Americold Realty Trust Inc (COLD) 2026 Q1 法說會逐字稿

Hello, and welcome, everyone joining today's Americold Realty Trust first-quarter 2026 earnings call. (Operator Instructions)

大家好，歡迎各位參加今天 Americold Realty Trust 2026 年第一季財報電話會議。(接線員指示)

Please note this call is being recorded. It is now my pleasure to turn the meeting over to Rich Leland. Please go ahead.

請注意，本次電話會議將被錄音。現在我很榮幸將會議交給 Rich Leland。請開始。

Hello, and thank you for joining us today for Americold Realty Trust's first-quarter 2026 earnings conference call. In addition to the press release distributed this morning, we have filed a supplemental financial package with additional detail on our results. These materials are available on the Investor Relations section of our website at www.americold.com. This morning's conference call is hosted by Americold's Chief Executive Officer, Rob Chambers, along with Chris Papa, our Chief Financial Officer. Management will make some prepared comments, after which we'll open up the call to your questions.

大家好，感謝各位今天參加 Americold Realty Trust 2026 年第一季財報電話會議。除了今天早上發布的新聞稿外，我們也已提交一份補充財務資料包，提供我們業績結果的更多細節。這些資料可在我們網站 www.americold.com 的投資人關係專區取得。今天早上的電話會議由 Americold 執行長 Rob Chambers 主持，並由我們的財務長 Chris Papa 一同參與。管理團隊將先發表準備好的談話，之後我們將開放提問。

Before we begin, let me remind you that management's remarks today may contain forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those anticipated. These forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time and speak only as of the date they are made.

在開始之前，提醒各位管理團隊今天的發言可能包含前瞻性陳述。前瞻性陳述受到多項風險與不確定性影響，可能導致實際結果與預期有重大差異。這些前瞻性陳述係基於目前的預期、假設與信念，以及我們此時可取得的資訊，且僅截至其作出之日有效。

Management undertakes no obligation to update publicly any of these statements in light of new information or future events. During this call, we will also discuss certain non-GAAP financial measures, including NOI, core EBITDA and net debt to pro forma core EBITDA and AFFO, among others.

管理團隊不承擔因新資訊或未來事件而公開更新任何此等陳述之義務。在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標，包括 NOI、核心 EBITDA、淨負債對備考核心 EBITDA，以及 AFFO 等。

The full definition of these non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the supplemental financial package available on the company's website. Please note that all warehouse financial results are in constant currency and reflects the Q1 2026 same-store pool unless otherwise noted.

上述非 GAAP 財務衡量指標的完整定義，以及與可比 GAAP 財務衡量指標之調節表，均載於公司網站上的補充財務資料包中。另請注意，除非另有說明，所有倉儲財務結果均以固定匯率（constant currency）呈列，並反映 2026 年第一季同店（same-store）樣本池。

Now I'll turn the call over to Rob for his prepared remarks.

現在我將把電話會議交給 Rob，請他發表準備好的談話。

Thank you, Rich, and thank you all for joining our first-quarter 2026 earnings conference call. Before we begin, I would like to formally welcome Chris Papa to the team as our Chief Financial Officer. Chris started with us in February and brings more than two decades of experience, leading investment-grade rated and publicly traded REITs.

謝謝你，Rich，也感謝各位參加我們 2026 年第一季財報電話會議。在開始之前，我想正式歡迎 Chris Papa 加入團隊，擔任我們的財務長。Chris 於二月加入我們，擁有超過二十年的經驗，曾領導具投資等級評等且公開上市的 REIT。

Since joining the team, Chris has been fully engaged, meeting with leaders across the business, spending time with our investors and our customers and touring our facilities. He brings a unique mix of qualifications and experiences and I look forward to his many future contributions to drive our business forward.

自加入團隊以來，Chris 全力投入，與公司各部門領導會面，花時間與投資人及客戶交流，並參訪我們的設施。他具備獨特的資格與經驗組合，我期待他未來能做出許多貢獻，推動我們的業務持續向前。

Turning to our first-quarter financial results. We delivered AFFO of $0.29 per share above analyst consensus. Chris will review the full detail in just a few minutes, but I was pleased that all key metrics materialized in line or slightly better than our original guidance. I'm particularly encouraged that our physical occupancy was flat year-over-year, further supporting relief that inventories levels have largely stabilized. These trends have continued in April, and we believe that we should see a return to more normalized seasonal trends as we progress throughout the year.

接著談我們第一季的財務結果。我們每股 AFFO 為 0.29 美元，高於分析師一致預期。Chris 將在幾分鐘後完整說明細節，但我很高興所有關鍵指標的表現均符合或略優於我們原先的指引。我尤其受到鼓舞的是，我們的實體入住率（physical occupancy）年對年持平，進一步支持庫存水位已大致穩定的看法。這些趨勢在四月仍持續，我們相信隨著年度推進，應可回到較為正常的季節性走勢。

Our pricing metrics in the quarter also marginally overperformed expectations. Our commercial teams continue to lead with our value proposition, which we call the Americold Advantage, consisting of best-in-class service, technology solutions and a suite of services rather than simply competing on price as you see from others in our industry.

本季我們的定價指標也略微優於預期。我們的商務團隊持續以我們的價值主張為核心，我們稱之為「Americold Advantage」，其包含同級最佳的服務、科技解決方案以及一整套服務內容，而非如同業其他公司那樣僅以價格競爭。

Our customer churn rate remains low at 2.5%, further validating our view that service remains a top priority to our customers when considering their cold chain partner. During the quarter, we also successfully renewed 34% and of the year's fixed committed contracts that were either month-to-month are set to expire in 2026. This represents approximately $100 million of revenue and extends the weighted average duration of our future expirations.

我們的客戶流失率仍維持在低檔 2.5%，進一步驗證我們的觀點：在選擇冷鏈合作夥伴時，服務仍是客戶最優先考量之一。本季我們也成功續約了本年度固定承諾合約中 34% 的合約，這些合約原本為按月續約（month-to-month）或預計於 2026 年到期。這約代表 1 億美元的營收，並延長了我們未來到期合約的加權平均期限。

Importantly, we held our total rent and storage revenue from fixed committed contracts at 59%, very solid performance during a critical renewal period as customers continue to see the benefits of a fixed commitment structure. All of these metrics demonstrate our company-wide focus on commercial excellence as we navigate through the current market environment.

重要的是，我們將固定承諾合約的總租金與倉儲收入占比維持在 59%；在關鍵續約期間能有如此穩健的表現，顯示客戶持續看見固定承諾結構的效益。所有這些指標都展現出，在目前的市場環境下，我們全公司對商務卓越（commercial excellence）的專注。

Since stepping into the CEO role, I've been laser-focused on setting a strong foundation for future growth while ensuring that we deliver on our financial commitments. Despite a continued challenging macro environment, we've now delivered three straight quarters that either met or exceeded AFFO per share consensus. Beyond our financial performance, we also made significant progress this quarter on each of our five key strategic priorities.

自我接任執行長以來，我一直高度聚焦於為未來成長奠定堅實基礎，同時確保我們履行財務承諾。儘管總體環境仍具挑戰，我們已連續三個季度達到或超越每股 AFFO 的市場一致預期。除了財務表現之外，本季我們在五項關鍵策略優先事項上也取得顯著進展。

As a reminder, we launched these objectives late last year to strengthen the foundation of our organization and set us up for long-term success. They include delevering our balance sheet to maintain our investment-grade profile, actively managing our portfolio of real estate assets for maximum value, streamlining our operations and rightsizing our cost structure, identifying unique opportunities to drive occupancy growth across our network and selectively supporting our key customers and strategic partnerships. Perhaps the most foundational of these priorities are the strategic actions that we are taking to strengthen our balance sheet.

