Exhibit 99.2

Financial Supplement						Third Quarter 2020

Table of Contents
Overview			PAGE
Corporate Profile			3
Earnings Release			5
Selected Quarterly Financial Data			16
Financial Information
Condensed Consolidated Balance Sheets			18
Condensed Consolidated Statements of Operations			19
Reconciliation of Net Income to NAREIT FFO, Core FFO and AFFO			20
Reconciliation of Net Income to EBITDA, NAREIT EBITDAre, and Core EBITDA			22
Acquisition, Litigation and Other			23
Debt Detail and Maturities			24
Operations Overview
Revenue and Contribution by Segment			25
Global Warehouse Economic and Physical Occupancy Trend			26
Global Warehouse Portfolio			27
Fixed Commitment and Lease Maturity Schedules			28
Maintenance Capital Expenditures, Repair and Maintenance Expenses and External Growth, Expansion and Development Capital Expenditures			31
Total Global Warehouse Segment Financial and Operating Performance
Global Warehouse Segment Financial Performance			32
Same-store Financial Performance			34
Same-store Key Operating Metrics			36
External Growth and Capital Deployment			38
Unconsolidated Joint Ventures (Investment in Partially Owned Entities)			39
2020 Guidance			41
Notes and Definitions			42

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Financial Supplement						Third Quarter 2020

Corporate Profile

We are the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. We are organized as a self-administered and self-managed REIT with proven operating, development and acquisition expertise. As of September 30, 2020, we operated a global network of 185 temperature-controlled warehouses encompassing over one billion cubic feet, with 164 warehouses in the United States, six warehouses in Canada, seven warehouses in New Zealand, six warehouses in Australia, and two warehouses in Argentina. In addition, we hold a minority interest in a Brazil joint venture, which owns or operates 21 temperature-controlled warehouses.

Corporate Headquarters

10 Glenlake Parkway South Tower, Suite 600

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

Senior Management

Fred W. Boehler: Chief Executive Officer, President and Trustee

Marc J. Smernoff: Chief Financial Officer and Executive Vice President

Carlos V. Rodriguez: Chief Operating Officer and Executive Vice President

Robert S. Chambers: Chief Commercial Officer and Executive Vice President

James A. Harron: Chief Investment Officer and Executive Vice President

James C. Snyder, Jr.: Chief Legal Officer and Executive Vice President

Sanjay Lall: Chief Information Officer and Executive Vice President

Khara L. Julien: Chief Human Resources Officer and Executive Vice President

David K. Stuver: Executive Vice President, Supply Chain Solutions

Thomas C. Novosel: Chief Accounting Officer and Senior Vice President

Board of Trustees

Mark R. Patterson: Chairman of the Board of Trustees

George J. Alburger, Jr.: Trustee

Kelly H. Barrett: Trustee

Fred W. Boehler: Chief Executive Officer, President and Trustee

Antonio F. Fernandez: Trustee

James R. Heistand: Trustee

Michelle M. MacKay: Trustee

David J. Neithercut: Trustee

Andrew P. Power: Trustee

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit our website: www.americold.com

(Please proceed to the Investors section)

Analyst Coverage
Firm			Analyst Name			Contact
Baird Equity Research			David B. Rodgers			216-737-7341
Bank of America Merrill Lynch			Joshua Dennerlein			646-855-1681
Berenberg Capital Markets			Nate Crossett			646-949-9030
Citi			Emmanuel Korchman			212-816-1382
Green Street Advisors			Eric Frankel			949-640-8780
J.P. Morgan			Michael W. Mueller			212-622-6689
Raymond James			William A. Crow			727-567-2594
RBC			Michael Carroll			440-715-2649
SunTrust Robinson Humphrey			Ki Bin Kim			212-303-4124

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Financial Supplement						Third Quarter 2020

Stock Listing Information

The shares of Americold Realty Trust are traded on the New York Stock Exchange under the symbol “COLD”.

Credit Ratings

DBRS Morningstar
Credit Rating:			BBB			(Under Review with Positive Implications)
Fitch
Issuer Default Rating:			BBB			(Stable Outlook)
Moody’s
Issuer Rating:			Baa3			(Stable Outlook)

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

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Financial Supplement						Third Quarter 2020

AMERICOLD REALTY TRUST ANNOUNCES THIRD QUARTER 2020 RESULTS

Atlanta, GA, November 5, 2020 - Americold Realty Trust (NYSE: COLD) (the “Company”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the third quarter ended September 30, 2020.

Fred Boehler, President and Chief Executive Officer of Americold Realty Trust, stated, “Our third quarter results demonstrate the ongoing stability of our temperature controlled warehouse business. We delivered total company revenue growth and NOI growth of 6.7% and 12.1%, respectively, driven by our acquisition activity and continued organic growth. We continue to benefit from our market share, as well as the diversity of our portfolio as measured by geography, customer, commodity, sector, facility type and node in the supply chain. Within our warehouse segment, for the quarter we delivered same store revenue and NOI growth of 1.2% and 7.9% and on a year to date basis same store revenue and NOI growth of 3.6% and 6.5%, all on a constant currency basis.”

Mr. Boehler continued, “We continue to position Americold for long-term growth and we are very pleased with our recent acquisitions in Dallas and Tampa, the progress of our active development projects, and our continued ramp-up toward stabilization at recently delivered facilities. Our strategic growth continued subsequent to quarter end. In October we signed a definitive agreement to acquire Agro Merchants Group, the fourth largest temperature-controlled warehouse company globally and the third largest in Europe, for $1.74 billion in cash and common stock. This strategic acquisition enhances our global market position, establishes our presence in Europe with a leading operator, adds complementary assets in the United States, South America and Australia, and provides attractive long term growth and synergy opportunities. Additionally, we completed the acquisition of Halls Warehouse Corporation for $480 million with eight facilities located near the Port of Newark, New Jersey. We also announced two expansion projects which will start during the fourth quarter of 2020, including a build-to-suit expansion in Arkansas for a top tier customer and an expansion of our Calgary facility, which was acquired earlier in the year with the Nova Cold acquisition.

These growth initiatives will be financed with a combination of proceeds from recent equity offerings and debt private placements. The debt private placement consists of €750 million senior unsecured notes, priced at an attractive weighted average coupon of 1.63% and duration of 11 years. We expect to close this private placement concurrent with the closing of the Agro acquisition. In summary, we believe these strategic initiatives will favorably contribute to our long-term growth as we remain focused on our core mission to support our customers as an integral part of the global food supply chain, and will result in shareholder value creation over time.”

Third Quarter 2020 Highlights

•Total revenue increased 6.7% to $497.5 million

•Total NOI increased 12.1% to $135.3 million.

•Core EBITDA increased 11.5% to $104.1 million.

•Net income of $12.4 million, or $0.06 per diluted common share.

•Core FFO of $58.6 million, or $0.28 per diluted common share.

•AFFO of $62.7 million, or $0.30 per diluted common share.

•Global Warehouse segment revenue increased 6.1% to $388.0 million.

•Global Warehouse segment NOI increased 12.7% to $127.8 million.

•Global Warehouse segment same store revenue increased 1.6%, or 1.2% on a constant currency basis, same store segment NOI increased by 8.1%, or increased by 7.9% on a constant currency basis.

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Financial Supplement						Third Quarter 2020

•Completed the acquisitions of two previously leased facilities in New Zealand for $8.1 million, AM-C Warehouses for $85.0 million and Caspers Cold Storage for $25.5 million.

•Completed the disposition of our Quarry segment assets for $9.0 million on July 1, 2020.

•Under its 2020 ATM Equity Program, the Company entered into forward sale agreements to sell 3,873,550 common shares for gross proceeds of $145.0 million.

Year to Date 2020 Highlights

•Total revenue increased 12.8% to $1,464.0 million.

•Total NOI increased 17.2% to 399.1 million.

•Core EBITDA increased 19.6% to $308.7 million, or 20.3% on a constant currency basis.

•Net income of $68.5 million, or $0.33 per diluted common share.

•Core FFO of $173.8 million, or $0.84 per diluted common share.

•AFFO of $191.0 million, or $0.93 per diluted common share.

•Global Warehouse segment revenue increased 14.9% to $1,141.5 million.

•Global Warehouse segment NOI increased 17.8% to $374.7 million.

•Global Warehouse segment same store revenue increased 2.7%, or 3.6% on a constant currency basis, same store segment NOI increased 5.8%, or 6.5% on a constant currency basis.

Subsequent Event Highlights

•Entered into a definitive agreement to acquire Agro Merchants Group, the fourth largest global cold-storage operator, for $1.74 billion, expected to close late 2020 or early 2021.

•On October 15, 2020, the Company completed an underwritten registered public offering pursuant to forward sale agreements in which the forward purchasers borrowed and sold to the underwriters in the public offering 31,900,000 common shares (excluding 4,785,000 common shares that may be issued in connection with the underwriters’ exercise of their option to purchase additional common shares) at $38.00 per share.

•Priced a €750 million dollar unsecured debt private placement, which is equivalent to $877 million US dollars. The debt consists of a €400 million tranche with a coupon of 1.62% and a maturity date of January 2031, plus a €350 million tranche with a coupon of 1.65% and a maturity date of January 2033. The notes are expected to close and fund concurrently with the closing of the Agro acquisition.

•Completed the Halls acquisition, an eight facility operator in New Jersey, for $480 million on November 2, 2020.

•Announced the expansion of our Russellville, Arkansas facility for $84 million to create a highly-automated build for one of our top tier customers, Conagra. The construction is expected to begin late during the fourth quarter, with targeted completion by the fourth quarter of 2022.

•Announced the expansion of our Calgary, Canada facility for $11 million for conventional, multi-tenant use. The construction is expected to begin immediately, with targeted completion by the fourth quarter of 2021.

Third Quarter 2020 Total Company Financial Results

Total revenue for the third quarter of 2020 was $497.5 million, a 6.7% increase from the same quarter of the prior year. This growth was driven by the incremental revenue from accretive acquisitions, recently completed development projects, revenue in our Managed segment driven by higher pass through of costs due to elevated retail volumes and same store revenue growth.

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Financial Supplement						Third Quarter 2020

For the third quarter of 2020, the Company reported net income of $12.4 million, or $0.06 per diluted share, compared to net income of $27.1 million, or $0.14 per diluted share, for the same quarter of the prior year.

Total NOI for the third quarter of 2020 was $135.3 million, an increase of 12.1% from the same quarter of the prior year.

Core EBITDA was $104.1 million for the third quarter of 2020, compared to $93.4 million for the same quarter of the prior year. This reflects an 11.5% increase over prior year on an actual and constant currency basis, driven primarily from acquisition contribution, organic growth in our core business, and higher health insurance costs in the prior comparable period. These increases were partially offset by the incremental costs incurred in response to COVID-19 and higher SG&A.

For the third quarter of 2020, Core FFO was $58.6 million, or $0.28 per diluted share, compared to $59.1 million, or $0.30 per diluted share, for same quarter of the prior year.

