Americold Realty Trust / Lineage Inc.: Cold storage model updates

Research evidence excerpt

Americold Realty Trust / Lineage Inc.: Cold storage model updates

Equity Research

14 May 2026

Americold Realty Trust / Lineage Inc.

Cold storage model updates

Post 1Q26 results, we update our views on the current state of

the cold storage industry and adjust our COLD and LINE

models. U.S. REITs NEUTRAL

Unchanged

Our view: Management teams at both LINE and COLD are both proactively addressing elements U.S. REITs

within their control. Results for 1Q26 demonstrate a willingness/ability to take specific Brendan Lynch, CFA

challenges head-on. Areas of focus include leverage, utilization, and efficiency. +1 212 526 9428

brendan.lynch@barclays.com

Our lingering concerns mostly relate to macro and industry factors. The list of challenges the BCI, US

cold storage industry has faced largely still persists: excess supply, food inflation, fertilizer costs, Eileen Gao

tariffs, GLP-1 drugs, etc. These factors continue to vacillate and their impact on the industry is +1 212 526 7836

not consistent over time. While the industry is showing some signs of stabilization, we don't eileen.gao@barclays.com

think the industry is out of the woods yet, thus we remain cautious. BCI, US

Annabelle Ayer

Americold (COLD) - Underweight, $13 PT +1 212 526 7387

Model updates: The EQT JV is a positive development in that it 1) validates value in COLD's annabelle.ayer@barclays.com

portfolio, 2) provides a path to delever, and 3) allows COLD to maintain customer relationships BCI, US

and earn management fees while liberating some capital. Based on the margin profile, as

detailed below, we think the 12 facilities that will be contributed to the JV skew toward COLD's

better assets (although we acknowledge margin profile is not the only indicator of asset

quality).