported fourth-quarter 2019 core funds from operations (FFO) of 33 cents per share, 2 cents below analysts' expectations.
Americold's Outlook For Temperature-Controlled Storage Remains Strong
Temperature-controlled warehouse operator Americold Realty Trust (NYSE: COLD ) sees a healthy demand environment for cold storage continuing. During its fourth-quarter 2019 earnings conference call, the Atlanta-based real estate investment trust's (REIT) management team said it expects new facility development starts to be in the range of $75 million to $200 million during 2020. The company's total project pipeline stands at $1.2 billion. Further, management expects same-store warehouse revenue to increase 2-4% year-over-year in 2020 as there are "lots of occupancy opportunities" in their core markets, especially during peak produce seasons. Management expects a continuation of the "strong" demand environment for temperature-controlled warehousing as consumption and population growth remain steady. Additionally, management said consumer preference continues to favor fresh and healthy food options that require cold storage. Americold reported fourth-quarter 2019 core funds from operations (FFO) of 33 cents per share, 2 cents below analysts' expectations.