For the third quarter of 2020, AFFO was $62.7 million, or $0.30 per diluted share, compared to $52.4 million, or $0.27 per diluted share, for the same quarter of the prior year.

Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

Third Quarter 2020 Global Warehouse Segment Results

For the third quarter of 2020, Global Warehouse segment revenue was $388.0 million, an increase of $22.4 million, or 6.1%, compared to $365.6 million for the third quarter of 2019. This growth was driven by the recently completed acquisitions and development projects, paired with contractual rate escalations, partially offset by lower throughput associated with the protein and food service sectors.

Warehouse segment NOI was $127.8 million for the third quarter of 2020, an increase of 12.7%. Global Warehouse segment margin was 32.9% for the third quarter of 2020, an 190 basis point increase compared to the same quarter of the prior year. The year-over-year growth in segment NOI was driven by the previously mentioned revenue trends. The Company continues to incur incremental expenses to address the risks and challenges of COVID-19. These incremental COVID-19 expenses include higher sanitation costs of $0.9 million and higher personal protective equipment (“PPE”) costs of $0.3 million. The Company has experienced certain inefficiencies due to social distancing, staggered schedules, and other changes to processes, all of which it expects to incur going forward. The Company expects to recover these costs through ongoing revenue as it signs new business and renews existing business. The Company’s results include the impact of these items. Additionally, the growth is reflective of the higher health insurance costs and Rochelle start up costs, both incurred in the prior comparable period.

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Financial Supplement						Third Quarter 2020

The following tables summarize the global warehouse and same store financial results and metrics for the three and nine months ended September 30, 2020 and 2019:

			Three Months Ended September 30,																		Change
Dollars in thousands			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses			175												165						n/a						n/a
Global Warehouse revenue:
Rent and storage			$	166,355					$	166,641					$	155,998					6.6		%				6.8		%
Warehouse services			221,669						220,414						209,595						5.8		%				5.2		%
Total revenue			$	388,024					$	387,055					$	365,593					6.1		%				5.9		%
Global Warehouse contribution (NOI)			$	127,756					$	127,596					$	113,408					12.7		%				12.5		%
Global Warehouse margin			32.9		%				33.0		%				31.0		%				190 bps						195 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets			3,144						n/a						2,999						4.8		%				n/a
Average physical occupied pallets			2,849						n/a						2,857						(0.3)		%				n/a
Average physical pallet positions			4,074						n/a						3,792						7.4		%				n/a
Economic occupancy percentage			77.2		%				n/a						79.1		%				-190 bps						n/a
Physical occupancy percentage			69.9		%				n/a						75.3		%				-542 bps						n/a
Total rent and storage revenue per economic occupied pallet			$	52.91					$	53.00					$	52.02					1.7		%				1.9		%
Total rent and storage revenue per physical occupied pallet			$	58.40					$	58.50					$	54.60					7.0		%				7.1		%
Global Warehouse services metrics:
Throughput pallets			7,918						n/a						7,975						(0.7)		%				n/a
Total warehouse services revenue per throughput pallet			$	27.99					$	27.84					$	26.28					6.5		%				5.9		%
SAME STORE WAREHOUSE
Number of same store warehouses			135												135						n/a						n/a
Global Warehouse same store revenue:
Rent and storage			$	127,551					$	127,816					$	125,824					1.4		%				1.6		%
Warehouse services			169,514						168,233						166,639						1.7		%				1.0		%
Total same store revenue			$	297,065					$	296,049					$	292,463					1.6		%				1.2		%
Global Warehouse same store contribution (NOI)			$	99,710					$	99,514					$	92,199					8.1		%				7.9		%
Global Warehouse same store margin			33.6		%				33.6		%				31.5		%				204 bps						209 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets			2,381						n/a						2,382						—		%				n/a
Average physical occupied pallets			2,130						n/a						2,261						(5.8)		%				n/a
Average physical pallet positions			3,030						n/a						3,027						0.1		%				n/a
Economic occupancy percentage			78.6		%				n/a						78.7		%				-13 bps						n/a
Physical occupancy percentage			70.3		%				n/a						74.7		%				-442 bps						n/a
Same store rent and storage revenue per economic occupied pallet			$	53.58					$	53.69					$	52.82					1.4		%				1.6		%
Same store rent and storage revenue per physical occupied pallet			$	59.89					$	60.02					$	55.64					7.6		%				7.9		%
Global Warehouse same store services metrics:
Throughput pallets			6,286						n/a						6,538						(3.9)		%				n/a
Same store warehouse services revenue per throughput pallet			$	26.97					$	26.76					$	25.49					5.8		%				5.0		%

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Financial Supplement						Third Quarter 2020

			Three Months Ended September 30,																		Change
Dollars in thousands			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses			40												30						n/a						n/a
Global Warehouse non-same store revenue:
Rent and storage			$	38,804					$	38,825					$	30,174					28.6		%				28.7		%
Warehouse services			52,155						52,181						42,956						21.4		%				21.5		%
Total non-same store revenue			$	90,959					$	91,006					$	73,130					24.4		%				24.4		%
Global Warehouse non-same store contribution (NOI)			$	28,046					$	28,082					$	21,209					32.2		%				32.4		%
Global Warehouse non-same store margin			30.8		%				30.9		%				29.0		%				183 bps						186 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets			763						n/a						616						23.9		%				n/a
Average physical occupied pallets			719						n/a						596						20.7		%				n/a
Average physical pallet positions			1,044						n/a						765						36.5		%				n/a
Economic occupancy percentage			73.1		%				n/a						80.6		%				-747 bps						n/a
Physical occupancy percentage			68.9		%				n/a						77.9		%				-901 bps						n/a
Non-same store rent and storage revenue per economic occupied pallet			$	50.83					$	50.86					$	48.95					3.8		%				3.9		%
Non-same store rent and storage revenue per physical occupied pallet			$	53.98					$	54.01					$	50.66					6.6		%				6.6		%
Global Warehouse non-same store services metrics:
Throughput pallets			1,633						n/a						1,437						13.6		%				n/a
Non-same store warehouse services revenue per throughput pallet			$	31.94					$	31.96					$	29.89					6.9		%				6.9		%

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Financial Supplement						Third Quarter 2020

			Nine Months Ended September 30,																		Change
Dollars in thousands			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
TOTAL WAREHOUSE SEGMENT
Number of total warehouses			175												165						n/a						n/a
Global Warehouse revenue:
Rent and storage			$	492,328					$	496,019					$	424,403					16.0		%				16.9		%
Warehouse services			649,175						654,138						569,036						14.1		%				15.0		%
Total revenue			$	1,141,503					$	1,150,157					$	993,439					14.9		%				15.8		%
Global Warehouse contribution (NOI)			$	374,661					$	376,952					$	318,044					17.8		%				18.5		%
Global Warehouse margin			32.8		%				32.8		%				32.0		%				81 bps						76 bps
Units in thousands except per pallet data
Global Warehouse rent and storage metrics:
Average economic occupied pallets			3,188						n/a						2,759						15.5		%				n/a
Average physical occupied pallets			2,930						n/a						2,622						11.7		%				n/a
Average physical pallet positions			4,043						n/a						3,528						14.6		%				n/a
Economic occupancy percentage			78.9		%				n/a						78.2		%				66 bps						n/a
Physical occupancy percentage			72.5		%				n/a						74.3		%				-188 bps						n/a
Total rent and storage revenue per economic occupied pallet			$	154.41					$	155.57					$	153.84					0.4		%				1.1		%
Total rent and storage revenue per physical occupied pallet			$	168.06					$	169.32					$	161.84					3.8		%				4.6		%
Global Warehouse services metrics:
Throughput pallets			23,834						n/a						21,862						9.0		%				n/a
Total warehouse services revenue per throughput pallet			$	27.24					$	27.45					$	26.03					4.6		%				5.5		%
SAME STORE WAREHOUSE
Number of same store warehouses			135												135						n/a						n/a
Global Warehouse same store revenue:
Rent and storage			$	378,390					$	381,754					$	365,551					3.5		%				4.4		%
Warehouse services			495,785						500,499						485,737						2.1		%				3.0		%
Total same store revenue			$	874,175					$	882,253					$	851,288					2.7		%				3.6		%
Global Warehouse same store contribution (NOI)			$	290,221					$	292,287					$	274,391					5.8		%				6.5		%
Global Warehouse same store margin			33.2		%				33.1		%				32.2		%				97 bps						90 bps
Units in thousands except per pallet data
Global Warehouse same store rent and storage metrics:
Average economic occupied pallets			2,417						n/a						2,355						2.6		%				n/a
Average physical occupied pallets			2,190						n/a						2,232						(1.9)		%				n/a
Average physical pallet positions			3,028						n/a						3,027						—		%				n/a
Economic occupancy percentage			79.8		%				n/a						77.8		%				201 bps						n/a
Physical occupancy percentage			72.3		%				n/a						73.7		%				-142 bps						n/a
Same store rent and storage revenue per economic occupied pallet			$	156.57					$	157.96					$	155.25					0.9		%				1.7		%
Same store rent and storage revenue per physical occupied pallet			$	172.80					$	174.34					$	163.81					5.5		%				6.4		%
Global Warehouse same store services metrics:
Throughput pallets			18,890						n/a						19,170						(1.5)		%				n/a
Same store warehouse services revenue per throughput pallet			$	26.25					$	26.49					$	25.34					3.6		%				4.5		%

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Financial Supplement						Third Quarter 2020

			Nine Months Ended September 30,																		Change
Dollars in thousands			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses			40												30						n/a						n/a
Global Warehouse non-same store revenue:
Rent and storage			$	113,938					$	114,265					$	58,852					93.6		%				94.2		%
Warehouse services			153,390						153,639						83,299						84.1		%				84.4		%
Total non-same store revenue			$	267,328					$	267,904					$	142,151					88.1		%				88.5		%
Global Warehouse non-same store contribution (NOI)			$	84,440					$	84,665					$	43,653					93.4		%				94.0		%
Global Warehouse non-same store margin			31.6		%				31.6		%				30.7		%				88 bps						89 bps
Units in thousands except per pallet data
Global Warehouse non-same store rent and storage metrics:
Average economic occupied pallets			772						n/a						404						91.0		%				n/a
Average physical occupied pallets			740						n/a						391						89.3		%				n/a
Average physical pallet positions			1,015						n/a						501						102.7		%				n/a
Economic occupancy percentage			76.1		%				n/a						80.7		%				-464 bps						n/a
Physical occupancy percentage			72.9		%				n/a						78.0		%				-514 bps						n/a
Non-same store rent and storage revenue per economic occupied pallet			$	147.65					$	148.08					$	145.66					1.4		%				1.7		%
Non-same store rent and storage revenue per physical occupied pallet			$	154.01					$	154.45					$	150.60					2.3		%				2.6		%
Global Warehouse non-same store services metrics:
Throughput pallets			4,943						n/a						2,692						83.6						n/a
Non-same store warehouse services revenue per throughput pallet			$	31.03					$	31.08					$	30.94					0.3		%				0.5		%

(1) The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(n/a = not applicable)

Fixed Commitment Rent and Storage Revenue

As of September 30, 2020, $279.7 million of the Company’s annualized rent and storage revenue were derived from customers with fixed commitment storage contracts. This compares to $270.0 million at the end of the second quarter of 2020 and $244.0 million at the end of the third quarter of 2019. During the third quarter of 2020 we brought a long-term protein customer onto the fixed commitment pricing structure. The Company’s recent acquisitions had a lower percentage of fixed committed contracts as a percentage of rent and storage revenue. On a combined pro forma basis, assuming a full twelve months of acquisitions revenue, 42.1% of rent and storage revenue were generated from fixed commitment storage contracts, which is a 70 basis point increase over the second quarter of 2020.

