Highly Diversified Business Model Produces Stable Cash Flows
Highly Diversified Business Model Produces Stable Cash Flows
Diversification helps reduce revenue volatility associated with seasonality and changing commodity trends
Pro Forma Commodity (1)
Global Geographic Diversity (2)
Global Warehouse
U.S. Warehouse
28%
Potatoes
Dairy
South America
<1%
Other
8%
8%
Fruits &
Vegetables
Asia-Pacific
13%
10%
FY 2020
WAREHOUSE
REVENUE
Central
United
States
6%
84%
2%
Canada
Pork
6%
Poultry
14%
FY 2020
3%
Bakery
WAREHOUSE
3%
REVENUE
Beef
2%
2%
Distributors (5)
Pro Forma Warehouse Type
Seafood
Packaged Foods (3)
16%
22%
Retail (4)
Distribution
Distribution
Production
Advantaged
23%
FY 2020
WAREHOUSE
REVENUE
48%
52%
~76% of Revenue from Food Manufacturers
and ~22% from Retailers
24%
Public
Warehouse
1%
Note: Figures may not sum due to rounding.
(1)
(2)
(3)
December 31, 2020 LTM Revenue and NOI pro forma 2019 and 2020 acquisitions, exclusive of Agro Merchants Group
Diversification based on warehouse segment revenues for the twelve months ended December 31, 2020
Packaged food reflects a broad variety of temperature-controlled meals and foodstuffs
(4)
Retail reflects a broad variety of product types from retail customers
(5)
Distributors reflects a broad variety of product types from distribution customers
Facility Leased
Southeast
27%
FY 2020
TOTAL U.S.
WAREHOUSE
REVENUE
21%
West
24%
East
(1)
FY 2020
WAREHOUSE
CONTRIBUTION
(NOI)
Production
Advantaged
28%
23%
1%
Public
Warehouse
Facility Leased
7
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