Americold Raises 2026 AFFO Outlook to $1.31-$1.33 Per Share

Americold Realty Trust, Inc. lifted its 2026 adjusted funds from operations (AFFO) outlook to $1.31-$1.33 per share after third-quarter results, while its EQT joint venture is expected to reduce annual interest expense.

Third-quarter AFFO was $0.35 per share. The updated full-year outlook comes as the $1.3 billion venture is expected to lower annual interest expense by nearly $50 million.

The joint venture enabled Americold to repay $1.15 billion in debt and eliminate maturities through 2028. Americold expects the venture to dilute AFFO by about $0.03 in the fourth quarter and another $0.07 to $0.08 in 2027.

Third-quarter same-store revenue rose 4.9%, while net operating income increased 5.5%. Handling margin reached a record 15.9%. Americold management described demand as stabilizing without a clear turn and credited most operating improvement to market-share growth and new business wins.

Americold’s fourth-quarter outlook calls for blended pricing to improve by about 1 percentage point, alongside a sequential increase in economic occupancy of 1 to 1.5 percentage points.