Economic and Physical Occupancy

Contracts that contain fixed commitments are designed to ensure the Company’s customers have space available when needed. For the third quarter of 2020, economic occupancy for the total warehouse segment was 77.2% and warehouse segment same store pool was 78.6%, representing a 726 basis point and 829 basis point increase above physical occupancy, respectively. For the third quarter of 2020, physical occupancy for the total warehouse segment was 69.9% and warehouse segment same store pool was 70.3%.

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Financial Supplement						Third Quarter 2020

Real Estate Portfolio

As of September 30, 2020, the Company’s portfolio consists of 185 facilities. The Company ended the third quarter of 2020 with 175 facilities in its Global Warehouse segment portfolio and 10 facilities in its Third-party managed segment. During the third quarter of 2020, the Company added two facilities in Dallas, Texas through the AM-C acquisition, one of which is owned and one of which is leased, and one facility in Tampa, Florida through the Caspers acquisition. Additionally, the Company exited the operations of one Third-party managed facility in Canada. The same store population consists of 135 facilities for the quarter ended September 30, 2020. The remaining 40 non-same store population includes the 34 facilities that were acquired since the beginning of 2019 and six legacy facilities.

Balance Sheet Activity and Liquidity

As of September 30, 2020, the Company had total liquidity of approximately $1.2 billion, including cash and capacity on its revolving credit facility and $291.4 million of net proceeds available from equity forward contracts. Total debt outstanding was $2.0 billion (inclusive of $193.0 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 77% was in an unsecured structure. The Company has no material debt maturities until 2023. At quarter end, its net debt to pro forma Core EBITDA was approximately 4.3x. Of the Company’s total debt outstanding, $1.8 billion relates to real estate debt, which excludes sale-leaseback and capitalized lease obligations. The Company’s real estate debt has a remaining weighted average term of 6.0 years and carries a weighted average contractual interest rate of 3.59%. As of September 30, 2020, 86% of the Company’s total debt outstanding was at a fixed rate, inclusive of interest rate swaps.

The Company’s equity forwards, the respective contractual latest settlement dates, and net proceeds are detailed in the table below:

Outstanding Equity Forward Data
in millions, except share price amounts
pro forma for 4Q equity raise
Quarter Raised			Forward Shares			Net Share Price2			Net Proceeds			Contractual Outside Settlement Date			Target Use of Net Proceeds
3Q 2018			6.000			$21.99			$132			3/18/2022			Fund the Ahold Development
2Q 2020 - 3Q 2020			2.429			$36.24			$88			7/1/2021			Fund the Calgary and Arkansas expansions
3Q 2020			1.917			$37.25			$71			9/1/2021			Fund Halls acquisition
4Q 2020			23.698			$36.67			$869			10/13/2021			Agro acquisition ($737M), Transaction Expenses ($41M), IT Integration and Startup costs ($46M), and Agro's development in Ireland ($45M)
4Q 20201			8.202			$36.67			$301			10/13/2021			Fund Halls acquisition
			42.246			$34.59			$1,461
(1) Estimated remaining shares & net proceeds after close of Agro acquisition, Transaction Expenses, IT Integration + Startup costs, and Agro's development in Ireland. Does not include any shares from the underwriters option to purchase up to 4.8 million additional shares.
(2) Net of underwriter fee, forward costs and dividends paid.

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Financial Supplement						Third Quarter 2020

Proforma Leverage Profile

As of September 30, 2020, pro forma for the new private placement and the Agro and Halls transactions, our total debt outstanding is $2.7 billion and our net debt to pro forma Core EBITDA is 4.5x. Our real estate debt has a weighted averaged remaining term of approximately 8 years and carries a weighted average contractual interest rate of 3.21%.

Dividend

On September 11, 2020, the Company’s Board of Trustees declared a dividend of $0.21 per share for the third quarter of 2020, which was paid on October 15, 2020 to common shareholders of record as of September 30, 2020.

2020 Outlook

The Company is tightening its AFFO per share guidance to $1.26-$1.29 from $1.24-$1.30 for 2020. Please note that this guidance includes the impact of the Halls acquisition, and assumes a year end closing for Agro. While the Agro acquisition results in an increase in the number of Americold shares outstanding, it does so for only 1-2 days. Therefore, we do not anticipate a material impact to our per share metrics for the full year 2020. Certain components are updated as follows:

•SG&A expense from a range of $135-$140 million to $140-$143 million

•Managed & Transportation segment NOI from a range of $28-$31 million to $30-$31 million

•Deferred tax income benefit from a range of $2-$4 million to $4-$5 million

•Non-real estate depreciation and amortization from a range of $70-$72 million to $71-$74 million; subject to the Halls acquisition purchase price allocation

•Total maintenance capital expenditures from a range of $65-$73 million to $66-$70 million

The Company’s guidance is provided for informational purposes based on current plans and assumptions as is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, November 5, 2020 at 5:00 p.m. Eastern Time to discuss third quarter 2020 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 13711305. The telephone replay will be available starting shortly after the call until November 19, 2020.

The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.

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Financial Supplement						Third Quarter 2020

About the Company

Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 185 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, AFFO, EBITDAre, Core EBITDA and same store segment revenue and contribution. A reconciliation from U.S. GAAP net income available to common shareholders to FFO, a reconciliation from FFO to core FFO and AFFO, and definitions of FFO, and core FFO are included within the supplemental. A reconciliation from U.S. GAAP net income available to common shareholders to EBITDAre and Core EBITDA, a definition of Core EBITDA and definitions of net debt to Core EBITDA are included within the supplemental.

Forward-Looking Statements

This document contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; uncertainties and risks related to natural disasters, global climate change and public health crises, including ongoing COVID-19 pandemic; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; defaults or non-renewals of contracts with customers; potential bankruptcy or insolvency of our customers; or the inability of our customers to otherwise perform under their contracts, including as a result of the ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs, including as a result of the COVID-19 pandemic; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; our failure to realize the intended benefits from our recent acquisitions including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; our failure to complete the announced Agro Merchants acquisition; our failure to successfully integrate and operate acquired or developed properties or businesses; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize the anticipated cost savings and revenue improvements; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; our Operating Partnership’s failure to qualify as a partnership for federal income tax purposes; possible environmental liabilities, including costs, fines or penalties that may be incurred due to

14

Financial Supplement						Third Quarter 2020

necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; labor and power costs; changes in applicable governmental regulations and taxation legislation, including in the international markets; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; the competitive environment in which we operate; our relationship with our employees, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share, of our common shares; the potential dilutive effect of our common share offerings; and risks related to any forward sale agreement, including the 2018 forward sale agreement, the 2020 ATM forward sale agreements and the 2020 forward sale agreements, or collectively, our forward sale agreements, including substantial dilution to our earnings per share or substantial cash payment obligations.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements included in this document include, among others, statements about our expected acquisition and expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, in our Quarterly Report for the quarter ended March 31, 2020, in our Form 8-K filed April 16, 2020 and in our Form 8-K filed on October 13, 2020, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contacts:

Americold Realty Trust

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

15

Financial Supplement						Third Quarter 2020

Selected Quarterly Financial Data

In thousands, except per share amounts - unaudited			As of
Capitalization:			Q3 20			Q2 20			Q1 20			Q4 19			Q3 19
Fully diluted common shares outstanding at quarter end(1)			208,764			208,354			205,161			197,784			198,641
Common stock share price at quarter end			$35.75			$36.30			$34.04			$35.06			$37.07
Market value of common equity			$7,463,313			$7,563,250			$6,983,680			$6,934,307			$7,363,622
Gross debt (2)			$2,034,087			$2,025,246			$2,011,027			$1,882,372			$1,883,986
Less: cash and cash equivalents			173,913			298,709			262,955			234,303			310,116
Net debt			$1,860,174			$1,726,537			$1,748,072			$1,648,069			$1,573,870
Total enterprise value			$9,323,487			$9,289,787			$8,731,752			$8,582,376			$8,937,492
Net debt / total enterprise value			20.0		%	18.6		%	20.0		%	19.2		%	17.6		%
Net debt to pro forma Core EBITDA(2)			4.34x			4.13x			4.15x			4.18x			4.12x
			Three Months Ended
Selected Operational Data:			Q3 20			Q2 20			Q1 20			Q4 19			Q3 19
Warehouse segment revenue			$388,024			$372,411			$381,068			$383,778			$365,593
Total revenue			497,458			482,522			484,069			485,984			466,182
Operating income (3)			37,457			56,545			47,678			46,579			39,385
Net income			12,374			32,662			23,511			20,809			27,091
Total warehouse segment contribution (NOI) (4)			127,756			120,132			126,773			129,547			113,408
Total segment contribution (NOI) (4)			135,319			128,338			135,402			137,754			120,706
Selected Other Data:
Core EBITDA (5)			$104,075			$100,512			$104,110			$109,086			$93,369
Core funds from operations (1)			58,626			55,108			60,060			64,621			59,083
Adjusted funds from operations (1)			62,741			61,103			67,151			59,716			52,445
Earnings Measurements:
Net income per share - basic			$0.06			$0.16			$0.12			$0.11			$0.14
Net income per share - diluted			$0.06			$0.16			$0.11			$0.10			$0.14
Core FFO per diluted share (5)			$0.28			$0.27			$0.29			$0.33			$0.30
AFFO per diluted share (5)			$0.30			$0.30			$0.33			$0.30			$0.27
Dividend distributions declared per common share (6)			$0.21			$0.21			$0.21			$0.20			$0.20
Diluted AFFO payout ratio (7)			70.0		%	70.0		%	63.6		%	66.7		%	74.1		%
Portfolio Statistics:
Total global warehouses			185			183			183			178			176
Ending economic occupancy			77.2		%	78.2		%	81.3		%	83.1		%	79.0		%
Ending physical occupancy			69.9		%	71.4		%	76.1		%	79.5		%	75.3		%
Total global same-store warehouses			135			135			136			137			138

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Financial Supplement						Third Quarter 2020