提醒各位，我們在去年底啟動這些目標，以強化組織基礎並為長期成功做好準備。其內容包括：去槓桿化資產負債表以維持投資等級定位；積極管理不動產資產組合以創造最大價值；精簡營運並調整成本結構至適當規模；在我們的網絡中找出獨特機會以推動入住率成長；以及選擇性地支持關鍵客戶與策略夥伴關係。其中最根本的一項優先事項，或許就是我們為強化資產負債表所採取的策略行動。

Earlier this morning, we announced the formation of a new joint venture with EQT Partners, one of the largest purpose-driven real estate investors in the world. EQT is a sophisticated investor in the space as they own one of the largest cold storage providers in Europe. They will hold a 70% interest in the JV as part of their infrastructure portfolio with Americold contributing a seed pool of 12 properties across the US worth over $1.3

今天稍早，我們宣布與 EQT Partners 成立新的合資企業（JV）。EQT Partners 是全球最大的使命導向不動產投資人之一。EQT 在此領域是成熟且專業的投資人，因其在歐洲擁有規模最大的冷凍倉儲供應商之一。EQT 將以其基礎建設投資組合持有該合資企業 70% 的權益，而 Americold 將投入一個種子資產池，包含美國境內 12 項物業，價值超過 13 億美元

billion. This represents a blended cap rate to the JV of approximately 7% for nearly $3,300 per pallet position. This is a significant premium to our public market valuation, which reflects the mission-critical nature of our assets.

。以合資企業角度計算，這相當於約 7% 的混合資本化率（blended cap rate），每個棧板位（pallet position）約 3,300 美元。相較於我們在公開市場的估值，這是一個顯著溢價，反映出我們資產在任務關鍵（mission-critical）上的特性。

As part of the agreement, we will continue to operate the assets, providing continuity of service to our customers as well as providing ongoing asset management and development expertise to the JV. We anticipate closing the transaction in the third-quarter at which point Americold will receive approximately $1.1 billion in proceeds, which we intend to use to pay down a portion of our outstanding debt.

依據協議，我們將持續負責資產營運，為客戶提供服務的延續性，同時也將向合資企業提供持續的資產管理與開發專業能力。我們預期於第三季完成交易交割，屆時 Americold 將取得約 11 億美元的款項，我們計畫用以償還部分未償債務。

As many of you are aware, joint ventures are a common structure across the REIT industry, and I'm thrilled that EQT is a partner to help support our strategy. We expect to expand the platform in the future with additional development opportunities and we already have one exciting new project for consideration, which I will discuss in just a moment. As we look forward, our capital allocation priorities remain consistent, maintaining an investment-grade balance sheet, evaluating the portfolio for asset recycling opportunities and continuing our disciplined approach to new capital deployment.

如各位所知，合資企業是 REIT 產業常見的架構，我很高興 EQT 能成為合作夥伴以支持我們的策略。我們預期未來將透過更多開發機會擴大此平台，而且我們已經有一個令人振奮的新專案可供評估，我稍後會再談。展望未來，我們的資本配置優先順序仍維持一致：維持投資等級的資產負債表、評估資產組合以尋找資產汰換（asset recycling）機會，並持續以嚴謹紀律投入新資本。

Our second priority is to actively manage our portfolio to address under-performing properties while pursuing the highest and best use of our geographically diverse network of real estate assets. During fourth- quarter call, we indicated that we had identified nine additional facilities to exit or idle in 2026. Two of these exits were completed in Q1. Both of these facilities were leased and we returned the keys to the owner at the end of the term after successfully shifting much of the customer inventory into our nearby facilities.

我們的第二項優先事項，是積極管理資產組合，以處理表現不佳的物業，同時追求我們地理分布多元的不動產資產網絡之最高且最佳用途。在第四季電話會議中，我們表示已識別出 2026 年另外九處設施將退出或閒置。其中兩項退出已於第一季完成。這兩處設施皆為租賃物業，我們在租期結束時將鑰匙交還給業主，並在成功將多數客戶庫存轉移至附近設施後完成退出。

These buildings will be torn down, removing over 62,000 pallet positions from the Atlanta market. Of the remaining facilities, the majority have been idled and are actively being marketed for sale. We'll continue to do our part to remove excess capacity from the industry, we continue to see smaller, less sophisticated operators remain under pressure.

這些建築物將被拆除，將使亞特蘭大市場減少超過 62,000 個棧板儲位。在其餘設施中，多數已停用，並正積極對外行銷出售。我們將持續盡一己之力，協助移除產業中的過剩產能；我們也持續看到規模較小、營運較不成熟的業者仍承受壓力。

In the quarter, we've heard of several smaller operators and new market entrants either shutting their doors or struggling to meet their financial commitments. In many of those instances, we've been the beneficiary of volumes coming back to Americold, given our status as an industry leader.

本季，我們聽聞數家較小型的業者與新進入市場者不是關門歇業，就是難以履行其財務承諾。在許多情況下，憑藉我們作為產業領導者的地位，部分業務量回流至 Americold，使我們成為受益者。

Beyond just exiting facilities, we are also pursuing attractive triple net leasing opportunities across the portfolio. During Q1, we identified one of these opportunities and purchased an existing leased facility at well below market value and subsequently entered into a 15-year triple net lease with a new tenant to fully occupy the space. By eliminating the rent expense and acquiring the property at a discount, we are able to achieve an approximate 10% return on investment.

除了退出部分設施之外，我們也在整體投資組合中尋求具吸引力的三重淨租賃（triple net）機會。在第一季期間，我們辨識出其中一項機會，以遠低於市價的價格收購一座既有的已出租設施，並隨後與新租戶簽訂 15 年期三重淨租約，以全面承租該空間。透過消除租金費用並以折價取得該不動產，我們得以達成約 10% 的投資報酬率。

We also signed several other new deals in the quarter, and have increased our annualized leasing revenue by over $4 million or about 7%, which you can see reflected on page 24 of the financial supplement. These are all great examples of the disciplined process we are taking to creatively ensure we are receiving the best value possible from our real estate assets.

本季我們也簽下數筆其他新交易，並將年化租賃收入提高超過 400 萬美元（約 7%），您可在財務補充資料第 24 頁看到反映。這些都是我們採取嚴謹流程、以創新方式確保從不動產資產中取得最佳價值的絕佳例證。

Our third priority is to rightsize our cost structure and drive efficiencies across our operation. Late last year, we identified $30 million in potential savings within indirect labor and SG&A, and I'm pleased to report that all initiatives were completed in Q1 as expected. We are exploring additional cost actions, and Chris will discuss the details in a moment. While we are taking cost out of the business, we are being extremely cautious to ensure that we retain the high level of customer service that Americold is known for in the industry.

我們的第三項優先事項是調整成本結構至適當規模，並在營運各環節推動效率提升。去年年底，我們在間接人力與銷售、一般及行政費用（SG&A）中辨識出 3,000 萬美元的潛在節省空間；我很高興報告，所有措施皆如預期於第一季完成。我們正在評估進一步的成本行動，Chris 稍後將說明細節。在我們降低成本的同時，也極為謹慎，以確保維持 Americold 在業界以高水準客戶服務著稱的表現。

This quarter, I'm pleased to announce that our Fort Worth railhead site received the Warehouse of the Year award from Kraft Heinz. This award was measured by performance KPIs, like turn times, inventory accuracy, fill rates and others. It is a great example of our relentless pursuit of efficiency and high-quality service resulting in meaningful value to our customers. Congratulations to our team in Fort Worth.

本季，我很高興宣布，我們的沃斯堡（Fort Worth）鐵路轉運站據點獲得卡夫亨氏（Kraft Heinz）頒發的「年度倉庫」獎。此獎項係依據績效 KPI 衡量，例如周轉時間、庫存準確度、補貨達成率等。這是我們不懈追求效率與高品質服務、為客戶創造實質價值的絕佳例證。恭喜沃斯堡團隊。

Our fourth priority is driving organic growth by leveraging our operational expertise, scale and mission-critical infrastructure in adjacent and underpenetrated sectors. Late last year, we announced our initial win with On the Run in South Australia, one of the nation's most well-known convenience and petrol providers. And in February, we announced the expansion of our relationship to support their national network in Australia. As a reminder, we are providing tri-temperature warehousing services to replenish every product in the store and have expanded our coverage to 600 of their locations.

