Highly Diversified Business Model Produces Stable Cash Flows
Organic Growth Initiatives Have Driven Same Store Growth
Same store performance is the culmination of replacing legacy customer agreements with new contracts implementing
our Commercial Business Rules, active asset management and leveraging integrated network, scale and market position
Same Store Warehouse Revenue Growth
Expected to range between 2% - 4% on a constant currency basis
Total Same Store Warehouse NOI Growth
Actual $
1.6%
3.2%
6.1%
2.9%
1.9%
1.9%
Growth %
Constant
Currency $
Growth %
Expected to range 100 - 200 bps higher than associated SS revenue
Actual $
Growth %
3.2%
2.1%
9.8%
6.9%
3.9%
5.3%
5.8%
4.9%
4.1%
3.9%
3.5%
Constant
2.3%
Currency $
Growth %
2015
2016
2017
2018
2020 Same Store Portfolio
3%
Non-Same
Store
2019
2020
6.1%
2.9%
9.5%
7.4%
5.1%
5.6%
2015
2016
2017
2018
2019
2020
Same Store NOI Margin
Legacy COLD Same Store
Acquired Non-Same Store
63.0%
64.5%
65.5%
66.2%
67.0%
66.8%
SS Rent &
Legacy COLD Non-Same Store
Storage
38%
88
TOTAL COLD
WAREHOUSE
FACILITIES
29.5%
29.8%
30.9%
32.1%
32.6%
34.1%
Total SS
Warehouse
229
135
59%
Same Store
9.3%
2.5%
2.0%
4.0%
5.8%
6.9%
SS Warehouse
Services
2015
2016
2017
2018
2019
2020
Note: Figures as of December 31, 2020, unless otherwise indicated
Note: Constant currency growth represents year-over-year growth based on the same foreign exchange rates relative to the comparable prior year period
Note: NOI growth represents year-over-year growth to the comparable prior period
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