(1) Assumes the exercise of all outstanding stock options using the treasury stock method, conversion of all outstanding restricted stock units, and incorporates forward contracts using the treasury stock method
			As of
(2) Net Debt to Core EBITDA Computation			09/30/2020			12/31/2019
Total debt			$	2,020,480		$	1,869,376
Deferred financing costs			13,607			12,996
Gross debt			$2,034,087			$1,882,372
Adjustments:
Less: cash and cash equivalents			173,913			234,303
Net debt			$	1,860,174		$	1,648,069
Core EBITDA - last twelve months			$417,783			$367,128
Core EBITDA from acquisitions (a)			10,446			26,745
Pro forma Core EBITDA - last twelve months			$428,229			$393,873
Net debt to pro forma Core EBITDA			4.34x			4.18x
(a) As of September 30, 2020, amount includes 1.5 months of Core EBITDA from the MHW acquisition prior to Americold’s ownership, plus 3 months of Core EBITDA from the Nova Cold and Newport acquisitions prior to Americold’s ownership, plus 11 months of Core EBITDA from the Caspers and AM-C Warehouse acquisitions prior to Americold’s ownership.
(4) Reconciliation of segment contribution (NOI)
			Three Months Ended
			Q3 20			Q2 20			Q1 20			Q4 19			Q3 19
Warehouse segment contribution (NOI)			$127,756			$120,132			$126,773			$129,547			$113,408
Third-party managed segment contribution (NOI)			3,393			3,299			3,769			3,115			2,583
Transportation segment contribution (NOI)			4,187			4,772			4,805			4,865			4,640
Quarry segment contribution (NOI)			(17)			135			55			227			75
Total segment contribution (NOI)			$135,319			$128,338			$135,402			$137,754			$120,706
Depreciation, depletion and amortization			(53,569)			(52,399)			(51,604)			(47,750)			(45,065)
Selling, general and administrative			(35,969)			(32,340)			(36,893)			(33,048)			(32,476)
Acquisition, litigation and other			(5,282)			(2,801)			(1,688)			(10,377)			(3,780)
(Loss) gain from sale of real estate			(427)			19,414			2,461			—			—
Impairment of long-lived assets			(2,615)			(3,667)			—			—			—
U.S. GAAP operating income			$37,457			$56,545			$47,678			$46,579			$39,385
(5) See “Reconciliation of Net Income to EBITDA, EBITDAre, and Core EBITDA”
(6) Distributions per common share			Three Months Ended
			Q3 20			Q2 20			Q1 20			Q4 19			Q3 19
Distributions declared on common shares during the quarter			$43,282			$43,271			$42,568			$38,796			$38,795
Common shares outstanding at quarter end			203,680			203,616			200,266			191,800			191,751
Distributions declared per common share of beneficial interest			$0.21			$0.21			$0.21			$0.20			$0.20
(7) Calculated as distributions declared on common shares divided by AFFO per fully diluted share

17

Financial Supplement						Third Quarter 2020

Financial Information

Americold Realty Trust and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
			September 30, 2020						December 31, 2019
Assets
Property, buildings and equipment:
Land			$	533,822					$	526,226
Buildings and improvements			2,954,633						2,696,732
Machinery and equipment			907,006						817,617
Assets under construction			182,297						108,639
			4,577,758						4,149,214
Accumulated depreciation and depletion			(1,339,562)						(1,216,553)
Property, buildings and equipment – net			3,238,196						2,932,661
Operating lease right-of-use assets			68,512						77,723
Accumulated depreciation – operating leases			(22,065)						(18,110)
Operating leases – net			46,447						59,613
Financing leases:
Buildings and improvements			13,627						11,227
Machinery and equipment			104,561						76,811
			118,188						88,038
Accumulated depreciation – financing leases			(36,212)						(29,697)
Financing leases – net			81,976						58,341
Cash and cash equivalents			173,913						234,303
Restricted cash			7,441						6,310
Accounts receivable – net of allowance of $12,452 and $6,927 at September 30, 2020 and December 31, 2019, respectively			217,486						214,842
Identifiable intangible assets – net			363,698						284,758
Goodwill			399,301						318,483
Investments in partially owned entities			21,536						—
Other assets			68,112						61,372
Total assets			$	4,618,106					$	4,170,683
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and accrued expenses			$	356,734					$	350,963
Mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of $13,607 and $12,996, in the aggregate, at September 30, 2020 and December 31, 2019, respectively			1,827,484						1,695,447
Sale-leaseback financing obligations			113,023						115,759
Financing lease obligations			79,973						58,170
Operating lease obligations			49,198						62,342
Unearned revenue			17,172						16,423
Pension and postretirement benefits			9,589						12,706
Deferred tax liability – net			47,481						17,119
Multiemployer pension plan withdrawal liability			8,580						8,736
Total liabilities			2,509,234						2,337,665
Shareholders’ equity:
Common shares of beneficial interest, $0.01 par value – 325,000,000 and 250,000,000 authorized shares; 203,679,575 and 191,799,909 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively			2,037						1,918
Paid-in capital			2,936,762						2,582,087
Accumulated deficit and distributions in excess of net earnings			(797,935)						(736,861)
Accumulated other comprehensive loss			(31,992)						(14,126)
Total shareholders’ equity			2,108,872						1,833,018
Total liabilities and shareholders’ equity			$	4,618,106					$	4,170,683

18

Financial Supplement						Third Quarter 2020

Americold Realty Trust and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Revenues:
Rent, storage and warehouse services			$	388,024					$	365,593					$	1,141,503					$	993,439
Third-party managed services			75,338						62,846						213,213						188,497
Transportation services			34,096						35,685						104,874						109,273
Other			—						2,058						4,459						6,512
Total revenues			497,458						466,182						1,464,049						1,297,721
Operating expenses:
Rent, storage and warehouse services cost of operations			260,268						252,185						766,842						675,395
Third-party managed services cost of operations			71,945						60,263						202,752						179,851
Transportation services cost of operations			29,909						31,045						91,110						96,071
Cost of operations related to other revenues			17						1,983						4,286						5,901
Depreciation, depletion and amortization			53,569						45,065						157,572						115,598
Selling, general and administrative			35,969						32,476						105,202						96,262
Acquisition, litigation and other			5,282						3,780						9,771						30,237
Impairment of long-lived assets			2,615						—						6,282						13,485
Loss (gain) from sale of real estate			427						—						(21,448)						34
Total operating expenses			460,001						426,797						1,322,369						1,212,834
Operating income			37,457						39,385						141,680						84,887
Other income (expense):
Interest expense			(23,066)						(24,907)						(70,114)						(70,581)
Interest income			179						1,798						1,027						5,206
Bridge loan commitment fees			—						—						—						(2,665)
Loss on debt extinguishment and modifications			—						—						(781)						—
Foreign currency exchange loss, net			(196)						(43)						(373)						(66)
Other expense, net			(1,083)						(249)						(168)						(1,007)
Gain from sale of partially owned entities			—						4,297						—						4,297
Loss from investments in partially owned entities			(98)						(165)						(254)						(111)
Income before income tax (expense) benefit			13,193						20,116						71,017						19,960
Income tax (expense) benefit:
Current			(2,103)						(834)						(6,823)						(4,828)
Deferred			1,284						7,809						4,353						12,221
Total income tax (expense) benefit			(819)						6,975						(2,470)						7,393
Net income			$	12,374					$	27,091					$	68,547					$	27,353
Weighted average common shares outstanding – basic			204,289						192,325						202,380						175,010
Weighted average common shares outstanding – diluted			208,500						197,363						206,051						178,970
Net income per common share of beneficial interest - basic			$	0.06					$	0.14					$	0.33					$	0.15
Net income per common share of beneficial interest - diluted			$	0.06					$	0.14					$	0.33					$	0.15

19

Financial Supplement						Third Quarter 2020

Reconciliation of Net Income to NAREIT FFO, Core FFO, and AFFO
(In thousands, except per share amounts - unaudited)
			Three Months Ended
			Q3 20			Q2 20			Q1 20			Q4 19			Q3 19						YTD 20
Net income			$	12,374		$	32,662		$	23,511		$	20,809		$	27,091					$	68,547
Adjustments:
Real estate related depreciation and depletion			36,289			35,558			35,442			32,555			31,238						107,289
Net loss (gain) on sale of real estate, net of withholding taxes			427			(19,414)			(2,096)			—			—						(21,083)
Net loss (gain) on asset disposals			1,160			(3)			—			237			7						1,157
Impairment charges on certain real estate assets			—			3,181			—			—			—						3,181
Real estate depreciation on partially owned entities			—			(34)			34			—			232						—
Our share of reconciling items related to partially owned entities			111			156			—			—			—						267
NAREIT Funds from operations			$	50,361		$	52,106		$	56,891		$	53,601		$	58,568					$	159,358
Adjustments:
Net (gain) loss on sale of non-real estate assets			(100)			(252)			(165)			227			212						(517)
Non-real estate impairment			2,615			486			—			—			—						3,101
Acquisition, litigation and other			5,282			2,801			1,688			10,377			3,780						9,771
Share-based compensation expense, IPO grants			196			203			373			492			777						772
Loss on debt extinguishment and modifications			—			—			781			—			—						781
Foreign currency exchange loss (gain)			196			(315)			492			(76)			43						373
Gain from sale of partially owned entities			—			—			—			—			(4,297)						—
Our share of reconciling items related to partially owned entities			76			79			—			—			—						155
Core FFO applicable to common shareholders			$	58,626		$	55,108		$	60,060		$	64,621		$	59,083					$	173,794
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability			1,203			1,196			1,546			1,524			1,526						3,945
Amortization of below/above market leases			39			—			76			37			38						115
Straight-line net rent			(87)			(108)			(109)			(83)			(150)						(304)
Deferred income tax (benefit) expense			(1,284)			(967)			(2,102)			1,520			(7,809)						(4,353)
Share-based compensation expense, excluding IPO grants			4,373			4,261			3,934			3,210			2,593						12,568
Non-real estate depreciation and amortization			17,280			16,841			16,162			15,194			13,828						50,283
Non-real estate depreciation and amortization on partially owned entities			—			(22)			22			—			108						—
Maintenance capital expenditures (a)			(17,534)			(15,284)			(12,438)			(26,307)			(16,772)						(45,256)
Our share of reconciling items related to partially owned entities			125			78			—			—			—						203
Adjusted FFO applicable to common shareholders			$	62,741		$	61,103		$	67,151		$	59,716		$	52,445					$	190,995

20

Financial Supplement						Third Quarter 2020

Reconciliation of Net Income to NAREIT FFO, Core FFO, and AFFO (continued)
(In thousands except per share amounts - unaudited)
			Three Months Ended
			Q3 20			Q2 20			Q1 20			Q4 19			Q3 19						YTD 20
NAREIT Funds from operations			$	50,361		$	52,106		$	56,891		$	53,601		$	58,568					$	159,358
Core FFO applicable to common shareholders			$	58,626		$	55,108		$	60,060		$	64,621		$	59,083					$	173,794
Adjusted FFO applicable to common shareholders			$	62,741		$	61,103		$	67,151		$	59,716		$	52,445					$	190,995
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation			204,289			201,787			200,707			192,393			192,325						202,380
Dilutive stock options, unvested restricted stock units, equity forward contracts			4,211			3,511			3,076			5,529			5,038						3,671
Weighted average dilutive shares			208,500			205,298			203,783			197,922			197,363						206,051
NAREIT FFO - basic per share			$	0.25		$	0.26		$	0.28		$	0.28		$	0.30					$	0.79
NAREIT FFO - diluted per share			$	0.24		$	0.25		$	0.28		$	0.27		$	0.30					$	0.77
Core FFO - basic per share			$	0.29		$	0.27		$	0.30		$	0.34		$	0.31					$	0.86
Core FFO - diluted per share			$	0.28		$	0.27		$	0.29		$	0.33		$	0.30					$	0.84
Adjusted FFO - basic per share			$	0.31		$	0.30		$	0.33		$	0.31		$	0.27					$	0.94
Adjusted FFO - diluted per share			$	0.30		$	0.30		$	0.33		$	0.30		$	0.27					$	0.93

(a) 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.