我們的第四項優先事項是運用我們的營運專業、規模與關鍵任務基礎設施，在相鄰且滲透率較低的領域推動有機成長。去年年底，我們宣布在南澳大利亞與 On the Run 的首次合作成果；On the Run 是全國最知名的便利商店與加油站營運商之一。並且在 2 月，我們宣布擴大合作關係，以支援其在澳洲的全國網路。提醒一下，我們提供三溫層倉儲服務，用於補充店內所有商品，並已將服務覆蓋擴展至其 600 個據點。

Additionally, I am very pleased that we recently renewed our contract with KFC in Australia for an additional 10 years. Americold has been working with KFC stores for the last 30 years, and we will continue to support their restaurant network of approximately 500 stores on the East Coast of Australia for the next decade, providing tri-temperature warehousing and distributing all of their food and nonfood materials.

此外，我也非常高興我們近期與澳洲的肯德基（KFC）續約，再延長 10 年。Americold 過去 30 年來一直為 KFC 門市提供服務；未來十年，我們將持續支援其在澳洲東岸約 500 家門市的餐廳網路，提供三溫層倉儲並配送其所有食品與非食品物料。

Additionally, as part of this extension, we are implementing a technology solution that will generate restaurant-level sales forecast recommend replenishment orders and proactively optimize inventory positioning across the network. This technology will serve as the backbone of our store support solutions and is a great example of a Americold's differentiated offering and the value we can provide to our QSR multiunit customers.

另外，作為此次延長合作的一部分，我們正在導入一套技術解決方案，可產生餐廳層級的銷售預測、建議補貨訂單，並主動優化整體網路的庫存配置。此技術將成為我們門市支援解決方案的骨幹，也是 Americold 差異化服務與我們能為多店型 QSR 客戶提供價值的絕佳例證。

In North America, we successfully closed on a handful of new pet food and floral deals this quarter, expanding our presence in nonfood categories. Additionally, our initial outreach into pharmaceutical space resulted in a new storage commitment for probiotic products. While these floral pet food and pharma deals will not be material to our results this year, they remain a great example of our ability to capture business in multiple new markets, while the food industry remains under pressure.

在北美，我們本季成功完成數筆新的寵物食品與花卉業務交易，擴大我們在非食品品類的布局。此外，我們對製藥領域的初步拓展也帶來新的儲存承諾，涵蓋益生菌產品。雖然這些花卉、寵物食品與製藥交易今年對我們的業績影響不大，但在食品產業仍承受壓力之際，這些仍是我們能在多個新市場取得業務的絕佳例證。

One area that we're particularly excited about is our e-commerce business. which has been growing at a double-digit rate. We're currently onboarding three new accounts and shipped over 1 million package last year. We've expanded our capabilities to five sites across the country and have the ability to cover 99.5% of the US population in two days or less. Similar to our retail and QSR customers, e-commerce is operationally intensive which gives us an advantage in pursuing new business given our experience in the area and the strength of the Americold operating system.

有一個我們特別振奮的領域是電商業務，其成長率一直維持在兩位數。我們目前正在導入三個新客戶，且去年出貨超過 100 萬件包裹。我們已將能力擴展至全國五個據點，並具備在兩天或更短時間內覆蓋美國 99.5% 人口的能力。與我們的零售與 QSR 客戶類似，電商在營運上高度密集，憑藉我們在該領域的經驗以及 Americold 營運系統的優勢，這讓我們在爭取新業務時更具競爭力。

On to our fifth priority. From a development perspective, our expansions in Sydney, Australia and Christchurch, New Zealand were both delivered on time and on budget during the quarter. Both expansions are dedicated to large grocery retailers and add critical capacity to both markets where our existing facilities are nearly full. These facilities are great examples of the opportunity to strategically invest in markets that have not seen the level of speculative activity that has occurred in the US.

接著談我們的第五項優先事項。就開發面而言，我們在澳洲雪梨與紐西蘭基督城（Christchurch）的擴建案，本季皆按時且按預算交付。兩項擴建皆專供大型雜貨零售商使用，並為兩個市場增加關鍵產能；在這些市場中，我們既有設施幾乎已滿載。這些設施是策略性投資於尚未出現如美國般投機性活動程度之市場的絕佳例證。

Finally, as I mentioned earlier, one of the important benefits of our new partnership with EQT is the ability to pursue new development opportunities through the joint venture. While we have significantly narrowed our development pipeline and refined our internal requirements for capital allocation, there are certain customer-driven projects where it makes sense to support our key relationships. A great example of this is a new customer dedicated project that we're kicking off with the McCain Foods and (technical difficulty).

最後，如我先前提到的，與 EQT 的新合作夥伴關係其中一項重要效益，是能透過合資企業追求新的開發機會。雖然我們已大幅縮減開發案儲備並精煉內部資本配置要求，但對於某些由客戶驅動的專案，為了支持我們的關鍵合作關係，仍有其合理性。一個很好的例子是我們正與 McCain Foods 展開的一項新客戶專案，並且(技術問題)。

McCain is a top five customer for Americold with a nearly 35-year relationship. We have an existing plant advantage facility that is located adjacent to their manufacturing plant (technical difficulty) they want to consolidate portions of their cold storage network with an additional 56,000 pallet positions at the site.

McCain 是 Americold 的前五大客戶之一，雙方合作關係近 35 年。我們有一座既有的 plant advantage 設施，位於其製造工廠旁（技術問題）；他們希望在該據點新增 56,000 個棧板儲位，以整併其冷鏈倉儲網路的部分容量。

The project is backed by a 20-year fixed commitment agreement from McCain and given the attractive profile of the project, we believe that this is a type of project that could fit well in the joint venture. This is truly a win-win transaction for all the parties involved and we're honored that McCain chose us for this opportunity, and we look forward to servicing them for many more years to come.

該專案由 McCain 提供 20 年期固定承諾協議作為支撐；鑑於專案具吸引力的特性，我們認為這類專案很適合納入合資企業。這確實是一筆讓所有相關方共贏的交易；我們很榮幸 McCain 選擇我們把握這次機會，也期待未來多年持續為其提供服務。

This win also highlights the importance of having a diverse network at every node in the supply chain. Customers evaluate their future networks, we continue to see large food manufacturers looking to consolidate significant piles of inventory back closer to production. This is an area where Americold is a clear industry leader, and we're positioned to take advantage of this trend, given our long-standing relationships and solutioning expertise.

這項成果也凸顯在供應鏈每個節點擁有多元化網路的重要性。當客戶評估其未來網路時，我們持續看到大型食品製造商希望將大量庫存整併並移回更靠近生產端的位置。在這方面，Americold 是明確的產業領導者；憑藉我們長期的客戶關係與方案設計專業能力，我們已做好準備把握此一趨勢。

I am proud of our progress in each of our five key strategic priorities this quarter with the joint venture representing a meaningful step towards our long-term leverage goal. As we continue to relentlessly pursue cost savings, portfolio management and see our developments continue to come online, we're confident that our current playbook will build a strong foundation for future success.

我為本季在五項關鍵策略優先事項上的進展感到自豪，其中合資企業代表我們朝向長期槓桿目標邁出的重要一步。隨著我們持續不懈地追求成本節省、投資組合管理，並看到各項開發案陸續上線，我們有信心目前的作法將為未來成功奠定堅實基礎。

With that, I'll turn the call over to Chris to provide some additional details on our performance in the quarter. as well as some of the anticipated impacts to our financial statements for the new joint venture. Chris?

接下來，我把電話交給 Chris，請他就我們本季的表現提供一些補充細節，以及新合資企業對我們財務報表的部分預期影響。Chris？

Thanks, Rob, and good morning, everyone. I'm excited to participate this morning on my first call as Americold's Chief Financial Officer. As Rob mentioned, since joining, I have met with our leaders, investors, customers and towards several of our facilities, I have been impressed by the capability and discipline and service our teams bring every day.

