Investor Presentaiton
Highly Diversified Business Model Produces Stable Cash Flows
Diversification helps reduce revenue volatility associated with seasonality and changing commodity trends
Pro Forma Commodity
Pro Forma Global Geographic Diversity (1)
Global Warehouse
U.S. Warehouse
YTD 6/30/23
TOTAL U.S.
WAREHOUSE
Beef
South
Potatoes
Pork
America
Central
23%
Asia-Pacific
Dairy
7% 6%
1%
9%
Other
6%
8%
8%
YTD 6/30/23
WAREHOUSE
REVENUE
83%
5%
North
America
Frozen Produce
Europe
33%
4%
East
LTM 6/30/23
Bakery
4%
Poultry
14%
WAREHOUSE
3%
Fresh Produce
REVENUE
2%
2%
Seafood
Distributors (3)
Pro Forma Warehouse Type
Beverage
Packaged Foods (2)
17%
19%
Retail (4)
~79% of Revenue from Food Manufacturers
and ~19% from Retailers
Note: June 30, 2023 LTM Revenue and NOI pro forma for 2022 acquisitions. Figures may not sum due to rounding
Diversification based on warehouse segment revenues for the twelve months ended June 30, 2023
(1)
(2)
Packaged food reflects a broad variety of temperature-controlled meals and foodstuffs
(3)
(4)
Retail reflects a broad variety of product types from retail customers
Distributors reflects a broad variety of product types from distribution customers
Production
Advantaged
24%
REVENUE
Southeast
24%
21%
West
Production
Advantaged
31%
Distribution
40%
LTM 6/30/23
WAREHOUSE
Distribution 50%
LTM 6/30/23
WAREHOUSE
REVENUE
25% Public
Warehouse
1%
Facility Leased
CONTRIBUTION
(NOI)
28%
1%
Public
Warehouse
Facility Leased
7
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