21

Financial Supplement						Third Quarter 2020

Reconciliation of Net Income to EBITDA, NAREIT EBITDAre, and Core EBITDA
(In thousands - unaudited)
			Three Months Ended																		Trailing Twelve Months Ended
			Q3 20			Q2 20			Q1 20			Q4 19			Q3 19						Q3 2020
Net income			$	12,374		$	32,662		$	23,511		$	20,809		$	27,091					$	89,356
Adjustments:
Depreciation, depletion and amortization			53,569			52,399			51,604			47,750			45,065						205,322
Interest expense			23,066			23,178			23,870			23,827			24,907						93,941
Income tax expense (benefit)			819			1,196			90			2,236			(6,975)						4,341
EBITDA			$	89,828		$	109,435		$	99,075		$	94,622		$	90,088					$	392,960
Adjustments:
Net loss (gain) on sale of real estate, net of withholding taxes			427			(19,414)			(2,096)			—			—						(21,083)
Adjustment to reflect share of EBITDAre of partially owned entities			293			237			60			—			519						590
NAREIT EBITDAre			$	90,548		$	90,258		$	97,039		$	94,622		$	90,607					$	372,467
Adjustments:
Acquisition, litigation and other			5,282			2,801			1,688			10,377			3,780						20,148
Loss from investments in partially owned entities			98			129			27			—			165						254
Gain from sale of partially owned entities			—			—			—			—			(4,297)						—
Asset impairment			2,615			3,667			—			—			—						6,282
Loss (gain) on foreign currency exchange			196			(315)			492			(76)			43						297
Share-based compensation expense			4,569			4,464			4,307			3,699			3,372						17,039
Loss on debt extinguishment and modifications			—			—			781			—			—						781
Loss (gain) on real estate and other asset disposals			1,060			(255)			(164)			464			218						1,105
Reduction in EBITDAre from partially owned entities			(293)			(237)			(60)			—			(519)						(590)
Core EBITDA			$	104,075		$	100,512		$	104,110		$	109,086		$	93,369					$	417,783

22

Financial Supplement						Third Quarter 2020

Acquisition, Litigation and Other

Dollars in thousands

The Company reported a new financial statement line referred to as “Acquisition, litigation and other” within our Statements of Operations during 2019 due to various charges incurred in the current period and going forward. This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our Quarterly Report on Form 10-Q.

			Three Months Ended September 30,												Nine Months Ended September 30,
Acquisition, litigation and other			2020						2019						2020						2019
Acquisition related costs			$	4,861					$	2,671					$	8,278					$	19,126
Litigation			258						197						258						1,574
Severance, equity award modifications and acceleration			(50)						1,031						1,022						7,965
Non-offering related equity issuance expenses			—						(29)						—						1,318
Terminated site operations costs			(520)						(90)						(520)						254
Other			733						—						733						—
Total acquisition, litigation and other			$	5,282					$	3,780					$	9,771					$	30,237

23

Financial Supplement						Third Quarter 2020

Debt Detail and Maturities
(In thousands - unaudited)
			As of September 30, 2020
Indebtedness:			Carrying Value						Contractual Interest Rate(3)						Effective Interest Rate(4)						Stated Maturity Date(5)
Unsecured Debt
2020 Senior Unsecured Revolving Credit Facility(1)(2)			$	—					L+0.85%						0.23%						3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-1(2)(6)			425,000						L+0.95%						2.64%						3/2025
2020 Senior Unsecured Term Loan A Facility Tranche A-2(2)(7)			187,675						C+0.95%						1.57%						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
Total Unsecured Debt			1,562,675						3.23%						3.82%						6.6 years
2013 Mortgage Loans (15 cross-collateralized warehouses)
Senior Note			176,416						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			278,416						5.59%						5.87%						2.6 years
Total Real Estate Debt			$	1,841,091					3.59%						4.13%						6.0 years
Sale-leaseback financing obligations			113,023						11.64%
Financing lease obligations			79,973						3.97%
Total Debt Outstanding			$	2,034,087					4.05%
Less: unamortized deferred financing costs			(13,607)
Total Book Value of Debt			$	2,020,480
Rate Type									% of Total
Fixed			$	1,746,412					86%
Variable			287,675						14%
Total Debt Outstanding			$	2,034,087					100%
Debt Type									% of Total
Unsecured			$	1,562,675					77%
Secured			471,412						23%
Total Debt Outstanding			$	2,034,087					100%

(1)Revolver maturity assumes two six-month extension options. The borrowing capacity as of September 30, 2020 is $800 million less $21.0 million of outstanding letters of credit. The effective interest rate shown represents deferred financing fees allocated over the $800 million committed.

(2)L = one-month LIBOR; C = one-month CDOR.

(3)Interest rates as of September 30, 2020. At September 30, 2020, the one-month LIBOR rate on our Senior Unsecured Term Loan Tranche A-1 was 0.15%. At September 30, 2020, the one-month CDOR rate on our Senior Unsecured Term Loan Tranche A-2 was 0.48%. Subtotals of stated contractual interest rates represent weighted average interest rates. Rates for sale-leasebacks and financing lease obligations represent weighted average interest rates.

(4)The effective interest rates presented include the amortization of loan costs. Subtotals of stated effective interest rates represent weighted average interest rates.

(5)Subtotals of stated maturity dates represent remaining weighted average life of the debt.

(6)On January 4, 2019, the Company entered into a swap agreement to set the LIBOR portion of interest expense on $100 million of the Senior Unsecured Term Loan principal at a rate of 2.48%. This results in a fixed interest rate of 3.43% (2.48% + 0.95%) on $100 million of the Senior Unsecured Term Loan principal. The swap is effective January 31, 2019 through January 31, 2024. On August 15, 2019, the Company entered into a swap agreement to set the LIBOR portion of interest expense on $225 million of the Senior Unsecured Term Loan principal at a rate of 1.30%. This results in a fixed interest rate of 2.25% (1.30% + 0.95%) on $225 million of the Senior Unsecured Term Loan principal. The swap is effective August 30, 2019 through August 30, 2024.

(7)On March 26, 2020, the Company entered into a refinance agreement whereby the Term Loan principal was reduced by $50 million USD and increased by $250 million CAD. In addition, margin on both facilities was decreased by 5 basis points. Assumes CAD/USD exchange rate of 0.751.

24

Financial Supplement						Third Quarter 2020

Operations Overview

Revenue and Contribution by Segment
(in thousands - unaudited)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Segment revenues:
Warehouse			$	388,024					$	365,593					$	1,141,503					$	993,439
Third-party managed			75,338						62,846						213,213						188,497
Transportation			34,096						35,685						104,874						109,273
Other			—						2,058						4,459						6,512
Total revenues			497,458						466,182						1,464,049						1,297,721
Segment contribution:
Warehouse			127,756						113,408						374,661						318,044
Third-party managed			3,393						2,583						10,461						8,646
Transportation			4,187						4,640						13,764						13,202
Other			(17)						75						173						611
Total segment contribution			135,319						120,706						399,059						340,503
Reconciling items:
Depreciation, depletion and amortization			(53,569)						(45,065)						(157,572)						(115,598)
Selling, general and administrative			(35,969)						(32,476)						(105,202)						(96,262)
Acquisition, litigation and other			(5,282)						(3,780)						(9,771)						(30,237)
Impairment of long-lived assets			(2,615)						—						(6,282)						(13,485)
(Loss) gain from sale of real estate			(427)						—						21,448						(34)
Interest expense			(23,066)						(24,907)						(70,114)						(70,581)
Interest income			179						1,798						1,027						5,206
Bridge loan commitment fees			—						—						—						(2,665)
Loss on debt extinguishment and modifications			—						—						(781)						—
Foreign currency exchange loss			(196)						(43)						(373)						(66)
Other expense, net			(1,083)						(249)						(168)						(1,007)
Loss from investments in partially owned entities			(98)						(165)						(254)						(111)
Gain from sale of partially owned entities			—						4,297						—						4,297
Income before income tax (expense) benefit			$	13,193					$	20,116					$	71,017					$	19,960

We view and manage our business through three primary business segments—warehouse, third-party managed and transportation. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, blast freezing, case-picking, kitting and repackaging and other recurring handling services.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services to many of our key customers underscores our ability to offer a complete and integrated suite of services across the cold chain.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation services, we charge a fixed fee.

In addition to our primary business segments, we owned a limestone quarry in Carthage, Missouri. We do not view the operation of the quarry as an integral part of our business, and as a result this business segment was subsequently sold on July 1, 2020.

25

Financial Supplement						Third Quarter 2020

Global Warehouse Economic and Physical Occupancy Trend

Note: Dotted lines represent incremental economic occupancy percentage.

We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

Historically, providers of temperature-controlled warehouse space have offered storage services to customers on an as-utilized, on-demand basis. We have entered into fixed storage commitments with certain customers which give us, among other things, additional clarity around the expected occupancy of our warehouses. As of September 30, 2020, we had entered into contracts featuring fixed storage commitments or leases with 141 of our customers in our warehouse segment. Customers with fixed storage provisions commit to occupy a certain number of pallets at a designated storage rate for the applicable portion of their contractual term, whether the customer elects to physically store goods in a warehouse or not. As a result, certain pallets in our warehouses may generate storage revenue pursuant to fixed storage commitments despite not being physically occupied. We refer to economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period. To the extent that a customer with a fixed storage provision elects not to utilize all of its committed pallets in a particular warehouse, we have the flexibility to deploy those pallets to facilitate shorter-term customers that desire space on an as-utilized, on demand basis.