謝謝你，Rob，各位早安。我很高興能在今天早上以 Americold 財務長的身分，參與我的第一場電話會議。如 Rob 所提，自從加入以來，我已與我們的領導團隊、投資人與客戶會面，也走訪了我們的幾座設施；我對團隊每天展現的能力、紀律與服務精神印象深刻。

I believe the scale, diversity and mission critical nature of our assets, when coupled with our operational expertise, creates a compelling value proposition that is difficult to replicate. I look forward to helping unlock this value for our shareholders.

我相信，我們資產的規模、多元性與關鍵任務性質，結合我們的營運專業，形成一個難以複製、極具吸引力的價值主張。我期待協助為股東釋放這項價值。

One of my first priorities when I arrived was to fully engage in the strategic capital raise initiative that our management team and Board have been diligently pursuing for the past several months. I am very familiar with real estate joint ventures and the partnership with EQT not only strengthens Americold's balance sheet by funding debt repayment, improving liquidity and reducing future development risk, but also allows us to preserve operational control and cash flow from the assets.

我到任後的首要任務之一，是全面投入管理團隊與董事會在過去數月持續推動的策略性資本募集計畫。我對不動產合資企業非常熟悉；與 EQT 的合作不僅透過資金用於償還債務、提升流動性並降低未來開發風險來強化 Americold 的資產負債表，同時也讓我們得以保留營運控制權以及資產所帶來的現金流。

As Rob mentioned, we expect the transaction to close in the third-quarter, at which point we will receive approximately $1.1 billion in cash proceeds. We plan to use these proceeds to repay all of our 2026, 2027 and a portion of our 2028 US dollar-denominated debt maturities. We will continue to operate these warehouses and receive a management fee of approximately $15 million to $20 million each year. We will also receive 30% of the NOI generated by venture, which will be recorded on our P&L under the line item titled Income Loss from investments in partially owned entities.

如 Rob 所提，我們預期交易將於第三季完成，屆時我們將收到約 11 億美元的現金收益。我們計畫運用這些收益償還我們於 2026 年、2027 年到期的全部美元計價債務，以及 2028 年到期美元計價債務的一部分。我們將持續營運這些倉庫，並每年收取約 1,500 萬至 2,000 萬美元的管理費。我們也將取得該合資企業所產生 NOI 的 30%，並將在損益表中以「投資於部分持有實體之投資損益（Income Loss from investments in partially owned entities）」科目列示。

These 12 properties represent approximately $231 million in revenue and $103 million in NOI for fiscal 2025. At the end of Q1, our net debt to pro forma core EBITDA was 7.1 times, and this transaction on a pro forma basis would reduce this by about three quarters of a turn. This reflects significant progress toward our goal of six times or less. We believe this joint venture, along with our portfolio optimization, ongoing cost actions and stabilizing industry fundamentals is a strong confidence in our ability to achieve this goal and we remain committed to maintaining our investment-grade profile.

這 12 項資產在 2025 會計年度約代表 2.31 億美元的營收與 1.03 億美元的 NOI。截至第一季末，我們的淨負債對備考核心 EBITDA 倍數為 7.1 倍；以備考基礎計算，此交易可使該倍數降低約 0.75 倍。這顯示我們朝向「6 倍或以下」目標已取得顯著進展。我們相信，這項合資企業，加上我們的投資組合優化、持續的成本行動以及逐步穩定的產業基本面，讓我們對達成該目標更具信心；我們也仍致力於維持投資級評等定位。

While we don't know the exact timing of when the transaction will close, we estimate that the JV could be a full year headwind to AFFO of approximately $0.10 per share or roughly $0.06 per share for the second half of 2026. The ultimate impact will depend on when the deal closes. Since the business is currently performing in line to slightly ahead of our expectations, we believe that we will be able to offset most, if not all, of this impact.

雖然我們尚不確定交易完成的確切時間點，但我們估計該合資企業對 AFFO 可能形成全年約每股 0.10 美元的不利影響（headwind），或對 2026 年下半年約每股 0.06 美元的不利影響。最終影響將取決於交易完成時間。由於目前業務表現符合、甚至略優於我們的預期，我們相信能抵銷大部分（若非全部）影響。

We are proud of our ability to preserve our AFFO guide for the year and simultaneously executed a strategic transaction to reduce leverage and significantly improve our balance sheet position. We will provide more granular updates to our individual guidance components as the deal nears completion.

我們很自豪能在維持全年 AFFO 指引不變的同時，完成一項策略性交易以降低槓桿並顯著改善我們的資產負債表狀況。隨著交易接近完成，我們將就各項指引組成提供更細緻的更新。

Beyond the joint venture, I want to discuss our first-quarter results, where we delivered AFFO per share of $0.29, exceeding analyst consensus. We were encouraged to see same-store physical occupancy stabilize with economic occupancy contracting slightly less than anticipated. While we are not updating our full year occupancy and pricing assumptions, this is certainly encouraging performance. Outside of the US, we were pleased to see throughput in both Europe and Asia Pacific increased from the prior year and Europe's physical occupancy increased by over 800 basis points in the quarter.

除了合資企業之外，我也想談談第一季業績：我們的每股 AFFO 為 0.29 美元，優於分析師一致預期。我們很高興看到同店（same-store）實體入住率趨於穩定，而經濟入住率的下滑幅度也略小於原先預期。雖然我們不會更新全年入住率與定價假設，但這樣的表現確實令人鼓舞。在美國以外地區，我們也樂見歐洲與亞太的吞吐量（throughput）較去年增加，且歐洲的實體入住率在本季提升超過 800 個基點。

This is very strong performance and reflects the positive impact of the new business that was won by the international team over the past couple of quarters. Our Q1 warehouse NOI decreased 4.5% as expected, driven by the ongoing pricing pressure in the storage market and lower throughput and as well as a modest $2 million headwind from energy costs this quarter. As a reminder, almost all of our customer contracts have the ability to pass through abnormal cost increases.

這是非常強勁的表現，反映國際團隊在過去幾季贏得的新業務所帶來的正面影響。如預期，我們第一季倉儲 NOI 下降 4.5%，主因為儲存市場持續的定價壓力、吞吐量較低，以及本季能源成本帶來約 200 萬美元的溫和不利影響。提醒各位，我們幾乎所有客戶合約都具備將異常成本上升轉嫁（pass through）的機制。

In addition to the power surcharge mechanism, we also lock in power rates in deregulated states, which represents about 25% of our portfolio. We have pursued energy-saving best practices for many years and we are also leveraging AI to strategically pull power from the grid during non-peak outers. As a reminder, power expense is only about 6% of our same-store warehouse costs and we plan to leverage all available mitigation strategies to continue managing these costs closely and minimize future P&L impacts.

除了電力附加費（power surcharge）機制外，我們也會在電力市場自由化的州鎖定電價，該部分約占我們投資組合的 25%。多年來我們持續推動節能最佳實務，並且也運用 AI，在非尖峰時段策略性地從電網取電。提醒各位，電力費用僅約占我們同店倉庫成本的 6%；我們將運用所有可行的緩解策略，持續嚴密管理這些成本並將未來對損益表的影響降至最低。

As Rob mentioned, one of our key priorities for the year is to optimize our cost structure. We were pleased to see core SG&A for the quarter came in relatively flat year-over-year, absent the impact of certain accruals that can fluctuate in Q1 and and served to offset the typical wage rate inflation across the business.

如 Rob 所提，今年我們的關鍵優先事項之一是優化成本結構。我們很高興看到本季核心 SG&A 年對年大致持平；若排除第一季某些可能波動的應計項目影響，這些應計項目也有助於抵銷全公司典型的薪資率通膨。

Late last year, we identified $30 million in savings between both indirect labor and SG&A. We are pleased to report that these were fully executed and we reduced indirectly by over 400 positions in Q1. Additionally, we recently commenced the second phase of this project to identify further cost savings opportunities in other parts of our business as well as to explore ways to enhance efficiency within our organizational structure.

