Americold Realty Trust (NYSE:COLD), the Atlanta-based cold storage giant, reported fourth-quarter adjusted funds from operations (AFFO) on Thursday that cleared Wall Street projections, despite a widening net loss driven by real estate disposals and a cautious forecast for the year ahead.
The company posted an adjusted FFO of $0.38 per share, surpassing the 0.37-cent average estimate from analysts surveyed by Zacks Investment Research.
Core EBITDA rose 4.7% to $162.9 million, as aggressive cost-cutting and a "rightsizing" of the company’s facility footprint helped expand margins.
However, total revenue for the period fell 1.2% to $658.5 million, narrowly beating the $657 million consensus but reflecting lower throughput volumes and a decline in economic occupancy to 76.1%.
For the full year 2025, Americold reported a net loss of $114.5 million, or 40 cents per share, on total revenue of $2.6 billion.
The bottom line was significantly impacted by a $55.9 million loss on the sale of real estate in the fourth quarter.
Despite the losses, the firm demonstrated balance sheet discipline, ending the year with $935 million in liquidity and raising its quarterly dividend by 5% to $0.23 per share.
Looking toward 2026, the company issued 2026 AFFO guidance of $1.20 to $1.30 per share, trailing the $1.43 earned in 2025.