Investor Presentaiton
Organic Growth Initiatives Have Driven Stable Same Store Performance
Historical same store performance is the culmination of active asset management, our integrated network and market
position, successful implementation of commercial strategies and disciplined operations focus
Same Store Warehouse Revenue Growth
Historically expected to range between 2% -4% on a constant currency basis (2)
Total Same Store Warehouse NOI Growth
Historically expected to range 100 - 200 bps higher than associated SS revenue (3)
COVID Timeframe
COVID Timeframe
Actual $
Growth %
2.9%
1.9%
1.9%
1.3%
6.4%
10.7%
2.8%
Actual $
Growth %
6.9%
3.9%
5.3%
(4.9%)
5.1%
24.6%)
12.7%
Constant
Currency $
3.9%
3.5%
2.3%
0.3%
12.3%
8.5%
3.9%
Constant
Currency $
Growth %
7.4%
5.1%
5.6%
6.7%
Growth %
(1)
2018
2019
2020
2021
2022
1Q23
2Q23
2Q 2023 Same Store Portfolio
Non-Same
Store
7%
16
0%
TOTAL COLD
1
WAREHOUSE
FACILITIES
26.1%
13.8%
2018
2019
2020
(5.8%)
2021
(1)
2022
1Q23
2Q23
Same Store NOI Margin
Legacy COLD Same Store
COVID Timeframe
Acquired Non-Same Store
Legacy/Redevelopment Non-Same Store
66.2%
67.0%
66.8%
65.7%
65.3%
65.4%
62.6%
SS Rent &
Storage
32.1%
32.6%
34.1%
32.6%
31.6%
29.8%
31.1%
Total SS
Warehouse
237
9.3%
5.8%
6.9%
8.7%
5.2%
4.0%
220
Same Store
1.3% SS Warehouse
Services
93%
(1)
2018
2019
2020
2021
2022
1Q23
2Q23
Actions taken to address unprecedented COVID-related supply chain and labor disruptions
and inflationary pressure have yielded positive results
Note: Figures as of June 30, 2023, unless otherwise indicated. Constant currency growth represents year-over-year growth based on the same foreign exchange rates relative to the comparable prior year period
(1)
2Q results impacted by cyber security incident
(2)
2023 full year guidance is 5.0% -8.0% as of August 3, 2023
(3)
2023 full year guidance is 1000 - 1200 bps higher than the associated revenue as of August 3, 2023
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