去年年底，我們在間接人力與 SG&A 兩方面合計辨識出 3,000 萬美元的節省空間。我們很高興報告，這些措施已全數落實，且我們在第一季將間接人力職位減少超過 400 個。此外，我們近期已啟動此專案的第二階段，以在業務其他領域找出更多節省成本的機會，並探索提升組織架構內部效率的方法。

Our goal is not only to reduce expenses but also to optimize how our teams operate and collaborate across the company. I look forward to sharing the outcome of this broader analysis with you on next quarter's call. Additionally, as Rob mentioned earlier, we have made great progress with our portfolio management initiative, which is another one of our five key priorities for the year.

我們的目標不僅是降低費用，也要優化團隊在公司內部的運作方式與跨部門協作。我期待在下季電話會議上與各位分享這項更廣泛分析的成果。另外，如 Rob 先前提到，我們在投資組合管理計畫上已取得很大進展，這也是我們今年五大關鍵優先事項之一。

As a reminder, when a site has no customers and minimal operating costs or otherwise meets the held-for-sale accounting criteria. We moved their expenses to transactions, strategic initiatives and other costs on our P&L.

提醒各位，當某個據點沒有客戶且營運成本極低，或以其他方式符合待售（held-for-sale）會計準則時，我們會將其費用在損益表中移列至「交易、策略性計畫與其他成本（transactions, strategic initiatives and other costs）」。

You can see on page 22 of the supplement that we have included additional detail regarding these costs, which have decreased substantially versus the prior year. we exit sites, we are often able to terminate the lease or find an interested buyer in a fairly short period of time. Proceeds from the sale of our own properties will assist with delevering our balance sheet.

各位可在補充資料第 22 頁看到，我們已就這些成本提供更多細節；相較去年，這些成本已大幅下降。當我們退出據點時，通常能在相當短的時間內終止租約或找到有興趣的買方。出售自有資產的所得將有助於降低我們資產負債表的槓桿。

Additionally, since I joined the company, we have asked the team to do a review of our expansion and development projects to reassess our assumptions around the timing of stabilization dates, cash flows and expected yields given the duration of the current macro environment. While certain of these projects have been impacted more than others, many of them have, in some way, felt the effects of the soft market conditions that are impacting our industry.

此外，自我加入公司以來，我們已請團隊檢視我們的擴張與開發專案，並在目前總體環境持續時間的背景下，重新評估我們對穩定化時點、現金流與預期報酬率（yields）的假設。雖然部分專案受影響程度高於其他專案，但其中許多專案在某種程度上都感受到疲弱市場狀況的影響，而這些狀況正影響我們的產業。

We will update you on the results of this review in the coming quarters. In the short time I have been with Americold, I have been impressed by the team's focus on delivering the strategic priorities for the year. I believe these priorities are the best blueprint to building a strong foundation for the future and that this team can bring that vision to life. I'd rather be part of such a talented group of people and look forward to leveraging my expertise to further unlock this company's potential.

我們將在未來幾季向各位更新這項檢視的結果。在我加入 Americold 的短時間內，我對團隊專注於落實今年策略優先事項的投入程度印象深刻。我相信這些優先事項是為未來建立穩固基礎的最佳藍圖，而這個團隊能將願景化為現實。我很榮幸能成為這群才華洋溢的人才之一，並期待運用我的專業進一步釋放這家公司的潛力。

Now I would like to turn the call back over to Rob for some closing comments. Rob?

現在我想把電話交回給 Rob，請他做一些結語。Rob？

Thanks, Chris. I'm very pleased with our results this quarter and remain confident in the long-term direction of our business. In my discussions with customers over the past several months, they remain cautious with their outlook for the year. However, they are increasingly mentioning investments in innovation as well as increased marketing and promotional spend, all with a focus on consumer value.

謝謝，Chris。我對本季的業績非常滿意，並且對我們業務的長期方向仍然充滿信心。在過去幾個月與客戶的討論中，他們對今年的展望仍然保持謹慎。不過，他們愈來愈常提到對創新的投資，以及增加行銷與促銷支出，所有這些都聚焦在消費者價值。

These actions are intended to help drive organic volume growth. And in fact, we've seen this reflected in their earnings releases over the past several months with several customers regarding sales growth in the first-quarter of the year. I hope to see this continue to gain traction as we navigate through the balance of the year. As I've mentioned in the past, this is not a team that is standing still and waiting for a rebound in demand. I'm very proud of the significant progress that we are making across all five of our key priorities while also delivering on our financial commitments.

這些行動旨在推動有機量的成長。事實上，我們也在過去幾個月多位客戶的財報發布中看到這點反映出來，提到今年第一季的銷售成長。我希望在我們走過今年剩餘時間的過程中，這股動能能持續增強。如我過去所提到的，這不是一個停在原地、等待需求反彈的團隊。我為我們在五大關鍵優先事項上所取得的重大進展感到非常自豪，同時也兌現了我們的財務承諾。

The formation of the joint venture is a significant accomplishment, strengthening the balance sheet, illuminating the disconnect between public and private markets and supporting future development. It is also a testament to this team and this organization's ability to execute as well as the Board's focus on unlocking shareholder value. With disciplined capital allocation, a sharpened focus on operational excellence and unwavering dedication to customer service, I believe we are well equipped to create meaningful growth over time.

成立合資企業是一項重大成就，強化了資產負債表，凸顯公開市場與私募市場之間的落差，並支持未來發展。這也證明了這個團隊與本組織的執行能力，以及董事會致力於釋放股東價值的聚焦。透過嚴謹的資本配置、更聚焦的營運卓越，以及對客戶服務堅定不移的投入，我相信我們已具備條件，能在時間推移中創造有意義的成長。

I want to thank our associates around the world for their continued hard work and our shareholders for their ongoing trust and support. Operator, we're now ready to open the call for questions.

我要感謝全球各地的同仁持續的辛勤付出，也感謝股東一直以來的信任與支持。接線員，我們現在準備開放提問。

(Operator Instructions)

(接線員指示)

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

I wondered if you could give a little bit more color on the facilities being contributed to the JV? Where they are along the cold chain, the age, customer mix, kind of anything that might have stood out for these assets? And then would you say it's indicative of the portfolio quality overall of that, call it, seven transaction cap rate? And then lastly, I know you mentioned the cap rate in the prepared remarks, how should we think about this deal on sort of the EV to EBITDA multiple basis?

我想請你們再多提供一些關於投入合資企業的設施的細節。它們在冷鏈中的位置、年齡、客戶組合，或任何在這些資產上特別突出的地方？另外，你們會說這是否能代表整體投資組合的品質，也就是所謂這筆交易 7 的資本化率（cap rate）？最後，我知道你們在準備好的講稿中提到 cap rate，我們應該如何從 EV 對 EBITDA 倍數的角度來看這筆交易？

Thanks, Michael. So let me start with the portfolio that we're contributing to the joint venture. I think what you said is right. I mean the facilities are a good representation of the broader North American portfolio. So what we see would be facilities that are geographically diverse, facilities that are across each of the node in the supply chain along with some conventional and automation as well.

謝謝，Michael。我先從我們投入合資企業的投資組合談起。我認為你說得沒錯。這些設施確實很能代表更廣泛的北美投資組合。因此我們看到的是地理分布多元的設施，涵蓋供應鏈各個節點的設施，同時也包含一些傳統與自動化的設施。

So, we think it's a very good mix of facilities. It's one that EQT was certainly excited about being part of a joint venture. And from our perspective, we're also very excited that we'll continue to have a meaningful ownership stake in those facilities and be able to operate them and provide the level of continuity to our customers that they would expect. So, it's a significant accomplishment out of the gate here, and we're very excited about it.

所以，我們認為這是一個非常好的設施組合。EQT 當然也對能成為合資企業的一部分感到非常興奮。從我們的角度來看，我們也很高興能持續在這些設施中保有具實質意義的持股，並且能夠營運它們，為客戶提供他們所期待的連續性服務水準。因此，這是一項一開始就很重要的成果，我們對此非常興奮。

Brendan Lynch, Barclays.

