Americold Realty Trust Announces Acquisition and Development Activity Totaling $575 Million

Americold Realty Trust (NYSE: COLD) (the “Company” or “Americold”), the world’s largest publicly traded REIT focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, today announced that it has acquired South Plainfield, New Jersey-based Hall’s Warehouse Corporation (“Hall’s”) for $480 million. Americold also announced two expansion projects, including a build-to-suit expansion in Arkansas for a top tier customer and an expansion of the Company’s existing Calgary facility, which was acquired earlier in the year with the acquisition of Nova Cold, for $84 million and $11 million, respectively. The acquisition of Hall’s and the expansion projects will be funded with a combination of proceeds from recent equity offerings and debt private placements.

“We are excited to expand our operating footprint in the Northeastern United States and advance two development opportunities, which enhance our ability to serve current and new customers while strengthening our network in North America. Through the Hall’s acquisition, we have acquired a fully integrated portfolio of high-quality facilities located near the Port of Newark. This portfolio complements our growing scale in a key market that is located within one day’s drive of approximately 30% of the population in the United States,” stated Fred Boehler, President and Chief Executive Officer of Americold Realty Trust.

Mr. Boehler continued, “The Russellville, Arkansas highly automated expansion is an opportunity to provide mission critical, long term infrastructure for Conagra Brands, a top tier strategic customer and one of North America's leading branded food companies. With the Calgary expansion project, we will add scale in an existing market that is currently at capacity, helping us realize the embedded growth opportunities that were underwritten at the time of the acquisition of Nova Cold. 2020 has been an important year of growth for our company. Today’s announcement underscores our commitment to ongoing disciplined and profitable growth to create further value for our shareholders and other stakeholders while meeting increasing temperature-controlled storage demand around the world.”