26

Financial Supplement						Third Quarter 2020

Global Warehouse Portfolio

Unaudited

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)						Applicable segment contribution (NOI) (2)(3) (in millions)						Total customers (4)
Owned / Leased (5)
United States
Central						44						273.6						26		%				1,122.7						79		%				72		%				$	268.9					$	102.6					778
East						27						204.5						19		%				787.4						77		%				69		%				230.2						66.5						777
Southeast						49						259.7						24		%				852.6						83		%				77		%				264.5						80.3						782
West						37						230.0						21		%				972.5						74		%				69		%				201.1						73.7						666
United States Total / Average						157						967.8						90		%				3,735.2						78		%				72		%				$	964.7					$	323.1					2,355
International
Australia						5						47.6						4		%				142.7						92		%				78		%				$	129.2					$	33.5					45
Canada						4						25.5						2		%				83.2						86		%				86		%				20.4						9.0						87
New Zealand						7						20.4						2		%				59.4						101		%				91		%				21.3						7.6						49
Argentina						2						9.7						1		%				22.6						74		%				74		%				5.9						1.5						38
International Total / Average						18						103.2						10		%				307.9						91		%				82		%				$	176.8					$	51.6					215
Owned / Leased Total / Average						175						1,071.0						100		%				4,043.1						79		%				72		%				$	1,141.5					$	374.7					2,532
Third-Party Managed
United States						7						38.5						78		%				—						—						—						$	187.0					$	7.0					4
Australia (6)						1						—						—		%				—						—						—						13.3						2.2						1
Canada						2						10.7						22		%				—						—						—						12.9						1.3						1
Third-Party Managed Total / Average						10						49.2						100		%				—						—						—						$	213.2					$	10.5					7
Portfolio Total / Average						185						1,120.2						100		%				4,043.1						79		%				72		%				$	1,354.7					$	385.2					2,533

(1)Refer to the preceding section Global Warehouse Economic and Physical Occupancy Trend for our definitions of economic occupancy and physical occupancy.

(2)Nine months ended September 30, 2020.

(3)We use the term “segment contribution (NOI)” to mean a segment’s revenues less its cost of operations (excluding any depreciation, depletion and amortization, impairment charges, corporate-level selling, general and administrative expenses, corporate-level acquisition, litigation and other expenses and gain or loss on sale of real estate). The applicable segment contribution (NOI) from our owned and leased warehouses and our third-party managed warehouses is included in our warehouse segment contribution (NOI) and third-party managed segment contribution (NOI), respectively.

(4)We serve some of our customers in multiple geographic regions and in multiple facilities within geographic regions. As a result, the total number of customers that we serve is less than the total number of customers reflected in the table above that we serve in each geographic region.

(5)As of September 30, 2020, we owned 136 of our U.S. warehouses and fourteen of our international warehouses, and we leased 21 of our U.S. warehouses and four of our international warehouses. As of September 30, 2020, seven of our owned facilities were located on land that we lease pursuant to long-term ground leases.

(6)Constitutes non-refrigerated, or “ambient,” warehouse space. This facility contains 330,527 square feet of ambient space.

27

Financial Supplement						Third Quarter 2020

_______________________________________________

(1)Retail reflects a broad variety of product types from retail customers.

(2)Packaged foods reflects a broad variety of temperature-controlled meals and foodstuffs.

(3)Distributors reflects a broad variety of product types from distributor customers.

____________________

Note: September 30, 2020 LTM Revenue and NOI pro forma 2019 and 2020 acquisitions.

Totals may not foot due to rounding.

28

Financial Supplement						Third Quarter 2020

Fixed Commitment and Lease Maturity Schedules

Unaudited

The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of September 30, 2020. The information set forth in the table assumes no exercise of extension options under these contracts and leases.

Contract Expiration Year						Number of Contracts						Annualized Committed Rent & Storage Revenue (in thousands)						% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended September 30, 2020						Total Warehouse Segment Revenue Generated by Contracts with Fixed Commitments & Leases for the Twelve Months Ended September 30, 2020(1) (in thousands)						Annualized Committed Rent & Storage Revenue at Expiration(2) (in thousands)
Month-to-Month						34						$	16,685					2.5		%				$	54,683					$	16,690
2020						30						29,959						4.5		%				74,228						30,294
2021						50						50,936						7.7		%				196,859						50,897
2022						46						72,863						11.0		%				158,251						73,020
2023						31						48,614						7.3		%				102,646						51,296
2024						19						20,154						3.0		%				54,900						21,574
2025						8						10,629						1.6		%				23,723						11,865
2026						3						9,818						1.5		%				14,693						10,310
2027						3						4,658						0.7		%				7,591						4,992
2028						1						1,099						0.2		%				3,809						1,099
2029 and thereafter						5						14,285						2.1		%				31,864						16,363
Total						230						$	279,700					42.1		%				$	723,247					$	288,400

____________________

Note: September 30, 2020 LTM total revenue and rent and storage revenue pro forma 2019 and 2020 acquisitions.

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of September 30, 2020, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended September 30, 2020, multiplied by 12.

(2)Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of September 30, 2020 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

29

Financial Supplement						Third Quarter 2020

The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of September 30, 2020. These leases had a weighted average remaining term of 37 months as of September 30, 2020.

Lease Expiration Year						No. of Leases Expiring						Annualized Rent(1) (in thousands)						% of Total Warehouse Rent & Storage Segment Revenue for the Twelve Months Ended September 30, 2020						Leased Square Footage (in thousands)						% Leased Square Footage						Annualized Rent at Expiration(2) (in thousands)
Month-to-Month						1						$	31					—		%				6						0.2		%				$	31
2020						12						2,749						0.4		%				285						11.7		%				2,749
2021						15						3,171						0.5		%				262						10.8		%				3,192
2022						6						3,667						0.6		%				229						9.4		%				3,686
2023						4						2,877						0.4		%				434						17.8		%				3,029
2024						5						2,571						0.4		%				651						26.7		%				2,855
2025						5						3,053						0.5		%				248						10.2		%				3,375
2026 and thereafter						4						3,877						0.6		%				322						13.2		%				4,232
Total						52						$	21,996					3.3		%				2,437						100		%				$	23,149

____________________

Note: September 30, 2020 LTM rent and storage revenue pro forma 2019 and 2020 acquisitions.

(1)Represents monthly rental payments under the relevant leases as of September 30, 2020, multiplied by 12.

(2)Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.

30

Financial Supplement						Third Quarter 2020

Maintenance Capital Expenditures, Repair and Maintenance Expenses and

External Growth, Expansion and Development Capital Expenditures

We utilize a strategic and preventative approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and ensure that our warehouses meet the “mission-critical” role they serve in the cold chain.

Maintenance Capital Expenditures

The following table sets forth our maintenance capital expenditures for the three and nine months ended September 30, 2020 and 2019.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
			(In thousands, except per cubic foot amounts)
Real estate			$	15,896					$	15,172					$	39,425					$	27,474
Personal property			906						1,081						3,967						2,805
Information technology			732						519						1,864						2,714
Maintenance capital expenditures			$	17,534					$	16,772					$	45,256					$	32,993
Maintenance capital expenditures per cubic foot			$	0.016					$	0.016					$	0.041					$	0.030

Repair and Maintenance Expenses

The following table sets forth our repair and maintenance expenses for the three and nine months ended September 30, 2020 and 2019.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
			(In thousands, except per cubic foot amounts)
Real estate			$	7,333					$	6,171					$	21,278					$	18,060
Personal property			7,368						7,879						22,766						23,899
Repair and maintenance expenses			$	14,701					$	14,050					$	44,044					$	41,959
Repair and maintenance expenses per cubic foot			$	0.013					$	0.013					$	0.040					$	0.039

External Growth, Expansion and Development Capital Expenditures

The following table sets forth our external growth, expansion and development capital expenditures for the three and nine months ended September 30, 2020 and 2019.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
			(In thousands)
Acquisitions, net of cash acquired and adjustments			$	108,040					$	(3,338)					$	423,708					$	1,326,663
Expansion and development initiatives(1)			59,806						50,106						174,585						154,962
Information technology			2,189						1,147						5,169						3,198
Growth and expansion capital expenditures			$	170,035					$	47,915					$	603,462					$	1,484,823

(1) We capitalized interest of $1.0 million and $0.7 million for the three months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020 and 2019, we capitalized interest of $2.2 million and $2.3 million, respectively. During each of the three months ended September 30, 2020 and 2019, we capitalized amounts relating to compensation and travel expense of employees direct and incremental to development of properties of approximately $0.2 million and $0.1 million, respectively, and during the nine months ended September 30, 2020 and 2019, we capitalized $0.6 million and $0.4 million, respectively.

31

Financial Supplement						Third Quarter 2020

Global Warehouse Segment Financial Performance

The following table presents the operating results of our warehouse segment for the three months ended September 30, 2020 and 2019.

			Three Months Ended September 30,																		Change
			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
			(Dollars in thousands - unaudited)
Rent and storage			$	166,355					$	166,641					$	155,998					6.6		%				6.8		%
Warehouse services			221,669						220,414						209,595						5.8		%				5.2		%
Total warehouse segment revenue			388,024						387,055						365,593						6.1		%				5.9		%
Power			27,145						27,210						26,356						3.0		%				3.2		%
Other facilities costs (2)			35,752						35,750						29,529						21.1		%				21.1		%
Labor			166,491						165,601						162,014						2.8		%				2.2		%
Other services costs (3)			30,880						30,898						34,286						(9.9)		%				(9.9)		%
Total warehouse segment cost of operations			260,268						259,459						252,185						3.2		%				2.9		%
Warehouse segment contribution (NOI)			$	127,756					$	127,596					$	113,408					12.7		%				12.5		%
Warehouse rent and storage contribution (NOI) (4)			$	103,458					$	103,681					$	100,113					3.3		%				3.6		%
Warehouse services contribution (NOI) (5)			$	24,298					$	23,915					$	13,295					82.8		%				79.9		%
Total warehouse segment margin			32.9		%				33.0		%				31.0		%				190 bps						195 bps
Rent and storage margin(6)			62.2		%				62.2		%				64.2		%				-198 bps						-196 bps
Warehouse services margin(7)			11.0		%				10.9		%				6.3		%				462 bps						451 bps

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $3.4 million and $3.1 million for the third quarter 2020 and 2019, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.2 million and $2.7 million for the third quarter of 2020 and 2019, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

32

Financial Supplement						Third Quarter 2020

The following table presents the operating results of our warehouse segment for the nine months ended September 30, 2020 and 2019.

			Nine Months Ended September 30,																		Change
			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
			(Dollars in thousands)
Rent and storage			$	492,328					$	496,019					$	424,403					16.0		%				16.9		%
Warehouse services			649,175						654,138						569,036						14.1		%				15.0		%
Total warehouse segment revenues			1,141,503						1,150,157						993,439						14.9		%				15.8		%
Power			68,918						69,479						61,738						11.6		%				12.5		%
Other facilities costs (2)			102,499						103,354						83,545						22.7		%				23.7		%
Labor			502,087						506,345						443,346						13.2		%				14.2		%
Other services costs (3)			93,338						94,027						86,766						7.6		%				8.4		%
Total warehouse segment cost of operations			$	766,842					$	773,205					$	675,395					13.5		%				14.5		%
Warehouse segment contribution (NOI)			$	374,661					$	376,952					$	318,044					17.8		%				18.5		%
Warehouse rent and storage contribution (NOI) (4)			$	320,911					$	323,186					$	279,120					15.0		%				15.8		%
Warehouse services contribution (NOI) (5)			$	53,750					$	53,766					$	38,924					38.1		%				38.1		%
Total warehouse segment margin			32.8		%				32.8		%				32.0		%				81 bps						76 bps
Rent and storage margin(6)			65.2		%				65.2		%				65.8		%				-59 bps						-61 bps
Warehouse services margin(7)			8.3		%				8.2		%				6.8		%				144 bps						138 bps

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $9.2 million and $9.4 million, on an actual basis, for the nine months ended September 30, 2020 and 2019, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $7.5 million and $8.7 million, on an actual basis, for the nine months ended September 30, 2020 and 2019, respectively.

