COLD – Lowering FAD Estimates; Maintaining $16 Price Target and Buy Rating

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COLD – Lowering FAD Estimates; Maintaining $16 Price Target and Buy Rating

Truist Securities

Equity Research Report June 17, 2026

REAL ESTATE INVESTMENT Americold Realty Trust (COLD)

TRUSTS: Industrial REITs

COLD – Lowering FAD Estimates; Maintaining $16 Price Target and

Michael Lewis, CFA Buy Rating

212-319-5659

Michael.R.Lewis@truist.com

What’s Incremental to Our View: We are lowering our 2026 FAD estimate by -0.5% and

Anthony Hau our 2027 estimate by -3.5% primarily due to the recently announced JV and higher interest

212-303-4176 rates, partially offset by slightly better NOI. COLD is up 14% YTD versus 11% for REITs

Anthony.Hau@truist.com overall, as fundamentals appear to have bottomed/stabilized with KPIs inflecting toward

moderate growth. Customer inventory levels now appear adequately aligned with a relatively

soft demand environment, and COLD also appears to be gaining some market share from

struggling recent industry entrants. We are maintaining our 12-month PT at $16, as detailed

Stock Rating BUY in Figure 2.

Unchanged

Price Target $16.00 Lowering FAD Estimates: We are reducing our 2026 FAD estimate by a penny per share

Unchanged to $1.22ps from $1.23ps, which is within management’s $1.20-$1.30ps AFFO guidance

range and is below the $1.24ps consensus.

We are lowering our 2027 FAD estimate to $1.25ps from $1.29ps, which is below the

TR to Target 15.7% $1.29ps consensus. Our estimates imply a -14.6% year-over-year FADps decline in 2026,

Price (Jun. 16, 2026) $14.62 followed by 2.5% growth in 2027. We project 5.3% average annual FADps growth from

52-Wk Range $17.37-$10.12 2026-2031.

Market Cap ($M) $4,190

ADTV 3,138,224

Shares Out (M) 287

Short Interest Ratio/% Of Float 7.9%

Dividend/Yield $0.92/6.3%

Enterprise Value ($M) $6,238

Cash & Equivalents ($M) $299