Brendan Lynch，Barclays。

Maybe just on the physical occupancy growth that you saw in the quarter, can you disaggregate that between consolidation to fewer facilities versus just the industry improving?

關於你們本季看到的實體入住率（physical occupancy）成長，能否拆解一下：其中有多少是因為整併到較少的設施，多少是因為產業本身改善？

Yes. There's really essentially nominal to no impact on the consolidation of the facilities because we adjusted that same-store pool at the end of last year. So the impact of physical occupancy in Q1 was a result of of industry stabilization, along with a combination of new business wins coming in, some market share gains that we've seen as we've seen some of the the volumes that have previously been with some of the small providers come back in. So I think when you look at the overall impact of the the physical occupancy being flat to slightly up, it was driven by industry fundamentals, new business wins and some market share gains.

可以。設施整併基本上幾乎沒有影響，因為我們在去年年底已調整了同店（same-store）樣本池。因此，第一季實體入住率的影響主要來自產業趨於穩定，再加上新業務得標的導入，以及我們看到的一些市占提升——因為先前在一些小型供應商那邊的部分量又回流了。所以我認為，整體來看實體入住率持平到小幅上升，是由產業基本面、新業務得標以及一些市占提升所驅動。

Viktor Fediv, Scotiabank.

Viktor Fediv，Scotiabank。

I have a follow-up on this JV financials. So it looks like EQT will be retaining 70% and you will be getting $1.1 billion in cash proceeds, which kind of implies $1.6 billion of total value? Just trying to understand puts and takes here and what is involved.

我想追問一下這個合資企業的財務。看起來 EQT 將保留 70%，而你們會拿到 11 億美元的現金收益，這似乎暗示總價值約 16 億美元？我只是想了解其中的加減項，以及交易包含了哪些內容。

Well, I mean, the total transaction size is $1.3 billion. given the debt we're putting on the project and our equity contributed to the venture, we think we'll be able to pull out about $1.1 billion of proceeds from the venture.

嗯，我是說，整體交易規模是 13 億美元。考量我們在專案上配置的負債，以及我們投入合資企業的股權，我們認為將能從合資企業中提取約 11 億美元的收益。

Craig Mailman, Citi.

Craig Mailman，Citi。

I think Bert had asked earlier about the EBITDA multiple, I don't think I heard an answer on that. Does the 7 cap equate the (technical difficulty) a 9% to 10% EBITDA multiple? Maybe give us some guide rails there. Then, Chris, to your commentary that you guys are putting debt in the JVs, is that [ 0.75 ] term reduction on debt to EBITDA? Is that on a look-through basis, like if you assume the JV debt, do you still get that three quarters of return reduction pro forma that?

我想 Bert 先前問過 EBITDA 倍數，我不確定是否有聽到回答。7 的 cap 是否相當於（技術問題）9% 到 10% 的 EBITDA 倍數？能否給我們一些參考範圍？另外，Chris，針對你提到你們會在合資企業裡放入負債，那個債務對 EBITDA 降低 [0.75] 倍，是以穿透（look-through）基礎計算嗎？也就是如果把合資企業的負債納入，你們在備考（pro forma）下仍然能達到約四分之三倍的槓桿下降嗎？

Sure. So I'll answer that -- the second question first. Yes, the three quarters in turn we talked about includes picking up our share of the debt from the JV. So we'd be picking up our (technical difficulty) portion of that debt as well as the EBITDA. I'll let Scott address the EV to EBITDA question.

當然。我先回答第二個問題。是的，我們提到的槓桿下降四分之三倍，包含把合資企業中屬於我們份額的負債納入。所以我們會納入我們（技術問題）那部分的負債以及 EBITDA。我讓 Scott 來回答 EV 對 EBITDA 的問題。

Craig, if you think about the math around this point, $1.3 billion enterprise value for the JV, an NOI strip before fee of roughly $110 million. And then with a fee of around $17 million to get to a net NOI strip of below 90s and that gets you to the 7% cap rate that we quoted. So hopefully, those parts help back to answer the question on a yield basis, which you convert to a multiple.

Craig，如果你從這裡的數學來看，合資企業的企業價值（enterprise value）是 13 億美元，扣除費用前的 NOI strip 約 1.10 億美元。再加上約 1,700 萬美元的費用，得到淨 NOI strip 低於 9,000 萬美元，這就對應到我們所引用的 7% cap rate。希望這些組成部分能從收益率（yield）的角度回推，協助回答你的問題，而你也可以把它換算成倍數。

And when you think about the fee strip in this business, given the operational intensive nature and the amount of work that goes into, it looks a little bit different than I'd say your traditional industrial business.

另外，當你思考這個業務的費用 strip 時，考量其營運密集的特性以及投入的工作量，它看起來會和我所說的傳統工業型業務有些不同。

And Craig, I'd add that if you look at it on an EV to EBITDA basis, is this valuation implies a couple of hundred basis point increase over where the stock is currently tripping.

Craig，我再補充一點：如果你用 EV 對 EBITDA 的角度來看，這個估值意味著相較於目前股價所隱含的水準，大約高出幾百個基點。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

It seems like you were active on the renewals of fixed committed contracts during the quarter. So maybe can you talk a little bit about the negotiations with your tenants, what was the feedback from them? What was their ability to absorb pricing or they're asking for concessions? Just trying to get a sense of what you're hearing from your content base and how that ties to your overall pricing power?

看起來你們本季在固定承諾合約（fixed committed contracts）的續約上相當積極。所以也許你們可以談談與租戶的談判情況，他們給了什麼回饋？他們吸收漲價的能力如何，或是他們是否在要求讓步？我想了解你們從客戶基礎那邊聽到的聲音，以及這如何連結到你們整體的定價能力？

Yes. Thanks, Michael. I mean, I think the work that we did in the quarter on fixed commitments is one of the -- that's certainly one of the highlights of the quarter. As we mentioned in our prepared remarks, we were able to work through 34% of all VIX commitment contracts that were month-to-month or had expirations in 2026. We said now for several quarters, just as a reminder that these contracts tend to be relatively ratable throughout the year, meaning there's not a whole lot of out-sized renewals in one quarter or another. So that 34% represents great progress in a single quarter.

是的。謝謝你，Michael。我的意思是，我認為我們在本季針對固定承諾所做的工作，是——這無疑是本季的亮點之一。正如我們在事先準備的發言中提到的，我們得以處理完所有VIX承諾合約中34%屬於按月續約或於2026年到期的合約。我們已經連續好幾季提到，提醒一下，這些合約通常在全年相對平均分布，也就是說，不會在某一季出現特別大量的續約。因此，34%代表我們在單一季度取得了很大的進展。

We continue to be very pleased by the conversations that we're having that we think are extremely constructive given the fact that our customers recognize the value of having that fixed commitment structure. So despite the fact that we recognize and acknowledge that there's more capacity in the industry than there has been historically. We've been able to maintain that 59% of our total rent and storage revenue being derived from these fixed commitment contracts.

我們仍然對目前進行中的對話感到非常滿意；我們認為這些對話極具建設性，因為客戶認同採用固定承諾架構的價值。因此，儘管我們也認知並承認，產業的供給能力比過去任何時候都更充裕。我們仍能維持總租金與倉儲收入中有59%來自這些固定承諾合約。

So I think the metrics speak for themselves. It's playing out probably slightly better than what we had planned in our guide. You saw that our economic occupancy was down slightly while our physical occupancy was flat. That's exactly what we assumed would have in a slight contraction, but it is less of a decrease in terms of economic occupancy than what we had planned. So very, very encouraged to see that.

所以我認為這些指標不言自明。實際表現可能比我們在指引中規劃的略好一些。你們看到我們的經濟入住率略有下降，而實體入住率持平。這正是我們所假設的會有些微收縮，但就經濟入住率而言，下降幅度比我們原先規劃的更小。因此看到這點我們非常、非常受到鼓舞。

On the pricing side of the equation, our pricing metrics are marginally better than what we had guided to. Storage on a constant currency basis was down slightly year-over-year. that does tend to be -- the storage side of the business does tend to be the side of the business that gets discounted a little bit more than the handling just given the margin profile. So we're making sure we're being thoughtful. We're making sure we're market competitive on the pricing and that we're responding to the current environment.