(4)Calculated as rent and storage revenues less power and other facilities costs.

(5)Calculated as warehouse services revenues less labor and other services costs.

(6)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(7)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

33

Financial Supplement						Third Quarter 2020

Same-store Financial Performance

The following table presents revenues, cost of operations, contribution (NOI) and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the three months ended September 30, 2020 and 2019.

			Three Months Ended September 30,																		Change
			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
Number of same store warehouses			135												135						n/a						n/a
Same store revenues:			(Dollars in thousands - unaudited)
Rent and storage			$	127,551					$	127,816					$	125,824					1.4		%				1.6		%
Warehouse services			169,514						168,233						166,639						1.7		%				1.0		%
Total same store revenues			297,065						296,049						292,463						1.6		%				1.2		%
Same store cost of operations:
Power			19,222						19,286						20,120						(4.5)		%				(4.1)		%
Other facilities costs			27,387						27,389						24,545						11.6		%				11.6		%
Labor			129,438						128,535						130,763						(1.0)		%				(1.7)		%
Other services costs			21,308						21,325						24,836						(14.2)		%				(14.1)		%
Total same store cost of operations			$	197,355					$	196,535					$	200,264					(1.5)		%				(1.9)		%
Same store contribution (NOI)			$	99,710					$	99,514					$	92,199					8.1		%				7.9		%
Same store rent and storage contribution (NOI)(2)			$	80,942					$	81,141					$	81,159					(0.3)		%				—		%
Same store services contribution (NOI)(3)			$	18,768					$	18,373					$	11,040					70.0		%				66.4		%
Total same store margin			33.6		%				33.6		%				31.5		%				204 bps						209 bps
Same store rent and storage margin(4)			63.5		%				63.5		%				64.5		%				-104 bps						-102 bps
Same store services margin(5)			11.1		%				10.9		%				6.6		%				445 bps						430 bps
Number of non-same store warehouses			40												30						n/a						n/a
Non-same store revenues:
Rent and storage			$	38,804					$	38,825					$	30,174					28.6		%				28.7		%
Warehouse services			52,155						52,181						42,956						21.4		%				21.5		%
Total non-same store revenues			90,959						91,006						73,130						24.4		%				24.4		%
Non-same store cost of operations:
Power			7,923						7,924						6,236						27.1		%				27.1		%
Other facilities costs			8,365						8,361						4,984						67.8		%				67.8		%
Labor			37,053						37,066						31,251						18.6		%				18.6		%
Other services costs			9,572						9,573						9,450						1.3		%				1.3		%
Total non-same store cost of operations			$	62,913					$	62,924					$	51,921					21.2		%				21.2		%
Non-same store contribution (NOI)			$	28,046					$	28,082					$	21,209					32.2		%				32.4		%
Non-same store rent and storage contribution (NOI)(2)			$	22,516					$	22,540					$	18,954					18.8		%				18.9		%
Non-same store services contribution (NOI)(3)			$	5,530					$	5,542					$	2,255					145.2		%				145.8		%
Total warehouse segment revenues			$	388,024					$	387,055					$	365,593					6.1		%				5.9		%
Total warehouse cost of operations			$	260,268					$	259,459					$	252,185					3.2		%				2.9		%
Total warehouse segment contribution			$	127,756					$	127,596					$	113,408					12.7		%				12.5		%

(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.

34

Financial Supplement						Third Quarter 2020

The following table presents revenues, cost of operations, contribution (NOI) and margins for our same stores and non-same stores with a reconciliation to the total financial metrics of our warehouse segment for the nine months ended September 30, 2020 and 2019.

			Nine Months Ended September 30,																		Change
			2020 actual						2020 constant currency(1)						2019 actual						Actual						Constant currency
Number of same store warehouses			135												135						n/a						n/a
Same store revenues:			(Dollars in thousands)
Rent and storage			$	378,390					$	381,754					$	365,551					3.5		%				4.4		%
Warehouse services			495,785						500,499						485,737						2.1		%				3.0		%
Total same store revenues			874,175						882,253						851,288						2.7		%				3.6		%
Same store cost of operations:
Power			49,131						49,650						51,224						(4.1)		%				(3.1)		%
Other facilities costs			79,293						80,038						71,974						10.2		%				11.2		%
Labor			390,623						394,723						383,543						1.8		%				2.9		%
Other services costs			64,907						65,555						70,156						(7.5)		%				(6.6)		%
Total same store cost of operations			$	583,954					$	589,966					$	576,897					1.2		%				2.3		%
Same store contribution (NOI)			$	290,221					$	292,287					$	274,391					5.8		%				6.5		%
Same store rent and storage contribution (NOI)(2)			$	249,966					$	252,066					$	242,353					3.1		%				4.0		%
Same store services contribution (NOI)(3)			$	40,255					$	40,221					$	32,038					25.6		%				25.5		%
Total same store margin			33.2		%				33.1		%				32.2		%				97 bps						90 bps
Same store rent and storage margin(4)			66.1		%				66.0		%				66.3		%				-24 bps						-27 bps
Same store services margin(5)			8.1		%				8.0		%				6.6		%				152 bps						144 bps
Number of non-same store warehouses			40												30						n/a						n/a
Non-same store revenues:
Rent and storage			$	113,938					$	114,265					$	58,852					93.6		%				94.2		%
Warehouse services			153,390						153,639						83,299						84.1		%				84.4		%
Total non-same store revenues			267,328						267,904						142,151						88.1		%				88.5		%
Non-same store cost of operations:
Power			19,787						19,829						10,514						88.2		%				88.6		%
Other facilities costs			23,206						23,316						11,571						100.6		%				101.5		%
Labor			111,464						111,622						59,803						86.4		%				86.6		%
Other services costs			28,431						28,472						16,610						71.2		%				71.4		%
Total non-same store cost of operations			$	182,888					$	183,239					$	98,498					85.7		%				86.0		%
Non-same store contribution (NOI)			$	84,440					$	84,665					$	43,653					93.4		%				94.0		%
Non-same store rent and storage contribution (NOI)(2)			$	70,945					$	71,120					$	36,767					93.0		%				93.4		%
Non-same store services contribution (NOI)(3)			$	13,495					$	13,545					$	6,886					96.0		%				96.7		%
Total warehouse segment revenues			$	1,141,503					$	1,150,157					$	993,439					14.9		%				15.8		%
Total warehouse cost of operations			$	766,842					$	773,205					$	675,395					13.5		%				14.5		%
Total warehouse segment contribution			$	374,661					$	376,952					$	318,044					17.8		%				18.5		%

(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.

35

Financial Supplement						Third Quarter 2020

Same-store Key Operating Metrics

The following table provides certain operating metrics to explain the drivers of our same store performance for the three months ended September 30, 2020 and 2019.

			Three Months Ended September 30,												Change
Units in thousands except per pallet and site data - unaudited			2020						2019
Number of same store warehouses			135						135						n/a
Same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			2,381						2,382						—		%
Economic occupancy percentage			78.6		%				78.7		%				-13 bps
Same store rent and storage revenues per economic occupied pallet			$	53.58					$	52.82					1.4		%
Constant currency same store rent and storage revenue per economic occupied pallet			$	53.69					$	52.82					1.6		%
Physical occupancy(2)
Average physical occupied pallets			2,130						2,261						(5.8)		%
Average physical pallet positions			3,030						3,027						0.1		%
Physical occupancy percentage			70.3		%				74.7		%				-442 bps
Same store rent and storage revenues per physical occupied pallet			$	59.89					$	55.64					7.6		%
Constant currency same store rent and storage revenues per physical occupied pallet			$	60.02					$	55.64					7.9		%
Same store warehouse services:
Throughput pallets			6,286						6,538						(3.9)		%
Same store warehouse services revenues per throughput pallet			$	26.97					$	25.49					5.8		%
Constant currency same store warehouse services revenues per throughput pallet			$	26.76					$	25.49					5.0		%
Number of non-same store warehouses			40						30						n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			763						616						23.9		%
Economic occupancy percentage			73.1		%				80.6		%				-747 bps
Physical occupancy(2)
Average physical occupied pallets			719						596						20.7		%
Average physical pallet positions			1,044						765						36.5		%
Physical occupancy percentage			68.9		%				77.9		%				-901 bps
Non-same store warehouse services:
Throughput pallets			1,633						1,437						13.6		%

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

36

Financial Supplement						Third Quarter 2020

The following table provides certain operating metrics to explain the drivers of our same store performance for the nine months ended September 30, 2020 and 2019.

			Nine Months Ended September 30,
Units in thousands except per pallet and site number data - unaudited			2020						2019						Change
Number of same store sites			135						135						n/a
Same store rent and storage:
Economic occupancy(1)
Average occupied economic pallets			2,417						2,355						2.6		%
Economic occupancy percentage			79.8		%				77.8		%				201 bps
Same store rent and storage revenues per economic occupied pallet			$	156.57					$	155.25					0.9		%
Constant currency same store rent and storage revenues per economic occupied pallet			$	157.96					$	155.25					1.7		%
Physical occupancy(2)
Average physical occupied pallets			2,190						2,232						(1.9)		%
Average physical pallet positions			3,028						3,027						0.1		%
Physical occupancy percentage			72.3		%				73.7		%				-142 bps
Same store rent and storage revenues per physical occupied pallet			$	172.80					$	163.81					5.5		%
Constant currency same store rent and storage revenues per physical occupied pallet			$	174.34					$	163.81					6.4		%
Same store warehouse services:
Throughput pallets (in thousands)			18,890						19,170						(1.5)		%
Same store warehouse services revenues per throughput pallet			$	26.25					$	25.34					3.6		%
Constant currency same store warehouse services revenues per throughput pallet			$	26.49					$	25.34					4.6		%
Number of non-same store sites			40						30						n/a
Non-same store rent and storage:
Economic occupancy(1)
Average economic occupied pallets			772						404						91.0		%
Economic occupancy percentage			76.1		%				80.7		%				-464 bps
Physical occupancy(2)
Average physical occupied pallets			740						391						89.3		%
Average physical pallet positions			1,015						501						102.7		%
Physical occupancy percentage			72.9		%				78.0		%				-514 bps
Non-same store warehouse services:
Throughput pallets (in thousands)			4,943						2,692						83.6		%

(1)We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication. We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.

(2)We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.

37

Financial Supplement						Third Quarter 2020

External Growth and Capital Deployment

Recently Completed Expansion and Development Projects

Opportunity Type

Facility Type

Tenant Opportunity

Cubic Feet (in millions)

Pallet Positions (in thousands)

Cost of Expansion / Development

Completion Date

Expected Full Stabilized Quarter

Facility

Total Cost (in millions)(1)

NOI ROIC

Middleboro, MA

Development

Production Advantaged

Build-to-suit

4.4

27

$23.5

8-12%

Q3 2018

Q4 2018

Rochelle, IL

Expansion

Distribution

Multi-tenant

15.7

54

$91.8

12-15%

Q2 2019

Q1 2021

Chesapeake, VA

Expansion

Public

Multi-tenant

4.5

12

$26.2

10-12%

Q4 2019

Q1 2021

North Little Rock, AR

Expansion

Public

Multi-tenant

3.2

12

$19.2

10-12%

Q4 2019

Q1 2021

Columbus, OH

Expansion

Public

Multi-tenant

1.5

5

$7.0

14-15%

Q1 2020

Q2 2021

Savannah, GA(2)

Development

Distribution

Multi-tenant

14.8

37

$69.5

10-15%

Q2 2020

Q3 2021

(1)Cost to date through September 30, 2020, projects are substantially complete. Additional spending may be incurred for residual cost and retainage.

(2)Cost includes $15.9 million of development land as part of the PortFresh Holdings, LLC acquisition completed during January 2019.

Expansion and Development Projects In Process and Announced
																								Under Construction												Investment in Expansion / Development (in millions)																		Expected Stabilized NOI ROIC						Target Complete Date						Expected Full Stabilized Quarter
Facility						Opportunity Type						Facility Type						Tenant Opportunity						Cubic Feet (millions) (1)						Pallet Positions (thousands) (1)						Cost (2)						Estimate to Complete						Total Estimated Cost
Atlanta, GA						Expansion /Redevelopment						Distribution						Multi-tenant						18.3						60						$59.4						$66.6-$76.6						$126-$136						10-15%						Q2 2021						Q1 2023
Auckland, New Zealand(4)						Expansion						Distribution						Multi-tenant						4.6						27						$13.1						$49.9-$54.6						$63-$67						12-14%						Q2 2021						Q3 2022
Plainville, CT						Development						Distribution						Build-to-suit						12.1						31						$47.6						$113.4-$126.4						$161-$174						10-12%						Q3 2022						Q4 2023
Lancaster, PA						Development						Distribution						Build-to-suit						11.4						28						$41.7						$109.3-$122.3						$151-$164						10-12%						Q3 2022						Q4 2023
Russellville, AR						Expansion						Production Advantaged						Build-to-suit						13.0						42						$—						$81-$87						$81-$87						10-12%						Q4 2022						Q1 2024
Calgary, Canada(3)						Expansion						Distribution						Multi-tenant						2.0						7						$—						$14-$16						$14-$16						10-12%						Q4 2021						Q1 2023

(1)Cubic feet and pallet positions are estimates while the facilities are under construction.

(2)Cost as of September 30, 2020.

(3)Cost, estimate to complete, and total estimated cost reflected in Canadian dollars.

(4)Cost, estimate to complete, and total estimated cost reflected in New Zealand dollars.

38

Financial Supplement						Third Quarter 2020

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
PortFresh Holdings, LLC						Savannah, GA						1						4.3						6						$20.0						6.7		%				9-12%						1/31/2019						Q2 2022
Cloverleaf Cold Storage (2)						9 states						22						132.0						602						$1,242.9						6.5		%				7-8%						5/1/2019						Q3 2022
Lanier Cold Storage						Georgia						2						14.4						51						$82.6						7.6		%				9-10%						5/1/2019						Q3 2022
MHW Group Inc. (3)						MD and PA						2						19.0						86						$55.7						7.8		%				9-10%						11/19/2019						Q4 2022
Nova Cold Logistics (2)(6)						Canada						4						23.5						81						$338.7						6.1		%				6.5-7.0%						1/2/2020						Q2 2023
Newport Cold						St. Paul, MN						1						6.1						26						$57.1						7.5		%				9-10%						1/2/2020						Q2 2023
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
Agro Merchants Group (2)(4)(5)						US, Europe, South America, Australia						46						236.0						853						$1,740.0						6.3		%				7.3-8.3%						Q4 2020 - Q1 2021						Q1 2026
Halls Warehouse Corp(2)						New Jersey						8						58.0						200						$480.0						6.3		%				7-8%						11/02/2020						Q1 2024

(1)Inclusive of expenses required to integrate and reach stabilization.

(2)Net Entry NOI Yield metric is exclusive of SG&A expense.

(3)Acquisition price includes a $4.1 million option to purchase land under lease at date of acquisition, which was subsequently exercised during January 2020.

(4)Expected to close late Q4 2020 or Q1 2021.

(5)Stabilized NOI ROIC of 7.3-8.3% reflects a period of five years for the Agro acquisition.

(6)Acquisition price reflected in Canadian dollars.

39

Financial Supplement						Third Quarter 2020

Unconsolidated Joint Ventures (Investment in Partially Owned Entities)

As of September 30, 2020, the Company owned a 14.99% equity share in the Brazil-based SuperFrio. SuperFrio provides temperature-controlled storage and logistics services including storage, warehouse services, and transportation. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

			As of
Summary Balance Sheet - at the JV’s 100% share in BRLs			Q3 20			Q2 20			Q1 20
Net book value of real estate			$	436,291		$	432,208		$	410,100
Other assets			228,043			245,830			247,004
Total assets			664,334			678,038			657,104
Debt			229,797			236,254			239,860
Other liabilities			208,782			214,150			186,949
Equity			225,755			227,634			230,295
Total liabilities and equity			$	664,334		$	678,038		$	657,104
Americold’s ownership percentage			15		%	15		%	15		%
BRL/USD quarter-end rate			0.1783			0.1823			0.1929
Americold’s pro rata share of debt at BRL/USD rate			$	6,146		$	6,460		$	6,939
			Three Months Ended
Summary Statement of Operations - at the JV’s 100% share in BRLs			Q3 20			Q2 20			Q1 20(1)
Total revenues			$	44,349		$	40,972		$	38,173
Operating expenses			33,775			32,888			33,345
Operating income			10,574			8,084			4,828
Interest expense			5,904			6,447			8,609
Depreciation & amortization			8,314			9,125			5,115
Other income			(880)			(728)			(3,685)
Income tax benefit			(947)			(1,103)			(2,934)
Non-operating expenses			12,391			13,741			7,105
Net loss			$	(1,817)		$	(5,657)		$	(2,277)
Americold’s ownership percentage			15		%	15		%	15		%
BRL/USD average rate			0.1860			0.1862			0.2079
Americold’s pro rata share of NOI at BRL/USD average rate			$	295		$	226		$	151
Americold’s pro rata share of Net loss at BRL/USD average rate(1)			$	(51)		$	(158)		$	(71)
Americold’s pro rata share of Core FFO at BRL/USD average rate			$	187		$	95		$	139
Americold’s pro rata share of AFFO at BRL/USD average rate			$	312		$	243		$	69
(1) Q1 20 above represents the full first quarter results for the Brazil JV, however, our share of net loss reflected on the Condensed Consolidated Statement of Operations for the same time period reflects only the portion earned after our initial investment made on March 6, 2020.

40

Financial Supplement						Third Quarter 2020

2020 Guidance

The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced, and assumes the closing of the Agro acquisition within 1 - 2 days of year end.

As of

As of

As of

As of

November 5, 2020

August 6, 2020

May 7, 2020

Feb. 20, 2020

Warehouse segment same store revenue growth (actual and constant currency)

2.0% - 4.0%

2.0% - 4.0%

2.0% - 4.0%

2.0% - 4.0%

Warehouse segment same store NOI growth (actual and constant currency)

100 - 200 bps higher than associated revenue

100 - 200 bps higher than associated revenue

100 - 200 bps higher than associated revenue

100 - 200 bps higher than associated revenue

Managed and Transportation segment NOI

$30M - $31M

$28M - $31M

$28M - $31M

$28M - $31M

Total selling, general and administrative expense

$140M - $143M

$135M - $140M

$135M - $140M

$135M - $140M

Current income tax expense

$8M - $10M

$8M - $10M

$8M - $10M

$11M - $13M

Deferred income tax benefit

$4M - $5M

$2M - $4M

$2M - $3M

$1M - $3M

Non real estate amortization and depreciation expense

$71M - $74M

$70M - $72M

$66M - $68M

$66M - $68M

Total maintenance capital expenditures

$66M - $70M

$65M - $73M

$65M - $75M

$65M - $75M

Development starts (1)

$400M - $500M

$400M - $500M

$75M - $200M

$75M - $200M

AFFO per share

$1.26 - $1.29

$1.24 - $1.30

$1.22 - $1.30

$1.22 - $1.30

Assumed FX rates

1 AUS = 0.69 USD 1 NZD = 0.64 USD 1 ARS = 0.014 USD 1 CAD = 0.74 USD 1 BRL = 0.17 USD

1 AUS = 0.68 USD 1 NZD = 0.64 USD 1 ARS = 0.015 USD 1 CAD = 0.74 USD 1 BRL = 0.18 USD

1 AUS = 0.64 USD 1 NZD = 0.62 USD 1 ARS = 0.016 USD 1 CAD = 0.72 USD 1 BRL = 0.18 USD

1 AUS = 0.68 USD 1 NZD = 0.63 USD 1 ARS = 0.018 USD 1 CAD = 0.76 USD 1 BRL = 0.23 USD

(1)Represents the aggregate invested capital for initiated development opportunities.

41

Financial Supplement						Third Quarter 2020

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 and amortization, and our share of reconciling items of 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, non-real estate asset impairment, acquisition, litigation and other expenses, share-based compensation expense for the IPO retention grants, bridge loan commitment fees, loss on debt extinguishment and modification 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 JV is a strategic partnership 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, pension withdrawal liability and above or below market leases, straight-line net rent, provision or benefit from deferred income taxes, stock-based compensation expense from grants of stock options and restricted stock units under our equity incentive plans, excluding IPO grants, non-real estate depreciation and amortization, and maintenance capital expenditures. We also adjust for AFFO attributable to our portion 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, depletion and amortization, gains or losses on disposition of depreciated property, including gains or losses on change of control, impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustment to reflect share of EBITDAre of unconsolidated affiliates. 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 expenses, impairment of long-lived assets, loss or gain on other asset disposals, bridge loan commitment fees, loss on debt extinguishment and modifications, share-based compensation expense, foreign currency exchange gain or loss, loss or income on partially owned entities 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:

•these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;

•these measures do not reflect changes in, or cash requirements for, our working capital needs;

•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

•although depreciation, depletion and amortization are non-cash charges, the assets being depreciated, depleted and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.

We use Core EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. The table on page 22 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.

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