在定價方面，我們的定價指標略優於我們先前給出的指引。以固定匯率計，倉儲業務年對年略為下滑。這確實往往是——由於毛利結構的關係，倉儲端相較於裝卸端更容易出現一些折扣。因此我們確保在策略上保持審慎。我們確保定價具備市場競爭力，並且回應當前環境。

But at the same time, we continue to lead with our value proposition. And I think as this environment has played out longer. Really what customers are seeing is that customer service is the most important decision-making factor and who they partner with and price is important.

但同時，我們仍以自身的價值主張作為領先策略。而我認為，隨著這個環境持續更久。客戶真正看到的是：客戶服務是他們選擇合作夥伴時最重要的決策因素，而價格也很重要。

But if your product isn't showing up on time and in full and if you can't invest in your customer base and you can't grow with them and you don't have the technology solutions and your only value proposition is price, you eventually return back to the industry leaders. And so that's exactly what we're seeing constructive conversation and I think great progress this quarter.

但如果你的產品無法準時且足量交付，如果你無法投資你的客戶群、無法與他們一起成長、沒有科技解決方案，而你唯一的價值主張只有價格，最終客戶會回到產業領導者。因此，這正是我們所看到的：具建設性的對話，以及本季的重大進展。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

Rob, is there a specific mandate for the new joint venture as and does Cold need to contribute future investments or development opportunities in the JV? Or does this need to be agreed upon by both parties to be able to do it similar to like the McCain development that you talked about in your prepared remarks?

Rob，新合資企業是否有特定的授權範圍？以及Cold是否需要在合資企業中投入未來投資或開發機會？或者這是否需要雙方同意才能進行，類似你在事先準備的發言中提到的McCain開發案那樣？

Yes. Look, I mean, we want to scale this venture. And so we're -- we'll be working to provide first looks of development opportunities to the joint venture. There's no mandate that if the venture passes on those that we can't do those on our own accord. So we'll be providing some first looks related to development projects to the venture. We think that's the best path forward given the opportunity to do some off-balance sheet development to ensure that it doesn't -- there's less volatility to earnings there.

是的。你看，我的意思是，我們希望擴大這個合資平台的規模。因此我們——會努力把開發機會優先提供給合資企業先行評估。並沒有規定如果合資企業不做，我們就不能自行推進。所以我們會就開發專案向合資企業提供優先評估機會。我們認為，考量到可進行部分表外開發、以降低獲利波動，這是最佳的前進路徑。

Outside of that, no mandate to contribute other stabilized assets. So, this is going to be a great partnership. We think we're confident we found the right partner in EQT given the level of sophistication in the space and the alignment of our mission and our values. So a big step for both parties.

除此之外，並沒有要求必須再投入其他已穩定營運的資產。所以，這將會是一個很棒的合作關係。我們有信心，鑑於EQT在此領域的成熟度，以及我們使命與價值觀的一致性，我們找到了合適的夥伴。因此，這對雙方而言都是重要的一步。

Nick Thillman, Baird.

Nick Thillman，Baird。

Maybe you wanted to touch a little bit more on just the joint venture assets being contributed and the profile of them. As we think of it relative to your fixed commitment contracts, is it similar to that 60% of that revenue associated with those assets is similar in mix and then what the average duration of those contracts are on those assets being contributed? And then maybe secondly, just a point of clarification on the $110 million of NOI, does that include the handling and services NOI contribution as well?

也許你可以再多談一點合資企業所投入資產及其特性。就固定承諾合約來看，與這些資產相關的收入中，是否也有類似約60%的比例來自固定承諾、其組合是否相近？以及這些投入資產上的合約平均期間大概多長？另外第二點，關於1.10億美元的NOI，這是否也包含裝卸與服務的NOI貢獻？

Yes. On the NOI, it does. It's both the storage and handling NOI. I'd say the portfolio is very representative of the broader Americold pool. So again, these sites are geographically diverse. There's some conventional, there's some automation, they are customer dedicated. They're a multi-tenant. They're fixed commitments, they are transactional agreements.

是的。關於NOI，是包含的。它同時包含倉儲與裝卸的NOI。我會說這個資產組合非常能代表更廣泛的Americold資產池。同樣地，這些據點在地理分布上相當多元。有些是傳統倉，有些是自動化倉；有些是客戶專用。也有多租戶。有固定承諾，也有交易型協議。

So be thinking about it as very similar to the broader portfolio, the Americold wholly owned portfolio will look very similar pre and post and that's exactly what EQT was looking for, and that's exactly what we felt like was the right path to see the JV.

所以你可以把它視為與整體投資組合非常相似；Americold全資持有的投資組合在交易前後看起來都會非常相近，而這正是EQT所尋求的，也正是我們認為成立這個合資企業的正確方向。

Mike Mueller, JPMorgan.

Mike Mueller，JPMorgan。

I think this is a kind of a dumb clarification question. But the release says that EQT isn't baked into guidance. But Chris, we were talking about the transaction in your comments, you mentioned that you're kind of proud to maintain guidance, while this is kind of going on simultaneously. So I guess, is it in guidance? Or is it not guidance?

我想這可能是個有點笨的釐清問題。但新聞稿說EQT沒有納入指引。可是Chris，在你的評論中談到這筆交易時，你提到你們有點自豪能在這件事同時進行的情況下仍維持指引。所以我想問：它有在指引裡嗎？還是沒有在指引裡？

Yes. Let me start and then Chris can jump in. I mean -- so look, I mean, we're sitting here on May 7. And as we look at the trajectory of the business and we look at the fact that the metrics were coming in line to above our expectations, absent the joint venture, we would be thinking about the business trending towards the higher end of our original guide. And now that we have this joint venture that is still subject to traditional closing conditions, and we don't have the final date of when the JV will be -- will close.

是的。我先說，然後Chris可以補充。我的意思是——你看，我們現在是5月7日。當我們看業務的走勢，並看到各項指標達到或高於我們的預期時，在不考慮合資企業的情況下，我們會認為業務正朝向原先指引區間的高端發展。而現在我們有這個合資企業，但仍需滿足傳統的交割條件，而且我們還沒有合資企業——將會完成交割的最終日期。

When we look at it on a pro forma basis, what we can sit here today and tell you is when we factor in the closing of a joint venture assumed during the third-quarter that we'll be able to absorb the impact of that JV and maintain our original guide. So as we get a little bit closer to the closing of the JV, we'll be able to provide more specific details around each one of the guidance parameters. But the punchline here is we're maintaining our guide inclusive of the impacts of the joint venture in 2026.

以備考（pro forma）基礎來看，我們今天可以告訴你們的是：當我們把合資企業假設在第三季完成交割納入考量時，我們將能吸收該合資企業的影響並維持原先的指引。因此，隨著我們更接近合資企業交割，我們將能就指引中的各項參數提供更具體的細節。但重點是：我們維持指引，且該指引已包含合資企業在2026年的影響。

And then just to be more specific about the guidance, the original guidance that we had given obviously did not include the JV, but it also did not include any incremental cost optimization initiatives. So those two things going, obviously in different directions, coupled with, as Rob said, our business performing slightly ahead of expectations, gave us confidence to keep it in that $120 million to $130 million range from an AFFO perspective. But we'll come back with more details in the second-quarter as we get as the JV and the cost optimization materialize.

接著，為了更具體說明指引，我們原先給出的指引顯然不包含該合資企業（JV），同時也不包含任何新增的成本優化措施。因此，這兩項因素顯然朝不同方向發展，再加上如 Rob 所說，我們的業務表現略優於預期，讓我們有信心從 AFFO 的角度，將其維持在 1.2 億至 1.3 億美元的區間。不過，等到第二季，隨著 JV 與成本優化逐步落地，我們會再提供更多細節。

Alexander Goldfarb, Piper.

Alexander Goldfarb，Piper。

So question, as you guys were doing the strategic review, and I'm guessing that it's not done, how does exiting regions, there's discussion in the press that perhaps maybe certain regions overseas to exit or larger outright sales? Just trying to see, is the JV -- is this -- you're done? I mean you have two activists as part of the company. So is this JV done or there are other potential strategic initiatives and work that could include exiting, whether it's regions or larger parts, larger portfolios?

所以問題是，當你們在進行策略檢討時——我猜這還沒結束——退出某些地區會如何？媒體上有討論說，或許會退出海外某些地區，或進行更大規模的直接出售？我只是想了解，這個 JV——這——你們就到此為止了嗎？我的意思是，你們公司裡有兩位行動派股東（activists）。所以這個 JV 就算完成了，還是還有其他潛在的策略性舉措與工作，可能包括退出某些地區，或更大部分、更大投資組合的處置？

Yes. Let me maybe just take a step back, so I can answer the question holistically. I mean, since I took the role in September, one of my first priorities was to sit down with the Board and really develop what our key strategic initiatives we're going to be for 2026. And top of the list was strengthening the foundation and delevering the balance sheet. And so knowing that, that was a priority, we started a process, right, then there to evaluate multiple different options to get there. And we've looked at different geographies, portfolio management, this joint venture opportunity.

是的。我先稍微退一步，這樣我可以更全面地回答這個問題。我的意思是，自從我在 9 月接任這個職務以來，我的首要任務之一就是與董事會坐下來，真正制定我們到 2026 年的關鍵策略舉措會是什麼。而清單最上面的是強化基礎並降低資產負債表槓桿。因此，在知道這是優先事項的前提下，我們就啟動了一個流程，去評估多種不同的選項以達成目標。我們看過不同的地理區域、投資組合管理，以及這個合資企業的機會。

And during that review process, it was very clear that there was tremendous interest from institutional investors, not just in this asset class, but also to have a continuing partnership with Americold. And so as we started down the path of evaluating this option specifically, we felt like it met all of our objectives. This option obviously strengthens our balance sheet, it gives us the opportunity to pay down debt materially and then lower leverage. This transaction highlights the lower gap between public and private valuations in the space.

在那個檢討過程中，很明顯機構投資人有非常強烈的興趣，不僅對這個資產類別有興趣，也希望能與 Americold 維持持續的合作關係。因此，當我們開始沿著評估這個選項的路徑前進時，我們覺得它符合我們所有的目標。這個選項顯然能強化我們的資產負債表，讓我們有機會大幅償還債務，進而降低槓桿。這筆交易也凸顯了在此領域中，公開市場與私募市場估值差距較小。

Again, these facilities are being contributed $3,300 per pallet position. We trade at $1,500 per pallet position right now. So a significant premium. This supports our ability to do development with our key strategic comers in a customer-dedicated manner and it allows us to continue to have a meaningful ownership percentage in these facilities and provide the level of continuity to our customers that we expect and do it all with a partner that we really feel has the right level of sophistication, experience and is aligned from a values perspective.

再次強調，這些設施的出資估值為每個棧板位 3,300 美元。我們目前的交易估值約為每個棧板位 1,500 美元。因此是相當可觀的溢價。這支持我們以客戶專屬（customer-dedicated）的方式，與我們關鍵的策略客戶進行開發，同時也讓我們能在這些設施中持續保有具意義的持股比例，並為客戶提供我們所期望的連續性；而且這一切都是與一位我們認為具備足夠成熟度與經驗、並且在價值觀上高度一致的合作夥伴共同完成。

So this is to the right deal. We're confident in that. We certainly are always open to options that create shareholder value. I think we're doing within our priority list. Several other key initiatives, the portfolio optimization and management with the 19 sites over the last 2 years that we're idling and/or exiting as having a meaningful impact on our results. The great things that we're doing to grow this business organically, you can see in our occupancy and our pricing. So I think this puts us on a trajectory to get to our long-term leverage goal, but we're always open to continue to evaluate opportunities on a go-forward basis.

所以這是一筆正確的交易。我們對此很有信心。我們當然也始終對能創造股東價值的選項保持開放。我認為我們是在既定的優先事項清單內推進。其他幾項關鍵舉措，包括投資組合優化與管理——過去兩年我們已將 19 個據點閒置和/或退出——對我們的業績已產生顯著影響。我們在推動業務有機成長方面所做的出色工作，你們也能從我們的入住率與定價中看到。因此我認為這讓我們走在達成長期槓桿目標的軌道上，但我們也會持續在未來評估各種機會。

And Alex, if you think about it from a balance sheet perspective, we talked about in our prepared remarks that this transaction, we expect to have an impact of reducing our debt to EBITDA of about 3/4 of return. It's a meaningful contribution toward our deleveraging but it also allows us to start thinking about things on a go-forward basis on a more targeted basis, continuing to do more targeted capital recycling plus the cost optimization initiatives that are underway. We'll continue to also move the needle on deleveraging down toward that six times or less target. So I think we could be more surgical on a go-forward basis, but certainly, we're considering options as we continue to manage the business.

另外 Alex，若從資產負債表的角度來看，我們在事先準備的講稿中提到，預期這筆交易將使我們的債務對 EBITDA 比率降低約 3/4 轉（turn）。這對我們去槓桿是很有意義的貢獻，同時也讓我們能在未來以更聚焦的方式思考，包括持續進行更具針對性的資本回收再配置（capital recycling），以及正在推進的成本優化措施。我們也會持續推動去槓桿，朝向 6 倍或更低的目標前進。所以我認為未來我們可以更「外科手術式」地精準操作，但當然，我們在持續經營管理業務的同時，也會考慮各種選項。

Mike Mueller, JPMorgan.

Mike Mueller，JPMorgan。

Real quick on a prior question about JVs, the JV and development. I think you said we're going to provide some first looks to the JV. So is it -- you have the choice to provide a first look on development to the JV? Or you kind of have to do all US development first looks to the JV?

很快追問一下先前關於 JV 的問題，也就是 JV 與開發。我想你說過我們會把一些「優先檢視」（first looks）提供給 JV。所以是——你們可以選擇是否把開發案的優先檢視提供給 JV 嗎？還是你們必須把所有美國的開發案都先提供給 JV 優先檢視？

Mike, it's Scott. Yes, we've given EQT, our exclusive partner to look at those joint ventures and then there's optionality. After that, if that does not go into the joint venture, but hopefully, that answers the question. And it's targeted to North America, Mike, and we'll be focusing on some potential expansion opportunities in the pool as well as things like build-to-suits like the project, Rob highlighted on the call.

Mike，我是 Scott。是的，我們已給 EQT——我們的獨家合作夥伴——優先檢視這些合資項目的權利，之後仍保有選擇彈性。在那之後，如果該項目沒有納入合資企業——但希望這能回答你的問題。而且這是針對北美地區，Mike；我們也會聚焦於池子（pool）內一些潛在的擴張機會，以及像 Rob 在電話會議中提到的那個專案一樣的量身打造（build-to-suit）案。

And I think as we wrap up here, I just want to highlight again, as we move forward and sitting here today in May, we've got very clear priorities. This team is now a track record of demonstrating our ability on executing against those priorities and delivering on our guide and our financial commitments. And so I thank all of our associates for helping us support that and delivering every day and look forward to continuing that track record.

我想在我們準備結束之前，我再強調一次：展望未來，坐在今天 5 月這個時間點，我們有非常清楚的優先事項。這個團隊現在也已建立起一個紀錄，證明我們有能力依照這些優先事項執行，並達成我們的指引與財務承諾。因此，我要感謝所有同仁每天的付出，協助我們支持並交付成果，也期待能延續這樣的紀錄。

And that does bring us to the end of our question-and-answer session. We'd like to thank everybody for joining today's call. We appreciate your time and participation. You may now disconnect.

以上也就結束我們的問答環節。感謝各位參加今天的電話會議。我們感謝各位的時間與參與。各位現在可以掛線。